Document:

Form of Subordinated Debt Indenture

 Exhibit 4.3 
 Form of Subordinated Debt Indenture 
  

 MITSUBISHI UFJ FINANCIAL GROUP, INC. 
 and 
 JPMORGAN CHASE BANK, N.A. 
 as
Trustee 
  

 INDENTURE 
 Dated as of
                    , 2006 
  

 Subordinated Debt Securities 
  

 MITSUBISHI UFJ FINANCIAL GROUP, INC. 
 Reconciliation and tie showing the location in the Indenture dated as of
                    , 2006 of the provisions inserted pursuant to Sections 310 to 318(a), inclusive, of the Trust Indenture Act of 1939. 

 

								
	 Trust Indenture Act Section
	  	 Indenture Section

	 §310
	  	(a	)(1)	 		  	609
		  	(a	)(2)	 		  	609
		  	(a	)(3)	 		  	Not Applicable
		  	(a	)(4)	 		  	Not Applicable
		  	(b	)	 		  	608
		  			 		  	 610(d)

		  	(c	)	 		  	Not Applicable
	 §311
	  	(a	)	 		  	613(a) and 613(c)
		  	(b	)	 		  	613(b) and 613(c)
		  	(c	)	 		  	Not Applicable
	 §312
	  	(a	)	 		  	701
		  			 		  	 702(a)

		  	(b	)	 		  	702(b)
		  	(c	)	 		  	702(c)
	 §313
	  	(a	)	 		  	703(a)
		  	(b	)	 		  	703(b)
		  	(c	)	 		  	703(a) and 703(b)
		  	(d	)	 		  	703(d)
	 §314
	  	(a	)	 		  	704
		  	(b	)	 		  	Not Applicable
		  	(c	)	 		  	102
		  	(c	)(1)	 		  	102
		  	(c	)(2)	 		  	102
		  	(c	)(3)	 		  	Not Applicable
		  	(d	)	 		  	Not-Applicable
		  	(e	)	 		  	102
	 §315
	  	(a	)	 		  	601(a)
		  	(b	)	 		  	602
		  			 		  	 703(a)(6)

		  	(c	)	 		  	601(b)
		  	(d	)	 		  	601(c)
		  	(d	)(1)	 		  	601(a)(1)
		  	(d	)(2)	 		  	601(c)(2)
		  	(d	)(3)	 		  	601(c)(3)
		  	(e	)	 		  	514
	 §316
	  	(a	)(1)(A)	 		  	502 and 512
		  	(a	)(1)(B)	 		  	513
		  	(a	)(2)	 		  	Not Applicable
		  	(b	)	 		  	508
	 §317
	  	(a	)(1)	 		  	503
		  	(a	)(2)	 		  	504
		  	(b	)	 		  	1003
	 §318
	  	(a	)	 		  	107

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

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 PARTIES
	  	
	 RECITALS
	  	1
		
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
		
	 SECTION 101. Definitions.
	  	1
	 SECTION 102. Compliance Certificates and Opinions.
	  	9
	 SECTION 103. Form of Documents Delivered to Trustee.
	  	10
	 SECTION 104. Acts of Holders.
	  	10
	 SECTION 105. Notices, Etc., to Trustee and Company.
	  	11
	 SECTION 106. Notice to Holders; Waiver.
	  	11
	 SECTION 107. Conflict with Trust Indenture Act.
	  	12
	 SECTION 108. Effect of Headings and Table of Contents.
	  	12
	 SECTION 109. Successors and Assigns.
	  	12
	 SECTION 110. Separability Clause.
	  	12
	 SECTION 111. Benefits of Indenture.
	  	12
	 SECTION 112. Governing Law; WAIVER OF TRIAL BY JURY.
	  	12
	 SECTION 113. Submission to Jurisdiction; Appointment of Agent for Service; Waivers.
	  	12
	 SECTION 114. Non-Business Day.
	  	13
	 SECTION 115. Immunity of Stockholders, Officers and Directors.
	  	13
	 SECTION 116. Certain Matters Relating to Currencies.
	  	13
	 SECTION 117. Language of Notices, Etc.
	  	14
		
	 ARTICLE TWO SECURITY FORMS
	  	14
		
	 SECTION 201. Form Generally.
	  	14
	 SECTION 202. Form of Trustee’s Certificate of Authentication.
	  	15
	 SECTION 203. Securities in Global Form.
	  	15
		
	 ARTICLE THREE THE SECURITIES
	  	15
		
	 SECTION 301. Title; Payment and Terms.
	  	15
	 SECTION 302. Denominations and Currencies.
	  	17
	 SECTION 303. Execution, Authentication, Delivery and Dating.
	  	17
	 SECTION 304. Temporary Securities and Exchange of Securities.
	  	18
	 SECTION 305. Registration, Registration of Transfer and Exchange.
	  	18
	 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities.
	  	20
	 SECTION 307. Payment of Interest; Optional Payment of Interest on Junior Subordinated Securities;  Interest Rights
Preserved.
	  	21
	 SECTION 308. Persons Deemed Owners.
	  	22
	 SECTION 309. Cancellation.
	  	22
	 SECTION 310. Computation of Interest.
	  	23
	 SECTION 311. Currency and Manner of Payments in Respect of Securities.
	  	23
	 SECTION 312. Appointment and Resignation of Successor Currency Determination Agent.
	  	24
	 SECTION 313. CUSIP Numbers.
	  	25
	 SECTION 314. Japanese Withholding Tax.
	  	25
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	26
		
	 SECTION 401. Satisfaction and Discharge of Securities of any Series.
	  	26
	 SECTION 402. Application of Trust Money.
	  	27
	 SECTION 403. Satisfaction and Discharge of Indenture.
	  	27
	 SECTION 404. Reinstatement.
	  	27

  

 i 

			
	 	  	Page
	 ARTICLE FIVE REMEDIES
	  	28
		
	 SECTION 501. Events of Acceleration.
	  	28
	 SECTION 502. Acceleration of Maturity.
	  	28
	 SECTION 503. [Reserved].
	  	28
	 SECTION 504. Trustee May File Proofs of Claim.
	  	28
	 SECTION 505. Trustee May Enforce Claims Without Possession of Securities.
	  	29
	 SECTION 506. Application of Money Collected.
	  	29
	 SECTION 507. Limitation on Suits.
	  	30
	 SECTION 508. Unconditional Right of Holders to Receive Principal (and Premium, if any) and  Interest, if any.
	  	30
	 SECTION 509. Restoration of Rights and Remedies.
	  	30
	 SECTION 510. Rights and Remedies Cumulative.
	  	30
	 SECTION 511. Delay or Omission Not Waiver.
	  	31
	 SECTION 512. Control by Holders.
	  	31
	 SECTION 513. Waiver of Past Default.
	  	31
	 SECTION 514. Undertaking for Costs.
	  	31
	 SECTION 515. Waiver of Stay or Extension Laws.
	  	32
	 SECTION 516. Judgment Currency.
	  	32
		
	 ARTICLE SIX THE TRUSTEE
	  	32
		
	 SECTION 601. Certain Duties and Responsibilities.
	  	32
	 SECTION 602. Notice of Defaults.
	  	33
	 SECTION 603. Certain Rights of Trustee.
	  	33
	 SECTION 604. Not Responsible for Recitals or Issuance of Securities.
	  	35
	 SECTION 605. May Hold Securities.
	  	35
	 SECTION 606. Money Held in Trust.
	  	35
	 SECTION 607. Compensation and Reimbursement.
	  	35
	 SECTION 608. Disqualification; Conflicting Interests.
	  	36
	 SECTION 609. Corporate Trustee Required; Different Trustees for Different Series; Eligibility.
	  	36
	 SECTION 610. Resignation and Removal; Appointment of Successor.
	  	37
	 SECTION 611. Acceptance of Appointment by Successor.
	  	38
	 SECTION 612. Merger, Conversion, Consolidation or Succession to Business.
	  	38
	 SECTION 613. Preferential Collection of Claims Against Company.
	  	39
	 SECTION 614. Authenticating Agents.
	  	39
	 SECTION 615. Trustee’s Application for Instructions from the Company.
	  	40
	 SECTION 616. Co-trustees and Separate Trustees.
	  	40
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	41
		
	 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders.
	  	41
	 SECTION 702. Preservation of Information; Communications to Holders.
	  	41
	 SECTION 703. Reports by Trustee.
	  	42
	 SECTION 704. Reports by Company.
	  	43
	 SECTION 705. Statement by Officers as to Event of Acceleration.
	  	43
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	  	43
		
	 SECTION 801. Company May Consolidate, Etc., Only on Certain Terms.
	  	43
	 SECTION 802. Successor Corporation Substituted.
	  	44
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	44
		
	 SECTION 901. Supplemental Indentures Without Consent of Holders.
	  	44

  

 ii 

			
	 	  	Page
	 SECTION 902. Supplemental Indentures With Consent of Holders.
	  	45
	 SECTION 903. Execution of Supplemental Indentures.
	  	46
	 SECTION 904. Effect of Supplemental Indentures.
	  	46
	 SECTION 905. Conformity With Trust Indenture Act.
	  	46
	 SECTION 906. Reference in Securities to Supplemental Indentures.
	  	46
		
	 ARTICLE TEN COVENANTS
	  	47
		
	 SECTION 1001. Payment of Principal (and Premium, if any) and Interest, if any.
	  	47
	 SECTION 1002. Maintenance of Office or Agency.
	  	47
	 SECTION 1003. Money for Securities Payments to Be Held in Trust.
	  	47
	 SECTION 1004. Payment of Taxes and Other Claims.
	  	48
	 SECTION 1005. Statements as to Compliance.
	  	49
	 SECTION 1006. Corporate Existence.
	  	49
	 SECTION 1007. Waiver of Certain Covenants.
	  	49
	 SECTION 1008. Payment of Additional Amounts.
	  	49
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	50
		
	 SECTION 1101. Applicability of This Article.
	  	50
	 SECTION 1102. Election to Redeem; Notice to Trustee.
	  	51
	 SECTION 1103. Selection by Trustee of Securities to Be Redeemed.
	  	51
	 SECTION 1104. Notice of Redemption.
	  	51
	 SECTION 1105. Deposit of Redemption Price.
	  	52
	 SECTION 1106. Securities Payable on Redemption Date.
	  	52
	 SECTION 1107. Securities Redeemed in Part.
	  	52
	 SECTION 1108. Tax Redemption.
	  	53
		
	 ARTICLE TWELVE RESERVED
	  	53
		
	 ARTICLE THIRTEEN SUBORDINATION
	  	53
		
	 SECTION 1301. Subordination of Senior Subordinated Securities.
	  	53
	 SECTION 1302. Subordination of Junior Subordinated Securities.
	  	53
	 SECTION 1303. Reimbursement of Excess Payment.
	  	54
	 SECTION 1304. No Amendment.
	  	54
	 SECTION 1305. Provisions Solely to Define Relative Rights.
	  	54
	 SECTION 1306. Trustee to Effectuate Subordination.
	  	55
	 SECTION 1307. Reliance on Judicial Order or Certificate of Liquidating Agent.
	  	55
	 SECTION 1308. Trustee not Fiduciary for Holders of Senior Indebtedness or Priority Indebtedness.
	  	55
	 SECTION 1309. Trust Moneys Not Subordinated.
	  	55

  

 iii 

 This is an INDENTURE dated as of
                    , 2006, between Mitsubishi UFJ Financial Group, Inc. a joint stock company (kabushiki kaisha) organized under the laws of
Japan and having its principal office at 7-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-8330, Japan (hereinafter called the “Company”), and JPMorgan Chase Bank, N.A., a national banking association, as Trustee (hereinafter called the
“Trustee”). 
 RECITALS OF THE COMPANY 
 The Company deems it necessary to issue from time to time for its lawful purposes securities (hereinafter called the “Securities”) evidencing its unsecured, subordinated indebtedness and has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of the Securities, unlimited as to principal amount, to have such titles, to bear such rates of interest, to mature at such time or times and to have such
other provisions as shall be fixed as hereinafter provided. The Securities issued hereunder will either be (1) senior subordinated securities with a fixed Stated Maturity or date of redemption (“Senior Subordinated Securities”) or
(2) junior subordinated securities with no fixed Stated Maturity or date of redemption (“Junior Subordinated Securities”). 
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done, and the Company proposes to do all things necessary to make the Securities, when executed by the Company and
authenticated and delivered by the Trustee hereunder and duly issued by the Company, the valid obligations of the Company as hereinafter provided. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by
the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
 SECTION 101. Definitions. 
 For all purposes of this Indenture and all Securities issued hereunder, except as otherwise
expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 
 (2) all other terms used herein which are
defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date or time of such computation; 
 (4) the words “herein”, “hereof’ and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision; and 
 (5) any reference to an “Article”
or a “Section” refers to an Article or a Section, as the case may be, of this Indenture. 
  

 1 

 Certain terms, used principally in Article Three and Article Six, are defined in those Articles.

 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Administrator” means any person or persons appointed pursuant to the Japanese Bankruptcy Law in a bankruptcy of the Company whose
purpose is to realize the Company’s assets and pay, insofar as possible, its debts. 
 “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any
specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Arrears of Interest” means any interest on Junior
Subordinated Securities accrued but not becoming due on an Interest Payment Date as provided in Section 307 together with any other interest accrued on the Junior Subordinated Securities but not becoming due on any other Interest Payment Date
so long as the same remains unpaid. 
 “Authenticating Agent” means any Person authorized to authenticate and deliver
Securities on behalf of the Trustee for the Securities of any series pursuant to Section 614. 
 “Authorized Agent” has
the meaning specified in Section 113. 
 “Banking Law” means the Japanese Banking Law (Law No. 59 1981, as amended
or replaced from time to time). 
 “Bankruptcy Law” means the Japanese Bankruptcy Law (Law No. 71 of 1922, as amended)
as amended or replaced from time to time. 
 “Board of Directors” means the board of directors of the Company or any duly
authorized committee of that board or any director or directors and/or officer or officers of the Company to whom that board or committee shall have duly delegated its authority. 
 “Business Day”, when used with respect to any particular Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law to close, and shall otherwise mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
New York or at the place where any specified act pursuant to this Indenture is to occur, are authorized or obligated by law or executive order to close. 
 “Certificate of a Firm of Independent Public Accountants” means a certificate signed by any firm of independent public accountants of recognized standing selected by the Company. The term
“independent” when used with respect to any specified firm of public accountants means such a firm which (1) is in fact independent, (2) does not have any direct financial interest or any material indirect financial interest in
the Company or in any other obligor upon the Securities of any series or in any affiliate of the Company or of such other obligor, and (3) is not connected with the Company or such other obligor or any affiliate of the Company or of such other
obligor, as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions, but such firm may be the regular auditors employed by the Company. Whenever it is herein provided that any Certificate of a
Firm of Independent Public Accountants shall be furnished to the Trustee for Securities of any series, such Certificate shall state that the signer has read this definition and that the signer is independent within the meaning hereof. 
 “Civil Rehabilitation Law” means the Japanese Civil Rehabilitation Law (Law No. 225 of 1999, as amended) as amended or replaced
from time to time. 
  

 2 

 “Commercial Code” means the Japanese Commercial Code (Law No. 48 of 1899, as
amended) as amended or replaced from time to time. 
 “Commission” means the United States Securities and Exchange
Commission, as from time to time constituted, created under the United States 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 on such date. 
 “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 (1) the President or any Representative Director of the Company, or (2) by any Person designated in a Company Order previously delivered to the Trustee for Securities of any series by any of the
foregoing officers and delivered to the Trustee for Securities of any series. 
 “Company Resolution” means (1) a copy
of a resolution certified by a Representative Director of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, or (2) a certificate signed by the director or
directors or officer or officers to whom the board of directors of the Company shall have duly delegated its authority, and delivered to the Trustee for the Securities of any series. 
 “Condition for Liquidation Payment” means any of the following conditions: 
 (i) in the case of liquidation of the Company, all Priority Indebtedness of the Company held by creditors of the Company entitled to
payment or satisfaction prior to commencement of distribution of residual assets to shareholders is paid or otherwise satisfied in full pursuant to the provisions of the Commercial Code; 
 (ii) in the case of reorganization of the Company where a decree of approbation of a corporate reorganization plan for liquidation of the
Company becomes final and conclusive, all Priority Indebtedness of the Company appearing in such plan at the date such decree has become final and conclusive is paid or otherwise satisfied in full without giving effect to any modification or
reduction stipulated in such plan; or 
 (iii) in the case of civil rehabilitation of the Company where a decree of
approbation of civil rehabilitation plan for liquidation of the Company becomes final and conclusive, all Priority Indebtedness of the Company appearing in such plan at the date such decree has become effective is paid or otherwise satisfied in full
without giving effect to any modification or reduction stipulated in such plan. 
 “Condition for Payment” means any of the
following conditions: 
 (i) in the case of bankruptcy of the Company, all Senior Indebtedness of the Company appearing on the
final distribution list prepared by the Administrator for the final distribution of bankruptcy assets pursuant to the Bankruptcy Law is paid in full or provision has been made for the payment in full thereof pursuant to the Bankruptcy Law; or

 (ii) in the case of reorganization of the Company, all Senior Indebtedness of the Company, appearing in the plan of
reorganization, at the date such a plan has become final and conclusive after approval by a court of competent jurisdiction in Japan, as indebtedness of the Company subject to modification in such plan, is paid in full to the extent of the original
amount of such indebtedness without regard to such modification. 
 (iii) in the case of civil rehabilitation of the Company,
all Senior Indebtedness of the Company, appearing on the rehabilitation plan, at the date the plan has become final and conclusive after approval of a 

  

 3 

 
court of competent jurisdiction in Japan, as indebtedness of the Company subject to modification in such plan, is paid in full to the extent of the original
amount of such indebtedness without regard to such modification. 
 “Conversion Date” has the meaning specified in
Section 311(d). 
 “Conversion Event” means the cessation of use of a Foreign Currency by the government of the country
which issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community. 
 “Corporate Trust Office” means the office of the Trustee for Securities of any series at which at any particular time its corporate trust business shall be principally administered, which office of
the Trustee, at the date of the execution of this instrument, is located at JPMorgan Chase Bank, N.A., Worldwide Securities Services, 4 New York Plaza, 15th Floor, New York, New York 10004, or such other office as the Trustee may designate by written notice to the Company. 
 “corporation” includes corporations, associations, companies and business trusts. 
 “Currency Determination Agent”, with respect to Securities of any series, means a New York Clearing House bank designated pursuant to Section 301(7) or Section 312. 
 “Defaulted Interest” has the meaning specified in Section 307. 
 “Depositary” means, with respect to the Securities of any series issuable or issued in the form of a global Security, the Person
designated as Depositary by the Company pursuant to Section 301 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 Securities of any such series shall mean the Depositary with respect to the Securities of that series.

 “Discounted Security” means any 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 acceleration of the Maturity thereof pursuant to Section 502. 
 “Distributable Profit” of the Company means, with respect to any fiscal year of the Company, the Company’s profits (including
earned surplus from prior years) permitted to be distributed to shareholders pursuant to Article 290 of the Commercial Code and Japanese banking regulations as derived from the Company’s audited non-consolidated financial statements prepared in
accordance with Japanese law, including the requirements and guidelines of the FSA. 
 “Dollar Equivalent of the Foreign
Currency” has the meaning specified in Section 311(f). 
 “Dollars” and the sign “$” mean the
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 “Election Date” has the meaning specified in Section 311(g). 
 “Euro” means the lawful
currency of the member states of the European Community that adopt a single currency in accordance with the Treaty establishing the European Community (signed in Rome on March 25, 1957), as amended by the Treaty on European Union (signed in
Maastricht on February 7, 1992). 
 “Event of Acceleration” has the meaning specified in Section 501. 

 

 4 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 “Exchange Rate Officer’s Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with
Section 302 in the relevant currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate, signed by any General Manager, Chief Manager or Senior Manager of Financial Policy Division of the Company.

 “Foreign Currency” means a currency (including, without limitation, the Euro) issued and actively maintained as a
country’s or countries’ recognized unit of domestic exchange by the government of any country other than the United States. 
 “FSA” means the Financial Services Agency of Japan. 
 “Government Obligations” means securities
which are (i) direct obligations of the government which issued the currency in which the Securities of a particular series are payable (except as provided in Sections 311(b), 311(d) and 311(e), in which case with respect to Securities for
which an election has occurred pursuant to Section 311(b), or a Conversion Event has occurred as provided in Sections 311(d) and 311(e), such obligations shall be issued in the currency in which such Securities are payable as a result of such
election or Conversion Event) or (ii) obligations of a Person controlled or supervised by or acting as an agency or instrumentality of the government which issued the currency in which the Securities of such series are payable (except as
provided in Sections 311(b), 311(d) and 311(e), in which case with respect to Securities for which an election has occurred pursuant to Section 311(b), or a Conversion Event has occurred as provided in Sections 311(d) and 311(e), such
obligations shall be issued in the currency in which such Securities are payable as a result of such election or Conversion Event), the payment of which is unconditionally guaranteed by such government, which, in either case, are full faith and
credit obligations of such government payable in such currency and are not callable or redeemable at the option of the issuer thereof. 
 “Holder”, when used with respect to any Security, means in the case of a Registered Security the Person in whose name a Security is registered in the Security Register. 
 “Indebtedness” means any obligation for the payment or repayment of money borrowed. 
 “Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and shall include the terms of a particular series of Securities established as contemplated by Section 301. 
 “interest”, when used with respect to a Discounted Security which by its terms bears interest only after Maturity, means interest
payable after Maturity. 
 “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an
installment of interest on such Security. 
 “Interest Payment Insolvency Event” means either of the following events:

 (i) the Company is insolvent at the time of payment of interest in respect of the Junior Subordinated Securities; or

 (ii) payment of interest in respect of the Junior Subordinated Securities would cause the Company to become insolvent if
the Company made such payment of interest. 
 For the purpose of this definition, the Company shall be insolvent if the Company’s Liabilities exceed its
Assets. In making such determination, “Assets” means the total assets of the Company and “Liabilities” means the total 

  

 5 

 
liabilities of the Company (calculated on a non-consolidated basis), each as shown by the latest audited non-consolidated balance sheet of the Company but
adjusted for subsequent events, all valued in such manner as a Representative Director, the auditors for the time being or the liquidator (as the case may be) of the Company may determine. 
 “Latest Operation Report” means, in relation to a specific day, an operation report submitted to the Commissioner of the FSA pursuant to
the Banking Law immediately prior to such day. Currently, under the Enforcement Rule of the Banking Law, the operation report in respect of the conditions of a bank holding company’s assets and business on a consolidated basis for the period
from the commencement of such bank holding company’s fiscal year (April 1 in the case of the Company) to September 30 is required to be submitted to the Commissioner of the FSA within three months from the end of such period and the
operation report in respect of a bank’s fiscal year is required to be submitted within three months from the end of such fiscal year (March 31 in the case of the Company). 
 “Liquidation Parity Securities” means (i) any preference shares of the Company ranking most senior in priority of payment as to
liquidation distributions, (ii) any other preferred or preference shares of any affiliate of the Company which shall be entitled to the benefits of a guarantee of the Company ranking pari passu in priority of payment as to liquidation
distributions with the Junior Subordinated Securities, and (iii) any other liabilities of the Company with terms and conditions substantially equivalent or subordinate in priority of payment as to liquidation distributions to the liabilities of
the Company stipulated in Section 1302 with respect to the Junior Subordinated Securities. 
 “Market Exchange Rate”
means (i) for any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of
New York and (ii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign
Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, Tokyo, London or any other principal market for Dollars or such purchased
Foreign Currency, in each case determined by the Currency Determination Agent. In the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i) and (ii) the Currency Determination 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 New York City, Tokyo, London or other principal
market for such currency in question, or such other quotations as the Currency Determination Agent shall deem appropriate. Unless otherwise specified by the Currency Determination 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 designated in such currency would purchase such currency in order to make payments
in respect of such securities. For purposes of this definition, a “nonresident issuer” shall mean an issuer that is not a resident of the country or countries that issue such currency. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of that Security becomes due and payable as
therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, request for redemption or otherwise. 
 “New York Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the City of New York are authorized or obligated by law or
executive order to close. 
 “Officer’s Certificate” means a certificate signed by the President or any Representative
Director of the Company or any other officer of the Company designated in a Company Order and delivered to the Trustee for the Securities of any series. 
  

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 “Opinion of Counsel” means, for purposes of Section 1108, a written opinion of
independent legal counsel of recognized standing and, for all other purposes hereof, means a written opinion of counsel, who may be an employee of or counsel to the Company or may be other counsel satisfactory to the Trustee for the Securities of
any series. 
 “Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore canceled by the Trustee
for such Securities or delivered to such Trustee for cancellation; 
 (2) Securities or portions thereof for whose payment or
redemption money in the necessary amount and in the required currency has been theretofore deposited with the Trustee for such Securities or any Paying Agent (other than the Company or any other obligor upon the Securities) in trust or set aside and
segregated in trust by the Company or any other obligor upon the Securities (if the Company or any other obligor upon the Securities shall act as its own Paying Agent) for the Holders of such Securities; provided, however, that, if
such Securities or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture, or provision therefor satisfactory to such Trustee has been made; and 
 (3) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented proof satisfactory to the Trustee for such Securities that any such Securities are held by bona fide
holders in due course; 
 provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding
Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee for such Securities shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities
which a Responsible Officer of such Trustee actually knows to be so owned (based upon written notice delivered to the Trustee by the Company) shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of such Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor and (b) the principal amount of a Discounted Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration pursuant to Section 502. 
 “Paying Agent” means any Person authorized
by the Company to pay the principal of (and premium, if any) or interest, if any, on any Securities on behalf of the Company. 
 “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 Securities of any particular series, means the place or places where the principal of
(and premium, if any) and interest if any, on the Securities of that series are payable, as contemplated by Section 301. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by that particular Security, and, for the purposes of this definition, any
Security authenticated and delivered under Section 306 in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Security. 
 “Priority Indebtedness” means all liabilities (including those in respect of bonds, notes and debentures) of the Company, including
liabilities in respect of the Senior Subordinated Securities, other than (i) liabilities of the 

  

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Company under the Junior Subordinated Securities, the payment of which is restricted in accordance with the provisions of Section 1302, and
(ii) other liabilities of the Company with terms and conditions substantially equivalent or subordinate in priority of payment as to liquidation distributions to the liabilities of the Company stipulated in Section 1302. 
 “Redemption Date”, when used with respect to any Security to be redeemed in whole or in part, means the date fixed for such redemption
by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means an
amount, in the currency in which such Security is denominated or which is otherwise provided for pursuant hereto, equal to the principal amount thereof (and premium, if any, thereon) together with accrued interest, if any, to the Redemption Date.

 “Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of any series,
means the date, if any, specified for that purpose as contemplated by Section 301(4). 
 “Regulatory Event” means an
event whereby the Company’s total risk-based capital ratio calculated on a consolidated basis entered in the Latest Operation Report falls below half of the Required Capital Ratio. 
 “Reorganization Law” means the Japanese Corporate Reorganization Law (Law No. 172 of 1952, as amended) as amended or replaced from
time to time. 
 “Representative Director” of the Company means a representative director of the Company within the meaning
of the Commercial Code. 
 “Required Capital Ratio” is the minimum total risk-based capital ratio calculated on a
consolidated basis which the Company is required under the Banking Law to have as of the last day of the business period in relation to the Latest Operation Report. 
 “Responsible Officer”, means, with respect to the Trustee, any officer within the Worldwide Securities Services group (or any successor group) of the Trustee located at the Corporate Trust Office of
the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purposes of Section 601(c)(2) and Section 602 shall also include any other officer of the Trustee to whom any corporate trust matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Securities” means
securities evidencing unsecured indebtedness of the Company authenticated and delivered under this Indenture. 
 “Security
Register” and “Security Registrar” have the respective meanings specified in Section 305. 
 “Senior
Indebtedness” means all liabilities (including those in respect of bonds, notes and debentures) of the Company other than (i) liabilities under the Senior Subordinated Securities which shall not have become due and payable prior to the
date on which a Subordination Event shall have occurred and (ii) other liabilities ranking pari passu with or junior to the Senior Subordinated Securities. 
 A “series” of Securities means all Securities denoted as part of the same series authorized by or pursuant to a particular Company Resolution. 
 “Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of any series means a date fixed by the
Trustee for such series pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
  

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 “Subsidiary” means any corporation of which at least a majority of all outstanding stock
having ordinary voting power in the election of directors of such corporation is at the time, directly or indirectly, owned by the Company or by one or more Subsidiaries or by the Company and one or more Subsidiaries. 
 “Subordination Event”, means any of the following events: 
 (i) a court of competent jurisdiction shall have adjudicated the Company bankrupt pursuant to the Bankruptcy Law; or 
 (ii) a court of competent jurisdiction shall have commenced corporate reorganization proceedings with respect to the Company pursuant to
the Reorganization Law. 
 (iii) a court of competent jurisdiction shall have commenced civil rehabilitation proceedings with
respect to the Company pursuant to the Civil Rehabilitation Law. 
 “Trust Indenture Act” means the United States 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, except as provided in Section 905. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument and, subject to the provisions of
Article Six hereof, shall also include its successors and assigns as Trustee hereunder. If there shall be at one time more than one Trustee hereunder, “Trustee” shall mean each such Trustee and shall apply to each such Trustee only with
respect to those series of Securities with respect to which it is serving as Trustee. 
 “United States” means the United
States of America (including the States and the District of Columbia), its territories, possessions and other areas subject to its jurisdiction (including the Commonwealth of Puerto Rico). 
 “Valuation Date” has the meaning specified in Section 311(c). 
 “Yield to Maturity”, when used with respect to any Discounted Security, means the yield to maturity, if any, set forth on the face
thereof. 
 SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or request by the Company to the Trustee for any series of Securities to take any action under any provision of this Indenture, the
Company shall furnish to such 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. 
 Every certificate
(other than certificates provided pursuant to Section 1005) or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such condition or covenant 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 condition or covenant 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. 
  

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 SECTION 103. 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 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 matters upon which his certificate or opinion is based are erroneous. 
 Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104. Acts
of Holders. 
 (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. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee for the appropriate series of Securities and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee for the appropriate series of Securities and the Company and any agent of such Trustee or
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 the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or
writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or association or a member of a partnership, or an official of a public or governmental body, on behalf of such corporation, association,
partnership or public or governmental body or by a fiduciary, such certificate or affidavit shall also constitute sufficient proof of his authority. 
 (c) The fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee for the appropriate
series of Securities deems sufficient. 
 (d) The principal amount and serial numbers of Registered Securities held by any Person, and the
date of holding the same, shall be proved by the Security Register. 
 (e) In determining whether the Holders of the requisite principal
amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver under this Indenture, the principal 

  

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amount of a Discounted Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal
to the amount of the principal thereof that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 at the time the taking of such action by the Holders of such requisite principal amount is
evidenced to the Trustee for such Securities. 
 (f) Any request, demand, authorization, direction, notice, consent, waiver or other action
by the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee for such Securities, the Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 105. Notices, Etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee for a series of Securities by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with such Trustee at its Corporate Trust Office, Attention: Worldwide Securities Services, and shall be deemed given when actually received by such Corporate Trust Office, or 
 (2) the Company by such Trustee or by any Holder shall be sufficient for every purpose hereunder (except as provided in paragraphs (3),
(4) and (5) of Section 501) if in writing and mailed, first class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address
previously furnished in writing to such Trustee by the Company. 
 SECTION 106. Notice to Holders; Waiver.

 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) to Holders of Registered Securities if in writing and mailed, first class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. 
 Where this Indenture provides for the Company to give notice to
Holders, such notice may, at the Company’s request, be given or arranged by the Trustee in the name and at the expense of the Company. Notice for which such request to the Trustee has been made by the Company shall be deemed to be timely made
on the date on which such notice to Holders is required to be made hereunder (the “Notice Date”), if such request is given in writing by the Company to the Trustee, accompanied by the text of the notice (including therein all or
substantially all information available to the Company at the time when such request is given), at least five New York Business Days prior to the Notice Date, regardless of whether such notice is in fact mailed or published by the Trustee on or
before the Notice Date. 
 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 a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities given as provided herein. Any notice mailed in the
manner prescribed by this Indenture shall be deemed to have been given whether or not received by any particular Holder. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give
such notice to Holders of Registered Securities by mail, then such notification as shall be made with the approval of the Trustee for such Securities shall constitute a sufficient notification for every purpose hereunder. 
 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 for such Securities, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
  

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 SECTION 107. Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with the duties imposed by any of Sections 310 through 317, inclusive, of the Trust Indenture Act
through the operation of Section 318(c) thereof, such imposed duties shall control. 
 SECTION 108. Effect of
Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall
not affect the construction hereof. 
 SECTION 109. Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110. Separability Clause. 
 In any case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
 SECTION 111. Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any
Security Registrar and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112. Governing Law; WAIVER OF TRIAL BY JURY. 
 This Indenture shall be governed by and construed in accordance with the laws of the State of New York, except with respect to authorization and execution
by the Company of this Indenture and the Securities, which shall be governed by the laws of Japan. 
 EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 
 SECTION 113. Submission to Jurisdiction; Appointment of Agent for Service; Waivers. 
 To the fullest extent permitted by applicable law, the Company irrevocably submits to the non-exclusive jurisdiction of any Federal or state court in the
Borough of Manhattan in The City of New York, County and State of New York, United States of America, in any suit or proceeding based on or arising under this Indenture and the Securities, and irrevocably agrees that all claims in respect of such
suit or proceeding may be determined in any such court. The Company, to the fullest extent permitted by applicable law, irrevocably and fully waives the defense of an inconvenient forum to the maintenance of such suit or proceeding and hereby
irrevocably designates and appoints Robert E. Hand, Esq., General Counsel, Mitsubishi UFJ Financial Group, Inc., Corporate Governance Division for the United States, 1251 Avenue of the Americas, New York, New York 10020-1104 (Attn: General Counsel)
(the “Authorized Agent”), as its authorized agent upon whom process may be served in any such suit or proceeding. The Company represents that it has notified the Authorized Agent of such designation and appointment and that the Authorized
Agent has accepted the same in writing. The Company hereby irrevocably authorizes and directs its Authorized Agent to accept such service. The Company further 

  

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agrees that service of process upon its Authorized Agent and written notice of said service to it mailed by first class mail or delivered to its Authorized
Agent shall be deemed in every respect effective service of process upon it in any such suit or proceeding. Nothing herein shall affect the right of any person to serve process in any other manner permitted by law. The Company agrees that a final
action in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other lawful manner. 
 The Company hereby irrevocably waives, to the extent permitted by law, any immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment,
post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this Indenture, the Securities or the transactions contemplated hereby. 
 The provisions of this Section 113 are intended to be effective upon the execution of this Indenture without any further action by the Company or
the Trustee and the introduction of a true copy of this Indenture into evidence shall be conclusive and final evidence as to such matters. 
 Each of the Company and the Trustee hereby irrevocably and unconditionally waives trial by jury in any action, claim, suit or proceeding relating to this Indenture or the Securities. 
 SECTION 114. Non-Business Day. 
 In any case where any Interest Payment Date, Redemption Date or Stated Maturity of a Security of any particular series shall not be a Business Day at any Place of Payment with respect to Securities of that series,
then (notwithstanding any other provision of this Indenture or of the Securities) payment of principal of (and premium, if any) and interest, if any, with respect to such Security need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
 SECTION 115. Immunity of
Stockholders, Officers and Directors. 
 No recourse shall be had for the payment of the principal of (and premium, if any), or the
interest, if any, on any Security of any series, or for any claim based thereon, or upon any obligation, covenant or agreement of this Indenture, against any stockholder, officer, employee 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 successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment of penalty or otherwise;
it being expressly agreed and understood that this Indenture and all the Securities of each series are solely corporate obligations, and that no personal liability whatever shall attach to, or is incurred by, any stockholder, officer, employee or
director, past, present or future, of the Company or of any successor corporation, either directly or indirectly through the Company or any 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 Securities of any series, 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 issuance of the Securities of each series. 
 SECTION 116. Certain Matters Relating to Currencies. 
 Subject to Section 311, each reference to
any currency in any Security, or in the Company Resolution or supplemental indenture relating thereto, shall mean only the referenced currency and no other currency. 
 The Trustee shall segregate moneys, funds and accounts held by the Trustee in one currency from any moneys, funds or accounts held in any other currencies, notwithstanding any provision herein which would otherwise
permit the Trustee to commingle such amounts. 
  

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 Whenever any action or Act is to be taken hereunder by the Holders of Securities denominated in different
currencies, then for purposes of determining the principal amount of Securities held by such Holders, the aggregate principal amount of the Securities denominated in a foreign currency shall be deemed to be that amount of Dollars that could be
obtained for such principal amount on the basis of a spot rate of exchange specified to the Trustee for such series in an Officer’s Certificate for such Foreign Currency into Dollars as of the date the taking of such action or Act by the
Holders of the requisite percentage in principal amount of the Securities is evidenced to such Trustee. 
 SECTION 117.
Language of Notices, Etc. 
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this
Indenture shall be in the English language, and any published notice may also be in an official language of the country of publication. 
 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. Form Generally. 
 Securities (other than bonds with stock acquisition rights) will be issued only in registered form. The Securities of each series shall be in the form approved from time to time by or pursuant to a Company Resolution or established in one
or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any law, with any rule or regulation made pursuant thereto, with any rules of any securities exchange or Depositary thereof or
to conform to usage, as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 Prior to the delivery of a Security of any series in any such form to the Trustee for the Securities of such series for authentication, the Company shall deliver to such Trustee the following: 
 (1) The Company Resolution by or pursuant to which such form of Security has been approved; 
 (2) An Officer’s Certificate dated the date such Certificate is delivered to such Trustee stating that all conditions precedent
provided for in this Indenture relating to the authentication and delivery of Securities in such form have been complied with; and 
 (3) An Opinion of Counsel stating (1) that the form of such Securities has been established by or pursuant to a Company Resolution in accordance with Sections 201 and 301 and in conformity with the provisions of this Indenture;
(2) that the terms of such Securities have been established in accordance with Section 301 and in conformity with the other provisions of this Indenture; (3) that all laws and requirements in Japan and the United States in respect of
the execution and delivery by the Company of such Securities have been complied with; (4) this Indenture has been qualified under the Trust Indenture Act; and (5) that Securities in such form, when (a) completed by appropriate
insertions and executed and delivered by the Company to such Trustee for authentication in accordance with this Indenture, (b) authenticated and delivered by such Trustee in accordance with this Indenture within the authorization as to
aggregate principal amount established from time to time by the Board of Directors, and (c) sold in the manner specified in such Opinion of Counsel, will be the legal, valid and binding obligations of the Company, subject to applicable
bankruptcy, reorganization, insolvency and other similar laws generally affecting creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders
of such Securities. 
 The definitive Securities shall be printed, lithographed or engraved or produced by any combination of these methods
on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution thereof. 
  

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 SECTION 202. Form of Trustee’s Certificate of Authentication. 
 The Certificate of Authentication on all Securities shall be in substantially the following form: 
 “This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 
 Dated:                     

  

			
	 [                        ],
 as Trustee

		
	 By
	 	  

		 	Authorized Officer”

 SECTION 203. Securities in Global Form. 
 If any Security of a series is issuable in global form, such Security may provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Security in global form to reflect the
amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee and in such manner as shall be specified in such Security. Any instructions by the Company with respect to a Security in
global form, after its initial issuance, shall be in writing but need not comply with Section 102. 
 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Title; Payment and Terms. 
 The aggregate principal amount of Securities which may be authenticated and
delivered and Outstanding under this Indenture is unlimited. The Securities may be issued up to the aggregate principal amount of Securities from time to time authorized by or pursuant to a Company Resolution. 
 The Securities may be issued in one or more series, each of which shall be issued pursuant to a Company Resolution. With respect to any particular series
of Securities, the Company Resolution relating thereto shall specify: 
 (1) the title of the Securities of that series (which
shall distinguish the Securities of that series from all other series of Securities) and whether such Securities are Senior Subordinated Securities or Junior Subordinated Securities; 
 (2) any limit upon the aggregate principal amount of the Securities of that series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series pursuant to Section 304, 305, 306, 906 or 1107); 
 (3) the date or dates (or manner of determining the same) on which the principal of the Securities of that series is payable (which, if so
provided in such Company Resolution, may be determined by the Company from time to time and set forth in the Securities of the series issued from time to time), in the case of Senior Subordinated Securities; 
 (4) the rate or rates (or the manner of calculation thereof) at which the Securities of that series shall bear interest (if any), the date
or dates from which such interest shall accrue (which, in either case or both, if so provided in such Company Resolution, may be determined by the Company from time to time and set forth in the Securities of the series issued from time to time), the
Interest Payment Dates on which such 

  

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interest shall be payable (or manner of determining the same) and the Regular Record Date for the interest payable on any Registered Securities on any
Interest Payment Date and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 307; 
 (5) if other than Dollars, the currency in which payment of the principal of (and premium, if any) or interest, if any, on the Securities
of that series shall be made or in which the Securities of that series shall be denominated and the particular provisions applicable thereto in accordance with, in addition to or in lieu of the provisions of Section 311; 
 (6) if the principal of (and premium, if any) and interest, if any, on the Securities of that series are to be payable, at the election of
the Company or a Holder thereof, in a currency other than that in which such Securities are denominated or stated to be payable, in accordance with provisions in addition to or in lieu of, or in accordance with the provisions of, Section 311,
the period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the currency in which such Securities are
denominated or stated to be payable and the currency in which such Securities are to be so payable; 
 (7) the designation of
the original Currency Determination Agent, if any; 
 (8) any provisions for the payment of additional amounts for taxes in
addition to those set forth in Section 1008; 
 (9) if the currency in which the Securities of that series shall be
issuable is Dollars, the denominations in which Securities of that series shall be issuable, if other than denominations of $1,000 and any integral multiple thereof; 
 (10) the place or places where, subject to the provisions of Section 1002, the principal of (and premium, if any) and interest, if
any, on Securities of that series shall be payable, any Registered Securities of that series may be surrendered for registration of transfer, any Securities of that series may be surrendered for exchange, and notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served; 
 (11) the period or periods within
which, the price or prices at which, the currency in which, and the terms and conditions upon which Securities of that series may be redeemed, in whole or in part, at the option of the Company; 
 (12) if other than as set forth in Section 401, provisions for the satisfaction and discharge of this Indenture with respect to the
Securities of that series; 
 (13) whether the Securities of the series are to be traded in book-entry form and shall be
issued in whole or in part in the form of a global Security or Securities and, in such case, the Depositary for such global Security or Securities, and whether such global form shall be exchangeable in whole or in part for definitive Securities;

 (14) the date as of which any global Security representing Outstanding Securities of that series shall be dated if other
than the date of original issuance of the first Security of that series to be issued; 
 (15) any Events of Acceleration and
covenants of the Company with respect to the Securities of that series, whether or not such Events of Acceleration or covenants are consistent with the Events of Acceleration or covenants set forth herein; 
 (16) if a Person other than JPMorgan Chase Bank, N.A., is to act as Trustee for the Securities of that series, the name and location of
the Corporate Trust Office of such Trustee; 
 (17) if other than the principal amount thereof, the portion of the principal
amount of Securities of that series which shall be payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (18) if the Securities of that series do not bear interest the applicable dates for purposes of Section 701; 
  

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 (19) if the Securities of that series will be convertible into other securities of the
Company, the terms of such conversion; and 
 (20) any other terms of that series (which terms shall not be inconsistent with
the provisions of this Indenture). 
 All Securities of any particular series shall be substantially identical except as to denomination,
rate of interest, Stated Maturity and the date from which interest, if any, shall accrue, and except as may otherwise be provided in or pursuant to such Company Resolution relating thereto. The terms of such Securities, as set forth above, may be
determined by the Company from time to time if so provided in or established pursuant to the authority granted in a Company Resolution. All 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 Securities of such series. 
 SECTION 302. Denominations and Currencies.

 Unless otherwise provided with respect to any series of Securities as contemplated by Section 301, any Securities of a series shall be
issuable in denominations of $1,000 and any integral multiple thereof and shall be payable in Dollars. 
 SECTION 303.
Execution, Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its President or one of
its Representative Directors and such execution need not be attested. The signature of any of these officers on the Securities may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for the Securities of such series for authentication, together
with a Company Order for the authentication and delivery of such Securities, and such Trustee, in accordance with the Company Order, shall authenticate and deliver such Securities. If any Security shall be represented by a permanent global Security,
then, for purposes of this Section and Section 304, the notation of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global Security shall be deemed to be delivery
in connection with the original issuance of such beneficial owner’s interest in such permanent global Security. If all the Securities of any one series are not to be issued at one time and if a Company Resolution relating to such Securities
shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities, including, without limitation, procedures with respect to interest rate, Stated Maturity, date of issuance and date from
which interest, if any, shall accrue. 
 Notwithstanding any contrary provision herein, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Company Resolution, Officer’s Certificate and Opinion of Counsel otherwise required pursuant to Sections 102 and 201 at or prior to the time of authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein 

  

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manually executed by the Trustee for such Security or on its behalf pursuant to Section 614, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
 Each Depositary designated
pursuant to Section 301 for a global Security in registered form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the United States Securities Exchange Act of 1934, as
amended, and any other applicable statute or regulation. 
 SECTION 304. Temporary Securities and Exchange of
Securities. 
 Pending the preparation of definitive Securities of any particular series, the Company may execute, and upon Company Order
the Trustee for the Securities of such series shall authenticate and deliver, in the manner specified in Section 303, temporary Securities which are printed, lithographed, typewritten, photocopied or otherwise produced, in any denomination,
with like terms and conditions as the definitive Securities of like series in lieu of which they are issued in registered form, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities. Any such temporary Securities may be in global form, representing such of the Outstanding Securities of such series as shall be specified therein. 
 If temporary Securities of any particular series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of such definitive Securities, the temporary Securities of such series shall be exchangeable for such definitive Securities and of a like Stated Maturity and with like terms and provisions upon surrender of
the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any particular series, the
Company shall execute and (in accordance with a Company Order delivered at or prior to the authentication of the first definitive Security of such series) the Trustee for the Securities of such series shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of authorized denominations of the same series and of a like Stated Maturity and with like terms and provisions. Until exchanged as hereinabove provided, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and with like terms and conditions, except as to payment of interest, if any, authenticated and delivered hereunder.

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

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 Notwithstanding any other provision of this Section or Section 304, unless and until it is exchanged
in whole or in part for Securities in definitive form, a global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
 Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee for such Securities shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive. 
 If at any time the Depositary for Securities of a series
notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities for such series shall no longer be eligible under Section 303, the Company shall
appoint a successor Depositary with respect to the Securities for such series. If a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election pursuant to Section 301 shall no longer be effective with respect to the Securities for such series and the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the global Security or Securities representing such
series in exchange for such global Security or Securities. 
 The Company may at any time and in its sole discretion determine that the
Securities of any series issued in the form of one or more global Securities shall no longer be represented by such global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive form and in an aggregate principal amount equal to the principal amount of the global Security or Securities
representing such series in exchange for such global Security or Securities. 
 If specified by the Company pursuant to Section 301 with
respect to a series of Securities, the Depositary for such series of Securities may surrender a global Security for such series of Securities in exchange in whole or in part for Securities of such series of like tenor and terms and in definitive
form on such terms as are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver (i) to each Person specified by such Depositary a new Security or Securities of the
same series, of like tenor and terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the global Security; and (ii) to such
Depositary a new global Security of like tenor and terms and in a denomination equal to the difference, if any, between the principal amount of the surrendered global Security and the aggregate principal amount of Securities delivered to Holders
thereof. 
 Upon the exchange of a global Security for Securities in definitive form, such global Security shall be cancelled by the Trustee.
Securities issued in exchange for a global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver such Security to the Persons in whose names such Securities are so registered. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of
transfer or exchange shall (if so required by the Company or the Trustee for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for such series duly
executed, by the Holder thereof or his attorney duly authorized in writing. 
  

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 No service charge shall be made for any registration of transfer or exchange of 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 registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or
1107 not involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange Securities of
any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 1104 and ending at the close of business on the
day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Security so selected for redemption as a whole or in part, except the unredeemed portion of any Security being redeemed in part.

 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities.

 If (i) any mutilated Security is surrendered to the Trustee for such Security or the Company and the Trustee for a Security receives
evidence to its satisfaction of the destruction, loss or theft of any Security and (ii) there is delivered to the Company and such Trustee such security or indemnity as may be required by them to save each of them and any agent of either of
them harmless, then, in the absence of notice to the Company or such Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request such Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security or in exchange for such mutilated Security, a new Security of the same series and in a like principal amount and of a like Stated Maturity and with like terms and conditions appertaining to such mutilated,
destroyed, lost or stolen Security. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the
Trustee for such Security such security or indemnity as may be required by them to save each of them harmless, and in case of destruction, loss or theft, evidence satisfactory to the Company and such Trustee and any agent of either of them of the
destruction, loss or theft of such Security and the ownership thereof. 
 Upon the issuance of any new Security 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 all fees and expenses of the Trustee for such Security) connected therewith.

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

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 SECTION 307. Payment of Interest; Optional Payment of Interest on Junior Subordinated Securities; Interest Rights
Preserved. 
 (a) Generally. Interest on any Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall, if so provided in such Security, be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest payment.

 Unless otherwise provided with respect to the Securities of any series, payment of interest may be made at the option of the Company, by
check mailed or delivered to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located inside the United States. 
 (b) Optional Payment of Interest on Junior Subordinated Securities. In the case of Junior Subordinated Securities, interest accrued in respect of
any interest period shall become due and payable on the applicable Interest Payment Date for such series of Junior Subordinated Securities if and so long as all of the following conditions are met: 
 (i) the amount of the Distributable Profits of the Company, based on the Company’s financial statements approved at the general
meeting of shareholders of the Company immediately prior to such Interest Payment Date, exceeds zero; 
 (ii) no Regulatory
Event has occurred as of such Interest Payment Date; and 
 (iii) no Interest Payment Insolvency Event has occurred as of such
Interest Payment Date. 
 All Arrears of Interest in respect of any Junior Subordinated Securities shall become due and payable on the
earlier of (A) the first Interest Payment Date with respect to such series of Junior Subordinated Securities after all of the conditions for the interest payment listed in (i), (ii) and (iii) above are met and (B) the date upon
which the principal of the Junior Subordinated Securities becomes due and payable, but in the case of such principal becoming due and payable as a result of the occurrence of a Condition for Liquidation Payment, only to the extent described in
Section 1302. 
 No additional interest will accrue on Arrears of Interest prior to the time such Arrears of Interest become
“Defaulted Interest” within the meaning of paragraph (c) below. 
 (c) Defaulted Interest. Any interest on any Security
of any particular series which is due and 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 registered Holder on the
relevant Regular Record Date by virtue of having been such Holder; 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 any Defaulted Interest to the Persons in whose names the Securities of that series (or their
respective Predecessor Securities) are 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 Trustee for the Securities of such series
in writing of the amount of Defaulted Interest proposed to be paid on each Security of that series and the date of the proposed payment, and at the same time the Company shall deposit with such Trustee an amount of money in the currency in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except as provided in Sections 311(b), 311(d) and 311(e)), equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to such Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon such Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall not be more than 15 days and not less than 10 days prior to the date of the proposed 

  

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payment and not less than 10 days after the receipt by such Trustee of the notice of the proposed payment. Such Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, 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
Securities of that series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Company may cause a similar notice to be published at least once in a newspaper published in the English
language, customarily on each Business Day and of general circulation in New York, New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Securities of that series (or their respective Predecessor Securities) are on such Special Record
Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may make payment of any Defaulted
Interest on Securities of any particular series in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, if, after
notice is given by the Company to the Trustee for the Securities of such series of the proposed manner of payment pursuant to this clause, such manner of payment shall be deemed practicable by such Trustee. 
 Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid (including any Arrears of Interest), and to accrue, which were carried by such other Security. 
 SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee for such Security and any agent of the Company or such Trustee may treat the Person in whose name any such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307) interest, if any, on such Security and for all other purposes whatsoever, whether or not such
Security be overdue, and neither the Company, such Trustee nor any agent of the Company or such Trustee shall be affected by notice to the contrary. 
 None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption, registration of
transfer or exchange, or delivered in satisfaction of any sinking fund payment, shall, if surrendered to any Person other than the Trustee for such Securities, be delivered to such Trustee and, shall be promptly canceled by it. The Company may at
any time deliver to the Trustee for Securities of a series for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by such Trustee. Notwithstanding any other provision of this Indenture to the contrary, in the case of a series, all the Securities of which are not to be originally issued at one time, a Security of such series shall not be deemed
to have been Outstanding at any time hereunder if and to the extent that, subsequent to the authentication and delivery thereof, such Security is delivered to the Trustee for such Security for cancellation by the Company or any agent thereof upon
the failure of the original purchaser thereof to make payment therefor against delivery thereof, and any Security so delivered to such Trustee shall be promptly canceled by it. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the 

  

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Trustee for such Securities shall be disposed of by such Trustee in accordance with its standard procedures and a certificate of disposition evidencing such
disposition of Securities shall be provided to the Company by such Trustee. Permanent global Securities shall not be disposed of until exchanged in full for definitive Securities or until payment thereon is made in full. 
 SECTION 310. Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any particular series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day
months. 
 SECTION 311. Currency and Manner of Payments in Respect of Securities. 
 (a) With respect to Securities of any series not permitting the election provided for in paragraph (b) below or the Holders of which have not made
the election provided for in paragraph (b) below, except as provided in paragraph (d) below, payment of the principal of (and premium, if any) and interest, if any, on any Security of such series will be made in the currency in which such
Security is payable. 
 (b) It may be provided pursuant to Section 301 with respect to Securities of any series that Holders shall have
the option, subject to paragraphs (d) and (e) below, to receive payments of principal of (and premium, if any) or interest, if any, on such Securities in any of the currencies which may be designated for such election by delivering to the
Trustee for such series of Securities a written election with signature guarantees, not later than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such payments in any
such currency, such election will remain in effect for such Holder until changed by such Holder by written notice to the Trustee for such series of Securities (but any such change must be made not later than the close of business on the Election
Date immediately preceding the next payment date to be effective for the payment to be made on such payment date and no such change of election may be made with respect to payments to be made on any Security of such series with respect to which an
Event of Acceleration has occurred or notice of redemption has been given by the Company pursuant to Article Eleven). In the event any Holder makes any such election pursuant to the preceding sentence, such election will not be effective on any
transferee of such Holder and such transferee shall be paid in the currency indicated pursuant to paragraph (a) above unless such transferee makes an election pursuant to the preceding sentence, provided, however, that such
election, if in effect while funds are on deposit with respect to the Securities of such series as described in Section 401(a)(1)(B) or Section 1304, will be effective on any transferee of such Holder unless otherwise specified pursuant to
Section 301 for the Securities of such series. Any Holder of any such Security who shall not have delivered any such election to the Trustee of such series of Securities not later than the close of business on the applicable Election Date will
be paid the amount due on the applicable payment date in the relevant currency as provided in paragraph (a) of this Section 311. In no case may a Holder of Securities of any series elect, or change an election, to receive payments in any
currency as described in this Section 311(b) following a deposit of funds with respect to the Securities of such series as described in Section 401(a)(1)(B) or Section 1304. The Trustee for each such series of Securities shall notify
the Currency Determination Agent as soon as practicable after the Election Date of the aggregate principal amount of Securities for which Holders have made such written election. 
 (c) If the election referred to in paragraph (b) above has been provided for pursuant to Section 301, then not later than the fourth Business
Day after the Regular Record Date or Special Record Date, as the case may be, for each payment date for Securities of any series, the Currency Determination Agent will deliver to the Company a written notice specifying, in the currency in which
Securities of such series are payable, the respective aggregate amounts of principal of (and premium, if any) and interest, if any, on the Securities to be made on such payment date, specifying the amounts in such currency so payable in respect of
the Securities of such series as to which the Holders thereof shall have elected to be paid in a currency other than that in which such series is denominated as provided in paragraph (b) above. If the election referred to in paragraph
(b) above has been provided for pursuant to Section 301 and if at least one Holder has made such election, then, on the second Business Day preceding such payment date the Company will deliver to the Trustee for such series of Securities
an Exchange 

  

 23 

 
Rate Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date. The Dollar or Foreign Currency amount
receivable by Holders of Securities who have elected payment in a currency as provided in paragraph (b) above shall, unless otherwise provided pursuant to Section 301, be determined by the Company on the basis of the applicable Market
Exchange Rate in effect on the third Business Day (the “Valuation Date”) immediately preceding each payment date. 
 (d) If a
Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment
of principal of (and premium, if any) and interest, if any, on the applicable Securities denominated or payable in such Foreign Currency occurring after the last date on which such Foreign Currency was available (the “Conversion Date”),
the Dollar shall be the currency of payment for use on each such payment date. The Dollar amount to be paid by the Company to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities
with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination Agent in the manner provided in paragraph (f) below. 
 (e) If the Holder of a Security denominated in any currency shall have elected to be paid in another currency as provided in paragraph (b) above,
and a Conversion Event occurs with respect to such elected currency, such Holder shall receive payment in the currency in which payment would have been made in the absence of such election. If a Conversion Event occurs with respect to the currency
in which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars as provided in paragraph (d) of this Section 311. 
 (f) The “Dollar Equivalent of the Foreign Currency” shall be determined by the Currency Determination Agent and shall be obtained for each
subsequent payment after the Conversion Date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date. 
 (g) For purposes of this Section 311, “Election Date” shall mean the date for any series of Securities as specified pursuant to Section 301(14) by which the written election referred to in
Section 311(b) may be made, such date to be not later than the Regular Record Date or Special Record Date, as the case may be, for the earliest payment for which such election may be effective: 
 All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign Currency and the Market Exchange Rate
as specified above shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities and all Holders of such
Securities denominated or payable in the relevant currency. The Currency Determination Agent shall promptly give written notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination.

