Document:

Exhibit 4.16

 

Execution Copy

 

TRUST AGREEMENT

OF

ASSURED GUARANTY CAPITAL TRUST II

 

THIS TRUST AGREEMENT OF ASSURED GUARANTY CAPITAL TRUST
II (this “Trust Agreement”) is
dated as of May 25, 2005 by and between Assured Guaranty US Holdings Inc., a
Delaware corporation, as depositor (the “Depositor”),
and The Bank of New York (Delaware), a Delaware banking corporation, as trustee
(in such capacity, the “Delaware Trustee”).  The Depositor and the Delaware Trustee hereby
agree as follows:

 

1.             The trust created hereby shall be
known as “Assured Guaranty Capital Trust II” (the “Trust”), in which name the Delaware
Trustee or the Depositor, to the extent provided herein, may conduct the
business of the Trust, make and execute contracts, and sue and be sued.

 

2.             The Depositor hereby assigns,
transfers, conveys and sets over to the Trust the sum of $10.  The Delaware Trustee hereby acknowledges
receipt of such amount in trust from the Depositor.  Such amount shall constitute the initial
trust estate of the Trust.  The Delaware
Trustee hereby declares that it will hold the trust estate in trust for the
Depositor.  It is the intention of the
parties hereto that the Trust created hereby constitute a statutory trust under
Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et  seq.
(the “Statutory  Trust Act”), and that this document
constitute the governing instrument of the Trust.  The Delaware Trustee is hereby authorized and
directed to execute and file a certificate of trust with the Secretary of State
of the State of Delaware in such form as the Delaware Trustee may approve.

 

3.             The Depositor and the Delaware
Trustee will enter into an amended and restated Trust Agreement satisfactory to
each such party to provide for the contemplated operation of the Trust created
hereby and the issuance by the Trust of the Preferred Securities and Common
Securities as may be referred to therein. 
Except as otherwise contemplated in this Trust Agreement, prior to the
execution and delivery of such amended and restated Trust Agreement, the
Delaware Trustee shall not have any duty or obligation hereunder or with
respect to the trust estate of the Trust, required by applicable law or as may
be necessary to obtain prior to such execution and delivery any licenses,
consents or approvals required by applicable law or otherwise.  Notwithstanding the foregoing, the Delaware
Trustee may take all actions deemed proper as are necessary to effect the
transactions contemplated herein.

 

4.             The Depositor, on behalf of the
Trust, is hereby authorized, in its discretion, (i) to file and execute on
behalf of the Trust such applications, reports, surety bonds, irrevocable
consents, appointments of attorney for service of process and other papers and
documents that shall be necessary or desirable to register or establish the
exemption from the registration of the Preferred Securities of the Trust under
the securities or “Blue Sky” laws of such jurisdictions as the Depositor, on
behalf of the Trust, may deem necessary or desirable; (ii) to prepare, execute
and deliver letters or documents to, or instruments for filing with, a
depositary relating to the Preferred Securities of the Trust as it deems
necessary or desirable; and (iii) to negotiate, execute, deliver and perform on
behalf of the Trust one or more placement agreements,  purchase agreements, subscription agreements,
dealer manager agreements, escrow agreements and other

 

 

similar or related agreements
providing for or relating to the sale of the Preferred Securities of the Trust.

 

In the event that any filing referred to in this
Section 4 is required by the rules and regulations of the Securities and
Exchange Commission (the “Commission”)
or any state securities or Blue Sky laws or by any depositary to be executed on
behalf of the Trust by the Delaware Trustee, the Delaware Trustee is hereby
authorized and, to the extent so required, directed to join in any such filing
and to execute on behalf of the Trust any and all of the foregoing, it being
understood that the Delaware Trustee shall not be required to join in any such
filing or execute on behalf of the Trust any such document unless directed by
the Depositor as being required by the rules and regulations of the Commission
and any state securities or Blue Sky laws or by any depositary.

 

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

 

6.             The number of trustees of the Trust
initially shall be one (1) and thereafter the number of trustees of the Trust
shall be such number as shall be fixed from time to time by a written
instrument signed by the Depositor, which may increase or decrease the number
of trustees of the Trust; provided, that to the extent required by the Statutory Trust
Act, one trustee of the Trust shall either be a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity that
has its principal place of business in the State of Delaware and otherwise
meets the requirements of applicable law. 
Subject to the foregoing, the Depositor is entitled to appoint or remove
without cause any trustee of the Trust at any time.  Any trustee of the Trust may resign upon
thirty days’ prior notice to the Depositor.

 

7.             The Depositor hereby agrees to (i)
reimburse the Delaware Trustee for all reasonable expenses (including
reasonable fees and expenses of counsel and other experts), (ii) indemnify,
defend and hold harmless the Delaware Trustee and any of the officers,
stockholders, directors, employees and agents of the Delaware Trustee (the “Indemnified Persons”) from and against all
losses, damages, liabilities, claims, actions, suits, costs, expenses,
disbursements (including the reasonable fees and expenses of counsel), taxes and
penalties of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such
Expenses arise out of or are imposed upon or asserted at any time against such
Indemnified Persons with respect to the performance of this Trust Agreement, the
creation, operation or termination of the Trust or the transactions
contemplated hereby; provided, that the Depositor shall not be required to
indemnify any Indemnified Person for any Expenses which are judicially
determined to be the result of the willful misconduct, bad faith or gross
negligence of such Indemnified Person and (iii) advance to each such
Indemnified Person Expenses incurred by such Indemnified Person in defending
any claim, demand, action, suit or proceeding prior to the final disposition of
such claim, demand, action, suit or proceeding upon receipt by the Depositor of
an undertaking, by or on behalf of such Indemnified Person, to repay such
amount if it shall be determined that such Indemnified Person is not entitled
to be indemnified therefor under this Section 7.  The obligations of the Depositor under this
Section 7 shall survive the resignation or removal of the Delaware Trustee,
shall survive the termination, amendment, supplement, and/or restatement of
this Trust

 

2

 

Agreement, and shall survive
the transfer by the Depositor of any or all of its interest in the Trust.

 

8.             The Trust may be dissolved and
terminated before the issuance of the Preferred Securities of the Trust at the
election of the Depositor.

 

9.             This Trust Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the
State of Delaware (without regard to conflict of laws principles); PROVIDED, HOWEVER, THAT
THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS TRUST AGREEMENT
ANY PROVISION OF THE LAWS (COMMON OR STATUTORY) OF THE STATE OF DELAWARE
PERTAINING TO TRUSTS THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH
THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR
AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES,
(B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS
OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER
GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF
REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES,
OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS
AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS
ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR
REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR
INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER
STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES
THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE
TRUSTEES HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT.  SECTION 3540 OF TITLE 12 OF THE
DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

 

3

 

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

 

 

	
   

  	
  ASSURED GUARANTY US HOLDINGS INC., as

  Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  James M. Michener

  	
   

  
	
   

  	
  Name:

  	
    James
  M. Michener

  
	
   

  	
  Title:

  	
    General
  Counsel & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK (DELAWARE), as

  Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Kristine K. Gullo

  	
   

  
	
   

  	
  Name:

  	
    Kristine
  K. Gullo

  
	
   

  	
  Title:

  	
    Vice
  President

  

 

4Exhibit 4.5

 

 

Allen & Overy LLP

 

 

SECOND SUPPLEMENTAL
INDENTURE

 

 

between

 

AEGON N.V.,

as issuer

 

AEGON Funding
Corp.,

 

AEGON Funding
Corp. II,

 

and

 

CITIBANK, N.A.,

as trustee

 

Dated as of June 1,
2005

 

to the Indenture
between

 

AEGON N.V.,

 

AEGON Funding
Corp.,

 

AEGON Funding
Corp. II,

 

and

 

CITIBANK, N.A.,

as trustee

 

Dated as of October 11,
2001

 

$925,000,000
principal amount of 6.375% Perpetual Capital Securities

 

 

TABLE
OF CONTENTS

 

	
  Section

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  DEFINITIONS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.1

  	
   

  	
  Definitions of Terms

  	
   

  	
   

  
	
  2.

  	
   

  	
  GENERAL
  TERMS AND CONDITIONS OF THE CAPITAL SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
  2.1

  	
   

  	
  Designation and
  Principal Amount

  	
   

  	
   

  
	
   

  	
   

  	
  2.2

  	
   

  	
  Maturity

  	
   

  	
   

  
	
   

  	
   

  	
  2.3

  	
   

  	
  Form,
  Issuance, Registration and Exchange

  	
   

  	
   

  
	
   

  	
   

  	
  2.4

  	
   

  	
  Payments

  	
   

  	
   

  
	
   

  	
   

  	
  2.5

  	
   

  	
  Mandatory
  Payment Events; Mandatory Partial Payment Events

  	
   

  	
   

  
	
  3.

  	
   

  	
  REDEMPTION AND PURCHASES

  	
   

  	
   

  
	
   

  	
   

  	
  3.1

  	
   

  	
  General

  	
   

  	
   

  
	
   

  	
   

  	
  3.2

  	
   

  	
  Optional Redemption

  	
   

  	
   

  
	
   

  	
   

  	
  3.3

  	
   

  	
  Redemption for Tax
  Reasons

  	
   

  	
   

  
	
   

  	
   

  	
  3.4

  	
   

  	
  Redemption
  or Conversion for Regulatory Reasons

  	
   

  	
   

  
	
   

  	
   

  	
  3.5

  	
   

  	
  Notice of Redemption

  	
   

  	
   

  
	
   

  	
   

  	
  3.6

  	
   

  	
  Purchases

  	
   

  	
   

  
	
   

  	
   

  	
  3.7

  	
   

  	
  Cancellation

  	
   

  	
   

  
	
  4.

  	
   

  	
  ALTERNATIVE
  INTEREST SATISFACTION MECHANISM

  	
   

  	
   

  
	
   

  	
   

  	
  4.1

  	
   

  	
  General

  	
   

  	
   

  
	
   

  	
   

  	
  4.2

  	
   

  	
  Notice
  of Exercise of Alternative Interest Satisfaction Mechanism

  	
   

  	
   

  
	
   

  	
   

  	
  4.3

  	
   

  	
  Issue of Common Shares

  	
   

  	
   

  
	
   

  	
   

  	
  4.4

  	
   

  	
  Receipt
  of Cash Proceeds in Respect of Issue of Common Shares to be Used to Satisfy
  Payment

  	
   

  	
   

  
	
   

  	
   

  	
  4.5

  	
   

  	
  Reservation
  and Insufficiency of Common Shares

  	
   

  	
   

  
	
   

  	
   

  	
  4.6

  	
   

  	
  Market Disruption

  	
   

  	
   

  
	
   

  	
   

  	
  4.7

  	
   

  	
  Certification to Trustee

  	
   

  	
   

  
	
  5.

  	
   

  	
  REMEDIES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  5.1

  	
   

  	
  Defaults;
  Collection of Indebtedness and Suits for Enforcement by Trustee

  	
   

  	
   

  
	
  6.

  	
   

  	
  SUBORDINATION

  	
   

  	
   

  
	
   

  	
   

  	
  6.1

  	
   

  	
  Agreement to Subordinate

  	
   

  	
   

  
	
   

  	
   

  	
  6.2

  	
   

  	
  Section 1401
  of the Base Indenture

  	
   

  	
   

  
	
  7.

