Document:

Guaranty

 Exhibit 10.6 
 GUARANTY 
 This GUARANTY (“Guaranty”), dated as of March 22, 2012
is made by Westinghouse Electric UK Holdings Limited, a limited liability company organized under the laws of England (“UK Holdings”) and TSB Nuclear Energy USA Group, Inc., a corporation organized under the laws of Delaware (“USA
Group,” and together with UK Holdings, the “Guarantors”), to and for the benefit of THE GC NET LEASE (CRANBERRY) INVESTORS LLC, a Delaware limited liability company (“Landlord”). 

WHEREAS, Landlord and Westinghouse Electric Company LLC, a Delaware limited liability company (“Tenant”) have entered
into a certain Lease Agreement dated as of September 9, 2009, as amended by that certain First Amendment dated October 9, 2009, that certain Second Amendment dated November 20, 2010, and that certain Third Amendment dated as of the
date hereof (as from time to time modified and amended, the “Lease”), for the 400 Bertha Lamme Drive, Butler, Pennsylvania premises located in the Township of Cranberry, Butler County, Commonwealth of Pennsylvania, including all
improvements which may now or hereafter be constructed thereon, which premises are more fully described in the Lease; 

WHEREAS, Guarantors are affiliates of Tenant; 
 WHEREAS, pursuant to that certain Purchase Agreement, dated as of August 18, 2011, as amended (the “Purchase Agreement”), by and between Landlord, as seller, and THE GC NET LEASE
(CRANBERRY) INVESTORS LLC (the “Purchaser”), as assignee/designee of WEC Cranberry LLC, Landlord has agreed to convey the premises which are the subject of the Lease (the “Premises”) to Purchaser; in connection with which
conveyance Landlord shall assign Landlord’s interest in the Lease to Purchaser; 
 WHEREAS, Purchaser’s
obligation to acquire the Premises pursuant to the Purchase Agreement is contingent upon, inter alia, Landlord procuring this Guaranty; 
 WHEREAS, Tenant has agreed to arrange for the issuance of this Guaranty, in exchange for a reduction in the Base Rent payable by Tenant under the Lease, as set forth in the Third Amendment to the
Lease. 

 NOW THEREFORE, in consideration of the premises, the sum of Ten Dollars ($10.00) in
hand paid by Landlord to Guarantors, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Guarantors, Guarantors hereby covenant and agree with Landlord as follows: 

 

	1.	EFFECTIVE DATE OF THIS GUARANTY. 

Notwithstanding anything to the contrary set forth in this Guaranty, and notwithstanding the date of the parties’ respective execution and delivery
hereof, this Guaranty shall become effective and operative only upon the date of Closing, as such term is set forth in the Purchase Agreement. For the avoidance of doubt, if the Closing does not occur, this Guaranty shall be void and of no effect.

  

	2.	PAYMENT AND PERFORMANCE OF OBLIGATIONS UNDER THE LEASE. 

 In case Tenant fails to make any payment (including without limitation any rent) or perform any agreement or comply with any condition contained in the Lease and required to be paid, performed or complied
with by Tenant which failure continues beyond the expiration of any applicable cure period provided to Tenant in the Lease for the cure of such failure, Guarantors, upon written notice of such failure from Landlord, will make such payment or perform
or comply with the same. 
 This Guaranty is a continuing guaranty of payment and not of collectibility, and is in no way conditioned upon any
attempt to collect from Tenant or upon any other event or contingency other than the occurrence of a default by Tenant under the Lease which continues beyond the expiration of any applicable cure period provided to Tenant in the Lease for the cure
of such default. If Tenant shall fail to timely pay any such sum, Guarantors will, upon written notice from Landlord of such failure by Tenant, forthwith pay the same, together, when applicable, with interest thereon at the applicable rate for
payment of interest by Tenant under the Lease. 
 Guarantor’s obligations under this Guaranty shall be joint and several. 

 

	3.	PAYMENTS IN LIEU OF RENT. 

 In the event
of any bankruptcy, insolvency, reorganization, arrangement, compositions, liquidation or similar proceeding with respect to Tenant in which the Lease shall be terminated or rejected or the obligations of Tenant are modified, Guarantors will pay an
amount equal to the Rent that would have been payable by Tenant under the Lease had the Lease continued in effect without being terminated or rejected or modified, accrued to the date of such termination, rejection or modification and shall
thereafter pay an amount equal to the rent that would have been payable by Tenant under the Lease had the Lease continued in effect without being terminated or rejected or modified, on the days when the same would have been due except for such
termination, rejection or modification; provided, however, that if Tenant has vacated the Premises and is not contesting Landlord’s right to the possession of the Premises, Landlord shall use reasonable efforts to relet the Premises and, to the
extent of any reletting of the Premises, or any portion thereof, the proceeds available from such reletting (after first applying such proceeds to the reasonable costs and expenses incurred by Landlord in connection with such reletting, including,
without limitation, remodeling or improvement allowances and brokerage commissions) will reduce the monthly obligations of Guarantors hereunder. 

 Notwithstanding the foregoing to the contrary, Guarantors may elect, at any time thereafter, and so long as
Tenant has vacated the Premises and is not contesting Landlord’s right to possession of the Premises, in lieu of the monthly payments, to pay to Landlord liquidated damages equal to the base rent otherwise payable under the Lease (but for such
termination, rejection or modification) for the balance of the Term (as if the Lease had had not been terminated, rejected or modified) following such election by Landlord discounted to present value at 5% per annum. Landlord hereby
acknowledges that payment by Guarantors of such liquidated damages under this Section 3 shall terminate this Guaranty and the obligations of Guarantors hereunder and shall also terminate the Lease and all further obligations of Tenant under the
Lease. 
  

	4.	OBLIGATIONS OF GUARANTORS ABSOLUTE. 

 The
obligations of Guarantors hereunder shall be absolute and unconditional, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim Guarantors may have against Tenant or Landlord, and shall remain in full force and
effect without regard to, and shall not be released, discharged, or in any way affected by any circumstance or condition (whether or not Guarantors shall have any knowledge or notice thereof), including, without limitation: (a) any amendment or
supplement to or assignment, modification or renewal of the Lease; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Lease, or any exercise or nonexercise of any right, remedy, power or
privilege under or in respect of the Lease; (c) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar proceeding with respect to Tenant; or (d) any non-liability of Tenant under the
Lease due to any other defect or defense which may now or hereafter exist in favor of Tenant (except for the rights of set off, abatement and credit expressly set forth in the Lease). 

 

	5.	WAIVER. 

 Guarantors unconditionally
waives (a) notice of any of the matters referred to in Section 4, (b) except as otherwise specifically set forth herein, all notices that may be required by statute, rule or law or otherwise to preserve or assert any rights against
Guarantors hereunder, including, without limitation, any demand, proof or notice of nonpayment of any rent, and notice of any failure on the part of Tenant to perform or comply with any term or condition of the Lease, (c) any right to a trial
by jury in any action or proceeding hereunder or under the Lease, and (d) any statute or other law that may require Landlord to exhaust its remedies against Tenant prior to proceeding against Guarantors. 

 

	6.	ASSIGNMENT. 

 Guarantors shall not assign
or delegate their obligations under this Guaranty. 

	7.	NOTICES. 

 Any notice, demand or document
required or permitted to be delivered by the terms of this Guaranty may be provided by counsel to either party, shall be addressed as set forth below, and shall be deemed to be delivered (whether or not actually received) when personally delivered
and written acknowledgment of such personal delivery is obtained (including without limitation delivery by any commercial courier service or recognized overnight delivery service). Any party may by notice to the other parties specify a different
address for payments or for delivery of notices. 
 If to the Landlord: 
 Address: 
 THE GC NET LEASE (CRANBERRY) INVESTORS LLC 

c/o Griffin Capital Corporation 
 2121 Rosecrans Avenue, Suite 3321 
 El Segundo, CA 90245 

Attention: Kevin Shields 
 If to the Guarantors: 
 Address: 

TSB Nuclear Energy USA Group Inc. 
 c/o Westinghouse Electric Company LLC 
 1000 Westinghouse Drive 

Cranberry Township PA 16066 

Attention: Senior Vice President and Chief Financial Officer 
  

	8.	FINANCIAL CONDITION. 

 Guarantors will
cause to be delivered to Landlord and Landlord’s Lender the following financial statements of Guarantors, or Guarantor’s parent company so long as Guarantors is detailed in a supplementary schedule, within one hundred twenty
(120) days after the end of each fiscal year, and within sixty (60) days after the end of any other fiscal quarter, a combined statement of earnings, and a combined statement of changes in financial position, a combined statement of
stockholders’ equity, and a combined balance sheet of such entity as of the end of each such year or fiscal quarter, setting forth in each case in comparative form the corresponding combined figures from the preceding annual audit or
corresponding fiscal quarter in the prior fiscal year, as appropriate, all in 

 
reasonable detail and prepared in accordance with generally accepted accounting principles consistently applied (subject in the case of quarterly information for the first three (3) fiscal
quarters each year, to the absence of footnotes and to year-end adjustments), and certified to Guarantors as to the annual combined statements by independent public accountants of recognized national standing selected by Guarantors, whose
certificate shall be based upon an examination conducted in accordance with generally accepted auditing standards and the application of such tests as said accountants deem necessary under the circumstances. 

 

	9.	MISCELLANEOUS. 

 Guarantors acknowledge
that Guarantors benefit by the Lease with Landlord. Should Landlord be obligated by any bankruptcy or other law to repay to Tenant or to Guarantors or to any trustee, receiver or other representative of either of them, any amounts previously paid,
this Guaranty shall be reinstated in the amount of such repayments. Landlord shall not be required to litigate or otherwise dispute its obligations to make such repayments if it in good faith believes that such obligation exists. Neither this
Guaranty nor any term hereof may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which such amendment, waiver, discharge or termination is sought to be charged. This Guaranty
shall be binding upon each Guarantor, its successors and assigns, and shall inure to the benefit of and be enforceable by Landlord, and any mortgagee or any assignee under an assignment of Landlord’s interest in the Lease given as security for
any such mortgage, and their respective successors and assigns. This Guaranty may be executed in several counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Guaranty shall be governed by
the internal laws of the Commonwealth of Pennsylvania, without regard to principles of conflicts of laws. Guarantors and Landlord hereby consent to the exercise of personal jurisdiction over Guarantor and Landlord, respectively, by the courts of the
Commonwealth of Pennsylvania, or the United States of America for the Commonwealth of Pennsylvania over any suit, action, or proceeding arising out of or relating to this Guaranty, and consent to the laying of venue in any such court, and agree that
venue shall be vested in the Court of Common Pleas for Butler County, Pennsylvania, or in the United States District Court for the Western District of Pennsylvania. Guarantors and Landlord, respectively, waive the defense of an inconvenient forum
and consents that service of process may be served upon Guarantors and Landlord, as applicable, by service on Guarantor’s or Landlord’s respective appointed agent for the service of process in the Commonwealth of Pennsylvania, and if there
be no such appointed agent, by certified mail, return receipt requested, to Guarantor at the address listed below or to Landlord at the address listed in Section 7 above. 

 [SIGNATURE PAGE FOLLOWS, REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

 IN WITNESS WHEREOF, Guarantors have executed this Guaranty as of the date first above
written. 
  

			
	GUARANTOR:
	
	 Westinghouse Electric UK Holding Limited,
 a limited liability company organized under the laws of England

		
	 By:
	 	 /s/ Masayoshi Hirata

	 Name:
	 	 Masayoshi Hirata

	 Title:
	 	 Director

	 Date:
	 	 17 Nov. 2011

	 Address:
	 	 Springfields Salwick

		 	 Preston, IRX 4 0XJ

		 	 United Kingdom

	
	GUARANTOR:
	
	TSB Nuclear Energy USA Group Inc., a corporation organized under the laws of Delaware
		
	 By:
	 	 /s/ Nina A. Corey

	 Name:
	 	 Nina A. Corey

	 Title:
	 	 Vice President

	 Date:
	 	 Nov. 21, 2011

	 Address:
	 	 1105 Market Street, Ste 1126

		 	 Wilmington DE 19801

 Agreed and Accepted this 22nd day of March, 2012 

 

							
	LANDLORD:
	
	THE GC NET LEASE (CRANBERRY) INVESTORS, LLC, a Delaware limited liability company
		
	By:	 	 The GC Net Lease (Cranberry) Member, LLC,
 a Delaware limited liability company, its sole member

			
		 	By:	 	 The GC Net Lease REIT Operating
 Partnership, L.P., a Delaware limited
 partnership, its sole member

				
		 		 	By:	 	 Griffin Capital Net Lease REIT,
 Inc., a Maryland corporation, its
 general partner

  

			
	
		
	 By:
	 	/s/ Joseph E. Miller
	 Name:
	 	 Joseph E. Miller

	 Its:
	 	 Chief Financial Officer

 Address: As Set Forth in Section 7EX-4.1

 Exhibit 4.1 
 Form of Dated Indenture 
  

 
  

HSBC HOLDINGS PLC 

Issuer 
 TO

 THE BANK OF NEW YORK 
 Trustee 
  

 
 INDENTURE

 Dated as of 
  

 
 Debt Securities

  
  

 

 Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of
1990, and Indenture dated as of . 
  

					
	 Trust Indenture Act Section
	  	 	Indenture Section	  
	 Section 310(a)(1)
	  	 	6.09	  
	 (a)(2)
	  	 	6.09	  
	 (a)(3)
	  	 	N.A	  
	 (a)(4)
	  	 	N.A.	  
	 (a)(5)
	  	 	6.09	  
	 (b)
	  	 	6.08, 6.10	  
	 (c)
	  	 	N.A	  
	 Section 311(a)
	  	 	6.13	  
	 (b)
	  	 	6.13	  
	 (c)
	  	 	N.A	  
	 Section 312(a)
	  	 	7.01, 7.02(a)	  
	 (b)
	  	 	7.02(b)	  
	 (c)
	  	 	7.02(c)	  
	 Section 313(a)
	  	 	7.03	  
	 (b)
	  	 	7.03	  
	 (c)
	  	 	7.03	  
	 (d)
	  	 	7.03	  
	 Section 314(a)
	  	 	7.04	  
	 (a)(4)
	  	 	10.05	  
	 (b)
	  	 	N.A	  
	 (c)(1)
	  	 	1.02	  
	 (c)(2)
	  	 	1.02	  
	 (c)(3)
	  	 	N.A	  
	 (d)
	  	 	N.A	  
	 (e)
	  	 	1.02	  
	 Section 315(a)
	  	 	6.01	  
	 (b)
	  	 	6.02, 7.03(a)	  
	 (c)
	  	 	6.01(b)	  
	 (d)
	  	 	6.01(c)	  
	 (e)
	  	 	5.14	  
	 Section 316 (a)(1)(A)
	  	 	5.02	  
	 (a)(1)(B)
	  	 	5.13	  
	 (a)(2)
	  	 	N.A	  
	 (b)
	  	 	5.08	  
	 (c)
	  	 	1.04(f)	  
	 Section 317(a)(1)
	  	 	5.03	  
	 (a)(2)
	  	 	5.04	  
	 (b)
	  	 	10.03	  
	 Section 318(a)
	  	 	7	  

  

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

 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

							
	 Section 1.01.
	 	Definitions	  	 	2	  
	 Section 1.02.
	 	Compliance Certificates and Opinions	  	 	12	  
	 Section 1.03.
	 	Form of Documents Delivered to Trustee	  	 	12	  
	 Section 1.04.
	 	Acts of Holders; Record Dates	  	 	13	  
	 Section 1.05.
	 	Notices, etc., to Trustee or Company	  	 	16	  
	 Section 1.06.
	 	Notice to Holders; Waiver	  	 	16	  
	 Section 1.07.
	 	Conflict with Trust Indenture Act	  	 	18	  
	 Section 1.08.
	 	Effect of Headings and Table of Contents	  	 	18	  
	 Section 1.09.
	 	Successors and Assigns	  	 	18	  
	 Section 1.10.
	 	Separability Clause	  	 	18	  
	 Section 1.11.
	 	Benefits of Indenture	  	 	18	  
	 Section 1.12.
	 	Governing Law	  	 	18	  
	 Section 1.13.
	 	Legal Holidays	  	 	19	  
	 Section 1.14.
	 	Immunity of Incorporators, Stockholders, Officers and Directors	  	 	19	  
	 Section 1.15.
	 	Appointment of Agent; Submission to Jurisdiction; Waiver of Immunity	  	 	19	  

 ARTICLE TWO 
 FORMS OF DEBT SECURITIES 
  

							
	 Section 2.01.
	 	Forms Generally	  	 	20	  
	 Section 2.02.
	 	Form of Debt Securities	  	 	21	  
	 Section 2.03.
	 	Form of Trustee’s Certificate of Authentication	  	 	21	  
	 Section 2.04.
	 	Form of Trustee’s Certificate of Authentication by an Authenticating Agent	  	 	22	  

 ARTICLE THREE 
 THE DEBT SECURITIES 
  

							
	 Section 3.01.
	 	Amount Unlimited; Issuable in Series	  	 	22	  
	 Section 3.02.
	 	Denominations	  	 	26	  
	 Section 3.03.
	 	Execution, Authentication, Delivery and Dating	  	 	27	  
	 Section 3.04.
	 	Temporary Debt Securities	  	 	30	  
	 Section 3.05.
	 	Registration, Registration of Transfer and Exchange	  	 	32	  
	 Section 3.06.
	 	Mutilated, Destroyed, Lost and Stolen Debt Securities	  	 	37	  
	 Section 3.07.
	 	Payment of Interest; Interest Rights Preserved	  	 	39	  
	 Section 3.08.
	 	Persons Deemed Owners	  	 	41	  
	 Section 3.09.
	 	Cancellation	  	 	42	  
	 Section 3.10.
	 	Computation of Interest	  	 	42	  
	 Section 3.11.
	 	Payment in Currencies	  	 	43	  
	 Section 3.12.
	 	Certification by a Person Entitled to Delivery of a Bearer Security	  	 	45	  

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
  

							
	 Section 4.01.
	 	Satisfaction and Discharge	  	 	46	  
	 Section 4.02.
	 	Application of Trust Money	  	 	48	  

 ARTICLE FIVE 
 REMEDIES 
  

							
	 Section 5.01.
	 	Events of Default	  	 	48	  
	 Section 5.02.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	48	  

							
	 Section 5.03.
	 	Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	49	  
	 Section 5.04.
	 	Trustee May File Proofs of Claim	  	 	51	  
	 Section 5.05.
	 	Trustee May Enforce Claims Without Possession of Debt Securities or Coupons	  	 	52	  
	 Section 5.06.
	 	Application of Money Collected	  	 	52	  
	 Section 5.07.
	 	Limitation on Suits	  	 	52	  
	 Section 5.08.
	 	Unconditional Right of Holders to Receive Any Principal, Premium and Interest	  	 	53	  
	 Section 5.09.
	 	Restoration of Rights and Remedies	  	 	54	  
	 Section 5.10.
	 	Rights and Remedies Cumulative	  	 	54	  
	 Section 5.11.
	 	Delay or Omission Not Waiver	  	 	54	  
	 Section 5.12.
	 	Control by Holders of Debt Securities	  	 	54	  
	 Section 5.13.
	 	Waiver of Past Defaults	  	 	55	  
	 Section 5.14.
	 	Undertaking for Costs	  	 	55	  

 ARTICLE SIX 
 THE TRUSTEE 
  

							
	 Section 6.01.
	 	Certain Duties and Responsibilities	  	 	56	  
	 Section 6.02.
	 	Notice of Defaults	  	 	57	  
	 Section 6.03.
	 	Certain Rights of Trustee	  	 	58	  
	 Section 6.04.
	 	Not Responsible for Recitals or Issuance of Debt Securities	  	 	59	  