 In the event of a Conversion Event with respect to a Foreign Currency, the Company, after learning thereof, will immediately give written
notice thereof to the Trustee of the appropriate series of Securities and Currency Determination Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 106 to the Holders) specifying the Conversion Date.

 The Trustee of the appropriate series of Securities shall be fully justified and protected in relying and acting upon information received
by it from the Company and the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently. 
 SECTION 312. Appointment and Resignation of Successor Currency Determination Agent. 
 (a) If and so long as the Securities of any series (i) are denominated in a currency other than Dollars or (ii) may be payable in a currency
other than Dollars, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, a 

  

 24 

 
Currency Determination Agent. The Company will cause the Currency Determination Agent to make the necessary foreign exchange determinations at the time and
in the manner specified pursuant to Section 301 for the purpose of determining the applicable rate of exchange and for the purpose of converting the issued currency into the applicable payment currency for the payment of principal (and premium
if any) and interest, if any, pursuant to Section 311. 
 (b) No resignation of the Currency Determination Agent and no appointment of a
successor currency Determination Agent pursuant to this Section shall become effective until the acceptance of appointment by the successor Currency Determination Agent as evidenced by a written instrument delivered to the Company and the Trustee of
the appropriate series of Securities accepting such appointment executed by the successor Currency Determination Agent. 
 (c) If the
Currency Determination Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Currency Determination Agent for any cause, with respect to the Securities of one or more series, the Company, by
an Officer’s Certificate, shall promptly appoint a successor Currency Determination Agent or Currency Determination Agents with respect to the Securities of that or those series (it being understood that any such successor Currency
Determination Agent may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall only be one Currency Determination Agent with respect to the Securities of any particular series). 

SECTION 313. CUSIP Numbers. 
 The Company in issuing the Securities may use “CUSIP”, “ISIN” or other similar numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”, “ISIN” or other
similar numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
of any change in the “CUSIP”, “ISIN” or other similar numbers. 
 SECTION 314. Japanese Withholding
Tax. 
 (a) In compliance with Japanese tax laws and regulations and the practices of tax authorities in Japan, in respect of any interest
payment on the Securities issued in book-entry form hereunder, the Company and any Paying Agent shall act in accordance with the procedures and forms set out in the memorandum dated January 28, 2000 prepared by the International Capital Market
Association (formerly known as the International Primary Markets Association) (as may be amended or supplemented from time to time by notice from such association) entitled “Compliance Procedures for International Securities Offerings by
Japanese Issuers—Securities Held Through DTC” (the “DTC Procedures”) if DTC is acting as Depositary with respect to the Securities or, in accordance with such other similar procedures as may be established by another Depositary.
Except as otherwise provided in this Indenture, any such Paying Agent shall be responsible only for performing such services as are specifically provided for in the DTC procedures or such other procedures actually known by a Responsible Officer of
the Paying Agent, as applicable and as may be amended or modified and communicated to a Responsible Officer of the Paying Agent from time to time. 
 Paying Agent and the Company may rely on the information provided in a claim for exemption from Japanese withholding taxes and other documentation in the absence of actual knowledge to the contrary. If any interest payment on the Securities
is due to be made hereunder and if and so long as payments of interest on the Securities may be made without deduction or withholding for or on account of Japanese tax only upon receipt of certifications, claims for exemption, notifications or other
documentation in compliance with Japanese tax law requirements (“tax documentation”), the relevant Paying Agent shall (i) collect any tax documentation it receives from clearing organizations (or holders of the Securities if certified
notes representing such Securities have been issued); and (ii) promptly deliver such tax documentation and information so received to the Company for filing with the relevant tax office. The Company and each Paying Agent may rely on the information
provided in tax documentation received (including where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. 
  

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 So long as the Special Taxation Measures Law of Japan or any successor laws thereto require the Company
to submit “claims for exemption” or “interest recipient confirmations” to its District Tax Office in Japan in order for holders of Securities to establish a claim for exemption, the Company shall promptly make such submissions to
the extent holders have provided the relevant tax documentation. 
 (b) Neither the Company, the Trustee, the registrar nor any of the Paying
Agents will have any liability for any withholding of tax arising as a result of a late delivery of the required Securityholder tax documentation or incorrectly completed Securityholder tax documentation; provided that if a beneficial owner
of the Securities satisfies the requirements for claiming an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax
authorities, then the Company or the Paying Agent acting at the written direction of the Company may, to the extent reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in
foreign exchange rates) to the holder. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of
Securities of any Series. 
 (a) The Company shall be deemed to have satisfied and discharged the entire indebtedness on all the
Securities of any particular series and, so long as no Event of Acceleration or default hereunder shall be continuing, the Trustee for the Securities of such series, upon Company Request and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of such indebtedness, when: 
 (1) either 
 (A) all Securities of such series theretofore authenticated and delivered appertaining thereto (other than (i) any Securities of such
series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities 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 the last paragraph of Section 1003) have been delivered to such Trustee for cancellation; or 
 (B) all such Securities of that series not theretofore delivered to the Trustee or its agent for cancellation: 
 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to
be called for redemption within one year under arrangements satisfactory to the 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 Clause (B)(i), (ii) or (iii) above, has deposited or caused to be deposited with such Trustee as trust funds in
trust an amount in the currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except as provided in Sections 311(b), 311(d) and 311(e), in which
case the deposit to be made with respect to Securities for which an election has occurred pursuant to Section 311(b) or a Conversion Event has occurred as provided in Sections 311(d) and 311(e), shall be made in the currency in which such
Securities are payable as a result of such election or Conversion Event), sufficient to pay and discharge the entire indebtedness on all such Outstanding Securities of such series for principal (and premium, if any) and interest, if any, to the date
of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or any Redemption Date as contemplated by Section 402, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable with respect to the Securities of such series (including any amounts
owed to the Trustee with respect to such series and payable by the Company hereunder); and 
  

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 (3) the Company has delivered to such Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the entire indebtedness on all Securities of such series have been complied with. 
 (b) Upon the satisfaction of the conditions set forth in this Section 401 with respect to all the Securities of any series, the terms and conditions
of such series, including the terms and conditions with respect thereto set forth in this Indenture, shall no longer be binding upon, or applicable to, the Company, and the Holders of the Securities of such series shall look for payment only to the
funds or obligations deposited with the Trustee pursuant to Section 401(a)(1)(B); provided, however, that in no event shall the Company be discharged from (i) any payment obligations in respect of Securities of such series
which are deemed not to be Outstanding under clause (3) of the definition thereof if such obligations continue to be valid obligations of the Company under applicable law, (ii) from any obligations under Sections 402(b), 607 and 610 and
(iii) from any obligations under Sections 305 and 306 (except that Securities of such series issued upon registration of transfer or exchange or in lieu of mutilated, destroyed, lost or stolen Securities shall not be obligations of the Company)
and Sections 311, 701 and 1002. Notwithstanding the satisfaction of the conditions set forth in this Section 401 with respect to all the Securities of any series not denominated in Dollars, upon the happening of any Conversion Event the Company
shall be obligated to make the payments in Dollars required by Section 311(d) to the extent that the Currency Determination Agent is unable to convert any Foreign Currency in its possession pursuant to Section 401(a)(1)(B) into the Dollar
Equivalent of the Foreign Currency. If, after the deposit referred to in Section 401 has been made, (x) the Holder of a Security is entitled to, and does, elect pursuant to Section 311(b) to receive payment in a currency other than
that in which the deposit pursuant to Section 401 was made, or (y) a Conversion Event occurs as contemplated in Section 311(d) or 311(e), then the indebtedness represented by such Security shall be fully discharged to the extent that
the deposit made with respect to such Security shall be converted into the currency in which such Security is payable at the Dollar Equivalent of the Foreign Currency. The Trustee for such series of Securities shall return to the Company any non
converted funds or securities in its possession after such payments have been made. 
 SECTION 402. Application of Trust
Money. 
 All money and obligations deposited with the Trustee for any series of Securities pursuant to Section 401 shall be held in
trust and shall be applied by such Trustee, in accordance with the provisions of the Securities 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 the principal of (and premium, if any) and interest, if any, on the Securities for the payment of which such money and obligations have been deposited with such Trustee. 
 SECTION 403. Satisfaction and Discharge of Indenture. 
 Upon compliance by the Company with the provisions of Section 401 as to the satisfaction and discharge of each series of Securities issued hereunder,
and if the Company has paid or caused to be paid all other sums payable under this Indenture, this Indenture shall cease to be of any further effect (except as otherwise provided herein). Upon Company Request and receipt of an Opinion of Counsel and
an Officer’s Certificate complying with the provisions of Section 102, the Trustees for all series of Securities (at the expense of the Company) shall execute proper instruments acknowledging satisfaction and discharge of this Indenture.

 Notwithstanding the satisfaction and discharge of this Indenture, any obligations of the Company under Sections 304, 305, 306, 311,
402(b), 516, 607, 610, 701, 1002 and 1008 and the obligations of the Trustee for any series of Securities under Section 402 shall survive. 
 SECTION 404. Reinstatement. 
 If the Trustee for any series of Securities is unable to apply any of
the amounts (for purposes of this Section 404, “Amounts”) described in Section 401(a)(1)(B) in accordance with the provisions of Section 401 by reason of any legal proceeding or any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities of such series appertaining thereto shall be revived and reinstated as though no deposit
had occurred pursuant to Section 401 until such time as the Trustee for such series is permitted to apply all such Amounts in accordance with the provisions of Section 401; provided, however, that if, due to the reinstatement
of its rights or 

  

 27 

 
obligations hereunder, the Company has made any payment of principal of (or premium, if any) or interest, if any, on such Securities, the Company shall be
subrogated to the rights of the Holders of such Securities to receive payment from such Amounts held by the Trustee for such series. 
 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Acceleration. 
 (a) “Event of Acceleration” with respect to
any series of Senior Subordinated Securities means the occurrence and continuation of a Subordination Event. If a court of competent jurisdiction with respect to the Company shall rescind a declaration of bankruptcy without a distribution of assets
pursuant to the Bankruptcy Law, shall rescind or terminate a reorganization without approving the plan of reorganization pursuant to the Reorganization Law or shall rescind or terminate a civil rehabilitation without approving the plan of
rehabilitation pursuant to the Civil Rehabilitation Law, then the Subordination Event shall be deemed not to have occurred. 
 (b)
“Event of Acceleration” with respect to any series of Junior Subordinated Securities means the occurrence of a Condition for Liquidation Payment. 
 SECTION 502. Acceleration of Maturity. 
 (a) If an Event of Acceleration with respect to any particular series of Senior Subordinated Securities occurs and is continuing, then and in every such case either the Trustee for the Securities of such series or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the entire principal amount (or, in the case of Discounted Securities, such lesser amount as may be provided for in the terms of that series)
of all the Senior Subordinated Securities of that series, to be due and payable immediately, by a notice in writing to the Company (and to such Trustee if given by Holders), and upon any such declaration of acceleration such principal or such lesser
amount, as the case may be, together with accrued interest and all other amounts owing hereunder, shall become immediately due and payable, without any other presentment, demand, protest or notice of any kind, all of which are hereby expressly
waived. 
 (b) If any Event of Acceleration with respect to any particular series of Junior Subordinated Securities occurs, the entire
principal amount (or, in the case of Discounted Securities, such lesser amount as may be provided for in the terms of that series) of all the Junior Subordinated Securities of that series, together with accrued interest and all other amounts owing
hereunder, shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; but only to the extent that the aggregate of (i) the amount in respect of principal of
such Junior Subordinated Securities (except for amounts which shall have become due and payable prior to the occurrence of such Condition for Liquidation Payment), (ii) the amount in respect of interest on such Junior Subordinated Securities
(except for amounts which shall have become due and payable prior to the occurrence of such Condition for Liquidation Payment) and (iii) the liquidation distributions in respect of all Liquidation Parity Securities shall not exceed the
liquidation distributions that would have been paid from the assets of the Company had such principal, interest and all such Liquidation Parity Securities been preference shares of the Company ranking most senior in priority of payment as to
liquidation distributions. 
 (c) Non-payment of principal or interest in respect of any Senior Subordinated Security or Junior Subordinated
Securities or breach of any provisions in this Indenture will not, in and of themselves, cause any Senior Subordinated Security or Junior Subordinated Security to become due and payable. 
 SECTION 503. [Reserved]. 
 SECTION 504. Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, civil rehabilitation, arrangement, adjustment or other judicial proceeding relating to the Company or any other obligor upon the Securities of any series or the property of the Company or of such
other obligor or their creditors, the 

  

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Trustee for the Securities of such series (irrespective of whether the principal (or lesser amount in the case of Discounted Securities) of any Security of
such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether such Trustee shall have made any demand on the Company for the payment of 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 principal
(or lesser amount in the case of Discounted Securities) (and premium, if any) and interest, if any, owing and unpaid in respect of the Securities of such series and to file such other papers or documents as may be necessary or advisable in order to
have the claims of such Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel and all other amounts due to such Trustee under Section 607) and of the Holders
of the Securities of such series allowed in such judicial proceeding; 
 (ii) to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same; and 
 (iii) unless prohibited by law or
applicable regulations, to vote on behalf of the Holders of the Securities of such series in any election of a trustee in bankruptcy or other person performing similar functions; 
 and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities to make such payments to such Trustee, and in
the event that such Trustee shall consent to the making of such payments directly to the Holders of Securities, to pay to such Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of such Trustee, its
agents and counsel, and any other amounts due such Trustee under Section 607. 
 Nothing herein contained shall be deemed to authorize
the Trustee for the Securities of any series to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization or civil rehabilitation, arrangement or adjustment affecting the Securities of such series or
the rights of any Holder thereof, or to authorize the Trustee for the Securities of any series to vote in respect of the claim of any Holder in any such proceeding, except as aforesaid, for the election of a trustee in bankruptcy or other person
performing similar functions. 
 SECTION 505. Trustee May Enforce Claims Without Possession of Securities.

 All rights of action and claims under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee for the
Securities of any series without the possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by such Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel and all other amounts due to such Trustee under
Section 607, be for the ratable benefit of the Holders of the Securities of such series in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee for the Securities
of any series pursuant to this Article with respect to the Securities of such series and, after an Event of Acceleration, any money or other property distributable in respect of the Company’s obligations under this Indenture, shall be applied
in the following order, at the date or dates fixed by such Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities of such series, 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 such Trustee (including any predecessor Trustee) under Section 607; 
  

 29 

 Second: To the payment of the amounts then due and unpaid upon the Securities of such
series for principal of (and premium, if any) and interest, if any, on such Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and 
 Third: The
balance, if any, to the Company. 
 SECTION 507. Limitation on Suits. 
 Other than the right to institute a suit for the enforcement of the payment of principal of, or interest on (including, in each case, any Additional
Amounts, if applicable), any Securities after the applicable due date specified in the Securities, no Holder of any Security of any particular series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (1) an Event of
Acceleration with respect to that series shall have occurred and be continuing and such Holder shall have previously given written notice to the Trustee for the Securities of such series of such default and the continuance thereof; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to
the Trustee for the Securities of such series to institute proceedings in respect of such Event of Acceleration in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to such Trustee reasonable indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) such 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 given to such Trustee during such 60-day period by the
Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more Holders of
Securities of that series 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 Holders of Securities of that series, or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of the Holders of Securities of that series. 
 SECTION 508. Unconditional Right of Holders to Receive Principal (and Premium, if any) and Interest, if any. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium, if any) and (subject to Section 307) interest, if any, on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) 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 509. Restoration of Rights and Remedies. 
 If the Trustee for the Securities of any series or any Holder of a
Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Trustee or to such Holder, then and in every
such case the Company, such Trustee and the Holders of Securities 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 such
Trustee and such Holders shall continue as though no such proceeding had been instituted. 
 SECTION 510. Rights and
Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the 

  

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Trustee for the Securities of any series or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION
511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee for the Securities of any series or of any Holder of any
Security of such series to exercise any right or remedy accruing upon any Event of Acceleration or otherwise with respect to the Securities of such series shall impair any such right or remedy or constitute a waiver of any such Event of Acceleration
or other default in the performance of an obligation of the Company or an acquiescence therein. Every right and remedy given by this Article or by law to such Trustee for the Securities of any series or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by such Trustee or by the Holders, as the case may be. 
 SECTION 512.
Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any particular series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee for the Securities of such series with respect to the Securities of that series or exercising any trust or power conferred on such
Trustee with respect to such Securities, provided that: 
 (1) such direction shall not be in conflict with any rule of law or
with this Indenture and could not involve the Trustee in personal liability; and 
 (2) such Trustee may take any other action
deemed proper by such Trustee which is not inconsistent with such direction. 
 SECTION 513. Waiver of Past Default.

 The Holders of not less than a majority in principal amount of the Outstanding Securities of any particular series may on behalf of the
Holders of all the Securities of that series waive any past default hereunder with respect to that series and its consequences, except: 
 (1) a default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of that series; or 
 (2) a default with respect to a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Security of that series affected. 
 Upon any such waiver, such default shall cease to exist 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 514. Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder of any Security 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 the Securities of any series for any action
taken 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 Trustee for the Securities of any
series, to any suit instituted by any Holder, or group of Holders, holding in the aggregate 

  

 31 

 
more than 10% in principal amount of the Outstanding Securities of any particular series or to any suit instituted by any Holder of any Security for the
enforcement of the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series on or after the Stated Maturity expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 SECTION 515. Waiver of Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to the Trustee for any series of Securities, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 516. Judgment Currency. 
 If, for the purpose of obtaining a judgment in any court with respect to any obligation of the Company hereunder or under any Security, it shall become necessary to convert into any other currency any amount in the
currency due hereunder or under such Security, then such conversion shall be made by the Currency Determination Agent at the Market Exchange Rate as in effect on the date of entry of the judgment (the “Judgment Date”). If pursuant to any
such judgment, conversion shall be made on a date (the “Substitute Date”) other than the Judgment Date and there shall occur a change between the Market Exchange Rate as in effect on the Judgment Date and the Market Exchange Rate as in
effect on the Substitute Date, the Company agrees to pay such additional amounts (if any) as may be necessary to ensure that the amount paid is equal to the amount in such other currency which, when converted at the Market Exchange Rate as in effect
on the Judgment Date, is the amount due hereunder or under such Security. Any amount due from the Company under this Section 516 shall be due as a separate debt and is not to be affected by or merged into any judgment being obtained for any
other sums due hereunder or in respect of any Security. In no event, however, shall the Company be required to pay more in the currency due hereunder or under such Security at the Market Exchange Rate as in effect on the Judgment Date than the
amount of currency stated to be due hereunder or under such Security so that in any event the Company’s obligations hereunder or under such Security will be effectively maintained as obligations in such currency, and the Company shall be
entitled to withhold (or be reimbursed for, as the case may be) any excess of the amount actually realized upon any such conversion on the Substitute Date over the amount due and payable on the Judgment Date. 
 ARTICLE SIX 
 THE TRUSTEE

 SECTION 601. Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Acceleration or a default in the payment of interest or principal with respect to the Securities of any
series for which the Trustee is serving as such, 
 (1) such Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture, and no implied covenants, duties or obligations shall be read into this Indenture against such Trustee; and 
 (2) in the absence of bad faith on its part, such Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any Company Resolution, certificates or
opinions furnished to such 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 

  

 32 

 
to such Trustee, such 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
Acceleration or a default in the payment of interest or principal with respect to a series of Securities has occurred and is continuing, the Trustee for the Securities of such series shall 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 for Securities of any series from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own
willful misconduct, except that: 
 (1) this Subsection shall not be construed to limit the effect of Subsection 601(a) or
601(d) of this Section; 
 (2) such 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) such Trustee
shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any particular series,
determined as provided in Section 512, relating to the time, method and place of conducting any proceeding for any remedy available to such Trustee, or exercising any trust or power conferred upon such Trustee, under this Indenture with respect
to the Securities of that series. 
 (d) No provision of this Indenture shall require the Trustee for any series of Securities 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) 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 for any series of Securities shall be subject to the provisions of this Section. 
 SECTION 602. Notice of Defaults. 
 Within 90 days
after the occurrence of any default hereunder with respect to Securities of any particular series, the Trustee for the Securities of such series shall give to Holders of Securities of that series, in the manner set forth in Section 106, notice
of such default actually known to such Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest, if any,
on any Security of that series, or in the deposit of any sinking fund payment with respect to Securities of that series, such Trustee shall be protected in withholding such notice if and so long as a committee of Responsible Officers of such Trustee
in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of that series. For the purpose of this Section, the term “default” means (i) an Event of Acceleration, (ii) a default
in payment when due of principal or interest on a series of Securities (including, in either case, any Additional Amounts, if applicable) or (iii) a default in the performance by the Company of any obligation under this Indenture or the
Securities. 
 SECTION 603. Certain Rights of Trustee. 
 Except as otherwise provided in Section 601: 
 (a) the Trustee for any series of Security may
conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, discretion, consent, order, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  

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 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order or, including in the case of any resolution of the Board of Directors, a Company Resolution; 
 (c) whenever in the
administration of this Indenture such Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, such Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 
 (d) such 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) such 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 Securities of any series pursuant to this Indenture for which it is acting as Trustee, unless such Holders shall have offered to such Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
 (f) such Trustee shall not be bound to make any
investigation into the facts or matters stated in any Company Resolution, resolution, certificate, statement, instrument, opinion, report, notice, request, discretion, consent, order, bond, debenture or other paper or document, but such Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters at it may see fit, and, if such 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) such 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 such 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) such Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by 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, such Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 
 (j) the Trustee shall not be deemed to have or be charged with knowledge of any default (within the meaning of such term in Section 602) or Event of
Acceleration with respect to a series of Securities for which it is acting as Trustee (other than a payment default if the Trustee is also acting as Paying Agent with respect to the Securities of such series) unless written notice of such default or
Event of Acceleration shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of Securities of such series; 
 (k) the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication
services; accidents; labor disputes; acts of civil or military authority and governmental action; 
  

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 (l) anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Company has been advised as to the likelihood of such loss or damage and regardless of the form of action;

 (m) 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 pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; and 
 (n) the permissive right of the Trustee to take or refrain from taking any actions
enumerated in this Indenture shall not be construed as a duty. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication thereof, shall be taken as the statements of
the Company, and neither the Trustee for any series of Securities, nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee for any series of Securities makes no representations as to the validity or sufficiency of
this Indenture or of the Securities of any series. Neither the Trustee for any series of Securities nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee
for any series of Securities, any Authenticating Agent, Paying Agent, Security Registrar or any other agent of the Company or such Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to
Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not such Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 The Trustee may become and act as Trustee under other indentures under which other securities or certificates of interest or participation in other
securities of the Company are outstanding in the same manner as if it were not Trustee hereunder. 
 SECTION 606. Money Held in Trust. 
 Money held by the Trustee for any series of Securities in trust hereunder need not be segregated from other funds except as provided in Section 115
and except to the extent required by law. The Trustee for any series of Securities shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
 SECTION 607. Compensation and Reimbursement. 
 The Company agrees 
 (1) to pay to the Trustee for any series of Securities from time to time
reasonable compensation in Dollars as the Company and the Trustee shall from time to time agree in writing for all services rendered by it hereunder (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 for any series of
Securities in Dollars upon its request for all reasonable expenses, disbursements and advances incurred or made by such Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and 
  

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 (3) to indemnify such Trustee (which for purposes of this subsection 607(3) shall include
its directors, officers, employees and agents) in Dollars for, and to hold them harmless against, any loss, liability, damage, claims or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder and performing its duties hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their
powers or duties hereunder. 
 As security for the performance of the obligations of the Company under this Section the Trustee for any
series of Securities shall have a lien prior to the Securities upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest, if any, on particular
Securities. The provisions of this Section shall survive the termination of this Indenture, the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 SECTION 608. Disqualification; Conflicting Interests. 
 The Trustee for the Securities shall be subject to the provisions of Section 310(b) of the Trust Indenture Act during the period of time required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the
application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the
Securities of any series, there shall be excluded Securities of any particular series of Securities other than that series. 
 SECTION 609. Corporate
Trustee Required; Different Trustees for Different Series; Eligibility. 
 There shall at all times be a Trustee hereunder which shall be:

 (i) a corporation organized and doing business under the laws of the United States of America, any state thereof, or the
District of Columbia, authorized under such laws to exercise corporate trust powers, and subject to supervision or examination by Federal or State authority, or 
 (ii) a corporation or other Person organized and doing business under the laws of a foreign government that is permitted to act as Trustee
pursuant to a rule, regulation, or other order of the Commission, authorized under such laws to exercise corporate trust powers, and subject to supervision or examination by authority of such foreign government or a political subdivision thereof
substantially equivalent to supervision or examination applicable to United States institutional trustee, 
 having a combined capital and surplus of at
least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. A different Trustee may be appointed by the Company for each series of Securities prior to the issuance of
such Securities. If the initial Trustee for any series of Securities is to be other than JPMorgan Chase Bank, N.A., the Company and such Trustee shall, prior to the issuance of such Securities, execute and deliver an indenture supplemental hereto,
which shall provide for the appointment of such Trustee as Trustee for the Securities of such series and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under the common control with the Company shall serve as
Trustee for the Securities. 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 hereunder specified in this Article. 
  

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 SECTION 610. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee for the Securities of any series and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 (b) The Trustee for the Securities of any series may resign at any time with respect to the Securities of such series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by
Section 611 shall not have been delivered to the Trustee for the Securities of such series within 60 days after the giving of such notice of resignation, the resigning Trustee may, at the Company’s expense, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (c) The Trustee for the Securities
of any series may be removed at any time with respect to the Securities of such series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to such Trustee and to the Company. 
 (d) If at anytime: 
 (1) the
Trustee for the Securities of any series shall fail to comply with Section 310(b) of the Trust Indenture Act pursuant to Section 608 hereof after written request therefor by the Company or by any Holder who has been a bona fide Holder of a
Security of such series for at least six months, unless the Trustee’s duty to resign is stayed in accordance with the provisions of Section 310(b) of the Trust Indenture Act, or 
 (2) such Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company
or by any such Holder, or 
 (3) such Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or
a receiver of such Trustee or of its property shall be appointed or any public officer shall take charge or control of such Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company by an Officer’s Certificate may remove such Trustee or (ii) subject to Section 514, any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor
Trustee. 
 (e) If the Trustee for the Securities of any series shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for the Securities of any series for any cause, the Company, by an Officer’s Certificate, shall promptly appoint a successor Trustee with respect to the Securities of such series and shall comply with the
applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of such series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 611, become the successor Trustee for the Securities of such series and supersede the successor Trustee appointed by the Company. If no successor Trustee for the Securities of such series shall have been
so appointed by the Company or the Holders and shall have accepted appointment in the manner required by Section 611, and if such Trustee is still incapable of acting, any Holder who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series in the manner and to the extent provided in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of that series and the
address of its Corporate Trust Office. 
  

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 (g) If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of any notice of removal, the Trustee being removed may petition a court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 SECTION 611. Acceptance of Appointment by Successor. 
 (a) Every such successor Trustee appointed hereunder with respect to the Securities of any series 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 the
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, subject nevertheless to its lien provided for in Section 607. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the 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 Securities of that or those series to which the appointment of such successor Trustee relates, subject
nevertheless to its lien provided for in Section 607. 
 (c) 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 Subsections (a) or (b) of this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee for the Securities of any series shall
be qualified and eligible under this Article. 
 SECTION 612. Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Trustee for the Securities of any series may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of such Trustee, shall be the successor of such Trustee hereunder,
provided such Person shall be otherwise qualified 

  

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and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee or the Authenticating Agent for such series then in office, any successor by merger, conversion or consolidation to such authenticating Trustee or Authenticating Agent, as
the case may be, may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee or successor Authenticating Agent had itself authenticated such Securities. 
 SECTION 613. Preferential Collection of Claims Against Company. 
 If and when the Trustee for the Securities of any series shall be or become a creditor of the Company (or any other obligor upon the Securities of such series), such 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). 
 SECTION 614. Authenticating Agents.

 From time to time the Trustee for the Securities of any series may, subject to its sole discretion, appoint one or more Authenticating
Agents with respect to the Securities of such series, which may include the Company or any Affiliate of the Company, with power to act on the Trustee’s behalf and subject to its discretion in the authentication and delivery of Securities of
such series in connection with transfers and exchanges under Sections 304, 305 and 1107 or pursuant to Section 306 as fully to all intents and purposes as though such Authenticating Agent had been expressly authorized by those Sections of this
Indenture to authenticate and deliver Securities of such series. For all purposes of this Indenture, the authentication and delivery of Securities of such series by an Authenticating Agent for such Securities pursuant to this Section shall be deemed
to be authentication and delivery of such Securities “by the Trustee” for the Securities of such series. Any such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States or
of any State, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually pursuant to law or the requirements of such supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent for any series of Securities shall cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any Person into which any
Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate
trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor Person is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the parties hereto or the Authenticating Agent or such successor Person. 
 Any Authenticating Agent for any series of Securities may
resign at any time by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any series of Securities may at any time terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company in the manner set forth in Section 105. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent for any series of
Securities shall cease to be eligible under this Section, the Trustee for such series may appoint a successor Authenticating Agent and shall give written notice of such appointment to the Company. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section. 
 The Company agrees to pay, at the direction and on behalf of the Trustee, to any
Authenticating Agent for such series from time to time reasonable compensation for its services. 
  

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 If an appointment with respect to one or more series of Securities is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certification of authentication, an alternate certificate of authentication in the following form: 
 “This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 
 Dated:
                         
  

			
	 [                        ],
 as Trustee

		
	 By
	 	
		 	As Authenticating Agent
		
	 By
	 	
		 	Authorized Officer”

 SECTION 615. Trustee’s Application for Instructions from the
Company. 
 Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in
writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or
omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer of the Company actually receives
such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in
response to such application specifying the action to be taken or omitted. 
 SECTION 616. Co-trustees and Separate
Trustees. 
 At any time or times, for the purpose of meeting the legal requirements of any applicable jurisdiction, the Company and the
Trustee shall have power to appoint, and, upon the written request of the Trustee or of the Holders of at least 33% in principal amount of the Securities then Outstanding, the Company shall for such purpose join with the Trustee in the execution and
delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee, or to act as separate trustee, in either case with such powers as may be
provided in the instrument of appointment, and to vest in such Person or Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Company does not
join in such appointment within 15 days after the receipt by it of a request so to do, or if an Event of Default shall have occurred and be continuing, the Trustee alone shall have power to make such appointment. 
 Should any written instrument or instruments from the Company be required by any co-trustee or separate trustee so appointed to more fully confirm to
such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Company. 
 Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following conditions:

 (a) the Securities shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody
of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee; 
  

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 (b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of
any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such
co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers,
duties and obligations shall be exercised and performed by such co-trustee or separate trustee; 
 (c) the Trustee at any time, by an
instrument in writing executed by it, with the concurrence of the Company, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, if an Event of Default shall have occurred and be continuing,
the Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution
and delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section;

 (d) no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other
such trustee hereunder; and the Trustee shall not be personally liable by reason of any act or omission of any such co-trustee or separate trustee; and 
 (e) any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 
 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 
 With respect to each particular series of Securities, the Company will furnish or cause to be furnished to the Trustee for the Securities of such series,

 (a) semiannually, not more than 15 days after each Regular Record Date relating to that series (or, if there is no Regular Record Date
relating to that series, on June 30 and December 31), a list, in such form as such Trustee may reasonably require, containing all the information in the possession or control of the Company or any of its Paying Agents other than such
Trustee as to the names and addresses of the Holders of that series as of such dates, 
 (b) on semi-annual dates on each year to be
determined pursuant to Section 301 if the Securities of such series do not bear interest, a list of similar form and content, and 
 (c)
at such other times as such 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,
excluding from any such list names and addresses received by such Trustee in its capacity as Security Registrar for the Securities of such series, if so acting. 
 SECTION 702. Preservation of Information; Communications to Holders. 
 (a) The Trustee for each series of Securities shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of the
Securities of such series contained in the most recent lists furnished to such Trustee as provided in Section 701 and the names and addresses of Holders of the Securities of such series received by such Trustee in its capacity as Security
Registrar for such series, if so acting. The Trustee for each series of Securities may destroy any list relating to such series of Securities furnished to it as provided in Section 701 upon receipt of a new list relating to such series so
furnished. 
  

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 (b) If three or more Holders of Securities of any particular series (hereinafter referred to as
“applicants”) apply in writing to the Trustee for the Securities of any such series, and furnish to such Trustee reasonable proof that each such applicant has owned a Security of that series 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 Securities of that series with respect to their rights under this Indenture or under the Securities of that series and is
accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then such 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 such Trustee in accordance with Section 702(a), or

 (ii) inform such applicants as to the approximate number of Holders of Securities of that series whose names and addresses
appear in the information preserved at the time by such Trustee in accordance with Section 702(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 any such Trustee shall elect not to afford such applicants access to that information, such Trustee shall, upon the written request of
such applicants, mail to each Holder of Securities of that series whose name and address appears in the information preserved at the time by such Trustee in accordance with Section 702(a), a copy of the form of proxy or other communication
which is specified in such request, with reasonable promptness after a tender to such 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, such 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 such Trustee, such mailing would be contrary to the best
interests of the Holders of Securities of that series 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 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, such Trustee shall mail copies of such material to such Holders with reasonable promptness after the entry of such order and the renewal of such tender, otherwise such
Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Securities of
each series, by receiving and holding the same, agrees with the Company and the Trustee for the Securities of such series that neither the Company nor such Trustee, nor any agent of either of them shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders of the Securities of such series in accordance with Section 702(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 702(b). 
 SECTION 703.
Reports by Trustee. 
 (a) The Trustee for the Securities of each series shall transmit to Holders such reports concerning such 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. If required by Section 313 (a) of the Trust Indenture Act, the Trustee shall, within
sixty days after each March 15 following the date of the initial issuance of Securities of any series under this Indenture deliver to Holders a brief report, dated as of such March 15, which complies with the provisions of such
Section 313 (a). 
 (b) A copy of each such report shall, at the time of such transmission to Holders of Securities of any series, be
filed by the Trustee for the Securities of such series with each securities exchange upon which the Securities of such series are listed and also with the Commission. The Company will notify such Trustee when such series of Securities is listed on
any securities exchange and of any delisting thereof. 
  

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 SECTION 704. Reports by Company. 
 The Company will: 
 (1) file
with the Trustee for the Securities of such series, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company
is not required to file information, documents or reports pursuant to either of said Sections, then it will file with such Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of
the supplementary and periodic information, documents and reports which may be required pursuant to the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such
rules and regulations; 
 (2) file with the Trustee for the Securities of such series and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such additional information, documents, and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to
time by such rules and regulations; and 
 (3) transmit by mail to all Holders of Securities of each series, as provided in
Section 703(c), within 30 days after the filing thereof with the Trustee for the Securities of such series, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and
(2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 Delivery of such
reports, information and documents to the Trustee for the Securities of such series pursuant to this Section is for informational purposes only and such Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

SECTION 705. Statement by Officers as to Event of Acceleration. 
 The Company shall deliver to the Trustee, as soon as possible and in any event within five Business Days after the Company becomes aware of the occurrence
of (i) any Event of Acceleration or an event which, with notice or the lapse of time or both, would constitute an Event of Acceleration, (ii) any default in payment when due of principal or interest on a series of Securities (including, in
either case, any Additional Amounts, if applicable), or (iii) any default in the performance by the Company of any obligation under this Indenture or the Securities, an Officer’s Certificate setting forth the details of such Event of
Acceleration or default and the action which the Company proposes to take with respect thereto. 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 
 SECTION 801. Company May Consolidate, Etc., Only on Certain Terms. 
 The Company shall not consolidate
with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person unless: 
 (1) the corporation formed by such consolidation 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 shall
be a corporation organized and existing under the laws of Japan and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee for each series of Securities, in 

  

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form satisfactory to each such Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, (including all
additional amounts, if any, payable pursuant to Sections 516 or 1008) on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction, no Event of Acceleration with respect to any series of Securities, and no event
which, after notice or lapse of time, or both, would become an Event of Acceleration with respect to any series of Securities, shall have happened and be continuing; and 
 (3) the Company has delivered to the Trustee for each series of Securities an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 SECTION 802. Successor Corporation Substituted. 
 Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such
consolidation or into which the Company is merged or to which such conveyance or transfer 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 had been named as the Company herein and thereafter the predecessor corporation shall be relieved of all obligations and covenants under this Indenture, the Securities and, in the event of any such consolidation, merger,
conveyance or transfer, the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up, or liquidated. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders of Securities, the Company, when authorized by a Company Resolution, and the Trustee for the Securities of any or all
series, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to such Trustee, for any of the following purposes: 
 (1) to evidence the succession of another corporation to the Company, and the assumption by any such successor of the covenants of the
Company herein and in the Securities contained; or 
 (2) to add to the covenants of the Company, for the benefit of the
Holders of all or any particular series of Securities (and, if such covenants are to be for the benefit of fewer than all series of Securities, stating that such covenants are being included solely for the benefit of such series), or to surrender
any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Acceleration with respect to
any or all series of Securities (and, if any such Event of Acceleration applies to fewer than all series of Securities, stating each series to which such Event of Acceleration applies); or 
 (4) to add to, change or eliminate any of the provisions of this Indenture, provided, however, that any such addition,
change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 
 (5) to evidence and provide for the acceptance of appointment hereunder of a Trustee other than JPMorgan Chase Bank, N.A., as Trustee for
a series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 609; or 
  

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 (6) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 611(b); or 
 (7) to add to the conditions, limitations and restrictions on the
authorized amount, form, terms or purposes of issue, authentication and delivery of Securities, as herein set forth, other conditions, limitations and restrictions thereafter to be observed; or 
 (8) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities permitted by the terms of such Securities; provided, however, that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series of
Securities in any material respect; or 
 (9) to add to or change or eliminate any provisions of this Indenture as shall be
necessary or desirable in accordance with any amendments to the Trust Indenture Act; or 
 (10) to cure any ambiguity or to
correct or supplement any provision herein which may be inconsistent with any other provision herein; or 
 (11) to convey,
transfer, assign, mortgage or pledge any property to or with the Trustee for the Securities of any series or to surrender any right or power herein conferred upon the Company; or 
 (12) to make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall not
adversely affect the interests of the Holders of Securities of any particular series as stated in an Officers’ Certificate; or 
 (13) to provide for the issuance of Securities in bearer form with coupons as well as fully registered form. 
 SECTION 902. Supplemental Indentures With Consent of Holders. 
 The Company, when authorized by a Company Resolution, and the
Trustee for the Securities of any or all series may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of such Securities under this Indenture, but only with the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Outstanding Securities of each series of Securities then Outstanding affected thereby, in each case by Act of said Holders of Securities of each such series
delivered to the Company and the Trustee for Securities of each such series; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security,
or reduce the principal amount thereof or the rate of interest thereon, if any, or any premium payable upon the redemption thereof, or change any obligation of the Company to pay additional amounts pursuant to Section 1008 (except as permitted
by Section 901(1)) or reduce the amount of the principal of a Discounted Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the Place of Payment or the
currency in which any Security or the interest thereon is payable (or the right of selection thereof), 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, on or after the Redemption Date); or 
 (2) reduce the percentage in principal amount of the Outstanding
Securities of any particular series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture; or 
 (3) modify any of the provisions of this
Section or Section 513 or 1007, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived 

  

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without the consent of the Holder of each Security affected thereby; provided, however, that this clause shall not be deemed to require the
consent of any Holder of a Security with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1007, or the deletion of this proviso, in accordance with the requirements of Sections
609, 611(b), 901(6) and 901(7). 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the
Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture
whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record
date, any such consent previously given shall automatically and without further action by any Holder be canceled and of no further effect. 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of
the Holders of 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 Securities of any other 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. 
 SECTION 903. Execution of Supplemental Indentures.

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee for any series of Securities shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee for any series of Securities may, but shall not be obligated to, enter into any such supplemental indenture which affects
such Trustee’s own rights, liabilities, duties or immunities under this Indenture or otherwise. 
 SECTION 904.
Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 905. Conformity With Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

SECTION 906. Reference in Securities to Supplemental Indentures. 
 Securities of any particular series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee for the Securities of such series, bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified
as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by such Trustee in exchange for Outstanding Securities of such series. 
 After any supplemental indenture under this Article becomes effective, the Company shall mail to the Holders a notice briefly describing such
supplemental indenture. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Article. 
  

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 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal (and Premium, if any) and
Interest, if any. 
 The Company agrees, for the benefit of each particular series of Securities, that it will duly and punctually pay in
the currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except as provided in Sections 311(b), 311(d) and 311(e)) the principal of (and
premium, if any) and interest, if any, on that series of Securities in accordance with the terms of the Securities of such series and this Indenture. The interest, if any, due in respect of any temporary or permanent global Security, together with
any additional amounts payable in respect thereof, as provided in the terms and conditions of such Security, shall be payable, subject to the conditions set forth in Section 1008, only upon presentation of such Security to the Trustee thereof
for notation thereon of the payment of such interest. 
 SECTION 1002. Maintenance of Office or Agency. 

The Company will maintain in each Place of Payment for a series of Securities an office or agency where Securities of that series may be presented or
surrendered for payment, an office or agency where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company with respect to the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee for the Securities of that series 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 in respect of any series of Securities or shall fail to furnish the Trustee for the Securities of that series with the address thereof, such presentations (to the extent permitted by law), and surrenders of
Securities of that series may be made and notices and demands may be made or served at the Corporate Trust Office of such Trustee, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices
and demands. 
 The Company may also from time to time designate one or more other offices or agencies (in or outside the Place of Payment)
where the Securities of one or more series may be presented or surrendered for any or all of the purposes specified above in this Section 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 such purpose. The Company will give prompt written notice to the Trustee for the Securities of each series so
affected of any such designation or rescission and of any change in the location of any such office or agency. 
 If and so long as the
Securities of any series (i) are denominated in a currency other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any other provision of the Indenture, then the Company will maintain
with respect to each such series of Securities, or as so required, a Currency Determination Agent. 
 SECTION 1003. Money
for Securities Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent with respect to any
particular series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum in the currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except as provided in Sections 311(b), 311(d) and 311(e)) sufficient to pay
the principal (and premium, if any) and interest, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee for the Securities of such series of its action
or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any particular series of Securities, it will, not
later than a date agreed upon between the Company and any such Paying Agent (in any event not later than 

  

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the applicable due date), deposit with a Paying Agent for the Securities of such series a sum (in the currency described in the preceding paragraph)
sufficient to pay the principal (and premium, if any) and interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee for the Securities of such
series) the Company will promptly notify such Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any
particular series of Securities other than the Trustee for the Securities of such series to execute and deliver to such Trustee an instrument in which such Paying Agent shall agree with such Trustee, subject to the provisions of this Section, that
such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest,
if any, on Securities of that series 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 such Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any payment of
principal (or premium, if any) and interest, if any, on Securities of that series; and 
 (3) at any time during the
continuation of any such default, upon the written request of such Trustee, forthwith pay to such 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 for the
Securities of any series all sums held in trust by the Company or such Paying Agent, such sums to be held by such 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 such Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money
deposited with the Trustee for the Securities of any series or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) and interest, if any, on any Security of any particular series and
remaining unclaimed for two years after such principal (and premium, if any) and interest, if any, has become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property law, be
paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trusts; and the Holder of such Security shall, thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of such 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 such Trustee or such Paying Agent, before being
required to make any such repayment may give written notice to the Holder of such Security in the manner set forth in Section 106, or may, in its discretion, in the name and at the expense of the Company, cause to be published at least once in
a newspaper published in the English language, customarily on each Business Day and of general circulation in New York, New York notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property law, be repaid to the Company. 
 SECTION 1004. Payment of Taxes and Other Claims. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon it or upon its income,
profits or property, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon its property; provided, however, that the Company shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 
  

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 SECTION 1005. Statements as to Compliance. 
 The Company will deliver to the Trustee for each series of Securities, within 120 days after the end of each fiscal year, a written statement signed by
the principal executive officer, principal financial officer or principal accounting officer of the Company stating that: 
 (1) a review of the activities of the Company during such year and of performance under this Indenture has been made under his supervision; and 
 (2) to the best of his knowledge, based on such review, the Company is in compliance with all conditions and covenants under this Indenture and if the Company shall not be in compliance, specifying such non-compliance
and the nature and status thereof. 
 For purposes of this Section, such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Indenture. 
 SECTION 1006. Corporate Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any right or franchise if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 1007. Waiver of Certain Covenants. 
 The Company may omit in any particular instance to comply
with any covenant or condition set forth in Sections 1004 to 1006, if before or after the time for such compliance the Holders of more than 66 2/3% in principal amount of the Outstanding Securities of each series of Securities affected by the omission shall, in each case by Act of such Holders, 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 for the Securities of each series with respect to any such covenant or condition shall remain in full force and effect. 
 SECTION 1008. Payment of Additional Amounts. 
 All payments of the principal of and interest on any Security by the Company will be made without deduction or withholding for or on account of any present or future taxes or duties of whatever nature imposed or
levied by or on behalf of Japan or any of its political subdivisions or taxing authorities, unless the withholding or deduction of the taxes or duties is required by law or regulation or by the official interpretation of the relevant law or
regulation. In that event, the Company will pay to each Holder of such Security the additional amounts as may be necessary in order that each net payment on such Security after the deduction or withholding will not be less than the amount provided
for in such Security to be then due and payable, provided, however, that the foregoing obligations to pay these additional amounts will not apply to: 
 (a) any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any present or former connection between the Holder or the beneficial owner of the applicable
Security (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Holder or beneficial owner of, if the Holder or beneficial owner is an estate, trust, partnership or corporation) and the applicable
taxing jurisdiction imposing the tax, assessment or other governmental charge, other than the mere receipt of payments in respect of a Security or the holding or ownership of a Security or beneficial interest therein; or (2) the presentation of
a Security (where presentation is required) for payment on a date more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 
 (b) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge; 
  

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 (c) any tax, assessment or other governmental charge which is payable otherwise than by withholding from
payments of, or in respect of principal of, or any interest on, the Securities; 
 (d) any tax, assessment or other governmental charge that
is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of the Securities with a request of the Company addressed to the Holder (1) to provide information concerning the nationality, residence, identity
or connection with a taxing jurisdiction of the Holder or the beneficial owner or (2) to make any declaration or other similar claim to satisfy any information or reporting requirement, which in the case of (1) or (2), is required or
imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of the tax, assessment or other governmental charge; or 
 (e) any combination of items (a), (b), (c) and (d) above; 
 nor shall additional amounts be paid with respect to any payment of principal or any interest on any Security to any Holder or beneficial owner that is a fiduciary or partnership or other than the sole beneficial owner of such Security to
the extent the payment would be required by the laws of a taxing jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to the fiduciary or a member of the partnership or a beneficial owner who would not
have been entitled to these additional amounts had it been a Holder. 
 Whenever in this Indenture there is mentioned, in any context, the
payment of the principal of (and premium, if any) and interest, if any, on any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided for in the terms of such Securities and 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. 
 At least 10 days
prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to maturity, the first day on which a payment of principal and any premium is made), and at least 10
days prior to each date of payment of principal (and premium, if any) and interest, if any, if there has been any change with respect to the matters set forth in the below mentioned Officer’s Certificate, the Company will furnish the Trustee
for that series of Securities and the Company’s principal Paying Agent or Paying Agents, if other than such Trustee, with an Officer’s Certificate instructing such Trustee and such Paying Agent or Paying Agents whether such payment of
principal of (and premium, if any) and interest, if any, on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge referred to
above or described in the Securities of that series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities
and the Company will pay to the Trustee for such series of Securities or such Paying Agent such additional amounts as may be required pursuant to the terms applicable to such series. The Company covenants to indemnify the Trustee for such series of
Securities and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without gross negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of
them in reliance on any Officer’s Certificate furnished pursuant to this Section 1008. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101.
Applicability of This Article. 
 Redemption of Securities of any series as permitted or required by any form of Security issued
pursuant to this Indenture shall be made in accordance with such form of Security and this Article; provided, however, that if any provision of any such form of Security shall conflict with any provision of this Article, the provision
of such form of Security shall govern. 
  

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 The Junior Subordinated Securities have no Stated Maturity and will only be redeemable (i) at the
election of the Company if specified in the form of Security for such series, (ii) by way of tax redemption in accordance with this Article and the form of Security for such series or (iii) upon occurrence of an Event of Acceleration with
respect to such Junior Subordinated Securities as and to the extent provided in Article 5. The Senior Subordinated Securities will be redeemable at the election of the Company for such Series of Securities. 
 SECTION 1102. Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities of any series shall be evidenced by or pursuant to an Officer’s Certificate. In case of any redemption at the election of the Company of less than all of the Securities of any
particular series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee for the Securities of such series) notify such Trustee by Company Request of such
Redemption Date and of the principal amount of Securities of that series to be redeemed and shall deliver to such Trustee such documentation and records as shall enable such Trustee to select the Securities to be redeemed pursuant to
Section 1103. In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
for Securities of such series with an Officer’s Certificate evidencing compliance with such restriction. 
 SECTION 1103. Selection by Trustee of
Securities to Be Redeemed. 
 If less than all the Securities are to be redeemed, the Company may select the series to be redeemed, and if
less than all the Securities of any series are to be redeemed, the particular Securities of that series to be redeemed shall be selected not more than 60 nor less than 30 days prior to the Redemption Date by the Trustee for the Securities of such
series, from the Outstanding Securities of that series not previously called for redemption, pro rata or by lot (as the Company may elect) or by such method as such Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for Securities of that series, or any integral multiple thereof) of the principal amount of Securities of that series of a denomination larger than the minimum authorized
denomination for Securities of that series pursuant to Section 302 in the currency in which the Securities of such series are denominated. 
 The Trustee for the Securities of any series to be redeemed shall promptly notify the Company in writing of the Securities of such series selected for redemption and, in the case of any Securities selected for partial redemption, the
principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
 SECTION 1104. Notice of Redemption. 
 Notice of
redemption shall be given in the manner provided in Section 106 not later than the thirtieth day and not earlier than the sixtieth day prior to the Redemption Date, to each Holder of Securities to be redeemed. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, 
 (3) if less than all Outstanding Securities of a particular series are to be redeemed, the identification (and, in the case of partial
redemption, the respective principal amounts) of the particular Securities to be redeemed, 
  

 51 

 (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security or portion thereof, and that interest thereon, if any, shall cease to accrue on and after said date, 
 (5)
the place or places where such Securities are to be surrendered for payment of the Redemption Price, 
 (6) the CUSIP, ISIN or
other similar number for such series, if any, and 
 (7) that the redemption is for a sinking fund, if such is the case.

 Notice of redemption of 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 for such Securities in the name and at the expense of the Company. 
 SECTION 1105. Deposit of Redemption Price. 

Not later than the date agreed upon between the Company and the Trustee or any Paying Agent (and, in any event, not later than the applicable
Redemption Date), the Company shall deposit with the Trustee for the Securities to be redeemed or with a Paying Agent for such Securities (or, if the Company is acting as its own Paying Agent for such Securities, segregate and hold in trust as
provided in Section 1003) an amount of money in the currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such Series and except as provided in Sections
311(b), 311(d) and 311(e)) sufficient to pay the principal amount of (and premium, if any, thereon), and (except if the Redemption Date shall be an Interest Payment Date) any accrued interest on, all the Securities which are to be redeemed on that
date. 
 SECTION 1106. Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the currency in which the
Securities of such series are payable (except as otherwise provided pursuant to Section 301 for the Securities of such series and except as provided in Sections 311(b), 311(d) and 311(e)) and from and after such date (unless the Company shall
default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of such Security for redemption in accordance with said notice, such Security or specified portions thereof shall be paid by the Company at
the Redemption Price, provided, however, that unless otherwise specified as contemplated by Section 301, installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Securities, or one or more Predecessor Securities, as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal thereof (and premium, if any, thereon)
shall, until paid, bear interest from the Redemption Date at a rate per annum equal to the rate borne by the Security (or, in the case of Discounted Securities, the Security’s Yield to Maturity). 
 SECTION 1107. Securities Redeemed in Part. 
 Any
Security which is to be redeemed only in part shall be surrendered at the Place of Payment (with, if the Company or the Trustee for such Security so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Security Registrar for such Security duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute and such Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder, of the same series and having the same terms and provisions and in an aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered. 
  

