Document:

Exhibit 10.15

Exhibit 10.15

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of March 26,
2010, between TTM Technologies, Inc., a Delaware corporation (the “Company”), and [name]
(“Indemnitee”).

RECITALS:

WHEREAS, highly competent persons have become more reluctant to serve publicly held
corporations as directors, officers, or in other capacities unless they are provided with adequate
protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to
attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis,
at its sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities. Although the furnishing of such insurance has been a
customary and widespread practice among U.S.-based corporations and other business enterprises, the
Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise
itself. The Amended and Restated Bylaws (the “Bylaws”) and Certificate of Incorporation (the
“Certificate”) of the Company require indemnification of the officers and directors of the Company.
Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the
State of Delaware (“DGCL”). The Bylaws, the Certificate, and the DGCL expressly provide that the
indemnification provisions set forth therein are not exclusive, and thereby contemplate that
contracts may be entered into between the Company and members of the Board, officers, and other
persons with respect to indemnification;

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased
the difficulty of attracting and retaining such persons;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining
such persons is detrimental to the best interests of the Company’s stockholders and that the
Company should act to assure such persons that there will be increased certainty of such protection
in the future;

WHEREAS, it is reasonable, prudent, and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and the
Certificate and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

WHEREAS, Indemnitee does not regard the protection available under the Bylaws, the
Certificate, and insurance as adequate in the present circumstances, and may not be willing to
serve as an officer or director without adequate protection, and the Company desires Indemnitee to
serve in such capacity. Indemnitee is willing to serve, continue to serve, and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified; and

 

 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve and/or continue to serve
as an director after the date hereof, the parties hereto agree as follows:

1. Services to the Company. Indemnitee agrees to serve and/or continue to serve as a
director or officer of the Company. Indemnitee may at any time and for any reason resign from such
position (subject to any other contractual obligation or any obligation imposed by operation of
law), in which event the Company shall have no obligation under this Agreement to continue
Indemnitee in such position. This Agreement shall not be deemed an employment contract between the
Company (or any of its subsidiaries or any Enterprise (as hereinafter defined)) and Indemnitee.
Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its
subsidiaries or any Enterprise), if any, is at will, and Indemnitee may be discharged at any time
for any reason, with or without cause, except as may be otherwise provided in any written
employment contract between Indemnitee and the Company (or any of its subsidiaries or any
Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect
to service as a director or officer of the Company, by the Bylaws, the Certificate, and the DGCL.
The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased
to serve as an officer or director of the Company.

2. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify
Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In
furtherance of the foregoing indemnification, and without limiting the generality thereof:

(a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee
shall be entitled to the rights of indemnification provided in this Section 2(a) if, by
reason of Indemnitee’s Corporate Status (as hereinafter defined), Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a
Proceeding by or in the right of the Company. Pursuant to this Section 2(a), Indemnitee
shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines,
and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause
to believe Indemnitee’s conduct was unlawful.

(b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the
rights of indemnification provided in this Section 2(b) if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this Section 2(b),
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all
Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection
with such Proceeding or any claim, issue, or matter therein if Indemnitee acted in good faith and
in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; provided, however, if applicable law so provides, no indemnification against such Expenses
shall be made in respect of any claim, issue, or matter in such Proceeding as to which Indemnitee
shall have been finally adjudged to be liable to the Company unless and only to the extent that the
Court of Chancery of the State of Delaware or any court in which such Proceeding was brought shall
determine upon application that such indemnification may be made, despite the adjudication of
liability.

(c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding or in defense of any claim, issue, or matter therein, in whole or in part, Indemnitee
shall be indemnified to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is
successful, on the merits or otherwise, as to one or more but less than all claims, issues, or
matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each
successfully resolved claim, issue, or matter. For purposes

 

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of this Section and without limitation, the termination of any claim, issue, or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as
to such claim, issue, or matter.

(d) Indemnification for Expenses of a Witness. Notwithstanding any other provision of
this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is
not a party, he shall be indemnified against all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection therewith.

3. Additional Indemnity. In addition to, and without regard to any limitations on, the
indemnification provided for in Section 2 of this Agreement, the Company shall and hereby
does indemnify and hold harmless to the fullest extent permitted by applicable law Indemnitee
against all Expenses, judgments, penalties, fines, and amounts paid in settlement actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate
Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding
(including a Proceeding by or in the right of the Company), including, without limitation, all
liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only
limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that
the Company shall not be obligated to make any payment to Indemnitee that is finally determined
(under the procedures, and subject to the presumptions, set forth in Sections 6 and
7 hereof) to be unlawful.

4. Contribution.

(a) Whether or not the indemnification provided in Sections 2 and 3 hereof is
available, in respect of any threatened, pending, or completed Proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay,
in the first instance, the entire amount of any judgment or settlement of such Proceeding without
requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes
any right of contribution it may have against Indemnitee. The Company shall not enter into any
settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding) unless such settlement provides for a full and final release of all
claims asserted against Indemnitee.

(b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion
of any judgment or settlement in any threatened, pending, or completed Proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company
shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines, and
amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in
proportion to the relative benefits received by the Company and all officers, directors, or
employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the
transaction from which such Proceeding arose; provided, however, that the proportion determined on
the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted
by reference to the relative fault of the Company and all officers, directors or employees of the
Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such expenses, judgments, fines, or settlement amounts, as well as any other equitable
considerations which the Law may require to be considered. The relative fault of the Company and
all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable
with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the
other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary, and the degree to which their conduct is active or passive.

 

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(c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims
of contribution which may be brought by officers, directors, or employees of the Company, other
than Indemnitee, who may be jointly liable with Indemnitee.

(d) To the fullest extent permissible under applicable law, if the indemnification provided
for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement, and/or
Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in
such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as
a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the
relative fault of the Company (and its directors, officers, employees, and agents) and Indemnitee
in connection with such event(s) and/or transaction(s).

5. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the
Company shall advance, to the extent not prohibited by law, all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within
thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition
of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred
by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of
Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is
not entitled to be indemnified against such Expenses. Advances shall include any and all
reasonable Expenses incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. Any advances and undertakings to repay pursuant to this Section 5 shall be
unsecured and interest free. This Section 5 shall not apply to any claim made by
Indemnitee for which indemnity is excluded pursuant to Section 9.

6. Procedures and Presumptions for Determination of Entitlement to Indemnification. It
is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable
as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the
parties agree that the following procedures and presumptions shall apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement:

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request for indemnification or advancement of Expenses, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification, as soon as is
reasonably practicable following the receipt by Indemnitee of written notice thereof. Such written
request to the Company shall include a description of the nature of the Proceeding and the facts
underlying such Proceeding. The omission by Indemnitee to notify the Company hereunder will not
relieve the Company from any liability that it may have to Indemnitee hereunder or otherwise than
under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by
Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board in writing that Indemnitee has
requested indemnification.

(b) Upon written request by Indemnitee for indemnification pursuant to Section 6(a)
hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement
thereto shall be made in the specific case by one of the following four methods, which shall be at
the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less
than a quorum, (2) by a committee comprised of Disinterested Directors designated by a majority
vote of the Disinterested Directors, even though less than a quorum, (3) if there are no
Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel (as
hereinafter defined) in a written opinion to the Board, a copy of which shall be delivered to
Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company; provided,
however, that if a Change in Control shall have occurred, such determination as to Indemnitee’s
entitlement to indemnification hereunder shall be made by Independent

 

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Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.
For purposes hereof, Disinterested Directors are those members of the Board who are not parties to
the Proceeding in respect of which indemnification is sought by Indemnitee.

