Document:

Form of Subordinated Debt Securities Indenture

 Exhibit 4.2 

 
  

 
 THE BANK OF NOVA SCOTIA,

 Issuer 
 and 
 COMPUTERSHARE TRUST COMPANY, N.A., 

U.S. Trustee 
 and 
 COMPUTERSHARE TRUST COMPANY OF CANADA, 

Canadian Trustee 
  

 
 Indenture

 Dated as of January     , 2010 

 
  

Subordinated Debt Securities 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
	 ARTICLE ONE

 
	   
 

	 DEFINITIONS AND OTHER PROVISIONS
 OF GENERAL APPLICATION
  
	   

  
 

	 Section 101.
	 	Definitions	 	 	1	  
	 Section 102.
	 	Compliance Certificates and Opinions	 	 	6	  
	 Section 103.
	 	Form of Documents Delivered to Trustees	 	 	6	  
	 Section 104.
	 	Acts of Holders; Record Dates	 	 	6	  
	 Section 105.
	 	Notices, Etc., to Trustees and Bank	 	 	8	  
	 Section 106.
	 	Notice to Holders; Waiver	 	 	8	  
	 Section 107.
	 	Conflict with Trust Indenture Legislation	 	 	8	  
	 Section 108.
	 	Effect of Headings and Table of Contents	 	 	8	  
	 Section 109.
	 	Successors and Assigns	 	 	8	  
	 Section 110.
	 	Separability Clause	 	 	8	  
	 Section 111.
	 	Benefits of Indenture	 	 	8	  
	 Section 112.
	 	Governing Law	 	 	8	  
	 Section 113.
	 	Legal Holidays	 	 	9	  
	  
 ARTICLE TWO

 
	 
   

	 SECURITY FORMS
  
	   
 

	 Section 201.
	 	Forms Generally	 	 	9	  
	 Section 202.
	 	Form of Face of Security	 	 	9	  
	 Section 203.
	 	Form of Reverse of Security	 	 	10	  
	 Section 204.
	 	Form of Legend for Global Securities	 	 	13	  
	 Section 205.
	 	Form of Trustee’s Certificate of Authentication	 	 	13	  
	  
 ARTICLE THREE

 
	 
   

	 THE SECURITIES
  
	   
 

	 Section 301.
	 	Amount Unlimited; Issuable in Series	 	 	14	  
	 Section 302.
	 	Denominations	 	 	16	  
	 Section 303.
	 	Execution, Authentication, Delivery and Dating	 	 	16	  
	 Section 304.
	 	Temporary Securities	 	 	17	  
	 Section 305.
	 	Registration, Registration of Transfer and Exchange	 	 	17	  
	 Section 306.
	 	Mutilated, Destroyed, Lost and Stolen Securities	 	 	18	  
	 Section 307.
	 	Payment of Interest; Interest Rights Preserved	 	 	19	  
	 Section 308.
	 	Persons Deemed Owners	 	 	19	  
	 Section 309.
	 	Cancellation	 	 	19	  
	 Section 310.
	 	Computation of Interest	 	 	20	  
	 Section 311.
	 	CUSIP Numbers	 	 	20	  
	 Section 312.
	 	Original Issue Discount	 	 	20	  
	  
 ARTICLE FOUR

 
	 
   

	 SATISFACTION AND DISCHARGE

 
	   
 

	 Section 401.
	 	Satisfaction and Discharge of Indenture	 	 	20	  
	 Section 402.
	 	Application of Trust Money	 	 	21	  

  
 i 

							
	 	 	 	 	Page	 
		 	 ARTICLE FIVE
  

REMEDIES
  
	 			
	 Section 501.
	 	Events of Default	 	 	21	  
	 Section 502.
	 	Acceleration of Maturity; Rescission and Annulment	 	 	21	  
	 Section 503.
	 	Suits for Enforcement by Trustees	 	 	22	  
	 Section 504.
	 	Trustees May File Proofs of Claim	 	 	22	  
	 Section 505.
	 	Trustees May Enforce Claims Without Possession of Securities	 	 	22	  
	 Section 506.
	 	Application of Money Collected	 	 	22	  
	 Section 507.
	 	Limitation on Suits	 	 	22	  
	 Section 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	 	23	  
	 Section 509.
	 	Restoration of Rights and Remedies	 	 	23	  
	 Section 510.
	 	Rights and Remedies Cumulative	 	 	23	  
	 Section 511.
	 	Delay or Omission Not Waiver	 	 	23	  
	 Section 512.
	 	Control by Holders	 	 	23	  
	 Section 513.
	 	Waiver of Past Defaults	 	 	23	  
	 Section 514.
	 	Undertaking for Costs	 	 	24	  
	 Section 515.
	 	Waiver of Usury, Stay or Extension Laws	 	 	24	  
	 Section 516.
	 	Bank Act Limitation on Payment	 	 	24	  
		 	  
 ARTICLE SIX

 
 THE TRUSTEES

 
	 			
	 Section 601.
	 	Certain Duties and Responsibilities	 	 	24	  
	 Section 602.
	 	Notice of Defaults	 	 	24	  
	 Section 603.
	 	Certain Rights of Trustees	 	 	24	  
	 Section 604.
	 	Not Responsible for Recitals or Issuance of Securities	 	 	25	  
	 Section 605.
	 	May Hold Securities	 	 	25	  
	 Section 606.
	 	Money Held in Trust	 	 	25	  
	 Section 607.
	 	Compensation and Reimbursement	 	 	25	  
	 Section 608.
	 	Conflicting Interests	 	 	26	  
	 Section 609.
	 	Corporate Trustee Required; Eligibility	 	 	26	  
	 Section 610.
	 	Resignation and Removal; Appointment of Successor	 	 	26	  
	 Section 611.
	 	Acceptance of Appointment by Successor	 	 	27	  
	 Section 612.
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	28	  
	 Section 613.
	 	Preferential Collection of Claims Against Bank	 	 	28	  
	 Section 614.
	 	Appointment of Authenticating Agent	 	 	28	  
	 Section 615.
	 	Joint Trustees	 	 	29	  
	 Section 616.
	 	Not Bound to Act	 	 	29	  
		 	  
 ARTICLE SEVEN

 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEES AND
BANK
  
	 			
	 Section 701.
	 	Bank to Furnish Trustees Names and Addresses of Holders	 	 	30	  
	 Section 702.
	 	Preservation of Information; Communications to Holders	 	 	30	  
	 Section 703.
	 	Reports by Trustees	 	 	30	  
	 Section 704.
	 	Reports by Bank	 	 	30	  

  
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	 	 	 	 	Page	 
		 	 ARTICLE EIGHT
  

CONSOLIDATION, AMALGAMATION, MERGER,
 CONVEYANCE, TRANSFER OR LEASE
  
	 			
	 Section 801.
	 	Bank May Consolidate, Etc., Only on Certain Terms	 	 	31	  
	 Section 802.
	 	Successor Substituted	 	 	31	  
		 	  
 ARTICLE NINE

 
 SUPPLEMENTAL INDENTURES

 
	 			
	 Section 901.
	 	Supplemental Indentures Without Consent of Holders	 	 	31	  
	 Section 902.
	 	Supplemental Indentures With Consent of Holders	 	 	32	  
	 Section 903.
	 	Execution of Supplemental Indentures	 	 	33	  
	 Section 904.
	 	Effect of Supplemental Indentures	 	 	33	  
	 Section 905.
	 	Conformity with Trust Indenture Legislation	 	 	33	  
	 Section 906.
	 	Reference in Securities to Supplemental Indentures	 	 	33	  
		 	  
 ARTICLE TEN

 
 COVENANTS

 
	 			
	 Section 1001.
	 	Payment of Principal, Premium and Interest	 	 	33	  
	 Section 1002.
	 	Maintenance of Office or Agency	 	 	33	  
	 Section 1003.
	 	Money for Securities Payments to Be Held in Trust	 	 	34	  
	 Section 1004.
	 	Statement by Officers as to Default	 	 	34	  
	 Section 1005.
	 	Existence	 	 	34	  
	 Section 1006.
	 	Waiver of Certain Covenants	 	 	34	  
		 	  
 ARTICLE ELEVEN

 
 REDEMPTION OF SECURITIES

 
	 			
	 Section 1101.
	 	Applicability of Article	 	 	35	  
	 Section 1102.
	 	Election to Redeem; Notice to Trustees	 	 	35	  
	 Section 1103.
	 	Selection by Trustees of Securities to Be Redeemed	 	 	35	  
	 Section 1104.
	 	Notice of Redemption	 	 	35	  
	 Section 1105.
	 	Deposit of Redemption Price	 	 	36	  
	 Section 1106.
	 	Securities Payable on Redemption Date	 	 	36	  
	 Section 1107.
	 	Securities Redeemed in Part	 	 	36	  
		 	  
 ARTICLE TWELVE

 
 PURCHASE OR REPAYMENT OF SECURITIES BY THE
BANK
 AT THE OPTION OF THE HOLDER

 
	 			
	 Section 1201.
	 	Applicability of Article	 	 	36	  
	 Section 1202.
	 	Notice of Repayment Date	 	 	37	  
	 Section 1203.
	 	Deposit of Repayment Price	 	 	37	  
	 Section 1204.
	 	Securities Payable on Repayment Date	 	 	37	  
	 Section 1205.
	 	Securities Repaid in Part	 	 	37	  

  
 iii

							
	 	 	 	 	Page	 
		 	 ARTICLE THIRTEEN
  

SINKING FUNDS
  
	 			
	 Section 1301.
	 	Applicability of Article	 	 	38	  
	 Section 1302.
	 	Satisfaction of Sinking Fund Payments with Securities	 	 	38	  
	 Section 1303.
	 	Redemption of Securities for Sinking Fund	 	 	38	  
		 	  
 ARTICLE FOURTEEN

 
 DEFEASANCE AND COVENANT DEFEASANCE

 
	 			
	 Section 1401.
	 	Bank’s Option to Effect Defeasance or Covenant Defeasance	 	 	38	  
	 Section 1402.
	 	Defeasance and Discharge	 	 	38	  
	 Section 1403.
	 	Covenant Defeasance	 	 	39	  
	 Section 1404.
	 	Conditions to Defeasance or Covenant Defeasance	 	 	39	  
	 Section 1405.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	 	 	40	  
	 Section 1406.
	 	Reinstatement	 	 	40	  
		 	  
 ARTICLE FIFTEEN

 
 SUBORDINATION OF SECURITIES

 
	 			
	 Section 1501.
	 	Securities Subordinate to Deposit Liabilities and Other Indebtedness	 	 	41	  
	 Section 1502.
	 	Further Assurances of Subordination	 	 	41	  
	 Section 1503.
	 	Reliance on Judicial Order or Certificate of Liquidating Agent	 	 	41	  
	 Section 1504.
	 	Trustees’ Compensation Not Prejudiced	 	 	41	  
		 	  
 ARTICLE SIXTEEN

 
 MISCELLANEOUS PROVISION

 
	 			
	 Section 1601.
	 	Consent to Jurisdiction and Service of Process	 	 	41	  
	 Section 1602.
	 	Indenture and Securities Solely Corporate Obligations	 	 	42	  
	 Section 1603.
	 	Execution in Counterparts	 	 	42	  
	 Section 1604.
	 	Waiver of Jury Trial	 	 	42	  

 Note: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 iv 

 Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust
Indenture Act of 1939, as amended: 
  

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 § 310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (b)
	  	608
		  	610
	 § 311(a)
	  	613
	 (b)
	  	613
	 § 312(a)
	  	701
	 (b)
	  	702
	 (c)
	  	702
	 § 313(a)
	  	703
	 703 (b)
	  	703
	 (c)
	  	703
	 (d)
	  	703
	 § 314(a)
	  	704
	 (a)(4)
	  	101
		  	1004
	 (b)
	  	Not Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	102
	 § 315(a)
	  	601
	 (b)
	  	602
	 (c)
	  	601
	 (d)
	  	601
	 (e)
	  	514
	 § 316(a)
	  	101
	 (a)(1)(A)
	  	502
		  	512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not Applicable
	 (b)
	  	508
	 (c)
	  	104
	 § 317(a)(1)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 § 318(a)
	  	107

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

  
 v 

 INDENTURE, dated as of January     , 2010, among The Bank of Nova
Scotia, a Canadian chartered bank (herein called the “Bank”), having its principal executive offices located at 44 King Street West, Scotia Plaza, Toronto, Ontario, Canada M5H 1H1, Computershare Trust Company, N.A., a trust company,
organized under the laws of the United States, as United States Trustee (the “U.S. Trustee”) and Computershare Trust Company of Canada, a trust company duly organized and existing under the laws of Canada, as Canadian trustee (the
“Canadian Trustee” and, together with the U.S. Trustee, the “Trustee” or “Trustees”). 
 RECITALS OF THE BANK 
 The Bank has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its unsecured subordinated indebtedness (herein called the “Securities”), to be issued in one or more series as provided in this Indenture. 