 52 

 SECTION 1108. Tax Redemption. 
 (a) Unless otherwise specified pursuant to Section 301, Securities of any series may be redeemed for cash at the option of the Company in whole, but not in part, at any time, at a Redemption Price equal to the
principal amount of such Security, together with accrued interest to the date fixed by the Company for redemption and additional amounts, if the Company determines and certifies to the applicable Trustee immediately prior to the giving of the notice
that, as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of Japan or the jurisdiction of organization of any successor entity (or any political subdivision or taxing authority
of such jurisdiction) affecting taxation, or any change in the official position regarding the application or interpretation of these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction), which change, amendment application or interpretation becomes effective on or after the date of the applicable prospectus (or on or after the date a successor assumes our obligations hereunder), the Company is, or on the next Interest
Payment Date would be, required to pay any additional amounts for such Security that cannot be avoided by measures reasonably available to the Company; provided that no notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the Company would be obligated to make the withholding if a payment in respect of the Security were then due. Prior to the publication and mailing of any notice of redemption of the Securities pursuant to the foregoing, the
Company will deliver to the applicable Trustee an Opinion of Counsel or an opinion of a tax consultant of recognized standing to the effect that the circumstances referred to above exist. The applicable Trustee shall accept such Opinion of Counsel
or tax opinion, as the case may be, as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders. 
 ARTICLE TWELVE 
 RESERVED 
 ARTICLE THIRTEEN 
 SUBORDINATION

 SECTION 1301. Subordination of Senior Subordinated Securities. 
 Securities specified as Senior Subordinated Securities in or pursuant to the Company Resolution relating to such series of Securities will be direct, unconditional, subordinated and unsecured obligations of the
Company and will rank pari passu among themselves. If a Subordination Event occurs and is continuing, any Senior Subordinated Securities will be subordinated in right of payment to all Senior Indebtedness of the Company and, accordingly, no
payment will be made on the Senior Subordinated Securities (except for such amounts which shall have become due and payable prior to the date on which a Subordination Event shall have occurred) unless and until a Condition for Payment shall have
occurred. 
 SECTION 1302. Subordination of Junior Subordinated Securities. 
 Securities specified as Junior Subordinated Securities in or pursuant to the Company Resolution relating to such series of Securities will be direct,
unconditional, subordinated and unsecured obligations of the Company and will rank pari passu among themselves. If a Subordination Event occurs and is continuing, any Junior Subordinated Securities will be subordinated in right of payment to
all Priority Indebtedness of the Company (including all Senior Subordinated Securities) with the intent that the claims of Holders of Junior Subordinated Securities rank immediately ahead of the claims of the highest ranking shareholders of the
Company as to distribution of residual assets and after all claims in respect of Priority Indebtedness of the Company (including Senior Subordinated Securities). 
 Accordingly, upon the occurrence of a Subordination Event and so long as such Subordination Event is continuing, no payment in respect of principal of, or interest on, the Junior Subordinated Securities (except for

  

 53 

 
amounts which shall have become due and payable prior to the date on which the Subordination Event shall have occurred) shall be made by the Company unless
and until a Condition for Liquidation Payment shall have occurred and then only to the extent that the aggregate of (i) the amount in respect of principal of the Junior Subordinated Securities (except for amounts which shall have become due and
payable prior to the occurrence of such Condition for Liquidation Payment), (ii) the amount in respect of interest on the Junior Subordinated Securities (except for amounts which shall have become due and payable prior to the occurrence of such
Condition for Liquidation Payment) and (iii) the liquidation distributions in respect of all Liquidation Parity Securities shall not exceed the liquidation distributions that would have been paid from the assets of the Company had such
principal, interest and all such Liquidation Parity Securities been preference shares of the Company ranking most senior in priority of payment as to liquidation distributions. 
 SECTION 1303. Reimbursement of Excess Payment. 
 Any Holder of a Senior Subordinated Security or a Junior Subordinated Security by acceptance of such Security shall thereby agree that (i) if any payment on such Security is made to such Holder after the
occurrence of a Subordination Event and the amount of such payment shall exceed the amount if any, that should have been paid to such Holder upon the proper application of the subordination provisions of such series of Senior Subordinated Securities
or Junior Subordinated Securities, as the case may be, the payment of such excess amount shall be deemed null and void and such Holder shall be obligated to return the amount of the excess payment within ten days of receiving notice of the excess
payment and (ii) upon the occurrence of a Subordination Event and so long as such Subordination Event shall continue, such Holder shall not be entitled to exercise any right to set off any liabilities of the Company under the Senior
Subordinated Securities or the Junior Subordinated Securities, as the case may be, (except for such amounts which have become due and payable prior to the date on which the Subordination Event shall have occurred) against any liabilities of such
Holder owed to the Company: 
 (A) in the case of Senior Subordinated Securities, unless and until the liabilities of the
Company under the Senior Subordinated Securities have become payable pursuant to the proper application of the subordination provisions of the Senior Subordinated Securities and then only to the extent of such liabilities of the Company to such
Holder; and 
 (B) in the case of the Junior Subordinated Securities, at any time. 
 SECTION 1304. No Amendment. 
 No amendment or modification of this Indenture which is prejudicial to any present or future creditor in respect of any Senior Indebtedness or Priority Indebtedness of the Company shall be made to the provisions of Section 1301 or 1302
in any respect. In no event shall any such amendment or modification be effective against such creditor. 
 SECTION 1305.
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 Securities on the one hand and the holders of Senior Indebtedness, in the case of Senior Subordinated Securities, and Priority Indebtedness, in the case of Junior Subordinated Securities, on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall, (a) impair, as between the Company and the Holders of the Securities, the obligations of the Company, which are absolute and
unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest (including any additional amounts pursuant to Section 1008) on the Securities as and when the same shall become due and payable in
accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than their rights in relation to the holders of Senior Indebtedness or Priority Indebtedness,
as the case may be; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture including, without limitation, filing and voting claims in any
proceeding, subject to the rights, if any, under this Article of the holders of Senior Indebtedness or Priority Indebtedness. 
  

 54 

 SECTION 1306. Trustee to Effectuate Subordination. 
 Each Holder of a Security by his or her acceptance thereof authorizes and directs the Trustee on his or her behalf to take such action as may be necessary
or appropriate to acknowledge or effectuate the subordination provided in this Article and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
 SECTION 1307. Reliance on Judicial Order or Certificate of Liquidating Agent. 
 Upon any payment or distribution of assets of the Company pursuant to the Bankruptcy Law, the Reorganization Law or the Civil Rehabilitation Law, the
Trustee, subject to the provisions of Section 601, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such proceeding is pending, or a certificate of the
Administrator, trustee in bankruptcy, receiver, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons entitled to
participate in such payment or distribution, the holders of the Senior Indebtedness or Priority Indebtedness and other indebtedness of 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. 
 SECTION 1308. Trustee not Fiduciary for Holders of Senior
Indebtedness or Priority Indebtedness. 
 With respect to the holders of Senior Indebtedness and Priority Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness or Priority Indebtedness
(other than in its role as Trustee hereunder with respect to the Senior Subordinated Securities) shall be read into this Indenture against the Trustee. 
 The Trustee, in its capacity as trustee under this Indenture, shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness or Priority Indebtedness (other than in its role as Trustee hereunder
with respect to the Senior Subordinated Securities) and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Holders of Securities or to the Company or to any other Person cash, property or securities to which any
such holders of Senior Indebtedness or Priority Indebtedness, as the case may be, shall be entitled by virtue of this Article or otherwise. With respect to the holders of Senior Indebtedness or Priority Indebtedness (other than in its role as
Trustee hereunder with respect to the Senior Subordinated Securities), 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 Company shall give prompt written notice to the Trustee of any fact known to
the Company which would prohibit the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not at any time 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 Securities, unless and until the Trustee shall have received no later than two (2) Business Days prior to such payment
written notice thereof from the Company or from one or more holders of Senior Indebtedness or Priority Indebtedness, as the case may be, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects conclusively
to presume that no such fact exists. Anything herein to the contrary notwithstanding, unless the Trustee shall have received the notice provided for in the preceding sentence, the Trustee shall have full power and authority to receive any such
payment and to apply the same for the purpose for which it was received, and shall not be affected by an notice to the contrary which may be received by it within two (2) Business Days prior to such payment. 
 SECTION 1309. Trust Moneys Not Subordinated. 
 Notwithstanding anything contained herein to the contrary, payments from money held in trust under Article Four by the Trustee for the payment of principal of, premium, if any, and interest on the Securities shall not
be 

  

 55 

 
subordinated to the prior payment of any Senior Indebtedness or Priority Indebtedness, as the case may be, of the Company or subject to the restrictions set
forth in this Article Thirteen and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Indebtedness or Priority Indebtedness, as the case may be, or any other creditor of the Company. 

The Trustee shall be entitled to all rights set forth in this Article with respect to any Senior Indebtedness or Priority Indebtedness, as the case
may be, at any time held by it, to the same extent as any other holder of Senior Indebtedness or Priority Indebtedness, as the case may be. Nothing in this Article shall deprive the Trustee of any of its rights as any such holder. Nothing in this
Article shall apply to the claims of, or payments to, the Trustee under or pursuant to Section 506 or Section 607. 
 * * *

  

 56 

 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. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Indenture dated as of                     , 2006 to be duly executed all as of the
        day of                     , 2006. 
  

			
	 MITSUBISHI UFJ FINANCIAL GROUP, INC.

		
	 By:
	 	  

	Name:	 	
	Title:	 	
	
	 JPMORGAN CHASE BANK, N.A.,
 as Trustee

		
	 By:
	 	  

	Name:	 	
	Title:	 	

  

 57Memorandum and Articles of Association

 Exhibit 4.4 
 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND
RESTATED 
 MEMORANDUM AND ARTICLES 
 OF 
 ASSOCIATION 
 OF

  

 MUFG CAPITAL
FINANCE 1 LIMITED 
  

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 MEMORANDUM OF
ASSOCIATION 
 OF 
 MUFG
CAPITAL FINANCE 1 LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
 Terms defined in the Articles of Association of MUFG Capital Finance 1 Limited shall have the same meaning when used herein. 
 1. The name of the Company is MUFG Capital Finance 1 Limited. 
 2.
The Registered Office of the Company shall be at the offices of M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies or at such other place as the
Directors may from time to time decide. 
 3. The objects for which the Company is established are the following: 
  

	 	(a)	to issue Ordinary Shares to MUFG or a subsidiary of MUFG; 

  

	 	(b)	to issue preference shares (including Preferred Securities); 

  

	 	(c)	to use the proceeds from the issue of the Preferred Securities to fund the purchase of BTMUPC1 Preferred Securities with a corresponding par value and liquidation preference;

  

	 	(d)	to make the Junior Subordinated Loan to MUFG acting through its head office under the Junior Subordinated Loan Agreement; 

  

	 	(e)	to make other Eligible Investments pursuant to the Investment Policies from time to time; and 

  

	 	(f)	to enter into all contracts and undertakings and engage in all activities and transactions as the Directors may consider necessary or desirable for the purpose of carrying out of
the objects described in paragraphs 3(a) - (e) above inclusive. 

  

 2 

 4. The Company may not engage in any activities other than as stipulated in paragraphs 3(a) - (f) inclusive above.

 5. The liability of each Member is limited to the amount from time to time unpaid on such Member’s shares. 
 6. The authorised share capital of the Company is the aggregate of (i) US$2,500,000,000 divided into 2,500,000 preference shares of US$1,000 par value each and
(ii) US$5,000,000.00 divided into 5,000,000 Ordinary Shares of US$1.00 par value each, each having the respective rights set forth in the Articles, with power for the Company insofar as is permitted by statute and subject to the Articles, to
redeem or purchase any of its shares and to increase or reduce the said capital subject to the provisions of statute and to issue any part of its capital, whether original, redeemed or increased with or without any preference, priority or special
privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise shall be
subject to the powers hereinbefore contained. 
 7. If the Company is registered as exempted, its operations will be carried on subject to the provisions of
Section 193 of the Statute and, subject to the provisions of the Statute and the Articles, it shall have the power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman
Islands and to be deregistered in the Cayman Islands. 
  

 3 

 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION 
 of 
 MUFG CAPITAL FINANCE 1 LIMITED 
 INDEX 
  

			
		
	 PRELIMINARY
	  	17
		
	 SHARE CAPITAL
	  	17
		
	 NON RECOGNITION OF TRUSTS
	  	18
		
	 ORDINARY SHARES
	  	18
		
	 SPECIAL DIVIDEND ON ORDINARY SHARES
	  	18
		
	 ISSUE OF PREFERRED SECURITIES
	  	18
		
	 DIVIDENDS ON PREFERRED SECURITIES
	  	19
		
	 VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES
	  	27
		
	 REDEMPTION AND PURCHASE OF PREFERRED SECURITIES
	  	28
		
	 RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION
	  	30
		
	 VARIATION OF SHARE CAPITAL
	  	30
		
	 TRANSFER OF SHARES
	  	31
		
	 TRANSMISSION OF SHARES
	  	33
		
	 REGISTER OF MEMBERS
	  	33
		
	 SHARE CERTIFICATES
	  	34
		
	 JOINT HOLDERS OF SHARES
	  	35
		
	 LIEN
	  	35
		
	 FORFEITURE OF SHARES
	  	37
		
	 GENERAL MEETINGS
	  	38
		
	 NOTICE OF GENERAL MEETINGS
	  	39
		
	 PROCEEDINGS AT GENERAL MEETINGS
	  	39
		
	 VOTES OF MEMBERS
	  	41
		
	 FORM OF PROXY
	  	43
		
	 DIRECTORS
	  	44

			
	 ALTERNATE DIRECTORS
	  	44
		
	 DISQUALIFICATION AND RETIREMENT OF DIRECTORS
	  	45
		
	 TRANSACTIONS WITH DIRECTORS
	  	46
		
	 POWERS OF DIRECTORS
	  	48
		
	 PROCEEDINGS OF DIRECTORS
	  	49
		
	 BORROWING POWERS
	  	51
		
	 MANAGING DIRECTORS
	  	51
		
	 SECRETARY
	  	51
		
	 THE SEAL
	  	52
		
	 SHARE PREMIUM ACCOUNT
	  	52
		
	 ACCOUNTS
	  	52
		
	 AUDIT
	  	54
		
	 NOTICES
	  	54
		
	 WINDING UP
	  	54
		
	 INDEMNITY
	  	55
		
	 FINANCIAL YEAR
	  	56
		
	 AMENDMENTS TO ARTICLES
	  	56
		
	 UNCLAIMED AMOUNTS
	  	56

  

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION

 OF 
 MUFG CAPITAL FINANCE 1
LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
  

	1.	In these Articles, Table A in the Schedule to the Statute shall not apply and words standing in the first column of the Table next hereinafter contained shall bear the meanings set
opposite to them respectively in the second column thereof, if not inconsistent with the subject or context. 

  

			
	 Words
	  	 Meanings

	“Additional Amounts”	  	as defined in Article 13(k).
		
	“Administrative Action”	  	any judicial decision, official administrative pronouncement, published or private ruling, regulatory procedure, notice or announcement (including any notice or announcement of intent to
adopt such procedures or regulations) by any court, governmental authority or regulatory body having appropriate jurisdiction.
		
	“Agency Agreement”	  	the agency agreement to be entered into between the Company, MUFG and JPMorgan Chase Bank, N.A. as Paying Agent, Calculation Agent and Registrar or with such other parties in such other
capacities as may be otherwise approved by the Directors.
		
	“Applicable Dividend Rate”	  	the fixed or floating rate per annum (which may or may not be based on Six-Month Dollar LIBOR) specified in the resolutions of the Board or a Committee thereof establishing the terms of the
Preferred Securities which terms may include

			
		  	provision for the amendment or change in the basis of calculation of such rate from time to time.
		
	“Articles”	  	these Articles of Association of MUFG Capital Finance 1 Limited, as amended, restated, supplemented or varied from time to time.
		
	“Assets”	  	the total assets of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG but adjusted for contingencies and subsequent events, all valued in such manner as a
representative director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	“Auditors”	  	the auditors of the Company from time to time.
		
	“Available Distributable Profits”	  	as defined in Article 13(j).
		
	“Bank”	  	The Bank of Tokyo-Mitsubishi UFJ, Ltd., a joint stock company organised under the laws of Japan.
		
	“Banking Law”	  	the Japanese Banking Law (Law No. 59 of 1981 as amended).
		
	“Bankruptcy Event”	  	shall be deemed to occur: (i) upon the occurrence of a Liquidation Event; or (ii) if a competent court in Japan shall have (a) adjudicated the commencement of corporate reorganisation
proceedings (kaisha kousei) in respect of MUFG under the Corporate Reorganisation Law, (b) adjudicated the commencement of corporate rehabilitation proceedings (kaisha seiri) in respect of MUFG under the Commercial Code or (c)
adjudicated the commencement of civil rehabilitation proceedings (minji saisei) in respect of MUFG under the Civil Rehabilitation Law.
		
	“Bankruptcy Law”	  	the Japanese Bankruptcy Law (Law No.75 of 2004 as amended).
		
	“BTMUPC1”	  	BTMU Preferred Capital 1 Limited.
		
	“BTMUPC1 Preferred Securities”	  	preference shares in the capital of BTMUPC1 as defined in the Articles of Association of BTMUPC1 and having the rights provided for such shares thereunder.

  

 2 

			
	“Business Day”	  	a day on which banks are open for dealing in foreign currency and exchange in New York, London and Tokyo.
		
	“Calculation Agent”	  	the calculation agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A. pursuant to the Agency
Agreement.
		
	“Civil Rehabilitation Law”	  	the Japanese Civil Rehabilitation Law (Law No. 225 of 1999 as amended).
		
	“Code”	  	the United States Internal Revenue Code of 1986, as amended, including any successor provisions and transition rules, whether or not codified.
		
	“Commercial Code”	  	the Japanese Commercial Code (Law No. 48 of 1899 as amended).
		
	“Committee”	  	a committee of the Directors of the Company appointed in accordance with the provisions of Article 123.
		
	“Company”	  	MUFG Capital Finance 1 Limited.
		
	“Company Law”	  	the Japanese Company Law (Law No. 86 of 2005).
		
	“Condition for Liquidation Payment”	  	either of the following conditions: (i) in the case of liquidation of MUFG, all Senior Debt held by creditors of MUFG entitled to payment or satisfaction prior to commencement of distribution
of residual assets to shareholders is paid or otherwise satisfied in full pursuant to the provisions of the Commercial Code or the Company Law on or after the effective date thereof; or (ii) in the case of corporate reorganisation of MUFG where a
decree of approbation of a corporate reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) of MUFG becomes final and conclusive, all Senior Debt as modified or reduced by such plan
appearing in such plan at the date such decree has become final and conclusive is paid or otherwise satisfied in full in accordance with the terms of such plan; provided, however, that in the case of either (i) or (ii) above, the Company shall have
distributed a special dividend on the Ordinary Shares pursuant to Article 10 of these Articles.

  

 3 

			
	“Consent of the Independent Director”	  	the written resolution, approval or consent of the Independent Director.
		
	“Core Capital”	  	core capital (kihonteki koumoku) as such term is used in the capital adequacy guidelines of or supervised by the FSA as replaced, modified or superseded from time to
time.
		
	“Core Capital Linked Junior Debt”	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking (a) senior in priority
of payment as to liquidation distributions to common shares of MUFG and (b) junior in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	“Core Capital Linked Most Junior Debt”	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking junior in priority of
payment as to liquidation distributions to Core Capital Linked Junior Debt.
		
	“Core Capital Linked Senior Debt”	  	(i) liabilities of MUFG under the Guarantee Agreement and (ii) other liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of
claims upon a liquidation of MUFG as ranking equal in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	“Corporate Reorganisation Law”	  	collectively the Japanese Corporate Reorganisation Law (Law No. 154 of 2002 as amended) and the Japanese Law concerning Special Measures, Etc. for Corporate Reorganisation Procedures for
Financial Institutions, Etc. (Law No. 95 of 1996 as amended).
		
	“Determination Date”	  	the second London Banking Day before the first day of each Dividend Period commencing on and including the Dividend Payment Date in July 2016.
		
	“Directors” or “Board”	  	the Directors of the Company for the time being or, as the case may be, the Directors assembled as a Board including, where the context permits, the Independent Director.

  

 4 

			
	“Distributable Profits Limitation”	  	the limitation on declaring or paying dividends described in Article 13(j).
		
	“Dividend Limitation”	  	the limitation or prohibition on dividends described in Article 13(i).
		
	“Dividend Payment Date”	  	the 25th day of January and July of each year (or if such
day is not a Business Day, the immediately succeeding Business Day unless such day would fall in the next calendar month in which case such day shall be the immediately preceding Business Day), or as may be specified in the resolutions of the Board
or a Committee thereof establishing the terms of the Preferred Securities, with the first such date to be 25 July 2006.
		
	“Dividend Period”	  	each period commencing on and including a Dividend Payment Date (or in respect of the first such period, the relevant Issue Date or such other date as may be specified in the resolutions of
the Board or a Committee thereof establishing the terms of the Preferred Securities) and continuing to but not including the next succeeding Dividend Payment Date, or any other period as may be specified in the resolutions of the Board establishing
the terms of the Preferred Securities.
		
	“Dollar” and “US$”	  	the lawful currency of the United States of America.
		
	“DTC”	  	The Depository Trust Company.
		
	“Eligible Investments”	  	the assets or investments which the Company may hold pursuant to the Investment Policies and consist of the BTMUPC1 Preferred Securities, the Junior Subordinated Loan and securities
(including deposits and loans) issued by MUFG or its affiliates which are organised and resident for tax purposes outside the United States (including the Bank), provided that Eligible Investments shall not include any debts or securities (including
deposits and loans) which give rise to U.S. source gross income or gross income effectively connected with a conduct of a U.S. trade or business for U.S. federal income tax purposes.
		
	“FSA”	  	the Financial Services Agency of Japan or any successor thereto.

  

 5 

			
	“General Meeting”	  	any annual or extraordinary meeting of the shareholders of the Company.
		
	“Guarantee Agreement”	  	the subordinated guarantee agreement entered into between MUFG, the Company and JPMorgan Chase Bank, N.A. as Registrar and Paying Agent on or before the Issue Date, under which MUFG shall,
inter alia, guarantee the obligations of the Company to the Preferred Securityholders in respect of the payment of dividends, the Redemption Price and the Liquidation Preference Amount payable with respect to the Preferred Securities and
assume obligations to provide financial assistance to the Company.
		
	“Independent Director”	  	a member of the Board designated as such pursuant to Article 97 or appointed by the Preferred Securityholders pursuant to Article 14(b) and who shall not during the preceding ten years have
been a director or employee of MUFG or any of its direct or indirect subsidiaries or affiliates (other than a director of any direct or indirect subsidiary (including, without limitation, BTMUPC1) of MUFG acting as an independent director pursuant
to provisions similar to Article 97 or Article 14(b)).
		
	“Insolvency Event”	  	shall be deemed to occur if (x)(a) MUFG is not able or, as a result of the payment of dividends otherwise due on a Dividend Payment Date, will not be able to pay its debts as they become due
(meaning insolvent (shiharai-funo) within the meaning of the Bankruptcy Law) or (b) its Liabilities (other than Core Capital Linked Senior Debt, Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt) exceed or after giving
effect to the payment of such dividends would exceed its Assets or (y) the FSA, or other administrative agency in charge of financial supervision in Japan has taken any statutory action in relation to MUFG based upon its determination that MUFG is
insolvent.
		
	“Investment Policies”	  	the Company’s investment policies established by resolution of the Directors with the prior Consent of the Independent Director.
		
	“Issue Date”	  	the date of issue of the Preferred Securities to be specified in the resolutions of the Board or a

  

 6 

			
		  	Committee thereof establishing the terms of the Preferred Securities.
		
	“Issue Price”	  	US$1,000.
		
	“in writing”	  	written, produced in facsimile form, printed, lithographed or photographed or represented by any other substitute for writing or partly one and partly another.
		
	“Junior Subordinated Loan”	  	the perpetual Dollar denominated subordinated loan by the Company to MUFG acting through its head office, constituting Core Capital Linked Junior Debt of MUFG and made pursuant to the Junior
Subordinated Loan Agreement.
		
	“Junior Subordinated Loan Agreement”	  	the subordinated loan agreement in relation to the Junior Subordinated Loan entered into between the Company (as lender or as assignee of the lender) and MUFG (as borrower) acting through its
head office, as supplemented or amended from time to time.
		
	“Junior Shares”	  	the Ordinary Shares and all other classes and series of equity securities of the Company now or hereafter issued other than (i) Preferred Securities or (ii) Senior Shares.
		
	“law”	  	includes any law, judicial order or treaty or any regulation, rule, official directive, request, published practice or guideline (whether or not having the force of law) of any governmental
body, agency, department or regulatory or other authority including, without limitation and where the context so permits, any self regulatory organisation of which the Company or MUFG is a member.
		
	“Liabilities”	  	the total liabilities of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG, but adjusted for contingencies and subsequent events, all valued in such manner as a
representative director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	“Liquidation Claim”	  	the claim in the liquidation proceedings of MUFG (a) of the Company and the Preferred Securityholders evidenced by the Guarantee Agreement or (b) of the Company evidenced by the Junior
Subordinated Loan Agreement in an amount

  

 7 

			
		  	equal to (i) the Liquidation Preference Amount or (ii) the principal amount of the Junior Subordinated Loan plus accrued and unpaid interest thereon to (but not including) the date such
Liquidation Period commenced, as the case may be, provided, however, that (1) the Liquidation Claim under a Guarantee Agreement shall not accrue and become payable unless and until, or (2) the Liquidation Claim under the Junior Subordinated Loan
Agreement shall become payable only if, the relevant Condition for Liquidation Payment shall have occurred and then only to the extent of the relevant Liquidation Distribution Amount.
		
	“Liquidation Distribution Amount”	  	(i) in relation to claims evidenced by the Guarantee Agreement, the amount payable in respect of the Liquidation Claim represented or evidenced thereby equal to the amount which would
have been paid from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core Capital Linked Junior Debt had been preferred shares directly issued by MUFG which rank in priority of
payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation Shares and (z) all Core Capital Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank
equal or junior in priority of payment as to liquidation distributions to common shares of MUFG and (ii) in relation to claims evidenced by the Junior Subordinated Loan Agreement, the amount payable in respect of the Liquidation Claim
represented or evidenced thereby equal to the amount which would have been paid in respect of the Junior Subordinated Loan from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core
Capital Linked Junior Debt had been preferred shares directly issued by MUFG which rank in priority of payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation Shares and (z) all
Core Capital Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank equal or junior in priority of payment as to liquidation distributions to common shares of MUFG.

  

 8 

			
	“Liquidation Event”	  	shall be deemed to occur if (a) liquidation proceedings (seisan) in respect of MUFG under the laws of Japan (including the special liquidation proceedings (tokubetsu seisan) in
respect of MUFG under the Commercial Code or the Company Law on or after the effective date thereof) are commenced or (b) a competent court in Japan shall have (x) adjudicated the commencement of bankruptcy proceedings (hasan) in respect of
MUFG pursuant to the provisions of the Bankruptcy Law or (y) approved a preparation of a reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) which provides for liquidation of MUFG
pursuant to the provisions of the Corporate Reorganisation Law.
		
	“Liquidation Period”	  	any period during which a Liquidation Event has occurred and is continuing.
		
	“Liquidation Preference”	  	US$1,000.
		
	“Liquidation Preference Amount”	  	the Liquidation Preference (plus unpaid dividends that have become definitive, if any), and an amount equal to dividends calculated in accordance with the provisions of these Articles and/or
the resolution of the Board establishing the terms of the Preferred Securities in respect of the period from and including the Dividend Payment Date most recently occurring prior to the occurrence of the Liquidation Event to but not including the
date of the Liquidation Event).
		
	“London Banking Day”	  	any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London.
		
	“Make Whole Amount”	  	as applied to any date of redemption of the Preferred Securities, the higher of (x) the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid
dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend
Period to the extent not payable in respect of such

  

 9 

			
		 	period and (y) an amount equal to the sum of (i) the present value of the Liquidation Preference of the Preferred Securities, assuming a repayment thereof on the Dividend Payment Date in July
2016, plus (ii) the present value of the remaining payments of dividends scheduled to be paid to and including the Dividend Payment Date in July 2016, in each case discounted from the relevant Dividend Payment Date to the redemption date on the
basis of a 360-day year consisting of 12 months of 30 days each and in the case of an incomplete month, the number of days elapsed, at the applicable Treasury Yield plus a spread as specified in the resolutions of the Board or a Committee thereof
establishing the terms of the Preferred Securities. For purposes of this definition, the applicable “Treasury Yield” shall be calculated as follows: the Calculation Agent, in consultation with MUFG, will appoint five primary U.S.
Government securities dealers in New York City (a “Primary Treasury Dealer”) or their respective successors as reference dealers, provided, however, that if any such dealer ceases to be a Primary Treasury Dealer, the Calculation Agent will
(in consultation with MUFG) substitute such dealer with another Primary Treasury Dealer. The Calculation Agent will (in consultation with MUFG) also appoint one of the reference dealers as the quotation agent. The quotation agent will select a
United States Treasury security having an actual or interpreted maturity comparable to the time period between the redemption date and the Dividend Payment Date in July 2016 (the “Make Whole End Date”), which would be used in accordance
with customary financial practice to price new issues of corporate debt securities with a maturity comparable to the Make Whole End Date. The reference dealers will provide the Calculation Agent with the bid and asked prices for the comparable
United States Treasury security as of 3:30 p.m. New York City time on the third Business Day before the redemption date. The Calculation Agent will calculate the average of the bid and asked prices provided by each reference dealer to obtain such
reference dealer’s quotation. The Calculation Agent will eliminate the highest and the lowest quotations and then calculate the average of

  

 10 

			
		  	the remaining quotations; provided, however, that if the Calculation Agent obtains fewer than four quotations, it will calculate the average of all the quotations without eliminating any of
them. The average quotation is called the “comparable treasury price”. The applicable Treasury Yield will be determined by the quotation agent and will be the semi-annual equivalent yield to maturity of a security whose price is equal to
the comparable treasury price, in each case expressed as a percentage of its principal amount. The Calculation Agent may, in consultation with MUFG and the Company, delegate its responsibilities set forth above to a third party.
		
	“Mandatory Suspension Event”	  	as described in Article 13(a).
		
	“Member”	  	a person who is registered as the holder of any share in the Register for the time being.
		
	“Month”	  	calendar month.
		
	“MUFG”	  	Mitsubishi UFJ Financial Group, Inc., a joint stock company organised under the laws of Japan.
		
	“Net Income (Loss)”	  	for any fiscal period, the taxable income or loss of the Company for United States federal income tax purposes for such period as determined in accordance with the accounting method used by
the Company.
		
	“notice”	  	a notice in writing unless otherwise required by the context or specifically stated.
		
	“Office”	  	the Registered Office of the Company.
		
	“Optional Suspension Event”	  	as described in Article 13(a).
		
	“Ordinary Resolution”	  	a resolution of the Company passed by a simple majority of the votes cast.
		
	“Ordinary Share”	  	an Ordinary Share in the capital of the Company of US$1.00 par value and issued subject to and in accordance with the provisions of the Statute and having the rights provided for Ordinary
Shares under these Articles.
		
	“Ordinary Shareholder”	  	a registered holder of an Ordinary Share.

  

 11 

			
	“paid up”	  	shall include credited as paid up.
		
	“Par Value”	  	US$1,000.
		
	“Parity Securities”	  	securities issued by MUFG’s direct or indirect subsidiaries (other than the Company) ranking on a parity with any class of preferred shares issued by MUFG as to the payment of
dividends.
		
	“Paying Agent”	  	the paying agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A. pursuant to the Agency
Agreement.
		
	“personal representative”	  	an executor or administrator of a deceased individual or a person serving in a similar capacity under the laws of any jurisdiction.
		
	“preference share”	  	a noncumulative preference share in the capital of the Company including a Preferred Security.
		
	“Preferred Security”	  	a preference share which is part of a class of preference shares determined to be issued by the Directors pursuant to Article 11 subject to and in accordance with the Statute and having the
rights set out in Articles 13 to 16 and otherwise provided for Preferred Securities under these Articles and with a Par Value and such other characteristics as may be determined by the Board or a Committee thereof in accordance with the provisions
of these Articles.
		
	“Preferred Securityholder”	  	a registered holder of a Preferred Security appearing on the Register on the relevant Record Date.
		
	“preference shareholder”	  	a registered holder of a preference share.
		
	“Record Date”	  	means, in relation to each Dividend Payment Date or Redemption Date, the date immediately preceding the due date (whether or not a Business Day) for payment of dividends or, as the case may
be, redemption amounts on the Preferred Securities.
		
	“Redemption Date”	  	any date determined for redemption of shares pursuant to these Articles.
		
	“Redemption Price”	  	US$1,000.

  

 12 

			
	 “Register”
	  	the Register of Members to be kept pursuant to and in accordance with the Statute, these Articles and the Agency Agreement.
		
	 “Registrar”
	  	the registrar appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A. pursuant to the Agency Agreement.
		
	 “Regulatory Event”
	  	shall be deemed to have occurred if MUFG’s risk-weighted total capital ratio or risk-weighted Core Capital ratio, calculated in accordance with each applicable standard set forth in the
Japanese banking regulations, as of the end of any annual or semi-annual period in respect of which MUFG files with the Prime Minister of Japan (i) an annual securities report or semi-annual securities report that is required to be filed under the
Securities and Exchange Law, or (ii) if no such reports are required to be filed thereunder, an annual business report or semi-annual business report that is required to be filed under the Banking Law, were to decline below the minimum percentages
required by Japanese banking regulations.
		
	 “Regulatory Period”
	  	any period during which a Regulatory Event has occurred and is continuing.
		
	 “Seal”
	  	the Common Seal of the Company and includes every duplicate Seal.
		
	 “Secretary”
	  	any person appointed by the Directors to perform any of the duties of Secretary of the Company (including a temporary or assistant secretary) and in the event of two or more persons being
appointed as joint Secretaries any one or more of the persons so appointed.
		
	 “Securities and Exchange Law”
	  	the Securities and Exchange Law of Japan (Law No. 25 of 1948 as amended).
		
	 “Senior Debt”
	  	(a) for purposes of the application of such term in relation to the Liquidation Claim evidenced by a Guarantee Agreement, all liabilities of MUFG other than Core Capital Linked Senior Debt,
Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt and (b) for purposes of the application of such term in relation to the Liquidation Claim

  

 13 

			
		  	evidenced by the Junior Subordinated Loan Agreement, all liabilities of MUFG other than Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt.
		
	 “Senior Preferred Dividend Shares”
	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to dividends and which qualify as Core Capital.
		
	 “Senior Preferred Liquidation Shares”
	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to liquidation distributions and which qualify as Core Capital.
		
	 “Senior Shares”
	  	any class or series of equity securities of the Company (including any warrants, options or other rights convertible or exchangeable into any class or series of equity shares) expressly
designated as being senior to the Preferred Securities as to payment of dividends and/or rights upon dissolution, liquidation or winding up of the Company.
		
	 “Share Premium Account”
	  	the Company’s share premium account established in accordance with the Statute.
		
	 “share”
	  	any share in the capital of the Company including a preference share, an Ordinary Share and any fraction of a share.
		
	 “signed”
	  	includes a signature or representation of a signature affixed by mechanical means.
		
	 “Six-Month Dollar LIBOR”
	  	the floating rate per annum defined in Article 13(c).
		
	 “Special Dividend”
	  	as described in Article 10.
		
	 “Special Event”
	  	shall be deemed to have occurred if (i) MUFG determines after consultation with the FSA that the Preferred Securities may not be included in the Core Capital of MUFG under each applicable
standard set forth in Japanese banking regulations (other than for the reason that the amount of Preferred Securities exceeds any limitations under such applicable standard with respect to the amount of preference shares issued by foreign special
purpose vehicle subsidiaries that qualifies as Core Capital): (ii) the treatment of any item of income, gain, loss, deduction or expense of the Company or MUFG

  

 14 

			
		  	related to MUFG’s ownership of the Company, in each case as reflected on the tax returns (including estimated returns) filed (or to be filed) by MUFG, will not be respected by a taxing
authority, as a result of which MUFG or the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other governmental charges, in each case which obligation cannot be avoided by the Company or MUFG taking
reasonable measures available to it; (iii) the Company or MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional Amounts, other than as a result of the occurrence of a Tax Event, which obligation cannot be avoided
by the Company or MUFG taking reasonable measures available to it; (iv) the Bank is or will be required to pay any additional amounts in respect of any taxes, duties or other governmental charges with respect to payments of interest on or principal
of a subordinated loan by BTMUPC1 to the Bank made pursuant to the senior subordinated loan agreement or the junior subordinated loan agreement between them, other than as a result of the occurrence of a Tax Event, or (v) the Company receives an
opinion of a nationally recognized law firm in the U.S. experienced in such matters to the effect that there is more than an insubstantial risk that the Company is deemed an “investment company” within the meaning of the U.S. Investment
Company Act of 1940, as amended.
		
	 “Special Resolution”
	  	a Special Resolution of the Company passed as such in accordance with Section 60 of the Statute and includes a resolution approved in writing as described therein.
		
	 “Statute”
	  	the Companies Law (2004 Revision) of the Cayman Islands, as amended, revised, modified or superseded from time to time.
		
	 “Suspension Notice”
	  	as described in Article 13(a).
		
	 “Taxes”
	  	any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related to the preceding items).

  

 15 

			
	 “Tax Event”
	  	the receipt by the Company of an opinion of a nationally recognised law firm or other tax advisor in the Taxing Jurisdiction experienced in such matters to the effect that, as a result of (i)
any amendment to, clarification of, or change (including any announced prospective change) in laws or treaties (or any regulations thereunder) of the Taxing Jurisdiction, (ii) any Administrative Action or (iii) any amendment to, clarification of, or
change (including any announced prospective change) in the official position, general application or official interpretation of any legislative or administrative body, court, governmental authority or regulatory body having appropriate jurisdiction,
which amendment, clarification, change or Administrative Action is effective or announced on or after the Issue Date (A) the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other governmental
charges (B) the Company or MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional Amounts, in each case which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it or (C)
the Bank is or will be required to pay any additional amounts in respect of any taxes, duties or other governmental charges with respect to payments of interest on or principal of a subordinated loan by BTMUPC1 to the Bank made pursuant to the
senior subordinated loan agreement or the junior subordinated loan agreement between them.
		
	 “Taxing Jurisdiction”
	  	(i) any jurisdiction in which the Company or MUFG is organised or otherwise considered to be a resident for tax purposes, (ii) any jurisdiction from which the Company or MUFG makes a payment
on the Preferred Securities or the Guarantee Agreement, as the case may be, or (iii) any political subdivision or taxing authority of the above.

  

	2.	In these Articles unless there be something in the subject or context inconsistent with such construction: 

  

	 	(a)	words importing the singular number shall be deemed to include the plural number and vice versa; 

  

 16 

	 	(b)	words importing the masculine or neuter genders only shall include the feminine gender and vice-versa; 

  

	 	(c)	words importing persons shall include companies or associations or bodies of persons, whether corporate or not; 

  

	 	(d)	the words: 

  

	 	(i)	“may” shall be construed as permissive; 

  

	 	(ii)	“shall” and “will” shall be construed as imperative; 

  

	 	(e)	save where otherwise defined in Article 1, words or expressions contained in these Articles shall bear the same meaning as in the Statute unless the context otherwise requires;

  

	 	(f)	“company” includes references to any body corporate however and wherever incorporated; and 

  

	 	(g)	“property” includes reference to shares, securities, cash and other assets or rights of any nature. 

 PRELIMINARY 
  

	3.	The preliminary expenses incurred in forming the Company shall be payable over such period as the Directors may determine and when paid shall be payable out of the income and/or
capital of the Company in such proportions as the Directors may determine. 

  

	4.	The Company may in relation to any issue of shares pay such commissions or brokerage as may be lawful. 

  

	5.	The business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit notwithstanding that any offer of shares may have been only
partially subscribed. 

 SHARE CAPITAL 
  

	6.	The authorised share capital of the Company is the aggregate of (i) US$2,500,000,000 divided into 2,500,000 preference shares of US$1,000 par value each and
(ii) US$5,000,000 divided into 5,000,000 Ordinary Shares of US$1.00 par value each, each such class of share having the rights as hereinafter appearing or as may, in accordance with the provisions of these Articles, be determined by the
Directors. 

  

	7.	 Subject as herein provided and without prejudice to any shares previously issued, all shares in the Company for the time being unissued shall be under the control
of the Directors, who may allot and dispose of or grant options over the same to such persons, 

  

 17 

	 	 
on such terms and in such manner as they may think fit and they may in their absolute discretion refuse to accept any application for shares.

 NON RECOGNITION OF TRUSTS 
  

	8.	No person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or recognise (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or (except only as by these Articles otherwise provided or as by Statute required) any other right in respect of any share, except an absolute right thereto in the registered holder.

 ORDINARY SHARES 
  

	9.	Ordinary Shares may only be issued to and registered in the name of MUFG or any subsidiary of MUFG and shall be issued at such price as may be determined by the Directors.

 SPECIAL DIVIDEND ON ORDINARY SHARES 
  

	10.	If a Liquidation Event occurs, the Company shall distribute as a special dividend (whether in specie or otherwise) on the Ordinary Shares (in priority over the Preferred
Securities) the BTMUPC1 Preferred Securities held by it and any other financial assets and investments of the Company other than the Guarantee Agreement, the Junior Subordinated Loan and any amounts received or receivable thereunder (the
“Special Dividend”). 

 ISSUE OF PREFERRED SECURITIES 
  

	11.	The Directors may allot and issue Preferred Securities in accordance with the provisions of these Articles as they see fit from time to time, which Preferred Securities shall have
the rights specified in these Articles and as provided by the resolutions of the Board in relation to the issue of the Preferred Securities in respect of those characteristics of a Preferred Security which these Articles specify may be determined by
the Board, as the case may be, and shall bear such designation, if any, as the Directors prescribe prior to their issue. The Preferred Securities will rank pari passu with each other. The Company shall not issue (i) any Senior Shares or
(ii) other classes or series of equity securities that rank on a parity with the Preferred Securities as to (a) payment of dividends or (b) rights upon dissolution, liquidation or winding up of the Company and otherwise on such terms
as the Directors see fit, in each case without the prior consent of each Preferred Securityholder as contemplated by Article 14(d). The Company shall not issue any class or series of equity securities without the prior Consent of the Independent
Director other than Ordinary Shares, other Junior Shares or such shares as shall be approved by each Preferred Securityholder as referred to in the preceding sentence. 

  

	12.	 Preferred Securities shall be issued at the Issue Price on the Issue Date and on or before such Issue Date (i) the Guarantee Agreement shall be entered into in
connection with the 

  

 18 

	 	 
Preferred Securities and (ii) the Company shall subscribe for or purchase an equivalent number of fully paid and non-assessable BTMUPC1 Preferred
Securities with a par value and liquidation preference corresponding to the Par Value and Liquidation Preference. 

 DIVIDENDS ON PREFERRED SECURITIES 
  

	13.    (a)	Dividends on the Preferred Securities shall be deemed duly declared without further action on the part of the Directors and shall be payable on a noncumulative basis from the Issue
Date, semi-annually in arrear on each Dividend Payment Date for the Dividend Period then ending commencing in July 2006, subject to the Company having legally available funds for such purpose and the other qualifications described in these Articles.
Dividends on the Preferred Securities will be payable, subject as provided in the following sentence, for each Dividend Period at a rate per annum on the Liquidation Preference equal to the Applicable Dividend Rate. Dividends shall be due and
payable on each Dividend Payment Date except in the case of (and to the extent of) a Mandatory Suspension Event or Optional Suspension Event. 

 The Company shall give notice to the Preferred Securityholders of any receipt by the Company from MUFG of any Suspension Notice promptly upon the receipt thereof by the Company. Each dividend will be payable to the
relevant Preferred Securityholder. 
 If (i) a Liquidation Event, an Insolvency Event or a Regulatory Event has occurred and is
continuing, and MUFG has delivered a notice (a “Suspension Notice”) to the Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall not pay any dividends with respect to the
Preferred Securities on such Dividend Payment Date (provided that, for the avoidance of doubt, such Mandatory Suspension Event is continuing as at the fifth Business Day preceding the relevant Dividend Payment Date) and (ii) if a Distributable
Profits Limitation or Dividend Limitation (as defined below) is in effect, and MUFG has delivered a Suspension Notice to the Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall pay no
dividends or reduced dividends with respect to the Preferred Securities on such Dividend Payment Date. Each of the events in (i) and (ii) above is a “Mandatory Suspension Event”. 
 If MUFG advises the Company that (i) MUFG has no outstanding preferred shares and that (ii) MUFG has not paid and has declared that it will not
pay dividends on any of its common shares for its most recently ended financial year (an “Optional Suspension Event”), and if MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately
preceding the Dividend Payment Date that occurs in July of the calendar year in which such financial year ends or in the next succeeding January, as the case may be, the Company shall, as specified in such Suspension Notice, pay no dividends or
reduced dividends with respect to the Preferred Securities on each such Dividend Payment Date. For the avoidance of doubt, if MUFG advises the Company that it 

  

 19 

 
has declared or paid dividends (including less than full dividends) on its preferred shares for the most recently ended financial year, the Company shall pay
dividends on the Preferred Securities on the Dividend Payment Date that occurs in July of the calendar year in which such financial year ends and the next succeeding January, to the extent not limited or prohibited by a Mandatory Suspension Event,
if and to the extent applicable. 
  

	 	(b)	Dividends will be computed on the basis of a 360-day year and the actual number of days elapsed in such Dividend Period or otherwise on such basis of computation as the Directors or
a Committee of the Board may determine in the resolutions establishing the terms of the Preferred Securities. Any amount less than one cent will be rounded up or down to the nearest whole cent (half a cent being rounded upwards). For purposes of
payments to Preferred Securityholders with respect to the Liquidation Preference or a Redemption Price, unpaid dividends shall accrue only if, with respect to the relevant payment date for such Liquidation Preference (in accordance with Article 16)
or Redemption Price (as the case may be), conditions comparable to those set forth above for the payment of dividends on the Preferred Securities on a Dividend Payment Date have been satisfied as of the relevant payment date (treating, for this
purpose only, the relevant payment date as if it were the next Dividend Payment Date). 

  

	 	(c)	Pursuant to the Agency Agreement, the Company will appoint the Calculation Agent for the purposes of determining Six-Month LIBOR and the Calculation Agent will calculate, for each
applicable Dividend Period, Six-Month Dollar LIBOR. “Six-Month Dollar LIBOR” means for each Dividend Period the per annum rate of interest determined by the Calculation Agent as follows: 

 (i) on the Determination Date for such Dividend Period, the Calculation Agent shall obtain the offered rate for six-month Dollar deposits that appears on
the display designated as page 3750 on the Telerate Monitor (or such other page or service as may replace it for the purpose of displaying London interbank offered rates of major banks for Dollar deposits) at 11:00 a.m. (London time) on the
Determination Date; 
 (ii) if for any reason such offered rate does not appear or if the relevant page is unavailable, Six-Month Dollar
LIBOR shall be the per annum rate of interest which the Calculation Agent shall request appropriate quotations and determine the arithmetic mean of the rates (expressed as a percentage per annum) at which six-month Dollar deposits are offered by
three major banks (or, if fewer than three rates are so quoted, two major banks, or, if fewer than two rates are so quoted, one major bank) in the London interbank market, selected by the Calculation Agent, at approximately 11:00 a.m. (London time)
on the Determination Date to prime banks in the London interbank market for a period of six months and in an amount that is representative for a single transaction in the relevant market at the relevant time; and 
  

 20 

 (iii) if none of the banks so selected by the Calculation Agent are quoting rates as set forth above,
the Six-Month Dollar LIBOR shall remain the same as for the immediately preceding Dividend Period of which the Applicable Dividend Rate is a floating rate, or if there was no preceding Dividend Period of which the Applicable Dividend Rate is a
floating rate, the Applicable Dividend Rate shall be the dividend rate applicable to the prior Dividend Period of which the Applicable Dividend Rate is a fixed rate. 
 The Company shall rely on the determination by the Calculation Agent of Six-Month Dollar LIBOR or such other floating rate as notified to the Company unless for any reason there is not a Calculation Agent on a
Determination Date, in which case the Company shall perform the calculations and determinations required by these Articles to establish Six-Month Dollar LIBOR or such other floating rate. 
  

	 	(d)	The Preferred Securities will rank senior to Junior Shares as to rights upon a dissolution, liquidation or winding up of the Company and, except as described in Article 10 and the
next sentence of this Article 13(d), as to the payment of dividends. On any Dividend Payment Date where some or all of the amount otherwise payable by the Company as dividends on the Preferred Securities is not paid following the occurrence of a
Mandatory Suspension Event or an Optional Suspension Event, the dividend preference of the Preferred Securities will shift to the Ordinary Shares such that all dividend payments received by the Company in respect of the BTMUPC1 Preferred Securities
and all interest or other payments received by the Company in respect of the Company’s other Eligible Investments (including the Junior Subordinated Loan), if any, may be distributed as dividends to the Ordinary Shareholders before any
dividends are paid on the Preferred Securities (subject, if a Suspension Notice has been delivered that limits but does not prohibit payment of dividends, to the prior payment of dividends on the Preferred Securities to the extent permitted by such
Suspension Notice). When dividends are not paid in full for any Dividend Period upon the Preferred Securities, all dividends on the Preferred Securities shall only become payable pro rata based upon the respective amounts that would have been
paid on the Preferred Securities had dividends been paid in full. 

  

	 	(e)	The right of Preferred Securityholders to receive dividends is noncumulative. Accordingly, to the extent dividends are not due or paid in respect of any Dividend Period, Preferred
Securityholders will have no right to receive such dividends in respect of such Dividend Period and the Company will have no obligation to pay such dividends in respect of such Dividend Period, whether or not dividends are payable in respect of any
future Dividend Period. 

  

	 	(f)	 Except (i) in the circumstances in which a dividend preference shift occurs as described in Article 13(d) or (ii) in the event of a pro rata
redemption of Ordinary Shares on any Redemption Date or in the event of a Special Dividend on the Ordinary Shares as described in Article 10, the Company shall not pay or set apart funds for any dividends or other distributions (other than in Junior
Shares) with 

  

 21 

	 	 
respect to any Junior Shares or repurchase, redeem or otherwise acquire, or set apart funds for repurchase, redemption or other acquisition of, any Junior
Shares through a sinking fund or otherwise except on a Dividend Payment Date and unless and until (i) the Company has paid, or a sum sufficient for payment has been paid over to the Paying Agent (or the Registrar) for payment of, a cash
dividend on the Preferred Securities at the annual dividend rate on such Dividend Payment Date for the immediately preceding Dividend Period, (ii) full cash dividends on the Preferred Securities have been paid on the two immediately preceding
Dividend Payment Dates (or such lesser number of Dividend Payment Dates in the period during which the Preferred Securities have been outstanding) and (iii) the Company has funds legally available therefor. So long as any Preferred Securities
are outstanding, Junior Shares are not redeemable or repurchasable without the prior Consent of the Independent Director, except in the event of a pro rata redemption of Ordinary Shares on any Redemption Date. A “pro
rata redemption of Ordinary Shares” as referred to in this Article 13(f) means a redemption of Ordinary Shares where the proportion that the aggregate issue price (including any premiums) of the Ordinary Shares redeemed by the
Company bears to the aggregate issue price (including any premiums) of the Ordinary Shares immediately prior to such redemption shall not exceed the proportion that the aggregate Liquidation Preference of the Preferred Securities redeemed by the
Company bears to the aggregate Liquidation Preference of the outstanding Preferred Securities immediately prior to such redemption. 

  

	 	(g)	A Suspension Notice delivered by MUFG shall state the applicable Mandatory Suspension Event or Optional Suspension Event and the reason for the suspension or reduction of dividends
and, in the case of an Insolvency Event described in clause (x) in the definition thereof, be accompanied by a report of one representative director of MUFG or MUFG’s auditors or liquidator confirming that the circumstance described in
(x)(a) or (x)(b) in the definition thereof exists, or would exist, as the case may be. If more than one Mandatory Suspension Event or Optional Suspension Event has occurred and is continuing, MUFG shall specify the event that contains the most
restrictive dividend payment terms in the corresponding Suspension Notice, and the Company shall pay no dividends or reduced dividends in accordance with that Suspension Notice. 

  

	 	(h)	A Suspension Notice with respect to an Optional Suspension Event shall not be effective unless a valid notice or certificate limiting the payment of dividends by at least the same
percentage as those on the Preferred Securities has also been delivered by MUFG to all issuers of Parity Securities (if any); provided, however, that if the percentage of the limitation on the amount of dividend on the Preferred Securities becomes
less than the percentage of the limitation on the amount of dividend on any Parity Securities as a result of rounding the amount less than the minimum amount payable to such Parity Securities pursuant to the terms thereof, such percentages of the
limitation shall be deemed to be the same for the purpose of this Article. 

  

 22 

	 	(i)	If MUFG makes a final and conclusive declaration to pay less than full dividends on its Senior Preferred Dividend Shares with respect to any fiscal year of MUFG (commencing with the
financial year ending on 31 March, 2006), then the aggregate amount of dividends that the Company may pay on the Preferred Securities on the Dividend Payment Dates that occur in July of the calendar year in which such fiscal year ends
and the next succeeding January shall (to the extent not limited or prohibited by the Distributable Profits Limitation and subject to the effect of any Mandatory Suspension Event, if, and to the extent, applicable) be equal to an amount that
represents the same proportion of full dividends on the Preferred Securities as the amount of dividends so declared on such Senior Preferred Dividend Shares with respect to such immediately preceding fiscal year bore to full dividends on such Senior
Preferred Dividend Shares. For this purpose, full dividends shall be treated as having been paid for a particular fiscal year even if no interim dividend is paid on such Senior Preferred Dividend Shares if a full dividend is paid after the end of
the particular fiscal year of MUFG. If MUFG makes a final and conclusive declaration not to pay dividends on its Senior Preferred Dividend Shares with respect to a fiscal year of MUFG, no dividends will be paid on the Preferred Securities on the
Dividend Payment Dates that occur in July of the calendar year in which such fiscal year ends and the next succeeding January. Such limitation or prohibition, as the case may be, on the payment of dividends is referred to as the “Dividend
Limitation”. When only partial dividends are paid on the Preferred Securities for any Dividend Period, dividends on the Preferred Securities shall be payable pro rata based upon the respective amounts that would have been paid on
the Preferred Securities had dividends been paid in full. 

  

	 	(j)	On or before the fifth Business Day immediately preceding each Dividend Payment Date, MUFG will calculate the Available Distributable Profits (as defined below) and determine
whether such Available Distributable Profits are less than the aggregate amount of the dividends on the Preferred Securities to be paid on such Dividend Payment Date (a “Distributable Profits Limitation”). In the event that a
Distributable Profit Limitation applies, and MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately preceding such Dividend Payment Date, subject to the other limitations provided for in these Articles (if,
and to the extent, applicable), the Company will pay on such Dividend Payment Date dividends on the Preferred Securities in an amount equal to the Available Distributable Profits set forth in such Suspension Notice. If there are no Available
Distributable Profits with respect to a Dividend Payment Date, no payment of dividends on the Preferred Securities will be made on such Dividend Payment Date (as specified in the Suspension Notice). 

 With respect to any Dividend Payment Date in July, the available distributable profits (the “Available Distributable Profits”)
shall be the distributable profits (or the distributable amounts under the Company Law on or after the effective date thereof) MUFG (as determined under applicable Japanese Law) as of the end of the most recently ended financial year of MUFG after
deducting as of the date 

  

 23 

 
immediately preceding such Dividend Payment Date (1) any dividends (other than interim dividends, if any) which have been declared, finally and
conclusively, to be paid in relation to any class of preferred shares of MUFG in respect of such fiscal year and (2) any dividends and other distributions which have been declared since the end of such fiscal year of MUFG in relation to Parity
Securities; and 
 With respect to any Dividend Payment Date in January, the Available Distributable Profits shall be the amount by which the
Available Distributable Profits applicable to the immediately preceding Dividend Payment Date in July exceeds the aggregate amount of (1) any dividends which have been declared to be paid in relation to the Preferred Securities on the
immediately prior Dividend Payment Date in July and (2) (as of the date immediately preceding such succeeding Dividend Payment Date in January) any dividends and other distributions declared in relation to Parity Securities which have been
declared, on or after such prior Dividend Payment Date in July and notified by MUFG to the Company on or before the fifth Business Day immediately preceding such succeeding Dividend Payment Date in January (the Distributable Profits Limitation shall
be zero if there is no such excess amount). 
 Notwithstanding the foregoing, the aggregate amount of (p) any dividends the Company
otherwise must or may pay to the Preferred Securityholders on a Dividend Payment Date (in July or January) and (q) any dividends and other distributions on Parity Securities which must or may be paid on such date, exceeds the Available
Distributable Profits that would otherwise apply on such date, the applicable Available Distributable Profits shall be reduced to the portion thereof that is in the same proportion as the amount set forth in (p) above bears to the aggregate
amount set forth in (p) and (q) above. 
 For the avoidance of doubt, for the purpose of the calculation of the Available
Distributable Profits with respect to any Dividend Payment Date in July and January under this Article 13(j), any date on which dividends and other distributions on Parity Securities must or may be paid, shall be deemed to be the same date as the
applicable Dividend Payment Date in relation to the Preferred Securities, notwithstanding any discrepancies resulting from the methods of determining business days in relation to Preferred Securities and Parity Securities. 
  

	 	(k)	 All payments made by the Company under, or with respect to, the Preferred Securities will be made free and clear of, and without withholding or deduction for or on
account of, any Taxes, unless the Company is required to withhold or deduct such Taxes by applicable law or by the official interpretation or administration thereof. If the Company is required to withhold or deduct any amount for or on account of
certain Taxes imposed or levied on behalf of any Taxing Jurisdiction, in relation to any payment made in respect of the Preferred Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be
necessary so that the net amount received by each Preferred Securityholder (including Additional Amounts) after such withholding or deduction (including any withholding or deduction from such Additional 

  

 24 

	 	 
Amounts) will not be less than the amount such Preferred Securityholder would have received if such Taxes had not been required to be withheld or deducted,
provided, however that the obligation to pay Additional Amounts does not apply to: 

  

	 	(i)	any Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Preferred Securityholder (or between a fiduciary, settler,
beneficiary, member or shareholder of, or possessor of power over, the relevant Preferred Securityholder, if the relevant Preferred Securityholder is an estate, nominee, trust or corporation) and the Taxing Jurisdiction (including being a citizen or
resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Taxing Jurisdiction) other than by mere ownership or holding of the Preferred Securities, enforcement of rights under
the Preferred Securities or the Guarantee Agreement or under the receipt of payments in respect of the Preferred Securities or the Guarantee Agreement; 

  

	 	(ii)	any estate, inheritance, gift, sales, transfer, personal property tax or similar tax, assessment, or governmental charge; 

  

	 	(iii)	any Taxes payable otherwise than by withholding from payments of dividends and other amounts due on the Preferred Securities or under the Guarantee Agreement;

  

	 	(iv)	any Taxes that would not have been imposed if the Preferred Securityholder had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled
(provided that (a) a declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold such Taxes and
(b) at least 30 days prior to the first Dividend Payment Date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Taxing Jurisdiction, the Preferred
Securityholder at that time has been notified by MUFG, the Company or any other person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption is required to be made; 

  

	 	(v)	any Taxes imposed as a result of the presentation of a certificate for the Preferred Security for payment (where presentation is required) more than 30 days after the relevant
payments is first made available to the Preferred Securityholder (except to the extent that the Preferred Securityholder would have been entitled to receive additional amounts had the relevant certificate been presented on the last day of such
30-day period); or 

  

	 	(vi)	any combination of (i) through (vi) above. 