							
	 Section 6.05.
	 	May Hold Debt Securities or Coupons	  	 	60	  
	 Section 6.06.
	 	Money Held in Trust	  	 	60	  
	 Section 6.07.
	 	Compensation and Reimbursement	  	 	60	  
	 Section 6.08.
	 	Disqualification; Conflicting Interests	  	 	61	  
	 Section 6.09.
	 	Corporate Trustee Required; Eligibility	  	 	61	  
	 Section 6.10.
	 	Resignation and Removal; Appointment of Successor	  	 	61	  
	 Section 6.11.
	 	Acceptance of Appointment by Successor	  	 	64	  
	 Section 6.12.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	65	  
	 Section 6.13.
	 	Preferential Collection of Claims Against Company	  	 	65	  
	 Section 6.14.
	 	Appointment of Authenticating Agent	  	 	66	  

 ARTICLE SEVEN 
 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 
  

							
	 Section 7.01.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	67	  
	 Section 7.02.
	 	Preservation of Information; Communications to Holders	  	 	67	  
	 Section 7.03.
	 	Reports by Trustee	  	 	69	  
	 Section 7.04.
	 	Reports by Company	  	 	69	  

 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

							
	 Section 8.01.
	 	Company May Consolidate, etc., Only on Certain Terms	  	 	70	  
	 Section 8.02.
	 	Successor Person Substituted	  	 	71	  
	 Section 8.03.
	 	Assumption of Obligations	  	 	71	  

 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
  

							
	 Section 9.01.
	 	Supplemental Indentures Without Consent of Holders	  	 	72	  
	 Section 9.02.
	 	Supplemental Indentures With Consent of Holders	  	 	73	  
	 Section 9.03.
	 	Execution of Supplemental Indentures	  	 	75	  
	 Section 9.04.
	 	Effect of Supplemental Indentures	  	 	76	  
	 Section 9.05.
	 	Conformity with Trust Indenture Act and Financial Services Authority Requirements	  	 	76	  
	 Section 9.06.
	 	Reference in Debt Securities to Supplemental Indentures	  	 	76	  

 ARTICLE TEN 
 COVENANTS 
  

							
	 Section 10.01.
	 	Payment of Any Principal, Premium or Interest	  	 	76	  
	 Section 10.02.
	 	Maintenance of Office or Agency	  	 	77	  
	 Section 10.03.
	 	Money for Debt Securities Payments to be Held in Trust	  	 	78	  
	 Section 10.04.
	 	Payment of Additional Amounts	  	 	80	  
	 Section 10.05.
	 	Officer’s Certificate as to Compliance with Indenture and Default	  	 	82	  
	 Section 10.06.
	 	Waiver of Certain Covenants	  	 	83	  

 ARTICLE ELEVEN 
 REDEMPTION OF DEBT SECURITIES 
  

							
	 Section 11.01.
	 	Applicability of Article	  	 	83	  

							
	 Section 11.02.
	 	Election to Redeem; Notice to Trustee	  	 	83	  
	 Section 11.03.
	 	Selection by Trustee of Debt Securities to be Redeemed	  	 	84	  
	 Section 11.04.
	 	Notice of Redemption	  	 	84	  
	 Section 11.05.
	 	Deposit of Redemption Price	  	 	85	  
	 Section 11.06.
	 	Debt Securities Payable on Redemption Date	  	 	85	  
	 Section 11.07.
	 	Debt Securities Redeemed in Part	  	 	86	  
	 Section 11.08.
	 	Optional Redemption in the Event of Change in Tax Treatment	  	 	87	  

 ARTICLE TWELVE 
 SUBORDINATION OF DEBT SECURITIES 
  

							
	 Section 12.01.
	 	Debt Securities Subordinate to Certain Creditors	  	 	88	  
	 Section 12.02.
	 	Provisions Solely to Define Relative Rights	  	 	93	  
	 Section 12.03.
	 	Trustee to Effectuate Subordination	  	 	94	  
	 Section 12.04.
	 	No Waiver of Subordination Provisions	  	 	94	  
	 Section 12.05.
	 	Notice to Trustee	  	 	94	  
	 Section 12.06.
	 	Reliance on Judicial Order or Certificate of Liquidating Agent	  	 	95	  
	 Section 12.07.
	 	Trustee Not Fiduciary for Holders of Claims	  	 	96	  
	 Section 12.08.
	 	Rights of Trustee as Holder of Claims; Preservation of Trustee’s Rights	  	 	96	  
	 Section 12.09.
	 	Article Applicable to Paying Agents	  	 	96	  
	 Section 12.10.
	 	Governing Law	  	 	96	  
	 Section 12.11.
	 	Third Party Rights	  	 	96	  

 ARTICLE THIRTEEN 
 EXCHANGE OR CONVERSION OF DEBT SECURITIES 
  

							
	 Section 13.01.
	 	Applicability of Article	  	 	97	  
	 Section 13.02.
	 	Election to Exchange or Convert; Notice to Trustee	  	 	97	  
	 Section 13.03.
	 	Notice of Exchange or Conversion	  	 	97	  
	 Section 13.04.
	 	Deposit of Interest	  	 	98	  
	 Section 13.05.
	 	Surrender of Debt Securities	  	 	98	  
	 Section 13.06.
	 	Issuance of Exchange Securities or Conversion Securities	  	 	98	  
	 Section 13.07.
	 	Effect of Exchange or Conversion	  	 	99	  
	 Section 13.08.
	 	Legal and Regulatory Compliance	  	 	99	  
	 Section 13.09.
	 	Taxes and Charges	  	 	100	  
	 Section 13.10.
	 	Trustee Not Liable	  	 	100	  

 ARTICLE FOURTEEN 
 DEFEASANCE 
  

							
	 Section 14.01.
	 	Applicability of Article	  	 	100	  
	 Section 14.02.
	 	Defeasance Upon Deposit of Moneys or U.S. Government Obligations	  	 	101	  
	 Section 14.03.
	 	Deposited Moneys and U.S. Government Obligations to be Held in Trust	  	 	103	  
	 Section 14.04.
	 	Repayment to Company	  	 	103	  
	 Section 14.05.
	 	Indemnity for U.S. Government Obligations	  	 	103	  

 ARTICLE FIFTEEN 
 MEETINGS OF HOLDERS OF DEBT SECURITIES 
  

							
	 Section 15.01.
	 	Rules by Trustee, Paying Agent and Registrar	  	 	103	  

 INDENTURE dated as of o, between HSBC Holdings plc, a public limited company duly organized
and existing under the laws of England and Wales (hereinafter called the “Company”), having its principal office at 8 Canada Square, London E14 5HQ, England, and The Bank of New York, a New York banking corporation, as Trustee (hereinafter
called the “Trustee”), on the date hereof having its principal corporate trust office located at 101 Barclay Street, Floor 21 West, New York, New York 10286. 
 RECITALS OF THE COMPANY 
 The Company has heretofore duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its subordinated debt securities with a specified date for Maturity (herein called the “ Debt Securities”), to be issued in one or more series as in this
Indenture provided. 
 All things necessary have been done to make this Indenture a valid agreement of the Company, in
accordance with its terms. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

  
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 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01.
Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, unless otherwise specified pursuant to Section 3.01 with respect to the Debt Securities of any series, and
include the plural as well as the singular; 
 (2) all other terms used herein that are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

Certain terms, used principally in Article Six, are defined in that Article. 
 “Act” when used with respect to any Holder has the meaning specified in Section 1.04. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the possession, direct or indirect, of the power to cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling”, “controlled” and “under common control with” have meanings correlative to the foregoing. 

“Assets” means the unconsolidated gross assets (including contingencies) of the Company, as shown in the latest published
balance sheet having the benefit of an unqualified Auditors’ report, but with such adjustments as the Auditors or, if the Company is in winding up, the liquidator shall determine in their or his report given in accordance with
Section 12.01(c)(ii). 
 “Auditors” means the auditors for the time being of the Company or, if there shall be
joint auditors of the Company, any one of such joint auditors or, in the event of their being unable or unwilling to carry out any action requested of them pursuant to the provisions of these presents, such other firm of internationally recognized
accountants as may be nominated by the Company. 

  
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 “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 6.14 to act on behalf of the Trustee to authenticate Debt Securities of one or more series. 
 “Authorized
Newspaper” means a newspaper in an official language of the country of publication or in the English language customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in
the place in connection with which the term is used or in the financial community of such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any Business Day. Unless otherwise specified pursuant to Section 3.01 with respect to the Debt Securities of any series, the Authorized Newspaper in New York
City shall be The Wall Street Journal, in London shall be the Financial Times and in Luxembourg shall be the Luxemburger Wort. 

“Bearer Security” means any Debt Security described in Section 2.02 that is payable to bearer. 

“Board of Directors” means the board of directors of the Company, or any duly authorized committee of that board or any one or
more directors and/or officers of the Company to whom such board or any such committee shall have duly delegated its authority. 

“Board Resolution” means a copy of a resolution certified by the Secretary of the Company to have been duly adopted by the
Board of Directors of the Company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment or any other location, means, except as may otherwise be provided with respect to a particular series of Debt Securities, a weekday
that is not a day on which banking institutions are authorized or obligated by law or executive order to close in any jurisdiction in which payments with respect to such series are payable. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 

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

“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the
Company by an authorized officer of the Company and delivered to the Trustee. 
 “Conversion” has the meaning
specified in Section 3.01(22) 
 “Conversion Securities” has the meaning specified in Section 3.01(22).

 “Corporate Trust Office” means the principal corporate trust office of the Trustee at which at any particular time
its corporate trust business shall be administered which on the date hereof is located at 101 Barclay Street, Floor 21 West, New York, New York 10286, Attention: Corporate Trust Administration. 

The term “corporation” includes corporations, associations, companies, joint stock companies, trusts and business trusts.

 “Coupon” means any interest coupon appertaining to a Bearer Security. 

“Debt Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Debt Securities
authenticated and delivered under this Indenture. 
 “Debt Security Deposit Agreement” means the deposit agreement,
dated as of o, between the Company, the Depositary and holders from time to time of book-entry Debt Securities. 

“Default” has the meaning specified in Section 5.03. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

  
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 “Depositary” means, with respect to the Debt Securities of any series issuable or
issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.01 until a successor Depositary shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Debt Securities of
any such series shall mean the Depositary with respect to the Debt Securities of that series. 
 “Discount Debt
Security” means any Debt Security, which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less than the principal amount thereof to be due and payable upon a declaration of the Maturity thereof
pursuant to Section 5.02. 
 “Dollar” or “$” means the coin or currency of the United States of America
that as at the time of payment is legal tender for the payment of public and private debts. 
 “DTC” means, with
respect to the Debt Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, its nominees and their respective successors and assigns, or such other depositary
institution hereinafter appointed by the Company that is a clearing agency registered under the Exchange Act. 

“Euro” or “(euro)” means the single currency adopted by those states participating in the European Monetary Union
from time to time. 
 “Event Date” has the meaning specified in Section 3.01(22). 

“Event of Default” has the meaning specified in Section 5.01. 

“Exchange” has the meaning specified in Section 3.01(22). 

“Exchange Securities” has the meaning specified in Section 3.01(22). 

“Exchange Rate” means (a) with respect to Dollars in which payment is to be made on Debt Securities denominated in a
Foreign Currency, the noon Dollar buying rate in The City of New York for cable transfers payable in such Foreign Currency on the applicable Regular or Special Record Date or the 

  
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fifteenth day immediately preceding the Maturity of any principal, as the case may be, as certified for customs purposes by the Federal Reserve Bank of New York, (b) with respect to a
Foreign Currency in which payment is to be made on Debt Securities denominated in Dollars or converted into Dollars pursuant to Section 3.11(d), the noon Dollar selling rate in The City of New York for cable transfers payable in such Foreign
Currency on the applicable Regular or Special Record Date or the fifteenth day immediately preceding the Maturity of any principal, as the case may be, as certified for customs purposes by the Federal Reserve Bank of New York, and (c) with
respect to a Foreign Currency in which payment is to be made on Debt Securities denominated in a different Foreign Currency, the exchange rate between such Foreign Currencies determined in the manner specified pursuant to Section 3.01(18). If
for any reason such rates are not available with respect to one or more currencies for which an Exchange Rate is required, the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question, or such other quotations as the Exchange Rate Agent shall deem
appropriate. Unless otherwise specified by the Exchange Rate Agent if there is more than one market for dealing in any currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency shall be that
upon which a nonresident issuer of securities denominated in such currency would purchase such currency in order to make payments in respect of such securities. 
 “Exchange Rate Agent” means the Person, which may be the Company, the Paying Agent or a bank or financial institution designated by the Company to perform the functions of Exchange Rate Agent
with respect to the Debt Securities of a series. 
 “Exchange Rate Agent’s Certificate”, with respect to any date
for the payment of any principal, premium or interest in respect of the Debt Securities of any series, means a certificate setting forth the applicable Exchange Rate or Rates as of the applicable Regular or Special Record Date or the fifteenth day
immediately preceding the Maturity of any principal, as the case may be, and the amounts payable in Dollars and Foreign Currencies in respect of any principal, premium or interest in respect of Debt Securities denominated in Euro or any Foreign
Currency, and signed by or on behalf of the Exchange Rate Agent and delivered to the Trustee and the Paying Agent. 

  
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 “Foreign Currency” means a currency issued by the government of any country other
than the United States of America. 
 “Global Security” means a Registered or Bearer Security evidencing all or any
part of the Debt Securities of a series, issued to the Depositary for such series in accordance with Section 3.03(c). 

“Holder” means with respect to a Registered Security, the Person in whose name such Registered Security is registered in the
Register and, with respect to a Bearer Security or a Coupon, the bearer thereof. 
 “Indenture” means this instrument
as originally executed or as it may from time to time be supplemented, amended or restated by or pursuant to one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, unless the context otherwise
requires, shall include the terms of the Debt Securities of each series established as contemplated by Section 3.01. 

“Indexed Security” means any Debt Security that is a Principal Indexed Security or an Interest Indexed Security, or both, and
any other Debt Security that is specified as an Indexed Security pursuant to Section 3.01. 
 The term
“interest”, when used with respect to a Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Indexed Security” means any Debt Security (including any Principal Indexed Security) that provides that the amount of interest payable in respect thereof shall be determined by
reference to an index based on a currency or currencies or on the price or prices of one or more commodities or securities, by reference to changes in the price or prices of one or more currencies, commodities or securities or otherwise by
application of a formula. 
 “Interest Payment Date”, with respect to any Debt Security, means the Stated Maturity of
an installment of any interest on such Debt Security. 

  
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 “Liabilities” means the unconsolidated gross liabilities (including contingencies)
of the Company, as shown in the latest published balance sheet having the benefit of an unqualified Auditors’ report, but with such adjustments as the Auditors or, if the Company is in winding up, the liquidator shall determine in their or his
report given in accordance with Section 12.01(c)(ii). 
 “Maturity”, when used with respect to any Debt Security,
means the date, if any, on which the principal of such Debt Security becomes due and payable as therein or herein provided, whether at the Stated Maturity, if any, or by declaration of acceleration, call for redemption, repayment at the option of
the Holder or otherwise. 
 “Officer’s Certificate” means a certificate signed by an authorized officer of the
Company and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel
for the Company and who shall be satisfactory to the Trustee, which is delivered to the Trustee. 
 “Ordinary
Creditors” means creditors of the Company except creditors in respect of Subordinated Indebtedness and creditors in respect of debt securities with no maturity issued pursuant to an indenture of even date herewith between the Company and The
Bank of New York as trustee. 
 “Outstanding”, when used with respect to the Debt Securities of any series, means, as
of the date of determination, all Debt Securities of such series theretofore issued by the Company and authenticated and delivered under this Indenture, except: 
 (i) Debt Securities of such series theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

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

  
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 (iii) Debt Securities of such series that have been paid pursuant to
Section 3.06 or in exchange for or in lieu of which other Debt Securities have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Debt Securities are held by a bona fide purchaser in whose hands such Debt Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities of any series have given any request, demand, authorization, direction,
notice, consent or waiver or taken any other action hereunder, Debt Securities of such series owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be Outstanding, except that in determining whether the Trustee
shall be protected in relying upon such request, demand, authorization, direction, notice, consent, waiver or action, only Debt Securities of such series about which the Trustee has received written notice shall be so disregarded. Debt Securities of
such series so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Debt Securities and that the pledgee is
not the Company or any Affiliate of the Company. 
 “Paying Agent” means any Person authorized by the Company to pay
the principal of (and premium, if any, on) or interest on any Debt Securities on behalf of the Company. 
 “Permanent
Global Security” means a Global Security that is, at the time of the initial issuance of the related series of Debt Securities, issued in permanent global bearer form without Coupons. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Place of Payment”, when used with
respect to the Registered Security of any series payable in Dollars, means the Corporate Office of the Paying Agent in New York, New York; when used with respect to the Debt Securities of any series payable in a Foreign Currency, means the place or
places where such Foreign Currency is the legal tender; and, when used with respect to the Debt Securities of any series, means such other place or places, if any, where any principal of (and premium, if any, on) or interest on the Debt Securities
of that series are payable as contemplated by Section 3.01. 

  
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 “Pounds Sterling” or “(pound)” means the currency of the United Kingdom.

 “Predecessor Security” of any particular Debt Security means every previous Debt Security evidencing all or a
portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 3.06 in lieu of a lost, destroyed or stolen Debt Security shall
be deemed to evidence the same debt as the lost, destroyed or stolen Debt Security. 
 “Principal Indexed Security”
means any Debt Security (including any Interest Indexed Security) that provides that the amount of principal payable in respect thereof shall be determined by reference to an index based on a currency or currencies or on the price or prices of one
or more commodities or securities, by reference to changes in the price or prices of one or more currencies, commodities or securities or otherwise by application of a formula. 

“Redemption Date”, when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Debt Security to be redeemed, means
the price at which it is to be redeemed pursuant to this Indenture. 
 “Register” and “Registrar” have the
respective meanings specified in Section 3.05. 
 “Registered Security” means any Debt Security in the form of
registered securities established pursuant to Section 2.02 that is registered in the Register. 
 “Regular Record
Date” for the interest payable on any Interest Payment Date on the Debt Securities of any series means the date (whether or not a Business Day) specified for that purpose as contemplated by Section 3.01. 

“Responsible Officer” when used with respect to the Trustee means any officer within the Corporate Trust department of the
Trustee (or any successor group), including any vice president, assistant vice president, assistant secretary, assistant treasurer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above

  
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designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject. 
 “Solvency Condition” has the meaning specified in Section 12.01(c)(i). 

“Solvent” has the meaning specified in Section 12.01(d)(ii). 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Company pursuant to Section 3.07.

 “Stated Maturity”, when used with respect to any Debt Security or any installment of interest thereon, means the
date, if any, specified in, or determined in accordance with the terms of, such Debt Security or a Coupon representing such installment of interest as the fixed date on which any principal of such Debt Security or such installment of interest is due
and payable. 
 “Subordinated Indebtedness” means any liability of the Company however arising for the payment of
money, the right to payment of which by the Company by the terms thereof is, or is expressed to be, subordinated in the event of a winding up of the Company to the claims of all or any of the creditors of the Company. 

“Taxing Jurisdiction” has the meaning specified in Section 10.04. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force
at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at
any time there is more than one such Person, “Trustee” as used with respect to the Debt Securities of any series shall mean the Trustee with respect to the Debt Securities of such series. 

“U.S. Government Obligations” has the meaning specified in Section 14.02. 