(c) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as
provided in this Section 6(c). If a Change in Control shall not have occurred, the
Independent Counsel shall be selected by the Board, and the Board shall give written notice to
Indemnitee of the identity of such Independent Counsel. If a Change in Control shall have
occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request
that such selection be made by the Board, in which event the preceding sentence shall apply) and
Indemnitee shall give written notice to the Company of the identity of such Independent Counsel.
In either event, the Company or Indemnitee, as the case may be, may, within 10 days after such
written notice of selection shall have been given, deliver to Indemnitee or the Company, as the
case may be, a written objection to such selection; provided, however, that such objection may be
asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is made
and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court has determined that such objection is without merit.
If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant
to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or
other court of competent jurisdiction for resolution of any objection which shall have been made by
Indemnitee or the Company to the other’s selection of Independent Counsel and/or for the
appointment as Independent Counsel of a person selected by the court or by such other person as the
court shall designate, and the person with respect to whom all objections are so resolved or the
person so appointed shall act as Independent Counsel under Section 6(b) hereof. The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the
Company shall pay all reasonable fees and expenses incident to the procedures of this Section
6(c), regardless of the manner in which such Independent Counsel was selected or appointed.
Upon the commencement of any Proceeding or arbitration pursuant to Section 7(a) hereof, the
Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

(d) In making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement, to the fullest extent not prohibited by law if Indemnitee has
submitted a request for indemnification in accordance with this Agreement. Anyone seeking to
overcome this presumption, including the Company, shall have the burden of proof and the burden of
persuasion by clear and convincing evidence, to the fullest extent not prohibited by law. Neither
the failure of the Company (including by its directors or Independent Counsel) to have made a
determination prior to the commencement of any action pursuant to this Agreement that
indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or Independent
Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the
action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(e) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on
the records or books of account of the Enterprise, including financial statements, or on
information supplied to Indemnitee by the officers of the Enterprise in the course of their duties,
or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other
expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions,
or failure to act, of any director, officer, agent, or employee of the Enterprise shall not be
imputed to Indemnitee for purposes of

 

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determining the right to indemnification under this Agreement. Whether or not the foregoing
provisions of this Section 6(e) are satisfied, it shall in any event be presumed that
Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

(f) If the person, persons, or entity empowered or selected under this Section 6 to
determine whether Indemnitee is entitled to indemnification shall not have made a determination
within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such 60-day period may be extended
for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or
entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall
not apply (1) if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination, the Board or the Disinterested
Directors, if appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75) days after such
receipt and such determination is made thereat, or (B) a special meeting of stockholders is called
within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat, or (2) if the determination of entitlement to indemnification is to
be made by the Independent Counsel.

(g) Indemnitee shall cooperate with the person, persons, or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons, or entity upon reasonable advance request any documentation or information that is not
privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee
and reasonably necessary to such determination. Any Independent Counsel, member of the Board or
stockholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the
person, persons, or entity making such determination shall be borne by the Company (irrespective of
the determination as to Indemnitee’s entitlement to indemnification), and the Company hereby
indemnifies and agrees to hold Indemnitee harmless therefrom.

(h) The Company acknowledges that a settlement or other disposition short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption, and
uncertainty. In the event that any action, claim, or proceeding to which Indemnitee is a party is
resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim, or proceeding with or without payment of money or
other consideration) it shall be presumed that Indemnitee has been successful on the merits or
otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

(i) The termination of any Proceeding or of any claim, issue, or matter therein, by judgment,
order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that Indemnitee’s conduct was unlawful.

 

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7. Remedies of Indemnitee.

(a) Subject to Section 7(f), in the event that (i) a determination is made pursuant to
Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this
Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section
6(b) of this Agreement within 90 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten
(10) days after receipt by the Company of a written request therefor, (v) payment of
indemnification is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification or such determination is deemed to have been made
pursuant to Section 6 of this Agreement, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or
institutes any litigation or other action or Proceeding designed to deny, or to recover from,
Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any
other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.
Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in
arbitration within one hundred eighty (180) days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 7(a); provided, however,
that the foregoing clause shall not apply in respect of any proceeding brought by Indemnitee to
enforce his rights under Section 5 of this Agreement. Indemnitee shall commence such
proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 7(a). The Company shall not
oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

(b) In the event that a determination shall have been made pursuant to Section 6(b) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or
arbitration commenced pursuant to this Section 7 shall be conducted in all respects as a de
novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse
determination under Section 6(b). In any judicial proceeding or arbitration commenced
pursuant to this Section 7, the Company shall have the burden of proving Indemnitee is not
entitled to indemnification or advancement of Expenses, as the case may be.

(c) If a determination shall have been made pursuant to Section 6(b) of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading in connection with the application for indemnification, or
(ii) a prohibition of such indemnification under applicable law.

(d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial
adjudication of Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or
to recover under any directors’ and officers’ liability insurance policies maintained by the
Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses (of the
types described in the definition of Expenses in Section 14(e) of this Agreement) actually
and reasonably incurred by Indemnitee in such judicial adjudication, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of
expenses, or insurance recovery.

(e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not
valid, binding, and enforceable and shall stipulate in any such court that the Company is bound by
all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all
Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company
of a written request therefore) advance, to the extent not prohibited by law, such expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advance of Expenses from the Company under this Agreement or under any
directors’

 

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and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of
Expenses, or insurance recovery, as the case may be.

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification under this Agreement shall be required to be made prior to the final
disposition of the Proceeding.

8. Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the
Certificate, the Bylaws, any agreement, a vote of stockholders, a resolution of directors, or
otherwise. No amendment, alteration, or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration, or
repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits
greater indemnification than would be afforded currently under the Certificate, the Bylaws, and
this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change. To the extent that a change in the
DGCL, whether by statute or judicial decision, limits the indemnification rights that would be
afforded currently under the Certificate, the Bylaws, and this Agreement, it is the intent of the
parties hereto that such change, to the extent not otherwise required by such law, statute, or rule
to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and
obligations hereunder. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall 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 right or remedy.

(b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, agents, or fiduciaries of the Company or of
any Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the coverage available for any director, officer, employee,
agent, or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a
claim pursuant to the terms hereof, the Company has director and officer liability insurance in
effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such
policies.

(c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

(d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement, or otherwise.

(e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is
or was serving at the request of the Company as a director, officer, employee, or agent of any
other corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise
shall be reduced by any amount Indemnitee has actually received as indemnification or advancement
of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan,
or other enterprise.

 

8

 

9. Exception to Right of Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnity in
connection with any claim made against Indemnitee:

(a) for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy or other indemnity provision, except with respect to any excess beyond the amount paid under
any insurance policy or other indemnity provision; or

(b) (i) for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 17(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of state
statutory law or common law, or (ii) any reimbursement of the Company by Indemnitee of any bonus or
other incentive-based or equity-based compensation or of any profits realized from the sale of the
Company’s securities, as required in each case under the Exchange Act (including any such
reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of
the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act); or

(c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the
Company or its directors, officers, employees, or other indemnitees, unless (i) the Board
authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company
under applicable law, (iii) the proceeding was initiated to establish or enforce a right to
indemnification under this Agreement, any other agreement or insurance policy, or under the Bylaws
or the Certificate, or (iv) as otherwise required under the laws of the State of Delaware.

10. Duration of Agreement. All agreements and obligations of the Company contained herein
shall continue during the period Indemnitee is an officer or director of the Company (or is or was
serving at the request of the Company as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter
so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under
Section 7 hereof) by reason of Indemnitee’s Corporate Status, whether or not he is acting
or serving in any such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement.

11. Period of Limitations. No legal action shall be brought and no cause of action shall
be asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse,
heirs, executors, or personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

12. Security. To the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust, or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without
the prior written consent of Indemnitee.

13. Enforcement.

(a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumes the obligations imposed on it hereby in order to induce Indemnitee to serve, or continue to
serve, as an officer or director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as an officer or director of the Company.

 

9

 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, oral, written and
implied, between the parties hereto with respect to the subject matter hereof; provided, however,
that this Agreement is a supplement to and in furtherance of the Certificate, the Bylaws, and any
applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder.