  	
   

  	
  Covenants of the Company

  	
   

  	
   

  
	
   

  	
   

  	
  7.1

  	
   

  	
  Mandatory Interest
  Payments

  	
   

  	
   

  
	
   

  	
   

  	
  7.2

  	
   

  	
  Sufficiency of Shares

  	
   

  	
   

  
	
   

  	
   

  	
  7.3

  	
   

  	
  Payment
  of Proceeds from Sale of Common Shares in Connection with the Alternative
  Interest Satisfaction Mechanism

  	
   

  	
   

  
	
   

  	
   

  	
  7.4

  	
   

  	
  Listing

  	
   

  	
   

  
	
   

  	
   

  	
  7.5

  	
   

  	
  Officer’s
  Certificate on Deferral

  	
   

  	
   

  
	
   

  	
   

  	
  7.6

  	
   

  	
  Officer’s
  Certificate on Market Disruption Event

  	
   

  	
   

  
	
  8.

  	
   

  	
  FORM OF
  CAPITAL SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
  8.1

  	
   

  	
  Form of
  Capital Securities

  	
   

  	
   

  
	
  9.

  	
   

  	
  ORIGINAL ISSUE
  OF CAPITAL SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
  9.1

  	
   

  	
  Original
  Issue of Capital Securities

  	
   

  	
   

  
	
  10.

  	
   

  	
  WINDING UP

  	
   

  	
   

  
	
   

  	
   

  	
  10.1

  	
   

  	
  Winding Up

  	
   

  	
   

  

 

ii

 

	
  11.

  	
   

  	
  SATISFACTION AND
  DISCHARGE

  	
   

  	
   

  
	
   

  	
   

  	
  11.1

  	
   

  	
  Satisfaction and
  Discharge

  	
   

  	
   

  
	
  12.

  	
   

  	
  TAXATION; ADDITIONAL
  AMOUNTS

  	
   

  	
   

  
	
   

  	
   

  	
  12.1

  	
   

  	
  General

  	
   

  	
   

  
	
   

  	
   

  	
  12.2

  	
   

  	
  Section 1006
  of the Base Indenture

  	
   

  	
   

  
	
  13.

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
  13.1

  	
   

  	
  Issuance of
  Definitive Securities

  	
   

  	
   

  
	
   

  	
   

  	
  13.2

  	
   

  	
  Ratification
  of Base Indenture; Second Supplemental Indenture Controls

  	
   

  	
   

  
	
   

  	
   

  	
  13.3

  	
   

  	
  Trustee Not
  Responsible for Recitals

  	
   

  	
   

  
	
   

  	
   

  	
  13.4

  	
   

  	
  Governing
  Law

  	
   

  	
   

  
	
   

  	
   

  	
  13.5

  	
   

  	
  Severability

  	
   

  	
   

  
	
   

  	
   

  	
  13.6

  	
   

  	
  Counterparts

  	
   

  	
   

  
	
  14.

  	
   

  	
  DEFINITION
  OF OFFICERS’ CERTIFICATE AMENDED

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Form of
  6.375% Perpetual Capital Securities

  	
   

  	
   

  

 

iii

 

SECOND SUPPLEMENTAL INDENTURE

 

SECOND
SUPPLEMENTAL INDENTURE dated as of June 1,
2005 (the Second Supplemental Indenture)

 

AMONG:

 

(1)           AEGON
N.V., a Netherlands public company with limited
liability (AEGON N.V. or the Company), having its principal executive
office at AEGONplein 50, 2501 CE, The Hague, The Netherlands;

 

(2)           AEGON Funding Corp., a
Delaware corporation (AEGON Funding),
having its principal executive office at Corporation Trust Center, 1209 Orange
Street, Wilmington, Delaware 19801;

 

(3)           AEGON Funding Corp. II, a
Delaware corporation (AEGON Funding II),
having its principal executive office at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware
19801; and

 

(4)           CITIBANK, N.A., a
national banking association duly organized and existing under the laws of the
United States of America, as Trustee (the Trustee)
to the Indenture, dated October 11, 2001, between the Company, AEGON
Funding, AEGON Funding II and the Trustee, as modified by a supplemental
indenture dated November 14, 2003, between the Company, AEGON Funding,
AEGON Funding II and the Trustee (together, the Base Indenture, and collectively with this Second Supplemental
Indenture, the Indenture).

 

In addition, Citibank, N.A.,
through its New York branch, has agreed to act as Paying Agent hereunder.

 

WHEREAS:

 

(A)          the Company,
AEGON Funding, AEGON Funding II and the Trustee executed and delivered the Base
Indenture to provide for the future issuance of the Securities to be issued
from time to time in one or more series as might be determined under the Base
Indenture, in an unlimited aggregate principal amount, which may be
authenticated and delivered as provided in the Base Indenture;

 

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

 

(C)           the Company
desires to issue a series of Securities, the terms of which it deems
appropriate to set out in this Second Supplemental Indenture;

 

(D)          pursuant to the
terms of the Base Indenture, the Company may issue Securities now and
additional Securities of the same or different series at later dates under the
Base Indenture, as established by the Company, and the Company desires to
initially issue $925,000,000 aggregate principal amount of Securities, entitled
the 6.375% Perpetual Capital Securities (the Capital
Securities) plus up to an additional $75,000,000 if, and to the
extent, that the underwriters of the Capital Securities elect to exercise their
over-allotment option in whole or in part, the form and substance of such Capital
Securities and the terms, provisions and conditions thereof to be set forth as
provided in the Base Indenture as supplemented by this Second Supplemental
Indenture;

 

(E)           pursuant to Section 301
of the Base Indenture, the Company desires to appoint Citibank, N.A., through
its New York branch, to act as Paying Agent with respect to the Capital
Securities;

 

1

 

(F)           the Capital
Securities shall be treated as a separate series of Securities in accordance with
the terms of the Indenture and for all purposes under the Indenture;

 

(G)           the parties wish to amend
the definition of “Officer’s Certificate”; and

 

(H)          each of the
Company, AEGON Funding and AEGON Funding II has duly authorized the execution
and delivery of this Second Supplemental Indenture and requested that the
Trustee execute and deliver this Second Supplemental Indenture, and all
requirements necessary to make this Second Supplemental Indenture a valid and
binding instrument in accordance with its terms have been done.

 

NOW
THEREFORE, in consideration of the purchase and acceptance of
the Capital Securities by the holders thereof, and for the purpose of setting
forth, as provided in the Indenture, the form and substance of the Capital
Securities and the terms, provisions and conditions thereof, as well as for
other purposes set forth herein, the parties hereto hereby agree as follows:

 

1.             DEFINITIONS

 

1.1          Definitions of Terms

 

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

 

(a)           a
term defined in the Base Indenture and not otherwise defined herein has the
same meaning when used in this Second Supplemental Indenture;

 

(b)           unless
otherwise specified, a reference to a Section or Article is to a Section or
Article of this Second Supplemental Indenture;

 

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

 

(d)           the following terms have the meanings set forth below for purposes of
this Second Supplemental Indenture and the Base Indenture as it relates to the
series of Capital Securities issued hereunder.

 

Accrued Interest Payment
means, at any time, the amount of interest that has continued to accrue after
an Interest Payment Date in respect of (i) an
Optionally Deferred Payment, (ii) the failure to make a payment when due
on an Interest Payment Date, (iii) certain payments which cannot be made
due to insufficient Common Shares to satisfy the Alternative Interest
Satisfaction Mechanism or (iv) failure to make a payment more than 14 days
after its due date due to a Market Disruption Event.

 

Additional Amounts has the meaning
specified in Section 12.1.

 

Alternative Interest Satisfaction Mechanism has
the meaning specified in Section 4.1.

 

Base
Indenture has the meaning specified in the Recitals.

 

Base Redemption Price has the meaning
specified in Section 3.1.

 

Business Day means a day,
other than a Saturday or Sunday, on which commercial banks and foreign exchange
markets are open for general business in New York and Amsterdam.

 

2

 

Capital Adequacy Regulations
means, at any time, the regulations, requirements, guidelines, policies or
decrees imposing obligations on AEGON N.V., as a holding company, with respect
to the maintenance of minimum levels of solvency margins, capital adequacy
ratios and/or comparable margins or ratios, as well as regarding the
supervision thereof by any existing or future regulator having primary
supervisory authority with respect to AEGON N.V.

 

Capital Securities has the meaning specified in the Recitals.

 

Common
Shares means the common shares, par value 0.12 euros per
common share, of AEGON N.V.

 

Deferral Notice has the meaning
specified in Section 2.4(d).

 

Deferred Interest Satisfaction Date
means:

 

(i)            the
Interest Payment Date following the 19th Business Day after the Required
Deferral Condition fails to be met;

 

(ii)           if
other than an Interest Payment Date, the date on which the Company resolves to
satisfy a Mandatorily Deferred Payment or Optionally Deferred Payment, as
notified by the Company to the Trustee and the holders of Capital Securities;
or

 

(iii)          the
date on which the Company is required to satisfy all Mandatorily Deferred
Payments and Optionally Deferred Payments as a result of the occurrence of a
Mandatory Payment Event or a Mandatory Partial Payment Event.

 

Deferred Payment means a
Mandatorily Deferred Payment and/or an Optionally Deferred Payment that has not
subsequently been satisfied or deferred as provided in Section 2.4.

 

DTC means The Depository Trust
Company.

 

Existing Capital Securities
means two series of Perpetual Capital Securities in aggregate principal amount
of €950 million and $500 million, respectively, issued under a trust deed dated
July 15, 2004 between AEGON N.V., as issuer, and ATC Financial Services
B.V., as trustee.

 

Indenture has the meaning
specified in the Recitals.

 

Interest shall, where
appropriate, include Interest Amounts, Mandatorily Deferred Payments,
Optionally Deferred Payments and Accrued Interest Payments.

 

Interest Amount means:

 

(i)            in
respect of an Interest Payment, the amount of interest payable on a Capital
Security for the relevant Interest Period; and

 

(ii)           in
the event of redemption due to a Tax Event or for regulatory reasons, any interest
accrued from (and including) the preceding Interest Payment Date (or, if none,
the issue date of the Capital Securities) to (but excluding) the due date for
redemption, and, if not an Interest Payment Date, as calculated on a 30/360 day
basis, but not including the date of redemption.

 

3

 

Interest Payment means, in
respect of an Interest Payment Date, the aggregate Interest Amount for the
Interest Period ending on such Interest Payment Date.

 

Interest Payment Date has the meaning
specified in Section 2.4(b).

 

Interest Period has the meaning
specified in Section 2.4(c).

 

Interest Rate has the meaning
specified in Section 2.4(a).

 

Issue Date means June 1,
2005.

 

Junior Guarantee means any
guarantee, indemnity or other contractual support arrangement entered into by
the Company in respect of securities (regardless of name or designation) issued
by one of the Company’s subsidiaries or Undertakings and ranking, on a
winding-up (faillissement or vereffening na ontbinding) or in respect
of distributions or payment of dividends or any other payment thereon, after
the Capital Securities.

 

Junior Securities means AEGON N.V.’s
Common Shares or any of its other securities which rank after the Capital
Securities with respect to distributions on a return of assets on its
winding-up (faillissement or vereffening na ontbinding) or in respect
of distributions or payment of dividends or any other payments thereon.