  
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 “United States” means the United States of America (including the States thereof
and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

Section 1.02. Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. The Trustee may conclusively rely and shall be fully protected in relying on such certificates
and opinions. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture, other than certificates provided pursuant to Section 10.05, shall include: 
 (1) a statement
that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 Section 1.03. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they 

  
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be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which his certificate or opinion is based is erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters or information which is in the
possession of the Company, upon a certificate or opinion of, or representations by, an officer or officers of the Company with respect to such factual matters, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters is or are erroneous. 
 Where any Person is required to
make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.04. Acts of Holders; Record Dates. (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing or any other
evidence as the Trustee deems acceptable in its reasonable discretion or is customary in respect of DTC. If the Debt Securities of a series are issuable in whole or in part as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may, alternatively, be embodied in and evidenced by the record of a meeting of Holders of Debt Securities of such series duly called and held in accordance
with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly 

  
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provided, such action shall become effective when such instrument or instruments or record are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument
or instruments or record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of any notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any manner that the Trustee deems sufficient. 
 (c) The
ownership of Registered Securities of any series shall be proved by the Register with respect to such series. 
 (d) The
principal or face amount and serial numbers of Bearer Securities held by any Person, and the date of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as Depositary, by any trust company, bank,
banker or other Depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such Depositary, or exhibited to it, the Bearer
Securities in the amount and with the serial numbers therein described or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate of affidavit is deemed by the Trustee to be
satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such
Bearer Security is produced to 

  
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 the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a
Registered Security or (4) such Bearer Security is no longer Outstanding. 
 (e) The fact and date of execution of any such
instrument or writing, the authority of the Person executing the same and the principal or face amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of holding the same may also be
proved in any other manner that the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(f) If the Company shall solicit from the Holders of Debt Securities of any series any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, by Board Resolution, fix in advance a record date for the purposes of determining the identity of Holders of Registered Securities entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Any such record date shall be fixed at the Company’s discretion. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders of Registered
Securities for the purpose of determining whether Holders of the requisite proportion of Debt Securities of such series Outstanding have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or
other Act, and for that purpose the Registered Securities of such series Outstanding shall be computed as of such record date. 

(g) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Debt Security shall bind
every future Holder of the same Debt Security and any Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, suffered or omitted by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such Debt Security. 
 (h) For the purposes of determining
the aggregate principal amount of Outstanding Debt Securities of any series, the Holders of which are required, requested or permitted to give any request, demand, authorization, direction, notice, consent or waiver or take any other Act under this
Indenture, 

  
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(i) each Discount Debt Security shall be deemed to have the principal amount determined by the Trustee that could be declared to be due and payable pursuant to the terms of such Discount Debt
Security as of the date such Act is delivered to the Trustee and, where it is hereby expressly required, to the Company, (ii) each Principal Indexed Security shall be deemed to have a principal amount equal to the face amount thereof and
(iii) each Debt Security denominated in a Foreign Currency shall be deemed to have the principal amount determined by the Trustee, based upon an Exchange Rate Agent’s Certificate upon which the Trustee may conclusively rely, by converting
the principal amount of such Debt Security in the currency in which such Debt Security is denominated into Dollars at the Exchange Rate as of the record date set with respect to such Act or, if no such record date is set, the date such Act is
delivered to the Trustee and, where it is hereby expressly required, to the Company (or, if there is no such rate on such date for the reasons specified in Section 3.11(d), such rate on the date specified in such Section). 

Section 1.05. Notices, etc., to Trustee or Company. Any request, demand, authorization, direction, notice, consent, waiver or other
Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made to the Trustee at its Corporate Trust Office, given, furnished or filed in writing and mailed, first
class postage prepaid, or if by the Company, via electronic communication such as facsimile, and followed by a hard copy delivered by guaranteed overnight delivery courier, or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing, or via telex or facsimile and mailed, first-class postage prepaid, or, in the case of electronic communication, transmitted, to the Company marked for the attention of the Secretary and addressed to it at the
address of its principal office specified in the first paragraph of this instrument or at any other address or at any telex or facsimile number previously furnished in writing to the Trustee by the Company. 

Section 1.06. Notice to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture provides for notice to
Holders of any event, (1) such notice shall be sufficiently given to Holders of 

  
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Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of Registered Securities affected by such event, at his address as it appears in the Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice and (2) such notice shall be sufficiently given to Holders of Bearer Securities if published in an Authorized Newspaper in The City of
New York. If the Debt Securities of such series are then admitted to the official list of the UK Listing Authority and admitted to trading on the London Stock Exchange plc, and the UK Listing Authority or such stock exchange shall so require,
notices shall also be published in an Authorized Newspaper in London and, if the Debt Securities of such series are then listed on the Luxembourg Stock Exchange and such stock exchange shall so require, in Luxembourg and, if the Debt Securities of
such series are then listed on any other stock exchange outside the United States and such stock exchange shall so require, in any other required city outside the United States or, if not practicable, in Europe on a Business Day at least twice, the
first such publication to be not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice. For the avoidance of doubt, failing to put the notice in an Authorized Newspaper will not affect the
sufficiency of any notice given in accordance with the first sentence of this Section 1.06. 
 In the event of suspension
of regular mail service or if for any other reason it shall be impracticable to give such notice to Holders of Registered Securities by mail, then such a notification to Holders of Registered Securities as shall be satisfactory to the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed to any particular Holder
of Registered Securities shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice by publication to Holders of Bearer Securities given as provided above. 

In case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause
it shall be impracticable to publish any notice to Holders of Debt Securities listed on such stock exchange requiring publication as provided above, then such notification to Holders of such Debt Securities as shall be given with the approval of the
Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to give notice by publication to 

  
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Holders of such Debt Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities as provided
above. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 Any request, demand, authorization, direction, notice, consent, election, waiver
or other Act required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

Section 1.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 Section 1.09. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether expressed or not. 
 Section 1.10. Separability Clause. In case any provision in this
Indenture or in the Debt Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.11. Benefits of Indenture. Nothing in this Indenture or in the Debt Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, any Paying Agent and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12. Governing Law. THIS INDENTURE AND THE DEBT SECURITIES AND COUPONS AND THE RIGHTS AND DUTIES OF THE TRUSTEE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT MATTERS RELATING TO THE SUBORDINATION PROVISIONS CONTAINED IN ARTICLE TWELVE OF THIS INDENTURE AND IN THE DEBT SECURITIES AND THE

  
 18 

 
AUTHORIZATION AND EXECUTION BY THE COMPANY OF THIS INDENTURE AND THE DEBT SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH ENGLISH LAW. 

Section 1.13. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Event Date or Stated Maturity, if any,
of any Debt Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Debt Securities or Coupons) payment of any interest, principal (and premium, if any) need not be made at
such Place of Payment on such date, but may be made on the first succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, the Redemption Date, the Event Date or at the Stated Maturity,
and no interest shall accrue on such payment for the period from and after such Interest Payment Date, Event Date, Redemption Date or Stated Maturity, as the case may be. 
 Section 1.14. Immunity of Incorporators, Stockholders, Officers and Directors. No recourse shall be had for the payment of any principal, premium or interest in respect of any Debt Security of any
series or upon any obligation, covenant or agreement of this Indenture or any Indenture supplemental hereto, or any Debt Security or Coupon, or because of any indebtedness evidenced thereby, or for any claim based thereon, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or indirectly through the Company or any predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and all the Debt Securities of each series are solely corporate obligations of the Company, and that
no personal liability whatsoever shall attach to, or is incurred by, any incorporator, stockholder, officer or director, past, present or future, of the Company or of any predecessor or successor corporation, either directly or indirectly through
the Company or any predecessor or successor corporation, because of the incurring of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Debt
Securities of any series or Coupon, or to be implied herefrom or therefrom; and that all such personal liability is hereby expressly released and waived as a condition of, and as part of the consideration for, the execution of this Indenture and the
issue of the Debt Securities of each series and Coupons. 
 Section 1.15. Appointment of Agent; Submission to Jurisdiction;
Waiver of Immunity. The Company has designated and appointed HSBC 

  
 19 

 
Bank USA, currently having its address at 452 Fifth Avenue, New York, New York 10018-2706 (c/o Issuer Services), as its authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Debt Securities or Coupons appertaining thereto or this Indenture which may be instituted in any State or Federal court in The City of New York. By the execution and delivery of this Indenture, the Company submits
to the nonexclusive jurisdiction of any such court in any such suit or proceeding, and agrees that service of process upon said agent, together with written notice of said service to the Company, shall be deemed in every respect effective service of
process upon the Company, in any such suit or proceeding. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment of said agent in full force and effect so long as any of the Debt Securities shall be Outstanding. 
 The Company
hereby represents that HSBC Bank USA has agreed to act as the Company’s authorized agent upon which process may be served in any such suit or proceeding. 
 ARTICLE TWO 
 FORMS OF DEBT SECURITIES 

Section 2.01. Forms Generally. All Debt Securities and Coupons, if any, and the Trustee’s certificate of authentication shall
have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or by a Board Resolution and as set forth in an Officer’s Certificate or any indenture supplemental hereto and may
have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Debt Securities of any series may be listed or of any automated quotation system on which such Debt
Securities may be quoted, or to conform to usage. 
 The definitive Debt Securities and Coupons, if any, of each series shall be
printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced in any other manner permitted by the rules of any securities exchange on which Debt 

  
 20 

 
Securities of such series may be listed or of any automated quotation system on which such Debt Securities may be quoted or in any other manner deemed appropriate by the Company, all as
determined by the officers executing such Debt Securities and Coupons, as conclusively evidenced by their execution of such Debt Securities and Coupons. 
 Section 2.02. Form of Debt Securities. Each Debt Security shall be substantially in one of the forms approved from time to time by or pursuant to a Board Resolution and an Officer’s Certificate
or one or more indentures supplemental hereto which shall set forth the information required by Section 3.01. Unless otherwise provided as contemplated by Section 3.01 with respect to the Debt Securities of any series, the Debt Securities
of each series shall be issuable in bearer form and represented by a Permanent Global Security. If so provided as contemplated by Section 3.01, the Debt Securities of a series shall be issuable in whole or in any part (a) in bearer form,
with interest Coupons attached, (b) in registered and bearer form or (c) in the form or one or more Global Securities. 
 Each Bearer Security and Coupon not represented by a Permanent Global Security shall bear a legend to the following effect: “Any United States Person who holds this obligation will be subject to
limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code.” 
 Section 2.03. Form of Trustee’s Certificate of Authentication. The form of the Trustee’s certificate of authentication to be borne by the Debt Securities shall be substantially as follows:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 
  

			
	 The Bank of New York

as Trustee

		
	By	 	 
		 	  
 Authorized Signatory

  
 21 

 Section 2.04. Form of Trustee’s Certificate of Authentication by an Authenticating
Agent. 
 If at any time there shall be an Authenticating Agent appointed with respect to any series of Debt Securities, then the
Trustee’s Certificate of Authentication by such Authenticating Agent to be borne by the Debt Securities of each such series shall be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Debt Securities
of a series issued under the within-mentioned Indenture. 
  

			
	 The Bank of New York

as Trustee

		
	By	 	 
		 	Authenticating Agent

  

			
	By	 	  

		 	Authorized Signatory

 ARTICLE THREE 
 THE DEBT SECURITIES 
 Section 3.01. Amount Unlimited; Issuable in Series. The
aggregate principal amount of Debt Securities that may be authenticated and delivered under this Indenture is unlimited. 
 The
Debt Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance
of Debt Securities of any series: 
 (1) the title of the Debt Securities of the series (which shall distinguish
the Debt Securities of such series from all other Debt Securities); 
 (2) the limit, if any, upon the aggregate
principal amount of the Debt Securities of the series that may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Debt Securities of the series pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.06 Section 11.06 or Section 11.07); 

  
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 (3) the dates on which or periods during which the Debt Securities of the
series may be issued, and the dates, if any, on which, or the range of dates, if any, within which, any principal (and premium, if any) in respect of the Debt Securities of such series is or may be payable or that Debt Securities of such series will
be perpetual; 
 (4) the rate or rates, if any, or the method of determination thereof at which the Debt
Securities of the series shall bear interest, if any, the date or dates, if any, from which such interest shall accrue, the Interest Payment Dates, if any, on which such interest shall be payable and in the case of Registered Securities, the Regular
Record Dates for the interest payable on such Interest Payment Dates; 
 (5) the periods within which or the
dates on which, the prices at which and the terms and conditions upon which Debt Securities of the series may be redeemed, if any, in whole or in part, at the option of the Company or otherwise; 

(6) whether the Debt Securities of the series are to be issued as Discount Debt Securities and the amount of the discount
at which such Discount Debt Securities may be issued; 
 (7) the place or places where any principal, premium or
interest in respect of Debt Securities of the series shall be payable; 
 (8) whether payments are subject to a
Solvency Condition; 
 (9) whether there are any other conditions to which payments with respect to such Debt
Securities are subject; 
 (10) provisions, if any, for the discharge and defeasance of Debt Securities of the
series; 
 (11) whether the Debt Securities of the series are to be issued as Registered Securities or Bearer
Securities or both, and, if Bearer Securities are issued, whether Coupons will be attached thereto, whether Bearer Securities of the series may be exchanged for Registered Securities of the series and the circumstances under which and the places at
which any such exchange, if permitted, may be made; 

  
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 (12) if any Debt Securities of the series are to be issued as Bearer
Securities or as one or more Global Debt Securities representing individual Bearer Securities of the series, (a) whether the provisions of Section 10.04 and Section 11.08 or other provisions for payment of additional interest or tax
redemptions shall apply and, if other provisions shall apply, such other provisions; provided, however, that no such other provisions shall, without the consent of the Trustee, impose material additional burdens on the Trustee not contemplated by
this Indenture; (b) whether interest in respect of any portion of a temporary Global Security of the series (delivered pursuant to Section 3.04) payable in respect of any Interest Payment Date prior to the exchange of such temporary Global
Security for a permanent Global Security or for a definitive Bearer Security of the series shall be paid to any clearing organization or other Person entitled to interest payable on such Interest Payment Date with respect to the portion of such
temporary Global Security held for its account and the terms and conditions (including any certification requirements) upon which any such interest payment will be made; and (c) the terms upon which a temporary Global Security may be exchanged
for a permanent Global Security or for a definitive Bearer Security of the series, provided, that if no terms are specified upon which a temporary Global Security may be exchanged for a definitive Bearer Security, such temporary Global Security
shall, if exchangeable at all, only be exchangeable for a definitive Debt Security in registered form; 
 (13)
whether any Debt Securities of the series are to be issued in whole or in part in the form of one or more Global Securities, provided, that if not so specified, Debt Securities shall be issued in whole in the form of one or more Global Securities;
and, in the case of Debt Securities to be issued in whole in the form of one or more Global Securities, the Depositary for such Global Security or Debt Securities and the terms and conditions, if any, upon which interests in such Global Security or
Debt Securities may be exchanged in whole or in part for the individual Debt Securities represented thereby, provided, that if no terms are specified for such exchange, a Global Security or Debt Security shall, if exchangeable at all, only be
exchangeable for an individual Debt Security in registered form; 

  
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 (14) the denominations in which Debt Securities of the series, if any, shall
be issuable, if other than denominations as provided in Section 3.02; 
 (15) if other than the principal
amount thereof, the portion of the principal amount of Debt Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02; 

(16) the currency or currencies of denomination of Debt Securities of the series, which may be Dollars or any Foreign
Currency; 
 (17) the currency or currencies in which payment of any principal of (and premium, if any, on) or
interest on the Debt Securities of the series may be made, and the currency or currencies, if any, in which payment of any principal of (and premium, if any, on) or interest on Debt Securities of the series may, at the election of Holders thereof,
also be payable, and the Exchange Rate Agent, if any, designated for the Debt Securities of the series; 
 (18)
if payments of any principal, premium or interest in respect of Debt Securities of the series may, at the election of the Holders, be made in a Foreign Currency other than the Foreign Currency in which such Debt Securities are denominated or stated
to be payable, the periods within which, and the terms and conditions upon which, such election may be made and the time and the manner of determining the exchange rate between the currency in which such Debt Securities are denominated or stated to
be payable and the currency in which such amounts are to be paid pursuant to such election; 
 (19) whether any
Debt Securities of the series are to be issued as Indexed Securities and, if so, the manner in which the principal of (and premium, if any, on) or interest thereon shall be determined and the amount payable upon acceleration under Section 5.02
and any other terms in respect thereof; 
 (20) any restrictive covenants provided for with respect to Debt
Securities of the series; 
 (21) any other Events of Default; 

  
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 (22) whether the Debt Securities of the series shall be convertible or
exchangeable at the option of the Company for any other securities to be delivered by the Company pursuant to Article Thirteen (any such exchange being referred to herein as the “Exchange” and any such conversion being referred to herein
as the “Conversion”; the date of such exchange or conversion being referred to as the “Event Date”; the securities to be delivered by the Company in exchange for such Debt Securities being referred to as “Exchange
Securities” and the securities to be delivered by the Company upon the conversion of such Debt Securities being referred to as “Conversion Securities”) and, if so, the nature of the Exchange Securities or Conversion Securities, as the
case may be, and any additional or other provisions relating to such Exchange or Conversion; and 
 (23) any
other terms of the series (which terms shall not adversely affect any prior series of Debt Securities or be inconsistent with the provisions of the Trust Indenture Act). 
 All Debt Securities of any one series and the Coupons appertaining to Bearer Securities of such series, if any, shall be substantially identical except as may otherwise be provided in or pursuant to such
Board Resolution and set forth in such Officer’s Certificate or provided in or pursuant to any such indenture supplemental hereto. All Debt Securities of any one series need not be issued at the same time and, unless otherwise provided, a
series may be reopened for issuance of additional Debt Securities of such series. 
 If any of the terms of the Debt Securities
of a series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the appropriate officer of the Company and delivered to the Trustee at or prior to the delivery of the
Officer’s Certificate setting forth the terms of such Debt Securities. 
 Section 3.02. Denominations. Unless
otherwise provided as contemplated by Section 3.01 with respect to the Debt Securities of any series and except as provided in Section 3.03, the Registered Securities of each series, if any, shall be issuable in denominations of $1,000,
(euro)1,000 or (pound)1,000 and any integral multiple thereof and the Bearer Securities of each series, if any, shall be issuable in denominations of $1,000, $10,000 and $100,000; (euro)1,000, (euro)10,000 and (euro)100,000 or (pound)1,000,
(pound)10,000 and (pound)100,000. 

  
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 Section 3.03. Execution, Authentication, Delivery and Dating. 

(a) The Debt Securities and the Coupons appertaining thereto shall be executed on behalf of the Company by an authorized officer. Such
signature and the attestation, if any, to the affixing of the seal may be in the form of facsimile signature of any present or any future authorized officer and may be imprinted or otherwise reproduced on the Debt Securities. The Company may adopt
and use the signatures or facsimile signatures of the persons who shall be authorized signatories of the Company at the time of execution of the Debt Securities and any Coupons appertaining thereto, irrespective of the date as of which the same
shall be executed, or of any person who shall have been an authorized officer of the Company, notwithstanding the fact that at the time the Debt Securities shall be authenticated and delivered or disposed of such person shall have ceased to be an
authorized officer as the case may be. 
 (b) At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver one or more Debt Securities of any series executed by the Company to the Trustee or the Authenticating Agent for authentication, together with a Company Order for the authentication and delivery of such Debt
Securities, and the Trustee or the Authenticating Agent in accordance with the Company Order shall authenticate and deliver such Debt Securities provided, however, that, in connection with its original issuance, a Bearer Security not represented by
a Permanent Global Security may be delivered only outside the United States; and provided further that, in connection with the original issuance of any Bearer Security other than a temporary Global Security or a Permanent Global Security, unless
otherwise delivered by the Company on advice of counsel, neither the Company nor its agent shall deliver any Bearer Security unless the Company or its agent receives from the person entitled to delivery of such Bearer Security a certificate
substantially in the form set forth in Exhibit A hereto, dated as of the date of such delivery, and neither the Company nor its agent has any reason to know that such certificate is false. If the Company shall establish pursuant to Section 3.01
that the Debt Securities of any series may be originally issued from time to time, the Trustee or the Authenticating Agent shall authenticate and deliver Debt Securities of such series for original issue from time to time in accordance with such
procedures acceptable to the Trustee as may be specified from time to time by Company Order. Such procedures may authorize authentication and delivery pursuant to written instructions or instructions via electronic communication such as telex or
facsimile confirmed in writing by guaranteed delivery overnight 

  
 27 

 
courier from the Company or its duly authorized agent. The Trustee shall be entitled to receive, prior to the authentication and delivery of the Debt Securities of any series, the supplemental
indenture or the Board Resolution by or pursuant to which the terms and form of such Debt Securities have been approved (and, if such form is approved pursuant to a Board Resolution, the Officer’s Certificate approving such terms and form), an
Officer’s Certificate as to the absence of any event that is, or after notice or lapse of time or both would become, an Event of Default, and, if requested by the Trustee, an Opinion of Counsel stating that: 

(1) all instruments furnished by the Company to the Trustee in connection with the authentication and delivery by the
Trustee of such Debt Securities and Coupons, if any, conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Trustee to authenticate and deliver such Debt Securities; 

(2) the forms of such Debt Securities and Coupons, if any, have been established in conformity with the provisions of this
Indenture; 
 (3) the terms of such Debt Securities and Coupons, if any, have been established in conformity with
the provisions of this Indenture; 
 (4) in the event that the forms or terms of such Debt Securities and
Coupons, if any, have been established in a supplemental indenture, the execution and delivery of such supplemental indenture by the Company has been duly authorized by all necessary corporate action of the Company, such supplemental indenture has
been duly executed and delivered by the Company and, assuming that the Trustee has satisfied those legal requirements that are applicable to it to the extent necessary to make such supplemental indenture enforceable against it, is a legal, valid,
binding and enforceable agreement of the Company, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law); 
 (5) the execution and delivery of such Debt
Securities and Coupons, if any, have been duly authorized by all necessary corporate action of the Company and such Debt Securities and Coupons, if any, have been duly executed by the Company and, assuming due authentication

  
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by the Trustee (or the Authenticating Agent, as the case may be) and delivery by the Company are the legal, valid, binding and enforceable obligations of the Company entitled to the benefits of
the Indenture, subject to applicable bankruptcy insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law); and 
 (6) such other matters as the Trustee may reasonably request. 