14. Definitions. For purposes of this Agreement:

(a) A “Change of Control” shall be deemed to have occurred upon the earliest to occur after
the date of this Agreement of any of the following events:

(i) Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the
Beneficial Owner (as defined below), directly or indirectly, of securities of the Company
representing twenty percent (20%) or more of the combined voting power of the Company’s then
outstanding securities;

(ii) Change in Board of Directors. During any period of two (2) consecutive years (not
including any period prior to the execution of this Agreement), individuals who at the beginning of
such period constitute the Board, and any new director (other than a director designated by a
person who has entered into an agreement with the Company to effect a transaction described in
Sections 14(a)(i), 14(a)(iii), or 14(a)(iv)) whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
of the directors then still in office who either were directors at the beginning of the period or
whose election or nomination for election was previously so approved, cease for any reason to
constitute at least a majority of the members of the Board;

(iii) Corporate Transactions. The effective date of a merger or consolidation of the Company
with any other entity, other than a merger or consolidation that would result in the voting
securities of the Company outstanding immediately prior to such merger or consolidation continuing
to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 51% of the combined voting power of the voting securities of the
surviving entity outstanding immediately after such merger or consolidation and with the power to
elect at least a majority of the board of directors or other governing body of such surviving
entity;

(iv) Liquidation. The approval by the stockholders of the Company of a complete liquidation
of the Company or an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets; and

(v) Other Events. There occurs any other event of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar
item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
whether or not the Company is then subject to such reporting requirement.

For purposes of this Section 14(a), the following terms shall have the following meanings:

(A) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(B) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other
fiduciary holding securities under an employee benefit plan of the Company, and (iii) any
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company.

(C) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the
Exchange Act; provided, however, that Beneficial Owner shall exclude any

 

10

 

Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
approving a merger of the Company with another entity.

(b) “Corporate Status” describes the status of a person who is or was a director, officer,
employee, agent or fiduciary of the Company or of any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving at the
express written request of the Company.

(c) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee.

(d) “Enterprise” shall mean the Company and any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express
written request of the Company as a director, officer, employee, agent or fiduciary.

(e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees and all other disbursements or
expenses of the types customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, participating or being or preparing to be a witness in a
Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for and other costs
relating to any cost bond, supersede as bond or other appeal bond or its equivalent. Expenses,
however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or
fines against Indemnitee.

(f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent: (i) the Company or Indemnitee in any matter material to either such party (other
than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to
a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel
against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

(g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is
or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an
officer or director of the Company, by reason of any action taken by Indemnitee or of any inaction
on Indemnitee’s part while acting as an officer or director of the Company, or by reason of the
fact that Indemnitee is or was serving at the request of the Company as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other
Enterprise; in each case whether or not he is acting or serving in any such capacity at the time
any liability or expense is incurred for which indemnification can be provided under this
Agreement; including one pending on or before the date of this Agreement, but excluding one
initiated by Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee’s
rights under this Agreement.

15. Severability. If any provision or provisions of this Agreement shall be held to be
invalid, illegal, or unenforceable for any reason whatsoever: (a) the validity, legality, and
enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal,
or unenforceable that is not itself invalid, illegal, or unenforceable) shall not in any way be
affected or impaired thereby and shall remain

 

11

 

enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be
deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect
to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal, or unenforceable that is not itself invalid,
illegal, or unenforceable) shall be construed so as to give effect to the intent manifested
thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer
upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the
event any provision hereof conflicts with any applicable law, such provision shall be deemed
modified, consistent with the aforementioned intent, to the extent necessary to resolve such
conflict.

16. Modification and Waiver. No supplement, modification, termination or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

17. Assignment. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company), assigns, spouses, heirs, and personal and legal
representatives. The Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of
the business and/or assets of the Company, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such succession had taken
place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve
as a director, officer, employee, or agent of the Company or of any other enterprise at the
Company’s request.

18. Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing
upon being served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification covered hereunder. The failure to so notify the Company shall not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless
and only to the extent that such failure or delay materially prejudices the Company.

19. Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to
the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c)
five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be
sent:

(a) To Indemnitee at the address set forth below Indemnitee’s signature hereto.

(b) To the Company at:

2630 S. Harbor Blvd.

Santa Ana, CA 92704

Attention: President

or to such other address as may have been furnished to Indemnitee by the Company or to the Company
by Indemnitee, as the case may be.

20. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same

 

12

 

Agreement. This Agreement may also be executed and delivered by facsimile signature and in
two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

21. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

22. Governing Law and Consent to Jurisdiction. This Agreement and the legal relations
among the parties shall be governed by, and construed and enforced in accordance with, the laws of
the State of Delaware, without regard to its conflict of law rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware
(the “Delaware Court”), and not in any other state or federal court in the United States of America
or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in connection with this
Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the
Delaware Court and (iv) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

[SIGNATURE PAGE TO FOLLOW]

 

13

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written.

	 	 	 	 	 
	 	

COMPANY

 	 
	 	By:  	
 	 
	 	 	Name:  	Kenton K. Alder 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 
	 	INDEMNITEE

 	 
	 	
 	 
	 	Name:  	 	 
	 
	 
	 	Address:
 	 
	 	
 	 
	 	
 	 
	 	
 	 
	 	
 	 
	 	 	 

 

14

 

	 	 	 	 	 

Schedule A

The following individuals have entered into the form of indemnification agreement:

Robert E. Klatell

James K. Bass

Richard P. Beck

Thomas T. Edman

John G. Mayerexv4w1

Exhibit 4.1

PROVINCE OF MANITOBA

U.S.$600,000,000

2.625% Global Debentures Series FQ due July 15, 2015

 

FISCAL AGENCY AGREEMENT

 

May 26, 2010

 

 

PROVINCE OF MANITOBA

     FISCAL AGENCY AGREEMENT, dated as of May 26, 2010, among the Province of Manitoba (the
“Province”), Citibank, N.A. (the “Fiscal Agent”), a national banking association organized under
the laws of the United States of America, as registrar, fiscal agent, transfer agent and principal
paying agent, and Citibank, N.A., London Branch, as additional paying agent and transfer agent.

     1. Underwriting Agreement. The Province has entered into an Underwriting Agreement,
dated May 19, 2010 (the “Underwriting Agreement”), with Banc of America Securities LLC, CIBC World
Markets Corp. and RBC Capital Markets Corporation as Representatives of the several Underwriters
listed on Schedule II thereto, providing for the issue and sale by the Province of U.S.$600,000,000
aggregate principal amount of 2.625% Global Debentures Series FQ due July 15, 2015 (the
“Debentures”).

     2. Appointment of Fiscal Agent; Paying Agents; Additional Transfer Agent. (a) The
Province hereby appoints the Fiscal Agent, at present having an office at 388 Greenwich Street,
14th Floor, New York, New York 10013, as registrar, fiscal agent, transfer agent and principal
paying agent of the Province for the Debentures, upon the terms and conditions set forth herein and
the Fiscal Agent accepts such appointments. Any successors to the Fiscal Agent as registrar,
fiscal agent, transfer agent and principal paying agent are hereinafter referred to, in such
capacities, as the “Fiscal Agent”.

     (b) The Province may from time to time appoint one or more additional agents (hereinafter
referred to as a “Paying Agent” or the “Paying Agents”) for the payment (subject to the applicable
laws and regulations) of the principal of and interest and Additional Amounts (as defined in the
terms and conditions of the Debentures), if any, on the Debentures at such place or places as the
Province may determine pursuant to a paying agency agreement (a “Paying Agency Agreement”). The
Province may at any time terminate the appointment of any Paying Agent; provided, however, that as
long as the Debentures are listed on the London Stock Exchange and the rules of the London Stock
Exchange or the Financial Services Authority require, the Province will maintain a paying agent in
London. The Province will also ensure that it maintains a paying agent in a Member State of the
European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive
2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such
Directive. The Province will keep the Fiscal Agent informed as to the name, address and telephone
and facsimile numbers of each Paying Agent appointed by it and will notify the Fiscal Agent of the
resignation or termination of the appointment of any Paying Agent. The Province hereby appoints
Citibank, N.A., London Branch, at present having an office at 21st Floor, Citigroup Centre, Canada
Square, Canary Wharf, London E14 5LB, as the paying agent in London of the Province for the
Debentures, upon the terms and conditions set forth herein. Citibank, N.A., London Branch, accepts
such appointment and, along with its successors as such paying agent in London, is hereinafter
referred to, in such capacity, as a “Paying Agent”. The Province shall arrange with each Paying

 

 

Agent for the payment, as provided herein, of the principal of and interest and Additional
Amounts, if any, on the Debentures on terms approved by the Province (further references herein to
principal and interest shall be deemed to also refer to any Additional Amounts).