This Indenture is subject to the provisions of the Bank Act (Canada) and the Trust Indenture Act of 1939, as amended, to the
extent applicable under Rule 4d-9 thereunder, and shall, to the extent applicable, be governed by such provisions and by other applicable provisions of Trust Indenture Legislation. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 

Section 101. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in Canada, including the accounting requirements of the Superintendent of Financial Institutions Canada,
and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the
date of such computation; 
 (4) unless the context otherwise requires, any reference to an “Article”
or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 
 (5) the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

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

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

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

 “Authenticating Agent” means any Person authorized by a Trustee pursuant to
Section 614 to act on behalf of a Trustee to authenticate Securities of one or more series. 
 “Bank”
means the Person named as the “Bank” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Bank” shall mean such
successor Person. 
 “Bank Request” or “Bank Order” means a written request or order signed in
the name of the Bank by any one of the President and Chief Executive Officer, a Vice-Chairman, a Group Head, the Executive Vice-President and Chief Financial Officer, the Executive Vice-President and Group Treasurer and any other natural person
designated as an officer of the Bank by by-law or by Board Resolution and delivered to the Trustees. 
 “Board of
Directors” means either the board of directors of the Bank or any duly authorized committee of that board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Bank to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustees. 
 “Business Day”, when used with respect to any Place of Payment, means, unless otherwise specified as contemplated by Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 
 “Canadian Trustee” means Computershare Trust Company of Canada and its successors hereunder. 
 “Commission” means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Corporate Trust Office”, with respect to the U.S. Trustee, means the principal corporate trust office of the U.S. Trustee in Golden, Colorado at which at any particular time its
corporate trust business shall be administered, or such other address as the U.S. Trustee may designate from time to time by notice to the Holders and the Bank; and, with respect to the Canadian Trustee, means the principal corporate trust office of
the Canadian Trustee in [Toronto, Ontario] at which at any particular time its corporate trust business shall be administered, or such other address as the Canadian Trustee may designate from time to time by notice to the Holders and the Bank.

 “corporation” means a corporation, association, company, limited liability company, joint-stock company,
business trust or other entity. 
 “Covenant Defeasance” has the meaning specified in Section 1403.

 “Defaulted Interest” has the meaning specified in Section 307. 

“Defeasance” has the meaning specified in Section 1402. 

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

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

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from
time to time. 
 “Existing Trust Indentures” means, collectively (A) the deeds, indentures or other
instruments, including any supplement or amendment thereto, to which the Bank is a party and under which the Bank has issued the following: (i) 8.30% Subordinated Debentures due September 2013; (ii) 8.90% Subordinated Debentures due June
2025; (iii) Floating Rate Subordinated Debentures due August 2085; (iv) 5.30% Subordinated Debentures due January 2018; (v) 3.015% Subordinated Callable Notes due November 2037; (vi) 3.37% subordinated Callable Notes due April
2038; (vii) 4.99% Subordinated Debentures due March 2018; (viii) 6.00% Subordinated Debentures due October 2018; (ix) 6.65% Subordinated Debentures due 2021; and (x) 4.94% Subordinated Debentures due April 2019; and (B) the
trust indenture dated as of October 31, 2007 between the Bank and BNY Trust Company of Canada providing for the issuance of 5.25% Subordinated Notes due 2017. 

  
 2 

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

 “Global Security” means a Security that evidences all or part of the Securities of any series and bears the
legend set forth in Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indebtedness” at any time means all deposit liabilities of the Bank and all other liabilities and obligations of the Bank which in accordance with the accounting rules established for
Canadian chartered banks issued under the authority of the Superintendent of Financial Institutions (Canada) appointed pursuant to the Office of the Superintendent of Financial Institutions Act (Canada) pursuant to the Bank Act
(Canada) or with generally accepted accounting principles (the primary source of which is the Handbook of the Canadian Institute of Chartered Accountants), as the case may be, would be included in determining the total liabilities of the Bank at
such time, other than liabilities for paid-up capital, contributed surplus, retained earnings and general reserves of the Bank. 

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

 “interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect
to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Investment Company
Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of a Holder’s option to require the Bank to purchase or repay the Security or otherwise. 

“Notice of Default” means a written notice of the kind specified in Section 502. 

“Officer’s Certificate” means a certificate signed by any one of the President and Chief Executive Officer, a
Vice-Chairman, a Group Head, the Executive Vice-President and Chief Financial Officer, the Executive Vice-President and Group Treasurer and any other natural person designated as an officer of the Bank by by-law or by Board Resolution and delivered
to the Trustees. The officer signing an Officer’s Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Bank. 

“Opinion of Counsel” means a written opinion of counsel, who may be internal or external counsel for the Bank, and who
shall be acceptable to the Trustees. 
 “Original Issue Discount Security” means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
 “Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except:

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

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

  
 3 

 (3) Securities as to which Defeasance has been effected pursuant to
Section 1402; and 
 (4) Securities that have been paid pursuant to Section 306 or in exchange for or
in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustees proof satisfactory to them that such Securities
are held by a protected purchaser in whose hands such Securities are valid obligations of the Bank; 
 provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the
principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant
to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified
or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as
provided in such Clause), and (D) Securities owned by the Bank or any other obligor upon the Securities or any Affiliate of the Bank or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether a Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities that a Responsible Officer of such Trustee knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustees the pledgee’s right so to act with respect to such Securities and that the
pledgee is not the Bank or any other obligor upon the Securities or any Affiliate of the Bank or of such other obligor. 

“Paying Agent” means any Person authorized by the Bank to pay the principal of or any premium or interest on any
Securities on behalf of the Bank and may be the Bank in such capacity. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series
are payable as specified as contemplated by Section 301, and as determined by the Trustees and the Bank. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same
debt evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Record Date” means any Regular
Record Date or Special Record Date. 
 “Redemption Date”, when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301.

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

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

  
 4 

 “Securities” has the meaning stated in the first recital of this Indenture
and more particularly means Securities authenticated and delivered under this Indenture. 
 “Securities Act”
means the Securities Act of 1933 and any successor statute thereto, in each case as amended from time to time. 

“Security Register” and “Security Registrar” have the respective meanings specified in
Section 305. 
 “Senior Indebtedness” means any Indebtedness other than Subordinated Indebtedness,
including any Indebtedness to which Securities are expressly subordinated pursuant to Article Fifteen. 
 “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustees pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable. 
 “Subordinated
Indebtedness” at any time means: 
 (1) the liability of the Bank in respect of the principal and
premium, if any, and interest on the Securities and on debentures issued under the Existing Trust Indentures; 

(2) any Indebtedness which ranks equally with and not prior to the Securities or debentures issued under the Existing
Trust Indentures, in right of payment in the event of the insolvency or winding-up of the Bank and which, pursuant to the terms of the instrument evidencing or creating the same, is expressed to be subordinate in right of payment to all Indebtedness
to which the Securities or debentures issued under the Existing Trust Indentures are subordinate in right of payment to at least the same extent as the Securities are subordinate thereto under the provisions of Article Fifteen; and 

(3) any Indebtedness which ranks subordinate to and not equally with or prior to the Securities or debentures issued under
the Existing Trust Indentures, in right of payment in the event of the insolvency or winding-up of the Bank and which, pursuant to the terms of the instrument evidencing or creating the same, is expressed to be subordinate in right of payment to all
Indebtedness to which the Securities or debentures issued under the Existing Trust Indentures are subordinate in right of payment to at least the same extent as the Securities are subordinate thereto under the provisions of Article Fifteen.

 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this
instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of
1939 as so amended. 
 “Trust Indenture Legislation” means, at any time, statutory provisions relating to trust
indentures and the rights, duties, and obligations of trustees under the trust indentures and of bodies corporate, including banks, issuing debt obligations under trust indentures to the extent that such provisions are at such time in force and
applicable to this Indenture, and at the date of this Indenture means (i) the applicable provisions of the Bank Act (Canada) and any statute that may be substituted therefor as from time to time amended, and any other statute of Canada
or a province thereof, and of regulations under any such statute, and (ii) the Trust Indenture Act. 

“Trustee” or “Trustees” means the Persons named as the “Canadian Trustee” and the “U.S.
Trustee” in the first paragraph of this Indenture until a successor of either Trustee or both shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” or “Trustees” shall mean
or include each Person who is then a Trustee hereunder. If the Canadian Trustee resigns or is removed and, pursuant to Section 610, the Bank is not required to appoint a successor Trustee to the Canadian Trustee, “Trustee”,
“Trustees” and any reference to “both of the Trustees” shall mean the Person named as the U.S. Trustee or any successor thereto appointed pursuant to the applicable provisions of this Indenture. 

“U.S. Government Obligation” has the meaning specified in Section 1404. 

“U.S. Trustee” means Computershare Trust Company, N.A. and its successors hereunder. 

  
 5 

 “Vice-President”, when used with respect to a Trustee, means any
vice-president, whether or not designated by a number or a word or words added before or after the title “vice-president.” 
 Section 102. Compliance Certificates and Opinions. Upon any application or request by the Bank to either Trustee to take any action under any provision of this Indenture, the Bank shall furnish to
the applicable Trustee such certificates and opinions as may be required under the Trust Indenture Legislation. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the Bank,
or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Legislation and any other requirements set forth in this Indenture. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for
certificates provided for in Section 1004) shall include: 
 (1) a statement that each individual signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such
individual, such individual has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

 Section 103. Form of Documents Delivered to Trustees. In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

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

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 104. Acts
of Holders; Record Dates. Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustees and, where it is hereby expressly required, to the Bank. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustees and the
Bank, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual 

  
 6 

 
capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the Trustees deem sufficient. 
 For the purposes of
this Indenture, the ownership of Securities shall be proved by the Security Register. 
 Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Bank in reliance thereon, whether or not notation of such action is made upon such Security. 

The Bank may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Bank may
not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be
construed to prevent the Bank from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be
cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Bank, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustees in writing and to
each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustees may set any day as
a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502,
(iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Trustees from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustees, at the Bank’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Bank in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 

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

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

  
 7 

 Section 105. Notices, Etc., to Trustees and Bank. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the U.S. Trustee by the Canadian Trustee, any Holder or by the Bank shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the U.S. Trustee at its Corporate Trust Office in the manner and as specified in an indenture supplemental hereto, 

(2) the Canadian Trustee by the U.S. Trustee, any Holder or by the Bank shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Canadian Trustee at its Corporate Trust Office in the manner and as specified in an indenture supplemental hereto, or 

(3) the Bank by the Trustees or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, or by overnight courier or facsimile, to the Bank addressed to it at the address of its principal executive offices specified in an indenture supplemental hereto, or at any
other address previously furnished in writing to the Trustees by the Bank. 
 Section 106. Notice to Holders; Waiver.
Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at
his or her address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with either Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustees shall constitute a sufficient notification for every
purpose hereunder. 
 Section 107. Conflict with Trust Indenture Legislation. If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Legislation that is required under the Trust Indenture Legislation to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Legislation that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

Section 108. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 109. Successors and Assigns. All covenants and
agreements in this Indenture by the Bank shall bind its successors and assigns, whether so expressed or not. 
 Section 110.
Separability Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 111. Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 112. Governing Law. This Indenture and the Securities shall be governed by and construed in accordance with the law of the
State of New York, except for Section 301(b) and Article Fifteen, which shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. 

  
 8 

 Section 113. Legal Holidays. In any case where any Interest Payment Date, Redemption
Date, Repayment Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically
states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date, or at the Stated Maturity; provided, however, that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date, or Stated Maturity, as the case may be, to the date of such payment. 
 ARTICLE
TWO 
 SECURITY FORMS 
 Section 201. Forms Generally. The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board
Resolution, other appropriate Bank authorization or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution or other appropriate Bank authorization, a copy of an
appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Bank and delivered to the Trustees at or prior to the delivery of the Bank Order contemplated by Section 303 for the authentication and
delivery of such Securities. If all of the Securities of any series established by action taken pursuant to a Board Resolution or other appropriate Bank authorization are not to be issued at one time, it shall not be necessary to deliver a record of
such action at the time of issuance of each Security of such series, but an appropriate record of such action shall be delivered at or before the time of issuance of the first Security of such series. 

The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 Section 202.
Form of Face of Security. 
 [Insert any legend required by Section 204] 

[Insert any legend required by the Internal Revenue Code and the Income Tax Act (Canada) and the regulations
thereunder.] 
 THE BANK OF NOVA SCOTIA 
 [Insert title of Securities] 
 This security will
not constitute a deposit that is insured under 
 the Canada Deposit Insurance Corporation Act or by the 

United States Federal Deposit Insurance Corporation. 
  

											
	 No.
	 	 	 		  	 	CUSIP No.	  	 	 