Notwithstanding any contrary provision herein, if the Company shall establish pursuant to Section 3.01 that the Debt Securities of a
series may be originally issued from time to time, it shall not be necessary to deliver the Board Resolution, Officer’s Certificate and Opinion of Counsel otherwise required pursuant to this Section or Section 1.02 at or prior to the time
of authentication of each Debt Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Debt Security of such series to be issued but the Trustee shall be entitled to request and
receive copies thereof. 
 (c) Unless the Company specifies pursuant to Section 3.01 that the Debt Securities of a series
will be made available in definitive bearer form, such Debt Securities shall be issued in the form of one or more Global Securities in permanent form, and the Company shall execute and the Trustee or the Authenticating Agent shall, in accordance
with this Section and the Company Order with respect to such series, authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount (or, in
the case of any Principal Indexed Security, face amount) of the Outstanding Debt Securities of such series to be represented by one or more Global Securities and (ii) if in registered form, shall be registered in the name of the Depositary for
such Global Security or Debt Securities or the nominee of such Depositary and be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction; if in bearer form, shall be delivered to and held by the Depositary in
accordance with the Debt Security Deposit Agreement, dated o. 

  
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 (d) The Trustee shall have the right to decline to authenticate and deliver any Debt
Security under this Section if the Trustee, upon the advice of counsel, determines that such action may not lawfully be taken or if the Trustee, by a committee of Responsible Officers, shall determine in good faith that the authentication and
delivery of such Debt Security would be unjustly prejudicial to Holders of Outstanding Debt Securities. 
 (e) Each Debt
Security shall be dated the date of its authentication. 
 (f) No Debt Security or Coupon attached thereto shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of
one of its authorized signatories, and such certificate of authentication upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Except as permitted by Section 3.05 or Section 3.06, neither the Trustee nor the Authenticating Agent shall authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured
have been detached and cancelled. 
 Section 3.04. Temporary Debt Securities. If so provided pursuant to Section 3.01,
pending the preparation of a permanent Global Security or definitive Debt Securities of any series, the Company may execute, and upon Company Order the Trustee or the Authenticating Agent shall authenticate and deliver, temporary Debt Securities
that are printed, lithographed, typewritten, photocopied or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Debt Securities in lieu of which they are issued, in registered form or, if authorized, in
bearer form with one or more Coupons or without Coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Debt Securities and Coupons may determine to be appropriate, as conclusively
evidenced by their execution of such Debt Securities and Coupons. In the case of Debt Securities of any series, such temporary Debt Securities may be in global form, representing all or a portion of the Outstanding Debt Securities of such series.

 If temporary Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series to be
prepared without unreasonable delay. Except as otherwise specified as contemplated by Section 3.01(12) with respect to a series of Debt Securities issuable as Bearer Securities or as one or more Global Debt Securities representing individual
Bearer Securities of the series, (i) after the preparation of definitive Debt 

  
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Securities of such series, the temporary Debt Securities of such series shall be exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt Securities of such
series at the office or agency of the Company in a Place of Payment for such series, without charge to the Holder, except as provided in Section 3.05 in connection with a transfer and except that a Person receiving definitive Bearer Securities
shall bear the cost of insurance, postage, transportation and the like unless otherwise specified pursuant to Section 3.01, and (ii) upon surrender for cancellation of any one or more temporary Debt Securities of any series (accompanied by
any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee or the Authenticating Agent shall authenticate and deliver in exchange therefor a like principal amount (or, in the case of any Principal Indexed Security, face
amount), in any authorized denomination or denominations, of definitive Debt Securities of the same series and of like tenor; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security;
and provided further that neither a permanent Global Security in bearer form nor a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security unless the Company or its agent receives a certificate substantially in the
form set forth in Exhibit A hereto, dated as of the date of such exchange, unless such certificate has previously been provided pursuant to the provisions of the next succeeding paragraph; and provided further that delivery of a Bearer Security not
represented by a Permanent Global Security shall occur only outside the United States; and provided further that neither a permanent Global Security in bearer form nor a definitive Bearer Security will be issued if the Company or its agent has
reason to know that such certificate is false. Until so exchanged, the temporary Debt Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities of such series except as
otherwise specified pursuant to Section 3.01 with respect to the payment of any interest on Debt Securities in temporary form. 
 If any Interest Payment Date with respect to a temporary Debt Security in bearer form shall occur prior to the exchange described in the preceding paragraph, any interest payable on such Interest Payment
Date shall be paid only upon the delivery of a certificate substantially in the form set forth in Exhibit A hereto, dated as of the date the related payment of interest is made. 

  
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 Upon any exchange of a portion of a temporary Global Security for a definitive Global
Security or for the individual Debt Securities represented thereby pursuant to this Section 3.04 or Section 3.05, the temporary Global Security shall be endorsed by the Registrar to reflect the reduction of the principal amount (or, in the
case of any Principal Indexed Security, face amount) evidenced thereby, whereupon the principal amount (or, in the case of any Principal Indexed Security, face amount) of such temporary Global Security shall be reduced for all purposes by the amount
so exchanged and endorsed. 
 Section 3.05. Registration, Registration of Transfer and Exchange. The Company shall cause to
be kept a register (herein sometimes referred to as the “Register”) in which, subject to such reasonable regulations as the Company may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of
Registered Securities. HSBC Bank USA is hereby appointed “Registrar” for the purpose of registering Debt Securities and transfers of Debt Securities as herein provided. Unless and until otherwise determined by the Company, HSBC Bank USA
shall act as Registrar and the Register shall be kept at the office of the Registrar at 452 Fifth Avenue, New York, New York 10018-2706 (c/o Issuer Services). Such Register shall be in written form or in any other form capable of being converted
into written form within a reasonable period of time. At all reasonable times the Register shall be open for inspection by the Company and its duly authorized agents. 
 Upon surrender for registration of transfer of any Registered Security of any series at the office or agency of the Company maintained for such purpose (the “Registration Office”), the Company
shall execute, and the Trustee or the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of such series, of like tenor and aggregate principal amount
(or, in the case of any Principal Indexed Security, face amount), in any authorized denomination or denominations. 
 At the
option of the Holder, Registered Securities of any series (other than a Global Security, except as set forth below) may be exchanged for other Registered Securities of such series of like tenor and aggregate principal amount (or, in the case of any
Principal Indexed Security, face amount), in any authorized denomination or denominations, upon surrender of the Registered Securities to be exchanged at the Registration Office. Bearer Securities may not be delivered by the Trustee, the
Authenticating Agent or the Registrar in exchange for Registered Securities. 

  
 32 

 At the option of the Holder, except as otherwise specified pursuant to Section 3.01(11)
or Section 3.01(13), Bearer Securities of any series may be exchanged for Registered Securities (if the Debt Securities of such series are issuable as Registered Securities) or (in the case of Bearer Securities not represented by a Permanent
Global Security) Bearer Securities (if Bearer Securities of such series are issuable in more than one denomination) of such series of like tenor and aggregate principal amount (or, in the case of any Principal Indexed Security, face amount), in any
authorized denomination or denominations, upon surrender of the Bearer Securities to be exchanged at the Registration Office, with all unmatured Coupons and all matured Coupons in default or unpresented thereto appertaining; provided, however, that
delivery of a Bearer Security shall occur only outside the United States. If the Holder of a Bearer Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default or unpresented, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and the Registrar in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be
waived by the Company and the Registrar if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to any Paying
Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 10.02, interest
represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at the
Registration Office in exchange for a Registered Security of the same series after the close of business at the Registration Office on (i) any Regular Record Date and before the opening of business at the Registration Office on the relevant
Interest Payment Date or (ii) any Special Record Date and before the opening of business at the Registration Office on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date or proposed date of payment, as the case may be. 
 Whenever any Debt Securities are so surrendered for
exchange, the Company shall execute, and the Trustee or the Authenticating Agent shall authenticate and deliver, the Debt Securities that the Holder making the exchange is entitled to receive. 

The Company’s express election pursuant to Section 3.01(13) (if any) shall no longer be effective with respect to the Debt
Securities of such series if at any time (1) (i) the Depositary for the Debt Securities of a series notifies the Company in writing that it is unwilling or unable to 

  
 33 

 
continue as Depositary for the Debt Securities of such series and a successor Depositary is not appointed by the Company within 90 days of such notification, (ii) DTC notifies the Depositary that
it is unwilling or unable to continue to hold interests in the Debt Securities or (iii) DTC is unable to or ceases to be eligible as a clearing agency registered under the Exchange Act and a successor to DTC registered under the Exchange Act is
not appointed by the Depositary at the written request of the Company within 90 days or (2) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary. In any such event the Company will
execute, and the Trustee or the Authenticating Agent, upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, definitive Debt Securities of such series or any
portion thereof in an aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) equal to the aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) of the Global Security or Debt
Securities representing such series or portion thereof in exchange for such Global Security or Debt Securities. 
 The Company
may at any time and in its sole discretion determine that Debt Securities of any series issued in whole or in part in the form of one or more Global Securities shall no longer be represented by such Global Security or Global Securities. In such
event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, definitive Debt Securities of such series in an
aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) equal to the aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) of the Global Security or Debt Securities
representing such series or portion thereof in exchange for such Global Security or Debt Securities. 
 Unless otherwise
specified by the Company pursuant to Section 3.01 with respect to the Debt Securities of any series, the Depositary for such series may surrender a Global Security representing Debt Securities of such series or any portion thereof in exchange in
whole or in part for definitive Debt Securities of such series on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee or the Authenticating Agent shall authenticate and deliver such
Debt Securities to the Registrar. In turn, the Registrar shall deliver such Debt Securities, without service charge, 

  
 34 

 (i) to each Person specified by such Depositary a new definitive Debt
Security or Debt Securities of such series, of like tenor and in an aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) equal to and in exchange for such Person’s beneficial interest in the Global
Security, in any authorized denomination or denominations; and 
 (ii) to such Depositary a new Global Security
in a denomination equal to the difference, if any, between the principal amount (or, in the case of any Principal Indexed Security, face amount) of the surrendered Global Security and the aggregate principal amount (or, in the case of any Principal
Indexed Security, face amount) of the definitive Debt Securities delivered to such Persons. 
 In any exchange provided for in
any of the preceding two paragraphs, the Company will execute and the Trustee or the Authenticating Agent will authenticate and deliver Debt Securities (i) in definitive registered form in authorized denominations, if the Debt Securities of
such series are issuable as Registered Securities, (ii) in definitive bearer form in authorized denominations with or without Coupons attached, as applicable, if the Debt Securities of such series are issuable as Bearer Securities or
(iii) as either Registered Securities or Bearer Securities, if the Debt Securities of such series are issuable in either form; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Global Security
unless the Company or its agent shall have received from the person entitled to receive the definitive Bearer Security a certificate substantially in the form set forth in Exhibit A hereto; and provided further that delivery of a Bearer Security
shall occur only outside the United States; and provided further that no definitive Bearer Security will be issued if the Company has reason to know that such certificate is false. 

Upon the exchange in whole of a Global Security for the definitive Debt Securities represented thereby, such Global Security shall be
cancelled by the Trustee or delivered to the Trustee for cancellation. Registered Securities issued in exchange for a Global Security or any portion thereof pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security shall instruct the Trustee and the Registrar. The Registrar shall deliver such Registered Securities to the Persons in whose names such Registered Securities are so registered. 

  
 35 

 The Registrar shall deliver Bearer Securities issued in exchange for a Global Security or
any portion thereof pursuant to this Section to the Persons, and in such authorized denominations, as the Depositary for such Global Security, shall instruct the Registrar; provided, however, that no definitive Bearer Security shall be delivered in
exchange for a temporary Global Security unless the Company or its agent shall have received from the person entitled to receive the definitive Bearer Security a certificate substantially in the form set forth in Exhibit A hereto; and provided
further that delivery of a Bearer Security shall occur only outside the United States; and provided further that no definitive Bearer Security will be issued if the Company has reason to know that such certificate is false. 

Notwithstanding any other provision in this Indenture, unless express provision is made otherwise under Section 3.01 hereof, Global
Notes shall, if exchangeable at all, only be exchangeable, in whole or in part, for definitive Debt Securities in registered form. 
 Interests in a Permanent Global Security may be exchanged for definitive Registered Securities of the same series if the Holder of such Permanent Global Security notifies the Company in writing that the
owner of a beneficial interest in such Permanent Global Security has requested in writing to the Holder, in accordance with the instructions of the Holder, that definitive Registered Securities be issued to such owner in respect thereof. In such
event the Company will execute, and the Trustee or the Authenticating Agent, upon receipt of a Company Order for the authentication and delivery of definitive Registered Securities of such series will authenticate and deliver such definitive
Registered Securities. Any such definitive Registered Securities so issued shall be registered in the name of such Person or Persons as the Holder shall instruct the Trustee and the Registrar in writing. Upon the exchange in whole or in part of a
Permanent Global Security for definitive Registered Securities in corresponding aggregate principal amount, such Permanent Global Security shall be delivered to the Trustee for cancellation, in the case of an exchange in whole, or reduction, in the
case of an exchange in part. 
 All Debt Securities issued upon any registration of transfer or exchange of Debt Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered upon such registration of transfer or exchange. 

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

  
 36 

 No service charge shall be made for any registration of transfer or exchange of Debt
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer, registration of transfer or exchange of Debt Securities, other than exchanges
pursuant to Section 3.04, Section 11.06 or Section 11.07 not involving any transfer. 
 Neither the Company, the
Trustee or the Authenticating Agent, as appropriate, shall be required (i) during the period beginning at the opening of business 15 days before the day on which a notice of redemption of Debt Securities of any series selected for redemption
under Section 11.04 is mailed and ending at the close of business on the day of such mailing, to issue, register the transfer of or exchange any Registered Security of such series having the same original issue date and terms as the Debt
Securities so selected for redemption or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except the unredeemed portion of any Registered Security being redeemed in part, or
(iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series (if the Debt Securities of such series are issuable as Registered Securities),
provided that such Registered Security shall be immediately surrendered for redemption with written instructions for payment consistent with the provisions of this Indenture. 
 Section 3.06. Mutilated, Destroyed, Lost and Stolen Debt Securities. If (i) any mutilated Debt Security or a Bearer Security with a mutilated Coupon appertaining to it is surrendered to the
Trustee or (ii) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security or Coupon, and there is delivered to the Company and the Trustee such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice to the Company or the Trustee that such Debt Security or Coupon has been acquired by a bona fide purchaser, the Company shall execute, and upon its written request the
Trustee or the Authenticating Agent shall authenticate and deliver, in exchange for any such mutilated Debt Security or a Bearer Security with a mutilated Coupon appertaining to it or to which a destroyed, lost or stolen Coupon appertains (with all
appurtenant Coupons not destroyed, lost or stolen) or in lieu of any such destroyed, lost or stolen Debt Security, a new Debt Security of the same series and of like tenor and aggregate principal

  
 37 

 
amount (or, in the case of any Principal Indexed Security, face amount), bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any, appertaining to
such destroyed, lost or stolen Debt Security or to the Debt Security to which such destroyed, lost or stolen Coupon appertains; provided, however, that delivery of a Bearer Security shall occur only outside the United States. 

In case any such mutilated, destroyed, lost or stolen Debt Security or Coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Debt Security, pay such Debt Security or Coupon; provided, however, that payment of any principal of (and premium, if any, on) or interest on Bearer Securities not represented by a Permanent
Global Security shall, except as otherwise provided in Section 10.02, be payable only at an office or agency located outside the United States; and provided further that, with respect to any such Coupon, interest represented thereby (but not
any additional amount payable as provided in Section 10.04) shall be payable only upon presentation and surrender of the Bearer Security to which such Coupon appertains. 
 Upon the issuance of any new Debt Security or Coupon under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Debt
Security of any series, with its Coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Debt Security, or in exchange for a Bearer Security to which a destroyed, lost or stolen Coupon appertains shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security and its Coupons, if any, shall be at any time enforceable by anyone, and any such new Debt Security and its Coupons, if any, or the
destroyed, lost or stolen Coupon shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities of that series and their Coupons, if any, duly issued hereunder. 

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

  
 38 

 Section 3.07. Payment of Interest; Interest Rights Preserved. Interest, if any, in
respect of any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Debt Security (or one or more Predecessor Debt Securities) is registered at
the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment
for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment
Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance with the provisions
of this Indenture. 
 Payment of interest, if any, in respect of any Registered Security or any Permanent Global Security may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15
days prior to such payment date or by any other means specified pursuant to Section 3.01. 
 Interest in respect of any
Bearer Security with Coupons that is payable and is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Holder of the Coupon that has matured on such Interest Payment Date upon surrender of such Coupon on such
Interest Payment Date at the Place of Payment outside the United States specified pursuant to Section 3.01. 
 Interest, if
any, in respect of any Bearer Security without Coupons that is payable and is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Holder of the Bearer Security upon presentation of such Bearer Security and notation
thereon on such Interest Payment Date at the Place of Payment outside the United States specified pursuant to Section 3.01. 
 Any interest in respect of Registered Securities or any Permanent Global Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; 

  
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 and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause
(1) or (2) below: 
 (1) The Company may elect to make payment of such Defaulted Interest to the
Persons in whose names such Registered Securities (or their respective Predecessor Debt Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Paying Agent and the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee and the Paying Agent for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided and shall fix a Special Record Date for the payment of such Defaulted Interest,
which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee and the Paying Agent of the notice of the proposed payment. Unless the Trustee is
acting as the Registrar, promptly after such Special Record Date, the Company shall furnish the Trustee with a list, or shall make arrangements satisfactory to the Trustee with respect thereto, of the names and addresses of, and respective principal
amounts (or, in the case of any Principal Indexed Security, face amount) of such Registered Securities held by, the Holders appearing on the Register at the close of business on such Special Record Date. In the name and at the expense of the
Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of such Registered Securities at his address as it appears in
the Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor 

  
 40 

 
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Registered Securities (or their respective Predecessor Debt Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange
for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the Coupon relating to such proposed date of payment, and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 
 (2) The Company may make payment of any Defaulted Interest on Registered Securities of any series or any Permanent Global Security in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Registered Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Debt Security
delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest, if any, accrued and unpaid, and to accrue, that were carried by such other Debt Security.