 

Mandatorily Deferred Payment is
a payment that the Company is required to defer because the Required Deferred
Condition is met.

 

Mandatory Partial Payment
means a Payment in respect of each Capital Security in an amount that results
in payment of a proportion of a full Interest Payment on the Capital Security
on such Interest Payment Date equal to the proportion of a full payment on the
relevant Parity Securities and/or payment on the relevant Parity Guarantee paid
on the payment date in respect of the relevant Parity Securities and/or Parity
Guarantee immediately preceding such Interest Payment Date.

 

Mandatory Partial Payment Event has
the meaning specified in Section 2.5(c).

 

Mandatory Payment Event has the meaning
specified in Section 2.5(b).

 

Market Disruption Event means:

 

(i)            the
occurrence or existence of any suspension of or limitation imposed on trading
by reason of movements in price exceeding limits permitted by Euronext
Amsterdam N.V. or the New York Stock Exchange or on settlement procedures for
transactions in the Common Shares on Euronext Amsterdam N.V. or the New York
Stock Exchange if, in any such case, that suspension or limitation is material
in the context of the sale of the Common Shares;

 

(ii)           in
the opinion of the Company, there has been a substantial deterioration in the
price and/or value of the Common Shares or circumstances are such as to prevent
or to a material extent restrict the issue or delivery of the Common Shares;

 

(iii)          where,
pursuant to the terms of the Indenture, monies are required to be converted
from one currency into another currency in respect of any payment, the
occurrence of any event that makes it impracticable to effect such conversion;
or

 

4

 

(iv)          where,
in opinion of the Company, there will have been such a change in national or
international financial, political or economic conditions or currency exchange
rates or exchange controls as would in the Company’s view be likely to
prejudice materially the success of the offering and distribution of the Common
Shares or dealings in the Common Shares in the secondary market, if any.

 

Optionally Deferred Payment is
a payment that the Company elects to defer pursuant to Section 2.4(f).

 

Outstanding Payment means:

 

(i)            in
relation to any Interest Payment, any Deferred Payment or Interest Amount not
falling within the definition of Interest Payment, that such payment (a) has
either become due and payable or would have become due and payable except for
the non-satisfaction on the Relevant Date due to (1) a failure to meet the
conditions of payment pursuant to Section 2.4(g) or (2) the
deferral, postponement or suspension of such payment due to a Required Deferral
Condition, an Optionally Deferred Payment or insufficient Common Shares
available to satisfy the Alternative Interest Satisfaction Mechanism, or (3) failure
to make a payment more than 14 days after its due date due to a Market
Disruption Event; and (b) in any such case has not been satisfied; and

 

(ii)           in
relation to any Accrued Interest Payment, any amount thereof which has not been
satisfied whether or not payment has become due.

 

Parity Guarantee means any
guarantee, indemnity or other contractual support arrangement the Company
enters into with respect to securities (regardless of name or designation)
issued by any of the Company’s subsidiaries or Undertakings that rank on its
winding-up (faillissement or vereffening na ontbinding) or in respect
of distributions or payments thereon equally with the Capital Securities.

 

Parity Securities means, in
respect of the Company, any securities that rank equally with the Capital
Securities with respect to distributions on a return of assets on its
winding-up (faillissement or vereffening na ontbinding) or in respect
of distribution or payment of any amounts thereunder by the Company. For the
avoidance of doubt, the Capital Securities rank equally with the Existing
Capital Securities.

 

Paying Agent means Citibank,
N.A. as paying agent in relation to Capital Securities, or its successor or
successors for the time being appointed in accordance with the terms of the
Indenture.

 

Payment means any
Interest Payment, Mandatorily Deferred Payment, Optionally Deferred Payment,
Accrued Interest Payment, payment of the Base Redemption Price or Interest
Amount not falling within the definition of Interest Payment.

 

Payment Default has the meaning
specified in Section 5.1(a).

 

Payment Event has the meaning
specified in Section 5.1(b).

 

Regular Record Date means the March 1,
June 1, September 1 and December 1 preceding an Interest Payment
Date.

 

Regulatory Event means that the
Company shall have become subject to supervision by any existing or future
regulator pursuant to law or regulation and that its solvency margin, capital
adequacy ratios or comparable margins or ratios under the Capital Adequacy
Regulations are or as a result of a Payment

 

5

 

would become less than the relevant minimum requirements as to be
applied and enforced by such regulator pursuant to the Capital Adequacy
Regulations.

 

Relevant Date means:

 

(i)            in
respect of any payment other than a Winding-Up Claim, the date on which such
payment first becomes due and payable but, if the full amount of the monies
payable on such date has not been received by the Trustee on or prior to such
date, the “Relevant Date” means the date on which such monies will have been so
received and notice to that effect will have been given to the holders in
accordance with Section 106 of the Base Indenture; and

 

(ii)           in
respect of a Winding-Up Claim, the date which is one day prior to the
commencement of the winding-up.

 

Required Deferral Condition
means the Company (i) is not Solvent or making the relevant Payment will
result in the Company becoming not Solvent or (ii) is subject to a
Regulatory Event or making the relevant Payment will result in the Company
becoming subject to a Regulatory Event.

 

Securities has the meaning
set forth in the Base Indenture.

 

Senior
Creditors means all the present and future creditors of the
Company:

 

(i)            who
are unsubordinated creditors;

 

(ii)           whose
claims are, or are expressed to be, subordinated (whether only in the event of
a winding-up (faillissement or vereffening na ontbinding) or otherwise) only to the claims
of the Company’s unsubordinated creditors; and

 

(iii)          who
are subordinated creditors, other than those whose claims are, or are expressed
to rank, equally with, or junior to, the claims of holders of Capital
Securities.

 

Senior Debt means
indebtedness of the Company held by one or more of its Senior Creditors as
Senior Creditors.

 

Solvent means the
Company is (i) able to pay its debts to Senior Creditors as they become
due and (ii) the Company’s assets exceed the sum of its liabilities (other
than its liabilities to persons who are not Senior Creditors). For these
purposes, assets refers to the Company’s non-consolidated gross assets and
liabilities means its non-consolidated gross liabilities, in each case as shown
by the Company’s then latest published audited balance sheet but adjusted for
contingencies and for subsequent events and to such extent as the board of
directors, the auditors or, as the case may be, the liquidator may determine to
be appropriate.

 

Tax Event has the meaning
specified in Section 3.2.

 

Undertaking means a
corporate body, partnership, limited partnership, cooperative or an
incorporated association carrying on a trade or business with or without a view
to profit in which the Company has a direct or indirect financial, commercial
or contractual majority interest.

 

Winding-Up Claim means amounts in
respect of principal or payments in respect of which the conditions of payment
pursuant to Section 2.4(g) are not satisfied on the date upon which
the same

 

6

 

would otherwise be due and payable by the Company in its winding-up (faillissement or vereffening na ontbinding) (upon
dissolution or otherwise) and on any redemption pursuant to Article 3. A
Winding-Up Claim will not bear interest.

 

2.             GENERAL TERMS AND CONDITIONS OF THE CAPITAL
SECURITIES

 

2.1          Designation
and Principal Amount

 

The following series of
Capital Securities are hereby authorized, initially to be issued in the
aggregate principal amount of up to $1,000,000,000 (to give effect to the
exercise, in whole or in part, of a $75,000,000 over-allotment option granted
to the underwriters of the Capital Securities).

 

2.2          Maturity

 

The Capital Securities are
perpetual securities and shall have no fixed maturity or mandatory redemption
date provided that the Company shall have the right to redeem Capital Securities
in accordance with Article 3.

 

2.3          Form,
Issuance, Registration and Exchange

 

The Capital
Securities shall:

 

(a)           be
issued as Securities in minimum denominations of $25.00 and integral multiples
thereof represented by one or more Global Securities, and shall not be
exchangeable for definitive securities except in the limited circumstances as
provided in Section 13.1; and

 

(b)           be
issued as Global Securities deposited with or on behalf of DTC or its nominee
and registered in the name of Cede & Co., as nominee of DTC; provided,
however, (i) such Global Securities may not be transferred except as a
whole by DTC to a nominee or a successor of DTC, unless and until the Capital
Securities are exchanged for definitive securities in the limited instances as
provided Section 13.1; (ii) beneficial interests in Global Securities
will be shown on, and transfers thereof will be effected only through, the
book-entry records of DTC and its direct or indirect participants; and (iii) so
long as DTC, or its nominee, is the holder of the Global Securities, it will be
considered the sole holder of the Global Securities for all purposes under the
Indenture.

 

2.4                               Payments

 

(a)           Interest Rate. The Capital Securities
shall bear Interest from the Issue Date at a fixed rate per annum on their
outstanding principal amount equal to 6.375% (calculated on a 30/360 day basis)
(the Interest Rate).

 

(b)           Interest Payment Dates. Subject to the provisions
herein, Interest shall be payable from June 1, 2005 or from the most
recent Interest Payment Date to which Interest on such Capital Security has
been paid or duly provided for, until the principal amount of the Capital
Security is paid or duly made available for payment quarterly in arrears on March 15,
June 15, September 15 and December 15 in each year, commencing
on September 15, 2005, each such date an Interest
Payment Date.  If any Interest
Payment Date or the redemption date of the Capital Securities falls on a day
that is not a Business Day, the Company shall make the required payment on the

 

7

 

next succeeding Business Day and no additional Interest shall accrue in
respect of the payment made on that next succeeding Business Day.

 

(c)           Interest Period.  Subject to the conditions contained in the
Indenture, the Company shall make Interest Payments in an amount equal to the
Interest accrued from (and including) the immediately preceding Interest
Payment Date in respect of which Interest has been paid or from (and including)
the date of issue, if no Interest has been paid, to (but excluding) the
applicable Interest Payment Date (each, an Interest
Period).  The Company shall
make the Interest Payments through the Paying Agent to the person in whose name
the Capital Security is registered on the Regular Record Date.  Each Capital Security shall cease to bear
interest from the due date for redemption, if any, unless, upon due
presentation, payment of principal is improperly withheld or refused. In such
event, it shall continue to bear interest at the Interest Rate as provided
herein.

 

(d)           Required Deferral of Payments Before the Company is Subject to Capital
Adequacy Regulations.

 

(i)         Except
as required by Section 2.5, if, prior to such date as the Company becomes
subject to Capital Adequacy Regulations, on the 20th Business Day prior to the
date on which any payment (not including principal) would otherwise be due and
payable, the Company determines that it is not Solvent or that payment of the
relevant payment or part thereof would result in it becoming not Solvent, the
Company shall defer such payment or such part thereof, as the case may be, by
giving notice to the Trustee and the holders of Capital Securities. Such
deferred payment (together with any required deferral due to a Regulatory Event
(as described below)), shall constitute a Mandatorily Deferred
Payment and such notice as well as any similar notice given in the
event of a Mandatorily Deferred Payment due to the occurrence of a Regulatory
Event or an Optionally Deferred Payment (as described below) shall constitute a
Deferral Notice.  A Deferral Notice shall be given not less
than 16 Business Days prior to the payment due date. This required deferral is
subject to the Alternative Interest Satisfaction Mechanism.

