Document:

Agency Agreement dated September 15, 2004

 Exhibit 4(xx) 
 AGENCY AGREEMENT 
 by and among 
 MBNA EUROPE FUNDING PLC 
 as Issuer, 
 Deutsche Bank Trust Company Americas 
 as
Global Agent, 
 Deutsche Bank AG London 
 as London Paying Agent and London Issuing Agent, 
 Deutsche Bank Trust Company Americas 
 as NY Paying Agent and Registrar, 
 -and-

 Deutsche Bank Luxembourg S.A. 
 as Luxembourg Paying Agent, Euro Registrar and Transfer Agent 
 Dated as of September 15, 2004 

 Table of Contents 
  

					
	 	  	 	  	Page
	Section 1.	  	Definitions and Interpretation.	  	2
			
	Section 2.	  	Appointment of the Global Agent, the London Issuing Agent, the Paying Agents, the Registrar, the Euro Registrar and the Transfer Agent	  	6
			
	Section 3.	  	Authorized Representatives	  	7
			
	Section 4.	  	Issuance Instructions.	  	7
			
	Section 5.	  	Issue of Global Notes.	  	8
			
	Section 6.	  	Issue of Definitive Notes.	  	9
			
	Section 7.	  	Deemed Representations	  	10
			
	Section 8.	  	Note Register; Registration, Transfer and Exchange; Persons Deemed Owners.	  	12
			
	Section 9.	  	Section 3(c)(7) Procedures.	  	16
			
	Section 10.	  	Terms of Issue.	  	19
			
	Section 11.	  	Payments.	  	20
			
	Section 12.	  	Determinations and Notifications with respect to Notes	  	21
			
	Section 13.	  	Notice of any Withholding or Deduction.	  	22
			
	Section 14.	  	Redemption of Notes.	  	23
			
	Section 15.	  	Repayment of Notes.	  	24
			
	Section 16.	  	Notices to Holders.	  	24
			
	Section 17.	  	Status of the Notes and Subordination	  	24
			
	Section 18.	  	Cancellation of Notes,	  	26
			
	Section 19.	  	Issue of Replacement Notes.	  	27
			
	Section 20.	  	Copies of This Agreement and Each Pricing Supplement Available for Inspection.	  	28
			
	Section 21.	  	Commissions and Expenses.	  	28

  

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	Section 22.	  	Indemnity.	  	28
			
	Section 23.	  	Repayment by the Global Agent.	  	29
			
	Section 24.	  	Conditions of Appointment.	  	29
			
	Section 25.	  	Communication Between the Parties.	  	30
			
	Section 26.	  	Changes in the Global Agent, the Paying Agents, the Registrar, the London Issuing Agent or the Transfer Agent.	  	30
			
	Section 27.	  	Merger and Consolidation.	  	33
			
	Section 28.	  	Notifications.	  	33
			
	Section 29.	  	Change of Specified Office.	  	33
			
	Section 30.	  	Notices.	  	33
			
	Section 31.	  	Taxes and Stamp Duties.	  	34
			
	Section 32.	  	Currency Indemnity	  	34
			
	Section 33.	  	Amendments; Meetings of Holders	  	34
			
	Section 34.	  	References to Additional Amounts	  	36
			
	Section 35.	  	Descriptive Headings.	  	36
			
	Section 36.	  	Governing Law	  	36
			
	Section 37.	  	Submission of Jurisdiction.	  	36
			
	Section 38.	  	Waiver of Sovereign Immunity.	  	37
			
	Section 39.	  	Counterparts.	  	38

  

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 Schedules 
 Schedule 1 
 Exhibits 
  

					
	Form of Global Note	  	Exhibit A	  	
	Form of Definitive Note	  	Exhibit B	  	
	Form of Reverse of Note	  	Exhibit C	  	
	Form of Certification for interests in the Unrestricted Notes, etc.	  	Exhibit D-l	  	
	Form of Certification for interests in the Restricted Notes, etc.	  	Exhibit D-2	  	
	Important Notice: DTC	  	Exhibit E-1	  	
	Important Notice: Euroclear	  	Exhibit E-2	  	
	Important Notice: Clearstream	  	Exhibit E-3	  	

  

 -iii- 

 This AGENCY AGREEMENT (“Agreement”) is dated as of September 15, 2004 by and among:

  

	 	(1)	MBNA EUROPE FUNDING PLC, incorporated as a public limited company with limited liability in England and Wales (the “Issuer”); 

  

	 	(2)	Deutsche Bank Trust Company Americas, a banking corporation organized pursuant to the laws of the State of New York (“Deutsche Bank” or the “Global Agent”);

  