  

 25 

 Additional Amounts will also not be payable where, had the beneficial owner of the Preferred Security
been the Preferred Securityholder, it would not have been entitled to payment of Additional Amounts by reason of (i) through (vi) above. 
 The Company will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Taxing Jurisdiction in accordance with applicable law. The Company will use all reasonable efforts to
obtain certified copies of tax receipts evidencing the payment of any Taxes deducted or withheld from each Taxing Jurisdiction imposing Taxes (each a “Certified Copy”) and will provide a Certified Copy to each affected
Preferred Securityholder. The Company will attach to each Certified Copy a certificate stating: 
  

	 	(i)	that the amount of withholding Taxes evidenced by the Certified Copy was paid in connection with payments in respect of the Preferred Securities then outstanding;

  

	 	(ii)	the amount of such withholding Taxes paid per relevant Preferred Security. 

 Copies of the documentation referred to in (i) and (ii) above will be available at the office of the Paying Agent during regular business hours for inspection upon request. 
 At least 30 days prior to each date on which any payment under or with respect to the Preferred Securities is due and payable (unless an obligation to pay
Additional Amounts arises shortly before or after the 30th day prior to that date, in which case it will be promptly
thereafter), if the Company will be obligated to pay Additional Amounts with respect to that payment, the Company will deliver to the Paying Agent a certificate signed by a Director stating that those Additional Amounts will be payable, specifying
the country, the amount to be withheld or deducted and stating the Additional Amounts payable and will set forth any other information necessary to enable the Paying Agent to pay the Additional Amounts to Preferred Securityholders on the payment
date. Each such certificate will be relied upon until receipt of a further certificate addressing such matters. 
 The Company will pay any
present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies that arise in any jurisdiction from the execution, delivery or registration of the Preferred Securities or any other document or
instrument referred to in the Preferred Securities (other than a transfer of the Preferred Securities), or the receipt of payments with respect to the Preferred Securities, excluding any taxes, charges or similar levies imposed by any jurisdiction
that is not a Taxing Jurisdiction that has imposed or levied taxes resulting in the requirement to pay Additional Amounts. 
  

 26 

 For the avoidance of doubt, references in these Articles to the payment of any dividend or Liquidation
Preference with respect to the Preferred Securities will be deemed to include the payment of Additional Amounts to the extent that, in the context of referring to those payments, Additional Amounts are, were or would be payable in respect of those
payments. 
  

	 	(l)	For the avoidance of doubt, where any payment is made to a Preferred Securityholder by MUFG pursuant to the Guarantee Agreement, to the extent of such payment by MUFG the Company
shall have no further obligations to that Preferred Securityholder pursuant to these Articles (whether in relation to dividends, redemption payments, liquidation payments or otherwise). 

 VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES 
  

	14.    (a)	Except as provided in this Article 14 and Article 85(b), Preferred Securityholders will not be entitled to vote. In the event the Preferred Securityholders are entitled to vote on
any matter, each Preferred Securityholder will be entitled to vote in proportion to the Liquidation Preference represented by the Preferred Securities held by such Preferred Securityholder. 

  

	 	(b)	If full dividends on the Preferred Securities shall not have been paid for two consecutive Dividend Periods or while a Bankruptcy Event continues, the Preferred Securityholders, by
majority vote of the votes cast on such matter (calculated by reference to Liquidation Preference) at a meeting properly called and held or by written instructions signed by the holders of a majority of such shares (calculated by reference to
Liquidation Preference), shall have the right to remove the Independent Director and to fill the vacancy created by such removal or any other vacancy existing in the office of the Independent Director. 

  

	 	(c)	 So long as any Preferred Securities are outstanding, the Company shall not: (i) amend, alter or repeal or otherwise change any provision of these Articles or
the Memorandum of Association of the Company if such amendment, alteration, repeal or change would materially and adversely affect the rights, preferences, powers or privileges of the Preferred Securities as determined by the Independent Director;
or (ii) to the extent within its control, merge, convert, consolidate, reorganise or effect any other business combination involving the Company, unless the resulting entity will thereafter have no class or series of equity securities either
authorised or outstanding ranking senior to the Preferred Securities as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up of the Company, except the same number of shares of such equity
securities with the same preferences, conversion or other rights, voting powers, restrictions, limitations as to the payment of dividends or other distributions, qualifications or terms or conditions or redemption as the equity securities of the
Company that are authorised and outstanding immediately prior to such transaction, and each Preferred Securityholder immediately prior to such transaction shall receive securities with the same preferences, conversion or other rights, voting powers,
restrictions, limitations as to the payment of dividends 

  

 27 

	 	 
or other distributions, qualifications or terms or conditions or redemption of the resulting entity as the Preferred Securities held by such holder
immediately prior thereto unless two-thirds (calculated by reference to Liquidation Preference) of the Preferred Securityholders consent to such action. 

  

	 	(d)	So long as any Preferred Securities are outstanding, the Company shall not, without the prior consent of each outstanding Preferred Securityholder (a) issue any (i) Senior
Shares or (ii) any class or series of equity securities that rank on a parity with the Preferred Securities as to (A) payment of dividends or (B) rights upon dissolution, liquidation or winding up of the Company or (b) alter,
vary or abrogate the rights of holders of Preferred Securities relating to the amount or due date of dividends, Liquidation Preference or Additional Amounts or the amount received upon redemption of Preferred Securities or the date of redemption
including currency and place of payment. 

  

	 	(e)	The creation or issue of any additional Junior Shares, or an amendment to these Articles or the Memorandum of Association of the Company that increases the number of authorised
Ordinary Shares or any other Junior Shares shall not be deemed to be a material and adverse change requiring a vote, or consent, of the Preferred Securityholders. 

  

	 	(f)	The Company may not (i) sell, assign or grant a participation or any other form of interest (whether by way of security or otherwise) in the BTMUPC1 Preferred Securities or
(ii) as holder of the BTMUPC1 Preferred Securities consent to any action by BTMUPC1 with respect to its interests in the Senior Subordinated Loan agreement between it and the Bank under Article 14(f) of BTMUPC1’s Amended and Restated
Articles of Association except upon the affirmative vote of a majority of the entire Board and with the consent of at least two-thirds (calculated by reference to Liquidation Preference) of the Preferred Securityholders. 

 REDEMPTION AND PURCHASE OF PREFERRED SECURITIES 
  

	15.    (a)	 On any Dividend Payment Date (commencing in July 2016) the Preferred Securities may be redeemed for cash at the option of the Company, in whole or in part, on not
less than 14 nor more than 60 days’ notice, at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis
through (but not including) the date fixed for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period. Any such redemption is subject to
(i) compliance with applicable regulatory requirements, including the prior approval of the FSA if then required and (ii) the prior approval of all of the Ordinary Shareholders. If dividends on any Preferred Securities are due and payable
but not paid, no Preferred Securities shall be redeemed unless all outstanding Preferred Securities are redeemed and the Company shall not purchase or otherwise acquire any Preferred Securities, provided, however, that the Company may purchase or
acquire Preferred Securities pursuant to a purchase 

  

 28 

	 	 
or exchange offer made on the same terms to all outstanding Preferred Securityholders and approved by an Ordinary Resolution. 

 

	 	(b)	In the event that fewer than all the outstanding Preferred Securities are to be redeemed, the number of Preferred Securities to be redeemed shall be determined by the Board, and the
Preferred Securities to be redeemed shall be determined by lot or pro rata as may be determined by the Board in its sole discretion to be equitable provided that for so long as the Preferred Securities are registered in the name of DTC or a
nominee therefor such method satisfies any applicable requirements of DTC or any successor clearing system. 

  

	 	(c)	The Company will also have the right at any time prior to the Dividend Payment Date in July 2016, upon the occurrence of a Tax Event, to redeem Preferred Securities, in whole (but
not in part), on not less than 14 nor more than 60 days’ notice, for cash at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend
Period accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such period. Any
such redemption shall be subject to applicable regulatory requirements, including the prior approval of the FSA if then required under applicable guidelines or policies of or supervised by the FSA. 

  

	 	(d)	At any time a Special Event has occurred and is continuing, the Company will have the right to redeem the Preferred Securities, subject to compliance with applicable regulatory
requirements, including the prior approval of the FSA (if then required), in whole but not in part, on not less than 14, nor more than 60 days notice, at a redemption price equal to (A) in the case of redemption prior to 25 July 2016, the
Make Whole Amount or (B) in the case of a redemption on or after 25 July 2016, the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current
Dividend Period accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such
period. 

  

	 	(e)	Subject to the provisions of Article 15(f), the Company may make any payment in respect of redemption or purchase of any Preferred Securities in any manner authorised by, and
subject to such conditions prescribed by, the Statute, including out of capital, Share Premium Account and retained earnings. 

  

	 	(f)	 The Company may, subject to approval by Ordinary Resolution, purchase Preferred Securities in the market at negotiated prices provided that the Company may fund the
purchase of Preferred Securities only with funds legally available therefor. Any such purchase by the Company is subject to compliance with applicable regulatory requirements including the prior approval of the FSA if then required with respect to
such purchase. Any Preferred Securities so purchased 

  

 29 

	 	 
shall be cancelled and may not be reissued or resold and the obligations of the Company in respect of such Preferred Securities shall be discharged.

  

	 	(g)	Any Preferred Securities redeemed by the Company will be automatically cancelled upon such redemption. 

 RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION 
  

	16.    (a)	In the event of any voluntary or involuntary dissolution, liquidation, or winding up of the Company, after satisfaction of liabilities to creditors, if any, the Preferred
Securityholders at the time outstanding will be entitled to receive out of assets of the Company available for distribution to Members, before any distribution of assets is made to holders of any Junior Shares, liquidation distributions in respect
of each Preferred Security in the amount of the Liquidation Preference, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis
through (but not including) the date fixed by the Company for redemption, but without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period. 

 

	 	(b)	After payment of the full amount of the liquidation distributions to which they are entitled, the Preferred Securityholders will have no right or claim to any of the remaining
assets of the Company. In the event that, upon any such voluntary or involuntary dissolution, liquidation or winding up, the available assets of the Company are insufficient to pay the amount of the liquidation distributions on all outstanding
Preferred Securities then the Preferred Securityholders shall share rateably in any such distribution of assets in proportion to the full Liquidation Preference to which they would otherwise be respectively entitled. Assets available for
distribution would include any amounts received by the Company from MUFG pursuant to the Guarantee Agreement. 

 VARIATION OF
SHARE CAPITAL 
  

	17.	Subject to Article 14 and the other provisions of these Articles and in accordance with any applicable law, the Company may from time to time by Ordinary Resolution increase its
capital by such sum or sums to be divided into shares of such par value as the Ordinary Resolution shall prescribe. All new shares shall be subject to the provisions of the Articles with reference to payment of calls, lien, transfer, transmission,
forfeiture and otherwise. 

  

	18.	Subject to the provisions of Sections 13 and 35 of the Statute, the Company may, save in respect of the Preferred Securities, by Special Resolution from time to time reduce its
share capital in any way and in particular without prejudice to the generality of the foregoing power may: 

  

	 	(a)	extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or 

  

 30 

	 	(b)	with or without extinguishing or reducing liability on any of its shares: 

  

	 	(i)	cancel any paid-up share capital which is lost or which is not represented by available assets; or 

  

	 	(ii)	pay off any paid-up share capital which is in excess of the requirements of the Company, 

 and may if and so far as is necessary alter its Memorandum of Association by reducing the amount of its share capital and of its shares accordingly. 
  

	19.	The Company may, save in respect of the Preferred Securities but subject to Article 6 and Article 14, by Ordinary Resolution from time to time alter (but not reduce) any part of its
share capital by: 

  

	 	(a)	consolidating and dividing all or any of its share capital into shares of larger amount than its existing shares; 

  

	 	(b)	sub-dividing its shares or any of them into shares of smaller amount than that fixed by its Memorandum of Association so that in the sub-division the proportion between the amount
paid and the amount if any unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or 

  

	 	(c)	cancelling any shares which at the date of the passing of the Ordinary Resolution in that behalf have not been taken or agreed to be taken by any person and diminishing the amount
of its share capital by the amount of the shares so cancelled. 

 TRANSFER OF SHARES 
  

	20.	Subject to the provisions of these Articles, shares in the Company shall be transferable by a transfer in any usual or common form in use in the Cayman Islands or in such other form
as the Directors shall from time to time sanction or allow but so that every form of transfer shall relate to shares of one class only and shall state the full name and address of the transferor and the transferee or transferees and, if more than
one such transferee, the number of shares respectively being transferred to each of them. 

  

	21.	No transfer of Ordinary Shares may be effected: 

  

	 	(a)	otherwise than in accordance with Article 9 and in respect of all Ordinary Shares then in issue; 

  

	 	(b)	without the prior written consent of the Directors; and 

  

 31 

	 	(c)	unless the proposed transferee shall have given a declaration as to such matters in such form as the Directors may require (including, but without limiting the foregoing, as to
residence for tax purposes), 

 and in any event the Directors may in their absolute discretion refuse to register any such
transfer without assigning any reason therefor. 
  

	22.	The Directors may decline to register any transfer of any shares of the Company unless: 

  

	 	(a)	the instrument of transfer is deposited at the Office, the office of the Registrar or such other place as the Directors may reasonably require, accompanied by the certificate in
respect of the shares (if any) to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer; and 

  

	 	(b)	the instrument of transfer relates to shares of one class only. 

  

	23.	Provided that the Company shall not be required to register or cause to be registered a transfer of any preference share after such preference share has been called for redemption,
the Directors shall forthwith register a transfer of fully paid preference shares effected in accordance with Article 22 subject only to the provisions of Article 31. 

  

	24.	The Directors may decline to register any transfer of preference share on which the Company has a lien. 

  

	25.	If the Directors decline to register a transfer of any shares they shall within two months after the date on which the transfer was lodged with the Company send to the transferee
notice of refusal. 

  

	26.	The registration of transfers of shares (not being fully paid preference shares) may be suspended at such times and for such periods as the Directors may from time to time determine
PROVIDED ALWAYS that such registration shall not be suspended for more than thirty days in any year. 

  

	27.	All instruments of transfer which shall be registered shall be retained by the Company but any instrument of transfer which the Directors may decline to register shall (except in
any case of fraud) be returned to the person depositing the same. 

  

	28.	Instruments of transfer shall be signed by the transferor (and in the case of partly paid shares by the transferee) and shall be dated the day on which they are signed.

  

	29.	The transferor of any shares shall be deemed to remain the holder of such shares until the same have been transferred to the transferee in the Register. 

  

	30.	The Directors may delegate any of their functions and responsibilities under Articles 20-28 above to any person appointed by them to act as Registrar. 

  

 32 

 TRANSMISSION OF SHARES 
  

	31.	In the case of the death of a Member the survivor or survivors (where the deceased was a joint holder) and the personal representatives of the deceased (where he was the sole
holder) shall be the only person recognised by the Company as having any title to his interest in the shares but nothing herein contained shall release the estate of the deceased holder whether sole or joint from any liability in respect of any
amount of shares solely or jointly held by him. 

  

	32.	Any guardian of an infant Member or of a Member under legal disability and any person entitled to any amount of shares in consequence of the death or insolvency of a Member may upon
such evidence being produced as may from time to time properly be required by the Directors and subject as hereinafter provided elect either to be registered himself as holder of the shares or to have some person nominated by him registered as the
transferee thereof but the Directors shall in either case have the same right to decline or suspend registration as they would have had in the case of transfer of the shares by that Member before his death or insolvency (as the case may be).

  

	33.	If the person so becoming entitled in consequence of the death or insolvency of any Member shall elect to be registered himself he shall deliver or send to the Company a notice in
writing signed by him stating that he so elects. If he shall elect to have another person registered he shall testify his election by executing to that person a transfer of the shares. All the limitations, restrictions and provisions of these
regulations relating to the right to transfer and the registration of transfer of shares shall be applicable to any such notice of transfer as aforesaid as if the death or insolvency of the Member had not occurred and the notice of transfer were a
transfer signed by that Member. 

  

	34.	A person becoming entitled to any amount of shares by reason of the death or insolvency of the holder shall be entitled to the same dividends and other advantages to which he would
be entitled if he were the registered holder of the shares except that he shall not before being registered as a Member in respect of the shares be entitled in respect of them to exercise any right conferred by membership in relation to meetings of
the Company PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the shares and if the notice is not complied with within ninety days the Directors may
thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the shares until the requirements of the notice have been complied with. 

 REGISTER OF MEMBERS 
  

	35.	The Directors shall keep the Register or cause the Register to be kept by the Registrar at such place as they shall from time to time determine in the manner set forth in Article 36
but in all cases outside the United Kingdom. 

  

 33 

	36.	The Register may be kept on magnetic tape or in accordance with some other mechanical or electrical system provided legible evidence can be produced therefrom to satisfy the
requirements of the Statute and of these Articles. 

  

	37.	The Directors shall cause to be entered in the Register the following particulars: 

  

	 	(a)	the name and address of each Member, a statement of the amount of relevant shares of each class held by him and of the amount paid or agreed to be considered as paid on such shares;

  

	 	(b)	the date on which each person was entered in the Register as a Member holding the relevant shares; and 

  

	 	(c)	the date on which any person ceased to be a Member holding the relevant shares. 

  

	38.	The Register shall be kept in such manner as to show at all times the Members of the Company for the time being and the shares respectively held by them. 

 

	39.	The Register shall be open to inspection at all reasonable times during office hours. 

  

	40.	Title to shares shall pass by registration in the Register. 

  

	41.	Upon the redemption or purchase of any shares being effected pursuant to these Articles the relevant Member shall cease to be entitled to any rights in respect thereof (excepting
always the right to receive the Redemption Price and/or any other amount to which he is entitled in respect of such redemption or purchase) and accordingly his name shall be removed from the Register with respect thereto, the relevant shares treated
as cancelled and treated as unissued, and as a consequence thereof such cancelled shares shall be available for re-issue as shares of the relevant class and until re-issue shall form part of the authorised but unissued share capital of the Company.

 SHARE CERTIFICATES 
  

	42.	The Directors may determine to issue a share certificate to any person whose name is entered as a Member in the Register in respect of the shares of each class held by him.

  

	43.	Subject to the provisions of Article 42 where a Member has transferred part of the shares comprised in his holding (to the extent permitted) he shall be entitled to a certificate
for the balance without charge. 

  

	44.	Each share certificate to be issued by the Company with respect to any share shall be in such form as the Directors may determine and shall specify the amount and class and
distinguishing number (if any) of the shares to which it relates and shall be issued under the Seal or any facsimile Seal of the Company and/or the manual or facsimile signature of any person authorised by the Directors. 

  

 34 

	45.	If a share certificate evidencing shares shall be mutilated, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity as the Directors think fit. In
case of loss or destruction the Member to whom such renewed certificate is given shall also bear and pay to the Company and, if applicable, the Registrar all expenses incidental to the investigation by the Company of the evidence of such loss or
destruction and to such indemnity. 

 JOINT HOLDERS OF SHARES 
  

	46.	Where two or more persons are registered as the holders of any shares they shall be deemed to hold the same as joint tenants, subject to the provisions following:

  

	 	(a)	the Company shall not be bound to register more than four persons as the joint holders; 

  

	 	(b)	any one of such joint holders may give effectual written instructions for redemption; 

  

	 	(c)	any one of such joint holders may give effectual receipts for any dividend, bonus or return of capital payable to such joint holders; 

  

	 	(d)	any certificate relating to such share shall be delivered to the address of the first-named of the joint holders as appearing in the Register, and notices from the Company of
General Meetings of the Company at which they are entitled to attend and vote, or any class meeting of Members of the Company at which they are entitled to attend and vote, shall be delivered to such address of such first named joint holder;

  

	 	(e)	the vote of the first-named of joint holders who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders; and

  

	 	(f)	for the purpose of the provisions of this Article the first-named shall be determined by the order in which the names of the joint holders stand in the Register.

 LIEN 
  

	47.	The Company shall have a first and paramount lien and charge on all the shares (not being fully paid shares) registered in the name of a Member (whether solely or jointly with
others) for his debts, liabilities and engagements (either alone or jointly with any other person and whether a Member or not) to or with the Company whether the period for payment or discharge thereof shall have actually arrived or not. Such lien
shall extend to all dividends from time to time declared in respect of such shares. 

  

	48.	Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company’s lien (if any) on such shares. 

  

 35 

	49.	For the purpose of enforcing such lien the Company may sell (in such manner as the Directors think fit) any shares on which the Company has a lien but no sale shall be made unless
some sum in respect of which the lien exists is presently payable nor until the expiration of fourteen days after the notice in writing stating and demanding payment of the sum presently payable and giving notice of intention to sell in default
shall have been served on the holder for the time being of the shares or the person entitled by reason of his death or bankruptcy to the shares. For the purposes of giving effect to any such sale the Directors may authorise some person to transfer
to the purchaser thereof the shares so sold. 

  

	50.	The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debt or liability in respect whereof the lien
exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the time of the
sale. The purchaser shall be so registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the
proceedings in reference to the sale. 

  

	51.	The Directors may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the amount of the shares or by way of premium)
PROVIDED THAT (except as otherwise fixed by the conditions of application or allotment) no call on any share shall be payable at less than fourteen days from the date fixed for the payment of the last preceding call and each Member shall (subject to
being given at least fourteen days’ notice specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on his shares. A call may be made payable by instalments. A call may
be revoked or postponed as the Directors may determine. 

  

	52.	A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed. 

  

	53.	The joint holders of a share shall be jointly and severally liable to pay all calls and other moneys due in respect thereof. 

  

	54.	If a sum called in respect of a share is not paid before or on the day appointed for payment thereof the person from whom the sum is due shall pay interest on the sum from the day
appointed for payment thereof to the time of actual payment at such rate as the Directors may determine but the Directors shall be at liberty to waive payment of such interest wholly or in part. 

  

	55.	 Any sum which by the terms of issue of a share becomes payable upon allotment or at any fixed date whether on account of the share or by way of premium shall for
all the purposes of these Articles be deemed to be a call duly made and payable on the date on 

  

 36 

	 	 
which by the terms of issue the same becomes payable and in the case of non-payment all the relevant provisions of these Articles as to payment of interest,
forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified. 

  

	56.	The Directors may make arrangements on the issue of shares for a difference between the holders in the amount of calls to be paid and/or in the times of payment.

  

	57.	The Directors may if they think fit receive from any Member willing to advance the same all or any part of the money uncalled and unpaid upon the shares held by him beyond the sums
actually called up thereon as a payment in advance of calls and such payment in advance of calls shall extinguish so far as the same shall extend the liability upon the shares in respect of which it is advanced and upon the money so received or so
much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which it has been received the Company may (until the same would but for such advance become presently payable) pay interest at such rate as
the Directors shall think fit PROVIDED THAT any amount paid up in advance of calls shall not entitle the holder of the shares upon which such amount is paid to participate in respect thereof in any dividend until the same would but for such advance
become payable. 

 FORFEITURE OF SHARES 
  

	58.	If a Member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Directors may at any time thereafter during such time as any part of such
call or instalment remains unpaid serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any accrued interest and any costs, charges and expenses incurred by the Company by reason of such non-payment.
The notice shall name a further day (not earlier than fourteen days from the date of serving thereof) on or before which and the place where the payment required by notice is to be made and shall state that in the event of non-payment at or before
the time and the place appointed the shares on which the call was made will be liable to be forfeited. 

  

	59.	If the requirements of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time thereafter before payment of all
calls, instalments, interest, costs, charges and expenses due in respect thereof has been made be forfeited by a resolution of the Directors to that effect and such forfeiture shall include all dividends which shall have been declared on the
forfeited share and not actually paid before forfeiture. 

  

	60.	A forfeited share shall become the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person who was before forfeiture the holder thereof or
entitled thereto or to any other person upon such terms and in such manner as the Directors shall think fit and whether with or without all or any part of the amount previously paid up on the share or credited as so paid up and at any time before a
sale, re-allotment or disposition for forfeiture may be cancelled on such terms as the Directors think fit. The Directors may if necessary authorise some person to transfer a forfeited share to any other person as aforesaid.

  

 37 

	61.	A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but shall notwithstanding the forfeiture remain liable to pay to the Company
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares with interest thereon from the date of forfeiture until payment at such rate as the Directors may determine and the Directors may
enforce payment without any allowance for the value of the shares at the time of forfeiture. 

  

	62.	A record in the minute book of the Company that a share has been duly forfeited in pursuance of these Articles and stating the time when it was forfeited shall be conclusive
evidence of the facts therein stated as against all persons claiming to be entitled to the share and such record and the receipt of the Company for the consideration (if any) given for the share on a sale, re-allotment or disposal thereof together
with the certificate for the share delivered to the purchaser or allottee thereof shall (subject to the execution of a transfer if the same be so required) constitute a good title to the share. 

  

	63.	The person to whom the share is sold, re-allotted or disposed of in accordance with the immediately preceding Article shall be registered as the holder of the share and not be bound
to see to the application of the consideration (if any) nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale, re-allotment or disposal of the share.

  

	64.	The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sums which by the terms of issue of a share become payable at a fixed time whether on
account of the amount of the share or by way of premium as if the same had been payable by virtue of a call duly made and notified. 

 GENERAL MEETINGS 
  

	65.	Subject as hereinafter provided, General Meetings shall be held at such time and place as may be determined by the Directors. 

  

	66.	All General Meetings (other than those designated Annual General Meetings by the notice thereof) shall be called Extraordinary General Meetings. 

  

	67.    (a)	The Directors may whenever they think fit proceed to convene a General Meeting of the Company. 

  

	 	(b)	The Directors may whenever they think fit, and they shall on the requisition of the holders of not less than one-tenth of the paid-up shares entitled to attend and vote thereat,
convene an Extraordinary General Meeting. 

  

	 	(c)	The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Office and may consist of several documents in like form each
signed by one or more requisitionists. 

  

 38 

	 	(d)	If the Directors do not within twenty-one days from the date of the deposit of the requisition duly proceed to convene an Extraordinary General Meeting, the requisitionists or any
of them representing more than one-half of the total voting rights of all of them, may themselves convene an Extraordinary General Meeting, but any meeting so convened shall not be held after the expiration of three months after the expiration of
the said twenty-one days. 

 NOTICE OF GENERAL MEETINGS 
  

	68.	Twenty-eight clear days’ notice at least specifying the place, the day and the hour of the meeting and in the case of special business the general nature of such business (and
in the case of an Annual General Meeting, specifying the meeting as such) shall be given in the manner hereinafter mentioned to the Ordinary Shareholders. The Auditors shall be entitled to attend and speak at any General Meetings of the Company.

  

	69.	In every notice calling a meeting of the Company or of any class of Members of the Company there shall appear with reasonable prominence a statement that a Member entitled to attend
and vote is entitled to appoint one or more proxies to attend and vote instead of him and that a proxy need not also be a Member. 

  

	70.	The accidental omission to give notice to or the non-receipt of notice by any person entitled to receive notice shall not invalidate the proceedings at any General Meeting or any
meeting of a class of Members. 

  

	71.	A General Meeting shall notwithstanding that it is called by shorter notice than that specified in Article 68 be deemed to have been duly called with regard to the length of notice
if it is agreed: 

  

	 	(a)	in the case of a meeting called as the Annual General Meeting, by all the Members entitled to attend and vote thereat; and 

  

	 	(b)	in the case of any other meeting, including an Extraordinary General Meeting, by a majority in number of the Members having the right to attend and vote at the meeting being a
majority together holding not less than 95% in par value of the shares in the Company giving that right. 

 PROCEEDINGS AT
GENERAL MEETINGS 
  

	72.    (a)	All business shall be deemed special that is transacted at an Extraordinary General Meeting and also all business that is transacted at an Annual General Meeting with the exception
of the consideration of the accounts and balance sheet and the reports of the Directors and Auditors, the election of Directors and Auditors in place of those retiring and the appointment and the fixing of the remuneration of the Directors and the
Auditors. 

  

 39 

	 	(b)	A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by all Members (or their duly authorised representatives) for the time being entitled
to receive notice of and attend and vote at general meetings (or a general meeting at which the relevant resolution might have been considered) shall be as valid and effective as if the same had been adopted at a general meeting of the Company duly
convened and held. For the avoidance of doubt, where the votes of the Preferred Securityholders are required pursuant to these Articles, a resolution in writing signed by all such Preferred Securityholders (or in the case of Article 14(b), signed by
the holders of such majority of shares as specified therein) shall be as valid and effective as if the same had been held at a general meeting of the Company duly convened and held. 

  

	73.	No business shall be transacted at any General Meeting or a meeting of any class of Members except the adjournment thereof unless a quorum is present. A quorum shall be one Member
entitled to attend and vote thereat present in person or by proxy. 

  

	74.	Subject as set out below, if within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened on the requisition of or by Members, shall
be dissolved. In any other case it shall stand adjourned to the same day in the next week at the same time and place or to such other day and at such other time and place as the Directors may determine. 

  

	75.	The Chairman (if any) or, if absent, the Deputy Chairman (if any) of the Board of Directors or failing him some other Director nominated by the Directors shall preside as Chairman
at every General Meeting of the Company but if at any meeting neither the Chairman nor the Deputy Chairman nor such other Director is present within fifteen minutes after the time appointed for holding the meeting or if none of them is willing to
act as Chairman, the Directors present shall choose some Director present to be Chairman or, if no Directors are present, or if all the Directors present decline to take the chair, the Members (or their proxies) present shall choose some Member (or
proxy) present to be Chairman. 

  

	76.	The Chairman with the consent of any meeting at which a quorum is present may (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place
but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for fourteen days or more, seven clear
days’ notice at the least specifying the place, the day and the hour of the adjourned meeting shall be given as in the case of the original meeting but it shall not be necessary to specify in such notice the nature of the business to be
transacted at the adjourned meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. 

  

	77.	 At any General Meeting or meeting of a class of Members a resolution put to the vote of the meeting shall be decided on a show of hands unless before or upon the
declaration of the result of the show of hands a poll is demanded by the Chairman or by a Member or Members representing not less than one-fifth of the total voting rights of all the Members 

  

 40 

	 	 
having the right to vote at the meeting or by a Member or Members holding shares on which an aggregate sum has been paid up equal to not less than one-fifth
of the total sum paid up on all the shares conferring that right. Unless a poll is so demanded, a declaration by the Chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a
particular majority and an entry to that effect in the book containing the minutes of the proceedings of the Company shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against
such resolution. 

  

	78.	If a poll is duly demanded it shall be taken in such a manner and at such place as the Chairman may direct (including the use of ballot or voting papers or tickets) and the result
of a poll shall be deemed to be a resolution of the meeting at which the poll was demanded. 

  

	79.	The Chairman may in the event of a poll appoint scrutineers and may adjourn the meeting to some place and time fixed by him for the purpose of declaring the result of the poll.

  

	80.	A poll demanded on the election of a Chairman and a poll demanded on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such
time and place as the Chairman directs not being more than thirty days from the day of the meeting or adjourned meeting at which the poll was demanded. 

  

	81.	The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded.

  

	82.	A demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately. 

  

	83.	In the case of an equality of votes whether on a show of hands or on a poll the Chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall
be entitled to a second or casting vote. 

  

	84.	Minutes of all resolutions and proceedings of General Meetings or meeting of a class of Members shall be duly and regularly entered in a book provided. 

 VOTES OF MEMBERS 
  

	85.    (a)	Subject to the provisions of Article 14 and Article 85(b), only the Ordinary Shares shall carry the right to attend and vote at General Meetings of the Company and to due notice
thereof. At such meetings, each Ordinary Shareholder shall have one vote for each Ordinary Share registered in his name. 

  

	 	(b)	 Both Ordinary Shares and preference shares shall carry the right to attend and vote at General Meetings (Annual or Extraordinary) of the Company at which a Special
Resolution to wind up the Company is to be proposed and to due notice thereof. At any such meetings the Ordinary Shareholders and the preference 

  

 41 

	 	 
shareholders shall, respectively, be able to cast 34 votes and 66 votes, such votes being divided equally between the Ordinary Shares and the preference
shares (according to liquidation preference), as the case may be, then in issue. 

  

	86.	In the case of joint holders of a share, the vote of the first-named who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other
joint holders and for this purpose “first-named” shall be determined by the order in which the names stand in the Register in respect of the shares. 

  

	87.	A Member who has appointed special and general attorneys or a Member to whom a guardian has been appointed or a Member of unsound mind in respect of whom an order has been made by
any court having jurisdiction in lunacy may vote whether on a show of hands or on a poll by his said attorney or guardian appointed by such court and such attorney or guardian may on a poll vote by proxy PROVIDED THAT such evidence as the Directors
may require of the authority of the person claiming to vote shall have been deposited at the Office (or such other place as the Directors may from time to time prescribe) not less than forty-eight hours before the time of holding the meeting or
adjourned meeting at which such person claims to vote. 

  

	88.	Unless the Directors otherwise determine, no Member shall be entitled to vote at any General Meeting or meeting of a class of Members of the Company either personally or by proxy or
exercise any privileges as a Member unless all calls or other sums presently payable by him in respect of shares in the Company of which he is the holder or one of the joint holders have been paid. 

  

	89.	No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered and every vote not
disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairman of the meeting whose decision shall be final and conclusive. 

  

	90.	On a poll votes may be given either personally or by proxy and a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the
same way. 

  

	91.	The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or if the appointor is a corporation either under
its common seal or under the hand of an officer or attorney so authorised. 

  

	92.	Any person (whether a Member of the Company or not) may be appointed to act as proxy. A Member may appoint more than one proxy to attend on the same occasion.

  

	93.	 The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or
authority shall be deposited at the Office or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company not less than forty-eight 

  

 42 

	 	 
hours before the time appointed for holding the meeting at which the person named in the instrument proposes to vote and in default the instrument of proxy
shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution except at any adjourned meeting or on a poll demanded at a meeting or an
adjourned meeting in cases where the meeting was originally held within twelve months from such date. 

  

	94.	An instrument of proxy shall be in the following form or such other form as the Directors may approve: 

 “MUFG CAPITAL FINANCE 1 LIMITED 
 FORM OF PROXY 
 I/WE                      of
             being a Member/Members of the above named Company hereby appoint of or failing him of as my/our proxy to vote for me/us on my/our behalf at the [Annual/Extraordinary General
Meeting/class meeting of [describe class] of Members] of the Company to be held on the day of                      and any adjournment thereof

 Signed this              day of
                     20[    ] 
 This form is to be used * to vote [[            ] [describe class] Shares in favour] [and]
[[            ] [describe class] Shares against ]* the Resolution. Unless otherwise instructed the proxy will vote or abstain from voting as he thinks fit. 
 * Complete as appropriate” 
  

	95.	A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of
proxy or of the authority under which the instrument of proxy was executed or the transfer of the share in respect of which the instrument of proxy is given PROVIDED THAT no intimation in writing of such death, insanity, revocation or transfer shall
have been received by the Company at the Office (or the venue for the meeting or adjourned meeting) before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used. 

  

	96.	Any corporation which is a Member of the Company may by resolution of its directors or other governing body or officers authorised by such body authorise such person as it thinks
fit to act as its representative at any meeting of any class of Members of the Company and the person so authorised shall be entitled to exercise the same power on behalf of the corporation which he represents as that corporation could exercise if
it were an individual Member of the Company. 

  

 43 

 DIRECTORS 
  

	97.	The number of Directors shall not be less than two or more than four. The Independent Director shall be such Director qualified to act as such as the Board shall from time to time
designate subject to the provisions of Article 14(b). Directors shall hold office until they resign or are disqualified in accordance with Article 106 or, in the case of the Independent Director, replaced in accordance with the provisions of Article
14(b). The Company may at any time, and shall at all times when any Preferred Securities are in issue, have one (and only one) Independent Director. 

  

	98.	Subject to the provisions of Article 97 the Directors shall have power at any time and from time to time to appoint any person to be a Director either to fill a casual vacancy or as
an addition to the existing Directors. Any Director so appointed shall hold office only until the next following Annual General Meeting and shall then be eligible for re-election. 

  

	99.    (a)	The Directors shall be entitled to such remuneration as may be voted to them by the Company in General Meeting. Such remuneration shall be deemed to accrue from day to day. The
Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or General Meetings of the Company or in connection with the
business of the Company. 

  

	 	(b)	The Directors may grant special remuneration to any Director who, being called upon, shall be willing to render any special or extra services to the Company. Such special
remuneration may be made payable to such Director in addition to or in substitution for his ordinary remuneration as a Director, and may be made payable by a lump sum or by way of salary or commission or by any or all of those modes or otherwise.

  

	100.	A Director need not be a Member of the Company. 

 ALTERNATE DIRECTORS 
  

	101.	Each Director shall have the power to nominate another Director or any other person to act as an alternate Director in his place at any meeting of the Directors at which he is
unable to be present and at his discretion to remove such alternate Director and on such appointment being made the alternate Director shall (except as regards the power to appoint an alternate Director) be subject in all respects to the terms and
conditions existing with reference to the other Directors of the Company and each alternate Director whilst acting in the place of an absent Director shall exercise and discharge all the functions powers and duties of the Director he represents.

  

 44 

	102.	Any Director of the Company who is appointed as alternate Director shall be entitled at a Meeting of the Directors to cast a vote on behalf of his appointor in addition to the vote
to which he is entitled in his own capacity as a Director of the Company and for quorum purposes shall count as a separate and additional director present but not so that less than two individuals shall be capable of constituting a quorum.

  

	103.	Any person appointed as an alternate Director shall vacate such office as such alternate Director if and when the Director for whom he has been appointed vacates his office as
Director. 

  

	104.	The remuneration of such an alternate Director shall be payable out of the remuneration payable to the Director appointing him and the proportion thereof shall be agreed between
them. 

  

	105.    (a)	Every instrument appointing an alternate Director shall as nearly as circumstances will admit be in the following form: 

 “MUFG CAPITAL FINANCE 1 LIMITED 
 I                      a Director of the above named Company in pursuance of the power in that behalf contained in the Articles of
Association of the Company do hereby nominate and appoint                      of
                     to act as alternate Director in my place at any meeting of the Directors which I am unable to attend and to exercise all my
duties as a Director of the Company. 
 Signed this
                     day of                     ,
20[    ] .” 
  

	 	(b)	The appointment of an alternate Director and any revocation thereof shall take effect when lodged at the Office. 

 DISQUALIFICATION AND RETIREMENT OF DIRECTORS 
  

	106.	The office of a Director shall be vacated in any of the following events namely if: 

  

	 	(a)	he resigns his office by notice in writing signed by him and left at the Office; 

  

	 	(b)	he becomes bankrupt or makes any arrangements or composition with his creditors generally; 

  

	 	(c)	he becomes of unsound mind; 

  

	 	(d)	he is absent from Meetings of the Directors for four successive Meetings without leave expressed by a resolution of the Board and the Directors resolve that his office be vacated;
or 

  

 45 

	 	(e)	in the case of an Independent Director, he is removed by the Preferred Securityholders in accordance with Article 14(b). 

  

	107.	The Directors holding office at the date of the adoption of these Articles shall continue to hold office subject to Article 106. 

  

	108.	Not less than four nor more than twenty-eight clear days notice in writing shall be given to the Company of the intention of any Member to propose any person other than a retiring
Director for election to the office of Director and by such person of his or her willingness so to be elected, PROVIDED ALWAYS THAT if the Members present at a General Meeting unanimously consent the Chairman of such meeting may waive the said
notice to propose any person for election and submit to the meeting the name of any person so nominated and PROVIDED FURTHER THAT such person indicates either at the meeting or beforehand his willingness to be elected. 

 TRANSACTIONS WITH DIRECTORS 
  

	109.	A Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director or such terms as to tenure of
office or otherwise as the Directors may determine. 

  

	110.    (a)	Save as otherwise provided in this Article 110, any Director shall be entitled to vote (and be counted in the quorum at any relevant meeting) in respect of any matter contemplated
by the Memorandum of Association or in respect of any contract or transaction in which he is interested provided that the nature of such interest shall be disclosed by him at or prior to its consideration and any vote thereon.

  

	 	(b)	Save as herein provided, a Director shall not be entitled to vote (nor be counted in the quorum) in respect of any resolution concerning any of the following matters namely:

  

	 	(i)	The giving of any security or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which he himself has assumed responsibility
in whole or in part under a guarantee or indemnity or by giving of security. 

  

	 	(ii)	Any proposal concerning an offer of shares or debentures or other securities of or by the Company or any of its subsidiaries for subscription or purchase in which offer he is or is
to be interested as a participant in the underwriting or sub-underwriting thereof. 

  

	 	(iii)	 Any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever,
PROVIDED THAT he is the holder of or beneficially interested in 1 per cent. or more of any class of the equity 

  

 46 

	 	 
share capital of such company (or of any third company through which his interest is derived) or of the voting rights available to members of the relevant
company (any such interest being deemed for the purpose of this Article to be a material interest in all circumstances). 

  

	 	(iv)	The giving of any security or indemnity to such Director in accordance with Article 153. 

  

	 	(v)	Any proposal concerning the adoption, modification or operation of a superannuation fund or retirement benefits scheme under which he may benefit and which has been approved by or
is subject to and conditional upon approval by any relevant taxing authority. 

  

	 	(c)	Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the
Company or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such cases each of the Directors concerned (if not debarred from voting under the proviso to
paragraph (b) (iii) of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment. 

  

	 	(d)	If any question shall arise at any meeting as to the materiality of a Director’s interest or as to the entitlement of any Director to vote and such question is not resolved by
his voluntarily agreeing to abstain from voting, such question shall be referred to the Chairman of the meeting and his ruling in relation to any other Director shall be final and conclusive except in a case where the nature or extent of the
interests of the Director concerned have not been fairly disclosed. 

  

	111.	The Company may by Ordinary Resolution suspend or relax the provisions of Article 110 to any extent or ratify any transaction not duly authorised by reason of a contravention of the
preceding Article. 

  

	112.	Any Director may act by himself or his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were
not a Director PROVIDED THAT nothing herein contained shall authorise a Director or his firm to act as Auditor to the Company. 

  

	113.    (a)	Any Director may continue to be or become a director, manager or other officer or member of any company in which the Company may be interested or with which it may transact and
(unless otherwise agreed) no such Director shall be accountable for any remuneration or other benefits received by him as a director, managing director, manager or other officer or member of any such other company. 

  

 47 

	 	(b)	Subject to Article 110, the Directors may exercise the voting power conferred by the shares in any other company held or owned by the Company or exercisable by them as directors of
such other company in such manner in all respects as they think fit (including the exercise thereof in favour of any resolution appointing themselves or any of them directors, managing directors, managers or other officers of such company or voting
or providing for the payment of remuneration to the directors, managing directors, managers or other officers of such company). 

 POWERS OF DIRECTORS 
  

	114.    (a)	Subject to the provisions below relating to the Independent Director, the business of the Company shall be managed by the Directors who may exercise all powers of the Company as are
not by the Statute or by these Articles required to be exercised by the Company in General Meeting, subject nevertheless to any regulations of these Articles, to the provisions of the Statute and to such regulations being not inconsistent with the
aforesaid regulations or provisions as may be prescribed by the Company in General Meeting but no regulations made by the Company in General Meeting shall invalidate any prior act of the Directors which would have been valid if such regulations had
not been made. Subject as aforesaid, the general powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by any other Article. 

  

	 	(b)	Notwithstanding the provisions of Article 114(a), the Board shall not have the power to authorise and shall not cause or permit the Company to take any of the following actions on
behalf of the Company without the prior Consent of the Independent Director and the approval of a majority of the Board: 

  

	 	(i)	the issue of any class or series of equity securities other than Ordinary Shares, other Junior Shares or such shares as shall be approved by each Preferred Securityholder pursuant
to Article 11; 

  

	 	(ii)	the establishment, amendment or modification of the Investment Policies; 

  

	 	(iii)	redemption or repurchase of any Junior Shares (except for the pro rata redemption of Ordinary Shares on any Redemption Date, as referred to in Article 13(f));

  

	 	(iv)	the conversion of the Company into another type of entity or the consolidation or merger of the Company with or into any other entity, the consolidation or merger of any other
entity with or into the Company or the sale of all or substantially all of the assets of the Company; and 

  

	 	(v)	appointment or designation of the Paying Agent or Registrar. 

  

	 	(c)	 Notwithstanding anything in these Articles to the contrary, the Independent Director, acting alone and without the vote or consent of the other members of the

  

 48 

	 	 
Board, has the right on behalf of the Company to enforce the Guarantee Agreement in accordance with its terms. 

  

	115.	The Directors may from time to time and at any time by power of attorney under the Seal appoint any company, firm or person or any fluctuating body of persons whether nominated
directly or indirectly by the Directors to be the attorney or attorneys of the Company for such purposes and with such powers authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for
such period and subject to such conditions as they may think fit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit and may also
authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. 

  

	116.	All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for moneys paid to the Company shall be signed, drawn,
accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall from time to time by resolution determine. 

 PROCEEDINGS OF DIRECTORS 
  

	117.	The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall be determined
by a majority of votes. In case of an equality of votes the Chairman shall have a second or casting vote. A Director may and the Secretary on the requisition of a Director shall at any time summon a meeting of the Directors.

  

	118.	The quorum necessary for the transaction of business of the Directors may be fixed by the Directors, and unless so fixed at any other number, shall be two. For the purposes of this
Article an Alternate Director shall be counted in a quorum at a meeting at which the Director appointing him is not present. 

  

	119.	The continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number but if and so long as the number of Directors is reduced below the
minimum number fixed by or in accordance with these Articles, the continuing Directors or Director may act for the purpose of filling up vacancies in their number or of summoning General Meetings of the Company, but not for any other purpose. If
there be no Directors or Director able or willing to act, then any Member having the right to attend and vote at General Meetings may summon a General Meeting for the purpose of appointing Directors. 

  

	120.	 The Directors may from time to time elect and remove a Chairman and if they think fit a Deputy Chairman and determine the period for which they respectively are to
hold office. The Chairman or failing him the Deputy Chairman shall preside at all meetings of the Directors but if there be no Chairman or Deputy Chairman or if at any meeting the Chairman or Deputy Chairman be not present within five minutes after
the time 

  

 49 

	 	 
appointed for holding the same the Directors present may choose one of their number to be Chairman of the Meeting. 

  

	121.	Members of the Board of Directors may constitute a meeting of the Directors by means of conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other and participation in a conference call pursuant to this provision shall be deemed to constitute presence in person at a meeting. A resolution in writing signed by all the Directors for the time being
entitled to receive a notice of a meeting of the Directors shall be as valid and effectual as a resolution passed at a meeting of the Directors duly convened and held and may consist of several documents in the like form each signed by one or more
of the Directors. 

  

	122.	A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.

  

	123.	The Directors may delegate any of their powers to committees consisting of such number of members of their body as they think fit. Any committee so formed shall in the exercise of
the powers so delegated conform to any regulations that may be imposed on them by the Directors. 

  

	124.	The meetings and proceedings of any such committee consisting of two or more members shall be governed by the provisions of these Articles regulating the meetings and proceedings of
the Directors so far as the same are applicable and are not superseded by any regulations made by the Directors under Article 123. 

  

	125.	All acts done by any meeting of Directors or of a committee of Directors or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was
some defect in the appointment of any such Director or person acting as aforesaid or that they or any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and was
qualified and had continued to be a Director and had been entitled to vote. 

  

	126.	The Directors shall cause minutes to be made of: 

  

	 	(a)	all appointments of officers made by the Directors; 

  

	 	(b)	the names of the Directors present at each meeting of the Directors and of any committee of Directors; and 

  

	 	(c)	all resolutions and proceedings of all meetings of the Company and of the Directors and of the committee of Directors. 

 Any such minute if purporting to be signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding
meeting shall be conclusive evidence of their proceedings. 
  

 50 

 BORROWING POWERS 
  

	127.	The Directors shall not be permitted to exercise any of the powers of the Company to borrow or raise money and secure any debt or obligation of or binding on the Company in any
manner including by the issue of debentures (perpetual or otherwise) or to secure the repayment of any money borrowed raised or owing by mortgage, charge, pledge or lien upon the whole or any part of the Company’s undertaking property or assets
(whether present or future) or by a similar mortgage, charge, pledge or lien to secure or guarantee the performance of any obligation or liability undertaken by the Company or any third party. 

 MANAGING DIRECTORS 
  

	128.	The Directors may from time to time appoint one or more of their body to be a Managing Director or Managing Directors of the Company and may fix his or their remuneration.

  

	129.	The Directors may from time to time entrust to and confer upon the Managing Director or Managing Directors all or any of the powers of the Directors (not including the power to make
calls, forfeit shares, borrow money or issue debentures) that they may think fit. But the exercise of all powers by the Managing Directors shall be subject to all such regulations and restrictions as the Directors may from time to time make and
impose and the said powers may at any time be withdrawn, revoked or varied. 

 SECRETARY 
  

	130.	The Secretary shall be appointed by the Directors. Anything required or authorised to be done by or to the Secretary may, if the office is vacant or there is for any other reason no
Secretary capable of acting, be done by or to any Assistant or Deputy Secretary or if there is no Assistant or Deputy Secretary capable of acting by or to any officer of the Company authorised generally or specially in that behalf by the Directors
PROVIDED THAT any provisions of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in the place of the
Secretary. 

  

	131.	No person shall be appointed to hold office as Secretary who is: 

  

	 	(a)	the sole Director of the Company; or 

  

	 	(b)	a corporation the sole director of which is the sole Director of the Company; or 

  

	 	(c)	the sole director of a corporation which is the sole Director of the Company. 

  

 51 

 THE SEAL 
  

	132.    (a)	The Directors shall provide for the safe custody of the Seal and the use of the Seal shall be authorised or ratified by a resolution of the Directors or of a committee of the
Directors authorised by the Directors in that behalf. The Directors may from time to time make such regulations as they see fit determining the persons and the number of such persons who should countersign a document to which the Seal shall be
affixed and until otherwise determined every instrument to which the Seal shall be affixed shall be countersigned by at least one Director or the Secretary or some other person duly authorised by the Directors. 

  

	 	(b)	The Company may exercise the powers conferred by the Statute with regard to having duplicate seals, whether with or without reference on their face as to the place or places where
they are to be used, and such powers shall be vested in the Directors. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such duplicate seal.

 SHARE PREMIUM ACCOUNT 
  

	133.	The Directors shall establish a Share Premium Account to which from time to time shall be credited a sum equal to the amount or value of any premiums paid on the issue of any share
and shall at all times comply with the provisions of the Statute in relation to the Share Premium Account. 

 ACCOUNTS

  

	134.	The Directors shall cause to be kept proper accounts with respect to: 

  

	 	(a)	all sums of money received and expended by the Company and the matters in respect of which such receipts and expenditure take place; 

  

	 	(b)	all sales and purchases by the Company; and 

  

	 	(c)	the assets and liabilities of the Company. 

  

	135.	The books of account shall be kept at the Office or at such other place as the Directors think fit and shall always be open to inspection by the Directors. 

 

	136.	No Member (other than a Director) shall have any right to inspect any account or book or document of the Company except as conferred by the Statute or authorised by the Directors or
by the Company in General Meeting. 

  

	137.	The Directors shall from time to time cause to be prepared and to be laid before the Company in General Meeting such profit and loss accounts, balance sheets, group accounts (if
any) and reports as shall give a true and fair view of the state of the Company’s affairs and explain its transactions and otherwise as may be required by the Statute, made up to such accounting date in each year as the Directors may decide.

  

 52 

	138.	A printed copy of the Directors’ Report and Auditors’ Report accompanied by the Balance Sheet (including every document required by the Statute to be annexed thereto) and
Profit and Loss Account shall upon request be delivered or sent by ordinary post to the registered address of each Member. 

  

	139.	The provisions of Articles 140 through 144 shall apply solely for the purpose of determining the treatment of the income of the Company and the allocation of such income among the
Members for United States federal income tax purposes. 

  

	140.	The Members intend for the Company to be treated as a partnership for United States federal (and corresponding state and local) income tax purposes only. No Member shall make any
election to the contrary. 

  

	141.	The taxable year of the Company for United States federal income tax purposes shall be the calendar year. 

  

	142.	The holder of the Ordinary Shares shall act as the “tax matters partner” under the Code and in any similar capacity under applicable law. 

  

	143.	There shall be established for each Member on the books of the Company as of the date hereof, a capital account (each, a “Capital Account”). Each amount paid
to the Company by a Member in connection with a subscription for Preferred Securities, if any, shall be credited to the Capital Account of such Member on the date such capital is paid to the Company. In addition, each Member’s Capital Account
shall be (a) credited with (i) such Member’s share of any Net Income of the Company determined pursuant to Article 144 and (ii) the amount of any Company liabilities assumed by such Member or secured by any Company property
distributed to such Member; (b) debited with (i) distributions to such Member of cash or the fair market value of other property, (ii) such Member’s share of Net Loss of the Company determined pursuant to Article 144, and
(iii) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company; and (c) otherwise maintained in accordance with the provisions of the Code. Any other
item which is required to be reflected in a Member’s Capital Account under Section 704(b) of the Code or otherwise under these Articles shall be so reflected. Capital Accounts shall be appropriately adjusted to reflect transfers of part
(but not all) of a Member’s interest in the Company. 

  

	144.	 For the purposes of Article 143, Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Accounts of the Members that hold
Preferred Securities to the extent of the dividends actually payable for such period under these Articles with respect to the Preferred Securities. Such allocation to Members that hold Preferred Securities shall be made first from the payments
received on BTMUPC1 Preferred Securities to the extent of such payments and thereafter from other income of the Company. The remainder of the Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Account of the
Member that holds the Ordinary Shares. The foregoing provisions and the other provisions of these Articles relating to the maintenance of Capital Accounts are intended to comply with United States Treasury 

  

 53 

	 	 
Regulations Section 1.704-1(b). The holder of the Ordinary Shares may cause the allocation of items among the Capital Accounts in its discretion in
order to comply with those United States Treasury Regulations. All items of income, gain, loss, deduction and credit of the Company shall be allocated among the Members for United States federal, state and local income tax purposes consistent with
the manner in which the corresponding constituent items of Net Income (Loss) shall be allocated among the Members pursuant to these Articles, except as otherwise may be provided herein or by the Code. The holder of the Ordinary Shares shall
determine all matters concerning allocations for United States federal income tax purposes not expressly provided for in these Articles in its sole discretion. 

 AUDIT 
  

	145.	The Auditors of the Company shall be appointed by the Directors from time to time. 

  

	146.	The remuneration of any Auditor or Auditors appointed by the Directors shall be fixed by the Directors. 

 NOTICES 
  

	147.	Any notice or document may be served by the Company on any Member either personally or by sending it through the post as a prepaid letter addressed to such Member at his address as
appearing in the Register or via facsimile. 

  

	148.	Notices to be posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail. 

  

	149.	Any Member present either personally or by proxy at any Meeting of the Company shall for all purposes be deemed to have received due notice of such meetings and, where requisite, of
the purposes for which such meeting was convened. 

  

	150.	Notices delivered personally or via facsimile shall be deemed delivered on the date of delivery or dispatch, as the case may be. Notices posted shall be deemed delivered on the
fifth day following the date of posting. 