     (c) The Province may from time to time appoint one or more additional agents for the
processing of applications for registration of transfer or exchange of fully registered Debentures
in definitive form (hereinafter referred to as an “Additional Transfer Agent” or “Additional
Transfer Agents” and, together with the Fiscal Agent, in its capacity as transfer agent of the
Province, the “Transfer Agents” or, individually, a “Transfer Agent”). The Province may at any
time terminate the appointment of any Additional Transfer Agent; provided, however, that as long as
the Debentures are listed on the London Stock Exchange, and the rules of such exchange or the
Financial Services Authority so require, the Province will maintain an Additional Transfer Agent in
London. The Province will keep the Fiscal Agent informed as to the name, address and telephone and
facsimile numbers of each Additional Transfer Agent appointed by it and will notify the Fiscal
Agent of the resignation or termination of the appointment of any Additional Transfer Agent. The
Province hereby appoints Citibank, N.A., London Branch as the transfer agent in London of the
Province for the Debentures, upon the terms and conditions set forth herein. Citibank, N.A.,
London Branch accepts such appointment and, along with its successors as such transfer agent in
London, is hereinafter referred to, in such capacity, as a “Transfer Agent” or “Additional Transfer
Agent”.

     3. Form. (a) The Debentures shall initially be issued in the form of two fully
registered global certificates without coupons (such registered global certificates and any
registered global certificate issued upon any transfer or exchange thereof or in replacement
therefor is hereinafter referred to as the “Global Bond”). The Global Bond shall be registered in
the name of Cede & Co., as nominee of DTC, and be held by DTC or its custodian. As long as DTC or
its respective nominee is the registered holder of the Global Bond, it will be considered the sole
owner and registered holder of the Debentures for all purposes hereunder and under the Global Bond.
None of the Province, the Fiscal Agent or any Paying Agent will have any responsibility or
liability for any aspect of the records relating to or payments made by DTC on account of
beneficial interests in the Global Bond. Except as provided in Section 6 hereof, owners of
beneficial interests in the Global Bond will not be entitled to have Debentures registered in their
names, will not receive or be entitled to receive Debentures in definitive registered form and will
not be considered owners or registered holders thereof under this Agreement. The Global Bond will
be substantially in the form attached hereto as Exhibit 1.

     (b) All Debentures (including the Global Bond) shall be executed on behalf of the Province by
the signature of the Minister of Finance or of another duly authorized official of the Department
of Finance, and shall be sealed with the manual or facsimile seal of the Minister of Finance. In
the event that any official of the Province who shall have signed or whose facsimile signature
shall appear upon any of the

-2-

 

Debentures shall cease to hold such office before the Debentures so signed shall actually have
been countersigned, registered or delivered, such Debentures nevertheless may be countersigned,
registered and delivered with the same force and effect as though such person who signed such
Debentures had not ceased to be such official of the Province.

     4. Countersignature. The Fiscal Agent shall, upon receipt of Debentures duly executed
and sealed on behalf of the Province together with a written order or orders to countersign and
deliver Debentures in a stated principal amount, (i) countersign and register not more than the
said aggregate principal amount of Debentures and deliver them in accordance with the written order
or orders of the Province and (ii) thereafter countersign, register and deliver Debentures in
accordance with the provisions of Sections 5, 6 and 8 of this Agreement. The total amount of the
Debentures to be issued and outstanding at any time, whether in the form of the Global Bond or
Debentures in definitive registered form, issued in exchange for the Global Bond, shall not exceed
U.S.$600,000,000 in aggregate principal amount, plus the aggregate principal amount of any
additional Debentures issued by the Province pursuant to any supplement hereto in accordance with
Section 15 of this Agreement. The Province hereby appoints any officer of the Fiscal Agent as an
authorized signing officer for the purpose of countersigning the Debentures and the Fiscal Agent
accepts such appointment on behalf of its officers.

     5. Registration, Transfers and Exchanges. (a) The Fiscal Agent, as agent of the
Province for the purpose of registration, shall at all times keep at its principal office in The
City of New York a register or registers (hereinafter the “Register” or “Registers”) for the
registration and registration of transfers and exchanges of Debentures, in which shall be entered
the names and addresses of the registered holders of Debentures and the principal amount of and
other particulars of the Debentures held by them. Subject to Section 6 hereof, upon surrender for
registration of transfer of any Debenture at said office, the Fiscal Agent shall countersign,
register and deliver, in the name of the transferee or transferees, a new Debenture or Debentures
for a like aggregate principal amount. Subject to Section 6 hereof, upon surrender of any
Debenture at said office for exchange, the Fiscal Agent shall countersign, register and deliver, in
exchange for such Debenture, a new Debenture or new Debentures of the appropriate authorized
denomination(s) and for a like aggregate principal amount in accordance with the provisions of the
Debentures. The Province and the Fiscal Agent shall not be required to make any exchange of
Debentures if as a result thereof, the Province would incur adverse tax or other similar
consequences under the laws or regulations of any jurisdiction in effect at the time of the
exchange.

     (b) All new Debentures countersigned and delivered by the Fiscal Agent upon registration of
transfer or in exchange for Debentures of other denominations shall be so dated the date of such
countersignature.

     (c) All Debentures presented or surrendered for registration of transfer, exchange or payment
shall be accompanied by a written instrument or instruments of transfer in form satisfactory to the
Fiscal Agent, which form shall be in

-3-

 

accordance with prevailing transfer regulations and practices and duly executed by the
registered holder or its duly authorized attorney.

     (d) The Fiscal Agent and each Additional Transfer Agent shall not impose any service charge on
the registered holder on any such registration of transfer or exchange of Debentures in the normal
course of business; provided, however, the Province may require of the party requesting such
transfer or exchange, as a condition precedent to the exercise of any right of transfer or exchange
contained in this Agreement or in the Debentures, the payment of a sum sufficient to cover any
stamp or other tax or other governmental charge payable in connection therewith.

     (e) The Province, the Fiscal Agent and any Paying Agent or Transfer Agent may treat the person
in whose name any Debenture is registered as the absolute owner of such Debenture for the purpose
of receiving payment of principal of and interest on such Debenture, and all other purposes
whatsoever, whether or not such Debenture be overdue, and none of the Province, the Fiscal Agent or
any Paying Agent or Transfer Agent shall be affected by any notice to the contrary and any such
payment shall be a good and sufficient discharge to the Province, the Fiscal Agent and any Paying
Agent or Transfer Agent for the amount so paid.

     (f) The Fiscal Agent shall not be required to register any transfer or exchange of Debentures
(and any Additional Transfer Agent shall not be required to accept presentment of fully registered
Debentures in definitive form for registration of transfer or exchange by the Fiscal Agent) during
the period from the Regular Record Date (as defined in the Debentures) to the Interest Payment Date
(as defined in the Debentures). For the purposes of any interest payment made in accordance with
Section 7(a), (b) or (c) hereof, such payment shall be made to those persons in whose names
Debentures are registered on such Regular Record Date.

     (g) Each Additional Transfer Agent, as agent of the Province for such purpose, shall maintain
an office in its jurisdiction at which fully registered Debentures in definitive form may be
presented for registration of transfer or exchange by the Fiscal Agent in accordance with this
Agreement. Each Additional Transfer Agent shall promptly forward to the Fiscal Agent all such
Debentures received by it, together with the written instrument or instruments of transfer referred
to above.

     6. Special Provisions Relating to the Global Bond. (a) Unless the Global Bond is
presented by an authorized representative of DTC to the Province, the Fiscal Agent or their
respective agents for registration of transfer, exchange or payment, and any replacement Global
Bond issued is registered in the name of a nominee of DTC as requested by such authorized
representative and any payment is made to such nominee of DTC, any transfer, pledge or other use of
the Global Bond for value or otherwise shall be wrongful since the registered holder thereof has an
interest therein.