 

If, after the Company defers
a payment for this reason, the relevant Required Deferral Condition is no
longer met on the 20th Business Day preceding any subsequent Interest Payment
Date, then the Company shall satisfy such payment on the relevant Deferred
Interest Satisfaction Date by giving notice, not less than 16 Business Days
prior to the Deferred Interest Satisfaction Date, to the Trustee and the
holders of Capital Securities that it will satisfy such payment on such date.

 

(ii)        The
Company shall not satisfy such payment on the relevant Deferred Interest
Satisfaction Date referred to above, if:

 

(A)          it
has previously elected to satisfy such payment earlier (provided that, at the
time of satisfying such payment, the relevant Required Deferral Condition fails
to be met) by delivering a notice to the Trustee and the holders of Capital
Securities not less than 16 Business Days prior to the relevant Deferred
Interest Satisfaction Date that the Company will satisfy such payment on such
date; or

 

8

 

(B)           the
Company validly elects to use its right to optionally defer any such payment
that would otherwise have been required to be paid on such Deferred Interest
Satisfaction Date pursuant to Section 2.4(f).

 

(iii)       The
Company may only satisfy its obligation to pay a Mandatorily Deferred Payment
in accordance with the Alternative Interest Satisfaction Mechanism. A
Mandatorily Deferred Payment shall not accrue interest, except as provided in Article 4.

 

(e)           Required Deferral of Payments After the Company Becomes Subject to
Capital Adequacy Regulations.

 

(i)            Except
as required by Section 2.5, if, after such date as the Company becomes
subject to Capital Adequacy Regulations, on the 20th Business Day prior to the
date on which any payment (not including principal) would otherwise be due and
payable, the Company determines that it is subject to a Regulatory Event or
that payment of the relevant payment or part thereof would result in it
becoming subject to a Regulatory Event, the Company shall defer such payment or
such part thereof, as the case may be, by giving a Deferral Notice to the
Trustee and the holders of Capital Securities. A Deferral Notice must be given
not less than 16 Business Days prior to the payment due date.

 

If, after the Company defers
a payment for this reason, the relevant Required Deferral Condition is no
longer met on the 20th Business Day preceding any subsequent Interest Payment
Date, then it shall satisfy such payment on the relevant Deferred Interest
Satisfaction Date by giving notice, not less than 16 Business Days prior to the
Deferred Interest Satisfaction Date, to the Trustee and the holders of Capital
Securities that it will satisfy such payment on such date.

 

(ii)           The
Company shall not satisfy such payment on the relevant Deferred Interest
Satisfaction Date referred to above, if:

 

(A)          the
Company has previously elected to satisfy such payment earlier (provided that,
at the time of satisfying such payment, the relevant Required Deferral
Condition fails to be met) by delivering a notice to the Trustee and the
holders of Capital Securities not less than 16 Business Days prior to the
relevant Deferred Interest Satisfaction Date that it will satisfy such payment
on such date; or

 

(B)           the
Company validly elects to use its right to optionally defer any such payment
that would otherwise have been required to be paid on such Deferred Interest
Satisfaction Date pursuant to Section 2.4(h).

 

(iii)          The
Company may only satisfy its obligations to pay a Mandatorily Deferred Payment
in accordance with the Alternative Interest Satisfaction Mechanism. A
Mandatorily Deferred Payment shall not accrue interest, except as provided in Article 4.

 

(f)            Optionally Deferred Payment.

 

(i)            Subject
to the conditions contained in Section 2.5 below, the Company may at any
time in its sole discretion and for any reason defer all or part of any Payment
that would in the absence of deferral be due and payable by giving a Deferral
Notice to the Trustee and the holders of Capital Securities not less than 16
Business Days prior to the relevant due date. The Company shall then, subject
to the absence of a Required Deferral Condition, satisfy any such Optionally

 

9

 

Deferred Payment at any time by means of an issuance of Common Shares
in accordance with the Alternative Interest Satisfaction Mechanism, upon
delivery of a notice to the Trustee and the holders of Capital Securities, not
less than 16 Business Days prior to the relevant Deferred Interest Satisfaction
Date, informing them of the Company’s election to so satisfy such payment and
specifying the relevant Deferred Interest Satisfaction Date.

 

(ii)           Optionally
Deferred Payments will bear interest at the Interest Rate from (and including)
the date on which, but for such deferral, the Optionally Deferred Payment would
otherwise have been due to be made to (but excluding) the relevant Deferred
Interest Satisfaction Date.

 

(iii)          Except
in the case of a Mandatory Payment Event or a Mandatory Partial Payment Event,
the Company may satisfy any Optionally Deferred Payment at any time; provided,
however, any such Payment shall be satisfied by delivering a notice in
accordance with Section 4.2 not less than 16 Business Days prior to the
relevant Deferred Interest Satisfaction Date informing of the Company’s
election to so satisfy such Payment and specifying the relevant Deferred
Interest Satisfaction Date.

 

(g)           Conditions of Payment.

 

(i)            Before
the Company becomes subject to Capital Adequacy Regulations, any Payment
relating to the Capital Securities (or use of the proceeds of the issue of
Common Shares in accordance with the Alternative Interest Satisfaction
Mechanism described herein) shall be made only if the Company is Solvent at the
time of payment (or at the time of using the proceeds of the issue of such
Common Shares). The Company shall make no Payment relating to the Capital
Securities (nor use any proceeds of the issue of Common Shares in accordance
with the Alternative Interest Satisfaction Mechanism) unless the Company would
still be Solvent immediately after such Payment (or use of the proceeds of such
Common Shares). The Company’s redemption or purchase of the Capital Securities
constitutes a payment that is subject to this condition.

 

(ii)           After
the Company becomes subject to Capital Adequacy Regulations, any Payment
relating to the Capital Securities (or use of the proceeds of the issue of
Common Shares in accordance with the Alternative Interest Satisfaction
Mechanism) shall be made only if the Company is not subject to a Regulatory
Event at the time of payment (or at the time of using the proceeds of the issue
of such Common Shares). The Company shall make no Payment relating to the
Capital Securities (nor use any proceeds of the issue of Common Shares in
accordance with the Alternative Interest Satisfaction Mechanism) unless it is
not subject to a Regulatory Event and could make the Payment (or use of the
proceeds of such Common Shares) and still not be subject to a Regulatory Event
thereafter. The Company’s redemption or purchase of the Capital Securities
constitutes a payment that is subject to this condition.

 

(iii)          Winding-Up
Claim

 

A Winding-Up Claim shall be
payable by the Company in its winding-up (faillissement
or vereffening na ontbinding) as
provided in Section 10.1.

 

(iv)                              Set-Off

 

By purchasing Capital
Securities the holders of Capital Securities and the Trustee will be deemed to
have waived any right of set off, counterclaim or combination of accounts with

 

10

 

respect to the Capital
Securities or the Indenture (or between the Company’s obligations regarding the
Capital Securities and any liability owed by a holder or the Trustee to the
Company) that the holders of Capital Securities or the Trustee might otherwise have
against the Company. Each holder will, by virtue of holding any Capital
Security, be deemed to have waived all such rights of set-off.

 

(h)           Deferral Notice.

 

The Company shall give a
Deferral Notice in the case of a Required Deferral Condition and may give a
Deferral Notice, in its sole discretion and for any reason, in the case of an
Optionally Deferred Payment, except that any such Deferral Notice as to a
payment required to be paid pursuant to a Mandatory Payment Event or Mandatory
Partial Payment Event pursuant to Section 2.5(a) below shall have no
force or effect.

 

2.5                               Mandatory
Payment Events; Mandatory Partial Payment Events

 

The Company shall make
payments on the Capital Securities in the following circumstances:

 

(a)           If a
Mandatory Payment Event or Mandatory Partial Payment Event occurs then all
Mandatorily Deferred Payments and Optionally Deferred Payments shall become
mandatorily due and payable in full on the date of the event, notwithstanding
any further Deferral Notice or an occurrence or continuance of a Required
Deferral Condition.  Notwithstanding any
provision to the contrary herein, the Company shall only satisfy its
obligations to pay such Mandatorily Deferred Payments and Optionally Deferred
Payments in accordance with the provisions of the Alternative Interest
Satisfaction Mechanism.  The Company
shall promptly notify the Trustee of the occurrence of any Mandatory Payment
Event or Mandatory Partial Payment Event.

 

(b)           If a
Mandatory Payment Event occurs, then the Interest Payments payable on the next
four consecutive Interest Payment Dates, the next two consecutive Interest
Payment Dates or the next Interest Payment Date, as the case may be, following
the Mandatory Payment Event, depending on whether the Junior Security, the
Parity Security or the security benefiting from a Junior Guarantee or a Parity
Guarantee pays dividends or income distributions on an annual basis, a
semi-annual basis or a quarterly basis, as the case may be, shall be
mandatorily due and payable in full on the relevant Interest Payment Dates. The
Company may, but shall not be required, to satisfy its obligation to make the
Interest Payment payable on such Interest Payment Date in accordance with the
Alternative Interest Satisfaction Mechanism.

 

A Mandatory
Payment Event occurs if:

 

(i)            the
Company declares, pays or distributes a dividend or makes a payment (other than
a dividend in the form of Common Shares) on any of its Junior Securities or
makes a payment on a Junior Guarantee;

 

(ii)           any
of the Company’s subsidiaries or Undertakings, declares, pays or distributes a
dividend on any security issued by it benefiting from a Junior Guarantee or
makes a payment (other than a dividend in the form of Common Shares) on any
security issued by it benefiting from a Junior Guarantee;

 

(iii)          the
Company or any of its subsidiaries or Undertakings redeems, purchases or
otherwise acquires for any consideration any of the Company’s Junior
Securities, Parity Securities

 

11

 

or securities issued by any of its subsidiaries or Undertakings
benefiting from a Junior Guarantee or Parity Guarantee, other than:

 

(A)          by
conversion into or in exchange for its Common Shares;

 

(B)           in
connection with transactions effected by or for the account of its customers or
customers of any of its subsidiaries or in connection with the distribution,
trading or market making activities in respect of those securities;

 

(C)           in
connection with its satisfaction of the Company’s, or the satisfaction by any
of its subsidiaries of the Company’s, obligations under any of the Company’s
employee benefit plans or similar arrangements with or for the benefit of
employees, officers, directors or consultants of the Company;

 

(D)          as a
result of a reclassification of the Company or any of its subsidiaries or the
exchange or conversion of one class or series of capital stock for another
class or series of capital stock;

 

(E)           the
purchase of fractional interests in shares of the Company’s capital stock or
the capital stock of any of its subsidiaries pursuant to the conversion or
exchange provisions of that capital stock (or the security being converted or
exchanged); or

 

(F)           any
moneys are paid to or made available for a sinking fund or for redemption of
any Junior Securities, Parity Securities or any securities issued by any of its
subsidiaries or Undertakings benefiting from a Junior Guarantee or Parity
Guarantee;

 

in all such cases described in (A) through (F) above, except
where it concerns a payment, purchase or redemption that the Company is obliged
to make pursuant to its Articles of Association as they read prior to the
relevant deferral or equity swap, forward, repo or equity derivative
transactions it concludes prior to the relevant deferral.