 WINDING UP 
  

	151.	The Company shall be voluntarily wound up: 

  

	 	(a)	if a Special Resolution that the Company be wound up is duly adopted in accordance with the Statute and these Articles; or 

  

	 	(b)	automatically without the need for any further action in the event of the registration of the completion of the liquidation in respect of MUFG with the relevant legal affairs bureau
in accordance with applicable Japanese law, in which case the provisions of Section 133(2) of the Statute shall apply to the appointment of liquidators of the Company. 

  

 54 

	152.    (a)	If the Company shall be wound up or dissolved the assets available for distribution among the Members shall be applied first in payment of amounts due to Preferred Securityholders
in accordance with Article 16 and subject to any special rights attaching to any class or series thereof and thereafter any surplus shall be paid to the Ordinary Shareholders or otherwise in accordance with the rights attaching to any other classes
or series of shares in issue. Amounts payable to Members holding any class or series of shares shall be paid pro rata to the number of shares of such class or series respectively held by them. 

  

	 	(b)	If the Company shall be wound up, the liquidator may with the authority of a Special Resolution of the class(es) concerned divide among the Members of the class(es) concerned in
specie the whole or any part of the assets of the Company and whether or not the assets shall consist of property of a single kind and may for such purposes set such value as he deems fair upon any one or more class or classes or property and may
determine how such division shall be carried out, consistently with the provisions of these Articles as between the Members or different classes of Members. The liquidator may with the like authority vest any part of the assets in trustees upon such
trusts for the benefit of Members, consistent with the provisions of these Articles and the rights attaching to any particular class(es) of shares, as the liquidator with the like authority shall think fit and the liquidation of the Company may be
closed and the Company dissolved but so that no Member shall be compelled to accept any shares in respect of which there is liability. 

 INDEMNITY 
  

	153.	The Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors,
administrators and personal representatives respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or
sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default, respectively, and no
such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or
other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to
any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default of such Director, officer or trustee. 

  

 55 

 FINANCIAL YEAR 
  

	154.	The first financial year of the Company shall begin on the date of incorporation of the Company and end on 24 January 2007 and thereafter financial years of the Company shall
end on the calendar day prior to the Dividend Payment Date in January in each succeeding year unless the Directors shall by resolution prescribe some other period or periods therefor. 

 AMENDMENTS TO ARTICLES 
  

	155.	Subject to the Statute, the Company may at any time and from time to time by Special Resolution alter or amend these Articles in whole or in part. 

 UNCLAIMED AMOUNTS 
  

	156.	Any dividend payment which is unclaimed within five years from the payment date in respect thereof and any redemption amount which is unclaimed within ten years from the paymen/8-t
date in respect thereof shall be forfeited for the benefit of the Company. 

  

 56 

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
  
 AMENDED AND RESTATED 
 MEMORANDUM AND ARTICLES 
  
  
 OF 
 ASSOCIATION 
 OF 
  
  

 

 MUFG CAPITAL FINANCE 2
LIMITED 
  

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 MEMORANDUM OF
ASSOCIATION 
 OF 
 MUFG
CAPITAL FINANCE 2 LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
 Terms defined in the Articles of Association of MUFG Capital Finance 2 Limited shall have the same meaning when used herein. 
 1. The name of the Company is MUFG Capital Finance 2 Limited. 
 2.
The Registered Office of the Company shall be at the offices of M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies or at such other place as the
Directors may from time to time decide. 
  

	3.	The objects for which the Company is established are the following: 

  

	 	(a)	to issue Ordinary Shares to MUFG or a subsidiary of MUFG; 

  

	 	(b)	to issue preference shares (including Preferred Securities); 

  

	 	(c)	to use the proceeds from the issue of the Preferred Securities to fund the purchase of BTMUPC2 Preferred Securities with a corresponding par value and liquidation preference;

  

	 	(d)	to make the Junior Subordinated Loan to MUFG acting through its head office under the Junior Subordinated Loan Agreement; 

  

	 	(e)	to make other Eligible Investments pursuant to the Investment Policies from time to time; and 

  

	 	(f)	to enter into all contracts and undertakings and engage in all activities and transactions as the Directors may consider necessary or desirable for the purpose of carrying out of
the objects described in paragraphs 3(a) - (e) above inclusive. 

  

 2 

 4. The Company may not engage in any activities other than as stipulated in paragraphs 3(a) - (f) inclusive above.

 5. The liability of each Member is limited to the amount from time to time unpaid on such Member’s shares. 
 6. The authorised share capital of the Company is the aggregate of (i) €1,500,000,000 divided into 1,500,000 preference shares of €1,000 par value each
and (ii) €5,000,000 divided into 5,000,000 Ordinary Shares of €1 par value each, each having the respective rights set forth in the Articles, with power for the Company insofar as is permitted by statute and subject to the Articles,
to redeem or purchase any of its shares and to increase or reduce the said capital subject to the provisions of statute and to issue any part of its capital, whether original, redeemed or increased with or without any preference, priority or special
privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise shall be
subject to the powers hereinbefore contained. 
 7. If the Company is registered as exempted, its operations will be carried on subject to the provisions of
Section 193 of the Statute and, subject to the provisions of the Statute and the Articles, it shall have the power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman
Islands and to be deregistered in the Cayman Islands. 
  

 3 

 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION 
 of 
 MUFG CAPITAL FINANCE 2 LIMITED 
 I N D E X 
  

			
	 PRELIMINARY
	  	18
		
	 SHARE CAPITAL
	  	18
		
	 NON RECOGNITION OF TRUSTS
	  	18
		
	 ORDINARY SHARES
	  	18
		
	 SPECIAL DIVIDEND ON ORDINARY SHARES
	  	19
		
	 ISSUE OF PREFERRED SECURITIES
	  	19
		
	 DIVIDENDS ON PREFERRED SECURITIES
	  	19
		
	 VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES
	  	27
		
	 REDEMPTION AND PURCHASE OF PREFERRED SECURITIES
	  	29
		
	 RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION
	  	30
		
	 VARIATION OF SHARE CAPITAL
	  	31
		
	 TRANSFER OF SHARES
	  	32
		
	 TRANSMISSION OF SHARES
	  	33
		
	 REGISTER OF MEMBERS
	  	34
		
	 SHARE CERTIFICATES
	  	35
		
	 JOINT HOLDERS OF SHARES
	  	35
		
	 LIEN
	  	36
		
	 FORFEITURE OF SHARES
	  	38
		
	 GENERAL MEETINGS
	  	39
		
	 NOTICE OF GENERAL MEETINGS
	  	39
		
	 PROCEEDINGS AT GENERAL MEETINGS
	  	40
		
	 VOTES OF MEMBERS
	  	42
		
	 FORM OF PROXY
	  	43
		
	 DIRECTORS
	  	44

			
	 ALTERNATE DIRECTORS
	  	45
		
	 DISQUALIFICATION AND RETIREMENT OF DIRECTORS
	  	46
		
	 TRANSACTIONS WITH DIRECTORS
	  	46
		
	 POWERS OF DIRECTORS
	  	48
		
	 PROCEEDINGS OF DIRECTORS
	  	49
		
	 BORROWING POWERS
	  	51
		
	 MANAGING DIRECTORS
	  	51
		
	 SECRETARY
	  	52
		
	 THE SEAL
	  	52
		
	 SHARE PREMIUM ACCOUNT
	  	53
		
	 ACCOUNTS
	  	54
		
	 AUDIT
	  	54
		
	 NOTICES
	  	54
		
	 WINDING UP
	  	55
		
	 INDEMNITY
	  	56
		
	 FINANCIAL YEAR
	  	56
		
	 AMENDMENTS TO ARTICLES
	  	56
		
	 UNCLAIMED AMOUNTS
	  	56

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION

 OF 
 MUFG CAPITAL FINANCE 2
LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
  

	1.	In these Articles, Table A in the Schedule to the Statute shall not apply and words standing in the first column of the Table next hereinafter contained shall bear the meanings set
opposite to them respectively in the second column thereof, if not inconsistent with the subject or context. 

  

			
	 Words
	  	 Meanings

	 “Additional Amounts”
	  	as defined in Article 13(k).
		
	 “Administrative Action”
	  	any judicial decision, official administrative pronouncement, published or private ruling, regulatory procedure, notice or announcement (including any notice or announcement of intent to
adopt such procedures or regulations) by any court, governmental authority or regulatory body having appropriate jurisdiction.
		
	 “Agency Agreement”
	  	the agency agreement to be entered into between the Company, MUFG, JPMorgan Chase Bank, N.A., London Branch as Paying Agent and Calculation Agent and JPMorgan Chase Bank, N.A. as Registrar or
with such other parties in such other capacities as may be otherwise approved by the Directors.
		
	 “Applicable Dividend Rate”
	  	the fixed or floating rate per annum (which may or may not be based on Six-Month EURIBOR) specified in the resolutions of the Board or a Committee thereof establishing the terms of the
Preferred Securities which terms may include provision for the amendment or change in the basis of calculation of such rate from time to time.

			
	 “Articles”
	  	these Articles of Association of MUFG Capital Finance 2 Limited, as amended, restated, supplemented or varied from time to time.
		
	 “Assets”
	  	the total assets of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG but adjusted for contingencies and subsequent events, all valued in such manner as a representative
director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	 “Auditors”
	  	the auditors of the Company from time to time.
		
	 “Available Distributable Profits”
	  	as defined in Article 13(j).
		
	 “Bank”
	  	The Bank of Tokyo-Mitsubishi UFJ, Ltd., a joint stock company organised under the laws of Japan.
		
	 “Banking Law”
	  	the Japanese Banking Law (Law No. 59 of 1981 as amended).
		
	 “Bankruptcy Event”
	  	shall be deemed to occur: (i) upon the occurrence of a Liquidation Event; or (ii) if a competent court in Japan shall have (a) adjudicated the commencement of corporate reorganisation
proceedings (kaisha kousei) in respect of MUFG under the Corporate Reorganisation Law, (b) adjudicated the commencement of corporate rehabilitation proceedings (kaisha seiri) in respect of MUFG under the Commercial Code or (c)
adjudicated the commencement of civil rehabilitation proceedings (minji saisei) in respect of MUFG under the Civil Rehabilitation Law.
		
	 “Bankruptcy Law”
	  	the Japanese Bankruptcy Law (Law No.75 of 2004 as amended).
		
	 “BTMUPC2”
	  	BTMU Preferred Capital 2 Limited.
		
	 “BTMUPC2 Preferred Securities”
	  	preference shares in the capital of BTMUPC2 as defined in the Articles of Association of BTMUPC2 and having the rights provided for such shares thereunder.

  

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	 “Business Day”
	  	a day on which banks are open for dealing in foreign currency and exchange in London and Tokyo and which is also a TARGET Business Day.
		
	 “Calculation Agent”
	  	the calculation agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A., London Branch pursuant to the Agency
Agreement.
		
	 “Civil Rehabilitation Law”
	  	the Japanese Civil Rehabilitation Law (Law No. 225 of 1999 as amended).
		
	 “Clearstream”
	  	Clearstream Banking, société anonyme.
		
	 “Code”
	  	the United States Internal Revenue Code of 1986, as amended, including any successor provisions and transition rules, whether or not codified.
		
	 “Commercial Code”
	  	the Japanese Commercial Code (Law No. 48 of 1899 as amended).
		
	 “Committee”
	  	a committee of the Directors of the Company appointed in accordance with the provisions of Article 123.
		
	 “Common Depositary”
	  	a common depositary for Euroclear and Clearstream including any successor common depositary approved in advance by the Independent Director, which will initially be JPMorgan Chase Bank, N.A.,
London Branch.
		
	 “Company”
	  	MUFG Capital Finance 2 Limited.
		
	 “Company Law”
	  	the Japanese Company Law (Law No. 86 of 2005).
		
	 “Condition for Liquidation Payment”
	  	either of the following conditions: (i) in the case of liquidation of MUFG, all Senior Debt held by creditors of MUFG entitled to payment or satisfaction prior to commencement of distribution of
residual assets to shareholders is paid or otherwise satisfied in full pursuant to the provisions of the Commercial Code or the Company Law on or after the effective date thereof; or (ii) in the case of corporate reorganisation of MUFG where a
decree of approbation of a corporate reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) of MUFG

  

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		  	becomes final and conclusive, all Senior Debt as modified or reduced by such plan appearing in such plan at the date such decree has become final and conclusive is paid or otherwise satisfied in
full in accordance with the terms of such plan; provided, however, that in the case of either (i) or (ii) above, the Company shall have distributed a special dividend on the Ordinary Shares pursuant to Article 10 of these Articles.
		
	 “Consent of the Independent Director”
	  	the written resolution, approval or consent of the Independent Director.
		
	 “Core Capital”
	  	core capital (kihonteki koumoku) as such term is used in the capital adequacy guidelines of or supervised by the FSA as replaced, modified or superseded from time to
time.
		
	 “Core Capital Linked Junior Debt”
	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking (a) senior in priority of
payment as to liquidation distributions to common shares of MUFG and (b) junior in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	 “Core Capital Linked Most Junior Debt”
	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking junior in priority of
payment as to liquidation distributions to Core Capital Linked Junior Debt.
		
	 “Core Capital Linked Senior Debt”
	  	(i) liabilities of MUFG under the Guarantee Agreement and (ii) other liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of
claims upon a liquidation of MUFG as ranking equal in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	 “Corporate Reorganisation Law”
	  	collectively the Japanese Corporate Reorganisation Law (Law No. 154 of 2002 as amended) and the Japanese Law concerning Special Measures, Etc. for Corporate Reorganisation Procedures for
Financial Institutions, Etc. (Law No. 95 of 1996 as amended).

  

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	 “Determination Date”
	  	the second TARGET Business Day before the first day of each Dividend Period commencing on and including the Dividend Payment Date in July 2016.
		
	 “Directors” or “Board”
	  	the Directors of the Company for the time being or, as the case may be, the Directors assembled as a Board including, where the context permits, the Independent Director.
		
	 “Distributable Profits Limitation”
	  	the limitation on declaring or paying dividends described in Article 13(j).
		
	 “Dividend Limitation”
	  	the limitation or prohibition on dividends described in Article 13(i).
		
	 “Dividend Payment Date”
	  	the 25th day of January and July of each year (or if such day
is not a Business Day, the immediately succeeding Business Day unless such day would fall in the next calendar month in which case such day shall be the immediately preceding Business Day), or as may be specified in the resolutions of the Board or a
Committee thereof establishing the terms of the Preferred Securities, with the first such date to be 25 July 2006.
		
	 “Dividend Period”
	  	each period commencing on and including a Dividend Payment Date (or in respect of the first such period, the relevant Issue Date or such other date as may be specified in the resolutions of the
Board or a Committee thereof establishing the terms of the Preferred Securities) and continuing to but not including the next succeeding Dividend Payment Date, or any other period as may be specified in the resolutions of the Board establishing the
terms of the Preferred Securities.
		
	 “Eligible Investments”
	  	the assets or investments which the Company may hold pursuant to the Investment Policies and consist of the BTMUPC2 Preferred Securities, the Junior Subordinated Loan and securities (including
deposits and loans) issued by MUFG or its affiliates which are organised and resident for tax purposes outside the United States (including the Bank), provided that Eligible Investments shall not include any debts or securities (including deposits
and loans) which give rise to U.S. source gross income or gross income effectively connected with a conduct of a U.S. trade or business for U.S. federal income tax purposes.

  

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	 “Euro” and “€”
	  	the lawful currency of those member states of the European Union which are participating in the European Economic and Monetary Union pursuant to the Treaty on European Union.
		
	 “Euroclear”
	  	Euroclear Bank S.A./N.V. as operator of the Euroclear System.
		
	 “Euro-zone”
	  	the geographic region comprising the European Union member states that have adopted the Euro as a common currency in accordance with the Treaty establishing the European Community, as
amended.
		
	 “FSA”
	  	the Financial Services Agency of Japan or any successor thereto.
		
	 “General Meeting”
	  	any annual or extraordinary meeting of the shareholders of the Company.
		
	 “Guarantee Agreement”
	  	the subordinated guarantee agreement entered into between MUFG, the Company, JPMorgan Chase Bank, N.A. as Registrar and JPMorgan Chase Bank, N.A., London Branch as Paying Agent on or before the
Issue Date, under which MUFG shall, inter alia, guarantee the obligations of the Company to the Preferred Securityholders in respect of the payment of dividends, the Redemption Price and the Liquidation Preference Amount payable with respect
to the Preferred Securities and assume obligations to provide financial assistance to the Company.
		
	 “Independent Director”
	  	a member of the Board designated as such pursuant to Article 97 or appointed by the Preferred Securityholders pursuant to Article 14(b) and who shall not during the preceding ten years have been
a director or employee of MUFG or any of its direct or indirect subsidiaries or affiliates (other than a director of any direct or indirect subsidiary (including, without limitation, BTMUPC2) of MUFG acting as an independent director pursuant to
provisions similar to Article 97 or Article 14(b)).
		
	 “Insolvency Event”
	  	shall be deemed to occur if (x)(a) MUFG is not able or, as a result of the payment of dividends otherwise due on a Dividend Payment Date, will not be able to pay its debts as they become due
(meaning insolvent

  

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		  	(shiharai-funo) within the meaning of the Bankruptcy Law) or (b) its Liabilities (other than Core Capital Linked Senior Debt, Core Capital Linked Junior Debt and Core Capital Linked Most
Junior Debt) exceed or after giving effect to the payment of such dividends would exceed its Assets or (y) the FSA, or other administrative agency in charge of financial supervision in Japan has taken any statutory action in relation to MUFG based
upon its determination that MUFG is insolvent.
		
	 “Investment Policies”
	  	the Company’s investment policies established by resolution of the Directors with the prior Consent of the Independent Director.
		
	 “Issue Date”
	  	the date of issue of the Preferred Securities to be specified in the resolutions of the Board or a Committee thereof establishing the terms of the Preferred Securities.
		
	 “Issue Price”
	  	€1,000.
		
	 “in writing”
	  	written, produced in facsimile form, printed, lithographed or photographed or represented by any other substitute for writing or partly one and partly another.
		
	 “Junior Subordinated Loan”
	  	the perpetual Euro denominated subordinated loan by the Company to MUFG acting through its head office, constituting Core Capital Linked Junior Debt of MUFG and made pursuant to the Junior
Subordinated Loan Agreement.
		
	 “Junior Subordinated Loan Agreement”
	  	the subordinated loan agreement in relation to the Junior Subordinated Loan entered into between the Company (as lender or as assignee of the lender) and MUFG (as borrower) acting through its
head office, as supplemented or amended from time to time.
		
	 “Junior Shares”
	  	the Ordinary Shares and all other classes and series of equity securities of the Company now or hereafter issued other than (i) Preferred Securities or (ii) Senior Shares.
		
	 “law”
	  	includes any law, judicial order or treaty or any regulation, rule, official directive, request, published practice or guideline (whether or not having the

  

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		  	force of law) of any governmental body, agency, department or regulatory or other authority including, without limitation and where the context so permits, any self regulatory organisation of
which the Company or MUFG is a member.
		
	 “Liabilities”
	  	the total liabilities of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG, but adjusted for contingencies and subsequent events, all valued in such manner as a
representative director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	 “Liquidation Claim”
	  	the claim in the liquidation proceedings of MUFG (a) of the Company and the Preferred Securityholders evidenced by the Guarantee Agreement or (b) of the Company evidenced by the Junior
Subordinated Loan Agreement in an amount equal to (i) the Liquidation Preference Amount or (ii) the principal amount of the Junior Subordinated Loan plus accrued and unpaid interest thereon to (but not including) the date such Liquidation Period
commenced, as the case may be, provided, however, that (1) the Liquidation Claim under a Guarantee Agreement shall not accrue and become payable unless and until, or (2) the Liquidation Claim under the Junior Subordinated Loan Agreement shall become
payable only if, the relevant Condition for Liquidation Payment shall have occurred and then only to the extent of the relevant Liquidation Distribution Amount.
		
	 “Liquidation Distribution Amount”
	  	(i) in relation to claims evidenced by the Guarantee Agreement, the amount payable in respect of the Liquidation Claim represented or evidenced thereby equal to the amount which would
have been paid from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core Capital Linked Junior Debt had been preferred shares directly issued by MUFG which rank in priority of
payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation Shares and (z) all Core Capital Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank
equal or junior in priority of payment as to liquidation distributions

  

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		  	to common shares of MUFG and (ii) in relation to claims evidenced by the Junior Subordinated Loan Agreement, the amount payable in respect of the Liquidation Claim represented or
evidenced thereby equal to the amount which would have been paid in respect of the Junior Subordinated Loan from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core Capital Linked
Junior Debt had been preferred shares directly issued by MUFG which rank in priority of payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation Shares and (z) all Core Capital
Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank equal or junior in priority of payment as to liquidation distributions to common shares of MUFG.
		
	 “Liquidation Event”
	  	shall be deemed to occur if (a) liquidation proceedings (seisan) in respect of MUFG under the laws of Japan (including the special liquidation proceedings (tokubetsu seisan) in
respect of MUFG under the Commercial Code or the Company Law on or after the effective date thereof) are commenced or (b) a competent court in Japan shall have (x) adjudicated the commencement of bankruptcy proceedings (hasan) in respect of
MUFG pursuant to the provisions of the Bankruptcy Law or (y) approved a preparation of a reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) which provides for liquidation of MUFG
pursuant to the provisions of the Corporate Reorganisation Law.
		
	 “Liquidation Period”
	  	any period during which a Liquidation Event has occurred and is continuing.
		
	 “Liquidation Preference”
	  	€1,000.
		
	 “Liquidation Preference Amount”
	  	the Liquidation Preference (plus unpaid dividends that have become definitive, if any), and an amount equal to dividends calculated in accordance with the provisions of these Articles and/or
the resolution of the Board establishing the terms of the Preferred Securities in respect of the period from and including the Dividend Payment Date most recently occurring prior to the occurrence of the Liquidation Event to but not including the
date of the Liquidation Event).

  

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	 “Make Whole Amount”
	  	as applied to any date of redemption of the Preferred Securities, the higher of (x) the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid
dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend
Period to the extent not payable in respect of such period and (y) an amount equal to the sum of (i) the present value of the Liquidation Preference of the Preferred Securities, assuming a repayment thereof on the Dividend Payment Date in July 2016,
plus (ii) the present value of the remaining payments of dividends scheduled to be paid to and including the Dividend Payment Date in July 2016, in each case discounted from the relevant Dividend Payment Date to the redemption date on the basis of
the actual number of days in such period divided by 365 (or, if any portion of that period falls in a leap year, the sum of (A) the actual number of days in that portion of that period falling in a leap year divided by 366 and (B) the actual number
of days in that portion of the period falling in a non-leap year divided by 365), and in the case of an incomplete month, the number of days elapsed, at the applicable Euro Bond Yield plus a spread as specified in the resolution of the Board or a
Committee thereof establishing the terms of the Preferred Securities. For purposes of this definition, the applicable “Euro Bond Yield” shall be calculated as follows: the Calculation Agent, in consultation with the Bank, will appoint five
primary bond dealers who are credit institutions or financial services institutions that regularly deal in bonds and other debt securities in the Euro market (a “Primary Euro Bond Dealer”) or their respective successors as reference
dealers, provided, however, that if any such dealer ceases to be a Primary Euro Bond Dealer, the Calculation Agent will (in consultation with the Bank) substitute such dealer with another Primary Euro Bond Dealer.

  

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		  	The Calculation Agent will (in consultation with the Bank) also appoint one of the reference dealers as the quotation agent. The quotation agent will select a Euro benchmark security which
would be used at the time of selection and in accordance with customary financial practice to price new issues of corporate debt securities of comparable maturity to the remaining term of the Preferred Securities from the Redemption Date to the
Dividend Payment Date in July 2016. The reference dealers will provide the Calculation Agent with the bid and asked prices for the comparable bond issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Calculation Agent at 3:30 p.m. London time on the third Business Day before the redemption date. The Calculation Agent will calculate the average of the bid and asked prices provided by each reference dealer to obtain such reference dealer’s
quotation. The Calculation Agent will eliminate the highest and the lowest quotations and then calculate the average of the remaining quotations; provided, however, that if the Calculation Agent obtains fewer than five quotations, it will calculate
the average of all the quotations without eliminating any of them. The average quotation is called the “comparable bond price”. The applicable Euro Bond Yield will be determined by the quotation agent and will be the semi-annual equivalent
yield to maturity of a security whose price is equal to the comparable bond price, in each case expressed as a percentage of its principal amount. The Calculation Agent may, in consultation with MUFG and the Company, delegate its responsibilities
set forth above to a third party.
		
	 “Mandatory Suspension Event”
	  	as described in Article 13(a).
		
	 “Member”
	  	a person who is registered as the holder of any share in the Register for the time being.
		
	 “Month”
	  	calendar month.
		
	 “MUFG”
	  	Mitsubishi UFJ Financial Group, Inc., a joint stock company organised under the laws of Japan.

  

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	 “Net Income (Loss)”
	  	for any fiscal period, the taxable income or loss of the Company for United States federal income tax purposes for such period as determined in accordance with the accounting method used by
the Company.
		
	 “notice”
	  	a notice in writing unless otherwise required by the context or specifically stated.
		
	 “Office”
	  	the Registered Office of the Company.
		
	 “Optional Suspension Event”
	  	as described in Article 13(a).
		
	 “Ordinary Resolution”
	  	a resolution of the Company passed by a simple majority of the votes cast.
		
	 “Ordinary Share”
	  	an Ordinary Share in the capital of the Company of €1.00 par value and issued subject to and in accordance with the provisions of the Statute and having the rights provided for Ordinary
Shares under these Articles.
		
	 “Ordinary Shareholder”
	  	a registered holder of an Ordinary Share.
		
	 “paid up”
	  	shall include credited as paid up.
		
	 “Par Value”
	  	€1,000.
		
	 “Parity Securities”
	  	securities issued by MUFG’s direct or indirect subsidiaries (other than the Company) ranking on a parity with any class of preferred shares issued by MUFG as to the payment of
dividends.
		
	 “Paying Agent”
	  	the paying agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A., London Branch pursuant to the Agency
Agreement.
		
	 “personal representative”
	  	an executor or administrator of a deceased individual or a person serving in a similar capacity under the laws of any jurisdiction.
		
	 “preference share”
	  	a noncumulative preference share in the capital of the Company including a Preferred Security.
		
	 “Preferred Security”
	  	a preference share which is part of a class of preference shares determined to be issued by the Directors pursuant to Article 11 subject to and in accordance with the Statute and having the
rights set

  

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		  	out in Articles 13 to 16 and otherwise provided for Preferred Securities under these Articles and with a Par Value and such other characteristics as may be determined by the Board or a
Committee thereof in accordance with the provisions of these Articles.
		
	 “Preferred Securityholder”
	  	a registered holder of a Preferred Security appearing on the Register on the relevant Record Date.
		
	 “preference shareholder”
	  	a registered holder of a preference share.
		
	 “Record Date”
	  	means, in relation to each Dividend Payment Date or Redemption Date, the date immediately preceding the due date (whether or not a Business Day) for payment of dividends or, as the case may be,
redemption amounts on the Preferred Securities.
		
	 “Redemption Date”
	  	any date determined for redemption of shares pursuant to these Articles.
		
	 “Redemption Price”
	  	€1,000.
		
	 “Register”
	  	the Register of Members to be kept pursuant to and in accordance with the Statute, these Articles and the Agency Agreement.
		
	 “Registrar”
	  	the registrar appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A. pursuant to the Agency Agreement.
		
	 “Regulatory Event”
	  	shall be deemed to have occurred if MUFG’s risk-weighted total capital ratio or risk-weighted Core Capital ratio, calculated in accordance with each applicable standard set forth in the
Japanese banking regulations, as of the end of any annual or semi-annual period in respect of which MUFG files with the Prime Minister of Japan (i) an annual securities report or semi-annual securities report that is required to be filed under the
Securities and Exchange Law, or (ii) if no such reports are required to be filed thereunder, an annual business report or semi-annual business report that is required to be filed under the Banking Law, were to decline below the minimum percentages
required by Japanese banking regulations.
		
	 “Regulatory Period”
	  	any period during which a Regulatory Event has occurred and is continuing.

  

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	 “Seal”
	  	the Common Seal of the Company and includes every duplicate Seal.
		
	 “Secretary”
	  	any person appointed by the Directors to perform any of the duties of Secretary of the Company (including a temporary or assistant secretary) and in the event of two or more persons being
appointed as joint Secretaries any one or more of the persons so appointed.
		
	 “Securities and Exchange Law”
	  	the Securities and Exchange Law of Japan (Law No. 25 of 1948 as amended).
		
	 “Senior Debt”
	  	(a) for purposes of the application of such term in relation to the Liquidation Claim evidenced by a Guarantee Agreement, all liabilities of MUFG other than Core Capital Linked Senior Debt, Core
Capital Linked Junior Debt and Core Capital Linked Most Junior Debt and (b) for purposes of the application of such term in relation to the Liquidation Claim evidenced by the Junior Subordinated Loan Agreement, all liabilities of MUFG other than
Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt.
		
	 “Senior Preferred Dividend Shares”
	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to dividends and which qualify as Core Capital.
		
	 “Senior Preferred Liquidation Shares”
	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to liquidation distributions and which qualify as Core Capital.
		
	 “Senior Shares”
	  	any class or series of equity securities of the Company (including any warrants, options or other rights convertible or exchangeable into any class or series of equity shares) expressly
designated as being senior to the Preferred Securities as to payment of dividends and/or rights upon dissolution, liquidation or winding up of the Company.
		
	 “Share Premium Account”
	  	the Company’s share premium account established in accordance with the Statute.
		
	 “share”
	  	any share in the capital of the Company including a preference share, an Ordinary Share and any fraction of a share.

  

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	 “signed”
	  	includes a signature or representation of a signature affixed by mechanical means.
		
	 “Six-Month EURIBOR”
	  	the floating rate per annum defined in Article 13(c).
		
	 “Special Dividend”
	  	as described in Article 10.
		
	 “Special Event”
	  	shall be deemed to have occurred if (i) MUFG determines after consultation with the FSA that the Preferred Securities may not be included in the Core Capital of MUFG under each applicable
standard set forth in Japanese banking regulations (other than for the reason that the amount of Preferred Securities exceeds any limitations under such applicable standard with respect to the amount of preference shares issued by foreign special
purpose vehicle subsidiaries that qualifies as Core Capital): (ii) the treatment of any item of income, gain, loss, deduction or expense of the Company or MUFG related to MUFG’s ownership of the Company, in each case as reflected on the tax
returns (including estimated returns) filed (or to be filed) by MUFG, will not be respected by a taxing authority, as a result of which MUFG or the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other
governmental charges, in each case which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it; (iii) the Company or MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional
Amounts, other than as a result of the occurrence of a Tax Event, which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it; (iv) the Bank is or will be required to pay any additional amounts in respect of
any taxes, duties or other governmental charges with respect to payments of interest on or principal of a subordinated loan by BTMUPC2 to the Bank made pursuant to the senior subordinated loan agreement or the junior subordinated loan agreement
between them, other than as a result of the occurrence of a Tax Event, or (v) the Company receives an opinion of a nationally recognized law firm in the U.S. experienced in such matters to the effect that there is more than an insubstantial risk
that the Company is deemed an “investment company” within the meaning of the U.S. Investment Company Act of 1940, as amended.

  

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	 “Special Resolution”
	  	a Special Resolution of the Company passed as such in accordance with Section 60 of the Statute and includes a resolution approved in writing as described therein.
		
	 “Statute”
	  	the Companies Law (2004 Revision) of the Cayman Islands, as amended, revised, modified or superseded from time to time.
		
	 “Suspension Notice”
	  	as described in Article 13(a).
		
	 “TARGET Business Day”
	  	a day (other than a Saturday or a Sunday) on which all relevant parts of the TARGET System are operational.
		
	 “TARGET System”
	  	Trans-European Automated Real-time Gross Settlement Express Transfer system, a real-time gross settlement system for the Euro, or any successor thereto.
		
	 “Taxes”
	  	any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related to the preceding items).
		
	 “Tax Event”
	  	the receipt by the Company of an opinion of a nationally recognised law firm or other tax advisor in the Taxing Jurisdiction experienced in such matters to the effect that, as a result of (i)
any amendment to, clarification of, or change (including any announced prospective change) in laws or treaties (or any regulations thereunder) of the Taxing Jurisdiction, (ii) any Administrative Action or (iii) any amendment to, clarification of, or
change (including any announced prospective change) in the official position, general application or official interpretation of any legislative or administrative body, court, governmental authority or regulatory body having appropriate jurisdiction,
which amendment, clarification, change or Administrative Action is effective or announced on or after the Issue Date (A) the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other governmental
charges (B) the Company or

  

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		  	MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional Amounts, in each case which obligation cannot be avoided by the Company or MUFG taking reasonable
measures available to it or (C) the Bank is or will be required to pay any additional amounts in respect of any taxes, duties or other governmental charges with respect to payments of interest on or principal of a subordinated loan by BTMUPC2 to the
Bank made pursuant to the senior subordinated loan agreement or the junior subordinated loan agreement between them.
		
	 “Taxing Jurisdiction”
	  	(i) any jurisdiction in which the Company or MUFG is organised or otherwise considered to be a resident for tax purposes, (ii) any jurisdiction from which the Company or MUFG makes a payment
on the Preferred Securities or the Guarantee Agreement, as the case may be, or (iii) any political subdivision or taxing authority of the above.

  

	2.	In these Articles unless there be something in the subject or context inconsistent with such construction: 

  

	 	(a)	words importing the singular number shall be deemed to include the plural number and vice versa; 

  

	 	(b)	words importing the masculine or neuter genders only shall include the feminine gender and vice-versa; 

  

	 	(c)	words importing persons shall include companies or associations or bodies of persons, whether corporate or not; 

  

	 	(d)	the words: 

  

	 	(i)	“may” shall be construed as permissive; 

  

	 	(ii)	“shall” and “will” shall be construed as imperative; 

  

	 	(e)	save where otherwise defined in Article 1, words or expressions contained in these Articles shall bear the same meaning as in the Statute unless the context otherwise requires;

  

	 	(f)	“company” includes references to any body corporate however and wherever incorporated; and 

  

	 	(g)	“property” includes reference to shares, securities, cash and other assets or rights of any nature. 

  

 17 

 PRELIMINARY 
  

	3.	The preliminary expenses incurred in forming the Company shall be payable over such period as the Directors may determine and when paid shall be payable out of the income and/or
capital of the Company in such proportions as the Directors may determine. 

  

	4.	The Company may in relation to any issue of shares pay such commissions or brokerage as may be lawful. 

  

	5.	The business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit notwithstanding that any offer of shares may have been only
partially subscribed. 

 SHARE CAPITAL 
  

	6.	The authorised share capital of the Company is the aggregate of (i) €1,500,000,000 divided into 1,500,000 preference shares of €1,000 par value each and
(ii) €5,000,000 divided into 5,000,000 Ordinary Shares of €1.00 par value each, each such class of share having the rights as hereinafter appearing or as may, in accordance with the provisions of these Articles, be determined by the
Directors. 

  

	7.	Subject as herein provided and without prejudice to any shares previously issued, all shares in the Company for the time being unissued shall be under the control of the Directors,
who may allot and dispose of or grant options over the same to such persons, on such terms and in such manner as they may think fit and they may in their absolute discretion refuse to accept any application for shares. 

 NON RECOGNITION OF TRUSTS 
  

	8.	No person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or recognise (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or (except only as by these Articles otherwise provided or as by Statute required) any other right in respect of any share, except an absolute right thereto in the registered holder.

 ORDINARY SHARES 
  

	9.	Ordinary Shares may only be issued to and registered in the name of MUFG or any subsidiary of MUFG and shall be issued at such price as may be determined by the Directors.

  

 18 

					
	SPECIAL DIVIDEND ON ORDINARY SHARES
		
	 10.    
	  	If a Liquidation Event occurs, the Company shall distribute as a special dividend (whether in specie or otherwise) on the Ordinary Shares (in priority over the Preferred
Securities) the BTMUPC2 Preferred Securities held by it and any other financial assets and investments of the Company other than the Guarantee Agreement, the Junior Subordinated Loan and any amounts received or receivable thereunder (the
“Special Dividend”).
	  ISSUE OF PREFERRED SECURITIES

		
	 11.    
	  	 The Directors may allot and issue Preferred Securities in accordance with the provisions of these Articles as they see fit from time to
time, which Preferred Securities shall have the rights specified in these Articles and as provided by the resolutions of the Board in relation to the issue of the Preferred Securities in respect of those characteristics of a Preferred Security which
these Articles specify may be determined by the Board, as the case may be, and shall bear such designation, if any, as the Directors prescribe prior to their issue. The Preferred Securities will rank pari passu with each other. The Company
shall not issue (i) any Senior Shares or (ii) other classes or series of equity securities that rank on a parity with the Preferred Securities as to (a) payment of dividends or (b) rights upon dissolution, liquidation or winding
up of the Company and otherwise on such terms as the Directors see fit, in each case without the prior consent of each Preferred Securityholder as contemplated by Article 14(d). The Company shall not issue any class or series of equity securities
without the prior Consent of the Independent Director other than Ordinary Shares, other Junior Shares or such shares as shall be approved by each Preferred Securityholder as referred to in the preceding sentence.
  

	 12.    
	  	 Preferred Securities shall be issued at the Issue Price on the Issue Date and on or before such Issue Date (i) the Guarantee
Agreement shall be entered into in connection with the Preferred Securities and (ii) the Company shall subscribe for or purchase an equivalent number of fully paid and non-assessable BTMUPC2 Preferred Securities with a par value and liquidation
preference corresponding to the Par Value and Liquidation Preference.
  

		  		  	DIVIDENDS ON PREFERRED SECURITIES
			
	 13.    
	  	(a)	  	Dividends on the Preferred Securities shall be deemed duly declared without further action on the part of the Directors and shall be payable on a noncumulative basis from the Issue Date,
semi-annually in arrear on each Dividend Payment Date for the Dividend Period then ending commencing in July 2006, subject to the Company having legally available funds for such purpose and the other qualifications described in these Articles.
Dividends on the Preferred Securities will be payable, subject as provided in the following sentence, for each Dividend Period at a rate per annum on the Liquidation Preference equal to the Applicable Dividend Rate. Dividends shall be due and
payable on each Dividend Payment Date except in the case of (and to the extent of) a Mandatory Suspension Event or Optional Suspension Event.

  

 19 

					
		  		  	The Company shall give notice to the Preferred Securityholders of any receipt by the Company from MUFG of any Suspension Notice promptly upon the receipt thereof by the Company. Each dividend
will be payable to the relevant Preferred Securityholder.
			
		  		  	If (i) a Liquidation Event, an Insolvency Event or a Regulatory Event has occurred and is continuing, and MUFG has delivered a notice (a “Suspension Notice”) to
the Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall not pay any dividends with respect to the Preferred Securities on such Dividend Payment Date (provided that, for the avoidance of doubt,
such Mandatory Suspension Event is continuing as at the fifth Business Day preceding the relevant Dividend Payment Date) and (ii) if a Distributable Profits Limitation or Dividend Limitation (as defined below) is in effect, and MUFG has
delivered a Suspension Notice to the Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall pay no dividends or reduced dividends with respect to the Preferred Securities on such Dividend Payment
Date. Each of the events in (i) and (ii) above is a “Mandatory Suspension Event”.
			
		  		  	If MUFG advises the Company that (i) MUFG has no outstanding preferred shares and that (ii) MUFG has not paid and has declared that it will not pay dividends on any of its common
shares for its most recently ended financial year (an “Optional Suspension Event”), and if MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately preceding the Dividend Payment Date
that occurs in July of the calendar year in which such financial year ends or in the next succeeding January, as the case may be, the Company shall, as specified in such Suspension Notice, pay no dividends or reduced dividends with respect to the
Preferred Securities on each such Dividend Payment Date. For the avoidance of doubt, if MUFG advises the Company that it has declared or paid dividends (including less than full dividends) on its preferred shares for the most recently ended
financial year, the Company shall pay dividends on the Preferred Securities on the Dividend Payment Date that occurs in July of the calendar year in which such financial year ends and the next succeeding January, to the extent not limited or
prohibited by a Mandatory Suspension Event, if and to the extent applicable.
			
		  	(b)	  	Dividends will be computed on the basis of a 360-day year and the actual number of days elapsed in such Dividend Period or otherwise on such basis of computation as the Directors or a
Committee of the Board may determine in the resolutions establishing the terms of the Preferred Securities. Any amount less than one Euro cent will be rounded up or down to the nearest whole Euro cent (half a Euro cent being rounded upwards). For
purposes of payments to Preferred Securityholders with respect to the Liquidation Preference or a Redemption Price, unpaid dividends shall accrue only if, with respect to the relevant payment date for such Liquidation Preference (in accordance with
Article 16) or Redemption Price (as the case may be), conditions comparable to those set forth above for the payment of dividends on the Preferred Securities on a Dividend Payment Date have been satisfied as of the relevant payment date (treating,
for this purpose only, the relevant payment date as if it were the next Dividend Payment Date).

  

 20 

					
			
		 	 (c)
	  	Pursuant to the Agency Agreement, the Company will appoint the Calculation Agent for the purposes of determining Six-Month EURIBOR and the Calculation Agent will calculate, for each
applicable Dividend Period, Six-Month EURIBOR. “Six-Month EURIBOR” means for each Dividend Period the per annum rate of interest determined by the Calculation Agent as follows:
			
		 		  	 (i) on the Determination Date for such Dividend Period, the Calculation Agent shall obtain the offered rate for six-month Euro deposits that appears on the
display designated as page 248 on the Telerate Monitor (or such other page or service as may replace it for the purpose of displaying Euro interbank offered rates of major banks for Euro deposits) at 11:00 a.m. (Brussels time) on the Determination
Date;

			
		 		  	 (ii) if for any reason such offered rate does not appear or if the relevant page is unavailable, Six-Month EURIBOR shall be the per annum rate of interest which
the Calculation Agent shall request appropriate quotations and determine the arithmetic mean of the rates (expressed as a percentage per annum) at which six-month Euro deposits are offered by three major banks (or, if fewer than three rates are so
quoted, two major banks, or, if fewer than two rates are so quoted, one major bank) in the Euro-zone interbank market, selected by the Calculation Agent, at approximately 11:00 a.m. (Brussels time) on the Determination Date to prime banks in the
Euro-zone interbank market for a period of six months and in an amount that is representative for a single transaction in the relevant market at the relevant time; and

			
		 		  	 (iii) if none of the banks so selected by the Calculation Agent are quoting rates as set forth above, the Six-Month EURIBOR shall remain the same as for the
immediately preceding Dividend Period of which the Applicable Dividend Rate is a floating rate, or if there was no preceding Dividend Period of which the Applicable Dividend Rate is a floating rate, the Applicable Dividend Rate shall be the dividend
rate applicable to the prior Dividend Period of which the Applicable Dividend Rate is a fixed rate.

			
		 		  	The Company shall rely on the determination by the Calculation Agent of Six-Month EURIBOR or such other floating rate as notified to the Company unless for any reason there is not a
Calculation Agent on a Determination Date, in which case the Company shall perform the calculations and determinations required by these Articles to establish Six-Month EURIBOR or such other floating rate.
			
		 	 (d)
	  	The Preferred Securities will rank senior to Junior Shares as to rights upon a dissolution, liquidation or winding up of the Company and, except as described in Article 10 and the next
sentence of this Article 13(d), as to the payment of dividends. On any Dividend Payment Date where some or all of the amount otherwise payable by the Company as dividends on the Preferred Securities is not

  

 21 

					
		  		  	paid following the occurrence of a Mandatory Suspension Event or an Optional Suspension Event, the dividend preference of the Preferred Securities will shift to the Ordinary Shares such that all
dividend payments received by the Company in respect of the BTMUPC2 Preferred Securities and all interest or other payments received by the Company in respect of the Company’s other Eligible Investments (including the Junior Subordinated Loan),
if any, may be distributed as dividends to the Ordinary Shareholders before any dividends are paid on the Preferred Securities (subject, if a Suspension Notice has been delivered that limits but does not prohibit payment of dividends, to the prior
payment of dividends on the Preferred Securities to the extent permitted by such Suspension Notice). When dividends are not paid in full for any Dividend Period upon the Preferred Securities, all dividends on the Preferred Securities shall only
become payable pro rata based upon the respective amounts that would have been paid on the Preferred Securities had dividends been paid in full.
			
		  	(e)	  	The right of Preferred Securityholders to receive dividends is noncumulative. Accordingly, to the extent dividends are not due or paid in respect of any Dividend Period, Preferred
Securityholders will have no right to receive such dividends in respect of such Dividend Period and the Company will have no obligation to pay such dividends in respect of such Dividend Period, whether or not dividends are payable in respect of any
future Dividend Period.
			
		  	(f)	  	Except (i) in the circumstances in which a dividend preference shift occurs as described in Article 13(d) or (ii) in the event of a pro rata redemption of Ordinary Shares on any
Redemption Date or in the event of a Special Dividend on the Ordinary Shares as described in Article 10, the Company shall not pay or set apart funds for any dividends or other distributions (other than in Junior Shares) with respect to any Junior
Shares or repurchase, redeem or otherwise acquire, or set apart funds for repurchase, redemption or other acquisition of, any Junior Shares through a sinking fund or otherwise except on a Dividend Payment Date and unless and until (i) the Company
has paid, or a sum sufficient for payment has been paid over to the Paying Agent (or the Registrar) for payment of, a cash dividend on the Preferred Securities at the annual dividend rate on such Dividend Payment Date for the immediately preceding
Dividend Period, (ii) full cash dividends on the Preferred Securities have been paid on the two immediately preceding Dividend Payment Dates (or such lesser number of Dividend Payment Dates in the period during which the Preferred Securities have
been outstanding) and (iii) the Company has funds legally available therefor. So long as any Preferred Securities are outstanding, Junior Shares are not redeemable or repurchasable without the prior Consent of the Independent Director, except in the
event of a pro rata redemption of Ordinary Shares on any Redemption Date. A “pro rata redemption of Ordinary Shares” as referred to in this Article 13(f) means a redemption of Ordinary Shares where the
proportion that the aggregate issue price (including any premiums) of the Ordinary Shares redeemed by the Company bears to the aggregate issue price (including any premiums) of the Ordinary Shares immediately prior to such redemption shall not
exceed the proportion that the aggregate Liquidation Preference of the Preferred Securities redeemed by the Company bears to the aggregate Liquidation Preference of the outstanding Preferred Securities immediately prior to such
redemption.

  

 22 

					
			
		 	 (g)
	  	A Suspension Notice delivered by MUFG shall state the applicable Mandatory Suspension Event or Optional Suspension Event and the reason for the suspension or reduction of dividends and, in
the case of an Insolvency Event described in clause (x) in the definition thereof, be accompanied by a report of one representative director of MUFG or MUFG’s auditors or liquidator confirming that the circumstance described in (x)(a) or (x)(b)
in the definition thereof exists, or would exist, as the case may be. If more than one Mandatory Suspension Event or Optional Suspension Event has occurred and is continuing, MUFG shall specify the event that contains the most restrictive dividend
payment terms in the corresponding Suspension Notice, and the Company shall pay no dividends or reduced dividends in accordance with that Suspension Notice.
			
		 	 (h)
	  	A Suspension Notice with respect to an Optional Suspension Event shall not be effective unless a valid notice or certificate limiting the payment of dividends by at least the same percentage
as those on the Preferred Securities has also been delivered by MUFG to all issuers of Parity Securities (if any); provided, however, that if the percentage of the limitation on the amount of dividend on the Preferred Securities becomes less than
the percentage of the limitation on the amount of dividend on any Parity Securities as a result of rounding the amount less than the minimum amount payable to such Parity Securities pursuant to the terms thereof, such percentages of the limitation
shall be deemed to be the same for the purpose of this Article.
			
		 	 (i)
	  	If MUFG makes a final and conclusive declaration to pay less than full dividends on its Senior Preferred Dividend Shares with respect to any fiscal year of MUFG (commencing with the financial
year ending on 31 March, 2006), then the aggregate amount of dividends that the Company may pay on the Preferred Securities on the Dividend Payment Dates that occur in July of the calendar year in which such fiscal year ends and the next succeeding
January shall (to the extent not limited or prohibited by the Distributable Profits Limitation and subject to the effect of any Mandatory Suspension Event, if, and to the extent, applicable) be equal to an amount that represents the same proportion
of full dividends on the Preferred Securities as the amount of dividends so declared on such Senior Preferred Dividend Shares with respect to such immediately preceding fiscal year bore to full dividends on such Senior Preferred Dividend Shares. For
this purpose, full dividends shall be treated as having been paid for a particular fiscal year even if no interim dividend is paid on such Senior Preferred Dividend Shares if a full dividend is paid after the end of the particular fiscal year of
MUFG. If MUFG makes a final and conclusive declaration not to pay dividends on its Senior Preferred Dividend Shares with respect to a fiscal year of MUFG, no dividends will be paid on the Preferred Securities on the Dividend Payment Dates that occur
in July of the calendar year in which such fiscal year ends and the next succeeding January. Such limitation or prohibition, as the case may be, on the payment of dividends is referred to as the “Dividend Limitation”. When
only

  

 23 

					
		 		  	partial dividends are paid on the Preferred Securities for any Dividend Period, dividends on the Preferred Securities shall be payable pro rata based upon the respective amounts that would
have been paid on the Preferred Securities had dividends been paid in full.
			
		 	 (j)
	  	On or before the fifth Business Day immediately preceding each Dividend Payment Date, MUFG will calculate the Available Distributable Profits (as defined below) and determine whether such
Available Distributable Profits are less than the aggregate amount of the dividends on the Preferred Securities to be paid on such Dividend Payment Date (a “Distributable Profits Limitation”). In the event that a
Distributable Profit Limitation applies, and MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately preceding such Dividend Payment Date, subject to the other limitations provided for in these Articles (if,
and to the extent, applicable), the Company will pay on such Dividend Payment Date dividends on the Preferred Securities in an amount equal to the Available Distributable Profits set forth in such Suspension Notice. If there are no Available
Distributable Profits with respect to a Dividend Payment Date, no payment of dividends on the Preferred Securities will be made on such Dividend Payment Date (as specified in the Suspension Notice).
			
		 		  	With respect to any Dividend Payment Date in July, the available distributable profits (the “Available Distributable Profits”) shall be the distributable profits (or
the distributable amounts under the Company Law on or after the effective date thereof) MUFG (as determined under applicable Japanese Law) as of the end of the most recently ended financial year of MUFG after deducting as of the date immediately
preceding such Dividend Payment Date (1) any dividends (other than interim dividends, if any) which have been declared, finally and conclusively, to be paid in relation to any class of preferred shares of MUFG in respect of such fiscal year and (2)
any dividends and other distributions which have been declared since the end of such fiscal year of MUFG in relation to Parity Securities; and
			
		 		  	With respect to any Dividend Payment Date in January, the Available Distributable Profits shall be the amount by which the Available Distributable Profits applicable to the immediately
preceding Dividend Payment Date in July exceeds the aggregate amount of (1) any dividends which have been declared to be paid in relation to the Preferred Securities on the immediately prior Dividend Payment Date in July and (2) (as of the date
immediately preceding such succeeding Dividend Payment Date in January) any dividends and other distributions declared in relation to Parity Securities which have been declared, on or after such prior Dividend Payment Date in July and notified by
MUFG to the Company on or before the fifth Business Day immediately preceding such succeeding Dividend Payment Date in January (the Distributable Profits Limitation shall be zero if there is no such excess amount).
			
		 		  	Notwithstanding the foregoing, the aggregate amount of (p) any dividends the Company otherwise must or may pay to the Preferred Securityholders on a

  

 24 

					
		 		 	Dividend Payment Date (in July or January) and (q) any dividends and other distributions on Parity Securities which must or may be paid on such date, exceeds the Available Distributable Profits
that would otherwise apply on such date, the applicable Available Distributable Profits shall be reduced to the portion thereof that is in the same proportion as the amount set forth in (p) above bears to the aggregate amount set forth in (p) and
(q) above.
			
		 		 	For the avoidance of doubt, for the purpose of the calculation of the Available Distributable Profits with respect to any Dividend Payment Date in July and January under this Article 13(j), any
date on which dividends and other distributions on Parity Securities must or may be paid, shall be deemed to be the same date as the applicable Dividend Payment Date in relation to the Preferred Securities, notwithstanding any discrepancies
resulting from the methods of determining business days in relation to Preferred Securities and Parity Securities.
			
		 	 (k)
	 	All payments made by the Company under, or with respect to, the Preferred Securities will be made free and clear of, and without withholding or deduction for or on account of, any Taxes, unless
the Company is required to withhold or deduct such Taxes by applicable law or by the official interpretation or administration thereof. If the Company is required to withhold or deduct any amount for or on account of certain Taxes imposed or levied
on behalf of any Taxing Jurisdiction, in relation to any payment made in respect of the Preferred Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount
received by each Preferred Securityholder (including Additional Amounts) after such withholding or deduction (including any withholding or deduction from such Additional Amounts) will not be less than the amount such Preferred Securityholder would
have received if such Taxes had not been required to be withheld or deducted, provided, however that the obligation to pay Additional Amounts does not apply to:
			
		 		 	 (i)      any Taxes that would not have been imposed but for the existence of any present or former connection
between the relevant Preferred Securityholder (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of power over, the relevant Preferred Securityholder, if the relevant Preferred Securityholder is an estate, nominee,
trust or corporation) and the Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Taxing Jurisdiction) other than by
mere ownership or holding of the Preferred Securities, enforcement of rights under the Preferred Securities or the Guarantee Agreement or under the receipt of payments in respect of the Preferred Securities or the Guarantee
Agreement;

			
		 		 	 (ii)     any estate, inheritance, gift, sales, transfer, personal property tax or similar tax, assessment, or
governmental charge;

  

 25 

					
		  		  	 (iii)    any Taxes payable otherwise than by withholding from payments of dividends and other amounts due on the
Preferred Securities or under the Guarantee Agreement;

			
		  		  	 (iv)    any Taxes that would not have been imposed if the Preferred Securityholder had made a declaration of non-residence
or any other claim or filing for exemption to which it is entitled (provided that (a) a declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption
from the requirement to deduct or withhold such Taxes and (b) at least 30 days prior to the first Dividend Payment Date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable
law of the Taxing Jurisdiction, the Preferred Securityholder at that time has been notified by MUFG, the Company or any other person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption is
required to be made;

			
		  		  	 (v)     any Taxes imposed as a result of the presentation of a certificate for the Preferred Security for payment
(where presentation is required) more than 30 days after the relevant payments is first made available to the Preferred Securityholder (except to the extent that the Preferred Securityholder would have been entitled to receive additional amounts had
the relevant certificate been presented on the last day of such 30-day period); or

			
		  		  	 (vi)    any combination of (i) through (vi) above.

			
		  		  	Additional Amounts will also not be payable where, had the beneficial owner of the Preferred Security been the Preferred Securityholder, it would not have been entitled to payment of Additional
Amounts by reason of (i) through (vi) above.
			
		  		  	The Company will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Taxing Jurisdiction in accordance with applicable law. The Company will
use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes deducted or withheld from each Taxing Jurisdiction imposing Taxes (each a “Certified Copy”) and will provide a
Certified Copy to each affected Preferred Securityholder. The Company will attach to each Certified Copy a certificate stating:
			
		  		  	 (i)     that the amount of withholding Taxes evidenced by the Certified Copy was paid in connection with payments in
respect of the Preferred Securities then outstanding;

			
		  		  	 (ii)    the amount of such withholding Taxes paid per relevant Preferred Security.

  

 26 

					
	 	  	 	  	Copies of the documentation referred to in (i) and (ii) above will be available at the office of the Paying Agent during
regular business hours for inspection upon request.
			
		  		  	At least 30 days prior to each date on which any payment under or with respect to the Preferred Securities is due and payable (unless an obligation to pay Additional Amounts arises shortly
before or after the 30th day prior to that date, in which case it will be promptly thereafter), if the Company will
be obligated to pay Additional Amounts with respect to that payment, the Company will deliver to the Paying Agent a certificate signed by a Director stating that those Additional Amounts will be payable, specifying the country, the amount to be
withheld or deducted and stating the Additional Amounts payable and will set forth any other information necessary to enable the Paying Agent to pay the Additional Amounts to Preferred Securityholders on the payment date. Each such certificate will
be relied upon until receipt of a further certificate addressing such matters.
			