     (b) Except as provided in this subparagraph, Debentures will not be issued in definitive
registered form. If at any time DTC notifies the Province that it is

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unwilling or unable to continue as depositary for the Global Bond or if at any time DTC ceases
to be a clearing agency registered under the Securities Exchange Act of 1934, or other applicable
U.S. securities legislation, or otherwise ceases to be eligible to be a depositary, the Province
shall appoint a successor depositary with respect to the Global Bond. If a successor depositary
for the Global Bond is not appointed by the Province as soon as reasonably practicable after the
Province receives such notice or becomes aware of such ineligibility, the Province shall execute
and seal Debentures in definitive registered form, and the Fiscal Agent, upon receipt thereof,
shall countersign and deliver such Debentures in definitive registered form without coupons, in
denominations of U.S.$1,000 and integral multiples thereof, in an aggregate principal amount equal
to the aggregate principal amount of the Global Bond as of the exchange date.

     The Province may at any time and in its sole discretion determine not to have any of the
Debentures held in the form of the Global Bond. In such event, the Province shall execute and seal
Debentures in definitive registered form, and the Fiscal Agent, upon receipt thereof, shall
countersign and deliver such Debentures in definitive registered form without coupons, in
denominations of U.S.$1,000 and integral multiples thereof, in an aggregate principal amount equal
to the aggregate principal amount of the Global Bond as of the exchange date.

     Upon the exchange of the Global Bond for Debentures in definitive registered form, the Fiscal
Agent shall cancel the Global Bond and shall reduce the holdings of Cede & Co. on the Register to
nil. Debentures in definitive registered form issued in exchange for the Global Bond pursuant to
this section shall be registered in such names as DTC, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Fiscal Agent or the Province. The Fiscal
Agent shall deliver such Debentures in definitive registered form to or as directed by the persons
in whose names such definitive registered Debentures are so registered and, to the extent
reasonably practicable in the circumstances, shall direct all payments to be made in respect of
such Debentures in definitive registered form to the registered holders thereof on or after such
exchange regardless of whether such exchange occurred after the record date for such payment.

     All Debentures in definitive registered form issued upon the exchange of the Global Bond
shall be valid obligations of the Province, evidencing the same debt, entitled to the same benefits
and subject to the same terms and conditions (except insofar as they relate specifically to the
Global Bond) as the Global Bond surrendered upon such exchange.

     7. Payment. (a) The Province will pay to the Fiscal Agent no later than 12:00 noon,
New York City time, in same-day funds, in such coin or currency of United States as at the time of
payment is legal tender for payment of public and private debts, to an account to be specified by
the Fiscal Agent, on the day on which the same shall become due (or, the next succeeding Business
Day if such due date falls upon a day which is not a Business Day as defined below), all amounts to
be paid on the Debentures for principal and interest on that date as required by the terms of the
Debentures. The

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Province hereby authorizes and directs the Fiscal Agent, from the funds so paid to it, to make
payment of the principal and interest in respect of the Debentures in accordance with their terms
and the provisions set forth below. For the purposes of this Section 7, “Business Day” shall mean
a day that is not a Saturday or a Sunday and on which, in The City of New York, banking
institutions are not generally authorized or obligated by law, regulation or executive order to be
closed. The obligation of the Fiscal Agent to make payments of principal and interest to holders
of the Debentures through DTC, by check or otherwise, is in all cases subject to the prior receipt
by the Fiscal Agent from the Province of the funds required to make such payments.

     (b) Payment of principal of and interest on the Global Bond shall be made in U.S. dollars to
the Fiscal Agent. The Fiscal Agent shall pay such amounts payable to Cede & Co., as nominee of DTC,
in same-day funds.

     (c) Payment of principal in respect of Debentures in definitive registered form issued
pursuant to Section 6(b) hereof shall be made in U.S. dollars against surrender at the office of
the Fiscal Agent in The City of New York, or at the office of any Paying Agent appointed by the
Province for such purpose pursuant to this Agreement and any Paying Agent Agreement. Payment of
interest due prior to or on the Maturity Date will be made by forwarding by post or otherwise
delivering a check payable in U.S. dollars to the registered address of registered holders of
Debentures, or, at the option of the Province, otherwise transferring funds to the registered
holders of the Debentures. Such check shall be dated the due date for payment and made payable to
the order of the registered holder or, in the case of joint registered holders, to the order of all
such joint holders (failing instructions from them to the contrary) and shall be sent to the
address of the one of such joint holders whose name stands first in the register as one of such
joint holders. Subject to Section 7(a), the Fiscal Agent shall mail or otherwise deliver such
checks to the names and addresses of registered holders of Debentures sufficiently in advance of
the relevant due date for payment that receipt of such checks by registered holders on or before
the due date is reasonably assured.

     (d) All monies paid to the Fiscal Agent under Section 7(a) of this Agreement shall be held by
it in a separate account from the moment when such money is received until the time of actual
payment, in trust for the registered holders of Debentures to be applied by the Fiscal Agent to
payments due on the Debentures at the time and in the manner provided for in this Agreement and the
Debentures, provided that if the Fiscal Agent shall fail to duly make any such payment due on the
Debentures and, as a result of such failure, the Province otherwise duly makes such payments to the
registered holders of Debentures, the Fiscal Agent shall thereupon hold such monies paid to it
under Section 7(a) in trust for the Province. Any money deposited with the Fiscal Agent for the
payment of the principal or interest in respect of any Debenture remaining unclaimed for two years
after such principal or interest shall have become due and payable shall be repaid to the Province
without interest, and the registered holder of a Debenture may thereafter look only to the Province
for any payment to which such holder may be entitled.

-6-

 

     (e) All monies paid to any Paying Agent for the payment of principal of or interest on any
Debentures shall be held by it in a separate account from the moment when such money is received
until the time of actual payment, in trust for the registered holders of such Debentures, and shall
be applied as set forth herein and in the Debentures.

     8. Mutilated, Destroyed, Stolen or Lost Debenture Certificates. (a) If any Debenture
certificate is mutilated, defaced, destroyed, stolen or lost, application for replacement shall be
made to the Fiscal Agent who shall promptly transmit such application to the Province. Such
application shall be accompanied by the mutilated or defaced certificate or proof, satisfactory to
the Province in its discretion, of the destruction, theft or loss of the certificate; and upon
receipt by the Province of an indemnity satisfactory to it, the Province shall execute a new
certificate of like tenor, and upon written instructions from the Province, the Fiscal Agent shall
thereupon cancel the mutilated or defaced certificate and adjust the Register to reflect the
cancellation, destruction, theft or loss of a certificate, as the case may be, and countersign,
register and deliver such new certificate in exchange for the mutilated or defaced certificate or
in substitution for the destroyed, stolen or lost certificate. Such replacement certificate shall
be dated the date of the countersignature. All expenses associated with procuring any indemnity
and with the preparation, countersignature and delivery of a replacement certificate will be borne
by the registered holder of the mutilated, defaced, destroyed, stolen or lost Debenture
certificate.

     (b) Whenever any Debenture, alleged to have been lost, stolen or destroyed for which a
replacement Debenture has been issued, is presented to the Fiscal Agent or any Paying Agent for
payment on the Maturity Date or for registration of transfer or exchange, the Fiscal Agent or the
Paying Agent, as the case may be, shall promptly notify the Province in respect thereof and shall
deal with such Debenture only in accordance with the Province’s instructions.

     9. Maturity, Redemption and Purchases. (a) Unless previously repurchased by the
Province, as provided below, the principal amount of the Debentures is due and payable on July 15,
2015 (the “Maturity Date”).

     (b) The Province may, at any time, purchase Debentures in the open market, or by tender or by
private contract at any price, in accordance with applicable law and may cause the Fiscal Agent to
cancel any Debentures so purchased.

     10. Cancellation and Destruction. All Debentures which are paid on the Maturity Date,
purchased by the Province and surrendered to the Fiscal Agent for cancellation or surrendered for
registration of transfer or exchange for other certificates or for replacement, shall be canceled
by the Fiscal Agent who shall register such cancellation. The Fiscal Agent shall, as soon as
practicable after the date of cancellation of Debentures under this section or Section 8(a) or the
date that the register is adjusted to reflect the destruction, theft or loss of a certificate
pursuant to Section 8(a) hereof, furnish the Province with a certificate or certificates stating
the serial numbers, dollar value and

-7-

 

total number of Debentures that have been canceled. The Fiscal Agent shall dispose of all
canceled Debentures in accordance with the practices adopted by the Fiscal Agent or, upon the
instructions of the Province, shall return such Debentures to the Province, and shall furnish the
Province, on a timely basis, certificates of disposal stating the serial numbers, dollar value and
total number of all Debentures disposed thereunder.