 Section 3.08. Persons Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the
Company, the Trustee, the Registrar and the Paying Agent and any agent of the Company, the Trustee, the Registrar or the Paying Agent may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security
for the purpose of receiving payment of any principal, premium or (subject to 

  
 41 

 
Section 3.07) interest in respect of such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee,
the Registrar, the Paying Agent nor any agent of the Company, the Registrar, the Paying Agent or the Trustee shall be affected by notice to the contrary. 
 The Company, the Trustee and any agent of the Company or the Trustee shall treat the bearer of any Bearer Security and the bearer of any Coupon as the absolute owner of such Bearer Security or Coupon for
the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Bearer Security or Coupon be overdue, and neither the Company or the Trustee nor any agent of the Company or the Trustee shall
be affected by notice to the contrary. 
 None of the Company, the Trustee, any Paying Agent or the Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in any Global Security or Permanent Global Security or for maintaining, supervising or reviewing any records relating
to such payments or beneficial ownership interests. 
 Section 3.09. Cancellation. Unless otherwise specified pursuant to
Section 3.01 above with respect to the Debt Securities of any series, all Debt Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be
promptly cancelled and delivered to the Trustee. The Company may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever,
and all Debt Securities so delivered shall be promptly cancelled by the Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Debt Securities and Coupons held by the Trustee shall be destroyed and certification of their destruction delivered to the Company unless by a Company Order the Company shall direct that the cancelled Debt Securities or
Coupons be returned to it. 
 Section 3.10. Computation of Interest. Except as otherwise specified as contemplated by
Section 3.01 with respect to the Debt Securities of any series, any interest on the Debt Securities of each series, which is not 

  
 42 

 
denominated in Euro, shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on Debt Securities of each series denominated in Euro will be computed on the basis of the
actual number of days in the calculation period divided by 365 (or, if any portion of that calculation period falls in a leap year, the sum of (a) the actual number of days in that portion of the calculation period falling in a leap year,
divided by 366 and (b) the actual number of days in that portion of the calculation period falling in a non-leap year, divided by 365). 
 Section 3.11. Payment in Currencies. (a) Payment of any principal (and premium, if any) or interest in respect of the Debt Securities of any series shall be made in the currency or currencies
specified pursuant to Section 3.01 with respect to the Debt Securities of such series; provided that, if so specified pursuant to Section 3.01, the Holder of such series may elect to receive such payment in Dollars or in any other currency
designated for such purpose pursuant to Section 3.01. A Holder may make such election by delivering to the Paying Agent (with a copy to the Trustee) a written notice thereof, substantially in the form attached hereto as Exhibit B or in such
other form as may be acceptable to the Paying Agent, not later than the close of business on the Regular Record Date or Special Record Date immediately preceding the applicable Interest Payment Date or the fifteenth day immediately preceding the
Maturity, if any, of any principal, as the case may be. Such election shall remain in effect with respect to such Holder until such Holder delivers to the Paying Agent (with a copy to the Trustee), a written notice substantially in the form attached
hereto as Exhibit B or in such other form as may be acceptable to the Paying Agent specifying a change in the currency in which such payment is to be made; provided that any such notice must be delivered to the Paying Agent (with a copy to the
Trustee) not later than the close of business on the Regular Record Date or Special Record Date immediately preceding the next Interest Payment Date or the fifteenth day immediately preceding the Maturity, if any, of any principal, as the case may
be, in order to be effective for the payment to be made thereon; and provided further that no such change in currency may be made with respect to payments to be made on any Registered Security with respect to which notice of redemption has been
given by the Company pursuant to Article Eleven. 
 (b) Except as otherwise specified pursuant to Section 3.01 with respect
to the Debt Securities of any series, the Paying Agent shall 

  
 43 

 deliver to the Company, the Trustee and the Exchange Rate Agent, if any, not later than the fourth Business
Day after the Regular Record Date or Special Record Date with respect to an Interest Payment Date or the tenth day immediately preceding the Maturity, if any, of any principal, as the case may be, with respect to Debt Securities of any series, a
written notice specifying, in the currency or currencies in which such Debt Securities are denominated, the aggregate amount of any principal (and premium, if any) or interest or such Debt Securities to be paid on such payment date. If payments on
any such Debt Securities are designated to be made in a currency other than the currency in which such Debt Securities are denominated, or if at least one Holder of a Registered Security has made the election referred to in Subsection (a) above with
respect to such Debt Securities, then the written notice referred to in the preceding sentence shall also specify, in each currency in which payment with respect to such Debt Securities is to be made pursuant to said Subsection (a), the amount of
any principal, premium or interest in respect of such Debt Securities to be paid in such currency on such payment date; provided that for purposes of such written notice, the Trustee shall be entitled to rely on any exchange rate information
provided to it in writing or via electronic communication such as telex or facsimile by the Exchange Rate Agent. 
 (c) The
Exchange Rate Agent shall deliver, not later than the sixth Business Day following each Regular Record Date or Special Record Date or the fifth day immediately preceding the Maturity, if any, of any principal, as the case may be, to the Trustee, the
Paying Agent and the Company an Exchange Rate Agent’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date. Except as otherwise specified pursuant to Section 3.01 with respect to the Debt Securities
of any series, the amount receivable by Holders of Registered Securities of any series who have elected payment as provided in Subsection (a) above in a currency other than the currency in which such Registered Securities are denominated shall be
determined by the Exchange Rate Agent on the basis of the applicable Exchange Rate set forth in the applicable Exchange Rate Agent’s Certificate. 
 (d) Except as otherwise specified pursuant to Section 3.01 with respect to the Debt Securities of any series, if the Foreign Currency in which Registered Securities of any series are denominated ceases to
be used both by the government of the country issuing such Foreign Currency and for the settlement of transactions by public institutions of or within the international banking community, then, with respect to each date for the payment of any
principal (and premium, if any) or interest in respect of such Debt Securities and any Coupons appertaining thereto occurring after the final date on which such Foreign Currency was so used, all payments in respect of such Debt Securities and any
Coupons appertaining thereto shall be made in Dollars; 

  
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provided that payment to a Holder of such a Registered Security shall be made in a different Foreign Currency if that Holder has elected or elects payment in such Foreign Currency as provided for
by Subsection (a) above. If payment is to be made in Dollars to Holders of any such Debt Securities or Coupons pursuant to the provisions of the preceding sentence, then the amount to be paid in Dollars on a payment date by the Company to the Paying
Agent (who shall promptly notify the Trustee) and by the Paying Agent (who shall promptly notify the Trustee) to such Holders shall be determined by the Paying Agent (who shall promptly notify the Trustee of such determinations) as of the Regular
Record Date or Special Record Date with respect to such Interest Payment Date or the fifteenth day immediately preceding the Maturity, if any, of any principal, as the case may be, and shall be equal to the sum obtained by converting the specified
Foreign Currency into Dollars at the Exchange Rate on the last such Record Date on which such Foreign Currency was so used in either such capacity. 
 (e) All decisions and determinations of the Paying Agent regarding conversion of any Foreign Currency into Dollars pursuant to Subsection (d) above or as specified pursuant to Section 3.01 with respect to
the Debt Securities of any series shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company and all Holders of the Debt Securities. If a Foreign Currency in which payment in respect of Debt
Securities of any series may be made, pursuant to Subsection (a) above, ceases to be used both by the government of the country issuing such currency and for the settlement of transactions by public institutions of or within the international
banking community, the Company after learning thereof will give notice thereof to the Trustee and the Paying Agent immediately (and the Paying Agent promptly thereafter will give notice to the Holders of such Debt Securities in the manner provided
in Section 1.06) specifying the last date on which such Foreign Currency was used for the payment of any principal, premium or interest in respect of such Debt Securities. The Trustee and the Paying Agent shall be fully justified and protected in
relying conclusively and acting upon the information so received by it from the Company and shall not otherwise have any duty or obligation to determine such information independently. 

Section 3.12. Certification by a Person Entitled to Delivery of a Bearer Security. Whenever any provision of this Indenture or a Debt

  
 45 

 
Security contemplates that certification be given by a Person entitled to delivery of a Bearer Security, such certification shall be provided substantially in the form of Exhibit A hereto as such
form may be modified pursuant to a Board Resolution, with only such changes as shall be approved by the Company. 
 ARTICLE FOUR

 SATISFACTION AND DISCHARGE 
 Section 4.01. Satisfaction and Discharge. If so specified pursuant to Section 3.01, this Indenture, with respect to the Debt Securities of any series payable only in Dollars (if all series of Debt
Securities issued under this Indenture are not to be affected) shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of such Debt Securities herein expressly provided for)
and the Trustee, at the expense of the Company, shall execute proper instruments, in a form satisfactory to the Company and the Trustee, acknowledging satisfaction and discharge of this Indenture, when 

(1) either 
 (A) all Debt Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer Securities surrendered in exchange for
Registered Securities and maturing after such exchange, surrender of which is not required or has been waived as provided in Section 3.05, (ii) Debt Securities and Coupons of such series that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 3.06, (iii) Coupons appertaining to Bearer Securities of such series called for redemption and maturing after the relevant Redemption Date, surrender of which has been waived as provided in Section 11.06 and
(iv) Debt Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or 
 (B) all such Debt Securities of such series not
theretofore delivered to the Trustee for cancellation 

  
 46 

 (i) have become due and payable, 

(ii) will become due and payable at their Stated Maturity, if any, within one year, or 

(iii) are to be called for redemption, Exchange or Conversion within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the
Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose (i) Dollars in an amount, (ii) U.S. Government Obligations that
through payment of interest and principal in respect thereof in accordance with their terms will provide, not later than the due date of any payment in an amount or (iii) any combination of (i) and (ii) in an amount sufficient to pay
and discharge the entire indebtedness on such Debt Securities and Coupons for any principal (and premium, if any) or interest to the date of such deposit (in the case of Debt Securities and Coupons which have become due and payable) or to the Stated
Maturity or Redemption Date or Event Date, as the case may be; 
 (2) the Company has paid or caused to be paid
all other sums payable hereunder by the Company in respect of the Debt Securities of such series; and 
 (3) the
Company has delivered to the Trustee an Officer’s Certificate and, if the Trustee so requests, an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 6.07 and, if money shall have been deposited with the Trustee pursuant to Subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall
survive. The Company’s rights and obligations under this Section 4.01 shall be subject to the consent of the Financial Services Authority, if required. 

  
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 Section 4.02. Application of Trust Money. Subject to the provisions of the last paragraph of
Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Debt Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent), to the Persons entitled thereto, of any principal (and premium, if any) and interest, if any, for which payment such money has been deposited with the Trustee.

 ARTICLE FIVE 
 REMEDIES 
 Section 5.01. Events of Default. Unless otherwise specified pursuant to
Section 3.01 “Event of Default”, wherever used herein with respect to Debt Securities of any series, means any one of the following events: 
 (i) the making or entry of any order by an English court which is not successfully appealed within 30 days after the date such order was made or entered for the winding up of the Company, or 

(ii) the valid adoption by the shareholders of the Company, of any effective resolution for the winding up of the Company
in either case other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 

Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Debt Securities of any series at
the time Outstanding occurs and is continuing, then in every such case the Trustee may, or if so requested by the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of that series, shall declare the principal amount
(or such other amount as is specified pursuant to Section 3.01) together with the accrued but unpaid interest (or in the case of Discount Debt Securities, the accreted face amount together with accrued interest, if any, or, in the case of Indexed
Securities, the amount specified pursuant to Section 3.01) of all of the Debt Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. 

  
 48 

 At any time after such a declaration of acceleration with respect to Debt Securities of any
series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Debt Securities of that
series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) the principal of (and premium, if any, on) any Debt Securities of such series which have become due and payable otherwise than by such declaration of acceleration and any due and payable interest, and
overdue interest, if any, thereon at the rate or rates prescribed therefor in such Debt Securities; and 
 (B)
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

(2) all Events of Default with respect to the Debt Securities of such series have been remedied. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03. Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee. Unless otherwise provided and contemplated
pursuant to Section 3.01 with respect to the Debt Securities of any series, “Default”, wherever used herein, means any one of the following events (whatever the reason for such Default and whether it shall be voluntary or involuntary or be
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): 

(1) the Company fails to pay any interest upon any Debt Security or any related Coupon and such default continues for 14
days; or 
 (2) the Company fails to pay the principal of (or premium, if any, on) any Debt Security of any
series at its Maturity and such failure is continued for seven days 

  
 49 

 If a Default occurs, the Trustee may, to enforce the obligations of the Company, institute
proceedings in England (but not elsewhere) for the winding up of the Company, provided that the Trustee may not, upon the occurrence of a Default, unless an Event of Default has occurred and is continuing, accelerate the Maturity of any of the
Outstanding Debt Securities. 
 Notwithstanding the foregoing, failure to make any payment in respect of the Debt Securities
shall not be a Default in respect of such Debt Securities if such payment is withheld or refused, (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent jurisdiction, in each case applicable to
such payment or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given with respect to validity or applicability of such law, regulation or order at any time during said period
of 14 Days (in the case of payments under Clause (1) above) or seven Days (in the case of payments under Clause (2) above) by independent legal advisers acceptable to the Trustee, provided, however, that the Trustee may by notice to the Company
require the Company to take such action (including but not limited to proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely,
is appropriate and reasonable in the circumstances to resolve such doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any
such resolution determines that the relevant payment can be made without violating any applicable law, 

  
 50 

 
regulation or order then the provisions of the preceding sentence shall cease to have effect and such payment shall become due and payable on the expiration of 14 Business Days (in the case of
payments under Clause (1) above) or seven Business Days (in the case of payments under Clause (2) above) after the Trustee gives written notice to the Company informing it of such resolution. 

Section 5.04. Trustee May File Proofs of Claim. In case of any judicial proceeding relative to the Company or any other obligor upon the
Debt Securities of a particular series or any related Coupons or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether any principal in respect of such Debt Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, 
 (i) to file and prove a claim for the whole amount of any principal (and
premium, if any) or interest owing and unpaid with respect to the Debt Securities of such series and any appurtenant Coupons and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same; 
 and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or other similar official) in any such proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Debt Securities or Coupons or the rights of any Holder thereof or to authorize 

  
 51 

 
the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 The provisions of this Section 5.04 are subject to the provisions of Article Twelve. 
 Section 5.05. Trustee May Enforce Claims Without Possession of Debt Securities or Coupons. All rights of action and claims under this Indenture or the Debt Securities or Coupons may be prosecuted and
enforced by the Trustee without the possession of any of the Debt Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name, as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Debt
Securities and Coupons in respect of which such judgment has been recovered. 
 Section 5.06. Application of Money Collected.
Any money collected by the Trustee pursuant to this Article shall, subject to the provisions of Article Twelve, be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of
any principal, premium or interest, upon presentation of the Debt Securities or any Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due to the Trustee under Section 6.07; 

SECOND: To the payment of the amounts then due and unpaid for any principal of (and premium, if any, on) or interest on
the series of Debt Securities and any appurtenant Coupons, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such series of
Debt Securities and any appurtenant Coupons for any principal (and premium, if any) or interest, respectively; and 
 THIRD: The
balance, if any, to the Company or other Person or Persons entitled thereto. 
 Section 5.07. Limitation on Suits. No Holder of
any Debt Security of any series and any appurtenant Coupons shall have any right to 

  
 52 

 
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default or Default with
respect to the Debt Securities of such series; 
 (2) the Holders of not less than a majority in aggregate
principal amount (or, in the case of any Principal Indexed Security, face amount) of the Outstanding Debt Securities of such series have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name
as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee indemnity satisfactory to the
Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written request has been received by the Trustee during such 60-day period from the Holders of a majority in aggregate principal amount (or, in the case of any
Principal Indexed Security, face amount) of the Outstanding Debt Securities of such series; 
 it being understood and intended that no one or
more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

Section 5.08. Unconditional Right of Holders to Receive Any Principal, Premium and Interest. Notwithstanding any other provision in this
Indenture, the Holder of any Debt Security or Coupon shall have the absolute and unconditional right to receive payment of any principal of (and premium, if any, on) or (subject to Section 3.07) interest on such Debt Security or payment of such
Coupon on the respective Stated Maturity or Maturities, if any, expressed in such Debt Security or Coupon (or, in the case of redemption or exchange, on 

  
 53 

 
the Redemption Date or the Event Date, as the case may be) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders
shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted. 
 Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided in Section 6.01, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy. 
 Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Debt
Security or Coupon to exercise any right or remedy accruing upon any Event of Default or Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 5.12. Control by Holders of Debt Securities. The Holders of a majority in aggregate principal amount (or, in the case of any
Principal Indexed Security, face amount) of the Outstanding Debt Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee with respect to the Debt Securities of such series, provided that 
 (1) such direction shall not be in
conflict with any rule of law or with this Indenture; 

  
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 (2) subject to the provisions of Section 6.01, the Trustee shall have the
right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceeding so directed would be unjustly prejudicial to the Holders of Debt
Securities of such series not joining in any such direction; and 
 (3) the Trustee may take any other action deemed proper by
the Trustee, which is not inconsistent with such direction. 
 Section 5.13. Waiver of Past Defaults. The Holders of not less
than a majority in aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) of the Outstanding Debt Securities of any series may, on behalf of the Holders of all the Debt Securities of any such series and any
related Coupons, waive any past event of default or any past default hereunder with respect to such series and its consequences, except a default 
 (1) in the payment of any principal of (or premium, if any, on) or any installment of interest on any Debt Security of such series, or 

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

Section 5.14. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Debt Security or Coupon by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any 

  
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Holder, or group of Holders, holding in the aggregate more than 10% in principal amount (or, in the case of any Principal Indexed Security, face amount) of the Outstanding Debt Securities of any
series, or to any suit instituted by any Holder for the enforcement of the payment of any principal of (or premium, if any, on) or interest on any Debt Security or the payment of any Coupon on or after the respective Stated Maturity or Maturities,
if any, expressed in such Debt Security or Coupon (or, in the case of redemption or Exchange or Conversion on or after the Redemption Date or the Event Date, as the case may be). 

ARTICLE SIX 
 THE
TRUSTEE 
 Section 6.01. Certain Duties and Responsibilities. 

(a) With respect to Debt Securities of any series, except during the continuance of an Event of Default or Default with respect to the
Debt Securities of such series, 
 (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(b) In case an Event of Default or Default with respect to Debt Securities of any series or any appurtenant Coupons has occurred and is
continuing, the Trustee shall, with respect to the Debt Securities of such series or any appurtenant Coupons, as the case may be, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 

  
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 (1) this Subsection shall not be construed to limit the effect of Subsection (a) of this
Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3)
the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Debt Securities of any series in good faith in accordance with the direction of the Holders of a majority in aggregate principal
amount of the Outstanding Debt Securities of such series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. 
 (e) Notwithstanding any other provision of this Indenture, under no circumstances shall the
Trustee be deemed to have fiduciary obligations with respect to any Person including, without limitation, Ordinary Creditors, other than Holders of Debt Securities, as and to the extent provided in this Indenture. 

(f) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section. 
 Section 6.02. Notice of Defaults.
Within 90 days after the occurrence of any Event of Default or Default hereunder with respect to Debt Securities of any series the Trustee shall give to Holders of Debt Securities of such series in the manner set forth in Section 1.06 notice of each
such Event of Default or Default hereunder known to the Trustee, unless in the case of notice regarding an Event of Default or Default such Event 

  
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of Default or Default shall have been cured or waived; provided, that the Trustee shall be protected in withholding notice of a Default or an Event of Default if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee reasonably determines that the withholding of such notice is in the interest of the Holders of Debt Securities of such series.

 Section 6.03. Certain Rights of Trustee. Except as otherwise provided in Section 6.01: 

(a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon, whether in original or
facsimile form, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, Coupon or other evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Debt Securities of such series or any related Coupons pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction; 

  
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 (f) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, Coupon, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Debt Securities and this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; and 
 (j) the
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

Section 6.04. Not Responsible for Recitals or Issuance of Debt Securities. The recitals contained herein and in the Debt Securities,
except the Trustee’s certificates of authentication, and in any Coupons shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Debt Securities of any series or of any Coupons. The Trustee shall not be accountable for the use or application by the Company or any Paying Agent of any Debt Securities or the proceeds thereof. 