		  		  	The Company will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies that arise in any jurisdiction from the execution,
delivery or registration of the Preferred Securities or any other document or instrument referred to in the Preferred Securities (other than a transfer of the Preferred Securities), or the receipt of payments with respect to the Preferred
Securities, excluding any taxes, charges or similar levies imposed by any jurisdiction that is not a Taxing Jurisdiction that has imposed or levied taxes resulting in the requirement to pay Additional Amounts.
			
		  		  	For the avoidance of doubt, references in these Articles to the payment of any dividend or Liquidation Preference with respect to the Preferred Securities will be deemed to include the payment
of Additional Amounts to the extent that, in the context of referring to those payments, Additional Amounts are, were or would be payable in respect of those payments.
			
		  	(l)	  	For the avoidance of doubt, where any payment is made to a Preferred Securityholder by MUFG pursuant to the Guarantee Agreement, to the extent of such payment by MUFG the Company shall have no
further obligations to that Preferred Securityholder pursuant to these Articles (whether in relation to dividends, redemption payments, liquidation payments or otherwise).
	  VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES

			
	 14.
	  	(a)	  	Except as provided in this Article 14 and Article 85(b), Preferred Securityholders will not be entitled to vote. In the event the Preferred Securityholders are entitled to vote on any matter,
each Preferred Securityholder will be entitled to vote in proportion to the Liquidation Preference represented by the Preferred Securities held by such Preferred Securityholder.

  

 27 

					
		 	 (b)
	  	If full dividends on the Preferred Securities shall not have been paid for two consecutive Dividend Periods or while a Bankruptcy Event continues, the Preferred Securityholders, by majority vote
of the votes cast on such matter (calculated by reference to Liquidation Preference) at a meeting properly called and held or by written instructions signed by the holders of a majority of such shares (calculated by reference to Liquidation
Preference), shall have the right to remove the Independent Director and to fill the vacancy created by such removal or any other vacancy existing in the office of the Independent Director.
			
		 	 (c)
	  	So long as any Preferred Securities are outstanding, the Company shall not: (i) amend, alter or repeal or otherwise change any provision of these Articles or the Memorandum of Association of the
Company if such amendment, alteration, repeal or change would materially and adversely affect the rights, preferences, powers or privileges of the Preferred Securities as determined by the Independent Director; or (ii) to the extent within its
control, merge, convert, consolidate, reorganise or effect any other business combination involving the Company, unless the resulting entity will thereafter have no class or series of equity securities either authorised or outstanding ranking senior
to the Preferred Securities as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up of the Company, except the same number of shares of such equity securities with the same preferences,
conversion or other rights, voting powers, restrictions, limitations as to the payment of dividends or other distributions, qualifications or terms or conditions or redemption as the equity securities of the Company that are authorised and
outstanding immediately prior to such transaction, and each Preferred Securityholder immediately prior to such transaction shall receive securities with the same preferences, conversion or other rights, voting powers, restrictions, limitations as to
the payment of dividends or other distributions, qualifications or terms or conditions or redemption of the resulting entity as the Preferred Securities held by such holder immediately prior thereto unless two-thirds (calculated by reference to
Liquidation Preference) of the Preferred Securityholders consent to such action.
			
		 	 (d)
	  	So long as any Preferred Securities are outstanding, the Company shall not, without the prior consent of each outstanding Preferred Securityholder (a) issue any (i) Senior Shares or (ii) any
class or series of equity securities that rank on a parity with the Preferred Securities as to (A) payment of dividends or (B) rights upon dissolution, liquidation or winding up of the Company or (b) alter, vary or abrogate the rights of holders of
Preferred Securities relating to the amount or due date of dividends, Liquidation Preference or Additional Amounts or the amount received upon redemption of Preferred Securities or the date of redemption including currency and place of
payment.
			
		 	 (e)
	  	The creation or issue of any additional Junior Shares, or an amendment to these Articles or the Memorandum of Association of the Company that increases the number of authorised Ordinary Shares
or any other Junior Shares shall not be deemed to be a material and adverse change requiring a vote, or consent, of the Preferred Securityholders.

  

 28 

					
		  	(f)	  	The Company may not (i) sell, assign or grant a participation or any other form of interest (whether by way of security or otherwise) in the BTMUPC2 Preferred Securities or (ii) as holder of the
BTMUPC2 Preferred Securities consent to any action by BTMUPC2 with respect to its interests in the senior loan agreement between it and the Bank under Article 14(f) of BTMUPC2’s Amended and Restated Articles of Association except upon the
affirmative vote of a majority of the entire Board and with the consent of at least two-thirds (calculated by reference to Liquidation Preference) of the Preferred Securityholders.
	  REDEMPTION AND PURCHASE OF PREFERRED SECURITIES
  

	 15.
	  	(a)	  	On any Dividend Payment Date (commencing in July 2016) the Preferred Securities may be redeemed for cash at the option of the Company, in whole or in part, on not less than 14 nor more than 60
days’ notice, at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not including)
the date fixed for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period. Any such redemption is subject to (i) compliance with applicable
regulatory requirements, including the prior approval of the FSA if then required and (ii) the prior approval of all of the Ordinary Shareholders. If dividends on any Preferred Securities are due and payable but not paid, no Preferred Securities
shall be redeemed unless all outstanding Preferred Securities are redeemed and the Company shall not purchase or otherwise acquire any Preferred Securities, provided, however, that the Company may purchase or acquire Preferred Securities pursuant to
a purchase or exchange offer made on the same terms to all outstanding Preferred Securityholders and approved by an Ordinary Resolution.
			
		  	(b)	  	In the event that fewer than all the outstanding Preferred Securities are to be redeemed, the number of Preferred Securities to be redeemed shall be determined by the Board, and the Preferred
Securities to be redeemed shall be determined by lot or pro rata as may be determined by the Board in its sole discretion to be equitable provided that for so long as the Preferred Securities are registered in the name of a Common Depositary
or a nominee therefor such method satisfies any applicable requirements of the Common Depositary, Euroclear and Clearstream or any successor clearing system or, as the case may be, the Registrar.
			
		  	(c)	  	The Company will also have the right at any time prior to the Dividend Payment Date in July 2016, upon the occurrence of a Tax Event, to redeem Preferred Securities, in whole (but not in part),
on not less than 14 nor more than 60 days’ notice, for cash at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued
on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such period. Any such redemption
shall be subject to applicable regulatory requirements, including the prior approval of the FSA if then required under applicable guidelines or policies of or supervised by the FSA.

  

 29 

					
		 	 (d)
	  	At any time a Special Event has occurred and is continuing, the Company will have the right to redeem the Preferred Securities, subject to compliance with applicable regulatory requirements,
including the prior approval of the FSA (if then required), in whole but not in part, on not less than 14, nor more than 60 days notice, at a redemption price equal to (A) in the case of redemption prior to 25 July 2016, the Make Whole Amount
or (B) in the case of a redemption on or after 25 July 2016, the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on
a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such period.
			
		 	 (e)
	  	Subject to the provisions of Article 15(f), the Company may make any payment in respect of redemption or purchase of any Preferred Securities in any manner authorised by, and subject to such
conditions prescribed by, the Statute, including out of capital, Share Premium Account and retained earnings.
			
		 	 (f)
	  	The Company may, subject to approval by Ordinary Resolution, purchase Preferred Securities in the market at negotiated prices provided that the Company may fund the purchase of Preferred
Securities only with funds legally available therefor. Any such purchase by the Company is subject to compliance with applicable regulatory requirements including the prior approval of the FSA if then required with respect to such purchase. Any
Preferred Securities so purchased shall be cancelled and may not be reissued or resold and the obligations of the Company in respect of such Preferred Securities shall be discharged.
			
		 	 (g)
	  	Any Preferred Securities redeemed by the Company will be automatically cancelled upon such redemption.
		
		 	  RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION

			
	 16.
	 	(a)	  	In the event of any voluntary or involuntary dissolution, liquidation, or winding up of the Company, after satisfaction of liabilities to creditors, if any, the Preferred Securityholders at the
time outstanding will be entitled to receive out of assets of the Company available for distribution to Members, before any distribution of assets is made to holders of any Junior Shares, liquidation distributions in respect of each Preferred
Security in the amount of the Liquidation Preference, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not
including) the date fixed by the Company for redemption, but without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period.

  

 30 

					
		 	 (b)
	  	After payment of the full amount of the liquidation distributions to which they are entitled, the Preferred Securityholders will have no right or claim to any of the remaining assets of the
Company. In the event that, upon any such voluntary or involuntary dissolution, liquidation or winding up, the available assets of the Company are insufficient to pay the amount of the liquidation distributions on all outstanding Preferred
Securities then the Preferred Securityholders shall share rateably in any such distribution of assets in proportion to the full Liquidation Preference to which they would otherwise be respectively entitled. Assets available for distribution would
include any amounts received by the Company from MUFG pursuant to the Guarantee Agreement.
	
	VARIATION OF SHARE CAPITAL
		
	 17.
	 	Subject to Article 14 and the other provisions of these Articles and in accordance with any applicable law, the Company may from time to time by Ordinary Resolution increase its
capital by such sum or sums to be divided into shares of such par value as the Ordinary Resolution shall prescribe. All new shares shall be subject to the provisions of the Articles with reference to payment of calls, lien, transfer, transmission,
forfeiture and otherwise.
		
	 18.
	 	Subject to the provisions of Sections 13 and 35 of the Statute, the Company may, save in respect of the Preferred Securities, by Special Resolution from time to time reduce its share
capital in any way and in particular without prejudice to the generality of the foregoing power may:
			
		 	 (a)
	  	 extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or

			
		 	 (b)
	  	 with or without extinguishing or reducing liability on any of its shares:

			
		 		  	 (i)     cancel any paid-up share capital which is lost or which is not represented by available assets;
or

			
		 		  	 (ii)    pay off any paid-up share capital which is in excess of the requirements of the Company,

		
		 	and may if and so far as is necessary alter its Memorandum of Association by reducing the amount of its share capital and of its shares accordingly.
		
	 19.
	 	The Company may, save in respect of the Preferred Securities but subject to Article 6 and Article 14, by Ordinary Resolution from time to time alter (but not reduce) any part of its
share capital by:
			
		 	 (a)
	  	consolidating and dividing all or any of its share capital into shares of larger amount than its existing shares;
			
		 	 (b)
	  	sub-dividing its shares or any of them into shares of smaller amount than that

  

 31 

					
			
		 		  	fixed by its Memorandum of Association so that in the sub-division the proportion between the amount paid and the amount if any unpaid on each reduced share shall be the same as it was in the
case of the share from which the reduced share is derived; or
			
		 	 (c)
	  	cancelling any shares which at the date of the passing of the Ordinary Resolution in that behalf have not been taken or agreed to be taken by any person and diminishing the amount of its share
capital by the amount of the shares so cancelled.
	
	  TRANSFER OF SHARES

		
	 20.
	 	Subject to the provisions of these Articles, shares in the Company shall be transferable by a transfer in any usual or common form in use in the Cayman Islands or in such other form
as the Directors shall from time to time sanction or allow but so that every form of transfer shall relate to shares of one class only and shall state the full name and address of the transferor and the transferee or transferees and, if more than
one such transferee, the number of shares respectively being transferred to each of them.
		
	 21.
	 	No transfer of Ordinary Shares may be effected:
			
		 	 (a)
	  	otherwise than in accordance with Article 9 and in respect of all Ordinary Shares then in issue;
			
		 	 (b)
	  	without the prior written consent of the Directors; and
			
		 	 (c)
	  	unless the proposed transferee shall have given a declaration as to such matters in such form as the Directors may require (including, but without limiting the foregoing, as to residence for tax
purposes),
		
		 	and in any event the Directors may in their absolute discretion refuse to register any such transfer without assigning any reason therefor.
		
	 22.
	 	The Directors may decline to register any transfer of any shares of the Company unless:
			
		 	 (a)
	  	the instrument of transfer is deposited at the Office, the office of the Registrar or such other place as the Directors may reasonably require, accompanied by the certificate in respect of the
shares (if any) to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer; and
			
		 	 (b)
	  	the instrument of transfer relates to shares of one class only.
		
	 23.
	 	Provided that the Company shall not be required to register or cause to be registered a transfer of any preference share after such preference share has been called for redemption,
the Directors shall forthwith register a transfer of fully paid preference shares effected in accordance with Article 22 subject only to the provisions of Article 31.

  

 32 

	24.	The Directors may decline to register any transfer of preference share on which the Company has a lien. 

  

	25.	If the Directors decline to register a transfer of any shares they shall within two months after the date on which the transfer was lodged with the Company send to the transferee
notice of refusal. 

  

	26.	The registration of transfers of shares (not being fully paid preference shares) may be suspended at such times and for such periods as the Directors may from time to time determine
PROVIDED ALWAYS that such registration shall not be suspended for more than thirty days in any year. 

  

	27.	All instruments of transfer which shall be registered shall be retained by the Company but any instrument of transfer which the Directors may decline to register shall (except in
any case of fraud) be returned to the person depositing the same. 

  

	28.	Instruments of transfer shall be signed by the transferor (and in the case of partly paid shares by the transferee) and shall be dated the day on which they are signed.

  

	29.	The transferor of any shares shall be deemed to remain the holder of such shares until the same have been transferred to the transferee in the Register. 

  

	30.	The Directors may delegate any of their functions and responsibilities under Articles 20-28 above to any person appointed by them to act as Registrar. 

 TRANSMISSION OF SHARES 
  

	31.	In the case of the death of a Member the survivor or survivors (where the deceased was a joint holder) and the personal representatives of the deceased (where he was the sole
holder) shall be the only person recognised by the Company as having any title to his interest in the shares but nothing herein contained shall release the estate of the deceased holder whether sole or joint from any liability in respect of any
amount of shares solely or jointly held by him. 

  

	32.	Any guardian of an infant Member or of a Member under legal disability and any person entitled to any amount of shares in consequence of the death or insolvency of a Member may upon
such evidence being produced as may from time to time properly be required by the Directors and subject as hereinafter provided elect either to be registered himself as holder of the shares or to have some person nominated by him registered as the
transferee thereof but the Directors shall in either case have the same right to decline or suspend registration as they would have had in the case of transfer of the shares by that Member before his death or insolvency (as the case may be).

  

 33 

	33.	If the person so becoming entitled in consequence of the death or insolvency of any Member shall elect to be registered himself he shall deliver or send to the Company a notice in
writing signed by him stating that he so elects. If he shall elect to have another person registered he shall testify his election by executing to that person a transfer of the shares. All the limitations, restrictions and provisions of these
regulations relating to the right to transfer and the registration of transfer of shares shall be applicable to any such notice of transfer as aforesaid as if the death or insolvency of the Member had not occurred and the notice of transfer were a
transfer signed by that Member. 

  

	34.	A person becoming entitled to any amount of shares by reason of the death or insolvency of the holder shall be entitled to the same dividends and other advantages to which he would
be entitled if he were the registered holder of the shares except that he shall not before being registered as a Member in respect of the shares be entitled in respect of them to exercise any right conferred by membership in relation to meetings of
the Company PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the shares and if the notice is not complied with within ninety days the Directors may
thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the shares until the requirements of the notice have been complied with. 

 REGISTER OF MEMBERS 
  

	35.	The Directors shall keep the Register or cause the Register to be kept by the Registrar at such place as they shall from time to time determine in the manner set forth in Article 36
but in all cases outside the United Kingdom. 

  

	36.	The Register may be kept on magnetic tape or in accordance with some other mechanical or electrical system provided legible evidence can be produced therefrom to satisfy the
requirements of the Statute and of these Articles. 

  

	37.	The Directors shall cause to be entered in the Register the following particulars: 

  

	 	(a)	the name and address of each Member, a statement of the amount of relevant shares of each class held by him and of the amount paid or agreed to be considered as paid on such shares;

  

	 	(b)	the date on which each person was entered in the Register as a Member holding the relevant shares; and 

  

	 	(c)	the date on which any person ceased to be a Member holding the relevant shares. 

  

	38.	The Register shall be kept in such manner as to show at all times the Members of the Company for the time being and the shares respectively held by them. 

 

	39.	The Register shall be open to inspection at all reasonable times during office hours. 

  

	40.	Title to shares shall pass by registration in the Register. 

  

 34 

	41.	Upon the redemption or purchase of any shares being effected pursuant to these Articles the relevant Member shall cease to be entitled to any rights in respect thereof (excepting
always the right to receive the Redemption Price and/or any other amount to which he is entitled in respect of such redemption or purchase) and accordingly his name shall be removed from the Register with respect thereto, the relevant shares treated
as cancelled and treated as unissued, and as a consequence thereof such cancelled shares shall be available for re-issue as shares of the relevant class and until re-issue shall form part of the authorised but unissued share capital of the Company.

 SHARE CERTIFICATES 
  

	42.	The Directors may determine to issue a share certificate to any person whose name is entered as a Member in the Register in respect of the shares of each class held by him.

  

	43.	Subject to the provisions of Article 42 where a Member has transferred part of the shares comprised in his holding (to the extent permitted) he shall be entitled to a certificate
for the balance without charge. 

  

	44.	Each share certificate to be issued by the Company with respect to any share shall be in such form as the Directors may determine and shall specify the amount and class and
distinguishing number (if any) of the shares to which it relates and shall be issued under the Seal or any facsimile Seal of the Company and/or the manual or facsimile signature of any person authorised by the Directors. 

  

	45.	If a share certificate evidencing shares shall be mutilated, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity as the Directors think fit. In
case of loss or destruction the Member to whom such renewed certificate is given shall also bear and pay to the Company and, if applicable, the Registrar all expenses incidental to the investigation by the Company of the evidence of such loss or
destruction and to such indemnity. 

 JOINT HOLDERS OF SHARES 
  

	46.	Where two or more persons are registered as the holders of any shares they shall be deemed to hold the same as joint tenants, subject to the provisions following:

  

	 	(a)	the Company shall not be bound to register more than four persons as the joint holders; 

  

	 	(b)	any one of such joint holders may give effectual written instructions for redemption; 

  

	 	(c)	any one of such joint holders may give effectual receipts for any dividend, bonus or return of capital payable to such joint holders; 

  

 35 

	 	(d)	any certificate relating to such share shall be delivered to the address of the first-named of the joint holders as appearing in the Register, and notices from the Company of
General Meetings of the Company at which they are entitled to attend and vote, or any class meeting of Members of the Company at which they are entitled to attend and vote, shall be delivered to such address of such first named joint holder;

  

	 	(e)	the vote of the first-named of joint holders who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders; and

  

	 	(f)	for the purpose of the provisions of this Article the first-named shall be determined by the order in which the names of the joint holders stand in the Register.

 LIEN 
  

	47.	The Company shall have a first and paramount lien and charge on all the shares (not being fully paid shares) registered in the name of a Member (whether solely or jointly with
others) for his debts, liabilities and engagements (either alone or jointly with any other person and whether a Member or not) to or with the Company whether the period for payment or discharge thereof shall have actually arrived or not. Such lien
shall extend to all dividends from time to time declared in respect of such shares. 

  

	48.	Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company’s lien (if any) on such shares. 

  

	49.	For the purpose of enforcing such lien the Company may sell (in such manner as the Directors think fit) any shares on which the Company has a lien but no sale shall be made unless
some sum in respect of which the lien exists is presently payable nor until the expiration of fourteen days after the notice in writing stating and demanding payment of the sum presently payable and giving notice of intention to sell in default
shall have been served on the holder for the time being of the shares or the person entitled by reason of his death or bankruptcy to the shares. For the purposes of giving effect to any such sale the Directors may authorise some person to transfer
to the purchaser thereof the shares so sold. 

  

	50.	The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debt or liability in respect whereof the lien
exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the time of the
sale. The purchaser shall be so registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the
proceedings in reference to the sale. 

  

 36 

	51.	The Directors may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the amount of the shares or by way of premium)
PROVIDED THAT (except as otherwise fixed by the conditions of application or allotment) no call on any share shall be payable at less than fourteen days from the date fixed for the payment of the last preceding call and each Member shall (subject to
being given at least fourteen days’ notice specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on his shares. A call may be made payable by instalments. A call may
be revoked or postponed as the Directors may determine. 

  

	52.	A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed. 

  

	53.	The joint holders of a share shall be jointly and severally liable to pay all calls and other moneys due in respect thereof. 

  

	54.	If a sum called in respect of a share is not paid before or on the day appointed for payment thereof the person from whom the sum is due shall pay interest on the sum from the day
appointed for payment thereof to the time of actual payment at such rate as the Directors may determine but the Directors shall be at liberty to waive payment of such interest wholly or in part. 

  

	55.	Any sum which by the terms of issue of a share becomes payable upon allotment or at any fixed date whether on account of the share or by way of premium shall for all the purposes of
these Articles be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable and in the case of non-payment all the relevant provisions of these Articles as to payment of interest, forfeiture or
otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified. 

  

	56.	The Directors may make arrangements on the issue of shares for a difference between the holders in the amount of calls to be paid and/or in the times of payment.

  

	57.	The Directors may if they think fit receive from any Member willing to advance the same all or any part of the money uncalled and unpaid upon the shares held by him beyond the sums
actually called up thereon as a payment in advance of calls and such payment in advance of calls shall extinguish so far as the same shall extend the liability upon the shares in respect of which it is advanced and upon the money so received or so
much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which it has been received the Company may (until the same would but for such advance become presently payable) pay interest at such rate as
the Directors shall think fit PROVIDED THAT any amount paid up in advance of calls shall not entitle the holder of the shares upon which such amount is paid to participate in respect thereof in any dividend until the same would but for such advance
become payable. 

  

 37 

 FORFEITURE OF SHARES 
  

	58.	If a Member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Directors may at any time thereafter during such time as any part of such
call or instalment remains unpaid serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any accrued interest and any costs, charges and expenses incurred by the Company by reason of such non-payment.
The notice shall name a further day (not earlier than fourteen days from the date of serving thereof) on or before which and the place where the payment required by notice is to be made and shall state that in the event of non-payment at or before
the time and the place appointed the shares on which the call was made will be liable to be forfeited. 

  

	59.	If the requirements of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time thereafter before payment of all
calls, instalments, interest, costs, charges and expenses due in respect thereof has been made be forfeited by a resolution of the Directors to that effect and such forfeiture shall include all dividends which shall have been declared on the
forfeited share and not actually paid before forfeiture. 

  

	60.	A forfeited share shall become the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person who was before forfeiture the holder thereof or
entitled thereto or to any other person upon such terms and in such manner as the Directors shall think fit and whether with or without all or any part of the amount previously paid up on the share or credited as so paid up and at any time before a
sale, re-allotment or disposition for forfeiture may be cancelled on such terms as the Directors think fit. The Directors may if necessary authorise some person to transfer a forfeited share to any other person as aforesaid.

  

	61.	A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but shall notwithstanding the forfeiture remain liable to pay to the Company
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares with interest thereon from the date of forfeiture until payment at such rate as the Directors may determine and the Directors may
enforce payment without any allowance for the value of the shares at the time of forfeiture. 

  

	62.	A record in the minute book of the Company that a share has been duly forfeited in pursuance of these Articles and stating the time when it was forfeited shall be conclusive
evidence of the facts therein stated as against all persons claiming to be entitled to the share and such record and the receipt of the Company for the consideration (if any) given for the share on a sale, re-allotment or disposal thereof together
with the certificate for the share delivered to the purchaser or allottee thereof shall (subject to the execution of a transfer if the same be so required) constitute a good title to the share. 

  

	63.	The person to whom the share is sold, re-allotted or disposed of in accordance with the immediately preceding Article shall be registered as the holder of the share and not be bound
to see to the application of the consideration (if any) nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale, re-allotment or disposal of the share.

  

 38 

	64.	The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sums which by the terms of issue of a share become payable at a fixed time whether on
account of the amount of the share or by way of premium as if the same had been payable by virtue of a call duly made and notified. 

 GENERAL MEETINGS 
  

	65.	Subject as hereinafter provided, General Meetings shall be held at such time and place as may be determined by the Directors. 

  

	66.	All General Meetings (other than those designated Annual General Meetings by the notice thereof) shall be called Extraordinary General Meetings. 

  

			
	 67.
	  	 (a)     The Directors may whenever they think fit proceed to convene a General Meeting of the
Company.

		
		  	 (b)     The Directors may whenever they think fit, and they shall on the requisition of the holders of not less
than one-tenth of the paid-up shares entitled to attend and vote thereat, convene an Extraordinary General Meeting.

		
		  	 (c)     The requisition must state the objects of the meeting and must be signed by the requisitionists and
deposited at the Office and may consist of several documents in like form each signed by one or more requisitionists.

		
		  	 (d)     If the Directors do not within twenty-one days from the date of the deposit of the requisition duly
proceed to convene an Extraordinary General Meeting, the requisitionists or any of them representing more than one-half of the total voting rights of all of them, may themselves convene an Extraordinary General Meeting, but any meeting so convened
shall not be held after the expiration of three months after the expiration of the said twenty-one days.

 NOTICE OF GENERAL MEETINGS 
  

	68.	Twenty-eight clear days’ notice at least specifying the place, the day and the hour of the meeting and in the case of special business the general nature of such business (and
in the case of an Annual General Meeting, specifying the meeting as such) shall be given in the manner hereinafter mentioned to the Ordinary Shareholders. The Auditors shall be entitled to attend and speak at any General Meetings of the Company.

  

	69.	In every notice calling a meeting of the Company or of any class of Members of the Company there shall appear with reasonable prominence a statement that a Member entitled to attend
and vote is entitled to appoint one or more proxies to attend and vote instead of him and that a proxy need not also be a Member. 

  

 39 

	70.	The accidental omission to give notice to or the non-receipt of notice by any person entitled to receive notice shall not invalidate the proceedings at any General Meeting or any
meeting of a class of Members. 

  

	71.	A General Meeting shall notwithstanding that it is called by shorter notice than that specified in Article 68 be deemed to have been duly called with regard to the length of notice
if it is agreed: 

  

	 	(a)	in the case of a meeting called as the Annual General Meeting, by all the Members entitled to attend and vote thereat; and 

  

	 	(b)	in the case of any other meeting, including an Extraordinary General Meeting, by a majority in number of the Members having the right to attend and vote at the meeting being a
majority together holding not less than 95% in par value of the shares in the Company giving that right. 

 PROCEEDINGS AT
GENERAL MEETINGS 
  

	

			
	 72.
	  	 (a)    All business shall be deemed special that is transacted at an Extraordinary General Meeting and also all
business that is transacted at an Annual General Meeting with the exception of the consideration of the accounts and balance sheet and the reports of the Directors and Auditors, the election of Directors and Auditors in place of those retiring and
the appointment and the fixing of the remuneration of the Directors and the Auditors.

		
		  	 (b)    A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by all Members (or
their duly authorised representatives) for the time being entitled to receive notice of and attend and vote at general meetings (or a general meeting at which the relevant resolution might have been considered) shall be as valid and effective as if
the same had been adopted at a general meeting of the Company duly convened and held. For the avoidance of doubt, where the votes of the Preferred Securityholders are required pursuant to these Articles, a resolution in writing signed by all such
Preferred Securityholders (or in the case of Article 14(b), signed by the holders of such majority of shares as specified therein) shall be as valid and effective as if the same had been held at a general meeting of the Company duly convened and
held.

  

	73.	No business shall be transacted at any General Meeting or a meeting of any class of Members except the adjournment thereof unless a quorum is present. A quorum shall be one Member
entitled to attend and vote thereat present in person or by proxy. 

  

	74.	Subject as set out below, if within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened on the requisition of or by Members, shall
be dissolved. In any other case it shall stand adjourned to the same day in the next week at the same time and place or to such other day and at such other time and place as the Directors may determine. 

  

 40 

	75.	The Chairman (if any) or, if absent, the Deputy Chairman (if any) of the Board of Directors or failing him some other Director nominated by the Directors shall preside as Chairman
at every General Meeting of the Company but if at any meeting neither the Chairman nor the Deputy Chairman nor such other Director is present within fifteen minutes after the time appointed for holding the meeting or if none of them is willing to
act as Chairman, the Directors present shall choose some Director present to be Chairman or, if no Directors are present, or if all the Directors present decline to take the chair, the Members (or their proxies) present shall choose some Member (or
proxy) present to be Chairman. 

  

	76.	The Chairman with the consent of any meeting at which a quorum is present may (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place
but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for fourteen days or more, seven clear
days’ notice at the least specifying the place, the day and the hour of the adjourned meeting shall be given as in the case of the original meeting but it shall not be necessary to specify in such notice the nature of the business to be
transacted at the adjourned meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. 

  

	77.	At any General Meeting or meeting of a class of Members a resolution put to the vote of the meeting shall be decided on a show of hands unless before or upon the declaration of the
result of the show of hands a poll is demanded by the Chairman or by a Member or Members representing not less than one-fifth of the total voting rights of all the Members having the right to vote at the meeting or by a Member or Members holding
shares on which an aggregate sum has been paid up equal to not less than one-fifth of the total sum paid up on all the shares conferring that right. Unless a poll is so demanded, a declaration by the Chairman that a resolution has been carried or
carried unanimously or by a particular majority or lost or not carried by a particular majority and an entry to that effect in the book containing the minutes of the proceedings of the Company shall be conclusive evidence of the fact without proof
of the number or proportion of the votes recorded in favour of or against such resolution. 

  

	78.	If a poll is duly demanded it shall be taken in such a manner and at such place as the Chairman may direct (including the use of ballot or voting papers or tickets) and the result
of a poll shall be deemed to be a resolution of the meeting at which the poll was demanded. 

  

	79.	The Chairman may in the event of a poll appoint scrutineers and may adjourn the meeting to some place and time fixed by him for the purpose of declaring the result of the poll.

  

	80.	A poll demanded on the election of a Chairman and a poll demanded on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such
time and place as the Chairman directs not being more than thirty days from the day of the meeting or adjourned meeting at which the poll was demanded. 

  

 41 

	81.	The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded.

  

	82.	A demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately. 

  

	83.	In the case of an equality of votes whether on a show of hands or on a poll the Chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall
be entitled to a second or casting vote. 

  

	84.	Minutes of all resolutions and proceedings of General Meetings or meeting of a class of Members shall be duly and regularly entered in a book provided. 

 VOTES OF MEMBERS 
  

					
	 85.
	  	(a)	  	Subject to the provisions of Article 14 and Article 85(b), only the Ordinary Shares shall carry the right to attend and vote at General Meetings of the Company and to due notice thereof. At such
meetings, each Ordinary Shareholder shall have one vote for each Ordinary Share registered in his name.
			
		  	(b)	  	Both Ordinary Shares and preference shares shall carry the right to attend and vote at General Meetings (Annual or Extraordinary) of the Company at which a Special Resolution to wind up the
Company is to be proposed and to due notice thereof. At any such meetings the Ordinary Shareholders and the preference shareholders shall, respectively, be able to cast 34 votes and 66 votes, such votes being divided equally between the Ordinary
Shares and the preference shares (according to liquidation preference), as the case may be, then in issue.

  

	86.	In the case of joint holders of a share, the vote of the first-named who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other
joint holders and for this purpose “first-named” shall be determined by the order in which the names stand in the Register in respect of the shares. 

  

	87.	A Member who has appointed special and general attorneys or a Member to whom a guardian has been appointed or a Member of unsound mind in respect of whom an order has been made by
any court having jurisdiction in lunacy may vote whether on a show of hands or on a poll by his said attorney or guardian appointed by such court and such attorney or guardian may on a poll vote by proxy PROVIDED THAT such evidence as the Directors
may require of the authority of the person claiming to vote shall have been deposited at the Office (or such other place as the Directors may from time to time prescribe) not less than forty-eight hours before the time of holding the meeting or
adjourned meeting at which such person claims to vote. 

  

	88.	Unless the Directors otherwise determine, no Member shall be entitled to vote at any General Meeting or meeting of a class of Members of the Company either personally or

  

 42 

 by proxy or exercise any privileges as a Member unless all calls or other sums presently payable by him
in respect of shares in the Company of which he is the holder or one of the joint holders have been paid. 
  

	89.	No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered and every vote not
disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairman of the meeting whose decision shall be final and conclusive. 

  

	90.	On a poll votes may be given either personally or by proxy and a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the
same way. 

  

	91.	The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or if the appointor is a corporation either under
its common seal or under the hand of an officer or attorney so authorised. 

  

	92.	Any person (whether a Member of the Company or not) may be appointed to act as proxy. A Member may appoint more than one proxy to attend on the same occasion.

  

	93.	The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority shall be
deposited at the Office or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company not less than forty-eight hours before the time appointed for holding the meeting at which
the person named in the instrument proposes to vote and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of
its execution except at any adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date. 

  

	94.	An instrument of proxy shall be in the following form or such other form as the Directors may approve: 

 “MUFG CAPITAL FINANCE 2 LIMITED 
 FORM OF PROXY 
 I/WE
                                        
             of                      being a Member/Members of the above named Company
hereby appoint of or failing him of as my/our proxy to vote for me/us on my/our behalf at the [Annual/Extraordinary General Meeting/class meeting of [describe class] of Members] of the Company to be held on the day of
                         and any adjournment thereof 
  

 43 

 Signed this              day of
                     20[    ] 
 This form is to be used * to vote [[            ] [describe class] Shares in favour] [and]
[[            ] [describe class] Shares against ]* the Resolution. Unless otherwise instructed the proxy will vote or abstain from voting as he thinks fit. 

	*	Complete as appropriate” 

  

	95.	A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of
proxy or of the authority under which the instrument of proxy was executed or the transfer of the share in respect of which the instrument of proxy is given PROVIDED THAT no intimation in writing of such death, insanity, revocation or transfer shall
have been received by the Company at the Office (or the venue for the meeting or adjourned meeting) before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used. 

  

	96.	Any corporation which is a Member of the Company may by resolution of its directors or other governing body or officers authorised by such body authorise such person as it thinks
fit to act as its representative at any meeting of any class of Members of the Company and the person so authorised shall be entitled to exercise the same power on behalf of the corporation which he represents as that corporation could exercise if
it were an individual Member of the Company. 

 DIRECTORS 
  

	97.	The number of Directors shall not be less than two or more than four. The Independent Director shall be such Director qualified to act as such as the Board shall from time to time
designate subject to the provisions of Article 14(b). Directors shall hold office until they resign or are disqualified in accordance with Article 106 or, in the case of the Independent Director, replaced in accordance with the provisions of Article
14(b). The Company may at any time, and shall at all times when any Preferred Securities are in issue, have one (and only one) Independent Director. 

  

	98	Subject to the provisions of Article 97 the Directors shall have power at any time and from time to time to appoint any person to be a Director either to fill a casual vacancy or as
an addition to the existing Directors. Any Director so appointed shall hold office only until the next following Annual General Meeting and shall then be eligible for re-election. 

  

					
	 99.
	  	(a)	  	The Directors shall be entitled to such remuneration as may be voted to them by the Company in General Meeting. Such remuneration shall be deemed to accrue from day to day. The Directors may
also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or General Meetings of the Company or in connection with the business of the
Company.

  

 44 

					
		 	 (b)
	  	The Directors may grant special remuneration to any Director who, being called upon, shall be willing to render any special or extra services to the Company. Such special remuneration may be
made payable to such Director in addition to or in substitution for his ordinary remuneration as a Director, and may be made payable by a lump sum or by way of salary or commission or by any or all of those modes or otherwise.

  

	100.	A Director need not be a Member of the Company. 

 ALTERNATE DIRECTORS 
  

	101.	Each Director shall have the power to nominate another Director or any other person to act as an alternate Director in his place at any meeting of the Directors at which he is
unable to be present and at his discretion to remove such alternate Director and on such appointment being made the alternate Director shall (except as regards the power to appoint an alternate Director) be subject in all respects to the terms and
conditions existing with reference to the other Directors of the Company and each alternate Director whilst acting in the place of an absent Director shall exercise and discharge all the functions powers and duties of the Director he represents.

  

	102.	Any Director of the Company who is appointed as alternate Director shall be entitled at a Meeting of the Directors to cast a vote on behalf of his appointor in addition to the vote
to which he is entitled in his own capacity as a Director of the Company and for quorum purposes shall count as a separate and additional director present but not so that less than two individuals shall be capable of constituting a quorum.

  

	103.	Any person appointed as an alternate Director shall vacate such office as such alternate Director if and when the Director for whom he has been appointed vacates his office as
Director. 

  

	104.	The remuneration of such an alternate Director shall be payable out of the remuneration payable to the Director appointing him and the proportion thereof shall be agreed between
them. 

  

					
	 105.
	  	(a)	  	Every instrument appointing an alternate Director shall as nearly as circumstances will admit be in the following form:

 “MUFG CAPITAL FINANCE 2 LIMITED 
 I
                                        
                     a Director of the above named Company in pursuance of the power in that behalf contained in the Articles of Association of the
Company do hereby nominate and appoint                              of
                                         to act
as alternate Director in my place at any meeting of the Directors which I am unable to attend and to exercise all my duties as a Director of the Company. 
  

 45 

 Signed this              day of
                    , 20[    ] .” 
  

	 	(b)	The appointment of an alternate Director and any revocation thereof shall take effect when lodged at the Office. 

 DISQUALIFICATION AND RETIREMENT OF DIRECTORS 
  

	106.	The office of a Director shall be vacated in any of the following events namely if: 

  

	 	(a)	he resigns his office by notice in writing signed by him and left at the Office; 

  

	 	(b)	he becomes bankrupt or makes any arrangements or composition with his creditors generally; 

  

	 	(c)	he becomes of unsound mind; 

  

	 	(d)	he is absent from Meetings of the Directors for four successive Meetings without leave expressed by a resolution of the Board and the Directors resolve that his office be vacated;
or 

  

	 	(e)	in the case of an Independent Director, he is removed by the Preferred Securityholders in accordance with Article 14(b). 

  

	107.	The Directors holding office at the date of the adoption of these Articles shall continue to hold office subject to Article 106. 

  

	108.	Not less than four nor more than twenty-eight clear days notice in writing shall be given to the Company of the intention of any Member to propose any person other than a retiring
Director for election to the office of Director and by such person of his or her willingness so to be elected, PROVIDED ALWAYS THAT if the Members present at a General Meeting unanimously consent the Chairman of such meeting may waive the said
notice to propose any person for election and submit to the meeting the name of any person so nominated and PROVIDED FURTHER THAT such person indicates either at the meeting or beforehand his willingness to be elected. 

 TRANSACTIONS WITH DIRECTORS 
  

	109.	A Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director or such terms as to tenure of
office or otherwise as the Directors may determine. 

  

					
	 110.
	  	(a)	  	Save as otherwise provided in this Article 110, any Director shall be entitled to vote (and be counted in the quorum at any relevant meeting) in respect of any

  

 46 

					
			
		  		  	matter contemplated by the Memorandum of Association or in respect of any contract or transaction in which he is interested provided that the nature of such interest shall be disclosed by him at
or prior to its consideration and any vote thereon.
			
		  	 (b)
	  	Save as herein provided, a Director shall not be entitled to vote (nor be counted in the quorum) in respect of any resolution concerning any of the following matters namely:
			
		  		  	 (i)      The giving of any security or indemnity to a third party in respect of a debt or obligation of the
Company or any of its subsidiaries for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by giving of security.

			
		  		  	 (ii)     Any proposal concerning an offer of shares or debentures or other securities of or by the Company or any of
its subsidiaries for subscription or purchase in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof.

			
		  		  	 (iii)   Any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer
or shareholder or otherwise howsoever, PROVIDED THAT he is the holder of or beneficially interested in l per cent. or more of any class of the equity share capital of such company (or of any third company through which his interest is derived) or of
the voting rights available to members of the relevant company (any such interest being deemed for the purpose of this Article to be a material interest in all circumstances).

			
		  		  	 (iv)    The giving of any security or indemnity to such Director in accordance with Article 153.

			
		  		  	 (v)     Any proposal concerning the adoption, modification or operation of a superannuation fund or retirement
benefits scheme under which he may benefit and which has been approved by or is subject to and conditional upon approval by any relevant taxing authority.

			
		  	 (c)
	  	Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company or
any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such cases each of the Directors concerned (if not debarred from voting under the proviso to paragraph (b)
(iii) of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment.

  

 47 

					
		  	(d)	  	If any question shall arise at any meeting as to the materiality of a Director’s interest or as to the entitlement of any Director to vote and such question is not resolved by his
voluntarily agreeing to abstain from voting, such question shall be referred to the Chairman of the meeting and his ruling in relation to any other Director shall be final and conclusive except in a case where the nature or extent of the interests
of the Director concerned have not been fairly disclosed.
		
	111.	  	The Company may by Ordinary Resolution suspend or relax the provisions of Article 110 to any extent or ratify any transaction not duly authorised by reason of a contravention of the
preceding Article.
		
	112.	  	Any Director may act by himself or his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were
not a Director PROVIDED THAT nothing herein contained shall authorise a Director or his firm to act as Auditor to the Company.
			
	 113.
	  	(a)	  	Any Director may continue to be or become a director, manager or other officer or member of any company in which the Company may be interested or with which it may transact and (unless otherwise
agreed) no such Director shall be accountable for any remuneration or other benefits received by him as a director, managing director, manager or other officer or member of any such other company.
			
		  	(b)	  	Subject to Article 110, the Directors may exercise the voting power conferred by the shares in any other company held or owned by the Company or exercisable by them as directors of such other
company in such manner in all respects as they think fit (including the exercise thereof in favour of any resolution appointing themselves or any of them directors, managing directors, managers or other officers of such company or voting or
providing for the payment of remuneration to the directors, managing directors, managers or other officers of such company).
	
	  POWERS OF DIRECTORS

			
	 114.
	  	(a)	  	Subject to the provisions below relating to the Independent Director, the business of the Company shall be managed by the Directors who may exercise all powers of the Company as are not by the
Statute or by these Articles required to be exercised by the Company in General Meeting, subject nevertheless to any regulations of these Articles, to the provisions of the Statute and to such regulations being not inconsistent with the aforesaid
regulations or provisions as may be prescribed by the Company in General Meeting but no regulations made by the Company in General Meeting shall invalidate any prior act of the Directors which would have been valid if such regulations had not been
made. Subject as aforesaid, the general powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by any other Article.

  

 48 

					
		  	 (b)
	  	Notwithstanding the provisions of Article 114(a), the Board shall not have the power to authorise and shall not cause or permit the Company to take any of the following actions on behalf of
the Company without the prior Consent of the Independent Director and the approval of a majority of the Board:
			
		  		  	 (i)      the issue of any class or series of equity securities other than Ordinary Shares, other Junior Shares
or such shares as shall be approved by each Preferred Securityholder pursuant to Article 11;

			
		  		  	 (ii)    the establishment, amendment or modification of the Investment Policies;

			
		  		  	 (iii)   redemption or repurchase of any Junior Shares (except for the pro rata redemption of Ordinary Shares on any
Redemption Date, as referred to in Article 13(f));

			
		  		  	 (iv)    the conversion of the Company into another type of entity or the consolidation or merger of the Company with or
into any other entity, the consolidation or merger of any other entity with or into the Company or the sale of all or substantially all of the assets of the Company; and

			
		  		  	 (v)     appointment or designation of the Common Depositary.

			
		  	 (c)
	  	Notwithstanding anything in these Articles to the contrary, the Independent Director, acting alone and without the vote or consent of the other members of the Board, has the right on behalf of
the Company to enforce the Guarantee Agreement in accordance with its terms.
		
	 115.
	  	The Directors may from time to time and at any time by power of attorney under the Seal appoint any company, firm or person or any fluctuating body of persons whether nominated
directly or indirectly by the Directors to be the attorney or attorneys of the Company for such purposes and with such powers authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for
such period and subject to such conditions as they may think fit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit and may also
authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him.
		
	 116.
	  	All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for moneys paid to the Company shall be signed, drawn,
accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall from time to time by resolution determine.
	
	PROCEEDINGS OF DIRECTORS
		
	 117.
	  	The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall
be

  

 49 

 determined by a majority of votes. In case of an equality of votes the Chairman shall have a second or
casting vote. A Director may and the Secretary on the requisition of a Director shall at any time summon a meeting of the Directors. 
  

	118.	The quorum necessary for the transaction of business of the Directors may be fixed by the Directors, and unless so fixed at any other number, shall be two. For the purposes of this
Article an Alternate Director shall be counted in a quorum at a meeting at which the Director appointing him is not present. 

  

	119.	The continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number but if and so long as the number of Directors is reduced below the
minimum number fixed by or in accordance with these Articles, the continuing Directors or Director may act for the purpose of filling up vacancies in their number or of summoning General Meetings of the Company, but not for any other purpose. If
there be no Directors or Director able or willing to act, then any Member having the right to attend and vote at General Meetings may summon a General Meeting for the purpose of appointing Directors. 

  

	120.	The Directors may from time to time elect and remove a Chairman and if they think fit a Deputy Chairman and determine the period for which they respectively are to hold office. The
Chairman or failing him the Deputy Chairman shall preside at all meetings of the Directors but if there be no Chairman or Deputy Chairman or if at any meeting the Chairman or Deputy Chairman be not present within five minutes after the time
appointed for holding the same the Directors present may choose one of their number to be Chairman of the Meeting. 

  

	121.	Members of the Board of Directors may constitute a meeting of the Directors by means of conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other and participation in a conference call pursuant to this provision shall be deemed to constitute presence in person at a meeting. A resolution in writing signed by all the Directors for the time being
entitled to receive a notice of a meeting of the Directors shall be as valid and effectual as a resolution passed at a meeting of the Directors duly convened and held and may consist of several documents in the like form each signed by one or more
of the Directors. 

  

	122.	A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.

  

	123.	The Directors may delegate any of their powers to committees consisting of such number of members of their body as they think fit. Any committee so formed shall in the exercise of
the powers so delegated conform to any regulations that may be imposed on them by the Directors. 

  

	124.	The meetings and proceedings of any such committee consisting of two or more members shall be governed by the provisions of these Articles regulating the meetings and

  

 50 

 proceedings of the Directors so far as the same are applicable and are not superseded by any regulations
made by the Directors under Article 123. 
  

	125.	All acts done by any meeting of Directors or of a committee of Directors or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was
some defect in the appointment of any such Director or person acting as aforesaid or that they or any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and was
qualified and had continued to be a Director and had been entitled to vote. 

  

	126.	The Directors shall cause minutes to be made of: 

  

	 	(a)	all appointments of officers made by the Directors; 

  

	 	(b)	the names of the Directors present at each meeting of the Directors and of any committee of Directors; and 

  

	 	(c)	all resolutions and proceedings of all meetings of the Company and of the Directors and of the committee of Directors. 

 Any such minute if purporting to be signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding
meeting shall be conclusive evidence of their proceedings. 
 BORROWING POWERS 
  

	127.	The Directors shall not be permitted to exercise any of the powers of the Company to borrow or raise money and secure any debt or obligation of or binding on the Company in any
manner including by the issue of debentures (perpetual or otherwise) or to secure the repayment of any money borrowed raised or owing by mortgage, charge, pledge or lien upon the whole or any part of the Company’s undertaking property or assets
(whether present or future) or by a similar mortgage, charge, pledge or lien to secure or guarantee the performance of any obligation or liability undertaken by the Company or any third party. 

 MANAGING DIRECTORS 
  

	128.	The Directors may from time to time appoint one or more of their body to be a Managing Director or Managing Directors of the Company and may fix his or their remuneration.

  

	129.	The Directors may from time to time entrust to and confer upon the Managing Director or Managing Directors all or any of the powers of the Directors (not including the power to make
calls, forfeit shares, borrow money or issue debentures) that they may think fit. But the exercise of all powers by the Managing Directors shall be subject to all such regulations and restrictions as the Directors may from time to time make and
impose and the said powers may at any time be withdrawn, revoked or varied. 

  

 51 

 SECRETARY 
  

	130.	The Secretary shall be appointed by the Directors. Anything required or authorised to be done by or to the Secretary may, if the office is vacant or there is for any other reason no
Secretary capable of acting, be done by or to any Assistant or Deputy Secretary or if there is no Assistant or Deputy Secretary capable of acting by or to any officer of the Company authorised generally or specially in that behalf by the Directors
PROVIDED THAT any provisions of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in the place of the
Secretary. 

  

	131.	No person shall be appointed to hold office as Secretary who is: 

  

	 	(a)	the sole Director of the Company; or 

  

	 	(b)	a corporation the sole director of which is the sole Director of the Company; or 

  

	 	(c)	the sole director of a corporation which is the sole Director of the Company. 

 THE SEAL 
  

					
	 132.
	  	(a)	  	The Directors shall provide for the safe custody of the Seal and the use of the Seal shall be authorised or ratified by a resolution of the Directors or of a committee of the Directors
authorised by the Directors in that behalf. The Directors may from time to time make such regulations as they see fit determining the persons and the number of such persons who should countersign a document to which the Seal shall be affixed and
until otherwise determined every instrument to which the Seal shall be affixed shall be countersigned by at least one Director or the Secretary or some other person duly authorised by the Directors.
			
		  	(b)	  	The Company may exercise the powers conferred by the Statute with regard to having duplicate seals, whether with or without reference on their face as to the place or places where they are to be
used, and such powers shall be vested in the Directors. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such duplicate seal.

 SHARE PREMIUM ACCOUNT 
  

	133.	The Directors shall establish a Share Premium Account to which from time to time shall be credited a sum equal to the amount or value of any premiums paid on the issue of any share
and shall at all times comply with the provisions of the Statute in relation to the Share Premium Account. 

  

 52 

 ACCOUNTS 
  

	134.	The Directors shall cause to be kept proper accounts with respect to: 

  

	 	(a)	all sums of money received and expended by the Company and the matters in respect of which such receipts and expenditure take place; 

  

	 	(b)	all sales and purchases by the Company; and 

  

	 	(c)	the assets and liabilities of the Company. 

  

	135.	The books of account shall be kept at the Office or at such other place as the Directors think fit and shall always be open to inspection by the Directors. 

 

	136.	No Member (other than a Director) shall have any right to inspect any account or book or document of the Company except as conferred by the Statute or authorised by the Directors or
by the Company in General Meeting. 

  

	137.	The Directors shall from time to time cause to be prepared and to be laid before the Company in General Meeting such profit and loss accounts, balance sheets, group accounts (if
any) and reports as shall give a true and fair view of the state of the Company’s affairs and explain its transactions and otherwise as may be required by the Statute, made up to such accounting date in each year as the Directors may decide.

  

	138.	A printed copy of the Directors’ Report and Auditors’ Report accompanied by the Balance Sheet (including every document required by the Statute to be annexed thereto) and
Profit and Loss Account shall upon request be delivered or sent by ordinary post to the registered address of each Member. 

  

	139.	The provisions of Articles 140 through 144 shall apply solely for the purpose of determining the treatment of the income of the Company and the allocation of such income among the
Members for United States federal income tax purposes. 

  

	140.	The Members intend for the Company to be treated as a partnership for United States federal (and corresponding state and local) income tax purposes only. No Member shall make any
election to the contrary. 

  

	141.	The taxable year of the Company for United States federal income tax purposes shall be the calendar year. 

  

	142.	The holder of the Ordinary Shares shall act as the “tax matters partner” under the Code and in any similar capacity under applicable law. 

  

	143.	There shall be established for each Member on the books of the Company as of the date hereof, a capital account (each, a “Capital Account”). Each amount paid
to the Company by a Member in connection with a subscription for Preferred Securities, if any, shall be 

  

 53 

 credited to the Capital Account of such Member on the date such capital is paid to the Company. In
addition, each Member’s Capital Account shall be (a) credited with (i) such Member’s share of any Net Income of the Company determined pursuant to Article 144 and (ii) the amount of any Company liabilities assumed by such
Member or secured by any Company property distributed to such Member; (b) debited with (i) distributions to such Member of cash or the fair market value of other property, (ii) such Member’s share of Net Loss of the Company
determined pursuant to Article 144, and (iii) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company; and (c) otherwise maintained in accordance
with the provisions of the Code. Any other item which is required to be reflected in a Member’s Capital Account under Section 704(b) of the Code or otherwise under these Articles shall be so reflected. Capital Accounts shall be
appropriately adjusted to reflect transfers of part (but not all) of a Member’s interest in the Company. 
  

	144.	For the purposes of Article 143, Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Accounts of the Members that hold Preferred Securities to
the extent of the dividends actually payable for such period under these Articles with respect to the Preferred Securities. Such allocation to Members that hold Preferred Securities shall be made first from the payments received on BTMUPC2 Preferred
Securities to the extent of such payments and thereafter from other income of the Company. The remainder of the Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Account of the Member that holds the Ordinary
Shares. The foregoing provisions and the other provisions of these Articles relating to the maintenance of Capital Accounts are intended to comply with United States Treasury Regulations Section 1.704-1(b). The holder of the Ordinary Shares may
cause the allocation of items among the Capital Accounts in its discretion in order to comply with those United States Treasury Regulations. All items of income, gain, loss, deduction and credit of the Company shall be allocated among the Members
for United States federal, state and local income tax purposes consistent with the manner in which the corresponding constituent items of Net Income (Loss) shall be allocated among the Members pursuant to these Articles, except as otherwise may be
provided herein or by the Code. The holder of the Ordinary Shares shall determine all matters concerning allocations for United States federal income tax purposes not expressly provided for in these Articles in its sole discretion.

 AUDIT 
  

	145.	The Auditors of the Company shall be appointed by the Directors from time to time. 

  

	146.	The remuneration of any Auditor or Auditors appointed by the Directors shall be fixed by the Directors. 

 NOTICES 
  

	147.	Any notice or document may be served by the Company on any Member either personally or by sending it through the post as a prepaid letter addressed to such Member at his address as
appearing in the Register or via facsimile. 

  

 54 

					
	148.	  	Notices to be posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.
		
	149.	  	Any Member present either personally or by proxy at any Meeting of the Company shall for all purposes be deemed to have received due notice of such meetings and, where requisite, of
the purposes for which such meeting was convened.
		
	150.	  	Notices delivered personally or via facsimile shall be deemed delivered on the date of delivery or dispatch, as the case may be. Notices posted shall be deemed delivered on the fifth
day following the date of posting.
	
	WINDING UP
		
	151.	  	The Company shall be voluntarily wound up:
			
		  	(a)	  	if a Special Resolution that the Company be wound up is duly adopted in accordance with the Statute and these Articles; or
			
		  	(b)	  	automatically without the need for any further action in the event of the registration of the completion of the liquidation in respect of MUFG with the relevant legal affairs bureau in
accordance with applicable Japanese law, in which case the provisions of Section 133(2) of the Statute shall apply to the appointment of liquidators of the Company.
			
	 152.
	  	(a)	  	If the Company shall be wound up or dissolved the assets available for distribution among the Members shall be applied first in payment of amounts due to Preferred Securityholders in accordance
with Article 16 and subject to any special rights attaching to any class or series thereof and thereafter any surplus shall be paid to the Ordinary Shareholders or otherwise in accordance with the rights attaching to any other classes or series of
shares in issue. Amounts payable to Members holding any class or series of shares shall be paid pro rata to the number of shares of such class or series respectively held by them.
			
		  	(b)	  	If the Company shall be wound up, the liquidator may with the authority of a Special Resolution of the class(es) concerned divide among the Members of the class(es) concerned in specie the whole
or any part of the assets of the Company and whether or not the assets shall consist of property of a single kind and may for such purposes set such value as he deems fair upon any one or more class or classes or property and may determine how such
division shall be carried out, consistently with the provisions of these Articles as between the Members or different classes of Members. The liquidator may with the like authority vest any part of the assets in trustees upon such trusts for the
benefit of Members, consistent with the provisions of these Articles and the rights attaching to any particular class(es) of shares, as the liquidator with the like authority shall think fit

  

 55 

 and the liquidation of the Company may be closed and the Company dissolved but so that no Member shall be
compelled to accept any shares in respect of which there is liability. 
 INDEMNITY 
  

	153.	The Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors,
administrators and personal representatives respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or
sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default, respectively, and no
such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or
other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to
any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default of such Director, officer or trustee. 

 FINANCIAL YEAR 
  

	154.	The first financial year of the Company shall begin on the date of incorporation of the Company and end on 24 January 2007 and thereafter financial years of the Company shall
end on the calendar day prior to the Dividend Payment Date in January in each succeeding year unless the Directors shall by resolution prescribe some other period or periods therefor. 

 AMENDMENTS TO ARTICLES 
  

	155.	Subject to the Statute, the Company may at any time and from time to time by Special Resolution alter or amend these Articles in whole or in part. 