     11. (a) Limit on Liability. In acting under this Agreement, the Fiscal Agent, any
Paying Agent and any Transfer Agent are acting solely as agents of the Province and do not assume
any obligation or relationship of agency or trust for or with any of the registered holders of the
Debentures, except that all funds held by the Fiscal Agent or any Paying Agent for payment of
principal or interest shall be held in trust for the registered holders of Debentures as provided
in this Agreement.

     (b) Rights and Liabilities of Fiscal Agent, Paying Agent and Transfer Agent. The
Fiscal Agent, each Paying Agent and each Transfer Agent shall incur no liability for, or in respect
of, any action taken, omitted to be taken or suffered by it in reliance upon any Debenture,
certificate, affidavit, instruction, notice, request, direction, order, statement or other paper,
document or communications reasonably believed by it to be genuine. Any order, certificate,
affidavit, instruction, notice, request, direction, statement or other communication from the
Province made or given by it and sent, delivered or directed to the Fiscal Agent under, pursuant
to, or as permitted by, any provision of this Agreement shall be sufficient for purposes of this
Agreement if such communication is in writing and signed by any authorized officer of the Province
or its attorney duly authorized in writing.

     (c) Right of Agent to Own Debentures. The Fiscal Agent, each Paying Agent and each
Transfer Agent, and their respective officers, directors and employees, may become the holder of,
or acquire any interest in, any Debentures, with the same rights that it or they would have if it
were not the Fiscal Agent, a Paying Agent or a Transfer Agent hereunder, or they were not such
officers, directors or employees, and may engage or be interested in any financial or other
transaction with the Province and may act on, or as depositary, trustee or agent for, any committee
or body of registered holders of Debentures or other obligations of the Province as freely as if
it were not the Fiscal Agent, a Paying Agent or a Transfer Agent hereunder or they were not such
officers, directors or employees.

     (d) Authorized Signatories. Except as otherwise specifically provided herein or in
the Debentures, any order, certificate, notice, request, direction or other communication from the
Province, made or given under any provision of this Agreement, shall be sufficient if signed by an
authorized signatory of the Province (an “Authorized Signatory”). From time to time the Province
will furnish the Fiscal Agent with a certificate as to the incumbency and specimen signatures of
persons who are then Authorized Signatories. Until the Fiscal Agent receives a subsequent
certificate from the Province, the Fiscal Agent shall be entitled to rely on the last such
certificate delivered to them for purposes of determining the Authorized Signatories.

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     (e) No Duties in Event of Default by Province. The Fiscal Agent shall not have any
duty or responsibility in case of any default by the Province in the performance of its obligations
(including, without limiting the generality of the foregoing, any duty or responsibility to
accelerate all or any of the Debentures or to initiate or to attempt to initiate any proceedings at
law or otherwise or to make any demand for the payment thereof upon the Province or any other
person). If at any time any Fiscal Agent or any Paying Agent or Transfer Agent is served with any
judicial or administrative order, judgment, decree, writ or other form of judicial or
administrative process which in any way affects it in respect of its rights, duties or obligations
hereunder, such Fiscal Agent or Paying Agent or Transfer Agent is authorized to comply therewith in
any manner as it or its legal counsel of its own choosing deems appropriate; and if such Fiscal
Agent or Paying Agent or Transfer Agent complies with any such judicial or administrative order,
judgment, decree, writ or other form of judicial or administrative process, such Fiscal Agent or
Paying Agent or Transfer Agent shall not be liable to any of the parties hereto or to any other
person or entity even though such order, judgment, decree, writ or process may be subsequently
modified or vacated or otherwise determined to have been without legal force or effect.

     12. Expenses and Indemnity. (a) In connection with the Fiscal Agent’s appointment
and duties as Fiscal Agent, the Province will pay the Fiscal Agent from time to time compensation
in an amount separately agreed upon by the Province and the Fiscal Agent. The Province will
indemnify and hold harmless the Fiscal Agent, its directors, officers, agents and employees against
all claims, actions, demands, damages, costs (including reasonable fees of counsel), losses or
liability which may be incurred by the Fiscal Agent by reason of, or in connection with, the Fiscal
Agent’s appointment and duties hereunder, including the costs and expenses of defending itself
against any claim or liability, except as such result from any negligent act or commission, bad
faith or wilful misconduct of the Fiscal Agent or its directors, officers, employees or agents. In
addition, the Province shall, pursuant to arrangements separately agreed upon by the Province and
the Fiscal Agent, pay to the Fiscal Agent, upon presentation of substantiating documentation
satisfactory to the Province, amounts sufficient to reimburse the Fiscal Agent for expenses,
disbursements and advances made or reasonably incurred by it in connection with its services
(including the reasonable fees, expenses and disbursements of its agents and counsel). The
obligation of the Province under this paragraph shall survive payment of the Debentures and
resignation or removal of the Fiscal Agent.

     (b) The Fiscal Agent agrees to indemnify and hold harmless the Province against all claims,
actions, demands, damages, costs, losses and liabilities arising out of or relating to any
negligent act or omission, bad faith or wilful misconduct of the Fiscal Agent or its directors,
officers, employees or agents.

     (c) Each indemnified party shall give prompt notice to each indemnifying party of any action
commenced against it in respect of which indemnity may be sought under this Agreement but failure
to so notify any indemnifying party shall not relieve it from any liability which it may have
otherwise than on account of this

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indemnity. An indemnifying party may participate at its own expense in the defense of such
action. If it so elects within a reasonable time after receipt of such notice, an indemnifying
party may assume the defense of such action with legal advisors chosen by it and approved by the
indemnified party defendant in such action, unless such indemnified party reasonably objects to
such assumption on the ground that there may be legal defenses available to it which are different
from or in addition to those available to such indemnified party, but an indemnifying party may not
settle any action commenced against an indemnified party without the written consent of the
indemnified party. In order to be entitled to an indemnity with respect to a claim hereunder, an
indemnified party will not, without the prior written consent of the indemnifying party (which
consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any
judgment with respect to such pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnifying
party is an actual or potential party to such claim or action). If an indemnifying party assumes
the defense of any such action, the indemnified party shall not be liable for any fees or expenses
of the legal advisors of the indemnified party incurred thereafter in connection with such action.
Unless otherwise agreed, in no event shall the indemnifying party be liable for the fees and
expenses of more than one legal advisor for the indemnified party in connection with any one action
or separate but similar or related actions arising out of the same general allegations or
circumstances.

     13. (a) Successor Fiscal Agent. The Province agrees that there shall at all times be
a Fiscal Agent hereunder and that the Fiscal Agent shall be a bank or trust company, organized and
doing business under the laws of the State of New York or the federal laws of the United States
applicable therein, in good standing and having a place of business in The City of New York, and
authorized under such laws to exercise corporate trust powers; provided, however, that the Province
may choose to act at any time as its own registrar, fiscal agent, transfer agent or principal
paying agent upon reasonable notice to the Fiscal Agent.

     The Fiscal Agent shall not transfer or assign this Agreement or any interest or obligation
herein without the Province’s prior written consent. Any corporation into which the Fiscal Agent
hereunder may be amalgamated, merged or converted, or any corporation with which the Fiscal Agent
may be consolidated, or any corporation resulting from any merger, conversion or consolidation, to
which the Fiscal Agent shall sell or otherwise transfer all or substantially all of the corporate
trust business of the Fiscal Agent, provided that it shall be qualified as aforesaid, shall be the
successor Fiscal Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto, but subject to prior notice to and the prior
written approval of the Province.