  

											
	 Issue Date
	 	 	 		  	 	Stated Maturity:	  	 	 

 The Bank of Nova Scotia, a Schedule I bank under the Bank Act (Canada) (herein called the
“Bank”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to        , or registered assigns, the principal sum of
                    Dollars on
                    [if the Security is to bear interest prior to Maturity, insert, and to pay interest thereon from
            or from the most recent Interest Payment Date to which interest has been paid or duly provided for, [semi-annually] on
                    and                     in
each year, commencing             , at the rate of     % per annum, until the principal hereof is paid or made available for payment, [if applicable,
insert—; provided that any principal and premium, and any such 

  
 9 

 
installment of interest, which is overdue shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
            the or             (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustees, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.] 
 [If the Security is not to bear interest prior to Maturity, insert
— The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of             % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid
or made available for payment. Interest on any overdue principal or premium shall be payable on demand.] 
 Payment of
the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security will be made at the office or agency of the Bank maintained for that 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 [if applicable, insert —; provided, however, that at the option of the Bank payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register]. 
 Reference
is hereby made to the further provisions of this Security 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 a Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Bank has caused this instrument to be duly executed. 
 Dated: 

 

			
	The Bank of Nova Scotia
		
	 By
	 	  

		
	 By
	 	  

 Section 203. Form of Reverse of Security. This Security is one of a duly authorized issue of
securities of the Bank (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
                    , 2010 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), among the
Bank, Computershare Trust Company, N.A. (the “U.S. Trustee”) and Computershare Trust Company of Canada (the “Canadian Trustee” and, together with the U.S. Trustee, the “Trustee” or “Trustees”, which terms
include any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Bank, the Trustees and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert —, [initially] limited in
aggregate principal amount to $        , provided that the Bank may, without the consent of any Holder, at any time and from time to time, increase the initial principal amount.] 

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’
notice by mail, [if applicable, insert — (1) on                     in any year commencing with the year
        and ending with the year          through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)]
at any time [if applicable, insert — on or after,             ,         ], as a whole or in part, at

  
 10 

 
the election of the Bank (and, if required by applicable law, with the prior written consent of the Superintendent of Financial Institutions (Canada)), at the following Redemption Prices
(expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before,             ,     %, and if redeemed]
during the 12-month period beginning                     of the years indicated, 

 

					
	 Year
	  	Redemption Price For
Redemption Through
Operation of the
Sinking Fund	  	Redemption Price For
Redemption Otherwise
Than Through
Operation of the
Sinking
Fund

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case
of any such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]
[(if applicable, insert — the securities of this series are also redeemable as set forth hereinafter.) 

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’
notice by mail, (1) on                     in any year commencing with the year
            and ending with the year             through operation of the sinking fund for this series at the Redemption Prices
for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after
            ], as a whole or in part, at the election of the Bank (and, if required by applicable law, with the prior written consent of the Superintendent of Financial Institutions
(Canada)), at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
            of the years indicated, 
  

					
	 Year
	  	Redemption Price For
Redemption Through
Operation of the
Sinking Fund	  	Redemption Price For
Redemption Otherwise
Than Through
Operation of the
Sinking
Fund

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case
of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — The sinking fund for this series provides for the redemption on
            in each year beginning with the year             and ending with the year
            of [if applicable, insert — not less than $         (“mandatory sinking fund”) and not more than]
$         aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Bank otherwise than through [if applicable, insert — mandatory]
sinking fund payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the inverse order in which
they become due].] 
 [If the Security is subject to redemption of any kind, insert — In the
event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert reference to any other right of the Bank to redeem a Security of this series.] 

  
 11 

 [If applicable, insert — The Indenture contains provisions for defeasance
at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.] 
 [If applicable, insert provisions with respect to the option of Holders to require
purchase or repayment of Securities of this series by the Bank at the option of the Holder and the issuance of Securities in lieu of Securities purchased or repaid by the Bank at the option of the Holder.] 

[If applicable, insert provisions requiring an adjustment to the interest rate in certain circumstances.] 

The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to
the prior payment in full of all Senior Indebtedness and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustees on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints each Trustee as his or her attorney-in-fact for
any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness whether now outstanding
or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 

[If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of
this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula
for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall
be legally enforceable), all of the Bank’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Bank and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Bank and the Trustees with the consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected, or in certain cases the unanimous consent of each of such Holders. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Bank 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 Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustees written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustees to institute proceedings in respect of such Event of Default as Trustees and offered the Trustees reasonable indemnity, and the Trustees shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 90 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

  
 12 

 For disclosure purposes under the Interest Act (Canada), whenever in the Securities
of this series or the Indenture interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in
the relevant calendar year and divided by the number of days in such period. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in any place where the principal of and
any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any
such registration of transfer or exchange, but the Bank or the Trustees may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Bank, the Trustees and any agent of the Bank or the Trustees
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank, the Trustees nor any such agent shall be affected by notice to the contrary.

 All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 Section 204. Form of Legend for Global Securities. Unless otherwise specified as contemplated by Section 301 for
the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.” 
 Section 205. Form of Trustee’s Certificate of Authentication. Subject to Section 614, each
of the Trustee’s certificates of authentication shall be in substantially the following form: 
 This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: 

 

			
	COMPUTERSHARE TRUST COMPANY, N.A.,
	 as U.S. Trustee

		
	By:	 	  

		 	 Name:

		 	 Title:

 

			
	COMPUTERSHARE TRUST COMPANY OF CANADA,
	as Canadian Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 13 

 ARTICLE THREE 
 THE SECURITIES 
 Section 301. Amount Unlimited; Issuable in Series.

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

 (b) The Securities are unsecured subordinated indebtedness of the Bank. 

(c) The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution or other
appropriate Bank authorization and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of
any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the
series from Securities of any other series); 
 (2) any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Section 304, 305, 306, 906, 1107 or 1303 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(3) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 (4) the date or dates on which the principal of any Securities of the series is payable; 
 (5) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest
shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 
 (6)
the place or places where the principal of and any premium and interest on any Securities of the series shall be payable, the place or places where the Securities of such series may be presented for registration of transfer or exchange, any
restrictions that may be applicable to any such transfer or exchange in addition to or in lieu of those set forth herein, and the place or places where notices and demands to or upon the Bank in respect of the Securities of such series may be made;

 (7) the period or periods within which, the price or prices at which and the terms and conditions upon which
any Securities of the series may be redeemed, in whole or in part, at the option of the Bank and the manner in which any election by the Bank to redeem the Securities shall be evidenced; 

(8) the obligation, if any, of the Bank to redeem or purchase any Securities of the series pursuant to any sinking fund or
analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation; 
 (9) if other than denominations of $2,000 and integral multiples of $1,000
in excess thereof, the denominations in which any Securities of the series shall be issuable; 
 (10) if the
amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, a financial or economic measure or pursuant to a formula, the manner in which such amounts shall be determined;

 (11) if other than the currency of the United States of America, the currency, currencies or currency units in
which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the
definition of “Outstanding” in Section 101; 

  
 14 

 (12) if the principal of or any premium or interest on any Securities of the
series is to be payable, at the election of the Bank or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which
the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner
in which such amount shall be determined); 
 (13) if other than the entire principal amount thereof, the portion
of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 

(14) if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of
any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due
and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be
determined); 
 (15) the manner in which any election by the Bank to defease any Securities of the series
pursuant to Section 1402 or Section 1403 shall be evidenced; whether any Securities of the series other than Securities denominated in U.S. dollars and bearing interest at a fixed rate are to be subject to Section 1402 or
Section 1403; or, in the case of Securities denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the Securities of the series, in whole or any specified part, shall not be defeasible pursuant to
Section 1402 or Section 1403 or both such Sections; 
 (16) if applicable, that any Securities of the
series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security
in addition to or in lieu of that set forth in Section 204 and any circumstances in addition to or in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in
whole or in part for registered Securities, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other
provisions governing exchanges or transfers of any such Global Security; 
 (17) any addition to or change in the
Events of Default which applies to any Securities of the series and any change in the right of the Trustees or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 

(18) any addition to, deletion from or change in the covenants set forth in Article Ten which applies to Securities of the
series; 
 (19) if applicable, any conversion, exercise or exchange provisions, including the terms on which and
the period during which such conversion, exercise or exchange may occur; 
 (20) CUSIP or other identifying
numbers of the Securities; and 
 (21) any other terms of the series (which terms shall not be inconsistent with
the provisions of this Indenture, except as permitted by Section 901(5)). 
 All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution or other appropriate Bank authorization referred to above and (subject to Section 303) set forth, or determined in
the manner provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need not be issued at one time and, unless otherwise provided in or pursuant to the Board
Resolution or other appropriate Bank authorization referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto
with respect to a series of Securities, additional Securities of a series may be issued, at the option of the Bank, without the consent of any Holder, at any time and from time to time. 

  
 15 

 If any of the terms of the series are established by action taken pursuant to a Board
Resolution or other appropriate Bank authorization, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Bank and delivered to the Trustees at or prior to the delivery of the
Officer’s Certificate setting forth the terms of the series. 
 Section 302. Denominations. The Securities of each
series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any
series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section 303. Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Bank by any one of the Bank’s President and Chief Executive Officer,
Vice-Chairman, Group Head, Executive Vice-President and Chief Financial Officer, Executive Vice-President and Group Treasurer (or any Person designated by one of them in writing as authorized to execute and deliver Securities or any Person
designated by the Board of Directors as authorized to execute and deliver Securities), and delivered to the Trustee. The signature of any of these officers on the Securities may be manual or facsimile. 

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

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

 (1) if the form of such Securities has been established by or pursuant to Board Resolution or other
appropriate Bank authorization as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
 (2) if the terms of such Securities have been established by or pursuant to Board Resolution or other appropriate Bank authorization as permitted by Section 301, that such terms have been established
in conformity with the provisions of this Indenture; and 
 (3) that such Securities, when authenticated and
delivered by either Trustee, or both, and issued by the Bank in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Bank enforceable in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

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

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

  
 16 

 Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the U.S. Trustee or by the Canadian Trustee, or both, by manual signature, and such certificate upon any Security shall be conclusive evidence, and
the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Bank, and the Bank shall deliver such Security to the Trustees for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 Section 304. Temporary Securities.
Pending the preparation of definitive Securities of any series, the Bank may execute, and upon Bank Order the Trustees, or either of them, shall authenticate and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers of
the Bank executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities
of any series are issued, the Bank will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Bank in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Securities of any series, the Bank shall execute and either Trustee, or both, shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 

Section 305. Registration, Registration of Transfer and Exchange. The Bank shall cause to be kept at the Corporate Trust Office of
the Trustees a register (the register maintained in such office and in any other office or agency of the Bank in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to
such reasonable regulations as it may prescribe, the Bank shall provide for the registration of Securities and of transfers of Securities. The Trustees are hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security of a
series at the office or agency of the Bank in a Place of Payment for that series, the Bank shall execute, and either Trustee, or both, shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the
option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Bank shall execute, and either Trustee, or both, shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Bank, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Bank or the Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Bank and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Bank or the Trustees may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1303 not involving any transfer. 

  
 17 

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

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

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

(2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for
registered Securities, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary has notified the
Bank that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary for such Global Security and the Bank does not appoint another institution to act as Depositary within 60 days, (B) there shall have
occurred and be continuing an Event of Default with respect to such Global Security, (C) the Bank so directs the Trustees by a Bank Order or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as
have been specified for this purpose as contemplated by Section 301. 
 (3) Subject to Clause
(2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such
Global Security shall direct. 
 (4) Every Security authenticated and delivered upon registration of transfer of,
or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906, 1107 or 1303 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global
Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 
 Section 306. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to either Trustee, the Bank shall execute and either Trustee, or both, shall authenticate and
deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Bank and to either Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Bank or the Trustees that such Security has been acquired by a protected purchaser in good faith, the Bank shall execute and either
Trustee, or both, shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Bank in its
discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this
Section, the Bank may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustees) connected therewith.

 Every new Security of any series issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Bank, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

  
 18 

 Section 307. Payment of Interest; Interest Rights Preserved. Except as otherwise
provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Bank, at its election in each case, as provided in Clause (1) or
(2) below: 
 (1) The Bank may elect to make payment of any Defaulted Interest to the Persons in whose names
the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Bank shall
notify the Trustees in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Bank shall deposit with either Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustees for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustees shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustees of the notice of the proposed payment. The Trustees shall promptly notify the Bank of such Special Record Date and, in the name and at the expense
of the Bank, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior
to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

(2) The Bank may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Bank to the Trustees of the proposed payment pursuant to
this Clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this
Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security. 
 Section 308. Persons Deemed Owners. Prior to due presentment of a Security for registration of transfer, the
Bank, the Trustees and any agent of the Bank or the Trustees may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to
Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Bank, the Trustees nor any agent of the Bank or the Trustees shall be affected by notice to the contrary.