  
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 Section 6.05. May Hold Debt Securities or Coupons. The Trustee, any Paying Agent, the
Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Debt Securities and Coupons, and, subject to Section 6.08 and Section 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent. 
 Section 6.06. Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law, except that the Trustee shall segregate moneys, funds and accounts held by the Trustee in one currency or currency unit from
any moneys, funds or accounts in any other currencies or currency units. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

Section 6.07. Compensation and Reimbursement. The Company agrees: 

(1) to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as the parties
shall agree from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any
provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful
misconduct; and 
 (3) to indemnify each of the Trustee and any predecessor Trustee and their agents for, and to
hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or bad faith on its part, arising out of or in connection with the 

  
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acceptance or administration of this trust or performance of its duties hereunder, including the reasonable costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder. 
 As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a claim prior to the Debt Securities and any Coupons upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of any principal (and
premium, if any) or interest in respect of any Debt Securities or Coupons. 
 The accrued obligations of the Company under this
Section 6.07 to compensate and indemnify the Trustee for expenses, losses, liabilities, disbursements and advances shall survive the termination, satisfaction and discharge of the Indenture, including any termination under any applicable bankruptcy
or similar law or the removal or resignation of the Trustee. 
 Section 6.08. Disqualification; Conflicting Interests. If the
Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. 
 Section 6.09. Corporate Trustee Required; Eligibility. There shall at all times be a
Trustee hereunder that shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to
law or to the requirements of a Federal, State, District of Columbia or foreign supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. 
 Section 6.10. Resignation and Removal; Appointment of Successor. No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 

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

  
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 The Trustee may be removed at any time with respect to the Debt Securities of any series by
Act of the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series, delivered to the Trustee and the Company. 
 If at any time: 
 (1) the Trustee shall fail to comply with Section
6.08 with respect to the Debt Securities of any series after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security of such series for at least six months, or 

(2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by
the Company or by any such Holder, or 
 (3) the Trustee shall become incapable of acting or a decree or order
for relief by a court having jurisdiction in the premises shall have been entered in respect of the Trustee in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State
bankruptcy, insolvency or similar law; or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official)
of the Trustee or of its property or affairs, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, or 

(4) the Trustee shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or
any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trustee
or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action,

  
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 then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all
Debt Securities or (ii) subject to Section 5.14, any such Holder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee for the Debt Securities of such series and the
appointment of a successor Trustee. 
 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of that or
those series (it being understood that any such successor Trustee may be appointed with respect to the Debt Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Debt Securities of
any particular series) and shall comply with the applicable requirements of Section 6.11. If within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Debt Securities
of any series shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Debt Securities of such series, and, to that extent, supersede the successor Trustee appointed by the Company. If no successor Trustee with respect
to the Debt Securities of any series shall have been so appointed by the Company or the Holders and shall have accepted appointment in the manner hereinafter provided, the Trustee or any Holder who has been a bona fide Holder of a Debt Security of
such series for at least six months may, subject to Section 5.14, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of
such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt
Securities of any series and each appointment of a successor Trustee with respect to the Debt Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of
such series as their names and addresses appear in the Register and, if Debt Securities of such series are issuable as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the
United States. Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of its Corporate Trust Office. 

  
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 Section 6.11. Acceptance of Appointment by Successor. In the case of an appointment
hereunder of a successor Trustee with respect to all Debt Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

In case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the
Company, the retiring Trustee upon payment of its charges and each successor Trustee with respect to the Debt Securities of the relevant series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept
such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer to and vest in each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities
of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Debt Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from 

  
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any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt
Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates. 

Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in this Section. 
 No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 Section 6.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Debt Securities shall have been
authenticated but not delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Debt Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Debt Securities. In case any Debt Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Debt Securities, in
either its own name or that of such predecessor Trustee, with the full force and effect that this Indenture provides for the certificate of authentication of the Trustee. 
 Section 6.13. Preferential Collection of Claims Against Company. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Debt Securities of a series), the
Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

  
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 Section 6.14. Appointment of Authenticating Agent. Upon a Company Request, the Trustee may
appoint an authenticating agent with respect to the Debt Securities of one or more series (the “Authenticating Agent”), for such period as the Company shall elect, which will be authorized to act as the Trustee’s agent on the
Trustee’s behalf to authenticate and deliver the Debt Securities of such series. Debt Securities of such series authenticated by such Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee. Wherever reference is made in this Indenture to the authentication and delivery of Debt Securities of any series by the Trustee or to the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by the Authenticating Agent for such series or the certificate of authentication executed on behalf of such Trustee by such Authenticating Agent, as the case may be.
Such Authenticating Agent shall at all times meet the eligibility requirements for the Trustee set forth in Section 6.09. 
 Any
corporation into which any Authenticating Agent may be merged or converted, or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any
corporation succeeding to the corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of Debt Securities for which it served as Authenticating Agent without the execution or
filing of any paper or any further act on the part of the Company, the Trustee or such Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign with respect to the Debt Securities of one or
more series by giving written notice of resignation to the Trustee and the Company. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of such termination to such Authenticating Agent and the
Company. 
 Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section with respect to the Debt Securities of one or more series, the Trustee shall upon Company Request appoint a successor Authenticating Agent, and the Company shall
provide notice 

  
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of such appointment to all Holders of Debt Securities of such series in the manner and to the extent provided in Section 1.06. Any successor Authenticating Agent, upon acceptance of its
appointment hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Company agrees to pay each Authenticating Agent from
time to time reasonable compensation for its services. 
 ARTICLE SEVEN 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 7.01. Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee with respect to the Debt Securities of each series for which the
Trustee acts as Trustee: 
 (a) at least semi-annually, not more than 15 days after each Regular Record Date in respect of the
Debt Securities of such series (or on 30 June and 31 December of each year with respect to the Debt Securities of any series for which there are no Regular Record Dates or for which there are different Regular Record Dates for Debt Securities of
such series issued on different dates), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities as of such Regular Record Date or June 15 or December 16, as the case may be, and

 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided, however,
that if and so long as the Trustee shall be the Registrar, no such list need be furnished. 
 Section 7.02. Preservation of
Information; Communications to Holders. The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Registered Securities contained in the most recent list furnished to the Trustee as provided
in Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. The
Trustee shall preserve for at least two years from the date of receipt of the names and addresses of Holders of any Debt Securities filed with the Trustee, to the extent so filed. 

  
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 (b) If three or more Holders (hereinafter referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Debt Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire
to communicate with other Holders of Debt Securities of a particular series (in which case the applicants must hold Debt Securities of such series) or with all Holders of Debt Securities with respect to their rights under this Indenture or under the
Debt Securities and such application is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its
election, either 
 (i) afford such applicants access to the information preserved at the time by the Trustee in
accordance with Section 7.02(a), or 
 (ii) inform such applicants as to the approximate number of Holders of
Debt Securities of such series or of all Debt Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing to
such Holders the form of proxy or other communication, if any, specified in such application. 
 If the Trustee shall elect not
to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with
Section 7.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the
opinion of the Trustee, such mailing would be contrary to the best interests of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if after the entry of an 

  
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order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order
so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application. 
 (c) Every Holder of Debt Securities or Coupons, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 7.02(b),
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 

Section 7.03. Reports by Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under
this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto; provided, however that any reports required by Section 313(a) of the Trust Indenture Act shall be transmitted by mail to
Holders within 60 days after 15 May of each year commencing with the year following the first issuance of Debt Securities. 

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

Section 7.04. Reports by Company. The Company shall file with the Trustee and the Commission, and transmit to Holders, such information,
documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be
filed with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, shall be filed with the Trustee within 15 days after the same is so filed with the Commission. The Trustee shall make all such reports
available for inspection by Holders at its Corporate Trust Office. 

  
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 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 8.01. Company May
Consolidate, etc., Only on Certain Terms. The Company may, without the consent of Holders of any Debt Securities of any series outstanding under this Indenture, consolidate or amalgamate with or merge into any other corporation or convey or sell or
transfer or lease its properties and assets substantially as an entirety to any Person, provided that: 
 (1)
the corporation formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company, substantially as an entirety (i) shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee the due and punctual payment of any principal, premium or interest (including all additional amounts, if any, payable pursuant to
Section 10.04) in respect of all the Debt Securities and any related Coupons and the performance of every covenant of this Indenture on the part of the Company to be performed or observed and (ii) the definition of “Taxing Jurisdiction”
shall be amended, if applicable, to replace the United Kingdom with the jurisdiction in which such successor Person is resident for tax purposes; 
 (2) immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company, as a result of such transaction as having been incurred by the Company at
the time of such transaction, no Event of Default or Default, and no event that, after notice or lapse of time, or both, would become an Event of Default or a Default, shall have occurred and be continuing; and 

(3) the Company and the successor Person, have delivered to the Trustee an Officer’s Certificate and, if so requested
by the Trustee, an Opinion of Counsel stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and
that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
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 Section 8.02. Successor Person Substituted. Upon any consolidation or amalgamation with or
merger into any other corporation, or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety to any Person in accordance with Section 8.01, the successor corporation formed by such consolidation or
amalgamation or into which the Company is merged or the successor Person to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor corporation or successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Debt Securities and any Coupons. 
 Section 8.03. Assumption of Obligations. With respect to the Debt
Securities of any series, a holding company of the Company or any subsidiary of the Company (a “successor entity”) may assume the obligations of the Company (or any corporation which shall have previously assumed the obligations of the
Company) for the due and punctual payment of the principal of (and premium, if any, on), or interest on and any additional amount required to be paid in accordance with the provisions of the Indenture or the Debt Securities in respect of the Debt
Securities and the performance of each covenant of the Indenture and the Debt Securities on the part of the Company to be performed or observed provided, that 
 (1) the successor entity shall expressly assume such obligations by an amendment to the Indenture, executed by the Company and such successor entity, if applicable, and delivered to the Trustee, in form
satisfactory to the Trustee, and the Company shall, by amendment to the Indenture, unconditionally guarantee all of the obligations of such successor entity under the Debt Securities of such series and the Indenture as so modified by such amendment
(provided, however, that, for the purposes of the Company’s obligation to pay to Holders all Additional Amounts, if any, payable pursuant to Section 10.04 in respect of the Debt Securities and any related Coupons, references to such successor
entity’s country of organization will be added to references to the United Kingdom); 
 (2) such successor
entity shall confirm in such amendment to the Indenture that such successor entity will pay to the Holders all Additional Amounts, if any, payable pursuant to Section 10.04 in 

  
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respect of all the Debt Securities and any related Coupons (provided, however, that for these purposes such successor entity’s country of organization will be substituted for the references
to the United Kingdom); and 
 (3) immediately after giving effect to such assumption of obligations, no Event
of Default or Default and no event which, after notice or lapse of time or both, would become an Event of Default or Default, shall have occurred and be continuing. 
 Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with respect to any such Debt
Securities with the same effect as if such successor entity had been named as the Company in this Indenture, and the Company or any legal and valid successor corporation which shall theretofore have become such in the manner prescribed herein, shall
be released from all liability as obligor upon any such Debt Securities except as provided in Clause (1) above. 
 ARTICLE NINE

 SUPPLEMENTAL INDENTURES 
 Section 9.01. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders of Debt Securities or Coupons, the Company, when authorized by or pursuant to a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company and the assumption by such successor Person of the
covenants of the Company herein and in the Debt Securities contained; 
 (2) to add to the covenants of the
Company for the benefit of the Holders of all or any series of Debt Securities or Coupons (and, if such covenants are to be for the benefit of less than all series of Debt Securities or Coupons, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; 
 (3) to change or eliminate any restrictions on the payment of any principal of (or premium, if any, on) or interest on Bearer 

  
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Securities, to permit Bearer Securities to be issued in exchange for Registered Securities or to permit or facilitate the issuance of Debt Securities in uncertificated or book-entry form;
provided that no such action shall adversely affect the interests of the Holders of Debt Securities of any series or any related Coupons in any material respect; or 

(4) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall be
effective only with respect to any series of Debt Securities created subsequent to the execution of such supplemental indenture; or 
 (5) to establish the form or terms of Debt Securities of any series and any related Coupons as permitted by Section 2.01 and Section 3.01; 

(6) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt
Securities of one or more series and to add to, change or eliminate any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11; or 
 (7) to secure the Debt Securities; 

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

(9) to add, to change or to eliminate any provision of this Indenture as shall be necessary or desirable in accordance
with any amendment to the Trust Indenture Act. 
 Section 9.02. Supplemental Indentures With Consent of Holders. With the
consent of the Holders of not less than a majority in aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) of the Outstanding Debt Securities affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into 

  
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an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights under this Indenture of the Holders of such Debt Securities and any related Coupons; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Debt Security or Coupon
affected thereby, 
 (1) change the Stated Maturity of any principal or any installment of interest or
additional amounts payable in respect of any Debt Security, or reduce the principal amount (or, in the case of any Principal Indexed Security, face amount) thereof or any interest, or the rate of interest on any of the foregoing, thereon or any
premium payable upon redemption thereof, or additional amounts payable thereon, or change the manner in which the amount of any payment of any principal, premium or interest in respect of any Indexed Security is determined, or change any obligation
of the Company to pay any additional amount pursuant to Section 10.04 (except as contemplated by Section 8.01(1) and permitted by Section 9.01(1), or reduce the amount of the principal of a Discount Debt Security that would be due and
payable upon an acceleration of the Maturity thereof pursuant to Section 5.02, or change any Place of Payment, or change the coin or currency in which any principal (and premium, if any,) or any interest or any Coupon is payable, or the rate of
interest on any of the foregoing, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or exchange, on or after the Redemption Date or the Event Date, as
the case may be); 
 (2) reduce the percentage of the aggregate principal amount (or, in the case of any
Principal Indexed Security, face amount) of the Outstanding Debt Securities affected thereby, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; 

  
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 (3) modify any of the provisions of this Section 9.02, Section 5.13 or
Section 10.06, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Debt Security affected thereby; provided, however,
that this clause shall not be deemed to require the consent of any Holder of a Debt Security with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.06; 

(4) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in
Section 10.02; or 
 (5) change in any manner adverse to the interests of the Holders of Debt Securities of any
series, the subordination provisions of the Debt Securities of such series or the terms and conditions of the obligations of the Company in respect of the due and punctual payment of the principal, premium, if any, interest, or the rate of interest
on any of the foregoing on the Debt Securities of such series. 
 It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular series of Debt
Securities, or that modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of any other
series. 
 Section 9.03. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of
Counsel from the Company stating that the execution and delivery of such supplemental indenture has been duly authorized by all necessary corporate action, such supplemental indenture has been duly executed and delivered and, assuming that the
Trustee has satisfied those legal requirements that are applicable to it to the extent necessary to make such supplemental indenture enforceable against it, is a legal, valid, binding and enforceable agreement of the Company subject to applicable
bankruptcy, insolvency and similar laws 

  
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affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder and of any Coupons appertaining thereto
shall be bound thereby. 
 Section 9.05. Conformity with Trust Indenture Act and Financial Services Authority Requirements.
Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. The Company’s rights and obligations under this Article Nine shall be subject to the consent of the Financial Services
Authority, if required. 
 Section 9.06. Reference in Debt Securities to Supplemental Indentures. Debt Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in a form satisfactory to the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Debt Securities of any series and any appurtenant Coupons so modified as to conform, in the opinion of the Trustee and the Board of Directors of the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee or the Authenticating Agent in exchange for Outstanding Debt Securities of such series and any appurtenant Coupons. 

ARTICLE TEN 

COVENANTS 

Section 10.01. Payment of Any Principal, Premium or Interest. The Company covenants and agrees for the benefit of each series of Debt
Securities and any appurtenant Coupons that it will duly and punctually pay any principal of (and premium, if any, on) or interest on such Debt Securities and any appurtenant Coupons in accordance with the terms of such Debt Securities, any
appurtenant Coupons and this Indenture. Any interest due in respect of Bearer Securities on or before Maturity, other than in respect of Bearer 

  
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Securities of a series in global form and other than additional amounts, if any, payable as provided in Section 10.04 in respect of any principal of (and premium, if any, on) and interest on such
a Security, shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby as they severally mature. 
 No payment of any principal, premium or interest in respect of Bearer Securities (other than a Permanent Global Security) shall be made at any office or agency of the Company in the United States or by
check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided, however, that payment of any principal of (and premium, if any, on) or interest (including additional
amounts payable in respect thereof) on any such Bearer Security may be made in Dollars at the specified office of the Paying Agent, if (but only if) payment of the full amount of such principal, premium, interest or additional amounts at all offices
outside the United States maintained for the purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions. 

Section 10.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York and in each
Place of Payment for any series of Debt Securities an office or agency where Debt Securities of such series (but, except as otherwise provided below, unless such Place of Payment is located outside the United States, not Bearer Securities other than
Permanent Global Debt Securities) may be presented or surrendered for payment (and in any event, at least one such office or agency outside the United Kingdom), where Debt Securities of such series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Debt Securities of such series and this Indenture may be served. If Debt Securities of a series are issuable as Bearer Securities, the Company will maintain, subject to
any laws or regulations applicable thereto, an office or agency in a Place of Payment for such series that is located outside the United States where Debt Securities of such series and the related Coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Debt Securities of such series pursuant to Section 10.04); provided, however, that if the Debt Securities of such series are listed on the London Stock Exchange plc or the Luxembourg Stock
Exchange or any other stock exchange located outside the United States and such stock 

  
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exchange shall so require, the Company will maintain a Paying Agent in London or Luxembourg or any other required city located outside the United States, as the case may be, so long as the Debt
Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee except that Bearer Securities of
that series and the related Coupons may be presented and surrendered for payment (including payment of any additional amounts payable on Bearer Securities of that series pursuant to Section 10.04) at the place specified for the purpose pursuant to
Section 3.01, and the Company hereby appoints HSBC Bank USA as Paying Agent and its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies (in or outside of such Place of Payment) where the Debt Securities of one or more series and any appurtenant Coupons
(subject to Section 10.01) may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment for any series of Debt Securities for such purposes. The Company will give prompt written notice to the Trustee of any such designation and any change in the location of any such
other office or agency. The Company will at all times maintain at least one Paying Agent that is located outside the United Kingdom for each series of Debt Securities. 
 The Company undertakes that if the conclusions of the ECOFIN Council meeting of 26-27 November 2000 are implemented, to ensure that it maintains a paying agent in a Member State of the European Union that
will not be obliged to withhold or deduct tax pursuant to the European Union Directive on the taxation of savings proposed at the ECOFIN Council meeting of 26-27 November 2000 if there is at least one Member State which does not require a paying
agent to withhold or deduct tax pursuant to such Directive. 
 Section 10.03. Money for Debt Securities Payments to be Held in
Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of Debt Securities, it will, on or before each due date of any principal of (and premium, if any, on) or interest on any Debt Securities of such series
and any appurtenant Coupons, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay any principal, premium or interest so becoming due until such sums shall be paid to such

  
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Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents with respect to any series of Debt Securities, the Company will, on or prior to
each due date of any principal of (and premium, if any, on) or interest on any Debt Securities of such series and any appurtenant Coupons, deposit with a Paying Agent a sum sufficient to pay any principal, premium or interest so becoming due, such
sum to be held in trust for the benefit of the Persons entitled to any such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent with respect to any series of Debt Securities other than the Trustee to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of any principal (and premium, if any) or interest in respect of Debt Securities of such series and any appurtenant Coupons in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee notice of any default by the Company (or any other obligor upon the Debt Securities of such series or any appurtenant Coupons) in the making of any payment of any principal of (and
premium, if any, on) or interest on the Debt Securities of such series or any appurtenant Coupons; and 
 (3) at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee
all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

  
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 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of any principal of (and premium, if any, on) or interest on any Debt Security of any series or any appurtenant Coupons and remaining unclaimed for two years after any such principal, premium or interest has become due and
payable shall be paid to the Company, as the case may be, on Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Debt Security or any appurtenant Coupons shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New
York, and each Place of Payment, or mailed to each such Holder, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing, any
unclaimed balance of such money then remaining will be repaid to the Company. Debt Securities of any series or any appurtenant Coupons will be void if not presented for payment of principal and premium, if any, within 10 years of such principal and
premium, if any, becoming due and payable or presented for payment of interest within five years of such interest becoming due and payable. 
 Section 10.04. Payment of Additional Amounts. Unless otherwise specified as contemplated by Section 3.01, with respect to Debt Securities, all amounts of principal of (and premium, if any, on) and
interest on any such Debt Securities will be paid by the Company, without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or any taxing authority thereof or therein having the power to tax (the “Taxing
Jurisdiction”), unless such deduction or withholding is required by law. If deduction or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required by the Taxing Jurisdiction,
the Company will pay such additional amounts of, or in respect of, the principal amount of, (and premium, if any, on) and interest on such Debt Securities (“Additional Amounts”) as may be necessary in order that the net

  
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amounts paid to the Holders of such Debt Securities, after such deduction or withholding, shall equal the respective amounts of principal, premium and interest, which would have been payable in
respect of such Debt Securities had no such deduction or withholding been required, provided that the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding which would not have been payable or due but
for the fact that (i) the Holder of the Debt Security or the owner of a beneficial interest therein is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or physically present in, the Taxing
Jurisdiction or otherwise has some connection or former connection with the Taxing Jurisdiction other than the holding or ownership of a Debt Security, or the collection of any payment of (or in respect of) principal of (premium, if any, on) and
interest and related deferred payments on or the enforcement of, any Debt Security, (ii) the relevant Debt Security or Coupon or other means of payment of interest in respect of Debt Securities is presented for payment in the United Kingdom or (iii)
the relevant Debt Security or other means of payment of interest in respect of Debt Securities is presented for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent that the Holder
would have been entitled to such Additional Amount on presenting the same for payment at the close of such 30 day period (iv) such tax, levy, impost, duty, charge, fee, deduction or withholding is imposed on any interest to an individual and is
required to be made pursuant to any European Union directive on the taxation of savings income relating to the proposal for a directive on the taxation of savings income published by the ECOFIN Council on 13 December 2001 or otherewise implementing
the conclusions of the ECOFIN Council meeting of 26-27 November 2000, or any law implementing or complying with, or introduced in order to conform to, such a directive; (v) presentation for payment of the relevant Debt Securities was made to a
paying agent who was required to make (or pass through) such deduction or withholding and presentation for payment could have been made to a paying agent who was not required to make (or pass through) such deduction or withholding; (vi) there was a
failure to comply by the Holder or the beneficial owner of the Debt Securities or the beneficial owner of any payment on such Debt Securities with a request of the Company addressed to the Holder or the beneficial owner, including a request of the
Company related to a claim for relief under any applicable double tax 

  
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treaty (x) to provide information concerning the nationality, residence, identity or connection with a Taxing Jurisdiction of the Holder or the beneficial owner or (y) to make any declaration or
other similar claim to satisfy any information or reporting requirement, if the information or declaration is required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to
exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge; (vii) such tax, levy, impost, duty, charge, fee, deduction or withholding is imposed in respect of any estate, inheritance, gift, sale,
transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or (vii) such tax, levy, impost, duty, charge, fee, deduction or withholding is imposed in respect of any combination of the above items. 