     (b) Resignation. The Fiscal Agent may at any time resign by giving written notice to
the Province of its resignation, specifying the date on which its resignation shall become
effective (which shall not be less than 60 days after the date on which such notice is given unless
the Province shall agree to a shorter period); provided that no such notice shall expire less than
30 days before or 30 days after the due date for

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any payment of principal or interest in respect of the Debentures. The Province may remove
the Fiscal Agent at any time by giving 30 days written notice to the Fiscal Agent, specifying the
date on which such removal shall become effective. Such resignation or removal shall only take
effect upon the appointment by the Province of a successor Fiscal Agent and upon the acceptance of
such appointment by such successor Fiscal Agent. Any Paying Agent may resign or may be removed at
any time upon like notice, and the Province in any such case may appoint in substitution therefor a
new Paying Agent or Paying Agents. If no successor Fiscal Agent is appointed within the time
specified for resignation or removal, then the Fiscal Agent may petition a court of competent
jurisdiction for the appointment of a replacement.

     (c) Bankruptcy or Insolvency of Fiscal Agent. The appointment of the Fiscal Agent
hereunder shall forthwith terminate, whether or not notice of such termination shall have been
given, if at any time the Fiscal Agent becomes incapable of performing its duties hereunder, or is
adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment
for the benefit of its creditors or consents to the appointment of a liquidator or receiver of all
or any substantial part of its property or admits in writing its inability to pay or meet its debts
as they mature or suspends payment thereof, or if a resolution is passed or an order made for the
winding up or dissolution of the Fiscal Agent, or if a liquidator or receiver of the Fiscal Agent
or of all or any substantial part of its property is appointed, or if any order of any court is
entered approving any petition filed by or against it under the provisions of any applicable
bankruptcy or insolvency law, or if any public officer takes charge or control of the Fiscal Agent
or its property or affairs for the purposes of rehabilitation, conservation or liquidation.

     (d) Appointment of Successor. Prior to the effective date of any such resignation or
removal of the Fiscal Agent, or if the Fiscal Agent shall become unable to act as such or shall
cease to be qualified as aforesaid, the Province shall appoint a successor Fiscal Agent, qualified
as aforesaid. Upon the appointment of a successor Fiscal Agent and its acceptance of such
appointment, the retiring Fiscal Agent shall, at the direction of the Province and upon payment of
its compensation and expenses then unpaid, deliver and pay over to its successor any and all
securities, money and any other properties then in its possession as Fiscal Agent and shall
thereupon cease to act hereunder.

     (e) Payment of Certain Fiscal Agent’s Fees Upon Termination. If the Fiscal Agent
resigns pursuant to Section 13(b) of this Agreement or ceases to act as the Province’s fiscal agent
in respect of the Debentures pursuant to Section 13(c) of this Agreement, the Fiscal Agent shall
only be entitled to annual fees otherwise payable to it under this Agreement on a pro rata basis
for that period since the most recent anniversary of this Agreement during which the Fiscal Agent
has acted as fiscal agent hereunder. In the event that the Fiscal Agent ceases to act as the
Province’s fiscal agent in respect of the Debentures for any other reason, the Fiscal Agent shall
be entitled to receive the full amount of the annual fees payable to it in respect of the
Debentures pursuant to Section 12 of this Agreement.

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     14. Meetings of Holders of Debentures. (a) The Fiscal Agent shall convene a meeting
of the registered holders of the Debentures for any lawful purpose affecting their interests upon
receipt of a written request of the Province or a written request signed in one or more
counterparts by the registered holders of not less than 10% of the principal amount of the
Debentures then outstanding and upon being indemnified to its reasonable satisfaction by the
Province or the registered holders of Debentures signing such request, as the case may be, against
the costs which may be incurred in connection with the calling and holding of such meeting. If the
Fiscal Agent fails to give notice convening such meeting within 30 days after receipt of such
request and indemnity, the Province or such registered holders of Debentures, as the case may be,
may convene such meeting. Every such meeting shall be held in The City of New York, or such other
place as may be approved or determined by the Province and acceptable to the Fiscal Agent.

     (b) At least 21 days’ notice of any meeting shall be given to the registered holders of the
Debentures in the manner provided pursuant to the terms and conditions of the Debentures and a copy
thereof shall be sent by post to the Fiscal Agent unless the meeting has been called by the Fiscal
Agent, and to the Province. Such notice shall state the time, place and purpose of the meeting and
the general nature of the business to be transacted thereat, and shall include a statement to the
effect that, prior to 48 hours before the time fixed for the meeting, those persons recorded in the
Register shall be entitled to obtain voting certificates for the Debentures registered in their
respective names and appointing proxies (subject to such procedures and requirements as the
Province and the Fiscal Agent may prescribe), but it shall not be necessary for any such notice to
set out the terms of any resolution to be proposed at such meeting or any other provisions.

     (c) A registered holder of Debentures may appoint any person by instrument in writing as the
holder’s proxy in respect of a meeting of the registered holders of Debentures or any adjournment
of such meeting, and such proxy shall have all rights of the registered holder of Debentures in
respect of such meeting. All written notices to DTC of meetings shall contain a requirement that
the registered holders of Debentures must notify clearing system participants and, if known,
beneficial owners of Debentures of the meeting in accordance with procedures established from time
to time by such clearing systems. The registered holders of Debentures shall seek voting
instructions on the matters to be raised at such meeting from the clearing system participants or,
if known, from the beneficial owners of Debentures.

     (d) Some person, who need not be a registered holder of Debentures, nominated in writing by
the Province shall be chairman of the meeting and if no person is so nominated or if the person so
nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the
registered holders of the Debentures present in person or by proxy shall choose some person present
to be chairman, and, failing such choice, the Province may appoint a chairman.

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     (e) At a meeting of registered holders of Debentures, a quorum shall consist of one or more
registered holders of Debentures present in person or by proxy who represent at least a majority in
principal amount of the Debentures at the time outstanding. If a quorum of the registered holders
of Debentures shall not be present within one-half hour after the time fixed for holding any
meeting, the meeting, if convened by or at the request of registered holders of Debentures, shall
be dissolved, but if otherwise convened the meeting shall stand adjourned without notice to the
same day in the next week (unless such day is not a business day in the place where the meeting is
to take place, in which case it shall stand adjourned until the next such business day following
thereafter) at the same time and place unless the chairman appoints some other place in The City of
New York, or some other day or time of which not less than seven (7) days’ notice shall be given in
the manner provided above. At the adjourned meeting one or more registered holders of Debentures
present in person or by proxy shall constitute a quorum and may transact the business for which the
meeting was originally convened notwithstanding that they may not represent at least a majority in
principal amount of the Debentures then outstanding.

     (f) The chairman of any meeting at which a quorum of the registered holders of Debentures is
present may, with the consent of the registered holder(s) or a majority of principal amount of the
Debentures represented thereat, adjourn any such meeting, and no notice of such adjournment need be
given except such notice, if any, as the meeting may prescribe.

     (g) Every motion or question submitted to a meeting shall be decided by Extraordinary
Resolution (as defined below) and in the first place by the votes given on a show of hands. At any
such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that
a resolution has been carried or carried unanimously or by a particular majority or lost or not
carried by a particular majority shall be conclusive of the fact. On any question submitted to a
meeting when ordered by the chairman or demanded by a show of hands by one or more registered
holders of Debentures acting in person or by proxy and holding at least 2% in principal amount of
the Debentures then outstanding, a poll shall be taken in such manner as the chairman shall direct.

     (h) On a poll, each registered holder of Debentures present in person or represented by a
proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each
U.S. $1,000 principal amount of Debentures of which the person shall then be the registered holder.
A proxy need not be a registered holder of Debentures. In the case of Debentures held jointly,
any one of the joint registered holders present in person or by proxy may vote in the absence of
the other or others; but in case more than one of them be present or by proxy, only one of them may
vote in respect of each U.S. $1,000 principal amount of Debentures of which they are joint
registered holders.

     (i) The Province and the Fiscal Agent, by their authorized representatives, officers and
directors, and the financial and legal advisors of the Province

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and the Fiscal Agent, may attend any meeting of the registered holders of Debentures, but
shall have no vote as such.