 Section 309. Cancellation. All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than a Trustee, be delivered to a Trustee and shall be promptly cancelled by it. The Bank may at any time deliver to either Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Bank may have acquired in any manner whatsoever, and may deliver to either Trustee (or to any other Person for delivery to such Trustee) for cancellation any Securities previously
authenticated hereunder which the Bank has not issued and sold, and all Securities so delivered shall be promptly cancelled by such Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in
this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustees shall be disposed of in accordance with its customary procedures. 

  
 19 

 Section 310. Computation of Interest. Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. For disclosure purposes under the Interest Act (Canada), whenever in this
Indenture or any Securities issued hereunder interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual
number of days in the relevant calendar year and divided by the number of days in such period. 
 Section 311. CUSIP
Numbers. The Bank in issuing any series of the Securities may use CUSIP numbers, if then generally in use, and thereafter with respect to such series, the Trustees may use such numbers in any notice of redemption with respect to such series,
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities of that series or as contained in any notice of a redemption and that reliance may be placed only
on the other identification numbers printed on the Securities of that series, and any such redemption shall not be affected by any defect in or omission of such numbers. 
 Section 312. Original Issue Discount. If any of the Securities is an Original Issue Discount Security, the Bank shall file with the Trustees promptly at the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on such Outstanding Original Issue Discount Securities as of the end of such year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 

Section 401. Satisfaction and Discharge of Indenture. This Indenture shall upon Bank Request cease to be of further effect (except
as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Bank, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when 
 (1) either: 

(A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been mutilated,
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Bank and thereafter repaid
to the Bank or discharged from such trust, as provided in Section 1003) have been delivered to a Trustee for cancellation; or 
 (B) all such Securities not theretofore delivered to either Trustee for cancellation 
 (i) have become due and payable, or 
 (ii) will become due and
payable at their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year
under arrangements satisfactory to the Trustees for the giving of notice of redemption by the Trustees in the name, and at the expense, of the Bank, 
 and the Bank, in the case of subclause (B)(i), (ii) or (iii) above, has deposited or caused to be deposited with either Trustee as trust funds in trust for such purpose, money in an amount
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to such Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Bank has
paid or caused to be paid all other sums payable hereunder by the Bank; and 
 (3) the Bank has delivered to the
Trustees an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

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

  
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 Section 402. Application of Trust Money. Subject to the provisions of the last
paragraph of Section 1003, all money deposited with the Trustees pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Bank acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the
Trustees. 
 ARTICLE FIVE 
 REMEDIES 
 Section 501. Events of Default. “Event of
Default,” wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) if the Bank shall become insolvent or bankrupt or subject to the provisions of the Winding-Up and Restructuring Act of Canada, or go into liquidation either voluntarily or under an order of a court of
competent jurisdiction, or otherwise acknowledge its insolvency (provided that a resolution or order for winding-up the Bank, with a view to its consolidation, amalgamation or merger with another bank or the transfer of its assets as an
entirety to such other bank, as provided in Article Eight, shall not constitute an event of default under this Section 501 if such last-mentioned bank shall, as a part of such consolidation, amalgamation, merger or transfer, and, within 90 days
from the passing of the resolution or the date of the order for the winding-up or liquidation of the Bank or within such further period of time as may be allowed by the Trustee, comply with the conditions to that end stated in Article Eight); or

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

Section 502. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series
at the time Outstanding occurs and is continuing, then in every such case either Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of
that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) and accrued and unpaid interest on all the Securities of that
series to be due and payable immediately, by a notice in writing to the Bank (and to the Trustees if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by either Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Bank and the
Trustees, may rescind and annul such declaration and its consequences if: 
 (1) the Bank has paid or deposited
with either Trustee a sum sufficient to pay: 
 (A) all overdue interest on all Securities of that series,

 (B) the principal of (and premium, if any, on) any Securities of that series that have become due otherwise
than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

(D) all sums paid or advanced by the Trustees hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustees, their agents and counsel; 
 and 

(2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of
Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

  
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 Section 503. Suits for Enforcement by Trustees. If an Event of Default with respect
to Securities of any series occurs and is continuing, either Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as such Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 Section 504. Trustees May File Proofs of Claim. In case of any judicial proceeding relative to the Bank (or any other
obligor upon the Securities), its property or its creditors, the Trustees shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Legislation in order to have
claims of the Holders and the Trustees allowed in any such proceeding. In particular, the Trustees shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustees and, in the event that the Trustees shall consent to
the making of such payments directly to the Holders, to pay to the Trustees any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel, and any other amounts due to such Trustee
under Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustees to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustees to vote in respect of the claim of any Holder in
any such proceeding; provided, however, that the Trustees may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 505. Trustees May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or
the Securities may be prosecuted and enforced by the Trustees without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by a Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 
 Section 506. Application of Money
Collected. Any money collected by a Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustees and, in case of the distribution of such money on account of principal or any premium or
interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustees under Section 607; and 

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

Section 507. Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (1) such Holder has previously given written notice to the Trustees of a continuing Event of Default with respect to the Securities of that series; 

(2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made
written request to the Trustees to institute proceedings in respect of such Event of Default in their own names as Trustees hereunder; 
 (3) such Holder or Holders have offered to the Trustees reasonable indemnity acceptable to the Trustees against the costs, expenses and liabilities to be incurred in compliance with such request;

 (4) the Trustees for 90 days after their receipt of such notice, request and offer of indemnity have failed to
institute any such proceeding; and 

  
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 (5) no direction inconsistent with such written request has been given to
the Trustees during such 90-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders,
or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

Section 508. Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in
this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or date for repayment, as the case may be) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder. 
 Section 509. Restoration of Rights and Remedies. If either Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Bank, the Trustees and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustees and the Holders shall
continue as though no such proceeding had been instituted. 
 Section 510. Rights and Remedies Cumulative. Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustees or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 511. Delay or Omission Not Waiver. No delay or omission of the Trustees or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustees or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustees or by the Holders, as the case may be. 
 Section 512. Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustees, or exercising any trust or power conferred on the Trustees, with respect to the Securities of such series, provided that: 

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

(2) the Trustees may take any other action deemed proper by the Trustees which is not inconsistent with such direction,
and 
 (3) the Holders have provided the Trustees with reasonable indemnification acceptable to the Trustees
against liability and expenses arising from such action. 
 Section 513. Waiver of Past Defaults. The Holders of not less
than a majority in principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities of such series, waive any past default hereunder with respect to such series and its consequences, except a default:

 (1) in the payment of the principal of or any premium or interest on any Security of such series, or

 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

  
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 Section 514. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustees for any action taken, suffered or omitted by them as Trustees, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess
reasonable costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Legislation; provided that neither this Section nor the Trust Indenture Legislation shall be deemed to authorize any court to
require such an undertaking or to make such an assessment in any suit instituted by the Bank. 
 Section 515. Waiver of
Usury, Stay or Extension Laws. The Bank covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension
law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Bank (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustees, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 516. Bank Act Limitation on Payment. If any provisions (herein referred to as “Early Payment
Restrictions”) contained, from time to time, in the Bank Act (Canada) or in any rules, regulations, orders or guidelines passed pursuant thereto or in connection therewith or guidelines issued by the Superintendent of Financial
Institutions (Canada) appointed pursuant to the Office of the Superintendent of Financial Institutions (Canada) in relation thereto shall limit the right of the Bank to pay the Securities on or before a date prescribed by Early Payment Restrictions,
Sections 501, 502, 503, 507 and 508 shall be subject to such Early Payment Restrictions; provided that so long as any Early Payment Restriction shall be applicable to any Securities, the Trustees shall take such action as shall not be
precluded by the Early Payment Restrictions and as it shall deem appropriate, or as it shall be directed to take by the Holders pursuant to Section 512, to preserve and protect the interests of Holders of Securities then outstanding to which
the Early Payment Restrictions are applicable and to obtain or collect all amounts to which they may be entitled and to distribute the same to them at the earliest time permitted by the Early Payment Restrictions, such action to include, without
limitation, the filing and proving of claims with respect to the Securities then outstanding to which the Early Payment Restrictions are applicable in any insolvency or winding up proceedings relating to the Bank and the enforcement of such claims
on behalf of the Holders of such Securities. 
 ARTICLE SIX 

THE TRUSTEES 
 Section 601. Certain Duties and Responsibilities. The duties and responsibilities of the Trustees shall be as provided by the Trust Indenture Legislation. The obligation of the Trustees to commence
or continue any act, action or proceeding for the purpose of enforcing any rights of the Trustees or the Holders of Securities hereunder shall be conditional upon the Holders of Securities furnishing, when required by notice in writing from the
Trustees, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustees to protect and hold harmless the Trustees against the costs, charges and expenses and liabilities that may be
incurred thereby and any loss and damage they may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Trustees to expend or risk their own funds or otherwise incur financial liability in the performance of
any of their duties or in the exercise of any of their rights or powers unless indemnified as aforesaid. 
 Section 602.
Notice of Defaults. If a default occurs hereunder with respect to Securities of any series, the Trustees shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture
Legislation. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

Section 603. Certain Rights of Trustees. Subject to the provisions of Section 601: 

(1) the Trustees may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (2) any request or direction of the Bank mentioned herein shall be sufficiently
evidenced by a Bank Request or Bank Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

  
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 (3) whenever in the administration of this Indenture the Trustees shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, each Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely
upon an Officer’s Certificate; 
 (4) the Trustees may consult with counsel of its selection and the advice
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustees shall be under no obligation to exercise any of the rights or powers vested in them by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustees security or indemnity reasonably satisfactory to them against the costs, expenses and liabilities which might be
incurred by them in compliance with such request or direction; 
 (6) the Trustees shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustees, in their discretion, may make such further inquiry or investigation into such facts or matters as they may see fit, and, if the Trustees shall determine to make such further inquiry or investigation, they shall be entitled to examine
the books, records and premises of the Bank, personally or by agent or attorney during the Bank’s normal business hours; provided, however, that the Trustees shall cause their agents and attorneys to agree in writing to hold in
confidence all such information except to the extent disclosure may be required by law and except to the extent that the Trustees, in their sole judgment, may determine that such disclosure is consistent with their obligations hereunder; 

(7) the Trustees may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents or attorneys and the Trustees shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by them hereunder, and the Trustees may also employ advisors and experts to assist
in the performance of the Trustees’ powers and duties under this Indenture; 
 (8) the rights, privileges,
protections, immunities and benefits given to the Trustees, including, without limitation, their right to be indemnified, are extended to, and shall be enforceable by, the Trustees in each of their capacities hereunder; and 

(9) the Trustees shall not be deemed to have notice of any Event of Default unless a Responsible Officer of the Trustees
has actual knowledge thereof or unless written notice of any event which is in fact such a default is delivered to the Trustees in accordance with an appropriate manner of delivery as set forth elsewhere in this Indenture, and such notice references
the Securities or this Indenture. 
 Section 604. Not Responsible for Recitals or Issuance of Securities. The recitals
contained herein and in the Securities, except for a Trustee’s certificate of authentication, shall be taken as the statements of the Bank, and the Trustees assume no responsibility for their correctness. The Trustees make no representations as
to the validity or sufficiency of this Indenture or of the Securities. The Trustees shall not be accountable for the use or application by the Bank of Securities or the proceeds thereof. 

Section 605. May Hold Securities. The Trustees, any Paying Agent, any Security Registrar or any other agent of the Bank, in their
individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Bank with the same rights they would have if they were not Trustee, Paying Agent, Security Registrar or
such other agent. 
 Section 606. Money Held in Trust. Money held by the Trustees in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustees shall be under no liability for interest on any money received by them hereunder except as otherwise agreed with the Bank. 

Section 607. Compensation and Reimbursement. The Bank agrees: 

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

  
 25 

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

(3) to indemnify and save harmless the Trustees and their officers, directors, employees and agents from and against any
and all liabilities, losses, costs, claims, actions or demands whatsoever which may be brought against the Trustees or which they may suffer or incur as a result or arising out of the performance of their duties and obligations under this Indenture,
save only in the event of gross negligence or willful misconduct of the Trustees. It is understood and agreed that this indemnification shall survive the termination or the discharge of this Indenture or the resignation of the Trustees. 