 UNCLAIMED AMOUNTS 
  

	156.	Any dividend payment which is unclaimed within five years from the payment date in respect thereof and any redemption amount which is unclaimed within ten years from the payment
date in respect thereof shall be forfeited for the benefit of the Company. 

  

 56 

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 MEMORANDUM AND ARTICLES

 OF 
 ASSOCIATION 
 OF 
  

 MUFG CAPITAL FINANCE 3 LIMITED 
  

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 MEMORANDUM OF ASSOCIATION

 OF 
 MUFG CAPITAL FINANCE 3
LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
 Terms defined in the Articles of Association of MUFG Capital Finance 3 Limited shall have the same meaning when used herein. 
 1. The name of the Company is MUFG Capital Finance 3 Limited. 
 2.
The Registered Office of the Company shall be at the offices of M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies or at such other place as the
Directors may from time to time decide. 
 3. The objects for which the Company is established are the following: 
  

	 	(a)	to issue Ordinary Shares to MUFG or a subsidiary of MUFG; 

  

	 	(b)	to issue preference shares (including Preferred Securities); 

  

	 	(c)	to use the proceeds from the issue of the Preferred Securities to fund the purchase of BTMUPC3 Preferred Securities with a corresponding par value and liquidation preference;

  

	 	(d)	to make the Junior Subordinated Loan to MUFG acting through its head office under the Junior Subordinated Loan Agreement; 

  

	 	(e)	to make other Eligible Investments pursuant to the Investment Policies from time to time; and 

  

	 	(f)	to enter into all contracts and undertakings and engage in all activities and transactions as the Directors may consider necessary or desirable for the purpose of carrying out of
the objects described in paragraphs 3(a) - (e) above inclusive. 

  

 124 

 4. The Company may not engage in any activities other than as stipulated in paragraphs 3(a) - (f) inclusive above.

 5. The liability of each Member is limited to the amount from time to time unpaid on such Member’s shares. 
 6. The authorised share capital of the Company is the aggregate of (i) ¥150,000,000,000 divided into 15,000 preference shares of ¥10,000,000 par value each
and (ii) ¥500,000 divided into 500,000 Ordinary Shares of ¥1 par value each, each having the respective rights set forth in the Articles, with power for the Company insofar as is permitted by statute and subject to the Articles, to
redeem or purchase any of its shares and to increase or reduce the said capital subject to the provisions of statute and to issue any part of its capital, whether original, redeemed or increased with or without any preference, priority or special
privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise shall be
subject to the powers hereinbefore contained. 
 7. If the Company is registered as exempted, its operations will be carried on subject to the provisions of
Section 193 of the Statute and, subject to the provisions of the Statute and the Articles, it shall have the power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman
Islands and to be deregistered in the Cayman Islands. 
  

 125 

 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION 
 of 
 MUFG CAPITAL FINANCE 3 LIMITED 
 I N D E X 
  

			
		
	 PRELIMINARY
	  	17
		
	 SHARE CAPITAL
	  	18
		
	 NON RECOGNITION OF TRUSTS
	  	18
		
	 ORDINARY SHARES
	  	18
		
	 SPECIAL DIVIDEND ON ORDINARY SHARES
	  	18
		
	 ISSUE OF PREFERRED SECURITIES
	  	18
		
	 DIVIDENDS ON PREFERRED SECURITIES
	  	19
		
	 VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES
	  	27
		
	 REDEMPTION AND PURCHASE OF PREFERRED SECURITIES
	  	28
		
	 RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION
	  	30
		
	 VARIATION OF SHARE CAPITAL
	  	30
		
	 TRANSFER OF SHARES
	  	31
		
	 TRANSMISSION OF SHARES
	  	33
		
	 REGISTER OF MEMBERS
	  	34
		
	 SHARE CERTIFICATES
	  	34
		
	 JOINT HOLDERS OF SHARES
	  	35
		
	 LIEN
	  	36
		
	 FORFEITURE OF SHARES
	  	37
		
	 GENERAL MEETINGS
	  	38
		
	 NOTICE OF GENERAL MEETINGS
	  	39
		
	 PROCEEDINGS AT GENERAL MEETINGS
	  	40
		
	 VOTES OF MEMBERS
	  	42
		
	 FORM OF PROXY
	  	43
		
	 DIRECTORS
	  	44

			
		
	 ALTERNATE DIRECTORS
	  	44
		
	 DISQUALIFICATION AND RETIREMENT OF DIRECTORS
	  	45
		
	 TRANSACTIONS WITH DIRECTORS
	  	46
		
	 POWERS OF DIRECTORS
	  	48
		
	 PROCEEDINGS OF DIRECTORS
	  	49
		
	 BORROWING POWERS
	  	51
		
	 MANAGING DIRECTORS
	  	51
		
	 SECRETARY
	  	51
		
	 THE SEAL
	  	52
		
	 SHARE PREMIUM ACCOUNT
	  	52
		
	 ACCOUNTS
	  	52
		
	 AUDIT
	  	54
		
	 NOTICES
	  	54
		
	 WINDING UP
	  	55
		
	 INDEMNITY
	  	55
		
	 FINANCIAL YEAR
	  	56
		
	 AMENDMENTS TO ARTICLES
	  	56
		
	 UNCLAIMED AMOUNTS
	  	56

  

 2 

 THE COMPANIES LAW (2004 REVISION) 
 OF THE CAYMAN ISLANDS 
 COMPANY LIMITED BY SHARES 
 AMENDED AND RESTATED 
 ARTICLES OF ASSOCIATION

 OF 
 MUFG CAPITAL FINANCE 3
LIMITED 
 (as adopted by Special Resolution dated 28 February 2006) 
  

	1.	In these Articles, Table A in the Schedule to the Statute shall not apply and words standing in the first column of the Table next hereinafter contained shall bear the meanings set
opposite to them respectively in the second column thereof, if not inconsistent with the subject or context. 

  

			
	 Words
	  	 Meanings

	“Additional Amounts”	  	as defined in Article 13(k).
		
	“Administrative Action”	  	any judicial decision, official administrative pronouncement, published or private ruling, regulatory procedure, notice or announcement (including any notice or announcement of intent to adopt
such procedures or regulations) by any court, governmental authority or regulatory body having appropriate jurisdiction.
		
	“Agency Agreement”	  	the agency agreement to be entered into between the Company, MUFG and JPMorgan Chase Bank, N.A., London Branch as Paying Agent and Calculation Agent and JPMorgan Chase Bank, N.A. as Registrar or
with such other parties in such other capacities as may be otherwise approved by the Directors.
		
	 “Applicable Dividend Rate”
	  	the fixed or floating rate per annum (which may or may not be based on Six-Month Yen LIBOR) specified in the resolutions of the Board or a

			
		  	Committee thereof establishing the terms of the Preferred Securities which terms may include provision for the amendment or change in the basis of calculation of such rate from time to
time.
		
	“Articles”	  	these Articles of Association of MUFG Capital Finance 3 Limited, as amended, restated, supplemented or varied from time to time.
		
	“Assets”	  	the total assets of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG but adjusted for contingencies and subsequent events, all valued in such manner as a representative
director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	“Auditors”	  	the auditors of the Company from time to time.
		
	“Available Distributable Profits”	  	as defined in Article 13(j).
		
	“Bank”	  	The Bank of Tokyo-Mitsubishi UFJ, Ltd., a joint stock company organised under the laws of Japan.
		
	“Banking Law”	  	the Japanese Banking Law (Law No. 59 of 1981 as amended).
		
	“Bankruptcy Event”	  	shall be deemed to occur: (i) upon the occurrence of a Liquidation Event; or (ii) if a competent court in Japan shall have (a) adjudicated the commencement of corporate reorganisation
proceedings (kaisha kousei) in respect of MUFG under the Corporate Reorganisation Law, (b) adjudicated the commencement of corporate rehabilitation proceedings (kaisha seiri) in respect of MUFG under the Commercial Code or (c)
adjudicated the commencement of civil rehabilitation proceedings (minji saisei) in respect of MUFG under the Civil Rehabilitation Law.
		
	“Bankruptcy Law”	  	the Japanese Bankruptcy Law (Law No.75 of 2004 as amended).
		
	“BTMUPC3”	  	BTMU Preferred Capital 3 Limited.
		
	“BTMUPC3 Preferred Securities”	  	preference shares in the capital of BTMUPC3 as defined in the Articles of Association of BTMUPC3 and having the rights provided for such shares thereunder.

  

 2 

			
	“Business Day”	  	a day on which banks are open for dealing in foreign currency and exchange in London and Tokyo.
		
	“Calculation Agent”	  	the calculation agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A., London Branch pursuant to the Agency
Agreement.
		
	“Civil Rehabilitation Law”	  	the Japanese Civil Rehabilitation Law (Law No. 225 of 1999 as amended).
		
	“Clearstream”	  	Clearstream Banking, société anonyme.
		
	“Code”	  	the United States Internal Revenue Code of 1986, as amended, including any successor provisions and transition rules, whether or not codified.
		
	“Commercial Code”	  	the Japanese Commercial Code (Law No. 48 of 1899 as amended).
		
	“Committee”	  	a committee of the Directors of the Company appointed in accordance with the provisions of Article 123.
		
	“Common Depositary”	  	a common depositary for Euroclear and Clearstream including any successor common depositary approved in advance by the Independent Director, which will initially be JPMorgan Chase Bank, N.A.,
London Branch.
		
	“Company”	  	MUFG Capital Finance 3 Limited.
		
	“Company Law”	  	the Japanese Company Law (Law No. 86 of 2005).
		
	 “Condition for Liquidation Payment”
	  	either of the following conditions: (i) in the case of liquidation of MUFG, all Senior Debt held by creditors of MUFG entitled to payment or satisfaction prior to commencement of distribution of
residual assets to shareholders is paid or otherwise satisfied in full pursuant to the provisions of the Commercial Code or the Company Law on or after the effective date thereof; or (ii) in the case of corporate reorganisation of MUFG where a
decree of approbation of a corporate reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) of MUFG becomes final and conclusive, all Senior Debt as

  

 3 

			
		  	modified or reduced by such plan appearing in such plan at the date such decree has become final and conclusive is paid or otherwise satisfied in full in accordance with the terms of such plan;
provided, however, that in the case of either (i) or (ii) above, the Company shall have distributed a special dividend on the Ordinary Shares pursuant to Article 10 of these Articles.
		
	“Consent of the Independent Director”	  	the written resolution, approval or consent of the Independent Director.
		
	“Core Capital”	  	core capital (kihonteki koumoku) as such term is used in the capital adequacy guidelines of or supervised by the FSA as replaced, modified or superseded from time to
time.
		
	“Core Capital Linked Junior Debt”	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking (a) senior in priority of
payment as to liquidation distributions to common shares of MUFG and (b) junior in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	“Core Capital Linked Most Junior Debt”	  	liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of claims upon a liquidation of MUFG as ranking junior in priority of
payment as to liquidation distributions to Core Capital Linked Junior Debt.
		
	“Core Capital Linked Senior Debt”	  	(i) liabilities of MUFG under the Guarantee Agreement and (ii) other liabilities of MUFG incurred in connection with its funding of Core Capital which liabilities are treated for purposes of
claims upon a liquidation of MUFG as ranking equal in priority of payment as to liquidation distributions to Senior Preferred Liquidation Shares.
		
	“Corporate Reorganisation Law”	  	collectively the Japanese Corporate Reorganisation Law (Law No. 154 of 2002 as amended) and the Japanese Law concerning Special Measures, Etc. for Corporate Reorganisation Procedures for
Financial Institutions, Etc. (Law No. 95 of 1996 as amended).

  

 4 

			
	“Determination Date”	  	the second London Banking Day before the first day of each Dividend Period commencing on and including the Dividend Payment Date in July 2016.
		
	“Directors” or “Board”	  	the Directors of the Company for the time being or, as the case may be, the Directors assembled as a Board including, where the context permits, the Independent Director.
		
	“Distributable Profits Limitation”	  	the limitation on declaring or paying dividends described in Article 13(j).
		
	“Dividend Limitation”	  	the limitation or prohibition on dividends described in Article 13(i).
		
	“Dividend Payment Date”	  	the 25th day of January and July of each year (or if such day is not a Business Day, the immediately succeeding Business Day unless such day would fall in the next calendar month in which case
such day shall be the immediately preceding Business Day), or as may be specified in the resolutions of the Board or a Committee thereof establishing the terms of the Preferred Securities, with the first such date to be 25 July
2006.
		
	“Dividend Period”	  	each period commencing on and including a Dividend Payment Date (or in respect of the first such period, the relevant Issue Date or such other date as may be specified in the resolutions of the
Board or a Committee thereof establishing the terms of the Preferred Securities) and continuing to but not including the next succeeding Dividend Payment Date, or any other period as may be specified in the resolutions of the Board establishing the
terms of the Preferred Securities.
		
	 “Eligible Investments”
	  	the assets or investments which the Company may hold pursuant to the Investment Policies and consist of the BTMUPC3 Preferred Securities, the Junior Subordinated Loan and securities (including
deposits and loans) issued by MUFG or its affiliates which are organised and resident for tax purposes outside the United States (including the Bank), provided that Eligible Investments shall not include any debts or securities (including deposits
and loans) which give rise to U.S. source gross income or gross income effectively connected with a conduct of a U.S. trade or business for U.S. federal income tax purposes.

  

 5 

			
	“Euroclear”	  	Euroclear Bank S.A./N.V. as operator of the Euroclear System.
		
	“FSA”	  	the Financial Services Agency of Japan or any successor thereto.
		
	“General Meeting”	  	any annual or extraordinary meeting of the shareholders of the Company.
		
	“Guarantee Agreement”	  	the subordinated guarantee agreement entered into between MUFG, the Company, JPMorgan Chase Bank, N.A. as Registrar and JPMorgan Chase Bank, N.A., London Branch as Paying Agent on or before the
Issue Date, under which MUFG shall, inter alia, guarantee the obligations of the Company to the Preferred Securityholders in respect of the payment of dividends, the Redemption Price and the Liquidation Preference Amount payable with respect
to the Preferred Securities and assume obligations to provide financial assistance to the Company.
		
	“Independent Director”	  	a member of the Board designated as such pursuant to Article 97 or appointed by the Preferred Securityholders pursuant to Article 14(b) and who shall not during the preceding ten years have been
a director or employee of MUFG or any of its direct or indirect subsidiaries or affiliates (other than a director of any direct or indirect subsidiary (including, without limitation, BTMUPC3) of MUFG acting as an independent director pursuant to
provisions similar to Article 97 or Article 14(b)).
		
	 “Insolvency Event”
	  	shall be deemed to occur if (x)(a) MUFG is not able or, as a result of the payment of dividends otherwise due on a Dividend Payment Date, will not be able to pay its debts as they become due
(meaning insolvent (shiharai-funo) within the meaning of the Bankruptcy Law) or (b) its Liabilities (other than Core Capital Linked Senior Debt, Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt) exceed or after giving
effect to the payment of such dividends would exceed its Assets or (y) the FSA, or other administrative agency in charge of financial supervision in Japan has taken any statutory action in relation to MUFG based upon its determination that MUFG is
insolvent.

  

 6 

			
	“Investment Policies”	  	the Company’s investment policies established by resolution of the Directors with the prior Consent of the Independent Director.
		
	“Issue Date”	  	the date of issue of the Preferred Securities to be specified in the resolutions of the Board or a Committee thereof establishing the terms of the Preferred Securities.
		
	“Issue Price”	  	¥10,000,000.
		
	“in writing”	  	written, produced in facsimile form, printed, lithographed or photographed or represented by any other substitute for writing or partly one and partly another.
		
	“Junior Subordinated Loan”	  	the perpetual Yen denominated subordinated loan by the Company to MUFG acting through its head office, constituting Core Capital Linked Junior Debt of MUFG and made pursuant to the Junior
Subordinated Loan Agreement.
		
	“Junior Subordinated Loan Agreement”	  	the subordinated loan agreement in relation to the Junior Subordinated Loan entered into between the Company (as lender or as assignee of the lender) and MUFG (as borrower) acting through its
head office, as supplemented or amended from time to time.
		
	“Junior Shares”	  	the Ordinary Shares and all other classes and series of equity securities of the Company now or hereafter issued other than (i) Preferred Securities or (ii) Senior Shares.
		
	“law”	  	includes any law, judicial order or treaty or any regulation, rule, official directive, request, published practice or guideline (whether or not having the force of law) of any governmental
body, agency, department or regulatory or other authority including, without limitation and where the context so permits, any self regulatory organisation of which the Company or MUFG is a member.
		
	 “Liabilities”
	  	

the total liabilities of MUFG as shown by the latest audited non-consolidated balance sheet of MUFG, but adjusted for contingencies and subsequent

  

 7 

			
		  	events, all valued in such manner as a representative director of MUFG or MUFG’s auditors or liquidator (as the case may be) may determine.
		
	“Liquidation Claim”	  	the claim in the liquidation proceedings of MUFG (a) of the Company and the Preferred Securityholders evidenced by the Guarantee Agreement or (b) of the Company evidenced by the Junior
Subordinated Loan Agreement in an amount equal to (i) the Liquidation Preference Amount or (ii) the principal amount of the Junior Subordinated Loan plus accrued and unpaid interest thereon to (but not including) the date such Liquidation Period
commenced, as the case may be, provided, however, that (1) the Liquidation Claim under a Guarantee Agreement shall not accrue and become payable unless and until, or (2) the Liquidation Claim under the Junior Subordinated Loan Agreement shall become
payable only if, the relevant Condition for Liquidation Payment shall have occurred and then only to the extent of the relevant Liquidation Distribution Amount.
		
	 “Liquidation Distribution Amount”
	  	(i) in relation to claims evidenced by the Guarantee Agreement, the amount payable in respect of the Liquidation Claim represented or evidenced thereby equal to the amount which would
have been paid from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core Capital Linked Junior Debt had been preferred shares directly issued by MUFG which rank in priority of
payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation Shares and (z) all Core Capital Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank
equal or junior in priority of payment as to liquidation distributions to common shares of MUFG and (ii) in relation to claims evidenced by the Junior Subordinated Loan Agreement, the amount payable in respect of the Liquidation Claim
represented or evidenced thereby equal to the amount which would have been paid in respect of the Junior Subordinated Loan from the assets of MUFG if (x) all Core Capital Linked Senior Debt had been Senior Preferred Liquidation Shares, (y) all Core
Capital Linked Junior Debt had been

  

 8 

			
		  	preferred shares directly issued by MUFG which rank in priority of payment as to liquidation distributions (a) senior to common shares of MUFG and (b) junior to Senior Preferred Liquidation
Shares and (z) all Core Capital Linked Most Junior Debt had been subordinated shares directly issued by MUFG which rank equal or junior in priority of payment as to liquidation distributions to common shares of MUFG.
		
	“Liquidation Event”	  	shall be deemed to occur if (a) liquidation proceedings (seisan) in respect of MUFG under the laws of Japan (including the special liquidation proceedings (tokubetsu seisan) in
respect of MUFG under the Commercial Code or the Company Law on or after the effective date thereof) are commenced or (b) a competent court in Japan shall have (x) adjudicated the commencement of bankruptcy proceedings (hasan) in respect of
MUFG pursuant to the provisions of the Bankruptcy Law or (y) approved a preparation of a reorganisation plan for abolishment of all business (jigyo no zenbu no haishi wo naiyotosuru kousei keikakuan) which provides for liquidation of MUFG
pursuant to the provisions of the Corporate Reorganisation Law.
		
	“Liquidation Period”	  	any period during which a Liquidation Event has occurred and is continuing.
		
	“Liquidation Preference”	  	¥10,000,000.
		
	“Liquidation Preference Amount”	  	the Liquidation Preference (plus unpaid dividends that have become definitive, if any), and an amount equal to dividends calculated in accordance with the provisions of these Articles and/or the
resolution of the Board establishing the terms of the Preferred Securities in respect of the period from and including the Dividend Payment Date most recently occurring prior to the occurrence of the Liquidation Event to but not including the date
of the Liquidation Event).
		
	“London Banking Day”	  	a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London.

  

 9 

			
		
	 “Make Whole Amount”
	  	as applied to any date of redemption of the Preferred Securities, the higher of (x) the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid
dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend
Period to the extent not payable in respect of such period and (y) an amount equal to the sum of (i) the present value of the Liquidation Preference of the Preferred Securities, assuming a repayment thereof on the Dividend Payment Date in July 2011,
plus (ii) the present value of the remaining payments of dividends scheduled to be paid to and including the Dividend Payment Date in July 2011, in each case discounted from the relevant Dividend Payment Date to the Redemption Date on the basis of a
360-day year consisting of 12 months of 30 days each, and in the case of an incomplete month, the number of days elapsed, at the applicable Japanese Government Bond Yield plus a spread as specified in the resolution of the Board or a Committee
thereof establishing the terms of the Preferred Securities. For purposes of this definition, the applicable “Japanese Government Bond Yield” shall be calculated as follows: the Calculation Agent, in consultation with MUFG, will appoint
five primary bond dealers who are credit institutions or financial service institutions that regularly deal in bonds and other debt securities in the Yen market (“Primary Japanese Government Bond Dealer”) or their respective
successors as reference dealers, provided, however, that if any such dealer ceases to be a Primary Japanese Government Bond Dealer, the Calculation Agent will (in consultation with MUFG) substitute such dealer with another Primary Japanese
Government Bond Dealer. The Calculation Agent will (in consultation with the Bank) also appoint one of the reference dealers as the quotation agent. The quotation agent will select a Japanese Government benchmark security which would be used at the
time of selection and in accordance with customary financial practice to price new issues of corporate debt securities of comparable maturity to the remaining term of the

  

 10 

			
		  	Preferred Securities from the Redemption Date to the Dividend Payment Date in July 2011. The reference dealers will provide the Calculation Agent with the bid and asked prices for the comparable
bond issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Calculation Agent at 3:00 p.m. Tokyo time on the third Business Day before the Redemption Date. The Calculation Agent will calculate the average of
the bid and asked prices provided by each reference dealer to obtain such reference dealer’s quotation. The Calculation Agent will eliminate the highest and the lowest quotations and then calculate the average of the remaining quotations;
provided, however, that if the Calculation Agent obtains fewer than five quotations, it will calculate the average of all the quotations without eliminating any of them. The average quotation is called the “comparable bond price”. The
applicable Japanese Government Bond Yield will be determined by the quotation agent and will be the semi-annual equivalent yield to maturity of a security whose price is equal to the comparable bond price, in each case expressed as a percentage of
its principal amount. The Calculation Agent may, in consultation with MUFG and the Company, delegate its responsibilities set forth above to a third party.
		
	“Mandatory Suspension Event”	  	as described in Article 13(a).
		
	“Member”	  	a person who is registered as the holder of any share in the Register for the time being.
		
	“Month”	  	calendar month.
		
	“MUFG”	  	Mitsubishi UFJ Financial Group, Inc., a joint stock company organised under the laws of Japan.
		
	“Net Income (Loss)”	  	for any fiscal period, the taxable income or loss of the Company for United States federal income tax purposes for such period as determined in accordance with the accounting method used by the
Company.
		
	“notice”	  	a notice in writing unless otherwise required by the context or specifically stated.

  

 11 

			
	“Office”	  	the Registered Office of the Company.
		
	“Optional Suspension Event”	  	as described in Article 13(a).
		
	“Ordinary Resolution”	  	a resolution of the Company passed by a simple majority of the votes cast.
		
	“Ordinary Share”	  	an Ordinary Share in the capital of the Company of ¥1 par value and issued subject to and in accordance with the provisions of the Statute and having the rights provided for Ordinary Shares
under these Articles.
		
	“Ordinary Shareholder”	  	a registered holder of an Ordinary Share.
		
	“paid up”	  	shall include credited as paid up.
		
	“Par Value”	  	¥10,000,000.
		
	“Parity Securities”	  	securities issued by MUFG’s direct or indirect subsidiaries (other than the Company) ranking on a parity with any class of preferred shares issued by MUFG as to the payment of
dividends.
		
	“Paying Agent”	  	the paying agent with respect to the Preferred Securities appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A., London Branch pursuant to the Agency
Agreement.
		
	“personal representative”	  	an executor or administrator of a deceased individual or a person serving in a similar capacity under the laws of any jurisdiction.
		
	“preference share”	  	a noncumulative preference share in the capital of the Company including a Preferred Security.
		
	“Preferred Security”	  	a preference share which is part of a class of preference shares determined to be issued by the Directors pursuant to Article 11 subject to and in accordance with the Statute and having the
rights set out in Articles 13 to 16 and otherwise provided for Preferred Securities under these Articles and with a Par Value and such other characteristics as may be determined by the Board or a Committee thereof in accordance with the provisions
of these Articles.
		
	 “Preferred Securityholder”
	  	a registered holder of a Preferred Security appearing on the Register on the relevant Record Date.

  

 12 

			
	“preference shareholder”	  	a registered holder of a preference share.
		
	“Record Date”	  	means, in relation to each Dividend Payment Date or Redemption Date, the date immediately preceding the due date (whether or not a Business Day) for payment of dividends or, as the case may be,
redemption amounts on the Preferred Securities.
		
	“Redemption Date”	  	any date determined for redemption of shares pursuant to these Articles.
		
	“Redemption Price”	  	¥10,000,000.
		
	“Register”	  	the Register of Members to be kept pursuant to and in accordance with the Statute, these Articles and the Agency Agreement.
		
	“Registrar”	  	the registrar appointed by the Company from time to time, which initially will be JPMorgan Chase Bank, N.A. pursuant to the Agency Agreement.
		
	“Regulatory Event”	  	shall be deemed to have occurred if MUFG’s risk-weighted total capital ratio or risk-weighted Core Capital ratio, calculated in accordance with each applicable standard set forth in the
Japanese banking regulations, as of the end of any annual or semi-annual period in respect of which MUFG files with the Prime Minister of Japan (i) an annual securities report or semi-annual securities report that is required to be filed under the
Securities and Exchange Law, or (ii) if no such reports are required to be filed thereunder, an annual business report or semi-annual business report that is required to be filed under the Banking Law, were to decline below the minimum percentages
required by Japanese banking regulations.
		
	“Regulatory Period”	  	any period during which a Regulatory Event has occurred and is continuing.
		
	“Seal”	  	the Common Seal of the Company and includes every duplicate Seal.
		
	 “Secretary”
	  	any person appointed by the Directors to perform any of the duties of Secretary of the Company (including a temporary or assistant secretary) and in the event of two or more persons being
appointed as joint Secretaries any one or more of the persons so appointed.

  

 13 

			
	“Securities and Exchange Law”	  	the Securities and Exchange Law of Japan (Law No. 25 of 1948 as amended).
		
	“Senior Debt”	  	(a) for purposes of the application of such term in relation to the Liquidation Claim evidenced by a Guarantee Agreement, all liabilities of MUFG other than Core Capital Linked Senior Debt, Core
Capital Linked Junior Debt and Core Capital Linked Most Junior Debt and (b) for purposes of the application of such term in relation to the Liquidation Claim evidenced by the Junior Subordinated Loan Agreement, all liabilities of MUFG other than
Core Capital Linked Junior Debt and Core Capital Linked Most Junior Debt.
		
	“Senior Preferred Dividend Shares”	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to dividends and which qualify as Core Capital.
		
	“Senior Preferred Liquidation Shares”	  	preferred shares directly issued by MUFG which rank most senior in priority of payment as to liquidation distributions and which qualify as Core Capital.
		
	“Senior Shares”	  	any class or series of equity securities of the Company (including any warrants, options or other rights convertible or exchangeable into any class or series of equity shares) expressly
designated as being senior to the Preferred Securities as to payment of dividends and/or rights upon dissolution, liquidation or winding up of the Company.
		
	“Share Premium Account”	  	the Company’s share premium account established in accordance with the Statute.
		
	“share”	  	any share in the capital of the Company including a preference share, an Ordinary Share and any fraction of a share.
		
	“signed”	  	includes a signature or representation of a signature affixed by mechanical means.
		
	“Six-Month Yen LIBOR”	  	the floating rate per annum defined in Article 13(c).
		
	 “Special Dividend”
	  	as described in Article 10.

  

 14 

			
	“Special Event”	  	shall be deemed to have occurred if (i) MUFG determines after consultation with the FSA that the Preferred Securities may not be included in the Core Capital of MUFG under each applicable
standard set forth in Japanese banking regulations (other than for the reason that the amount of Preferred Securities exceeds any limitations under such applicable standard with respect to the amount of preference shares issued by foreign special
purpose vehicle subsidiaries that qualifies as Core Capital): (ii) the treatment of any item of income, gain, loss, deduction or expense of the Company or MUFG related to MUFG’s ownership of the Company, in each case as reflected on the tax
returns (including estimated returns) filed (or to be filed) by MUFG, will not be respected by a taxing authority, as a result of which MUFG or the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other
governmental charges, in each case which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it; (iii) the Company or MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional
Amounts, other than as a result of the occurrence of a Tax Event, which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it; (iv) the Bank is or will be required to pay any additional amounts in respect of
any taxes, duties or other governmental charges with respect to payments of interest on or principal of a subordinated loan by BTMUPC3 to the Bank made pursuant to the senior subordinated loan agreement or the junior subordinated loan agreement
between them, other than as a result of the occurrence of a Tax Event, or (v) the Company receives an opinion of a nationally recognized law firm in the U.S. experienced in such matters to the effect that there is more than an insubstantial risk
that the Company is deemed an “investment company” within the meaning of the U.S. Investment Company Act of 1940, as amended.
		
	 “Special Resolution”
	  	a Special Resolution of the Company passed as such in accordance with Section 60 of the Statute and includes a resolution approved in writing as described therein.

  

 15 

			
	 “Statute”
	  	the Companies Law (2004 Revision) of the Cayman Islands, as amended, revised, modified or superseded from time to time.
		
	 “Suspension Notice”
	  	as described in Article 13(a).
		
	 “Taxes”
	  	any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related to the preceding items).
		
	 “Tax Event”
	  	the receipt by the Company of an opinion of a nationally recognised law firm or other tax advisor in the Taxing Jurisdiction experienced in such matters to the effect that, as a result of (i)
any amendment to, clarification of, or change (including any announced prospective change) in laws or treaties (or any regulations thereunder) of the Taxing Jurisdiction, (ii) any Administrative Action or (iii) any amendment to, clarification of, or
change (including any announced prospective change) in the official position, general application or official interpretation of any legislative or administrative body, court, governmental authority or regulatory body having appropriate jurisdiction,
which amendment, clarification, change or Administrative Action is effective or announced on or after the Issue Date (A) the Company is or will be subject to more than a de minimis amount of additional taxes, duties or other governmental
charges (B) the Company or MUFG pays, or on the next Dividend Payment Date would be obligated to pay, any Additional Amounts, in each case which obligation cannot be avoided by the Company or MUFG taking reasonable measures available to it or (C)
the Bank is or will be required to pay any additional amounts in respect of any taxes, duties or other governmental charges with respect to payments of interest on or principal of a subordinated loan by BTMUPC3 to the Bank made pursuant to the
senior subordinated loan agreement or the junior subordinated loan agreement between them.
		
	 “Taxing Jurisdiction”
	  	(i) any jurisdiction in which the Company or MUFG is organised or otherwise considered to be a resident for tax purposes, (ii) any jurisdiction from which the Company or MUFG makes a payment
on the

  

 16 

			
		  	Preferred Securities or the Guarantee Agreement, as the case may be, or (iii) any political subdivision or taxing authority of the above.
		
	 “Yen” and “¥”
	  	the lawful currency of Japan.

  

	2.	In these Articles unless there be something in the subject or context inconsistent with such construction: 

  

	 	(a)	words importing the singular number shall be deemed to include the plural number and vice versa; 

  

	 	(b)	words importing the masculine or neuter genders only shall include the feminine gender and vice-versa; 

  

	 	(c)	words importing persons shall include companies or associations or bodies of persons, whether corporate or not; 

  

	 	(d)	the words: 

  

	 	(i)	“may” shall be construed as permissive; 

  

	 	(ii)	“shall” and “will” shall be construed as imperative; 

  

	 	(e)	save where otherwise defined in Article 1, words or expressions contained in these Articles shall bear the same meaning as in the Statute unless the context otherwise requires;

  

	 	(f)	“company” includes references to any body corporate however and wherever incorporated; and 

  

	 	(g)	“property” includes reference to shares, securities, cash and other assets or rights of any nature. 

 PRELIMINARY 
  

	3.	The preliminary expenses incurred in forming the Company shall be payable over such period as the Directors may determine and when paid shall be payable out of the income and/or
capital of the Company in such proportions as the Directors may determine. 

  

	4.	The Company may in relation to any issue of shares pay such commissions or brokerage as may be lawful. 

  

	5.	The business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit notwithstanding that any offer of shares may have been only
partially subscribed. 

  

 17 

 SHARE CAPITAL 
  

	6.	The authorised share capital of the Company is the aggregate of (i) ¥150,000,000,000 divided into 15,000 preference shares of ¥10,000,000 par value each and
(ii) ¥500,000 divided into 500,000 Ordinary Shares of ¥1 par value each, each such class of share having the rights as hereinafter appearing or as may, in accordance with the provisions of these Articles, be determined by the Directors.

  

	7.	Subject as herein provided and without prejudice to any shares previously issued, all shares in the Company for the time being unissued shall be under the control of the Directors,
who may allot and dispose of or grant options over the same to such persons, on such terms and in such manner as they may think fit and they may in their absolute discretion refuse to accept any application for shares. 

 NON RECOGNITION OF TRUSTS 
  

	8.	No person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or recognise (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or (except only as by these Articles otherwise provided or as by Statute required) any other right in respect of any share, except an absolute right thereto in the registered holder.

 ORDINARY SHARES 
  

	9.	Ordinary Shares may only be issued to and registered in the name of MUFG or any subsidiary of MUFG and shall be issued at such price as may be determined by the Directors.

 SPECIAL DIVIDEND ON ORDINARY SHARES 
  

	10.	If a Liquidation Event occurs, the Company shall distribute as a special dividend (whether in specie or otherwise) on the Ordinary Shares (in priority over the Preferred
Securities) the BTMUPC3 Preferred Securities held by it and any other financial assets and investments of the Company other than the Guarantee Agreement, the Junior Subordinated Loan and any amounts received or receivable thereunder (the
“Special Dividend”). 

 ISSUE OF PREFERRED SECURITIES 
  

	11.	 The Directors may allot and issue Preferred Securities in accordance with the provisions of these Articles as they see fit from time to time, which Preferred
Securities shall have the rights specified in these Articles and as provided by the resolutions of the Board in relation to the issue of the Preferred Securities in respect of those characteristics of a Preferred Security which these Articles
specify may be determined by the Board, as the case may be, and shall bear such designation, if any, as the Directors prescribe prior to their issue. The Preferred Securities will rank pari passu with each other. The Company 

  

 18 

			
		 	shall not issue (i) any Senior Shares or (ii) other classes or series of equity securities that rank on a parity with the Preferred Securities as to (a) payment of dividends or (b) rights
upon dissolution, liquidation or winding up of the Company and otherwise on such terms as the Directors see fit, in each case without the prior consent of each Preferred Securityholder as contemplated by Article 14(d). The Company shall not issue
any class or series of equity securities without the prior Consent of the Independent Director other than Ordinary Shares, other Junior Shares or such shares as shall be approved by each Preferred Securityholder as referred to in the preceding
sentence.
		
	 12.
	 	Preferred Securities shall be issued at the Issue Price on the Issue Date and on or before such Issue Date (i) the Guarantee Agreement shall be entered into in connection with the Preferred
Securities and (ii) the Company shall subscribe for or purchase an equivalent number of fully paid and non-assessable BTMUPC3 Preferred Securities with a par value and liquidation preference corresponding to the Par Value and Liquidation
Preference.

 DIVIDENDS ON PREFERRED SECURITIES 
  

						
	 13.
	  	(a	)	 	Dividends on the Preferred Securities shall be deemed duly declared without further action on the part of the Directors and shall be payable on a noncumulative basis from the Issue Date,
semi-annually in arrear on each Dividend Payment Date for the Dividend Period then ending commencing in July 2006, subject to the Company having legally available funds for such purpose and the other qualifications described in these Articles.
Dividends on the Preferred Securities will be payable, subject as provided in the following sentence, for each Dividend Period at a rate per annum on the Liquidation Preference equal to the Applicable Dividend Rate. Dividends shall be due and
payable on each Dividend Payment Date except in the case of (and to the extent of) a Mandatory Suspension Event or Optional Suspension Event.
			
		  			 	The Company shall give notice to the Preferred Securityholders of any receipt by the Company from MUFG of any Suspension Notice promptly upon the receipt thereof by the Company. Each dividend
will be payable to the relevant Preferred Securityholder.
			
		  			 	If (i) a Liquidation Event, an Insolvency Event or a Regulatory Event has occurred and is continuing, and MUFG has delivered a notice (a “Suspension Notice”) to the
Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall not pay any dividends with respect to the Preferred Securities on such Dividend Payment Date (provided that, for the avoidance of doubt,
such Mandatory Suspension Event is continuing as at the fifth Business Day preceding the relevant Dividend Payment Date) and (ii) if a Distributable Profits Limitation or Dividend Limitation (as defined below) is in effect, and MUFG has delivered a
Suspension Notice to the Company on or before the fifth Business Day immediately preceding a Dividend Payment Date, the Company shall pay no dividends or reduced dividends with respect to the Preferred Securities on such Dividend Payment Date. Each
of the events in (i) and (ii) above is a “Mandatory Suspension Event”.

  

 19 

					
		 		  	If MUFG advises the Company that (i) MUFG has no outstanding preferred shares and that (ii) MUFG has not paid and has declared that it will not pay dividends on any of its common shares for
its most recently ended financial year (an “Optional Suspension Event”), and if MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately preceding the Dividend Payment Date that occurs
in July of the calendar year in which such financial year ends or in the next succeeding January, as the case may be, the Company shall, as specified in such Suspension Notice, pay no dividends or reduced dividends with respect to the Preferred
Securities on each such Dividend Payment Date. For the avoidance of doubt, if MUFG advises the Company that it has declared or paid dividends (including less than full dividends) on its preferred shares for the most recently ended financial year,
the Company shall pay dividends on the Preferred Securities on the Dividend Payment Date that occurs in July of the calendar year in which such financial year ends and the next succeeding January, to the extent not limited or prohibited by a
Mandatory Suspension Event, if and to the extent applicable.
			
		 	 (b)
	  	Dividends will be computed on the basis of a 360-day year and the actual number of days elapsed in such Dividend Period or otherwise on such basis of computation as the Directors or a
Committee of the Board may determine in the resolutions establishing the terms of the Preferred Securities. Any amount less than one Yen will be down to the nearest whole Yen. For purposes of payments to Preferred Securityholders with respect to the
Liquidation Preference or a Redemption Price, unpaid dividends shall accrue only if, with respect to the relevant payment date for such Liquidation Preference (in accordance with Article 16) or Redemption Price (as the case may be), conditions
comparable to those set forth above for the payment of dividends on the Preferred Securities on a Dividend Payment Date have been satisfied as of the relevant payment date (treating, for this purpose only, the relevant payment date as if it were the
next Dividend Payment Date).
			
		 	 (c)
	  	Pursuant to the Agency Agreement, the Company will appoint the Calculation Agent for the purposes of determining Six-Month Yen LIBOR and the Calculation Agent will calculate, for each
applicable Dividend Period, Six-Month Yen LIBOR. “Six-Month Yen LIBOR” means for each Dividend Period the per annum rate of interest determined by the Calculation Agent as follows:
			
		 		  	 (i) on the Determination Date for such Dividend Period, the Calculation Agent shall obtain the offered rate for six-month Yen deposits that appears on the
display designated as page 3750 on the Telerate Monitor (or such other page or service as may replace it for the purpose of displaying London interbank offered rates of major banks for Yen deposits) at 11:00 a.m. (London time) on the Determination
Date;

			
		 		  	 (ii) if for any reason such offered rate does not appear or if the relevant page is unavailable, Six-Month Yen LIBOR shall be the per annum rate of interest
which the Calculation Agent shall request appropriate quotations and

  

 20 

					
		 		  	 determine the arithmetic mean of the rates (expressed as a percentage per annum) at which six-month Yen deposits are offered by three major banks (or, if fewer
than three rates are so quoted, two major banks, or, if fewer than two rates are so quoted, one major bank) in the London interbank market, selected by the Calculation Agent, at approximately 11:00 a.m. (London time) on the Determination Date to
prime banks in the London interbank market for a period of six months and in an amount that is representative for a single transaction in the relevant market at the relevant time; and

			
		 		  	 (iii) if none of the banks so selected by the Calculation Agent are quoting rates as set forth above, the Six-Month Yen LIBOR shall remain the same as for the
immediately preceding Dividend Period of which the Applicable Dividend Rate is a floating rate, or if there was no preceding Dividend Period of which the Applicable Dividend Rate is a floating rate, the Applicable Dividend Rate shall be the dividend
rate applicable to the prior Dividend Period of which the Applicable Dividend Rate is a fixed rate.

			
		 		  	The Company shall rely on the determination by the Calculation Agent of Six-Month Yen LIBOR or such other floating rate as notified to the Company unless for any reason there is not a
Calculation Agent on a Determination Date, in which case the Company shall perform the calculations and determinations required by these Articles to establish Six-Month Yen LIBOR or such other floating rate.
			
		 	 (d)
	  	The Preferred Securities will rank senior to Junior Shares as to rights upon a dissolution, liquidation or winding up of the Company and, except as described in Article 10 and the next
sentence of this Article 13(d), as to the payment of dividends. On any Dividend Payment Date where some or all of the amount otherwise payable by the Company as dividends on the Preferred Securities is not paid following the occurrence of a
Mandatory Suspension Event or an Optional Suspension Event, the dividend preference of the Preferred Securities will shift to the Ordinary Shares such that all dividend payments received by the Company in respect of the BTMUPC3 Preferred Securities
and all interest or other payments received by the Company in respect of the Company’s other Eligible Investments (including the Junior Subordinated Loan), if any, may be distributed as dividends to the Ordinary Shareholders before any
dividends are paid on the Preferred Securities (subject, if a Suspension Notice has been delivered that limits but does not prohibit payment of dividends, to the prior payment of dividends on the Preferred Securities to the extent permitted by such
Suspension Notice). When dividends are not paid in full for any Dividend Period upon the Preferred Securities, all dividends on the Preferred Securities shall only become payable pro rata based upon the respective amounts that would have been
paid on the Preferred Securities had dividends been paid in full.
			
		 	 (e)
	  	The right of Preferred Securityholders to receive dividends is noncumulative. Accordingly, to the extent dividends are not due or paid in respect of any Dividend Period, Preferred
Securityholders will have no right to receive such dividends in respect of such Dividend Period and the Company will have no obligation to pay such dividends in respect of such Dividend Period, whether or not dividends are payable in respect of any
future Dividend Period.

  

 21 

					
		 	 (f)
	  	Except (i) in the circumstances in which a dividend preference shift occurs as described in Article 13(d) or (ii) in the event of a pro rata redemption of Ordinary Shares on any
Redemption Date or in the event of a Special Dividend on the Ordinary Shares as described in Article 10, the Company shall not pay or set apart funds for any dividends or other distributions (other than in Junior Shares) with respect to any Junior
Shares or repurchase, redeem or otherwise acquire, or set apart funds for repurchase, redemption or other acquisition of, any Junior Shares through a sinking fund or otherwise except on a Dividend Payment Date and unless and until (i) the Company
has paid, or a sum sufficient for payment has been paid over to the Paying Agent (or the Registrar) for payment of, a cash dividend on the Preferred Securities at the annual dividend rate on such Dividend Payment Date for the immediately preceding
Dividend Period, (ii) full cash dividends on the Preferred Securities have been paid on the two immediately preceding Dividend Payment Dates (or such lesser number of Dividend Payment Dates in the period during which the Preferred Securities have
been outstanding) and (iii) the Company has funds legally available therefor. So long as any Preferred Securities are outstanding, Junior Shares are not redeemable or repurchasable without the prior Consent of the Independent Director, except in the
event of a pro rata redemption of Ordinary Shares on any Redemption Date. A “pro rata redemption of Ordinary Shares” as referred to in this Article 13(f) means a redemption of Ordinary Shares where the proportion that the
aggregate issue price (including any premiums) of the Ordinary Shares redeemed by the Company bears to the aggregate issue price (including any premiums) of the Ordinary Shares immediately prior to such redemption shall not exceed the proportion
that the aggregate Liquidation Preference of the Preferred Securities redeemed by the Company bears to the aggregate Liquidation Preference of the outstanding Preferred Securities immediately prior to such redemption.
			
		 	 (g)
	  	A Suspension Notice delivered by MUFG shall state the applicable Mandatory Suspension Event or Optional Suspension Event and the reason for the suspension or reduction of dividends and, in
the case of an Insolvency Event described in clause (x) in the definition thereof, be accompanied by a report of one representative director of MUFG or MUFG’s auditors or liquidator confirming that the circumstance described in (x)(a) or (x)(b)
in the definition thereof exists, or would exist, as the case may be. If more than one Mandatory Suspension Event or Optional Suspension Event has occurred and is continuing, MUFG shall specify the event that contains the most restrictive dividend
payment terms in the corresponding Suspension Notice, and the Company shall pay no dividends or reduced dividends in accordance with that Suspension Notice.
			
		 	 (h)
	  	A Suspension Notice with respect to an Optional Suspension Event shall not be effective unless a valid notice or certificate limiting the payment of dividends by at least the same percentage
as those on the Preferred Securities has also been delivered by MUFG to all issuers of Parity Securities (if any); provided, however,

  

 22 

					
		 		  	that if the percentage of the limitation on the amount of dividend on the Preferred Securities becomes less than the percentage of the limitation on the amount of dividend on any Parity
Securities as a result of rounding the amount less than the minimum amount payable to such Parity Securities pursuant to the terms thereof, such percentages of the limitation shall be deemed to be the same for the purpose of this
Article.
			
		 	 (i)
	  	If MUFG makes a final and conclusive declaration to pay less than full dividends on its Senior Preferred Dividend Shares with respect to any fiscal year of MUFG (commencing with the financial
year ending on 31 March, 2006), then the aggregate amount of dividends that the Company may pay on the Preferred Securities on the Dividend Payment Dates that occur in July of the calendar year in which such fiscal year ends and the next succeeding
January shall (to the extent not limited or prohibited by the Distributable Profits Limitation and subject to the effect of any Mandatory Suspension Event, if, and to the extent, applicable) be equal to an amount that represents the same proportion
of full dividends on the Preferred Securities as the amount of dividends so declared on such Senior Preferred Dividend Shares with respect to such immediately preceding fiscal year bore to full dividends on such Senior Preferred Dividend Shares. For
this purpose, full dividends shall be treated as having been paid for a particular fiscal year even if no interim dividend is paid on such Senior Preferred Dividend Shares if a full dividend is paid after the end of the particular fiscal year of
MUFG. If MUFG makes a final and conclusive declaration not to pay dividends on its Senior Preferred Dividend Shares with respect to a fiscal year of MUFG, no dividends will be paid on the Preferred Securities on the Dividend Payment Dates that occur
in July of the calendar year in which such fiscal year ends and the next succeeding January. Such limitation or prohibition, as the case may be, on the payment of dividends is referred to as the “Dividend Limitation”. When
only partial dividends are paid on the Preferred Securities for any Dividend Period, dividends on the Preferred Securities shall be payable pro rata based upon the respective amounts that would have been paid on the Preferred Securities had
dividends been paid in full.
			
		 	 (j)
	  	On or before the fifth Business Day immediately preceding each Dividend Payment Date, MUFG will calculate the Available Distributable Profits (as defined below) and determine whether such
Available Distributable Profits are less than the aggregate amount of the dividends on the Preferred Securities to be paid on such Dividend Payment Date (a “Distributable Profits Limitation”). In the event that a
Distributable Profit Limitation applies, and MUFG delivers a Suspension Notice to the Company on or before the fifth Business Day immediately preceding such Dividend Payment Date, subject to the other limitations provided for in these Articles (if,
and to the extent, applicable), the Company will pay on such Dividend Payment Date dividends on the Preferred Securities in an amount equal to the Available Distributable Profits set forth in such Suspension Notice. If there are no Available
Distributable Profits with respect to a Dividend Payment Date, no payment of dividends on the Preferred Securities will be made on such Dividend Payment Date (as specified in the Suspension Notice).

  

 23 

			
		  	With respect to any Dividend Payment Date in July, the available distributable profits (the “Available Distributable Profits”) shall be the distributable
profits (or the distributable amounts under the Company Law on or after the effective date thereof) MUFG (as determined under applicable Japanese Law) as of the end of the most recently ended financial year of MUFG after deducting as of the date
immediately preceding such Dividend Payment Date (1) any dividends (other than interim dividends, if any) which have been declared, finally and conclusively, to be paid in relation to any class of preferred shares of MUFG in respect of such fiscal
year and (2) any dividends and other distributions which have been declared since the end of such fiscal year of MUFG in relation to Parity Securities; and
		
		  	With respect to any Dividend Payment Date in January, the Available Distributable Profits shall be the amount by which the Available Distributable Profits applicable to the immediately
preceding Dividend Payment Date in July exceeds the aggregate amount of (1) any dividends which have been declared to be paid in relation to the Preferred Securities on the immediately prior Dividend Payment Date in July and (2) (as of the date
immediately preceding such succeeding Dividend Payment Date in January) any dividends and other distributions declared in relation to Parity Securities which have been declared, on or after such prior Dividend Payment Date in July and notified by
MUFG to the Company on or before the fifth Business Day immediately preceding such succeeding Dividend Payment Date in January (the Distributable Profits Limitation shall be zero if there is no such excess amount).
		
		  	Notwithstanding the foregoing, the aggregate amount of (p) any dividends the Company otherwise must or may pay to the Preferred Securityholders on a Dividend Payment Date (in July or January)
and (q) any dividends and other distributions on Parity Securities which must or may be paid on such date, exceeds the Available Distributable Profits that would otherwise apply on such date, the applicable Available Distributable Profits shall be
reduced to the portion thereof that is in the same proportion as the amount set forth in (p) above bears to the aggregate amount set forth in (p) and (q) above.
		
		  	For the avoidance of doubt, for the purpose of the calculation of the Available Distributable Profits with respect to any Dividend Payment Date in July and January under this Article 13(j),
any date on which dividends and other distributions on Parity Securities must or may be paid, shall be deemed to be the same date as the applicable Dividend Payment Date in relation to the Preferred Securities, notwithstanding any discrepancies
resulting from the methods of determining business days in relation to Preferred Securities and Parity Securities.
		
	(k)	  	All payments made by the Company under, or with respect to, the Preferred Securities will be made free and clear of, and without withholding or deduction for or on account of, any Taxes,
unless the Company is required to withhold or

  

 24 

					
		 	deduct such Taxes by applicable law or by the official interpretation or administration thereof. If the Company is required to withhold or deduct any amount for or on account of
certain Taxes imposed or levied on behalf of any Taxing Jurisdiction, in relation to any payment made in respect of the Preferred Securities, the Company will pay such additional amounts (“Additional Amounts”) as may be
necessary so that the net amount received by each Preferred Securityholder (including Additional Amounts) after such withholding or deduction (including any withholding or deduction from such Additional Amounts) will not be less than the amount such
Preferred Securityholder would have received if such Taxes had not been required to be withheld or deducted, provided, however that the obligation to pay Additional Amounts does not apply to:
			
		 	(i)	  	any Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Preferred Securityholder (or between a fiduciary, settler,
beneficiary, member or shareholder of, or possessor of power over, the relevant Preferred Securityholder, if the relevant Preferred Securityholder is an estate, nominee, trust or corporation) and the Taxing Jurisdiction (including being a citizen or
resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Taxing Jurisdiction) other than by mere ownership or holding of the Preferred Securities, enforcement of rights under
the Preferred Securities or the Guarantee Agreement or under the receipt of payments in respect of the Preferred Securities or the Guarantee Agreement;
			
		 	(ii)	  	any estate, inheritance, gift, sales, transfer, personal property tax or similar tax, assessment, or governmental charge;
			
		 	(iii)	  	any Taxes payable otherwise than by withholding from payments of dividends and other amounts due on the Preferred Securities or under the Guarantee Agreement;
			
		 	(iv)	  	any Taxes that would not have been imposed if the Preferred Securityholder had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled (provided
that (a) a declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold such Taxes and (b) at least 30 days
prior to the first Dividend Payment Date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Taxing Jurisdiction, the Preferred Securityholder at that time has
been notified by MUFG, the Company or any other person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption is required to be made;

  

 25 

					
		 	(v)	  	any Taxes imposed as a result of the presentation of a certificate for the Preferred Security for payment (where presentation is required) more than 30 days after the relevant payments is first
made available to the Preferred Securityholder (except to the extent that the Preferred Securityholder would have been entitled to receive additional amounts had the relevant certificate been presented on the last day of such 30-day period);
or
			
		 	(vi)	  	any combination of (i) through (vi) above.
		
		 	Additional Amounts will also not be payable where, had the beneficial owner of the Preferred Security been the Preferred Securityholder, it would not have been entitled to payment of
Additional Amounts by reason of (i) through (vi) above.
		
		 	The Company will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Taxing Jurisdiction in accordance with applicable
law. The Company will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes deducted or withheld from each Taxing Jurisdiction imposing Taxes (each a “Certified Copy”) and
will provide a Certified Copy to each affected Preferred Securityholder. The Company will attach to each Certified Copy a certificate stating:
			
		 	(i)	  	that the amount of withholding Taxes evidenced by the Certified Copy was paid in connection with payments in respect of the Preferred Securities then outstanding;
			
		 	(ii)	  	the amount of such withholding Taxes paid per relevant Preferred Security.
		
		 	Copies of the documentation referred to in (i) and (ii) above will be available at the office of the Paying Agent during regular business hours for inspection upon
request.
		
		 	At least 30 days prior to each date on which any payment under or with respect to the Preferred Securities is due and payable (unless an obligation to pay Additional Amounts arises
shortly before or after the 30th day prior to that date, in which case it will be promptly thereafter), if the Company will be obligated to pay Additional Amounts with respect to that payment, the Company will deliver to the Paying Agent a
certificate signed by a Director stating that those Additional Amounts will be payable, specifying the country, the amount to be withheld or deducted and stating the Additional Amounts payable and will set forth any other information necessary to
enable the Paying Agent to pay the Additional Amounts to Preferred Securityholders on the payment date. Each such certificate will be relied upon until receipt of a further certificate addressing such matters.
		
		 	The Company will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies that arise in any

  

 26 

					
		 		  	jurisdiction from the execution, delivery or registration of the Preferred Securities or any other document or instrument referred to in the Preferred Securities (other than a transfer of the
Preferred Securities), or the receipt of payments with respect to the Preferred Securities, excluding any taxes, charges or similar levies imposed by any jurisdiction that is not a Taxing Jurisdiction that has imposed or levied taxes resulting in
the requirement to pay Additional Amounts.
			
		 		  	For the avoidance of doubt, references in these Articles to the payment of any dividend or Liquidation Preference with respect to the Preferred Securities will be deemed to include the payment
of Additional Amounts to the extent that, in the context of referring to those payments, Additional Amounts are, were or would be payable in respect of those payments.
			
		 	(l)	  	For the avoidance of doubt, where any payment is made to a Preferred Securityholder by MUFG pursuant to the Guarantee Agreement, to the extent of such payment by MUFG the Company shall have no
further obligations to that Preferred Securityholder pursuant to these Articles (whether in relation to dividends, redemption payments, liquidation payments or otherwise).
	
	VOTING RIGHTS ATTACHING TO PREFERRED SECURITIES
			
	14.	 	(a)	  	Except as provided in this Article 14 and Article 85(b), Preferred Securityholders will not be entitled to vote. In the event the Preferred Securityholders are entitled to vote on any matter,
each Preferred Securityholder will be entitled to vote in proportion to the Liquidation Preference represented by the Preferred Securities held by such Preferred Securityholder.
			
		 	(b)	  	If full dividends on the Preferred Securities shall not have been paid for two consecutive Dividend Periods or while a Bankruptcy Event continues, the Preferred Securityholders, by majority vote
of the votes cast on such matter (calculated by reference to Liquidation Preference) at a meeting properly called and held or by written instructions signed by the holders of a majority of such shares (calculated by reference to Liquidation
Preference), shall have the right to remove the Independent Director and to fill the vacancy created by such removal or any other vacancy existing in the office of the Independent Director.
			