     (j) Except as set forth in Section 18 hereof, the registered holders of the Debentures may
consent by Extraordinary Resolution (as defined below) to any modification or amendment proposed by
the Province to this Agreement and the Debentures. An Extraordinary Resolution duly passed at any
such meeting shall be binding on all registered holders of Debentures, whether present or not;
provided, however, that no such modification or amendment to this Agreement or to the terms and
conditions of the Debentures shall, without the consent of the registered holder of each such
Debenture affected thereby: (a) change the Maturity Date of any Debenture or change any Interest
Payment Date; (b) reduce the principal amount of any such Debenture or change the Interest Rate;
(c) change the currency of payment of any such Debenture; (d) impair the right to institute suit
for the enforcement of any such payment on or with respect to such Debenture; or (e) reduce the
percentage of the principal amount of Debentures necessary for the taking of any action, including
modification or amendment of this Agreement or the terms and conditions of the Debentures, or
reduce the quorum required at any meeting of registered holders of Debentures.

     The term “Extraordinary Resolution” is defined as a resolution passed at a meeting of
registered holders of Debentures held in accordance with the provisions of this Agreement and the
Debentures by the affirmative vote of the registered holders of not less than 66 2/3% of the
principal amount of Debentures represented at the meeting in person or by proxy and voting on the
resolution or as an instrument in writing signed by the registered holders of not less than 66 2/3%
in principal amount of the outstanding Debentures.

     (k) Minutes of all resolutions and proceedings at every meeting of registered holders of
Debentures held in accordance with the provisions of this Agreement shall be made and entered in
books to be from time to time provided for that purpose by the Fiscal Agent at the expense of the
Province and any such minutes, if signed by the chairman of the meeting at which such resolutions
were passed or proceedings taken, or by the chairman of the next succeeding meeting of the
registered holders of Debentures, shall be prima facie evidence of the matters therein stated and,
until the contrary is proved, every such meeting, in respect of the proceedings of which minutes
shall have been made, shall be deemed to have been duly held and convened, and all resolutions
passed and proceedings taken thereat to have been duly passed and taken.

     (l) Every Extraordinary Resolution passed in accordance with the provisions of this Agreement
at a meeting of registered holders of Debentures shall be binding upon all the registered holders
of Debentures, whether present at or absent from such meeting, and every instrument in writing
signed by registered holders of Debentures in accordance with paragraph (j) of this Section 14
shall be binding upon all the registered holders of Debentures (whether or not a signatory).
Subject to the provisions for its indemnity herein contained, the Fiscal Agent shall be bound to
give effect accordingly to every such Extraordinary Resolution.

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     (m) The Province may from time to time make and from time to time vary such regulations as it
shall from time to time deem fit:

	 	(i)	 	for the deposit of instruments appointing proxies at such
place as the Fiscal Agent, the Province or the registered holders of
Debentures convening a meeting, as the case may be, may in the notice
convening such meeting direct; and
	 
	 	(ii)	 	for the deposit of instruments appointing proxies at some
approved place or places other than the place at which the meeting is to be
held and enabling particulars of such instruments appointing proxies to be
mailed, cabled or sent by any other means of recorded communications before
the meeting to Province or to the Fiscal Agent at the place where the same is
to be held and for the voting of proxies so deposited as though the
instruments themselves were produced at the meeting.

     Any regulations so made shall be binding and effective and votes given in accordance therewith
shall be valid and shall be counted. Save as such regulations may provide, the only persons who
shall be entitled to vote at a meeting of registered holders of Debentures shall be the registered
holders thereof or their duly appointed proxies.

     15. Further Issues. The Province may from time to time, without notice to or the
consent of the registered holders of Debentures, create and issue further Debentures ranking pari
passu with the Debentures in all respects (or in all respects except for the payment of interest
accruing prior to the issue date of such further Debentures or except for the first payment of
interest following the issue date of such further Debentures) and so that such further Debentures
shall be consolidated and form a single series with the Debentures and shall have the same terms as
to status, redemption or otherwise as the Debentures. Any further Debentures shall be issued with
the benefit of an agreement supplemental to this Agreement.

     16. Reports. The Fiscal Agent shall furnish to the Province such reports as may be
reasonably required by the Province relative to the Fiscal Agent’s performance under this
Agreement. The Province may, whenever it deems it necessary and upon reasonable notice to the
Fiscal Agent, inspect books and records maintained by the Fiscal Agent pursuant to this Agreement.

     17. Forwarding of Notice. If the Fiscal Agent shall receive any notice or demand
addressed to the Province pursuant to the provisions of the Debentures, the Fiscal Agent shall
promptly forward such notice or demand to the Province.

     18. Amendments. This Agreement and the Debentures may be amended or supplemented by
the parties hereto, without notice to or the consent of the registered holder of any Debenture, for
the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective
provision contained herein or in the Debentures, or effecting the issue of further Debentures as
described under Section 15 of

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this Agreement, or in any other manner which the Province may deem necessary or desirable and
which, in the reasonable opinion of the Province shall not adversely affect the interests of the
beneficial owners of the Debentures as set forth in a certificate of the Minister of Finance or the
Deputy Minister of Finance, the Assistant Deputy Minister of Finance — Treasury Division or
Director of Capital Finance delivered to the Fiscal Agent.

     19. Notices. (a) Any communications from the Province to the Fiscal Agent with
respect to this Agreement shall be in English and addressed to Citibank, N.A., 388 Greenwich
Street, 14th Floor, New York, New York 10013, Attn: Agency & Trust; Facsimile: (212) 657-4009, any
communications from the Province to Citibank, N.A., London Branch shall be addressed to Citibank,
N.A., London Branch, 21st Floor, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, and
any communications from the Fiscal Agent to the Province with respect to this Agreement shall be
addressed to the Department of Finance — Treasury Division, 350-363 Broadway, Winnipeg, Manitoba
R3C 3N9 (or such other address as shall be specified in writing by the Fiscal Agent, Citibank,
N.A., London Branch or by the Province, as the case may be) and shall be delivered in person or
sent by first class prepaid post or by facsimile transmission subject, in the case of facsimile
transmission, to confirmation by telephone to the foregoing addresses. Such notice shall take
effect when received.

     (b) All notices to the registered holders of Debentures will be published in English in the
Financial Times in London, England (if and for so long as the debentures are admitted to the
Official List of the UK Listing Authority and to trading on the regulated market of the London
Stock Exchange and the rules of the London Stock Exchange or the Financial Services Authority so
require) and The Wall Street Journal in New York, U.S.A. If at any time publication in any such
newspaper is not practicable, notices will be valid if published in an English language newspaper
with general circulation in the respective market regions as the Province, consistent with the
rules of the London Stock Exchange and the Financial Services Authority and with the approval of
the Fiscal Agent, shall determine. Any such notice shall be deemed to have been given on the date
of such publication or, if published more than once or on different dates, on the first date on
which publication is made. Written notice will also be given to DTC, provided at the time of such
notice the Debentures are represented by the Global Bond.

     (c) Notwithstanding anything to the contrary herein, any and all communications (both text and
attachments) sent by electronic mail by or from the Fiscal Agent that the Fiscal Agent in its sole
discretion deems to contain confidential, proprietary, and/or sensitive information will be
encrypted. The recipient of the email communication will be required to complete a one-time
registration process. Information and assistance on registering and using the email encryption
technology can be found at Citibank, N.A.’s secure website at
www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or
(904) 954-6181 at any time.

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     20. Governing Law and Counterparts. This Agreement shall be governed by, and
interpreted in accordance with, the laws of the State of New York. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

     21. Headings. The headings for the sections of this Agreement are for convenience
only and are not part of this Agreement.

     22. Inurement. This Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns.

[signature page follows]

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

	 	 	 	 	 
	 	PROVINCE OF MANITOBA

 	 
	 	By:  	/s/
Garry Steski 	 
	 	 	Name:  	Garry Steski 	 
	 	 	Title:  	Director, Capital Markets 	 
	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/
Wafaa Orfy 	 
	 	 	Name:  	Wafaa Orfy 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIBANK, N.A., LONDON BRANCH

 	 
	 	By:  	/s/
Wafaa Orfy 	 
	 	 	Name:  	Wafaa Orfy 	 
	 	 	Title:  	Vice President

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