(4) when the Trustees incur any expenses or render any services in connection with an Event of Default specified in
Section 501(3), such expenses (including the reasonable charges and expenses of their counsel) and the compensation for such services are intended to constitute expenses of administration under the Winding-Up and Restructuring Act of Canada or
any similar Canadian or United States federal or state law for the relief of debtors; 
 (5) in connection with
the payment obligations of the Bank in this Section 607, the parties hereto hereby recognize that the Trustees shall have a claim prior to the Securities on all money or property held by the Trustees in connection with this Indenture, except
sums that are held in trust to pay principal and interest on particular Securities; and 
 (6) the provisions of
this Section shall survive the termination of this Indenture and the resignation or removal of the Trustees. 
 Section 608.
Conflicting Interests. If a Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Legislation, such Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Legislation and this Indenture. To the extent permitted by such Trust Indenture Legislation, a Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this
Indenture with respect to Securities of more than one series or the senior debt indenture, dated the date hereof, between the Bank and the Trustees as amended or supplemented. 
 Section 609. Corporate Trustee Required; Eligibility. There shall at all times be a U.S. Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each U.S. Trustee shall be a Person that is eligible pursuant to the Trust Indenture Legislation to act as such, has a combined capital and surplus of at least $15,000,000. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Legislation, the combined capital and
surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the U.S. Trustee with respect to the Securities of any series shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 For so long as required by the Trust Indenture Legislation, there shall be a Canadian Trustee under this Indenture. The Canadian Trustee shall at all times be a corporation organized under the laws of
Canada or any province thereof and authorized under such laws and the laws of the Province of Ontario to carry on trust business therein. If at any time the Canadian Trustee shall cease to be eligible in accordance with this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 610. Resignation and Removal;
Appointment of Successor. No resignation or removal of either Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611. 
 Either Trustee may resign at any time with respect to the Securities of one or
more series by giving written notice thereof to the Bank. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to such Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 Either Trustee may be removed at any time with respect to the Securities of any series by
Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to such Trustee and to the Bank. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been
delivered to such Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

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

 (2) either Trustee shall cease to be eligible under Section 609 and shall fail to resign after written
request therefor by the Bank or by any such Holder, or 
 (3) either Trustee shall become incapable of acting or
shall be adjudged a bankrupt or insolvent or a receiver of such Trustee or of its property shall be appointed or any public officer shall take charge or control of such Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in any such case, (A) the Bank by a Board Resolution or other appropriate Bank authorization may
remove such Trustee with respect to all Securities, or (B) subject to Section 514, any Holder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of such Trustee with
respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If either Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of the U.S. Trustee or the Canadian Trustee for any cause, with respect to the Securities of one or more series, the Bank shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Bank and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Bank. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Bank or the Holders and accepted appointment in the manner required by Section 611, any Holder who
has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 
 The Bank shall give notice of each resignation and each removal of a Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 If a Canadian
Trustee under this Indenture is no longer required by the Trust Indenture Legislation, then the Bank by a Board Resolution, may remove the Canadian Trustee after giving 30 days notice. 

Section 611. Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to
all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Bank and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Bank or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder. 

  
 27 

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

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 612. Merger, Conversion, Consolidation or Succession to Business. Any corporation
into which either Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which either Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of either Trustee, shall be the successor of such Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by a Trustee then in office, any successor by merger, conversion, consolidation or sale to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
 Section 613. Preferential Collection of Claims Against Bank. If and when a Trustee shall be or become a creditor of the Bank (or any other obligor upon the Securities), such Trustee shall be
subject to the provisions of the Trust Indenture Legislation regarding the collection of claims against the Bank (or any such other obligor). 
 Section 614. Appointment of Authenticating Agent. The Trustees may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustees to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustees hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustees or
either Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustees by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustees by
an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Bank and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $15,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section. 

  
 28 

 Any corporation into which an Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate
trust business of an Authenticating Agent (including the authenticating agency contemplated by this Indenture), shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without
the execution or filing of any paper or any further act on the part of the Trustees or the Authenticating Agent. 
 An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustees and to the Bank. The Trustees may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and to the Bank. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustees may appoint a
successor Authenticating Agent that shall be acceptable to the Bank and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will
serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Bank agrees to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 If an
appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to either or both Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form: 
 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: 

 

			
	COMPUTERSHARE TRUST COMPANY, N.A.,
	as U.S. Trustee
	
	 COMPUTERSHARE TRUST COMPANY OF CANADA,
 as Canadian Trustee

		
	 By
	 	  

		 	As Authenticating Agent
		
	 By
	 	  

		 	Authorized Signatory

 Section 615. Joint Trustees. The rights, powers, duties and obligations conferred and
imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian Trustee individually, except to the extent the Trustees are required under Trust Indenture Legislation to perform such
acts jointly, and neither Trustee shall be liable or responsible for the acts or omissions of the other Trustee. Unless the context implies or requires otherwise, any written notice, request, direction, certificate, instruction, opinion or other
document (each such document, a “Writing”) delivered pursuant to any provision of this Indenture to any of the U.S. Trustee or the Canadian Trustee shall be deemed for all purposes of this Indenture as delivery of such Writing to
the Trustees. Each such Trustee in receipt of such Writing shall notify such other Trustee of its receipt of such Writing within two Business Days of such receipt provided, however, that any failure of such Trustee in receipt of such
Writing to so notify such other Trustee shall not be deemed as a deficiency in the delivery of such Writing to the Trustees. 

Section 616. Not Bound to Act. The Trustees shall retain the right not to act and shall not be liable for refusing to act if, due
to a lack of information or for any other reason whatsoever, the Trustees, in their sole judgment, determine that such act might cause them to be in non-compliance with any applicable anti-money 

  
 29 

 
laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustees, in their sole judgment, determine at any time that their acting under this Indenture has resulted
in their being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then they shall have the right to resign on 10 days written notice to the Bank, provided that (i) such
Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to such Trustee’s satisfaction within such 10 day period, then such resignation shall not be effective.

 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEES AND BANK 
 Section 701. Bank
to Furnish Trustees Names and Addresses of Holders. 
 (a) The Bank will furnish or cause to be furnished to the Trustees:

 (1) semi-annually either (i) not later than January 15 and July 15 in each year in the case of
any series of Securities consisting solely of Original Issue Discount Securities which by their terms do not bear interest prior to Maturity, or (ii) not more than 15 days after each Regular Record Date in the case of Securities of any other
series, a list, in such form as the Trustees may reasonably require, of the names and addresses of the Holders of Securities of each series as of the preceding January 1 or July 1 or as of such Regular Record Date, as the case may be; and

 (2) at such other times as the Trustees may request in writing, within such time and as of such date as
necessary for the Trustees to comply with clause (b) of this Section 701, a list of similar form and content; 
 excluding from
any such list names and addresses received by the Trustees in their capacity as Security Registrar. 
 (b) A Holder may, upon
payment to either Trustee of a reasonable fee and subject to compliance with any applicable requirement of the Trust Indenture Legislation, require such Trustee to furnish within 15 days after receiving the statutory declaration referred to below, a
list setting out (i) the name and address of every registered Holder, (ii) the aggregate principal amount of Securities owned by each registered Holder, and (iii) the aggregate principal amount of Outstanding Securities, each as shown
on the records of such Trustee on the day that the statutory declaration is delivered to such Trustee. The statutory declaration shall contain (i) the name and address of the Holder, (ii) where the Holder is a corporation, its name and
address for service, and (iii) a statement that the list will not be used except in connection with an effort to influence the voting of the Holders, an offer to acquire Securities, or any other matter relating to the Securities or the affairs
of the Bank. Where the Holder is a corporation, the affidavit or statutory declaration shall be made by a director or officer of the corporation. 
 Section 702. Preservation of Information; Communications to Holders. The Trustees shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in
the most recent list furnished to the Trustees as provided in Section 701 and the names and addresses of Holders received by the Trustees in their capacity as Security Registrar. The Trustees may destroy any list furnished to them as provided
in Section 701 upon receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustees, shall be as provided by the Trust Indenture Legislation. 

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

Section 703. Reports by Trustees. The Trustees shall transmit to Holders such reports concerning the Trustees and their actions
under this Indenture as may be required pursuant to the Trust Indenture Legislation at the times and in the manner provided pursuant thereto. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustees with each stock exchange upon which any Securities are listed, with the Commission and with the
Bank. The Bank will notify the Trustees when any Securities are listed on any stock exchange. 
 Section 704. Reports by
Bank. The Bank shall file with the Trustees and the Commission, and transmit to Holders, such information, documents and other reports as may be required by the Trust Indenture Legislation; 

  
 30 

 
provided that any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be deemed filed with, and
delivered to, the Trustees at the same time as filed with the Commission. 
 Delivery of such reports, information and documents
to the Trustees is for informational purposes only and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information or documents. The Trustees’ receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Bank’s compliance with any of its covenants hereunder (as to which the Trustees are entitled to conclusively rely
exclusively on Officer’s Certificates). 
 ARTICLE EIGHT 

CONSOLIDATION, AMALGAMATION, MERGER, 
 CONVEYANCE, TRANSFER OR LEASE 
 Section 801. Bank May Consolidate, Etc.,
Only on Certain Terms. The Bank shall not merge, amalgamate, consolidate or otherwise combine with another entity or sell or lease substantially all of the Bank’s assets to another entity, unless: 

(1) in case the Bank shall merge, amalgamate, consolidate or otherwise combine with another entity or sell or lease
substantially all of the Bank’s assets to another entity, the surviving, resulting or acquiring entity shall be a duly organized entity and shall be legally responsible for and assume, whether by agreement, operation of law or otherwise, the
Securities and the Bank’s obligations under this Indenture; 
 (2) any such merger, amalgamation,
consolidation or other combination, or sale or lease of assets, would not result in an Event of Default, nor any event which, after any requirements for giving the Bank default notice and any requirements for lapse of time for the event to become a
default were both disregarded, would become an Event of Default; and 
 (3) the Bank has delivered to the
Trustees an Officer’s Certificate and an Opinion of Counsel, each stating that such merger, amalgamation, consolidation or other combination, or sale or lease of assets and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 Section 802. Successor Substituted. Upon any consolidation or amalgamation of the Bank with, or merger of the Bank into, any other Person or any conveyance, transfer or lease of the properties and
assets of the Bank substantially as an entirety in accordance with Section 801, the successor Person formed by or resulting from such consolidation or amalgamation or into which the Bank is merged or to which such conveyance, transfer or lease
is made shall succeed to, and be substituted for, and may exercise every right and power of, the Bank under this Indenture with the same effect as if such successor Person had been named as the Bank herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 Section 901. Supplemental Indentures Without
Consent of Holders. Without the consent of any Holders, the Bank and the Trustees, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustees, for any of the following
purposes: 
 (1) to evidence the succession of another Person to the Bank and the assumption by any such
successor of the covenants of the Bank herein and in the Securities; or 
 (2) to add to the covenants of the
Bank for the benefit of some or all of the Holders of all or any series of Securities or of particular Securities within a series (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are
expressly being included solely for the benefit of such series or such particular Securities) or to surrender any right or power herein conferred upon the Bank; or 

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

  
 31 

 (4) to add to or change any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in
uncertificated form; or 
 (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no Security described in clause Outstanding; or 

(6) to secure the Securities; or 
 (7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 
 (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 

(9) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any
other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause (9) shall not adversely affect the interests of the Holders of
Securities of any series in any material respect. 
 Section 902. Supplemental Indentures With Consent of Holders. With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Bank and the Trustees, the Bank and the Trustees
may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that if the supplemental indenture shall expressly provide that any provision to be changed or eliminated shall apply to fewer than all the Outstanding Securities
hereunder or under a particular series under this Indenture, then, to the extent not inconsistent with the Trust Indenture Legislation, any such consent may be given by Holders of not less than a majority in principal amount of the Outstanding
Securities hereunder or under such series to which such change or elimination shall apply; provided, further, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby
(whether or not such affected Securities comprise all Securities under this Indenture or under a particular series), 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair a Holder’s right to institute suit for the enforcement of any such payment on or
after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 
 (2) if
any Security provides that the Holder may require the Bank to repurchase such Security, impair such Holder’s right to require repurchase of such Security on the terms provided therein; or 

(3) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture;
or 
 (4) modify the provisions of this Indenture with respect to the subordination of any Securities in a manner
adverse to Holders of such Securities; or 

  
 32 

 (5) modify any of the provisions of this Section, Section 513 or
Section 1006, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1006, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(8). 
 A supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture that has expressly been included solely for the benefit of one or more identified series of Securities or Securities within a series of Securities, or that modifies the rights of the Holders of Securities of such
series or Holders of particular Securities within a series with respect to such covenant or other provision, shall be deemed to affect only the rights under this Indenture of the Holders of Securities of the identified series or of particular
Securities within the identified series, and shall be deemed not to affect the rights under this Indenture of the Holders of any other Securities. 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the
substance thereof. 
 Section 903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustees shall be entitled to receive, in addition to the documents required by Section 102, and (subject
to Section 601) shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. Each Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which affects such Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 904. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 905. Conformity with Trust Indenture Legislation. Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Legislation. 
 Section 906. Reference in Securities to Supplemental
Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustees, bear a notation in form approved by the Trustees as to any
matter provided for in such supplemental indenture. If the Bank shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustees and the Bank, to any such supplemental indenture may be prepared and executed
by the Bank and authenticated and delivered by either Trustee or both Trustees in exchange for Outstanding Securities of such series. 
 ARTICLE TEN 
 COVENANTS 

Section 1001. Payment of Principal, Premium and Interest. The Bank covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

Section 1002. Maintenance of Office or Agency. The Bank will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Bank in respect
of the Securities of that series and this Indenture may be served. The Bank will give prompt written notice to the Trustees of the location, and any change in the location, of such office or agency. If at any time the Bank shall fail to maintain any
such required office or agency or shall fail to furnish the Trustees with the address thereof, such presentations, surrenders, notices and demands may be made or served at such location as determined by the Bank and the Trustees. 