 

(c)           If a
Mandatory Partial Payment Event occurs, then Mandatory Partial Payments shall
be mandatorily due and payable in respect of each Capital Security. Such
Mandatory Partial Payments will be payable on the next four consecutive
Interest Payment Dates, the next two consecutive Interest Payment Dates or the
next Interest Payment Date, as the case may be, after the occurrence of such
Mandatory Partial Payment Event, depending on whether the Parity Securities pay
dividends or income distributions on an annual basis, a semi-annual basis or a
quarterly basis, as the case may be. The Company may, but will not be required
to, satisfy its obligation to pay any Mandatory Partial Payments in accordance
with the Alternative Interest Satisfaction Mechanism.

 

A Mandatory
Partial Payment Event occurs if:

 

(i)            the
Company declares, pays or distributes a dividend or makes a payment on any of
its Parity Securities or makes any payment on any of its Parity Guarantees
(except where it concerns a payment, purchase or redemption that the Company is
obliged to make pursuant to its Articles of Association as they read prior to
the relevant deferral or

 

12

 

equity swap, forward, repo or equity derivative transactions concluded
by the Company prior to the relevant deferral); or

 

(ii)           any
of its subsidiaries or Undertakings declares, pays or distributes a dividend on
any security issued by it benefiting from a Parity Guarantee or makes a payment
on any security issued by it benefiting from a Parity Guarantee.

 

3.                                      REDEMPTION AND PURCHASES

 

3.1                               General

 

Any redemption made in
accordance with this Article 3 shall be made in accordance with Section 1102
and Sections 1104 through Section 1106 of the Base Indenture.

 

3.2                               Optional
Redemption

 

Subject to Section 2.4(g), the Company may redeem the Capital
Securities in whole (but not in part) at its option, on June 15, 2015, or
on any Interest Payment Date thereafter at their aggregate principal amount
together with Outstanding Payments due through the date of redemption, the Base Redemption Price.  The Capital Securities are not redeemable at
the option of the holder of a Capital Security at any time.

 

3.3                               Redemption
for Tax Reasons

 

(a)           The
Company may, by giving notice of redemption, redeem in whole (but not in part)
the Capital Securities at their Base Redemption Price if a Tax Event occurs. A Tax Event will occur if the Company determines that
immediately prior to the giving of the notice referred to below, on the next
Interest Payment Date any of the following would occur or be occurring.

 

(i)            The Company would, for
reasons outside its control, be unable to make such payment without being
required to pay Additional Amounts and the Company cannot avoid the requirement
or circumstance by taking measures as it (acting in good faith) deems
appropriate.

 

(ii)           Payments of amounts in
respect of interest on the Capital Securities, including, for the avoidance of
doubt, the issue of Common Shares pursuant to the Alternative Interest
Satisfaction Mechanism, may be treated as “distributions” within the meaning of
Section II of the Dividend Withholding Tax Act 1965 (Wet op de
dividendbelasting 1965; or such other provision as may from time to
time supersede or replace Section II of the Dividend Withholding Tax Act
1965 for the purposes of such definition) and the Company cannot avoid the
requirement or circumstance by taking such measures as it (acting in good
faith) deems appropriate.

 

(iii)          As a result of any proposed
change or amendment to the laws of the Netherlands, or any proposed change in
the application of official or generally published interpretation of such laws,
or any interpretation or pronouncement by any relevant tax authority that
provides for a position with respect to such law or regulations that differs
from the previously generally accepted position in relation to similar
transactions or which differs from any specific written confirmation given by a
tax authority in respect of the Capital Securities, which change or amendment
becomes, or would become, effective, or in the

 

13

 

case of a change or proposed change in law if such change is enacted
(or, in the case of a proposed change, is expected to be enacted) by Act of
Parliament or made by Statutory Instrument on or after May 25, 2005, there
is more than an insubstantial risk that the Company will not obtain
substantially full relief for the purposes of Dutch corporation tax for any
payment of interest including, for the avoidance of doubt, where the payment of
interest is to be satisfied by the issue of Common Shares pursuant to the
Alternative Interest Satisfaction Mechanism and it cannot avoid this risk by
taking such measures as it (acting in good faith) deems appropriate.

 

(b)           Upon
the occurrence of a Tax Event, the Company is required, before it gives a
notice of redemption in accordance with Section 3.5, to deliver to the
Trustee a written legal opinion of independent Netherlands counsel of
recognized standing, selected by the Company, in a form satisfactory to the
Trustee confirming that such Tax Event has occurred. The Trustee will accept
such opinion as sufficient evidence of the conditions set out above, in which
event it will be conclusive and binding on the holders of Capital Securities.

 

3.4          Redemption
or Conversion for Regulatory Reasons

 

If, at any time after the
Company becomes subject to Capital Adequacy Regulations, the relevant regulator
has determined that securities of the nature of the Capital Securities cannot
qualify as “own funds” or “core capital” (Tier 1 capital or equivalent) for the
purposes of determination of such Capital Adequacy Regulations, then:

 

(a)           the
Company may at any time, by giving notice of redemption, redeem in whole (but
not in part) the Capital Securities at their Base Redemption Price; or

 

(b)           subject
to compliance with applicable regulatory requirements, the Company may at any
time convert or exchange the Capital Securities in whole (but not in part) to
another series of its capital securities having materially the same terms as
the Capital Securities and which are no less
favorable to the holders than the current terms of the
Capital Securities. Any conversion of the Capital Securities into another
series of capital securities as described herein will be made on not less than
30 nor more than 60 days’ notice before the applicable conversion date to the
holders of the Capital Securities and the Trustee. The Company is permitted to
satisfy its obligation to pay any Mandatorily Deferred Payment or Optionally
Deferred Payment due upon conversion only in accordance with the Alternative
Interest Satisfaction Mechanism pursuant to Article 4.

 

3.5          Notice of Redemption

 

Before the Company may
redeem the Capital Securities, it must give not less than 30 nor more than 60
days’ notice before the applicable redemption date to the Trustee and holders
thereof. Any notice of redemption is irrevocable and must be given in
accordance with Sections 1102 and 1104 of the Base Indenture.  If the redemption price in respect of any of
the Capital Securities is improperly withheld or refused and is not paid by the
Company, interest on the Capital Securities will continue to be payable until
the redemption price is actually paid.

 

14

 

3.6          Purchases

 

The Company may purchase on
the open market at any time Capital Securities in any manner and at any price.
Purchased Securities may be held, resold or, at its option, cancelled, as
provided in Section 3.6.

 

3.7          Cancellation

 

Cancellation of any Capital
Securities so redeemed by the Company will be effected by reducing the
principal amount of the Global Securities, and any Capital Securities so
cancelled may not be reissued or resold and the Company’s obligations in
respect of any such cancelled Capital Securities will be discharged.

 

4.             ALTERNATIVE INTEREST SATISFACTION MECHANISM

 

4.1          General

 

The Company shall satisfy
any Mandatorily Deferred Payments and any Optionally Deferred Payments (with
any interest accrued thereon, as applicable) using proceeds raised by the Alternative Interest Satisfaction Mechanism.  In addition, the Company may elect at any
time to satisfy its obligation to make any Payment (other than Deferred
Payments and a payment of principal) to holders of Capital Securities by using
the Alternative Interest Satisfaction Mechanism.

 

4.2          Notice
of Exercise of Alternative Interest Satisfaction Mechanism

 

If the Company uses the
Alternative Interest Satisfaction Mechanism, it will notify the Trustee not
less than 16 Business Days prior to the relevant Interest Payment Date.

 

4.3          Issue of Common Shares

 

If the Company satisfies any
Payment in accordance with the Alternative Interest Satisfaction Mechanism
then, subject to the conditions in Sections 4.5 and 4.6, the following shall
occur.

 

(a)           By
close of business on or before the seventh Business Day prior to the relevant
Interest Payment Date or Deferred Interest Satisfaction Date the Company shall
have authorized for issue such number of Common Shares as, in its
determination, have a market value (after conversion from euro into U.S.
dollars, if applicable) of not less than the relevant Payment to be satisfied.

 

(b)           The
Company shall procure purchasers for such Common Shares as soon as possible
after the above mentioned authorization for the issue of Common Shares, but not
later than the fourth Business Day prior to the Relevant Date.

 

(c)           If,
after the operation of the above procedures, there would, in the Company’s
opinion, be a shortfall on the date on which the relevant Payment is due, the
Company shall issue further Common Shares in accordance with the provisions of
this Indenture to ensure that a sum at least equal to the relevant Payment is
available to make the Payment in full on the relevant due date, provided that
if, despite these efforts, such a shortfall exists on the relevant due date the
Company shall continue to issue Common Shares until the Trustee shall have
received funds equal to the full amount of such shortfall.

 

15

 

4.4          Receipt
of Cash Proceeds in Respect of Issue of Common Shares to be Used to Satisfy
Payment

 

If the Company elects or if
it is required to make a Payment hereunder by using the proceeds of an issue of
Common Shares, and, in accordance with its obligations, the Company issues such
Common Shares under this Indenture, the Company shall sell such Common Shares
in the market. Subject to Section 2.4(g), the cash proceeds the Company
receives on the sale of the Common Shares in the market will be used to satisfy
the relevant Payment or, as the case may be, the relevant part of such Payment.
The Company will transfer the cash proceeds (or such amount of cash proceeds as
is necessary (after conversion from euro to U.S. dollars) to make the relevant
Payment) to the Paying Agent on the Business Day preceding the relevant payment
date for payment by the Paying Agent, on the relevant payment date, towards the
relevant Payments to be satisfied.  The
Paying Agent shall pay to the holders of Capital Securities the proceeds of the
sale of Common Shares in respect of the relevant Payment.

 

4.5          Reservation
and Insufficiency of Common Shares

 

(a)           The Company shall keep
available for issue enough Common Shares as it reasonably considers would be
required to satisfy from time to time the next year’s scheduled Interest
Payments and any Mandatorily Deferred Payments or Optionally Deferred Payments.
No damages will be payable for breach of this covenant but, if the Company
breaches this requirement, the Trustee may require that the Company holds, as
soon as practicable, an extraordinary general meeting of its shareholders at
which the Company shall seek a resolution to remedy the breach. The Trustee is
not obligated to monitor the Company’s compliance with this Section 4.5(a) and
is entitled to assume, unless a Responsible Officer of the Trustee has actual
knowledge to the contrary, that the Company is complying with its obligations
under this Section 4.5(a).

 

(b)

 

(i)            If
the Company is to satisfy a Payment pursuant to the Alternative Interest
Satisfaction Mechanism and it does not, on the date when the number of Common
Shares required to be issued is determined, have a sufficient number of Common
Shares available for issue, then it shall promptly notify the Trustee and the
holders of Capital Securities that all or part, as the case may be, of the
relevant Payment cannot be so satisfied due to the insufficient number of
authorized Common Shares.

 

(ii)           Upon
the occurrence of the circumstances contemplated in Section 4.5(b)(i), the
Payment or part thereof shall be satisfied following the date of the next
annual general meeting or extraordinary general meeting of the Company’s
shareholders at which a resolution is passed making a sufficient number of
Common Shares available to satisfy all or such part of the relevant Payment.

 

(iii)          However,
if the number of Common Shares authorized to be issued at any such meeting
contemplated by Section 4.5(b)(ii) is insufficient to satisfy all or
such part of the relevant Payment then the Company will apply the proceeds of
those Common Shares so issued in partial satisfaction of all or such part of
the relevant Payment.