		 	(c)	  	So long as any Preferred Securities are outstanding, the Company shall not: (i) amend, alter or repeal or otherwise change any provision of these Articles or the Memorandum of Association of the
Company if such amendment, alteration, repeal or change would materially and adversely affect the rights, preferences, powers or privileges of the Preferred Securities as determined by the Independent Director; or (ii) to the extent within its
control, merge, convert, consolidate, reorganise or effect any other business combination involving the Company, unless the resulting entity will thereafter have no class or series of equity securities either authorised or outstanding ranking senior
to the Preferred Securities as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up of the Company, except the same number

  

 27 

					
		 		  	of shares of such equity securities with the same preferences, conversion or other rights, voting powers, restrictions, limitations as to the payment of dividends or other distributions,
qualifications or terms or conditions or redemption as the equity securities of the Company that are authorised and outstanding immediately prior to such transaction, and each Preferred Securityholder immediately prior to such transaction shall
receive securities with the same preferences, conversion or other rights, voting powers, restrictions, limitations as to the payment of dividends or other distributions, qualifications or terms or conditions or redemption of the resulting entity as
the Preferred Securities held by such holder immediately prior thereto unless two-thirds (calculated by reference to Liquidation Preference) of the Preferred Securityholders consent to such action.
			
		 	(d)	  	So long as any Preferred Securities are outstanding, the Company shall not, without the prior consent of each outstanding Preferred Securityholder (a) issue any (i) Senior Shares or (ii) any
class or series of equity securities that rank on a parity with the Preferred Securities as to (A) payment of dividends or (B) rights upon dissolution, liquidation or winding up of the Company or (b) alter, vary or abrogate the rights of holders of
Preferred Securities relating to the amount or due date of dividends, Liquidation Preference or Additional Amounts or the amount received upon redemption of Preferred Securities or the date of redemption including currency and place of
payment.
			
		 	(e)	  	The creation or issue of any additional Junior Shares, or an amendment to these Articles or the Memorandum of Association of the Company that increases the number of authorised Ordinary
Shares or any other Junior Shares shall not be deemed to be a material and adverse change requiring a vote, or consent, of the Preferred Securityholders.
			
		 	(f)	  	The Company may not (i) sell, assign or grant a participation or any other form of interest (whether by way of security or otherwise) in the BTMUPC3 Preferred Securities or (ii) as holder of
the BTMUPC3 Preferred Securities consent to any action by BTMUPC3 with respect to its interests in the senior loan agreement between it and the Bank under Article 14(f) of BTMUPC3’s Amended and Restated Articles of Association except upon the
affirmative vote of a majority of the entire Board and with the consent of at least two-thirds (calculated by reference to Liquidation Preference) of the Preferred Securityholders.
	
	REDEMPTION AND PURCHASE OF PREFERRED SECURITIES
			
	15.	 	(a)	  	On any Dividend Payment Date (commencing in July 2011), the Preferred Securities may be redeemed for cash at the option of the Company, in whole or in part, on not less than 14 nor more than 60
days’ notice, at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not including)
the date fixed for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period. Any such redemption is

  

 28 

					
		 		  	subject to (i) compliance with applicable regulatory requirements, including the prior approval of the FSA if then required and (ii) the prior approval of all of the Ordinary Shareholders. If
dividends on any Preferred Securities are due and payable but not paid, no Preferred Securities shall be redeemed unless all outstanding Preferred Securities are redeemed and the Company shall not purchase or otherwise acquire any Preferred
Securities, provided, however, that the Company may purchase or acquire Preferred Securities pursuant to a purchase or exchange offer made on the same terms to all outstanding Preferred Securityholders and approved by an Ordinary
Resolution.
			
		 	(b)	  	In the event that fewer than all the outstanding Preferred Securities are to be redeemed, the number of Preferred Securities to be redeemed shall be determined by the Board, and the Preferred
Securities to be redeemed shall be determined by lot or pro rata as may be determined by the Board in its sole discretion to be equitable provided that for so long as the Preferred Securities are registered in the name of a Common Depositary
or a nominee therefor such method satisfies any applicable requirements of the Common Depositary, Euroclear and Clearstream or any successor clearing system or, as the case may be, the Registrar.
			
		 	(c)	  	The Company will also have the right at any time prior to the Dividend Payment Date in July 2011, upon the occurrence of a Tax Event, to redeem Preferred Securities, in whole (but not in
part), on not less than 14 nor more than 60 days’ notice, for cash at the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period
accrued on a daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such period. Any such
redemption shall be subject to applicable regulatory requirements, including the prior approval of the FSA if then required under applicable guidelines or policies of or supervised by the FSA.
			
		 	(d)	  	At any time a Special Event has occurred and is continuing, the Company will have the right to redeem the Preferred Securities, subject to compliance with applicable regulatory requirements,
including the prior approval of the FSA (if then required), in whole but not in part, on not less than 14, nor more than 60 days notice, at a redemption price equal to (A) in the case of redemption prior to 25 July 2011, the Make Whole Amount
or (B) in the case of a redemption on or after 25 July 2011, the Redemption Price, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a
daily basis through (but not including) the date fixed by the Company for redemption, without interest and without accumulation of dividends for any prior Dividend Period to the extent not payable in respect of such period.
			
		 	(e)	  	Subject to the provisions of Article 15(f), the Company may make any payment in respect of redemption or purchase of any Preferred Securities in any manner authorised by, and subject to such
conditions prescribed by, the Statute, including out of capital, Share Premium Account and retained earnings.

  

 29 

					
		 	(f)	  	The Company may, subject to approval by Ordinary Resolution, purchase Preferred Securities in the market at negotiated prices provided that the Company may fund the purchase of Preferred
Securities only with funds legally available therefor. Any such purchase by the Company is subject to compliance with applicable regulatory requirements including the prior approval of the FSA if then required with respect to such purchase. Any
Preferred Securities so purchased shall be cancelled and may not be reissued or resold and the obligations of the Company in respect of such Preferred Securities shall be discharged.
			
		 	(g)	  	Any Preferred Securities redeemed by the Company will be automatically cancelled upon such redemption.
	
	RIGHTS OF PREFERRED SECURITIES ON LIQUIDATION
			
	16.	 	(a)	  	In the event of any voluntary or involuntary dissolution, liquidation, or winding up of the Company, after satisfaction of liabilities to creditors, if any, the Preferred Securityholders at the
time outstanding will be entitled to receive out of assets of the Company available for distribution to Members, before any distribution of assets is made to holders of any Junior Shares, liquidation distributions in respect of each Preferred
Security in the amount of the Liquidation Preference, plus, if applicable in accordance with Article 13(b), an amount equal to unpaid dividends, if any, thereon with respect to the current Dividend Period accrued on a daily basis through (but not
including) the date fixed by the Company for redemption, but without interest and without accumulation of dividends for any prior Dividend Period to the extent not due and payable in respect of such period.
			
		 	(b)	  	After payment of the full amount of the liquidation distributions to which they are entitled, the Preferred Securityholders will have no right or claim to any of the remaining assets of the
Company. In the event that, upon any such voluntary or involuntary dissolution, liquidation or winding up, the available assets of the Company are insufficient to pay the amount of the liquidation distributions on all outstanding Preferred
Securities then the Preferred Securityholders shall share rateably in any such distribution of assets in proportion to the full Liquidation Preference to which they would otherwise be respectively entitled. Assets available for distribution would
include any amounts received by the Company from MUFG pursuant to the Guarantee Agreement.
	
	VARIATION OF SHARE CAPITAL
		
	17.	 	Subject to Article 14 and the other provisions of these Articles and in accordance with any applicable law, the Company may from time to time by Ordinary Resolution increase its
capital by such sum or sums to be divided into shares of such par value as the Ordinary Resolution shall prescribe. All new shares shall be subject to the provisions of the Articles with reference to payment of calls, lien, transfer, transmission,
forfeiture and otherwise.

  

 30 

							
	18.	  	Subject to the provisions of Sections 13 and 35 of the Statute, the Company may, save in respect of the Preferred Securities, by Special Resolution from time to time reduce its share
capital in any way and in particular without prejudice to the generality of the foregoing power may:
			
		  	(a)	  	extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or
			
		  	(b)	  	with or without extinguishing or reducing liability on any of its shares:
				
		  		  	(i)	  	cancel any paid-up share capital which is lost or which is not represented by available assets; or
				
		  		  	(ii)	  	pay off any paid-up share capital which is in excess of the requirements of the Company,
		
		  	and may if and so far as is necessary alter its Memorandum of Association by reducing the amount of its share capital and of its shares accordingly.
		
	19.	  	The Company may, save in respect of the Preferred Securities but subject to Article 6 and Article 14, by Ordinary Resolution from time to time alter (but not reduce) any part of its
share capital by:
			
		  	(a)	  	consolidating and dividing all or any of its share capital into shares of larger amount than its existing shares;
			
		  	(b)	  	Sub-dividing its shares or any of them into shares of smaller amount than that fixed by its Memorandum of Association so that in the sub-division the proportion between the amount
paid and the amount if any unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; or
			
		  	(c)	  	cancelling any shares which at the date of the passing of the Ordinary Resolution in that behalf have not been taken or agreed to be taken by any person and diminishing the amount of
its share capital by the amount of the shares so cancelled.
	
	TRANSFER OF SHARES
		
	20.	  	Subject to the provisions of these Articles, shares in the Company shall be transferable by a transfer in any usual or common form in use in the Cayman Islands or in such other form
as the Directors shall from time to time sanction or allow but so that every form of transfer shall relate to shares of one class only and shall state the full name and address of the transferor and the transferee or transferees and, if more than
one such transferee, the number of shares respectively being transferred to each of them.

  

 31 

					
	21.	  	No transfer of Ordinary Shares may be effected:
			
		  	(a)	  	otherwise than in accordance with Article 9 and in respect of all Ordinary Shares then in issue;
			
		  	(b)	  	without the prior written consent of the Directors; and
			
		  	(c)	  	unless the proposed transferee shall have given a declaration as to such matters in such form as the Directors may require (including, but without limiting the foregoing, as to residence for tax
purposes),
		
		  	and in any event the Directors may in their absolute discretion refuse to register any such transfer without assigning any reason therefor.
		
	22.	  	The Directors may decline to register any transfer of any shares of the Company unless:
			
		  	(a)	  	the instrument of transfer is deposited at the Office, the office of the Registrar or such other place as the Directors may reasonably require, accompanied by the certificate in respect of the
shares (if any) to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer; and
			
		  	(b)	  	the instrument of transfer relates to shares of one class only.
		
	23.	  	Provided that the Company shall not be required to register or cause to be registered a transfer of any preference share after such preference share has been called for redemption,
the Directors shall forthwith register a transfer of fully paid preference shares effected in accordance with Article 22 subject only to the provisions of Article 31.
		
	24.	  	The Directors may decline to register any transfer of preference share on which the Company has a lien.
		
	25.	  	If the Directors decline to register a transfer of any shares they shall within two months after the date on which the transfer was lodged with the Company send to the transferee
notice of refusal.
		
	26.	  	The registration of transfers of shares (not being fully paid preference shares) may be suspended at such times and for such periods as the Directors may from time to time determine
PROVIDED ALWAYS that such registration shall not be suspended for more than thirty days in any year.
		
	27.	  	All instruments of transfer which shall be registered shall be retained by the Company but any instrument of transfer which the Directors may decline to register shall (except in any
case of fraud) be returned to the person depositing the same.

  

 32 

	28.	Instruments of transfer shall be signed by the transferor (and in the case of partly paid shares by the transferee) and shall be dated the day on which they are signed.

  

	29.	The transferor of any shares shall be deemed to remain the holder of such shares until the same have been transferred to the transferee in the Register. 

  

	30.	The Directors may delegate any of their functions and responsibilities under Articles 20-28 above to any person appointed by them to act as Registrar. 

 TRANSMISSION OF SHARES 
  

	31.	In the case of the death of a Member the survivor or survivors (where the deceased was a joint holder) and the personal representatives of the deceased (where he was the sole
holder) shall be the only person recognised by the Company as having any title to his interest in the shares but nothing herein contained shall release the estate of the deceased holder whether sole or joint from any liability in respect of any
amount of shares solely or jointly held by him. 

  

	32.	Any guardian of an infant Member or of a Member under legal disability and any person entitled to any amount of shares in consequence of the death or insolvency of a Member may upon
such evidence being produced as may from time to time properly be required by the Directors and subject as hereinafter provided elect either to be registered himself as holder of the shares or to have some person nominated by him registered as the
transferee thereof but the Directors shall in either case have the same right to decline or suspend registration as they would have had in the case of transfer of the shares by that Member before his death or insolvency (as the case may be).

  

	33.	If the person so becoming entitled in consequence of the death or insolvency of any Member shall elect to be registered himself he shall deliver or send to the Company a notice in
writing signed by him stating that he so elects. If he shall elect to have another person registered he shall testify his election by executing to that person a transfer of the shares. All the limitations, restrictions and provisions of these
regulations relating to the right to transfer and the registration of transfer of shares shall be applicable to any such notice of transfer as aforesaid as if the death or insolvency of the Member had not occurred and the notice of transfer were a
transfer signed by that Member. 

  

	34.	A person becoming entitled to any amount of shares by reason of the death or insolvency of the holder shall be entitled to the same dividends and other advantages to which he would
be entitled if he were the registered holder of the shares except that he shall not before being registered as a Member in respect of the shares be entitled in respect of them to exercise any right conferred by membership in relation to meetings of
the Company PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the shares and if the notice is not complied with within ninety days the Directors may
thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the shares until the requirements of the notice have been complied with. 

  

 33 

 REGISTER OF MEMBERS 
  

	35.	The Directors shall keep the Register or cause the Register to be kept by the Registrar at such place as they shall from time to time determine in the manner set forth in Article 36
but in all cases outside the United Kingdom. 

  

	36.	The Register may be kept on magnetic tape or in accordance with some other mechanical or electrical system provided legible evidence can be produced therefrom to satisfy the
requirements of the Statute and of these Articles. 

  

	37.	The Directors shall cause to be entered in the Register the following particulars: 

  

	 	(a)	the name and address of each Member, a statement of the amount of relevant shares of each class held by him and of the amount paid or agreed to be considered as paid on such shares;

  

	 	(b)	the date on which each person was entered in the Register as a Member holding the relevant shares; and 

  

	 	(c)	the date on which any person ceased to be a Member holding the relevant shares. 

  

	38.	The Register shall be kept in such manner as to show at all times the Members of the Company for the time being and the shares respectively held by them. 

 

	39.	The Register shall be open to inspection at all reasonable times during office hours. 

  

	40.	Title to shares shall pass by registration in the Register. 

  

	41.	Upon the redemption or purchase of any shares being effected pursuant to these Articles the relevant Member shall cease to be entitled to any rights in respect thereof (excepting
always the right to receive the Redemption Price and/or any other amount to which he is entitled in respect of such redemption or purchase) and accordingly his name shall be removed from the Register with respect thereto, the relevant shares treated
as cancelled and treated as unissued, and as a consequence thereof such cancelled shares shall be available for re-issue as shares of the relevant class and until re-issue shall form part of the authorised but unissued share capital of the Company.

 SHARE CERTIFICATES 
  

	42.	The Directors may determine to issue a share certificate to any person whose name is entered as a Member in the Register in respect of the shares of each class held by him.

  

	43.	Subject to the provisions of Article 42 where a Member has transferred part of the shares comprised in his holding (to the extent permitted) he shall be entitled to a certificate
for the balance without charge. 

  

 34 

	44.	Each share certificate to be issued by the Company with respect to any share shall be in such form as the Directors may determine and shall specify the amount and class and
distinguishing number (if any) of the shares to which it relates and shall be issued under the Seal or any facsimile Seal of the Company and/or the manual or facsimile signature of any person authorised by the Directors. 

  

	45.	If a share certificate evidencing shares shall be mutilated, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity as the Directors think fit. In
case of loss or destruction the Member to whom such renewed certificate is given shall also bear and pay to the Company and, if applicable, the Registrar all expenses incidental to the investigation by the Company of the evidence of such loss or
destruction and to such indemnity. 

 JOINT HOLDERS OF SHARES 
  

	46.	Where two or more persons are registered as the holders of any shares they shall be deemed to hold the same as joint tenants, subject to the provisions following:

  

	 	(a)	the Company shall not be bound to register more than four persons as the joint holders; 

  

	 	(b)	any one of such joint holders may give effectual written instructions for redemption; 

  

	 	(c)	any one of such joint holders may give effectual receipts for any dividend, bonus or return of capital payable to such joint holders; 

  

	 	(d)	any certificate relating to such share shall be delivered to the address of the first-named of the joint holders as appearing in the Register, and notices from the Company of
General Meetings of the Company at which they are entitled to attend and vote, or any class meeting of Members of the Company at which they are entitled to attend and vote, shall be delivered to such address of such first named joint holder;

  

	 	(e)	the vote of the first-named of joint holders who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders; and

  

	 	(f)	for the purpose of the provisions of this Article the first-named shall be determined by the order in which the names of the joint holders stand in the Register.

  

 35 

 LIEN 
  

	47.	The Company shall have a first and paramount lien and charge on all the shares (not being fully paid shares) registered in the name of a Member (whether solely or jointly with
others) for his debts, liabilities and engagements (either alone or jointly with any other person and whether a Member or not) to or with the Company whether the period for payment or discharge thereof shall have actually arrived or not. Such lien
shall extend to all dividends from time to time declared in respect of such shares. 

  

	48.	Unless otherwise agreed the registration of a transfer of shares shall operate as a waiver of the Company’s lien (if any) on such shares. 

  

	49.	For the purpose of enforcing such lien the Company may sell (in such manner as the Directors think fit) any shares on which the Company has a lien but no sale shall be made unless
some sum in respect of which the lien exists is presently payable nor until the expiration of fourteen days after the notice in writing stating and demanding payment of the sum presently payable and giving notice of intention to sell in default
shall have been served on the holder for the time being of the shares or the person entitled by reason of his death or bankruptcy to the shares. For the purposes of giving effect to any such sale the Directors may authorise some person to transfer
to the purchaser thereof the shares so sold. 

  

	50.	The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debt or liability in respect whereof the lien
exists so far as the same is presently payable and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the time of the
sale. The purchaser shall be so registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the
proceedings in reference to the sale. 

  

	51.	The Directors may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the amount of the shares or by way of premium)
PROVIDED THAT (except as otherwise fixed by the conditions of application or allotment) no call on any share shall be payable at less than fourteen days from the date fixed for the payment of the last preceding call and each Member shall (subject to
being given at least fourteen days’ notice specifying the time or times and place of payment) pay to the Company at the time or times and place so specified the amount called on his shares. A call may be made payable by instalments. A call may
be revoked or postponed as the Directors may determine. 

  

	52.	A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed. 

  

	53.	The joint holders of a share shall be jointly and severally liable to pay all calls and other moneys due in respect thereof. 

  

 36 

	54.	If a sum called in respect of a share is not paid before or on the day appointed for payment thereof the person from whom the sum is due shall pay interest on the sum from the day
appointed for payment thereof to the time of actual payment at such rate as the Directors may determine but the Directors shall be at liberty to waive payment of such interest wholly or in part. 

  

	55.	Any sum which by the terms of issue of a share becomes payable upon allotment or at any fixed date whether on account of the share or by way of premium shall for all the purposes of
these Articles be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable and in the case of non-payment all the relevant provisions of these Articles as to payment of interest, forfeiture or
otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified. 

  

	56.	The Directors may make arrangements on the issue of shares for a difference between the holders in the amount of calls to be paid and/or in the times of payment.

  

	57.	The Directors may if they think fit receive from any Member willing to advance the same all or any part of the money uncalled and unpaid upon the shares held by him beyond the sums
actually called up thereon as a payment in advance of calls and such payment in advance of calls shall extinguish so far as the same shall extend the liability upon the shares in respect of which it is advanced and upon the money so received or so
much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which it has been received the Company may (until the same would but for such advance become presently payable) pay interest at such rate as
the Directors shall think fit PROVIDED THAT any amount paid up in advance of calls shall not entitle the holder of the shares upon which such amount is paid to participate in respect thereof in any dividend until the same would but for such advance
become payable. 

 FORFEITURE OF SHARES 
  

	58.	If a Member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Directors may at any time thereafter during such time as any part of such
call or instalment remains unpaid serve a notice on him requiring payment of so much of the call or instalment as is unpaid together with any accrued interest and any costs, charges and expenses incurred by the Company by reason of such non-payment.
The notice shall name a further day (not earlier than fourteen days from the date of serving thereof) on or before which and the place where the payment required by notice is to be made and shall state that in the event of non-payment at or before
the time and the place appointed the shares on which the call was made will be liable to be forfeited. 

  

	59.	If the requirements of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time thereafter before payment of all
calls, instalments, interest, costs, charges and expenses due in respect thereof has been made be forfeited by a resolution of the Directors to that effect and such forfeiture shall include all dividends which shall have been declared on the
forfeited share and not actually paid before forfeiture. 

  

 37 

	60.	A forfeited share shall become the property of the Company and may be sold, re-allotted or otherwise disposed of either to the person who was before forfeiture the holder thereof or
entitled thereto or to any other person upon such terms and in such manner as the Directors shall think fit and whether with or without all or any part of the amount previously paid up on the share or credited as so paid up and at any time before a
sale, re-allotment or disposition for forfeiture may be cancelled on such terms as the Directors think fit. The Directors may if necessary authorise some person to transfer a forfeited share to any other person as aforesaid.

  

	61.	A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but shall notwithstanding the forfeiture remain liable to pay to the Company
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares with interest thereon from the date of forfeiture until payment at such rate as the Directors may determine and the Directors may
enforce payment without any allowance for the value of the shares at the time of forfeiture. 

  

	62.	A record in the minute book of the Company that a share has been duly forfeited in pursuance of these Articles and stating the time when it was forfeited shall be conclusive
evidence of the facts therein stated as against all persons claiming to be entitled to the share and such record and the receipt of the Company for the consideration (if any) given for the share on a sale, re-allotment or disposal thereof together
with the certificate for the share delivered to the purchaser or allottee thereof shall (subject to the execution of a transfer if the same be so required) constitute a good title to the share. 

  

	63.	The person to whom the share is sold, re-allotted or disposed of in accordance with the immediately preceding Article shall be registered as the holder of the share and not be bound
to see to the application of the consideration (if any) nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale, re-allotment or disposal of the share.

  

	64.	The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sums which by the terms of issue of a share become payable at a fixed time whether on
account of the amount of the share or by way of premium as if the same had been payable by virtue of a call duly made and notified. 

 GENERAL MEETINGS 
  

	65.	Subject as hereinafter provided, General Meetings shall be held at such time and place as may be determined by the Directors. 

  

	66.	All General Meetings (other than those designated Annual General Meetings by the notice thereof) shall be called Extraordinary General Meetings. 

  

	67.	(a)    The Directors may whenever they think fit proceed to convene a General Meeting of the Company. 

  

 38 

	 	(b)	The Directors may whenever they think fit, and they shall on the requisition of the holders of not less than one-tenth of the paid-up shares entitled to attend and vote thereat,
convene an Extraordinary General Meeting. 

  

	 	(c)	The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Office and may consist of several documents in like form each
signed by one or more requisitionists. 

  

	 	(d)	If the Directors do not within twenty-one days from the date of the deposit of the requisition duly proceed to convene an Extraordinary General Meeting, the requisitionists or any
of them representing more than one-half of the total voting rights of all of them, may themselves convene an Extraordinary General Meeting, but any meeting so convened shall not be held after the expiration of three months after the expiration of
the said twenty-one days. 

 NOTICE OF GENERAL MEETINGS 
  

	68.	Twenty-eight clear days’ notice at least specifying the place, the day and the hour of the meeting and in the case of special business the general nature of such business (and
in the case of an Annual General Meeting, specifying the meeting as such) shall be given in the manner hereinafter mentioned to the Ordinary Shareholders. The Auditors shall be entitled to attend and speak at any General Meetings of the Company.

  

	69.	In every notice calling a meeting of the Company or of any class of Members of the Company there shall appear with reasonable prominence a statement that a Member entitled to attend
and vote is entitled to appoint one or more proxies to attend and vote instead of him and that a proxy need not also be a Member. 

  

	70.	The accidental omission to give notice to or the non-receipt of notice by any person entitled to receive notice shall not invalidate the proceedings at any General Meeting or any
meeting of a class of Members. 

  

	71.	A General Meeting shall notwithstanding that it is called by shorter notice than that specified in Article 68 be deemed to have been duly called with regard to the length of notice
if it is agreed: 

  

	 	(a)	in the case of a meeting called as the Annual General Meeting, by all the Members entitled to attend and vote thereat; and 

  

	 	(b)	in the case of any other meeting, including an Extraordinary General Meeting, by a majority in number of the Members having the right to attend and vote at the meeting being a
majority together holding not less than 95% in par value of the shares in the Company giving that right. 

  

 39 

 PROCEEDINGS AT GENERAL MEETINGS 
  

					
	72.	  	(a)	 	All business shall be deemed special that is transacted at an Extraordinary General Meeting and also all business that is transacted at an Annual General Meeting with the exception of the
consideration of the accounts and balance sheet and the reports of the Directors and Auditors, the election of Directors and Auditors in place of those retiring and the appointment and the fixing of the remuneration of the Directors and the
Auditors.
			
		  	(b)	 	A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by all Members (or their duly authorised representatives) for the time being entitled to receive
notice of and attend and vote at general meetings (or a general meeting at which the relevant resolution might have been considered) shall be as valid and effective as if the same had been adopted at a general meeting of the Company duly convened
and held. For the avoidance of doubt, where the votes of the Preferred Securityholders are required pursuant to these Articles, a resolution in writing signed by all such Preferred Securityholders (or in the case of Article 14(b), signed by the
holders of such majority of shares as specified therein) shall be as valid and effective as if the same had been held at a general meeting of the Company duly convened and held.

  

			
	73.	  	No business shall be transacted at any General Meeting or a meeting of any class of Members except the adjournment thereof unless a quorum is present. A quorum shall be one Member entitled to
attend and vote thereat present in person or by proxy.
		
	74.	  	Subject as set out below, if within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened on the requisition of or by Members, shall be
dissolved. In any other case it shall stand adjourned to the same day in the next week at the same time and place or to such other day and at such other time and place as the Directors may determine.
		
	75.	  	The Chairman (if any) or, if absent, the Deputy Chairman (if any) of the Board of Directors or failing him some other Director nominated by the Directors shall preside as Chairman at every
General Meeting of the Company but if at any meeting neither the Chairman nor the Deputy Chairman nor such other Director is present within fifteen minutes after the time appointed for holding the meeting or if none of them is willing to act as
Chairman, the Directors present shall choose some Director present to be Chairman or, if no Directors are present, or if all the Directors present decline to take the chair, the Members (or their proxies) present shall choose some Member (or proxy)
present to be Chairman.
		
	76.	  	The Chairman with the consent of any meeting at which a quorum is present may (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place but no
business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for fourteen days or more, seven clear
days’

  

 40 

	 	 
notice at the least specifying the place, the day and the hour of the adjourned meeting shall be given as in the case of the original meeting but it shall
not be necessary to specify in such notice the nature of the business to be transacted at the adjourned meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned
meeting. 

  

	77.	At any General Meeting or meeting of a class of Members a resolution put to the vote of the meeting shall be decided on a show of hands unless before or upon the declaration of the
result of the show of hands a poll is demanded by the Chairman or by a Member or Members representing not less than one-fifth of the total voting rights of all the Members having the right to vote at the meeting or by a Member or Members holding
shares on which an aggregate sum has been paid up equal to not less than one-fifth of the total sum paid up on all the shares conferring that right. Unless a poll is so demanded, a declaration by the Chairman that a resolution has been carried or
carried unanimously or by a particular majority or lost or not carried by a particular majority and an entry to that effect in the book containing the minutes of the proceedings of the Company shall be conclusive evidence of the fact without proof
of the number or proportion of the votes recorded in favour of or against such resolution. 

  

	78.	If a poll is duly demanded it shall be taken in such a manner and at such place as the Chairman may direct (including the use of ballot or voting papers or tickets) and the result
of a poll shall be deemed to be a resolution of the meeting at which the poll was demanded. 

  

	79.	The Chairman may in the event of a poll appoint scrutineers and may adjourn the meeting to some place and time fixed by him for the purpose of declaring the result of the poll.

  

	80.	A poll demanded on the election of a Chairman and a poll demanded on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such
time and place as the Chairman directs not being more than thirty days from the day of the meeting or adjourned meeting at which the poll was demanded. 

  

	81.	The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded.

  

	82.	A demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately. 

  

	83.	In the case of an equality of votes whether on a show of hands or on a poll the Chairman of the meeting at which the show of hands takes place or at which the poll is demanded shall
be entitled to a second or casting vote. 

  

	84.	Minutes of all resolutions and proceedings of General Meetings or meeting of a class of Members shall be duly and regularly entered in a book provided. 

  

 41 

 VOTES OF MEMBERS 
  

					
	85.	  	(a)	 	Subject to the provisions of Article 14 and Article 85(b), only the Ordinary Shares shall carry the right to attend and vote at General Meetings of the Company and to due notice thereof. At such
meetings, each Ordinary Shareholder shall have one vote for each Ordinary Share registered in his name.
			
		  	(b)	 	Both Ordinary Shares and preference shares shall carry the right to attend and vote at General Meetings (Annual or Extraordinary) of the Company at which a Special Resolution to wind up the
Company is to be proposed and to due notice thereof. At any such meetings the Ordinary Shareholders and the preference shareholders shall, respectively, be able to cast 34 votes and 66 votes, such votes being divided equally between the Ordinary
Shares and the preference shares (according to liquidation preference), as the case may be, then in issue.
		
	86.	  	In the case of joint holders of a share, the vote of the first-named who tenders a vote whether in person or by proxy shall be
accepted to the exclusion of the votes of the other
joint holders and for this purpose “first-named” shall be determined by the
order in which the names stand in the Register in respect of the shares.
		
	87.	  	A Member who has appointed special and general attorneys or a Member to whom a guardian has been appointed or a
Member of unsound mind in respect of whom an order has been made by
any court having jurisdiction in lunacy may vote
whether on a show of hands or on a poll by his said attorney or guardian appointed by such court and such attorney or
guardian may on a poll vote by proxy PROVIDED THAT such evidence as the
Directors may require of the authority of the
person claiming to vote shall have been deposited at the Office (or such other place as the Directors may from time to time
prescribe) not less than forty-eight hours before the time of holding the
meeting or adjourned meeting at which such person
claims to vote.
		
	88.	  	Unless the Directors otherwise determine, no Member shall be entitled to vote at any General Meeting or meeting of a class of
Members of the Company either personally or by proxy
or exercise any privileges as a Member unless all calls or other sums
presently payable by him in respect of shares in the Company of which he is the holder or one of the joint holders have been
paid.
		
	89.	  	No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote
objected to is given or tendered and every vote not
disallowed at such meeting shall be valid for all purposes. Any such
objection made in due time shall be referred to the Chairman of the meeting whose decision shall be final and conclusive.
		
	90.	  	On a poll votes may be given either personally or by proxy and a Member entitled to more than one vote need not, if he votes,
use all his votes or cast all the votes he uses in
the same way.

  

 42 

	91.	The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or if the appointor is a corporation either under
its common seal or under the hand of an officer or attorney so authorised. 

  

	92.	Any person (whether a Member of the Company or not) may be appointed to act as proxy. A Member may appoint more than one proxy to attend on the same occasion.

  

	93.	The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority shall be
deposited at the Office or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company not less than forty-eight hours before the time appointed for holding the meeting at which
the person named in the instrument proposes to vote and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of
its execution except at any adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date. 

  

	94.	An instrument of proxy shall be in the following form or such other form as the Directors may approve: 

 “MUFG CAPITAL FINANCE 3 LIMITED” 
 FORM OF PROXY

 I/WE
                                        
     of                      being a Member/Members of the above named Company hereby appoint of or failing him of as my/our proxy
to vote for me/us on my/our behalf at the [Annual/Extraordinary General Meeting/class meeting of [describe class] of Members] of the Company to be held on the day of
                         and any adjournment thereof 
 Signed this              day of
                         20[    ] 
 This form is to be used * to vote [[            ] [describe class] Shares in favour] [and]
[[            ] [describe class] Shares against ]* the Resolution. Unless otherwise instructed the proxy will vote or abstain from voting as he thinks fit. 
  

	95.	A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of
proxy or of the authority under which the instrument of proxy was executed or the transfer of the share in respect of which the instrument of proxy is given PROVIDED THAT no intimation in writing of such death, insanity, revocation or transfer shall
have 

	*	Complete as appropriate” 

  

 43 

	 	 
been received by the Company at the Office (or the venue for the meeting or adjourned meeting) before the commencement of the meeting or adjourned meeting at
which the instrument of proxy is used. 

  

	96.	Any corporation which is a Member of the Company may by resolution of its directors or other governing body or officers authorised by such body authorise such person as it thinks
fit to act as its representative at any meeting of any class of Members of the Company and the person so authorised shall be entitled to exercise the same power on behalf of the corporation which he represents as that corporation could exercise if
it were an individual Member of the Company. 

 DIRECTORS 
  

	97.	The number of Directors shall not be less than two or more than four. The Independent Director shall be such Director qualified to act as such as the Board shall from time to time
designate subject to the provisions of Article 14(b). Directors shall hold office until they resign or are disqualified in accordance with Article 106 or, in the case of the Independent Director, replaced in accordance with the provisions of Article
14(b). The Company may at any time, and shall at all times when any Preferred Securities are in issue, have one (and only one) Independent Director. 

  

	98.	Subject to the provisions of Article 97 the Directors shall have power at any time and from time to time to appoint any person to be a Director either to fill a casual vacancy or as
an addition to the existing Directors. Any Director so appointed shall hold office only until the next following Annual General Meeting and shall then be eligible for re-election. 

  

	99.   (a)	The Directors shall be entitled to such remuneration as may be voted to them by the Company in General Meeting. Such remuneration shall be deemed to accrue from day to day. The
Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or General Meetings of the Company or in connection with the
business of the Company. 

  

	 	(b)	The Directors may grant special remuneration to any Director who, being called upon, shall be willing to render any special or extra services to the Company. Such special
remuneration may be made payable to such Director in addition to or in substitution for his ordinary remuneration as a Director, and may be made payable by a lump sum or by way of salary or commission or by any or all of those modes or otherwise.

  

	100.	A Director need not be a Member of the Company. 

 ALTERNATE DIRECTORS 
  

	101.	Each Director shall have the power to nominate another Director or any other person to 

  

 44 

					
		  	act as an alternate Director in his place at any meeting of the Directors at which he is unable to be present and at his discretion to remove such alternate Director and on such
appointment being made the alternate Director shall (except as regards the power to appoint an alternate Director) be subject in all respects to the terms and conditions existing with reference to the other Directors of the Company and each
alternate Director whilst acting in the place of an absent Director shall exercise and discharge all the functions powers and duties of the Director he represents.
		
	102.	  	Any Director of the Company who is appointed as alternate Director shall be entitled at a Meeting of the Directors to cast a vote on behalf of his appointor in addition to the vote
to which he is entitled in his own capacity as a Director of the Company and for quorum purposes shall count as a separate and additional director present but not so that less than two individuals shall be capable of constituting a
quorum.
		
	103.	  	Any person appointed as an alternate Director shall vacate such office as such alternate Director if and when the Director for whom he has been appointed vacates his office as
Director.
		
	104.	  	The remuneration of such an alternate Director shall be payable out of the remuneration payable to the Director appointing him and the proportion thereof shall be agreed between
them.
			
	105.	  	(a)	  	Every instrument appointing an alternate Director shall as nearly as circumstances will admit be in the following form:
			
		  		  	  “MUFG CAPITAL FINANCE 3 LIMITED

			
		  		  	 I
                                         a
Director of the above named Company in pursuance of the power in that behalf contained in the Articles of Association of the Company do hereby nominate and appoint
                     of                      to
act as alternate Director in my place at any meeting of the Directors which I am unable to attend and to exercise all my duties as a Director of the Company.

			
		  		  	 Signed this              day of
                        , 20[    ] .”

			
		  	(b)	  	The appointment of an alternate Director and any revocation thereof shall take effect when lodged at the Office.

 DISQUALIFICATION AND RETIREMENT OF DIRECTORS 
  

					
	106.	  	The office of a Director shall be vacated in any of the following events namely if:
			
		  	(a)	  	he resigns his office by notice in writing signed by him and left at the Office;

  

 45 

					
		  	(b)	 	he becomes bankrupt or makes any arrangements or composition with his creditors generally;
			
		  	(c)	 	he becomes of unsound mind;
			
		  	(d)	 	he is absent from Meetings of the Directors for four successive Meetings without leave expressed by a resolution of the Board and the Directors resolve that his office be vacated;
or
			
		  	(e)	 	in the case of an Independent Director, he is removed by the Preferred Securityholders in accordance with Article 14(b).
		
	 107.
	  	The Directors holding office at the date of the adoption of these Articles shall continue to hold office subject to Article 106.
		
	 108.
	  	Not less than four nor more than twenty-eight clear days notice in writing shall be given to the Company of the intention of any
Member to propose any person other than a retiring
Director for election to the office of Director and by such person of his or
her willingness so to be elected, PROVIDED ALWAYS THAT if the Members present at a General Meeting unanimously
consent the Chairman of such meeting may waive the said
notice to propose any person for election and submit to the meeting
the name of any person so nominated and PROVIDED FURTHER THAT such person indicates either at the meeting or
beforehand his willingness to be elected.

 TRANSACTIONS WITH DIRECTORS 
  

					
	 109.
	  	A Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director or such terms as to tenure
of office or otherwise as the Directors may determine.
			
	 110.
	  	(a)	  	Save as otherwise provided in this Article 110, any Director shall be entitled to vote (and be counted in the quorum at any relevant meeting) in respect of any matter contemplated by the
Memorandum of Association or in respect of any contract or transaction in which he is interested provided that the nature of such interest shall be disclosed by him at or prior to its consideration and any vote thereon.
			
		  	(b)	  	Save as herein provided, a Director shall not be entitled to vote (nor be counted in the quorum) in respect of any resolution concerning any of the following matters namely:
			
		  		  	 (i)     The giving of any security or indemnity to a third party in respect of a debt or obligation of the Company
or any of its subsidiaries for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by giving of security.

  

 46 

							
		 		 	(ii)	 	Any proposal concerning an offer of shares or debentures or other securities of or by the Company or any of its subsidiaries for subscription or purchase in which offer he is or is to be
interested as a participant in the underwriting or sub-underwriting thereof.
				
		 		 	(iii)	 	Any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever, PROVIDED THAT he is the holder of or
beneficially interested in l per cent. or more of any class of the equity share capital of such company (or of any third company through which his interest is derived) or of the voting rights available to members of the relevant company (any such
interest being deemed for the purpose of this Article to be a material interest in all circumstances).
				
		 		 	(iv)	 	The giving of any security or indemnity to such Director in accordance with Article 153.
				
		 		 	(v)	 	Any proposal concerning the adoption, modification or operation of a superannuation fund or retirement benefits scheme under which he may benefit and which has been approved by or is subject to
and conditional upon approval by any relevant taxing authority.

  

					
		 	 (c)
	  	Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company
or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such cases each of the Directors concerned (if not debarred from voting under the proviso to paragraph (b)
(iii) of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment.
			
		 	 (d)
	  	If any question shall arise at any meeting as to the materiality of a Director’s interest or as to the entitlement of any Director to vote and such question is not resolved by his
voluntarily agreeing to abstain from voting, such question shall be referred to the Chairman of the meeting and his ruling in relation to any other Director shall be final and conclusive except in a case where the nature or extent of the interests
of the Director concerned have not been fairly disclosed.

  

			
	 111.
	 	The Company may by Ordinary Resolution suspend or relax the provisions of Article 110 to any extent or ratify any transaction not duly authorised by reason of a contravention of the preceding
Article.
		
	 112.
	 	Any Director may act by himself or his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a
Director PROVIDED THAT nothing herein contained shall authorise a Director or his firm to act as Auditor to the Company.

  

 47 

					
	 113.
	  	(a)	  	Any Director may continue to be or become a director, manager or other officer or member of any company in which the Company may be interested or with which it may transact and (unless
otherwise agreed) no such Director shall be accountable for any remuneration or other benefits received by him as a director, managing director, manager or other officer or member of any such other company.
			
		  	(b)	  	Subject to Article 110, the Directors may exercise the voting power conferred by the shares in any other company held or owned by the Company or exercisable by them as directors of such other
company in such manner in all respects as they think fit (including the exercise thereof in favour of any resolution appointing themselves or any of them directors, managing directors, managers or other officers of such company or voting or
providing for the payment of remuneration to the directors, managing directors, managers or other officers of such company).

 POWERS OF DIRECTORS 
  

								
	 114.
	  	(a	)	 	Subject to the provisions below relating to the Independent Director, the business of the Company shall be managed by the
Directors who may exercise all powers of the Company as
are not by the Statute or by these Articles required to be
exercised by the Company in General Meeting, subject nevertheless to any regulations of these Articles, to the provisions
of the Statute and to such regulations being not inconsistent
with the aforesaid regulations or provisions as may be
prescribed by the Company in General Meeting but no regulations made by the Company in General Meeting shall
invalidate any prior act of the Directors which would have been valid if such
regulations had not been made. Subject as
aforesaid, the general powers given by this Article shall not be limited or restricted by any special authority or power given
to the Directors by any other Article.
			
		  	(b	)	 	Notwithstanding the provisions of Article 114(a), the Board shall not have the power to authorise and shall not cause or
permit the Company to take any of the following actions on
behalf of the Company without the prior Consent of the
Independent Director and the approval of a majority of the Board:
				
		  			 	(i)	 	the issue of any class or series of equity securities other than Ordinary Shares, other Junior Shares or such shares as shall be approved by each Preferred Securityholder pursuant to Article
11;
				
		  			 	(ii)	 	the establishment, amendment or modification of the Investment Policies;
				
		  			 	(iii)	 	redemption or repurchase of any Junior Shares (except for the pro rata redemption of Ordinary Shares on any Redemption Date, as referred to in Article 13(f));

  

 48 

	 	(iv)	the conversion of the Company into another type of entity or the consolidation or merger of the Company with or into any other entity, the consolidation or merger of any other
entity with or into the Company or the sale of all or substantially all of the assets of the Company; and 

  

	 	(v)	appointment or designation of the Common Depositary. 

  

	 	(c)	Notwithstanding anything in these Articles to the contrary, the Independent Director, acting alone and without the vote or consent of the other members of the Board, has the right
on behalf of the Company to enforce the Guarantee Agreement in accordance with its terms. 

  

	115.	The Directors may from time to time and at any time by power of attorney under the Seal appoint any company, firm or person or any fluctuating body of persons whether nominated
directly or indirectly by the Directors to be the attorney or attorneys of the Company for such purposes and with such powers authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for
such period and subject to such conditions as they may think fit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit and may also
authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. 

  

	116.	All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for moneys paid to the Company shall be signed, drawn,
accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall from time to time by resolution determine. 

 PROCEEDINGS OF DIRECTORS 
  

	117.	The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall be determined
by a majority of votes. In case of an equality of votes the Chairman shall have a second or casting vote. A Director may and the Secretary on the requisition of a Director shall at any time summon a meeting of the Directors.

  

	118.	The quorum necessary for the transaction of business of the Directors may be fixed by the Directors, and unless so fixed at any other number, shall be two. For the purposes of this
Article an Alternate Director shall be counted in a quorum at a meeting at which the Director appointing him is not present. 

  

	119.	 The continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number but if and so long as the number of Directors is
reduced below the minimum number fixed by or in accordance with these Articles, the continuing Directors or Director may act for the purpose of filling up vacancies in their number or of summoning General Meetings of the Company, but not for any
other purpose. If there be 

  

 49 

	 	 
no Directors or Director able or willing to act, then any Member having the right to attend and vote at General Meetings may summon a General Meeting for the
purpose of appointing Directors. 

  

	120.	The Directors may from time to time elect and remove a Chairman and if they think fit a Deputy Chairman and determine the period for which they respectively are to hold office. The
Chairman or failing him the Deputy Chairman shall preside at all meetings of the Directors but if there be no Chairman or Deputy Chairman or if at any meeting the Chairman or Deputy Chairman be not present within five minutes after the time
appointed for holding the same the Directors present may choose one of their number to be Chairman of the Meeting. 

  

	121.	Members of the Board of Directors may constitute a meeting of the Directors by means of conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other and participation in a conference call pursuant to this provision shall be deemed to constitute presence in person at a meeting. A resolution in writing signed by all the Directors for the time being
entitled to receive a notice of a meeting of the Directors shall be as valid and effectual as a resolution passed at a meeting of the Directors duly convened and held and may consist of several documents in the like form each signed by one or more
of the Directors. 

  

	122.	A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.

  

	123.	The Directors may delegate any of their powers to committees consisting of such number of members of their body as they think fit. Any committee so formed shall in the exercise of
the powers so delegated conform to any regulations that may be imposed on them by the Directors. 

  

	124.	The meetings and proceedings of any such committee consisting of two or more members shall be governed by the provisions of these Articles regulating the meetings and proceedings of
the Directors so far as the same are applicable and are not superseded by any regulations made by the Directors under Article 123. 

  

	125.	All acts done by any meeting of Directors or of a committee of Directors or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there was
some defect in the appointment of any such Director or person acting as aforesaid or that they or any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and was
qualified and had continued to be a Director and had been entitled to vote. 

  

	126.	The Directors shall cause minutes to be made of: 

  

	 	(a)	all appointments of officers made by the Directors; 

  

 50 

	 	(b)	the names of the Directors present at each meeting of the Directors and of any committee of Directors; and 

  

	 	(c)	all resolutions and proceedings of all meetings of the Company and of the Directors and of the committee of Directors. 

 Any such minute if purporting to be signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding
meeting shall be conclusive evidence of their proceedings. 
 BORROWING POWERS 
  

	127.	The Directors shall not be permitted to exercise any of the powers of the Company to borrow or raise money and secure any debt or obligation of or binding on the Company in any
manner including by the issue of debentures (perpetual or otherwise) or to secure the repayment of any money borrowed raised or owing by mortgage, charge, pledge or lien upon the whole or any part of the Company’s undertaking property or assets
(whether present or future) or by a similar mortgage, charge, pledge or lien to secure or guarantee the performance of any obligation or liability undertaken by the Company or any third party. 

 MANAGING DIRECTORS 
  

	128.	The Directors may from time to time appoint one or more of their body to be a Managing Director or Managing Directors of the Company and may fix his or their remuneration.

  

	129.	The Directors may from time to time entrust to and confer upon the Managing Director or Managing Directors all or any of the powers of the Directors (not including the power to make
calls, forfeit shares, borrow money or issue debentures) that they may think fit. But the exercise of all powers by the Managing Directors shall be subject to all such regulations and restrictions as the Directors may from time to time make and
impose and the said powers may at any time be withdrawn, revoked or varied. 

 SECRETARY 
  

	130.	The Secretary shall be appointed by the Directors. Anything required or authorised to be done by or to the Secretary may, if the office is vacant or there is for any other reason no
Secretary capable of acting, be done by or to any Assistant or Deputy Secretary or if there is no Assistant or Deputy Secretary capable of acting by or to any officer of the Company authorised generally or specially in that behalf by the Directors
PROVIDED THAT any provisions of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in the place of the
Secretary. 

  

	131.	No person shall be appointed to hold office as Secretary who is: 

  

	 	(a)	the sole Director of the Company; or 

  

 51 

					
		  	(a)	  	the sole Director of the Company; or
			
		  	(b)	  	a corporation the sole director of which is the sole Director of the Company; or
			
		  	(c)	  	the sole director of a corporation which is the sole Director of the Company.
	
	THE SEAL
			
	132.	  	(a)	  	The Directors shall provide for the safe custody of the Seal and the use of the Seal shall be authorised or ratified by a resolution of the Directors or of a committee of the Directors
authorised by the Directors in that behalf. The Directors may from time to time make such regulations as they see fit determining the persons and the number of such persons who should countersign a document to which the Seal shall be affixed and
until otherwise determined every instrument to which the Seal shall be affixed shall be countersigned by at least one Director or the Secretary or some other person duly authorised by the Directors.
			
		  	(b)	  	The Company may exercise the powers conferred by the Statute with regard to having duplicate seals, whether with or without reference on their face as to the place or places where they are to be
used, and such powers shall be vested in the Directors. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such duplicate seal.
	
	SHARE PREMIUM ACCOUNT
		
	133.	  	The Directors shall establish a Share Premium Account to which from time to time shall be credited a sum equal to the amount or value of any premiums paid on the issue of any share
and shall at all times comply with the provisions of the Statute in relation to the Share Premium Account.
	
	ACCOUNTS
		
	134.	  	The Directors shall cause to be kept proper accounts with respect to:
			
		  	(a)	  	all sums of money received and expended by the Company and the matters in respect of which such receipts and expenditure take place;
			
		  	(b)	  	all sales and purchases by the Company; and
			
		  	(c)	  	the assets and liabilities of the Company.
		
	135.	  	The books of account shall be kept at the Office or at such other place as the Directors think fit and shall always be open to inspection by the Directors.

  

 52 

	136.	No Member (other than a Director) shall have any right to inspect any account or book or document of the Company except as conferred by the Statute or authorised by the Directors or
by the Company in General Meeting. 

  

	137.	The Directors shall from time to time cause to be prepared and to be laid before the Company in General Meeting such profit and loss accounts, balance sheets, group accounts (if
any) and reports as shall give a true and fair view of the state of the Company’s affairs and explain its transactions and otherwise as may be required by the Statute, made up to such accounting date in each year as the Directors may decide.

  

	138.	A printed copy of the Directors’ Report and Auditors’ Report accompanied by the Balance Sheet (including every document required by the Statute to be annexed thereto) and
Profit and Loss Account shall upon request be delivered or sent by ordinary post to the registered address of each Member. 

  

	139.	The provisions of Articles 140 through 144 shall apply solely for the purpose of determining the treatment of the income of the Company and the allocation of such income among the
Members for United States federal income tax purposes. 

  

	140.	The Members intend for the Company to be treated as a partnership for United States federal (and corresponding state and local) income tax purposes only. No Member shall make any
election to the contrary. 

  

	141.	The taxable year of the Company for United States federal income tax purposes shall be the calendar year. 

  

	142.	The holder of the Ordinary Shares shall act as the “tax matters partner” under the Code and in any similar capacity under applicable law. 

  

	143.	There shall be established for each Member on the books of the Company as of the date hereof, a capital account (each, a “Capital Account”). Each amount paid
to the Company by a Member in connection with a subscription for Preferred Securities, if any, shall be credited to the Capital Account of such Member on the date such capital is paid to the Company. In addition, each Member’s Capital Account
shall be (a) credited with (i) such Member’s share of any Net Income of the Company determined pursuant to Article 144 and (ii) the amount of any Company liabilities assumed by such Member or secured by any Company property
distributed to such Member; (b) debited with (i) distributions to such Member of cash or the fair market value of other property, (ii) such Member’s share of Net Loss of the Company determined pursuant to Article 144, and
(iii) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company; and (c) otherwise maintained in accordance with the provisions of the Code. Any other
item which is required to be reflected in a Member’s Capital Account under Section 704(b) of the Code or otherwise under these Articles shall be so reflected. Capital Accounts shall be appropriately adjusted to reflect transfers of part
(but not all) of a Member’s interest in the Company. 

  

 53 

	144.	For the purposes of Article 143, Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Accounts of the Members that hold Preferred Securities to
the extent of the dividends actually payable for such period under these Articles with respect to the Preferred Securities. Such allocation to Members that hold Preferred Securities shall be made first from the payments received on BTMUPC3 Preferred
Securities to the extent of such payments and thereafter from other income of the Company. The remainder of the Net Income (Loss) of the Company for each fiscal period shall be allocated to the Capital Account of the Member that holds the Ordinary
Shares. The foregoing provisions and the other provisions of these Articles relating to the maintenance of Capital Accounts are intended to comply with United States Treasury Regulations Section 1.704-1(b). The holder of the Ordinary Shares may
cause the allocation of items among the Capital Accounts in its discretion in order to comply with those United States Treasury Regulations. All items of income, gain, loss, deduction and credit of the Company shall be allocated among the Members
for United States federal, state and local income tax purposes consistent with the manner in which the corresponding constituent items of Net Income (Loss) shall be allocated among the Members pursuant to these Articles, except as otherwise may be
provided herein or by the Code. The holder of the Ordinary Shares shall determine all matters concerning allocations for United States federal income tax purposes not expressly provided for in these Articles in its sole discretion.

 AUDIT 
  

	145.	The Auditors of the Company shall be appointed by the Directors from time to time. 

  

	146.	The remuneration of any Auditor or Auditors appointed by the Directors shall be fixed by the Directors. 

 NOTICES 
  

	147.	Any notice or document may be served by the Company on any Member either personally or by sending it through the post as a prepaid letter addressed to such Member at his address as
appearing in the Register or via facsimile. 

  

	148.	Notices to be posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail. 

  

	149.	Any Member present either personally or by proxy at any Meeting of the Company shall for all purposes be deemed to have received due notice of such meetings and, where requisite, of
the purposes for which such meeting was convened. 

  

	150.	Notices delivered personally or via facsimile shall be deemed delivered on the date of delivery or dispatch, as the case may be. Notices posted shall be deemed delivered on the
fifth day following the date of posting. 

  

 54 

 WINDING UP 
  

					
	151.	  	The Company shall be voluntarily wound up:
			
		  	(a)	  	if a Special Resolution that the Company be wound up is duly adopted in accordance with the Statute and these Articles; or
			
		  	(b)	  	automatically without the need for any further action in the event of the registration of the completion of the liquidation in respect of MUFG with the relevant legal affairs bureau in
accordance with applicable Japanese law, in which case the provisions of Section 133(2) of the Statute shall apply to the appointment of liquidators of the Company.
			
	152.	  	(a)	  	If the Company shall be wound up or dissolved the assets available for distribution among the Members shall be applied first in payment of amounts due to Preferred Securityholders in accordance
with Article 16 and subject to any special rights attaching to any class or series thereof and thereafter any surplus shall be paid to the Ordinary Shareholders or otherwise in accordance with the rights attaching to any other classes or series of
shares in issue. Amounts payable to Members holding any class or series of shares shall be paid pro rata to the number of shares of such class or series respectively held by them.
			
		  	(b)	  	If the Company shall be wound up, the liquidator may with the authority of a Special Resolution of the class(es) concerned divide among the Members of the class(es) concerned in specie the whole
or any part of the assets of the Company and whether or not the assets shall consist of property of a single kind and may for such purposes set such value as he deems fair upon any one or more class or classes or property and may determine how such
division shall be carried out, consistently with the provisions of these Articles as between the Members or different classes of Members. The liquidator may with the like authority vest any part of the assets in trustees upon such trusts for the
benefit of Members, consistent with the provisions of these Articles and the rights attaching to any particular class(es) of shares, as the liquidator with the like authority shall think fit and the liquidation of the Company may be closed and the
Company dissolved but so that no Member shall be compelled to accept any shares in respect of which there is liability.
	
	INDEMNITY
		
	153.	  	The Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the affairs of the Company and their heirs, executors,
administrators and personal representatives respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or
sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default, respectively, and no
such Director, officer or trustee shall be

  

 55 

 
answerable for the acts, receipts, neglects or defaults of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or
for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Company may be
invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default of such Director, officer or trustee.

 FINANCIAL YEAR 
  

	154.	The first financial year of the Company shall begin on the date of incorporation of the Company and end on 24 January 2007 and thereafter financial years of the Company shall
end on the calendar day prior to the Dividend Payment Date in January in each succeeding year unless the Directors shall by resolution prescribe some other period or periods therefor. 

 AMENDMENTS TO ARTICLES 
  

	155.	Subject to the Statute, the Company may at any time and from time to time by Special Resolution alter or amend these Articles in whole or in part. 

 UNCLAIMED AMOUNTS 
  

	156.	Any dividend payment which is unclaimed within five years from the payment date in respect thereof and any redemption amount which is unclaimed within ten years from the payment
date in respect thereof shall be forfeited for the benefit of the Company. 

  

 56

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