The Bank may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the

  
 33 

 
Bank of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Bank will give prompt written notice to the Trustees of any
such designation or rescission and of any change in the location of any such other office or agency. 
 If the Bank issues
Securities of any series through a branch, agency or office other than its head or home office, the Bank represents that, notwithstanding the place of booking office or jurisdiction of incorporation or organization of the Bank, the obligations of
the Bank in respect of such Securities are the same as if it had issued such Securities through its head or home office. 

Section 1003. Money for Securities Payments to Be Held in Trust. If the Bank shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, deposit in an account established for the purpose of providing the Persons entitled
thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustees of its action or failure so to
act. 
 Whenever the Bank shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of
the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Legislation, and (unless such Paying Agent is the
Trustee) the Bank will promptly notify the Trustees of its action or failure so to act. 
 The Bank will cause each Paying Agent
for any series of Securities other than the Trustees to execute and deliver to the Trustees an instrument in which such Paying Agent shall agree with the Trustees, subject to the provisions of this Section, that such Paying Agent will
(1) comply with the provisions of the Trust Indenture Legislation applicable to it as a Paying Agent and (2) during the continuance of any default by the Bank (or any other obligor upon the Securities of that series) in the making of any
payment in respect of the Securities of that series, upon the written request of the Trustees, forthwith pay to the Trustees all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Bank may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Bank Order direct any Paying Agent to pay, to the Trustees all sums held by the Bank or such Paying Agent, such sums to be held by the Trustees in trust for the benefit of the Persons entitled thereto; and, upon such payment by any Paying Agent
to the Trustees, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money
deposited with the Trustees or any Paying Agent in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Bank on Bank Request; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Bank for payment thereof, and all liability of the Trustees or such Paying Agent with respect to
such trust money, shall thereupon cease; provided, however, that the Trustees or such Paying Agent, before being required to make any such repayment, may at the expense of the Bank cause to be published once, in a newspaper or
newspapers published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York and the City of Toronto, Ontario, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Bank. 

Section 1004. Statement by Officers as to Default. The Bank will deliver to the Trustees, within 120 days after the end of each
fiscal year of the Bank ending after the date hereof, an Officer’s Certificate, stating whether or not to the best knowledge of the signatory thereof the Bank is in default in the performance and observance of any of the terms, provisions and
conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Bank shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

 Section 1005. Existence. Subject to Article Eight, the Bank will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence. 
 Section 1006. Waiver of Certain Covenants. Subject
to Section 502 and Section 902, and except as otherwise specified as contemplated by Section 301 for Securities of such series, the Bank may, with respect to the Securities of any series, omit in any particular instance to comply with
any term, provision or condition set forth in 

  
 34 

 
any covenant provided pursuant to Section 301(c)(18), 901(2) or 901(7) for the benefit of the Holders of such series or in Section 1005 if before the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no
such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Bank and the duties of the Trustees in respect of any such term,
provision or condition shall remain in full force and effect. 
 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 
 Section 1101. Applicability of Article. Subject to any law restricting the redemption of the Securities, Securities of any series that are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 
 Section 1102. Election to Redeem; Notice to Trustees. The election of the Bank to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by
Section 301 for such Securities. In case of any redemption at the election of the Bank of the Securities of any series (including any such redemption affecting only a single Security), the Bank shall, at least 45 days prior to the Redemption
Date fixed by the Bank (unless a shorter notice shall be satisfactory to the Trustees), notify the Trustees of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Bank shall furnish the Trustees with an
Officer’s Certificate evidencing compliance with such restriction. 
 Section 1103. Selection by Trustees of Securities
to Be Redeemed. If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustees, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustees shall deem fair and
appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with
the preceding sentence. 
 The Trustees shall promptly notify the Bank in writing of the Securities selected for redemption as
aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of
any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities that has been or is to be redeemed. 
 Section 1104. Notice of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 45 days prior to the Redemption Date, to each
Holder of Securities to be redeemed, at his address appearing in the Security Register. 
 All notices of redemption shall
state: 
 (1) the Redemption Date; 

  
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 (2) the Redemption Price; 

(3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be
redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to be redeemed; 
 (4) that on the
Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date; 

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

(6) that the redemption is for a sinking fund, if such is the case; and 

(7) if applicable, the CUSIP or other identifying numbers of the Securities of that series. 

Notice of redemption of Securities to be redeemed at the election of the Bank shall be given by the Bank or, at the Bank’s request,
by the Trustees in the name and at the expense of the Bank and, unless otherwise specified or contemplated by Section 301, shall be irrevocable. 
 Section 1105. Deposit of Redemption Price. Prior to any Redemption Date, the Bank shall deposit with either Trustee or with a Paying Agent (or, if the Bank is acting as its own Paying Agent,
deposit in an account established for the purpose as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series
provide otherwise) accrued interest on, all the Securities which are to be redeemed on that date. 
 Section 1106. Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date
(unless the Bank shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid
by the Bank at the Redemption Price, together, if applicable, with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 1107. Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Bank or the Trustees so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Bank and the Trustees duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Bank shall execute, and the Trustees shall authenticate
and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Security so surrendered. 
 ARTICLE TWELVE 

PURCHASE OR REPAYMENT OF SECURITIES BY THE BANK 
 AT THE OPTION OF THE HOLDER 
 Section 1201. Applicability of
Article. Subject to any applicable law restricting the purchase or repayment of the Securities by the Bank at the option of the Holder, Securities of any series the terms of which provide to each Holder the option to require the Bank to purchase
or repay such Securities in certain circumstances shall, upon exercise of such option, be repayable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance
with this Article. 

  
 36 

 Section 1202. Notice of Repayment Date. Notice of any Repayment Date with respect to
Securities of any series shall, unless otherwise specified by the terms of the Securities of such series, be given by the Bank not less than 30 nor more than 90 days prior to such Repayment Date to each Holder of Securities of such series in
accordance with Section 106. 
 Such notice shall state: 

(a) the Repayment Date; 
 (b) the Repayment Price; 
 (c) the place or places where, and the date by which,
such Securities are to be surrendered for payment of the Repayment Price; 
 (d) a description of the procedures which a Holder
must follow to exercise the purchase or repayment option; 
 (e) that exercise of the purchase or repayment option to elect
repayment is irrevocable; and 
 (f) such other information as the Bank may consider appropriate for inclusion. 

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

Section 1203. Deposit of Repayment Price. Prior to the Repayment Date, the Bank shall deposit with either Trustee or with a Paying
Agent (or, if the Bank is acting as its own Paying Agent, deposit in an account established for the purpose provided in Section 1003) an amount of money sufficient to pay the Repayment Price of and (unless the Repayment Date shall be an
Interest Payment Date) accrued and unpaid interest, if any, on all of the Securities of such series that are to be repaid on that date. 
 Section 1204. Securities Payable on Repayment Date. Holders having duly exercised the option to require purchase or repayment by the Bank on any Repayment Date as specified in the form of Security
for such series as provided in Section 203, the Securities of such series so to be purchased or repaid shall, on the Repayment Date, become due and payable at the Repayment Price applicable thereto and from and after such date (unless the Bank
shall default in the payment of the Repayment Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for purchase or repayment in accordance with the terms of such Security, provided the option
has been duly exercised and the Security duly surrendered as specified in the form of such Security, such Security shall be paid by the Bank at the Repayment Price together with accrued interest to the Repayment Date; provided,
however, that installments of interest whose Stated Maturity is on or prior to such Repayment Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security shall not be paid upon
due exercise of the option and surrender thereof for purchase or repayment, the Repayment Price shall, until paid, bear interest from the Repayment Date at the rate prescribed therefor in such Security. 

Section 1205. Securities Repaid in Part. Any Security that by its terms may be purchased or repaid by the Bank in part at the
option of the Holder and that is to be purchased or repaid only in part by the Bank shall be surrendered at any office or agency of the Bank designated for that purpose pursuant to Section 1002 (with, if the Bank or the Trustees so require, due
endorsement by, or a written instrument of transfer in form satisfactory to the Bank and the Trustees duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Bank shall execute, and the Trustees shall authenticate
and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the
unpurchased or unrepaid portion of the principal of the Security so surrendered. 

  
 37 

 ARTICLE THIRTEEN 

SINKING FUNDS 
 Section 1301. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the
terms of any series of Securities is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment”. If provided for by the terms of any series of Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1302. Each sinking fund payment shall be applied to the redemption of
Securities of the series as provided for by the terms of such Securities. 
 Section 1302. Satisfaction of Sinking Fund
Payments with Securities. The Bank (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the
election of the Bank (a) pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such series or (b) have been purchased or repaid by the Bank through the
exercise of an option by the Holder as provided for in the terms of such Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such
purpose by the Trustees at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

Section 1303. Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any
Securities, the Bank will deliver to the Trustees an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1302 and will also deliver to the Trustees any Securities to be so delivered. Not less than 30
days prior to each such sinking fund payment date, the Trustees shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Bank in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

ARTICLE FOURTEEN 
 DEFEASANCE AND COVENANT DEFEASANCE 
 Section 1401. Bank’s Option to
Effect Defeasance or Covenant Defeasance. Unless otherwise provided as contemplated by Section 301, Sections 1402 and 1403 shall apply to any Securities or any series of Securities, as the case may be, in either case, denominated in U.S.
dollars and bearing interest at a fixed rate, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article; and the Bank may elect, at its option at any
time, to have Sections 1402 and 1403 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1402 or 1403, in accordance with any applicable
requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election to have or not to have Sections 1402 and 1403 apply, as the case may be, shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301 for such Securities. 
 Section 1402.
Defeasance and Discharge. Upon the Bank’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, or if this Section shall otherwise apply to any Securities or any
series of Securities, as the case may be, the Bank shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1404 are
satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Bank shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its
other obligations under such Securities and this Indenture insofar as such 

  
 38 

 
Securities are concerned (and the Trustees, at the expense of the Bank, shall execute proper instruments acknowledging the same), subject to the following, which shall survive until otherwise
terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (2) the Bank’s obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the
Trustees hereunder and (4) this Article. Subject to compliance with this Article, the Bank may exercise its option (if any) to have this Section applied to the Securities of any series notwithstanding the prior exercise of its option (if any)
to have Section 1403 applied to such Securities. 
 Section 1403. Covenant Defeasance. Upon the Bank’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, or if this Section shall otherwise apply to any Securities or any series of Securities, as the case may be, (1) the Bank
shall be released from its obligations under Section 1005 and any covenants provided pursuant to Section 301(c)(18), Section 901(2) or Section 901(7) for the benefit of the Holders of such Securities and (2) the occurrence
of any event specified in Section 501(4) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1404
are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Bank may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any
other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
 Section 1404.
Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to the application of Section 1402 or 1403 to any Securities or any series of Securities, as the case may be: 

(1) The Bank shall irrevocably have deposited or caused to be deposited with either Trustee (or another trustee that
satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustees, to pay and discharge, and which shall be applied by the Trustees (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such
Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security that is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and
(y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account
of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by
such depositary receipt. 
 (2) In the event of an election to have Section 1402 apply to any Securities or
any series of Securities, as the case may be, the Bank shall have delivered to the Trustees an Opinion of Counsel stating that (A) the Bank has received from, or there has been published by, the Internal Revenue Service a ruling or
(B) since the date of this instrument, there has been a change in the applicable U.S. federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such
Securities will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to U.S. federal income tax on the same amount, in
the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 

  
 39 

 (3) In the event of an election to have Section 1403 apply to any
Securities or any series of Securities, as the case may be, the Bank shall have delivered to the Trustees an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for U.S. federal income tax purposes as
a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and
Covenant Defeasance were not to occur. 
 (4) No event that is, or after notice or lapse of time or both would
become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of the deposit referred to in clause (1) or, with regard to any such event specified in Section 501(1),
at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day). 

(5) Such Defeasance or Covenant Defeasance shall not cause the Trustees to have a conflicting interest within the meaning
of the Trust Indenture Legislation (assuming all Securities are in default within the meaning of the Trust Indenture Legislation). 
 (6) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Bank is a party or by which it is
bound. 
 (7) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit
constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder. 

(8) In the event of an election to have Section 1402 apply to any Securities or any series of Securities, as the case
may be, no event or condition may exist that, under the provisions described under Article Fifteen, would prevent the Bank from making payments of any principal of or premium or interest on the Securities on the date of the deposit referred to in
clause (1), or at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day). 

(9) The Bank shall have delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with (in each case, subject to the satisfaction of the condition in clause (4)). 