 

(c)           Following
the passage of any such resolution, the Company shall notify the Trustee and
the holders of Capital Securities of the date upon which the relevant Payment
or, as the case may be, the part thereof is to be made on not less than 16
Business Days’ notice and the Trustee shall

 

16

 

provide notice to the Company of the amount of Accrued Interest
Payments, if any, payable in connection with such Payment.

 

(d)           The
relevant Payment or part thereof that is not so satisfied will, unless it is a
Mandatorily Deferred Payment that had been deferred as provided in Sections 2.4(d) or
2.4(e) and has not subsequently been satisfied or deferred in accordance
with an optional deferral as provided in Section 2.4(f), continue to
accrue interest from (and including) the date on which Payment would otherwise
have been due to (but excluding) the date on which such Payment or part thereof
is satisfied or, in the event of a Market Disruption Event, the date on which
such Payment or part thereof would, but for the occurrence of such Market
Disruption Event, have been satisfied (from which date interest (if any) will
accrue on such Payment in accordance with Section 4.6) at the Interest
Rate.

 

(e)           If,
in the case of an insufficiency of Common Shares, the Company does not hold an
annual general meeting within six months of giving the notice set forth in Section 4.5(b)(i),
at which a resolution to make a sufficient number of Common Shares so available
is proposed, the Trustee will by notice require the Company to convene an
extraordinary general meeting at which such a resolution will be proposed, on a
date falling within 10 weeks of such notice from the Trustee.

 

(f)                                    In
the event that any such resolution proposed at any such annual general meeting
or extraordinary general meeting is rejected, such resolution will be proposed
at each annual general meeting or any extraordinary general meeting thereafter
until such time as such resolution has been passed by the Company’s
shareholders.

 

4.6          Market Disruption

 

(a)           Notwithstanding
the provisions of Section 4.3 if, in the Company’s opinion, a Market
Disruption Event exists on or after the 15th Business Day preceding any date
upon which a payment or part thereof is due to be made or satisfied using the
Alternative Interest Satisfaction Mechanism, then the Company may give notice
to the Trustee and the holders of Capital Securities as soon as possible after
the Market Disruption Event has arisen or occurred, whereupon the relevant
payment will be deferred until such time as, in the Company’s opinion, the
Market Disruption Event no longer exists.

 

(b)           Any
such deferred payment or part thereof will be satisfied as soon as practicable
after the Market Disruption Event no longer exists. The Company shall notify
the Trustee of the date on which such deferred Payment or part thereof will be
satisfied and the Trustee shall provide notice to the Company of the amount of
any Accrued Interest Payments, if any, payable in connection with such deferred
payment.  The Company shall then notify
the Paying Agent and the holders of Capital Securities in accordance with Section 106
of the Base Indenture of the date on which such deferred payment or part
thereof will be satisfied and the amount of any Accrued Interest Payments, if
any, payable in connection with such deferred payment.

 

(c)           Except
as provided in the next sentence, interest will not accrue on such deferred payment
or part thereof, however, during a Market Disruption Event. If the Company does
not make the relevant payment or part thereof for a period of 14 days or more
after its due date, even if the Market Disruption Event is continuing, interest
will accrue on such deferred payment or part thereof from (and including) the
date on which the relevant payment or part thereof was due to be made to (but
excluding) the date on which such payment or part thereof is made. Any such

 

17

 

interest shall accrue at the Interest Rate and shall
be satisfied only in accordance with the Alternative Interest Satisfaction
Mechanism  pursuant to this Article 4
and as soon as reasonably practicable after the relevant deferred payment is
made. No liability will attach to the Trustee or its agents if, as a result of
a Market Disruption Event or any other event outside the control of the Trustee
or any such agent, the Trustee or any such agent is unable to comply with its
duties in connection with any payment made pursuant to the Alternative Interest
Satisfaction Mechanism.

 

4.7                               Certification
to Trustee

 

The Company shall certify to
the Trustee that the proceeds used to make any Mandatorily Deferred Payments or
Optionally Deferred Payments have been funded through the issue of Common
Shares that will provide the cash amount due in respect of the Mandatorily
Deferred Payments or Optionally Deferred Payments.

 

5.                                      REMEDIES

 

5.1                               Defaults;
Collection of Indebtedness and Suits for Enforcement by Trustee

 

(a)                                  Payment Default, whenever used herein with respect to the Capital Securities, means
solely the following event (regardless of the reason for the Payment Default
and whether it is voluntary, involuntary or is effected by operation of law
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

 

the Company fails to pay or set aside for payment the amount due to
satisfy any payment on the Capital Securities when due, and such failure
continues for 14 days; provided that a Payment Event shall not constitute a
Payment Default.

 

(b)                                 If a
Payment Default occurs and is continuing with respect to the Capital
Securities, the Trustee may pursue all legal remedies available to it including
judicial proceedings in the Netherlands (but not elsewhere) for the collection
of the sums due and unpaid or its winding-up (faillissement
or vereffening na ontbinding),
but the Trustee may not declare the principal amount of any outstanding Capital
Security to be due and payable.

 

(c)                                  A Payment Event (and not a Payment Default)
shall occur if at the end of the 14-day period set forth in Section 5.1(a) the
Company fails to make such payment as a result of the existence of a Required
Deferral Condition.

 

If a Payment Event occurs
and is continuing, the Trustee may institute winding-up proceedings (faillissement or vereffening na ontbinding) exclusively in
the Netherlands, but may not pursue any other legal remedy, including a
judicial proceeding for the collection of the sums due and unpaid.

 

(d)                                 In
the case of a Mandatory Payment Event or Mandatory Partial Payment Event,
requiring payment of Interest on a succeeding Interest Payment Date, if the
Company fails to make such mandatory payment of Interest as a result of:

 

(i)                                     the
existence of a Required Deferral Condition; or

 

(ii)                                  a
deferral of an Interest Payment as permitted under the terms of the Indenture,

 

18

 

the relevant Interest
Payment due on the Capital Securities shall constitute an Outstanding Payment
and will accumulate with any other Outstanding Payments until paid and will
constitute neither a Payment Default nor a Payment Event.

 

(e)                                  Subject
to the provisions of this Section 5.1, and without prejudice to Sections
504 and 505 of the Base Indenture, the Trustee may at its discretion and
without further notice institute such proceedings against the Company as it may
think fit to enforce any term or condition binding on the Company under the Indenture,
the Capital Securities (other than for the payment of any principal or
satisfaction of any Payments in respect of the Capital Securities); provided
that the Company will not by virtue of the institution of any such proceedings
be obliged to pay any sum or sums, in cash or otherwise, sooner than it would
otherwise have been obligated to pay.

 

(f)                                    The
Trustee shall not be bound to take any of the foregoing actions against the
Company to enforce the terms of this Indenture or the Capital Securities unless
(i) it will have been so requested by an extraordinary resolution or in
writing by the holders of at least 25% in principal amount of the Capital
Securities then outstanding and (ii) it will have been offered reasonable
security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request.

 

(g)                                 Notwithstanding
the foregoing, holders of the Capital Securities have the absolute and
unconditional right to institute suit for the enforcement of any payment when
due in accordance with Section 508 of the Base Indenture and such right
may not be impaired without the consent of the holder.

 

(h)                                 Without
prejudice to Sections 504 and 505 of the Base Indenture, the Trustee is and
shall be fully authorized by each and any holder of record of a Capital
Security to commence winding-up proceedings (faillissement
or vereffening na ontbinding)
in the Netherlands.

 

(i)                                     Notwithstanding
the foregoing, the right to institute winding-up proceedings (faillissement or vereffening na ontbinding) is limited to
circumstances where payment has become due.

 

(j)                                     Sections
501, 502 and 503 of the Base Indenture shall not apply with respect to the
Capital Securities.

 

6.                                      SUBORDINATION

 

6.1                               Agreement
to Subordinate

 

The Company covenants and
agrees, and each holder of Capital Securities issued hereunder, by such holder’s
acceptance thereof, likewise covenants and agrees, that the Capital Securities
issued hereunder (i)(A) shall rank pari passu with respect to each other, (B) shall
be similarly subordinated as, and accordingly rank pari passu with, the
Existing Capital Securities and (C) shall rank pari passu with other
Parity Securities, Parity Guarantees and other debt obligations expressed to be
similarly subordinated as and, accordingly, ranking pari passu with, the
Capital Securities, such other Parity Guarantees and Parity Securities, (ii) are
and shall be subordinated (achtergesteld),
and accordingly be subject in right of payment to prior payment in full upon
liquidation, moratorium of payments or bankruptcy of the Company, to the claims
of Senior Creditors, present and future, and (iii) shall rank in priority
to any Junior Securities and Junior Guarantees.

 

19

 

6.2                               Section 1401
of the Base Indenture

 

With respect to the Capital
Securities, the provisions of Section 6.1 replace in their entirety Section 1402
of the Base Indenture. In addition, with respect to the Capital Securities, Section 1402
through Section 1416 of Article Fourteen of the Base Indenture is
hereby amended by replacing the term “Senior Debt” as used in such sections
with the term “Senior Debt” as defined in this Second Supplemental Indenture.

 

7.                                      COVENANTS
OF THE COMPANY

 

7.1                               Mandatory
Interest Payments

 

Subject to the existence of
a Required Deferral Condition, the Company agrees that it will not defer any
payment required to be paid as a result of a Mandatory Payment Event or
Mandatory Partial Payment Event (as contemplated by Section 2.5(a) only)
on the Capital Securities.

 

7.2                               Sufficiency
of Shares

 

(a)                                  The
Company agrees to keep available for issue enough Common Shares as it
reasonably considers would be required to satisfy from time to time the next
year’s scheduled Interest Payments and any Mandatorily Deferred Payments or
Optionally Deferred Payments. No damages will be payable for breach of this
covenant but, if the Company breaches this requirement, the Trustee may require
that the Company holds, as soon as practicable, an extraordinary general
meeting of its shareholders at which the Company shall seek a resolution to
remedy the breach.

 

(b)                                 The
Trustee is not obligated to monitor the Company’s compliance with this Section 4.5(a) and
is entitled to assume, unless a Responsible Officer of the Trustee has actual
knowledge to the contrary, that the Company is complying with its obligations
under this Section 4.5(a).

 

7.3                               Payment
of Proceeds from Sale of Common Shares in Connection with the Alternative
Interest Satisfaction Mechanism

 

The Company agrees that
immediately on receipt of the proceeds of the sale of Common Shares in
connection with the Alternative Interest Satisfaction Mechanism, it shall pay
proceeds from the sale of such Common Shares to the Paying Agent, either in
Euros or converted into U.S. dollars, in such amount as shall enable the Paying
Agent to make the relevant Payment in full on the relevant Interest Payment
Date or Deferred Interest Satisfaction Date.

 

7.4                               Listing

 

The Company will use
reasonable efforts to maintain the listing of the Capital Securities on the
stock exchange on which they were listed on or about the Issue Date or, if it
is unable to do so having used such efforts or if the maintenance of any such
listing is agreed by the Trustee to be unduly burdensome, use all reasonable
efforts to obtain and maintain a quotation or listing of Capital Securities on
such other stock exchange or exchanges or securities market or markets as the
Company may (with the prior written approval of the Trustee) decide so that the
Capital Securities are listed on at least one stock exchange or securities
market.