Whenever in this Indenture there is mentioned, in any context, the payment of any principal of (and premium, if any, on) or interest on
any Debt Security of any series or the payment of any related Coupon or the net proceeds received on the sale or exchange of any Debt Security of any series, such mention shall be deemed to include mention of the payment of additional amounts
provided for in this Section to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section, and express mention of the payment of additional amounts (if
applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 
 Section 10.05. Officer’s Certificate as to Compliance with Indenture and Default. The Company will deliver to the Trustee, on or before a date not more than six months after the end of each fiscal
year of the Company (which on the date hereof is 31 December) ending after the date hereof, a certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the
Company’s compliance with all conditions and covenants under the Indenture, whether an Event of Default or Default has occurred, and, if an Event of Default or Default has occurred, specifying all such defaults and the nature thereof of which
they may have knowledge. For purposes of this paragraph such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

The Company will deliver written notice to the Trustee promptly after any officer of the Company has knowledge of the occurrence of any
event that with the giving of notice or the lapse of time or both would become an Event of Default or Default. 

  
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 Section 10.06. Waiver of Certain Covenants. The Company may omit in any particular instance
to comply with any covenant or condition set forth in Section 10.02 and Section 10.04 with respect to the Debt Securities of any series if, before the time for such compliance, the Holders of at least a majority in aggregate principal amount (or, in
the case of any Principal Indexed Security, face amount) of the Debt Securities of such series at the time Outstanding shall, by Act of such Holders and on behalf of all Holders of Debt Securities of that Series, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 

ARTICLE ELEVEN 

REDEMPTION OF DEBT SECURITIES 
 Section 11.01. Applicability of Article. Debt Securities of any series that are redeemable before their Stated Maturity, if any, shall be redeemable in accordance with their terms and, except as otherwise
specified as contemplated by Section 3.01 with respect to the Debt Securities of such series, in accordance with this Article. The Company’s rights and obligations under this Article Eleven shall be subject to the consent of the Financial
Services Authority, if required. 
 Section 11.02. Election to Redeem; Notice to Trustee. Unless otherwise provided under
Section 3.01 with respect to any series of Debt Securities, the election of the Company to redeem any Debt Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all
of the Debt Securities of any series, the Company shall, not less than 45, or more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date and of the aggregate principal amount (or, in the case of Principal Indexed Securities, face amount) of the Debt Securities of such series to be redeemed. If the Debt Securities of such series may be originally issued from time to time with
varying terms, the Company shall also notify the Trustee of the particular terms or designation of the Debt Securities of such series to be redeemed. In the case 

  
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of any redemption of Debt Securities prior to the expiration of any restriction on such redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 
 Section 11.03. Selection
by Trustee of Debt Securities to be Redeemed. Except as otherwise specified as contemplated by Section 3.01 for Debt Securities of any series, if less than all the Debt Securities of any series are to be redeemed, the particular Debt Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from among the Outstanding Debt Securities of such series (or, in the case of Debt Securities of a series that may be originally issued from time to time
with varying terms, from among the Outstanding Debt Securities of such series having the same original issue date and terms) not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide
for the selection for redemption of portions (equal to the minimum authorized denomination for such Debt Securities or any integral multiple thereof that is also an authorized denomination) of the principal amount (or, in the case of Principal
Indexed Securities, face amount) of Registered or Bearer Securities (if issued in more than one authorized denomination) of such series of a denomination larger than the minimum authorized denomination for such Debt Securities. 

The Trustee shall promptly notify the Company in writing of the Debt Securities selected for redemption and, in the case of any Debt
Securities selected for partial redemption, the principal amount (or, in the case of Principal Indexed Securities, face amount) thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debt Securities shall relate, in the case of any Debt Security redeemed or to be
redeemed only in part, to the portion of the principal amount (or, in the case of Principal Indexed Securities, face amount) of such Debt Security that has been or is to be redeemed. 

Section 11.04. Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 1.06 not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be redeemed. 

  
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 All notices of redemption shall state: 

(1) the Redemption Date; 
 (2) the Redemption Price, or the manner in which the Redemption Price is to be determined; 
 (3) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification and the principal amount (or, in the case of Principal Indexed Securities, face amount)) of the
particular Debt Securities to be redeemed; 
 (4) that on the Redemption Date the Redemption Price will become
due and payable in respect of each such Debt Security to be redeemed, and that any interest thereon shall cease to accrue on and after said date; 
 (5) the Place or Places of Payment where such Debt Securities, together in the case of Bearer Securities with all Coupons, if any, appertaining thereto maturing after the Redemption Date, are to be
surrendered for payment of the Redemption Price; and 
 (6) the CUSIP number or numbers, the Common Code, or the
ISIN, if any, with respect to such Debt Securities. 
 A notice of redemption published as contemplated by Section 11.04 need
not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Debt Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 Section 11.05. Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) any accrued interest on, all the Debt Securities or
portions thereof that are to be redeemed on that date. 
 Section 11.06. Debt Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and from and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such Debt Securities shall cease to bear interest, if any and the Coupons for any such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of 

  
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any such Debt Security for redemption in accordance with said notice, such Debt Security shall be paid by the Company at the Redemption Price, together with any accrued interest to the Redemption
Date; provided, however, that installments of any interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation and surrender of Coupons for such interest (at an office or agency
located outside the United States, except as otherwise provided in Section 10.02); and provided further that installments of any interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Debt Securities, or one or more Predecessor Debt Securities, registered as such on the relevant Regular or Special Record Dates according to their terms and the provisions of Section 3.05. The obligation of the Company to redeem Debt
Securities of a series on a Redemption Date shall be subject to any Solvency Condition. 
 If any Bearer Security surrendered
for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Bearer Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the
surrender of such missing Coupon or Coupons may be waived by the Company, the Trustee and the Paying Agent if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter
the Holder of such Bearer Security shall surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so
deducted; provided, however, that interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United States, except as otherwise provided in Section 10.02.

 If any Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, any principal (and
premium, if any) in respect thereof shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in such Debt Security. 
 Section 11.07. Debt Securities Redeemed in Part. Any Registered Security that is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company, the Registrar or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee, duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company

  
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shall execute, and the Trustee or Authenticating Agent shall authenticate and deliver to the Holder of the Registered Security, without service charge, a new Registered Security or Registered
Securities of the same series, of like tenor and in an aggregate principal amount (or, in the case of any Principal Indexed Security, face amount) equal to and in exchange for the unredeemed portion of the principal of the Registered Security so
surrendered in such authorized denomination or denominations as are requested by such Holder; and any Bearer Security that is to be redeemed only in part shall be surrendered at an office or agency of the Company located outside the United States,
except as otherwise provided in Section 10.02, and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Bearer Security outside the United States, without service charge, a new Bearer Security or Bearer
Securities of the same series (or a new Registered Security or Registered Securities of the same series if the Debt Securities of such series are also issuable as Registered Securities), of like tenor and in an aggregate principal amount (or, in the
case of any Principal Indexed Security, face amount) equal to and in exchange for the unredeemed portion of the principal of the Bearer Security so surrendered in such authorized denomination or denominations as are requested by such Holder; except
if a Global Security is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global Security of like tenor in a denomination equal to and
in exchange for the unredeemed portion of the principal amount (or, in the case of any Principal Indexed Security, face amount) of the Global Security so surrendered. 
 Section 11.08. Optional Redemption in the Event of Change in Tax Treatment. In addition to any redemption provisions that may be specified pursuant to Section 3.01 for the Debt Securities of any series,
the Debt Securities (i) are redeemable, as a whole but not in part, at the option of the Company, on not less than 30 nor more than 60 days’ notice, at any time at a redemption price equal to 100% of the principal amount, together with accrued
but unpaid interest, if any, in respect of such Debt Securities to the date fixed for redemption, (or, in the case of Discount Debt Securities, the accreted face amount, or, in the case of Principal Indexed Securities, the amount specified pursuant
to Section 3.01), and any Debt Securities convertible into Dollar Preference Shares or Conversion Securities of the Company may, at the option of the Company, be converted as a whole, if, at any time, the Company shall determine that (a) in making
payment under such Debt Securities in respect of principal (or premium, if any) or interest it has or will or would become obligated to pay Additional Amounts, provided such obligation to pay Additional Amounts results from a change in or amendment
to the laws of the Taxing Jurisdiction, or any change in the official application 

  
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or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any treaty
or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the date of original issuance of the Debt Securities of such series or (b) the payment of interest in respect
of such Debt Securities has become or will or would be treated as a “distribution” within the meaning of Section 209 of the Income and Corporation Taxes Act 1988 of the United Kingdom (or any statutory modification or re-enactment thereof
for the time being), as a result of any change in or amendment to the laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws including a decision of any court, which change or amendment becomes
effective on or after the date of original issuance of the Debt Securities of such series; provided, however, that in the case of (a) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company
would be obliged to pay Additional Amounts were a payment in respect of such Debt Securities then due. 
 ARTICLE TWELVE

 SUBORDINATION OF DEBT SECURITIES 
 Section 12.01. Debt Securities Subordinate to Certain Creditors. (a) The Company covenants and agrees, and each Holder of Debt Securities of each series, by his acceptance thereof, likewise covenants and
agrees, that (i) the Debt Securities of such series shall constitute unsecured obligations of the Company without any preference among themselves, and (ii) in the event of the winding up of the Company, to the extent and in the manner hereinafter
set forth in this Article Twelve, the indebtedness represented by any of the Debt Securities of such series and the payment of the principal of (and premium, if any, on) and interest on each and all of the Debt Securities of such series is hereby
expressly made subordinate and subject in right of payment to the prior payment in full of all claims of the Ordinary Creditors. Notwithstanding any other provision of this Indenture or the Debt Securities, except with the consent of the Financial
Services Authority, (i) no early repayment may be made in respect of the Debt Securities and (ii) neither the Company nor any of its subsidiaries may purchase any of the Debt Securities. 

To the fullest extent permitted by law, the Holders of Debt Securities and the Trustee, in respect of any claims of such Holders to
payment of any principal, premium or interest in respect of any Debt Securities, by their acceptance of the Debt Securities thereof will be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the
Trustee in such respect, might otherwise have (whether in the liquidation of 

  
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the Company or at any other time). The Holders of Debt Securities, by their acceptance of the Debt Securities, covenant and agree that if, on the winding up of the Company, they receive any sums
by way of set-off, they will hold such sums on trust for the Ordinary Creditors and will, without undue delay, pay such sums to the liquidator to apply in payment of claims of Ordinary Creditors. 

(b) Any amounts receivable by the Trustee from the liquidator in such winding up in respect of Debt Securities of a particular series or
Coupons appertaining to Debt Securities of such series not subject to a condition of solvency pursuant to Clause (c) below shall be received by the Trustee upon trust to apply the same as follows: 

(i) first, in payment or satisfaction of the costs, charges, expenses and liabilities incurred by the Trustee including
any unpaid remuneration in or about the execution of the trusts of these presents (in each case, to the extent payable by the Company under Section 6.07); 
 (ii) secondly, subject to Section 12.05, in payment of claims of the Ordinary Creditors outstanding at the commencement of or arising by virtue of the winding up of the Company (excluding interest
accruing after the date of the commencement of the winding up) to the extent that such claims shall be admitted in the winding up and shall not be satisfied out of the other resources of the Company; and 

(iii) thirdly, in payment of any claims in respect of the Debt Securities of such series and Coupons appertaining to Debt
Securities of such series (to the respective extents that the claims of the Holders thereof in respect thereof or of the Trustee in respect of any principal, premium or interest in respect thereof shall be admitted in such winding up) pari passu and
ratably. 
 (c) Where it is specified pursuant to Section 3.01 that payment of principal, premium (if any) or interest on Debt
Securities of a particular series is to be subject to a condition of solvency then the obligation of the Company to make any payment of principal, premium (if any) or interest in respect of Debt Securities of such series and any Coupons relating
thereto, whether prior or subsequent to the commencement of a winding up of the Company in England, is conditional upon the Company being able to make such 

  
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payment and remain Solvent immediately thereafter (hereinafter referred to as a “Solvency Condition”). No payment in respect of any Debt Securities of a series or the Coupons relating
thereto subject to a Solvency Condition which under this Section or any other Section hereof would otherwise fall due for payment while the Company is unable to satisfy the Solvency Condition will fall so due. Such payment will become due for
payment only if and when and to the extent that the Company could make such payment and satisfy the Solvency Condition (whether or not it was in winding up) immediately thereafter. Prior to the commencement of the winding up of the Company in
England interest will continue to accrue on any Debt Securities of such series payment of which is suspended under this clause subject to and in accordance with the provisions of these presents. 

(ii) The Company shall whenever requested by the Trustee and will in the event the Company is in winding up deliver to
the Trustee an Officer’s Certificate attaching a report in writing from the Auditors or, if the Company is in winding up, the liquidator of the Company upon which report the Trustee may conclusively rely as to whether or not the Company, on the
basis of such information as the Company may at the request of the Auditors make available to the Auditors or, if the Company is in winding up, on the basis of the information available to the liquidator, is or would in any specified circumstances
be Solvent for the purposes of paragraph (i) of this clause and in the absence of proven error such report shall be treated and accepted by the Company, the Trustee and the Holders of the relevant Debt Securities and any Coupons relating thereto as
correct and sufficient evidence of such fact. In the absence of any such evidence to the contrary, it shall be assumed for the purposes hereof (unless the contrary is proved) that the Company is and will after any payment hereunder be Solvent for
such purposes. 
 The Trustee is under no obligation to request such a certificate or report and the Trustee will not incur any
liability as a result of not so requesting such a certificate or report. No Holder of Debt Securities or of Coupons relating thereto shall be entitled to proceed against the Trustee or the Auditors in connection with the exercise or non-exercise by
them of their powers, duties and discretions under this paragraph. 

  
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 (d) (i) In the event of a winding up of the Company claims in respect of Debt Securities of
a series and the Coupons relating thereto which are subject to a Solvency Condition shall be postponed to the claims of the Ordinary Creditors and any amounts receivable by the Trustee from the liquidator in such winding up in respect of the Debt
Securities of such series and appurtenant Coupons shall be received by the Trustee upon trust to apply the same as follows: 
 (A) first, in payment or satisfaction of the costs, charges, expenses and liabilities incurred by the Trustee including any unpaid remuneration in or about the execution of the trusts of these presents
(in each case, to the extent payable by the Company under Section 6.07); 
 (B) secondly, the Trustee shall hold
all remaining amounts in trust for 30 days and (i) if on or prior to such thirtieth day the Trustee is provided with an Officer’s Certificate attaching a report pursuant to Clause (c)(ii) above which states that the Company could not make or
could not have made payment of such amounts and still be Solvent (disregarding, for the purposes of this paragraph (d) only, paragraph (A) of the definition of Solvent in Clause (d)(ii) immediately hereafter) in return to the Company of the whole or
such part of such amounts (after any necessary deductions pursuant to paragraph (A) of this Clause) as caused the Company not to be then so Solvent as set forth in such Officer’s Certificate (disregarding as aforesaid), or (ii) if on or prior
to such date no report pursuant to Clause (c)(ii) above is so provided the Trustee shall return the whole of such amounts to the Company (and any money so returned shall then be treated for the purposes of the Company’s obligations hereunder as
if it had not been paid by the Company and its original payment shall be deemed not to have discharged any of the obligations of the Company hereunder); 
 (C) thirdly, in payment of any claims in respect of the Debt Securities of such series and appurtenant Coupons (to the respective extents that the claims of the Trustee or the Holder thereof in respect
thereof shall be admitted in such winding up) pari passu and ratably; and 

  
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 (D) fourthly, in payment of the balance (if any) to the Company. 

(ii) For the purposes of this Section: 
 “Solvent” means, in relation to the Company, that the Company: 
 (A) is
able to pay its debts as they fall due; and 
 (B) its Assets exceed its Liabilities (other than its Liabilities to persons in
respect of Subordinated Indebtedness); 
 (e) In the event of the winding up of the Company, every obligation of the Company to
pay any amount (whether in respect of principal, premium or interest) in respect of any Debt Securities of any series shall be an obligation to pay the relevant amount to the Trustee upon trust for application, along with all other amounts
receivable by the Trustee from the liquidator in respect of the remaining Debt Securities of such series, in accordance with Clause (b) or (d)(i) above, and the Company shall not be obliged to pay any such amount directly to a Holder; accordingly,
in the event that a suit is brought, or a claim is lodged, by a Holder in respect of its Debt Securities of any series in such winding up any amounts receivable from the liquidator in respect of such suit or claim will be paid to the Trustee upon
trust for such application. 
 (f) The payments mentioned in Subsections (b)(ii) and (d)(ii)(B) of this Section may be performed
by the Trustee paying over to the liquidator for the time being in the winding up of the Company the amounts received by the Trustee as aforesaid (less any amounts thereof applied in the implementation of the trust mentioned in Subsections (b)(ii),
(d)(ii)(B) or (d)(ii)(B) of this Section on terms that such liquidator shall distribute the same accordingly. The receipt of the liquidator for the said amounts shall be a good discharge to the Trustee. 

(g) The Trustee shall be entitled and it is hereby authorized to call for and to accept as conclusive evidence thereof a certificate from
the liquidator for the time being of the Company on behalf of the Company as to: 
 (A) the amount of the claims
of the Ordinary Creditors which shall not have been satisfied out of the other resources of the Company; and 

  
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 (B) the Persons entitled thereto and their respective entitlements. 