Section 1405. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. Subject to the
provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustees or other qualifying trustee (solely for purposes of this Section and Section 1406, the
Trustees and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1404 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Bank acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become
due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 
 The Bank shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1404 or the principal
and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Bank from time to time upon Bank Request any money or U.S. Government Obligations held by it as provided
in Section 1404 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof
which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
 Section 1406. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any
court or 

  
 40 

 
governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Bank has been discharged or
released pursuant to Section 1402 or 1403 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money
held in trust pursuant to Section 1405 with respect to such Securities in accordance with this Article; provided, however, that if the Bank makes any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Bank shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

ARTICLE FIFTEEN 
 SUBORDINATION OF SECURITIES 
 Section 1501. Securities Subordinate to
Deposit Liabilities and Other Indebtedness The Securities constitute subordinated indebtedness within the meaning of the Bank Act (Canada) and, in the event of the insolvency or winding-up of the Bank, the indebtedness evidenced by the
Securities ranks: 
 (a) in right of payment equally with and not prior to the debentures under the Existing Trust Indentures;
and 
 (b) subordinate in right of payment to the prior payment in full of 

(1) Senior Indebtedness of the Bank then outstanding; and 

(2) all Indebtedness to which the debentures under the Existing Trust Indentures are subordinate in right of payment to
the same extent as the debentures under the Existing Trust Indentures are subordinate thereto, 
 in each case, whether now
outstanding or hereafter incurred. 
 The Bank agrees and each holder of any Security, by his acceptance of such Security, also
agrees and shall be deemed conclusively to have agreed, for the benefit of the present and future holders of Senior Indebtedness, and for the benefit of all present and future holders of Indebtedness to which the debentures under the Existing Trust
Indentures are subordinate in right of payment, to the provisions of this Article Fifteen and the Bank and each holder of any Security by his acceptance of such Security shall be bound by such provisions. 

Section 1502. Further Assurances of Subordination Each holder of Securities by his, her or its acceptance of such Security
authorizes and directs the Trustees on his, her or its behalf to take such action as may be necessary or appropriate to further assure the subordination as provided in this Article Fifteen. 

Section 1503. Reliance on Judicial Order or Certificate of Liquidating Agent Upon payment or distribution of assets of the Bank,
the Trustees, subject to the provisions of Article Six hereof, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which bankruptcy, dissolution, winding-up, liquidation
or reorganization proceedings are pending, or upon any certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustees or the Holders of the Securities,
for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the Bank, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article Fifteen. 
 Section 1504. Trustees’ Compensation Not
Prejudiced Nothing in this Article Fifteen will apply to amounts due to the Trustees pursuant to other sections in this Indenture. 
 ARTICLE SIXTEEN 
 MISCELLANEOUS PROVISION 

Section 1601. Consent to Jurisdiction and Service of Process. The Bank irrevocably submits to the non-exclusive jurisdiction of
any New York State or Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture or any Security. The Bank irrevocably waives, to the fullest extent permitted by law, any objection
that it may have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in any inconvenient forum. The Bank agrees
that final judgment in any such suit, action or proceeding 

  
 41 

 
brought in such a court shall be conclusive and binding upon the Bank and may be enforced in the courts of Canada (or any other courts to the jurisdiction of which the Bank is subject) by a suit
upon such judgment, provided that service of process is effected upon the Bank in the manner specified in the following paragraph or as otherwise permitted by law; provided, however, that the Bank does not waive, and the
foregoing provisions of this sentence shall not constitute or be deemed to constitute a waiver of, (i) any right to appeal any such judgment, to seek any stay or otherwise to seek reconsideration or review of any such judgment or (ii) any
stay of execution or levy pending an appeal from, or a suit, action or proceeding for reconsideration or review of, any such judgment. 
 As long as any of the Securities remain outstanding, the Bank will at all times have an authorized agent in the Borough of Manhattan, The City of New York upon whom process may be served in any legal
action or proceeding arising out of or relating to the Indenture or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Bank shall to the extent permitted by law be deemed in every respect
effective service of process upon the Bank in any such legal action or proceeding. The Bank hereby appoints William R. Ebbels, Vice President and USA Regional Head of Operations, The Bank of Nova Scotia, as its agent for such purpose, and covenants
and agrees that service of process in any such legal action or proceeding may be made upon it at the office of such agent at The Bank of Nova Scotia, One Liberty Plaza, 25th Floor, New York, New York 10006 (Attention: William R. Ebbels, Vice
President and USA Regional Head of Operations, The Bank of Nova Scotia,) (or at such other address in the Borough of Manhattan, The City of New York, as the Bank may designate by written notice to the Trustees). 

The Bank hereby consents to process being served in any suit, action or proceeding of the nature referred to in the preceding paragraphs
by service upon such agent together with the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to the address of the Bank in Toronto set forth in the first paragraph of this instrument or to any
other address of which the Bank shall have given written notice to the Trustee. The Bank irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service (but does not waive any right to assert lack of
subject matter jurisdiction) and agrees that such service (i) shall be deemed in every respect effective service of process upon the Bank in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be
taken and held to be valid personal service upon and personal delivery to the Bank. 
 Nothing in this Section shall affect the
right of the Trustees or any Holder to serve process in any manner permitted by law or limit the right of the Trustees to bring proceedings against the Bank in the courts of any jurisdiction or jurisdictions. 

Section 1602. Indenture and Securities Solely Corporate Obligations. No recourse under or upon any obligation, covenant or
agreement of this Indenture, any supplemental indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future,
of the Bank or of any successor corporation, either directly or through the Bank, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the
Bank or of any successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or any of the Securities or implied
therefrom; and that any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director, as such, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and the issue of such Securities. 
 Section 1603.
Execution in Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 Section 1604. Waiver of Jury Trial. EACH OF THE BANK AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
 42 

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

			
	THE BANK OF NOVA SCOTIA
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 COMPUTERSHARE TRUST COMPANY, N.A.,
 as U.S. Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 COMPUTERSHARE TRUST COMPANY OF CANADA,
 as Canadian Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 43EX-10.1

 Exhibit 10.1 
 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS THIRD AMENDED
AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”), is entered into on August 24, 2012 between STERLING JEWELERS INC., a Delaware corporation (the “Company”), and ED HRABAK (the “Executive”) and shall
be effective as of June 30, 2012 (the “Effective Date”). 
 WHEREAS, the Company is engaged in the
business of operating a chain of retail jewelry stores in the United States (the “Business”); 
 WHEREAS, the
Executive is presently employed by the Company as its Senior Vice President of Merchandising; 
 WHEREAS, the parties previously
entered into an Amended and Restated Employment Agreement dated December 3, 2004, as amended on September 1, 2006 and on September 1, 2007, which agreement was amended and restated pursuant to the Second Amended and Restated
Employment Agreement, dated as of July 26, 2010 (the “Prior Agreement”); 
 WHEREAS, the Company desires
to continue the employment of the Executive and to amend and restate the Prior Agreement in its entirety effective as of the Effective Date; and 
 WHEREAS, the Executive desires to accept such continued employment, subject to the terms and provisions of this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Employment and Term. 
 (a) The Company hereby employs the Executive, and the Executive hereby accepts continued employment by the Company, in the capacities and on the terms and subject to the conditions set forth herein from
the Effective Date until the date this Agreement is terminated by the Company or by the Executive pursuant to the terms of this Agreement (the “Term of Employment”). 

(b) The Company may terminate this Agreement at any time by notifying the Executive in writing. In the event the
Company terminates the Executive’s employment without Cause pursuant to this Section 1(b), the Company shall be obligated to (i) pay the Executive his Base Salary (as defined in Section 3 below) in effect at the effective date of
termination prorated to such date of termination, (ii) pay the Executive for any Annual Bonus (as defined in Section 3 below) (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet
Jewelers Limited (the parent of 

 
the Company, “Signet”)) and/or Long Term Bonus (as defined below in Section 3 below) (which amount shall be paid in accordance with the Omnibus Incentive Plan or the equity
incentive plan for executive officers then in effect, as approved by the Compensation Committee of Signet or its designee) earned by Executive for a completed fiscal year (or, in the case of the Long Term Bonus, a completed performance period) prior
to the effective date of such termination but which remain unpaid as of the date of termination, (iii) pay the Executive an amount equal to the Annual Bonus the Executive would otherwise have received for the fiscal year in which the
Executive’s termination of employment occurred, based on actual performance, which amount shall be pro-rated based on the number of calendar days that shall have elapsed since the beginning of the applicable fiscal year and ending on the date
of termination of employment, (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet), (iv) continue to pay to the Executive his Base Salary in effect on the last date of Executive’s employment for twelve
(12) months following such last date of employment, in accordance with the Company’s standard payroll practices for executive officers, with each such payment hereby designated a separate payment, and (v) provide the Executive with a
lump-sum payment equal to the cost of the COBRA premium for twelve (12) months of coverage at the same level as in effect immediately prior to the date of termination in order to support the Executive’s transition. The Executive shall
continue to have the obligations provided for in Sections 6 and 7 hereof. 
 (c) The Term of Employment may
also be terminated by the Executive at any time upon three hundred sixty (360) days’ prior written notice to the Company. Upon such termination, the Company shall have no further obligations hereunder except to (i) pay the Executive
his Base Salary in effect at the effective date of such termination prorated to such date of termination, with each such payment hereby designated a separate payment, (ii) pay the Executive for any Annual Bonus (as defined in Section 3
below) (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet) and/or Long Term Bonus (as defined below in Section 3 below) (which amount shall be paid in accordance with the Omnibus Incentive
Plan or the equity incentive plan for executive officers then in effect, as approved by the Compensation Committee of Signet or its designee) earned by the Executive for a completed fiscal year (or, in the case of the Long Term Bonus, a completed
performance period) prior to the effective date of such termination but which remain unpaid as of the date of termination, and (iii) provide the Executive any other benefits to which he is entitled upon such termination. The Executive shall
continue to have the obligations provided in Sections 6 and 7 hereof. 
 2. Duties. During the Term of Employment, the
Executive shall serve as Executive Vice President and Chief Operating Officer of the Company. The Executive shall report to the Chief Executive Officer of the Company or such other officer as determined by the Board of Directors of Signet. The
Executive shall serve the Company faithfully and to the best of his ability in such capacities, as determined by the Chief Executive Officer of the Company, devoting substantially all of his business time, attention, knowledge, energy and skills to
such employment. In addition, if elected, the 

  
 2 

 
Executive shall also serve during any part of the Term of Employment as any other officer or a director of the Company or any subsidiary corporation or parent corporation of the Company, without
any compensation therefor other than as specified in this Agreement. 
 3. Compensation and Benefits. As full and
complete compensation to the Executive for his execution and delivery of this Agreement and performance of the services required hereunder, the Company shall pay, grant or provide to the Executive, and the Executive agrees to accept: 

(a) (i) a base salary, payable in accordance with the Company’s standard payroll practices for executive
officers, of $510,000 per annum (“Base Salary”); (ii) an annual bonus (the “Annual Bonus”) of up to 100% of Base Salary, in accordance with the bonus plan then in effect for executive officers of the Company,
as approved by the Compensation Committee of Signet or its designee, which Annual Bonus shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet; (iii) a long term incentive bonus with a target
opportunity of 69% of Base Salary, payable in the form of options, restricted stock and/or other stock-based awards (as determined in the sole discretion of the Compensation Committee of Signet or its designee), in accordance with the Signet
Jewelers Limited Omnibus Incentive Plan (the “Omnibus Incentive Plan”) or the equity incentive plan for executive officers then in effect (the “Long Term Bonus”); provided, however, that on or prior to
each April 1 of each year, the Board of Directors of the Company, the Compensation Committee of Signet or its designee shall review the amount of the Executive’s Base Salary then in effect and, in the absolute discretion of the Board, such
committee or its designee, the Base Salary may be increased, but not decreased, from such amount, based upon the performance of the Executive and other factors as may be considered by the Board, such committee or its designee to be relevant from
time to time; 
 (b) medical/dental, long term disability and life insurance benefits made available generally from time to time
by the Company to executive officers that are comparable with, but no less favorable to the Executive than, those benefits in effect as of the date of this Agreement with respect to the Executive; 

(c) such deferred compensation benefits as may be made available generally from time to time by the Company to executive officers of the
Company upon the authorization and approval of the Compensation Committee of Signet; and 
 (d) such other perquisites and
benefits as may be made available generally from time to time by the Company to executive officers of the Company. 
 No
reimbursement or in-kind benefits provided under this Section 3 in respect of one taxable year shall affect the amounts payable in any other taxable year or shall be subject to liquidation or exchange for another benefit. Any reimbursements
made to the Executive pursuant to this Agreement or otherwise shall be paid no later than the last day of the year following the year in which the expense was incurred. 