 

20

 

7.5                               Officer’s
Certificate on Deferral

 

If the Company elects or is
obliged to defer any Payment in accordance with Section 2.4, it shall
deliver to the Trustee, no later than the sixteenth Business Day prior to the
relevant Interest Payment Date, an Officer’s Certificate, certifying that the
Required Deferral Condition was met on the 20th Business Day prior to the
relevant Interest Payment Date and if the Company shall elect to satisfy a
deferred Interest Payment on an earlier date than the Interest Payment Date
following that on which the Required Deferral Condition fails to be met,
deliver to the Trustee not later than the sixteenth Business Day prior to
making such payment an Officer’s Certificate certifying that the Required
Deferral Condition was no longer, on a date no more than 16 Business Days prior
to the delivery of such certificate, met.

 

7.6                               Officer’s
Certificate on Market Disruption Event

 

If, in the opinion of the
Company, there exists a Market Disruption Event as a consequence of which a
Payment may be deferred under Section 4.6, it shall deliver to the Trustee
within two Business Days of such Market Disruption Event having arisen or the
Company having become aware of the same, an Officer’s Certificate specifying
the details of such Market Disruption Event.

 

8.                                      FORM OF
CAPITAL SECURITIES

 

8.1                               Form of
Capital Securities

 

The Capital Securities shall
be substantially in the form of Schedule 1 hereto. Schedule 1 hereto
is hereby incorporated into and expressly made a part of this Second
Supplemental Indenture.

 

9.                                      ORIGINAL
ISSUE OF CAPITAL SECURITIES

 

9.1                               Original
Issue of Capital Securities

 

Capital Securities in the
initial aggregate principal amount of up to $1,000,000,000 may, upon execution
of this Second Supplemental Indenture, be executed by the Company and delivered
to the Trustee for authentication, and the Trustee shall thereupon authenticate
and deliver such Capital Securities to or upon the written order of the
Company, in accordance with Section 303 of the Base Indenture.

 

There is no limit on the
amount of Capital Securities which may be issued subsequent to this Second
Supplemental Indenture.

 

10.                               WINDING
UP

 

10.1                        Winding
Up

 

If at any time an order is
made, or an effective resolution is passed, for the Company’s winding-up (faillissement or vereffening na ontbinding) (except in any
such case a solvent winding-up solely for the purpose of a reconstruction,
amalgamation or the substitution of a successor in business, the terms of which
reconstruction, amalgamation or substitution have previously been approved in
writing by the Trustee or by an extraordinary resolution of the Company’s
shareholders), the Company will pay the holders of Capital Securities in
respect of each Capital Security (in lieu of any other payment by the Company)
a winding-up amount. The Capital Securities will rank on the Company’s
winding-up (faillissement or vereffening na ontbinding) in priority to
distributions on Junior Securities, Junior Guarantees and all classes of the
Company’s share capital and will rank equally with each other and

 

21

 

among themselves and will
rank equally with any Parity Securities and Parity Guarantees, including the
Company’s Existing Capital Securities, then outstanding, but will be
subordinated in right of payment to the prior payment in full of the claims of
the Company’s Senior Creditors, present and future.

 

11.                               SATISFACTION
AND DISCHARGE

 

11.1                        Satisfaction
and Discharge

 

The Company covenants and
agrees, and each holder of Capital Securities issued hereunder, by such holder’s
acceptance thereof, likewise covenants and agrees, that all Capital Securities
shall be issued as Securities subject to the provisions of Article 4 of
the Base Indenture.

 

12.                               TAXATION;
ADDITIONAL AMOUNTS

 

12.1                        General

 

Any amounts to be paid by
the Company on the Capital Securities (including principal, Interest Amounts,
Mandatorily Deferred Payments or Optionally Deferred Payments, Mandatory
Partial Payments, Accrued Interest Payments and Winding-Up Claims) shall be
made without withholding of or deduction for any present or future taxes,
duties, assessments or other charges imposed by the government of the
Netherlands or the government of a jurisdiction in which a successor to the
Company is organized, unless the withholding or deduction of such taxes,
duties, assessments or charges is required by law. In that event, the Company
will pay such additional amounts (Additional
Amounts), as may be necessary in order that the net amounts received
by holders of Capital Securities after such withholding or deduction equal the
respective amounts of principal and interest which would have been received in
respect of the Capital Securities in the absence of such withholding or
deduction, except that no such Additional Amounts shall be payable in relation
to any payment with respect to any Capital Security:

 

(a)                                  to,
or to a third party on behalf of, a holder who is liable to such taxes, duties,
assessments or governmental charges in respect of such Capital Security by
reason of such holder having some connection with the Netherlands other than
the mere holding of such Capital Security; or

 

(b)                                 to,
or to a third party on behalf of, a holder, if such withholding or deduction
may be avoided by complying with any statutory requirement or by making a
declaration of non-residence or other similar claim for exemption to the
relevant tax authority; or

 

(c)                                  to,
or to a third party on behalf of, a holder, that is a partnership, or a holder,
that is not the sole beneficial owner of the Capital Security or which holds
the Capital Security in a fiduciary capacity, to the extent that any of the
members of the partnership, the beneficial owner or the settler or beneficiary
with respect to the fiduciary would not have been entitled to the payment of an
Additional Amount had each of the members of the partnership, the beneficial
owner, settler or beneficiary, as the case may be, received directly his
beneficial or distributive share of the payment; or

 

(d)                                 presented
for payment (where presentation is required) more than 30 days after the
Relevant Date except to the extent that the holder would have been entitled to
such Additional Amounts on presenting the same for payment on the last day of
such period of 30 days; or

 

22

 

(e)                                  where
such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to the European Union Council Directive of June 3,
2003 on the taxation of savings income, implementing the conclusions of the
ECOFIN Council meeting of November 26-27, 2000 or any law implementing or
complying with, or introduced in order to confirm to such Directive, or similar
measures adopted by a number of third countries and territories.

 

In the event that any
payment is satisfied through the Alternative Interest Satisfaction Mechanism,
then any Additional Amounts that are payable must also be satisfied through the
issue of Common Shares.

 

References herein to
principal, Interest Amounts, Mandatorily deferred Payments, Optionally Deferred
Payments, Mandatory Partial Payments or Accrued Interest Payments shall be
deemed to include any Additional Amounts that may be payable, if applicable.

 

12.2                        Section 1006
of the Base Indenture

 

The provisions of Section 1006
of the Base Indenture are hereby replaced by Section 12.1 hereof and shall
not apply with respect to the Capital Securities.

 

13.                               MISCELLANEOUS

 

13.1                        Issuance
of Definitive Securities

 

(a)                                  So
long as DTC holds the Global Securities, the Global Securities will not be
exchangeable for definitive Securities unless: (i) DTC notifies the
Trustee that it is unwilling or unable to continue to hold the book-entry
Capital Securities or DTC ceases to be a clearing agency registered under the
Exchange Act and the Trustee does not appoint a successor to DTC which is
registered under the Exchange Act within 120 days; (ii) a Payment Default
has occurred and is continuing; (iii) a Payment Event has occurred; (iv) in
the event of the Company’s winding up (faillissement
or vereffening na ontbinding)
it fails to make a payment on the Capital Securities when due; or (v) at
any time following a determination by the Company in its sole discretion that
the Global Securities of a particular series should be exchanged for definitive
Securities of that series in registered form.

 

(b)                                 Each
person having an ownership or other interest in the Capital Securities must
rely exclusively on the rules and procedures of DTC or any participant
therein, as the case may be, and any agreement with any participant of DTC or
any participant therein, as the case may be, or any other securities
intermediary through which that person holds its interest to receive or direct
the delivery of possession of any definitive security.

 

(c)                                  Any
definitive Securities will be issued in registered form only in denominations
of $25.00 and any integral multiples thereof and shall be substantially in the
form of the Global Security included as Exhibit 1 hereto with such
insertions, omissions, substitutions and other variations as appropriate for
definitive Securities as evidenced by the execution of such securities. To the
extent permitted by law, the Company and the Trustee are entitled to treat the
person in whose name any definitive Security is registered as its absolute
owner.

 

(d)                                 Payments
in respect of each series of definitive Securities will be made to the person
in whose name the definitive Securities are registered as it appears in the
register for that series. Payments will be made in respect of the Capital
Securities by check drawn on a bank in New York

 

23

 

or, if the holder requests, by transfer to the
holder’s account in New York. Definitive Securities must be presented to the
Paying Agent for redemption.

 

(e)                                  If
the Company issues definitive Securities in exchange for Global Securities,
DTC, as holder of the Global Securities, will surrender it against receipt of
the definitive Securities, cancel the book-entry securities of that series and
distribute the definitive Securities of that series to the person in the
amounts that DTC specifies.

 

(f)                                    If
definitive Securities are issued in the limited circumstances as set forth
above, such Securities may be transferred in whole or in part in denominations
of any whole number of Securities upon surrender of the definitive Securities
certificates together with the form of transfer endorsed on it, duly completed
and executed at the specified office of the Trustee. If only part of a
Securities certificate is transferred, a new Securities certificate
representing the balance not transferred will be issued to the transferor.

 

13.2                        Ratification
of Base Indenture; Second Supplemental Indenture Controls

 

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

 

13.3                        Trustee
Not Responsible for Recitals

 

The recitals contained
herein are made by the Company, AEGON Funding Corp. or AEGON Funding Corp. II,
as the case may be, and not by the Trustee, and the Trustee assumes no
responsibility for the accuracy thereof. The Trustee makes no representation as
to the validity or sufficiency of this Second Supplemental Indenture or the
Capital Securities. The Trustee shall not be accountable for the use or
application by the Company of the Capital Securities or the proceeds thereof.

 

13.4                        Governing
Law

 

This Second Supplemental
Indenture and each Capital Security shall be governed by and construed in
accordance with the laws of the State of New York, except for Article 6
and Article 10, to the extent it relates to subordination, which shall be
governed by and construed in accordance with the laws of the Netherlands.

 

13.5                        Severability

 

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

 

13.6                        Counterparts

 

The parties may sign any
number of copies of this Second Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. Any
signed copy shall be sufficient proof of this Second Supplemental Indenture.

 

24

 

14.                               DEFINITION
OF OFFICERS’ CERTIFICATE AMENDED

 

The definition of “Officers’
Certificate” in Section 101 of the Base Indenture is hereby amended by
deleting the first occurrence of the word “and” from the second line of the
first sentence of the definition and replacing it with the word “or.”

 

25

 

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

 

	
   

  	
  AEGON N.V.

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AEGON FUNDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AEGON FUNDING CORP. II

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIBANK N.A., as Trustee and

  
	
   

  	
   

  	
  Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

26

SCHEDULE 1

FORM OF 6.375% PERPETUAL CAPITAL
SECURITIES

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

The rights of the holders of
the Securities are, to the extent and in the manner set forth in Section 1402
of the Base Indenture and Article 6 of the Second Supplemental Indenture,
subordinated to Senior Debt, and this Security is issued subject to the provisions
of Article 14 of the Base Indenture and Article 6 of the Second Supplemental
Indenture, and the holder of this Security, by accepting the same, agrees to
and shall be bound by such provisions. The terms of this paragraph are governed
by, and shall be construed in accordance with, the laws of the Netherlands.