Such certificate shall be provided to the Trustee at least 3 Business Days before the date on which the Trustee shall be required to make
any payments under this Section. 
 (h) The provisions of this Section shall apply only to payment of principal, premium and
interest in respect of any such Debt Securities of any series and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities or remuneration of the Trustee or the rights and remedies of the Trustee in respect
thereof. 
 (i) The provisions of this Section shall not be applicable to any amounts of principal, premium and interest in
respect of the Debt Securities of any series for the payment of which funds have been deposited in trust with the Trustee or have been set aside by the Company in trust in accordance with the provisions of this Indenture; provided, however, that at
the time of such deposit or setting aside, and immediately thereafter, the foregoing provisions of this Section are complied with. 
 (j) Notwithstanding anything contained in these presents to the contrary, the foregoing provisions of this Section shall be construed and have effect so that in the event of the liquidation of the Company
the obligations of the Company under the Debt Securities of a particular series and under the Subordinated Indebtedness (other than Subordinated Indebtedness in relation to which the obligations of the Company under that particular series of Debt
Securities rank junior or senior) will rank pari passu and ratably inter se so far as concerns subordination to claims of depositors and other creditors of the Company (except any creditors whose claims may rank junior to claims under the Debt
Securities of that particular series). 
 (k) The perpetuity period applicable to the trusts contained in this Section shall be
eighty years from the date hereof. 
 Section 12.02. Provisions Solely to Define Relative Rights. The provisions of this Article
are and are intended solely for the purpose of defining the relative rights of the Holders of the Debt Securities on the one hand and the Ordinary Creditors on the other hand. Nothing contained in this

  
 93 

 
Article or elsewhere in this Indenture or in the Debt Securities is intended to or shall (i) impair, as among the Company, its creditors other than Ordinary Creditors and the Holders of the Debt
Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Debt Securities the principal of (and premium, if any, on) and interest on the Debt Securities as and when the same shall become due and
payable in accordance with their terms; (ii) affect the relative rights against the Company of the Holders of the Debt Securities and creditors of the Company other than the Ordinary Creditors; or (iii) prevent the Trustee or the Holder of any Debt
Securities from exercising all remedies otherwise provided by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the Ordinary Creditors to receive sums otherwise payable or deliverable to the
Trustee or such Holders. 
 Section 12.03. Trustee to Effectuate Subordination. Each Holder of a Debt Security by his acceptance
thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination of the Debt Securities provided in this Article and appoints the Trustee his attorney for any and all
such purposes. 
 Section 12.04. No Waiver of Subordination Provisions. No right of any present or future Ordinary Creditors, if
any, to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such Ordinary Creditor or by any
non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such Ordinary Creditor may have or be otherwise charged with. 

Section 12.05. Notice to Trustee. The Company shall give prompt written notice to the Trustee of any fact known to it, which would
prohibit the making of any payment to or by the Trustee in respect of the Debt Securities. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment to or by the Trustee in respect of the Debt Securities, unless and until the Trustee shall have received written notice thereof from the Company or an Ordinary Creditor, as the case may be, or
from any trustee therefor; and, prior to the receipt of any such written notice, the Trustee, shall be entitled in all respects to assume that no such facts exist; provided, however, that if a

  
 94 

 
Responsible Officer of the Trustee shall not have received the notice provided for in this Section at least three Business Days prior to the date upon which by the terms hereof any money may
become payable for any purpose (including, without limitation, the payment of the principal of or any premium or interest on any Debt Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the contrary which may be received by it less than three Business Days prior to such date. 

The Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be an
Ordinary Creditor (or a trustee or agent on behalf of such Ordinary Creditor) to establish that such notice has been given by an Ordinary Creditor (or a trustee or agent on behalf of such Ordinary Creditor). In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any Person as an Ordinary Creditor to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of claims held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article, and if such evidence is not furnished, the Trustee may defer any payment which it may be required to make for the benefit of such Person pursuant to the terms of the Indenture pending judicial determination as to the right of such Person to
receive such payment. 
 Section 12.06. Reliance on Judicial Order or Certificate of Liquidating Agent. Upon any payment or
distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 6.01, and the Holders of the Debt Securities shall be entitled to rely on (i) any order or decree entered by any court in England
and Wales in which any winding up, insolvency, bankruptcy, receivership, liquidation or dissolution of the Company or similar case or proceeding, including a proceeding for the suspension of payments under English law, is pending, or (ii) a
certificate of the applicable liquidator, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee and such Holders, for the purpose of ascertaining the Persons entitled to
participate in such payment or distribution, the Ordinary Creditors and other claims against the Company the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article. 

  
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 Section 12.07. Trustee Not Fiduciary for Holders of Claims. The Trustee undertakes to
perform or to observe only such of its covenants or obligations as are specifically set forth in this article and no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the Ordinary Creditors and shall not be liable to any such Ordinary Creditors if it shall in good faith mistakenly pay over or distribute to Holders of Debt Securities or to the Company or to any other Person cash, property or
securities to which any such Ordinary Creditors shall be entitled by virtue of this Article or otherwise. 
 Section 12.08.
Rights of Trustee as Holder of Claims; Preservation of Trustee’s Rights. The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any claims of Ordinary Creditors which may at any time
be held by it, to the same extent as any other Ordinary Creditors and nothing in this Indenture shall deprive the Trustee of any of its rights as such Ordinary Creditor. 
 Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07. 
 Section 12.09. Article Applicable to Paying Agents. In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term
“Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided, however, that Section 12.08 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

Section 12.10. Governing Law. The provisions of this Article 12 shall be governed by and construed in accordance with the laws of England
and Wales. 
 Section 12.11. Third Party Rights. No person who is not a party to this Indenture shall have any rights under the
Contracts (Rights of Third Parties) Act of 1999 (the “Contracts Act”) to enforce any term of Article 12 of this Indenture; provided that this does not affect any right or remedy of a third party which exists or is available apart from the
Contracts Act, including under the laws of the State of New York or the federal laws of the United States. 

  
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 ARTICLE THIRTEEN 
 EXCHANGE OR CONVERSION OF DEBT SECURITIES 
 Section 13.01. Applicability of
Article. If specified pursuant to Section 3.01 for the Debt Securities of any series, the Debt Securities of such series shall be exchangeable or convertible in accordance with their terms and (except as otherwise specified as contemplated by
Section 3.01 for Debt Securities of such series) in accordance with this Article. 
 Section 13.02. Election to Exchange or
Convert; Notice to Trustee. An election of the Company to exchange or convert Debt Securities, as the case may be, shall be evidenced by an Officer’s Certificate furnished to the Trustee stating that the Company is entitled to effect such
Exchange or Conversion and setting forth a statement of facts demonstrating the same. 
 Section 13.03. Notice of Exchange or
Conversion. Not less than 45 days nor more than 90 days prior to the Event Date, the Company shall notify the Trustee in writing of its election to exchange or convert, as the case may be, the Debt Securities and of the series of Debt Securities to
which such election relates. The Trustee shall within five Business Days after receipt of such notice from the Company, cause notice of such election to be mailed to each Holder of Debt Securities to be exchanged or converted, as the case may be.

 All notices of Exchange or Conversion shall state: 
 (1) the Event Date; 
 (2) if less than all of the series of the
Debt Securities are to be exchanged or converted, as the case may be, the identification of the particular Debt Securities to be exchanged or converted, as the case may be, including relevant CUSIP numbers and other securities identification
numbers, which Debt Securities shall be selected by the Trustee from the Outstanding Debt Securities of such series not previously called for conversion, by such method as the Trustee shall deem fair and appropriate; 

  
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 (3) that on the Event Date, the Debt Security to be exchanged or converted,
as the case may be, will cease to exist except to evidence the Exchange Securities or Conversion Securities, as the case may be, as described in Section 13.07 below on and after such Event Date; and 

(4) the place or places where such Debt Securities are to be surrendered for exchange or conversion, as the case may be. 

Notice of any Exchange or Conversion of Debt Securities at the election of the Company shall be given by the Company or, at the
Company’s Request, by the Trustee in the name of and at the expense of the Company. 
 Section 13.04. Deposit of Interest.
On or prior to any Event Date, the Company shall deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay accrued interest, if any, on the Debt Securities to be exchanged or converted on the Event Date. 

Section 13.05. Surrender of Debt Securities. Any Debt Security which is to be exchanged or converted shall be surrendered at an office or
agency of the Company designated for that purpose pursuant to Section 10.02 not less than 10 days prior to the Event Date (with due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney-in-fact duly authorized in writing) accompanied by written notice specifying the name or names, if any with address or addresses, in which the Exchange Securities or Conversion Securities, as the case may be,
are to be issued. Each of the Holders hereby constitutes and appoints the Trustee his or her attorney-in-fact, with power of substitution, in his or her name, to sign any and all instruments or certificates required for the Exchange or the
Conversion, as the case may be. Debt Securities surrendered for Exchange or Conversion shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for delivery by it to the Company or, if delivered to the Trustee, shall
be delivered by it to the Company. 
 Section 13.06. Issuance of Exchange Securities or Conversion Securities. On or prior to
the Event Date with respect to Debt Securities surrendered for Exchange or Conversion, as the case may be, as provided in Section 13.05, the Company shall deliver the Exchange Securities or Conversion Securities to the Trustee or to such other
Person as may be specified pursuant to Section 3.01. Such Exchange or Conversion shall be deemed to have been made immediately prior to the close of business in New York City on the Event Date. 

  
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 Section 13.07. Effect of Exchange or Conversion. Notice of Exchange or Conversion having
been given as aforesaid, the Debt Securities so to be exchanged or converted, as the case may be, shall, on the Event Date cease to exist for any purpose, other than to evidence the Exchange Securities or the Conversion Securities as described
below. Upon surrender of any such Debt Security for Exchange or Conversion, as the case may be, in accordance with said notice and this Article Thirteen, accrued interest on such Debt Security to the Event Date shall be paid by the Company to the
Holder surrendering such Debt Security. 
 If accrued interest on any Debt Security called for Exchange or Conversion shall not
be paid upon surrender thereof for such exchange or conversion, such accrued interest shall, until paid, constitute Defaulted Interest, payable in accordance with Section 3.06. 

On and after the Event Date, each Debt Security to be exchanged or converted, as the case may be, until surrendered for such Exchange or
Conversion shall be deemed to evidence the right to receive the Exchange Securities or the Conversion Securities deliverable upon such surrender. On and after the Event Date, until a Holder of a Debt Security has surrendered such Debt Security for
Exchange or Conversion, as the case may be, such Holder shall be entitled to receive any dividends, payments or other distributions in respect of such Exchange Securities or Conversion Securities and shall have the same rights with respect to, and
shall be deemed to be the Holder of, such Exchange Securities or Conversion Securities as if it had so surrendered such Debt Security for Exchange or Conversion on the Event Date; provided, however, that no dividends, payments or other distributions
in respect of such Exchange Securities or Conversion Securities shall be paid or distributed to such Holder any earlier than the date on which such Debt Security is surrendered for Exchange or Conversion. 

Section 13.08. Legal and Regulatory Compliance. Notwithstanding any provision of this Indenture to the contrary, the right of the Company
to cause any Exchange or Conversion of the Debt Securities of any series for Exchange Securities or Conversion Securities on any proposed Event Date shall be subject to the fulfillment of any conditions to such Exchange or Conversion as may be
specified pursuant to Section 3.01 for the Debt Securities of such series, and the Company represents and warrants for the benefit of the holders of Exchange Securities or Conversion Securities, as the case may be, that all such conditions shall
have been satisfied prior to any such Exchange or Conversion on the Event Date. 

  
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 Section 13.09. Taxes and Charges. Unless otherwise specified pursuant to Section 3.01, the
issuance and delivery of Exchange Securities upon Exchange, or Conversion Securities upon Conversion, of the Debt Securities of any series pursuant to this Article Thirteen shall be made without charge to the exchanging or converting Holder of Debt
Securities for such Exchange Securities or Conversion Securities, as the case may be, or for any tax or other governmental charge (other than income or capital gains taxes) in respect of the issuance or delivery of such Exchange Securities or
Conversion Securities; provided, however, that the Company shall not be required to pay any tax or other governmental charge which may be payable in respect of a transfer involved in the issuance and delivery of any such Exchange Security or
Conversion Security, as the case may be, to any Person other than any Holder of the Debt Security to be exchanged or converted (unless such other person is the securities depositary selected by the Company for the Debt Securities of such series),
and the Company shall not be required to issue or deliver such Exchange Securities or Conversion Securities unless and until the Person requesting the issuance or delivery thereof shall have paid to the Company the amount of such tax or other
governmental charge or shall have established to the satisfaction of the Company that such tax or other governmental charge has been paid. 
 Section 13.10. Trustee Not Liable. The Trustee shall not be accountable with respect to the validity or value (or the kind or amount) of any Exchange Securities or Conversion Securities which may be
issued or delivered upon the Exchange or Conversion of any Debt Security pursuant to this Article Thirteen, and makes no representation with respect thereto. The Trustee shall not be responsible for any failure of the Company to issue, transfer or
deliver any Exchange Securities or Conversion Securities upon the surrender of any Debt Security for the purpose of an Exchange or Conversion pursuant to this Article Thirteen or to comply with any of the covenants of the Company contained in this
Article Thirteen. 
 ARTICLE FOURTEEN 
 DEFEASANCE 
 Section 14.01. Applicability of Article. If, pursuant
to Section 3.01, provision is made for the defeasance of Debt Securities of a series and if the Debt Securities of such series are denominated and payable only in Dollars (except as provided pursuant to Section 3.01), then the provisions of this
Article shall be applicable except as otherwise specified 

  
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pursuant to Section 3.01 for Debt Securities of such series. Defeasance provisions, if any, for Debt Securities denominated in a Foreign Currency may be specified pursuant to Section 3.01. The
Company’s rights and obligations under Article Fourteen shall be subject to the consent of the Financial Services Authority, if required. 
 Section 14.02. Defeasance Upon Deposit of Moneys or U.S. Government Obligations. At the option of the Company, the Company shall (a) be discharged from any obligations with respect to Debt Securities of
any series or (b) shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.05 (“covenant defeasance”) (and, if so specified pursuant to Section 3.01, any other restrictive covenant
added for the benefit of such series pursuant to Section 3.01) at any time after the applicable conditions set forth below have been satisfied: 
 (1) the Company shall have deposited or caused to be deposited irrevocably in trust with the Trustee funds in trust dedicated solely to the benefit of the Holders of the Debt Securities of such series (i)
cash in Dollars in an amount, or (ii) U.S. Government Obligations (as defined below) that through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than the due date of any payment, cash
in Dollars in an amount or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of an internationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal of (and premium, if any, on) and interest on, the Outstanding Debt Securities of such series on the dates such installments of interest or principal and premium are due;

 (2) if the Debt Securities of such series are then listed on the New York Stock Exchange, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that such covenant defeasance would not cause such Debt Securities to be delisted; 
 (3) no Event of Default or Default or event (including such deposit), that, with notice or lapse of time, or both, would become an Event of Default or Default with respect to the Debt Securities of such
series shall have occurred and be continuing on the date of such deposit; 

  
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 (4) the Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that Holders of the Debt Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such covenant defeasance; 

(5) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit and related
covenant defeasance will not cause Holders of the Debt Securities of such series, other than Holders who are or who are deemed to be residents of the United Kingdom or use or hold or are deemed to use or hold their Debt Securities in carrying on a
business in the United Kingdom, to recognize income, gain or loss for United Kingdom income tax purposes, and to the effect that payments out of the trust fund will be free and exempt from any and all withholding and other income taxes of whatever
nature of the United Kingdom or any political subdivision thereof or therein having power to tax, except in the case of Debt Securities beneficially owned (a) by a person who is or is deemed to be a resident off the United Kingdom or (b) by a Person
who uses or holds or is deemed to use or hold such Debt Securities in carrying on a business in the United Kingdom; and 
 (6) the Company shall have delivered to the Trustee an Officer’s Certificate stating that all conditions precedent relating to the covenant defeasance have been complied with. 

“U.S. Government Obligations” means securities that are (i) direct obligations of the United States for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, that, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of
interest on or principal of the U.S. Government Obligation evidenced by such depositary receipt. 

  
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 Section 14.03. Deposited Moneys and U.S. Government Obligations to be Held in Trust. All
moneys and U.S. Government Obligations deposited with the Trustee pursuant to Section 14.02 in respect of Debt Securities of a series shall be held in trust and applied by it, in accordance with the provisions of such Debt Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Debt Securities, of all sums due and to become due thereon for
principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 
 Section 14.04. Repayment to Company. The Trustee and any Paying Agent shall promptly pay or return to the Company upon Company Request any moneys or U.S. Government Obligations held by them at any time
that are not required for the payment of the principal of (and premium, if any) and interest on the Debt Securities of any series for which money or U.S. Government Obligations have been deposited pursuant to Section 14.02. 

The provisions of the last paragraph of Section 10.03 shall apply to any money held by the Trustee or any Paying Agent under this Article
that remains unclaimed for two years after the Maturity of any series of Debt Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 14.02. 

Section 14.05. Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the deposited U.S. Government Obligations or the principal or interest received on such U.S. Government Obligations. 
 ARTICLE FIFTEEN 
 MEETINGS OF HOLDERS OF DEBT SECURITIES 

Section 15.01. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of,
Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 This instrument may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

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

			
	 HSBC HOLDINGS PLC

as Issuer
  

 
  
  

 
 The Bank of New York
 as Trustee
  

By                         
                                         
                               

 
 HSBC Bank USA
 as Paying Agent
  

By                         
                                         
                               

 
 HSBC Bank USA
 as Registrar
  

By                         
                                         
                               

 
 HSBC Bank USA
 as Exchange Rate Agent
  

By                         
                                         
                               

 Attest: 

  
 104

 EXHIBIT A 
 Form of Certification to be Given by Person Entitled to Receive Bearer Security 

CERTIFICATE 

HSBC Holdings plc 

[Title of Debt Securities] 
 (the “Debt Securities”) 
 This is to certify that, as of the date
hereof, principal amount of the above-captioned Debt Securities (i) is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to
United States Federal income taxation regardless of its source (“United States persons”), (ii) is owned by United States persons that are (a) foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations
Section 1.165-12(c) (1) (v)) (“financial institutions”) purchasing for their own account or for resale, or (b) United States persons who acquired the Securities through foreign branches of the United States financial institutions and who
hold the Debt Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the
Issuer or the Issuer’s agent that it will comply with the requirements of Section 165 (j) (3) (A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign
financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c) (2) (i) (D) (7)), and to the further effect that United States or foreign financial institutions described in
clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its
possessions. 
 If this certificate is being provided by a clearing organization, it is based on statements provided to it by
its member organizations. In such event, we further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any

  
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Debt Securities excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our member organizations to the effect that the statements
made by such member organizations with respect to any Debt Securities submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as the date hereof.

 We understand that this certification is required in connection with certain tax laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification to any interested party in such
proceedings. 
 Dated:                    ,
20    (1) 
 ________________________________________ 

 
  

	(1)	To be dated as of the date of delivery of a Bearer Security (other than a temporary Global Security) or, if earlier, the date on which interest is first paid, as more
fully set forth in Sections 303 and 304 of the Indenture. 

  
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 Exhibit B 
 Form of election to receive payments in 
 [Dollars or other applicable currency]

 or to rescind such election 
 The undersigned, registered owner of certificate number R-        , representing [name of series of Debt Securities] (the “Debt Securities”) in an
aggregate principal amount of         , hereby 
  

	 	G	elects to receive all payments in respect of the Debt Securities in [Dollars or other applicable currency], it being understood that such election shall take effect as
provided in the Debt Securities and, subject to the terms and conditions set forth in the indenture under which the Debt Securities were issued, shall remain in effect until it is rescinded by the undersigned or until such certificate is
transferred. 

  

	 	G	rescinds the election previously submitted by the undersigned to receive all payments in respect of the Debt Securities in [Dollars or other applicable currency], it
being understood that such rescission shall take effect as provided in the Debt Securities. 

 (Name of Owner)

 (Signature of Owner) 

  
 107

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