  
 3 

 4. Termination. 

(a) Disability. In the event of any physical or mental disability during the Term of Employment which renders
the Executive incapable of performing the services required of him for any period or periods aggregating six months during any twelve- month period, the Company shall have the right, upon written notice to the Executive, to terminate the
Executive’s employment hereunder, effective upon the giving of such notice (or such later date as shall be specified in such notice). Upon such termination, the Company shall have no further obligations hereunder, except to (i) pay the
Executive his Base Salary to the effective date of such termination, to the extent not already paid, with each such payment hereby designated a separate payment, (ii) pay the Executive for any Annual Bonus (which amount shall be paid during the
period commencing on the 15th of April and ending on the
31st of May following the end of the applicable fiscal
year of Signet) and/or Long Term Bonus earned by Executive for a completed fiscal year (or, in the case of the Long Term Bonus, a completed performance period) prior to the effective date of such termination but which remains unpaid as of the date
of termination, (iii) pay the Executive the pro-rata portion of the Annual Bonus he would have been entitled to receive had he remained in employment through the end of the fiscal year during which such termination occurred, based on the
portion of the fiscal year that has elapsed prior to such termination (which amount shall be paid during the period commencing on the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet), and
(iv) provide the Executive any other benefits to which the Executive is entitled. For purposes of this Section 4(a), the Executive’s physical or mental disability shall be determined in accordance with any disability plan of or
applicable to the Company that is then in effect. The Executive shall continue to have the obligations provided for in Sections 6 and 7 hereof. 
 (b) Death. In the event of the death of the Executive during the Term of Employment, the Executive’s employment and this Agreement shall automatically terminate and the Company shall have no
further obligations hereunder, except to (i) pay the Executive’s estate the Base Salary to the effective date of termination, to the extent not already paid, and for six (6) months following such date, payable in accordance with the
Company’s standard payroll practices for executive officers, with each such payment hereby designated a separate payment, (ii) pay the Executive’s estate for any Annual Bonus (which amount shall be paid during the period commencing on
the 15th of April and ending on the 31st of May following the end of the applicable fiscal year of Signet)
and/or Long Term Bonus (which amount shall be paid in accordance with the Omnibus Incentive Plan or the equity incentive plan for executive officers then in effect, as approved by the Compensation Committee of Signet or its designee) earned by
Executive for a completed fiscal year (or, in the case of the Long Term Bonus, a completed performance period) prior to the date of death but which remains unpaid as of the date of death, (iii) pay the Executive’s estate the pro-rata
portion of the Annual Bonus the Executive would have been entitled to receive had he remained in employment through 

  
 4 

 
the end of the fiscal year during which such termination upon death occurred, based on the portion of the fiscal year that has elapsed prior to such termination (which amount shall be paid during
the period commencing on the 15th of April and ending on
the 31st of May following the end of the applicable fiscal
year of Signet), and (iv) provide the Executive any other benefits to which the Executive is entitled. 
 (c) Cause.
The Company shall have the right, upon written notice to the Executive, to terminate the Executive’s employment under this Agreement for Cause (as hereinafter defined), effective upon the giving of such notice (or such later date as shall be
specified in such notice), and the Company shall have no further obligations hereunder, except to pay the Executive his Base Salary prorated to the effective date of termination, to the extent not already paid, and the Executive shall continue to
have the obligations provided in Sections 6 and 7 hereof. 
 For purposes of this Agreement, “Cause” means:
(i) fraud, embezzlement, gross insubordination on the part of the Executive or any act of moral turpitude or misconduct (which misconduct adversely affects the business or reputation of the Company) by the Executive; (ii) conviction of or
the entry of a plea of nolo contendere by the Executive for any felony; or (iii) a material breach of, or the willful failure or refusal by the Executive to perform and discharge, his duties, responsibilities or obligations under this
Agreement. 
 5. Resignation upon Termination. Upon the termination of the Executive’s employment hereunder for any
reason, the Executive shall immediately be deemed to resign, and shall resign, from all offices and directorships held by him in the Company or any of its subsidiaries or affiliates and shall execute any and all documents reasonably necessary to
effect such resignations as requested by the Company. 
 6. Confidentiality; Ownership of Developments. 

(a) During the Term of Employment and for any time thereafter, the Executive shall keep secret and retain in strictest confidence and not
divulge, disclose, discuss, copy or otherwise use or suffer to be used in any manner, except in good faith in connection with the Business of the Company and of any of the subsidiaries or affiliates of the Company, any trade secrets, confidential or
proprietary information and documents or materials owned, developed or possessed by the Company or any of the subsidiaries or affiliates of the Company pertaining to the Business of the Company or any of the subsidiaries or affiliates of the
Company; provided, however, that such information referred to in this Section 6(a) shall not include information that is or has become generally known to the public or the jewelry trade without violation of this Section 6.

 (b) The Executive acknowledges that all developments, including, without limitation, inventions (patentable or otherwise),
discoveries, improvements, patents, trade secrets, designs, reports, computer software, flow charts and diagrams, data, documentation, writings and applications thereof relating to the Business or planned business of the Company or any of the
subsidiaries or affiliates of the Company that, 

  
 5 

 
alone or jointly with others, the Executive may create, make, develop or acquire during the Term of Employment (collectively, the “Developments”) are works made for hire and
shall remain the sole and exclusive property of the Company and the Executive hereby assigns to the Company all of his right, title and interest in and to all such Developments. 

(c) The provisions of this Section 6 shall, without any limitation as to time, survive the expiration or termination of the
Executive’s employment hereunder, irrespective of the reason for any termination. 
 7. Covenants Not to Solicit and Not
to Compete. The Executive agrees that during the Term of Employment and for a period of one year commencing upon the last date of Executive’s employment (the “Non-Competition Period”), the Executive shall not, directly or
indirectly, without the prior written consent of the Company: 
 (a) solicit, entice, persuade or induce any employee,
consultant, agent or independent contractor of the Company or of any of the subsidiaries or affiliates of the Company to terminate his or her employment or engagement with the Company or such subsidiary or affiliate, to become employed by any
person, firm or corporation other than the Company or such subsidiary or affiliate or approach any such employee, consultant, agent or independent contractor for any of the foregoing purposes; or 

(b) directly or indirectly own, manage, control, invest or participate in any way in, consult with or render services to or for any
person or entity (other than for the Company or any of the subsidiaries or affiliates of the Company) which is engaged in the retail jewelry business; provided, however, that the restrictions of this Section 7(b) shall not extend
to the ownership, management or control of a retail jewelry business by the Executive following the termination of his employment with the Company provided that such activity is no less than sixty (60) miles distant from any retail jewelry
store of the Company at the time of such termination of employment and provided, further, however, that the restrictions of this Section 7(b) shall not extend to the ownership of publicly traded securities in a company
engaged in the retail jewelry business, provided that such ownership does not exceed 1% of the outstanding voting securities of such company. 
 Notwithstanding anything to the contrary contained herein, in the event Executive terminates his employment upon less than three hundred sixty (360) days notice to the Company as required by
Section 1(c), the Non-Competition Period shall be extended by an amount of time equal to three hundred sixty (360) days less the amount of notice actually given by the Executive to the Company; provided, however, if such termination by
Executive upon less than three hundred sixty (360) days notice is within sixty (60) days following a Change in Control (as defined below), Executive’s obligations pursuant to clause (b) above shall continue for the
Non-Competition Period without giving effect to the extension of time provided for herein. For purposes of this Agreement, a “Change in Control” shall mean: (i) the consummation of a merger or consolidation of the Company with
or into another entity or any other corporate reorganization (other than Signet or an affiliate of Signet or the Company), if persons who were not shareholders of 

  
 6 

 
the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization more than fifty percent (50%) of
the voting power of the outstanding securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity or (ii) any person or group of related persons
(other than Signet or an affiliate of Signet or the Company) shall acquire beneficial ownership of more than fifty percent (50%) of the voting power of all classes of stock of the Company. A transaction shall not constitute a “Change in
Control” if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately
before such transaction. 
 8. Specific Performance. The Executive acknowledges that the services to be rendered by the
Executive are of a special, unique and extraordinary character and, in connection with such services, the Executive will have access to confidential information vital to the Company’s Business and the subsidiaries and affiliates of the Company.
By reason of this, the Executive consents and agrees that if the Executive violates any of the provisions of Sections 6 or 7 hereof, the Company and the subsidiaries and affiliates of the Company would sustain irreparable injury and that monetary
damages will not provide adequate remedy to the Company and that the Company shall be entitled to have Sections 6 or 7 specifically enforced by any court having equity jurisdiction. Nothing contained herein shall be construed as prohibiting the
Company or any of the subsidiaries or affiliates of the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages from the Executive. 

9. Entire Agreement. This Agreement embodies the entire agreement of the parties with respect to the Executive’s employment
and, effective as of the Effective Date, supersedes any other prior oral or written agreements, arrangements or understandings between the Executive and the Company with respect to the Executive’s employment (including, without limitation, the
Prior Agreement). Subject to Section 14, this Agreement may not be changed or terminated orally but only by an agreement in writing signed by the parties hereto. 
 10. Governing Law; Jurisdiction. 
 (a) This Agreement shall be subject to,
and governed by, the laws of the State of Ohio applicable to contracts made and to be performed therein. 
 (b) Any action to
enforce any of the provisions of this Agreement shall be brought in a court of the State of Ohio located in Summit County or in a Federal court located in Cleveland, Ohio. The parties consent to the jurisdiction of such courts and to the service of
process in any manner provided by Ohio law. Each party irrevocably waives any objection which it may now or hereafter have to the venue of any such suit, action or proceeding brought in such court and any claim that such suit, action or proceeding
has been brought in an inconvenient forum. 

  
 7 

 (c) The predominantly prevailing party in any action to enforce any of the provisions of
this Agreement shall be entitled to reimbursement from the other party for its or his costs and expenses (including attorneys fees and expenses) incurred in connection with such action. 

11. Assignability. The obligations of the Executive may not be delegated and the Executive may not, without the Company’s
written consent thereto, assign, transfer, convey, pledge, encumber, hypothecate or otherwise dispose of this Agreement or any interest herein. Any such attempted delegation or disposition shall be null and void and without effect. The Company and
the Executive agree that this Agreement and all of the Company’s rights and obligations hereunder may be assigned or transferred by the Company to any successor to or affiliate of the Company. 

12. Severability. If any provision of this Agreement or any part thereof, including, without limitation, Sections 6 and 7, as
applied to either party or to any circumstances shall be adjudged by a court of competent jurisdiction to be void or unenforceable, the same shall in no way affect any other provision of this Agreement or remaining part thereof, which shall be given
full effect without regard to the invalid or unenforceable part thereof, or the validity or enforceability of this Agreement. 

If any court construes any of the provisions of Section 6 or 7, or any part thereof, to be unreasonable because of the duration of
such provision or the geographic scope thereof, such court may reduce the duration or restrict or redefine the geographic scope of such provision and enforce such provision as so reduced, restricted or redefined. 

13. Notices. All notices to the Company or the Executive permitted or required hereunder shall be in writing and shall be
delivered personally, by telecopier or by courier service providing for next-day delivery or sent by registered or certified mail, return receipt requested, to the following addresses: 

The Company: 
 Sterling Jewelers Inc. 
 375 Ghent Road 

Akron, Ohio 44333 
 Fax: (330) 668-5191 
 Attn: Chief Financial Officer

 with a copy to: 
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 

New York, NY 10153 
 Fax: (212) 310-8007 
 Attn: Amy Rubin 

The Executive: 
 Ed Hrabak 
 Sterling Jewelers Inc. 

375 Ghent Road 
 Akron, Ohio 44333 

  
 8 

 Either party may change the address to which notices shall be sent by sending written notice
of such change of address to the other party. Any such notice shall be deemed given, if delivered personally, upon receipt; if telecopied, when telecopied; if sent by courier service providing for next-day delivery, the next business day following
deposit with such courier service; and if sent by certified or registered mail, three days after deposit (postage prepaid) with the U.S. mail service. 
 14. Compliance with Code Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. A termination of
employment shall not be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of
employment, unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A. For purposes of any
such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding any provision of
the Agreement to the contrary, (i) if at the time of the Executive’s termination of employment with the Company the Executive is a “specified employee” as defined in Section 409A Code and related Department of Treasury
guidance and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the
Code, then the Company shall defer the commencement of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) until the date that is six months and one day following
the Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the
application of an accelerated or additional tax under Section 409A of the Code, the Company may (a) adopt such amendments to the Agreement, including amendments with retroactive effect, that the Company determines necessary or appropriate
to preserve the intended tax treatment of the benefits provided by the Agreement and/or (b) take such other actions as the Company determines necessary or appropriate to comply with the requirements of Section 409A of the Code and related
Department of Treasury guidance. The Company shall consult with the Executive in good faith regarding the implementation of this Section 14; provided that neither the Company nor any of its employees or representatives shall have any
liability to the Executive with respect thereto. 

  
 9 

 15. Withholding Taxes. The Company may withhold from any amounts payable under this
Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

16. Paragraph Headings. The paragraph headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. 
 17. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
first written above. 
  

			
	STERLING JEWELERS INC.
		
	By:	 	/S/ MARK LIGHT
	Name:	 	MARK LIGHT
	Title:	 	PRESIDENT & CEO

 
	
	
	/S/ ED HRABAK
	ED HRABAK

  
 11

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