AEGON N.V.

6.375% Perpetual Capital Securities

 

	
  No.
  1

  	
   

  	
   

  
	
  CUSIP
  No.:

  	
   

  	
  •

  
	
  ISIN
  No.:

  	
   

  	
  •

  
	
  COMMON
  CODE:

  	
   

  	
  •

  

 

AEGON N.V., a corporation
duly organized and existing under the laws of the Netherlands (herein called
the Company, which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & Co., or registered assigns, the
principal sum of                  ($•)
(but only at such times as set forth in the Indenture with respect to Optional
Redemption, Redemption for Tax Reasons or Redemption or Conversion for
Regulatory Reasons in Article 3 of the Second Supplemental Indenture) and to
pay interest thereon from June 1, 2005 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, quarterly in arrears
on March 15, June 15, September 15 and December 15 in each year, commencing on
September 15, 2005, and at such other times as are set forth in the Indenture
at the rate of 6.375% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the March 1, June 1, September 1 or December
1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. If interest is required to be calculated for any period
less than a year, it shall be calculated based on a 360-day year consisting of
twelve 30-day months. If any Interest Payment Date or the redemption date of
the Securities falls on a day that is not a Business Day, the Company shall
make the required payment on the next succeeding Business Day and no additional
Interest shall accrue in respect of the payment made on that next succeeding Business
Day.

Subject to the immediately
following paragraph, if applicable, any Payment on this Security which is
payable, and is paid or duly provided for, on any Interest Payment Date or on
any date on which the Company makes any Payment (including any payment of
Additional Amounts in accordance with Article 12 of the Second

 

27

Supplemental Indenture)
shall be paid in U.S. dollars to the registered holder, including through a
Paying Agent by wire-transfer of same-day funds to the holder or, at the option
of the Company, by check mailed to the address of the holder as it appears in
the Company’s Security Register. For so long as this Security is held in global
form, all payments shall be made in U.S. dollars by wire-transfer of same-day
funds.

The Company shall under
certain circumstances, and in accordance with the Indenture, defer payments of
interest on this Security. Any interest on this Security which is not paid or
duly provided for on any applicable Interest Payment Date, together with any
other payments in respect of this Security not paid on any date on which such
Payment has become due and payable or would have become due and payable except
that payment is not made as permitted by the Indenture, so long as the same
remains unpaid, shall constitute “Outstanding Payments.” Outstanding Payments
will accumulate until paid and will constitute neither a Payment Default nor a
Payment Event. Outstanding Payments on this Security, when paid, as provided
subject to the conditions in the Indenture, will be paid on the Deferred
Interest Satisfaction Date to the holder in whose name this Security is
registered at the close of business on a Special Record Date for the Payment
due on such Deferred Interest Satisfaction Date to be fixed by the Trustee,
notice of which shall be given to holders of Securities not less than 10 days
prior to such Special Record Date, or be paid in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this
Security may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

Outstanding Payments, other
than certain Accrued Interest Payments, shall not bear interest.  Certain Accrued Interest Payments will accrue
interest at the Interest Rate. The amount of interest so accrued in respect of
any Accrued Interest Payments, if any, will be satisfied as and when the
Outstanding Payments are satisfied in accordance herewith. The amount of
additional interest payable with respect to any Accrued Interest Payments, if
any, will be calculated by the Trustee in accordance with the provisions of the
Indenture.

Except in the case of a
Mandatory Payment Event or a Mandatory Partial Payment Event, the Company may
satisfy any Optionally Deferred Payment at any time on not less than 16
Business Days’ notice to the Trustee and holders in accordance with the Second
Supplemental Indenture, and any Required Deferral Interest Payment shall be
satisfied on the relevant Deferred Interest Satisfaction Date, by giving not
less than 16 Business Days’ notice to the Trustee and holders, if the Required
Deferral Condition is no longer met on the 20th Business Day preceding any
subsequent Interest Payment Date, provided that the Company has not previously
paid such amount and does not validly elect to defer such payment as an
Optionally Deferred Payment.

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth
at this place.

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

 

28

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

 

	
  AEGON
  N.V.

  
	
   

  
	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Attest:

This is one of the
Securities of the series designated herein and referred to in the Second
Supplemental Indenture.

Dated:  June 1, 2005

 

	
  Citibank,
  N.A.

  
	
   

  	
  As
  Trustee

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

 

 

29

[Reverse of Security]

This Security is one of a
duly authorized issue of securities of the Company (herein called the Securities), issued and to be issued in one or more series
under an Indenture, dated as of October 11, 2001, as modified by a supplemental
indenture dated November 14, 2003, between the Company, AEGON Funding, AEGON
Funding II and the Trustee (together called the Base
Indenture), and a Second Supplemental Indenture, dated as of June 1,
2005 (herein called the Second Supplemental
Indenture and together with the Base Indenture, the Indenture), between the Company and Citibank, N.A., as
Trustee (herein called the Trustee, which
term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the terms of the Securities and
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, the holders of Senior Debt and the holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. The Securities are subject to all such terms. This
Security is one of the series designated on the face hereof and there is no
limitation on the amount of Securities of such series which may be issued.

Except in a bankruptcy, all
payments on this Security will be conditional upon not triggering the Required
Deferral Condition.  The Required Deferral Condition will be met if the Company (i)
is not Solvent or making the relevant Payment will result in the Company
becoming not Solvent or (ii) is subject to a Regulatory Event or making the
relevant Payment will result in the Company becoming subject to a Regulatory
Event.

The Securities will
constitute direct, unsecured subordinated obligations of the Company, subject
to the Solvency Conditions, and the subordination provisions described herein
and in the Indenture, and will rank pari passu with respect to each other and
any other Parity Securities or Parity Guarantees and in priority to any Junior
Securities or Junior Guarantees.

If the Company fails to pay
or set aside for payment the amount due to satisfy any Payment on the
Securities when due and such failure continues for 14 days, it will constitute
a Payment Default ( provided, however,
that if the Company fails to make any payment of interest required to be paid
as a result of a Mandatory Payment Event or Mandatory Partial Payment Event as
a result of the existence of a Required Deferral Condition, or due to a
deferral of an Interest Payment as permitted under the terms of the Indenture,
that payment will constitute an Outstanding Payment and will accumulate with
any other Outstanding Payments until paid, but will constitute neither a
Payment Default or a Payment Event (as defined below)). If any Payment Default
occurs and is continuing, the Trustee may pursue all legal remedies available
to it, including commencing a judicial proceeding for the collection of the
sums due and unpaid or the winding-up (faillissement
or vereffening na ontbinding)
of the Company in the Netherlands (but not elsewhere), but the Trustee may not
declare the principal amount of any outstanding Securities to be due and
payable. If the Company fails to make payment when due, and such failure
continues for 14 days as a result of the existence of a Required Deferral
Condition, such failure does not constitute a Payment Default but instead
constitutes a Payment Event.  On a Payment Event, the Trustee may institute
winding-up proceedings (faillissement or
vereffening na ontbinding)
exclusively in The Netherlands, but may not pursue any other legal remedy,
including a judicial proceeding for the collection of the sums due and
unpaid.  The Trustee shall not be bound
to take any of the foregoing actions against the Company to enforce the terms
of the Indenture or the Securities unless (i) it will have been so requested by
an extraordinary resolution or in writing by the holders of at least 25% in principal
amount of the Securities then outstanding and (ii) it will have been offered
reasonable security or indemnity satisfactory to it against the costs, expenses
and liabilities which might be incurred by it in compliance with such request.  Notwithstanding the foregoing, the right to
institute winding-up proceedings (faillissement
or vereffening na ontbinding)
is limited to circumstances where payment has become due.  Notwithstanding the foregoing, holders of
this Security have the absolute and unconditional right to institute suit for
the enforcement of any payment when due and such right may not be impaired
without the consent of the holder as provided in Section 508 of the Base
Indenture.

 

30

All payments in respect of
the Securities shall be made by the Company without withholding of or deduction
for any present or future taxes, duties, assessments or other charges imposed
by the government of the Netherlands or the government of a jurisdiction in
which a successor to the Company is organized (or any political subdivision or
taxing authority thereof or therein) (Taxes), unless
the withholding or deduction of such Taxes is required by law. To the extent
any such Taxes are so levied or imposed, the Company will, subject to the
exceptions and limitations set forth in Section 12 of the Second Supplemental
Indenture, pay such Additional Amounts to the holder of any Security as may be
necessary in order that the net amounts received by holders of Capital
Securities after such withholding or deduction equal the respective amounts of
principal and interest which would have been received in respect of the Capital
Securities in the absence of such withholding or deduction, except that no such
Additional Amounts shall be payable in relation to any payment with respect to
any Capital Security.

Except as provided below,
the Securities are not redeemable at the option of the Company prior to June
15, 2015.

The Securities may be
redeemed in whole (but not in part), at the option of the Company and without
the consent of the holders or the Trustee, at a redemption price equal to their
aggregate principal amount, together with any Outstanding Payments accrued to
and including the date fixed for redemption: (i) on June 15, 2015, or any
Interest Payment Date thereafter; (ii) upon the occurrence of a Tax Event,
provided that the Company has already delivered to the Trustee a written legal
opinion in a form satisfactory to the Trustee of independent Dutch counsel of
recognized standing, selected by the Company, confirming that a Tax Event has
occurred; or (iii) if, at any time after the Company becomes subject to Capital
Adequacy Regulations, the relevant regulator has determined that securities of
the nature of the Capital Securities cannot qualify as “own funds” or “core capital”
(Tier 1 capital or equivalent) for the purposes of determination of such
Capital Adequacy Regulations.

Subject to compliance with
applicable regulatory requirements, the Company may at any time convert or
exchange the Capital Securities in whole (but not in part) to another series of
its capital securities having materially the same terms as the Capital
Securities and which are no less favorable to the holders than the current
terms of the Capital Securities. Any conversion of the Capital Securities into
another series of capital securities as described herein will be made on not
less than 30 nor more than 60 days’ notice before the applicable conversion
date to the holders of the Capital Securities and the Trustee.

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

References herein to
principal, Interest Amounts, Mandatorily Deferred Payments, Optionally Deferred
Payments, Mandatory Partial Payments or Accrued Interest Payments shall be
deemed to include any Additional Amounts that may be payable, if applicable.

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the holders of
the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be
affected. The 

 

31

Indenture also contains
provisions permitting the holders of a majority in principal amount of the
Securities of each series at the time outstanding, on behalf of the holders of
all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the holder of this Security
shall be conclusive and binding upon such holder and upon all future holders of
this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

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

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in
any place where the principal of and any premium and interest on this Security
are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

The Securities of this
series are issuable only in registered form without coupons in denominations of
$25.00 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series
shall be represented by a Global Security and are not exchangeable for
definitive Securities of this series except in specific circumstances set forth
in the Indenture.

No service charge shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

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

This Security is a Global
Security and is subject to the provisions of the Indenture relating to Global
Securities, including the limitations in Section 305 thereof on transfers and
exchanges of Global Securities.

This Security and the
Indenture shall be governed by and construed in accordance with the laws of the
State of New York except for the subordination provisions contained herein and
in the Indenture, which shall be governed by and construed in accordance with
the laws of the Netherlands.

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

 

32

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