	 	(3)	Deutsche Bank AG London (“Deutsche Bank AG London”) as paying agent (the “London Paying Agent”) and issuing agent (the “London Issuing Agent”) which
expressions shall also include any successors appointed in accordance with Section 29 of this Agreement; 

  

	 	(4)	Deutsche Bank Trust Company Americas acting through its specified office in New York (“Deutsche Bank New York”) as registrar (the “Registrar”) and paying agent
(the “NY Paying Agent”) which expressions shall also include any successors appointed in accordance with Section 29 of this Agreement; and 

  

	 	(5)	Deutsche Bank Luxembourg S.A. (“Deutsche Bank Luxembourg”) in its capacity as transfer agent (the ‘Transfer Agent”), Euro registrar (the “Euro
Registrar”) and as paying agent (the “Luxembourg Paying Agent”; together with the London Paying Agent and the NY Paying Agent, the “Paying Agents”; individually a “Paying Agent”) which expressions shall include any
successors appointed in accordance with Section 29 of this Agreement. 

 WHEREAS: 
  

	 	(A)	The Issuer has entered into a Dealer Agreement dated as of the date hereof with certain Dealers named therein pursuant to which the Issuer may from time to time issue up to
US$3,000,000,000 aggregate principal amount (or the equivalent thereof in other currencies) of its Notes (the “Notes”), or such other maximum aggregate principal amount of the Notes that the Issuer shall determine may be issued or
outstanding at any one time pursuant to the Program (as defined herein), provided, that the Issuer shall promptly notify the Agents of any such increase; 

  

	 	(B)	The Notes will be issued subject to, and with the benefit of, this Agreement; 

  

	 	(C)	The payments of all amounts due in respect of the Notes will be irrevocably guaranteed by MBNA America Bank, National Association (the “Guarantor”) pursuant to a guarantee
(the “Guarantee”) dated as of the date hereof between the Issuer and the Guarantor; and 

  

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	 	(D)	The Issuer has made application to the Luxembourg Stock Exchange (the “Stock Exchange”) with the intention that Notes issued under the Program may be listed on the Stock
Exchange, in connection with which application the Issuer has procured the preparation of an offering circular dated as of the date hereof (the “Offering Circular”). 

 NOW, THEREFORE IT IS HEREBY AGREED as follows: 
 Section 1. Definitions and Interpretation. 
 (a) the following terms shall have the following meanings: 
 “Agents” means the collective reference to the Global Agent, the Paying Agents, the Registrar, the Euro Registrar, the London Issuing
Agent and the Transfer Agent; 
 “Authorized Representative” shall have the meaning ascribed thereto in Section 3(b) of
this Agreement; 
 “Business Day” means, unless otherwise agreed, a day which is both: 
  

	 	(i)	a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in New York and London; and 

  

	 	(ii)	either (A) in relation to Notes denominated in a Specified Currency other than Euro, a day on which commercial banks and foreign exchange markets settle payments in the
principal financial center of the country of the relevant Specified Currency (if other than The City of New York or The City of London) or (B) in relation to Notes denominated in Euro, a day (other than a Saturday or a Sunday) on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System or any successor thereto is open; 

 “Certificate” means a certificate in or substantially in the form set out in Exhibit D-l or D-2 that is issued in respect of (i) any Restricted Global Note or any Unrestricted Global Note or (ii) one or more
individual definitive Notes issued in the name of the holder of one or more such Notes (including any Note issued, replaced or exchanged pursuant to Article 15). 
 “Clearstream” means Clearstream Banking, société anonyme or any successor thereto; 
 “Dealer” means ABN AMRO Bank Inc., Banc of America Securities LLC, Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse First Boston LLC, Deutsche Bank Securities Inc., HSBC
Securities (USA), Inc., Lehman Brothers Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, ABN AMRO Bank N.V., Banc of America Securities Limited, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets
Limited, Credit Suisse First Boston (Europe) Limited, Deutsche Bank AG London, HSBC Bank plc, J.P. Morgan Securities Ltd., Lehman Brothers International (Europe) and Merrill Lynch International and any other entities appointed as dealers from time
to time pursuant to the Dealer Agreement and notice of whose appointment is given to the Global Agent; 
  

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 “Definitive Note” means a definitive registered Note substantially in the form set out
in Exhibit B in such other form as may be agreed between the Issuer and the Global Agent; 
 “Dealer Agreement” means the
agreement of even date herewith among the Issuer and the Dealers concerning the sale of Notes to be issued by the Issuer and includes any amendment or supplement thereto; 
 “Distribution Compliance Period” means the period of 40 days after completion of the distribution of a tranche of Notes (as determined and certified to the Global Agent and the Issuer by each Dealer
as to Notes purchased by or through it, in which case the Global Agent or the Issuer shall notify such Dealer when all Dealers have so certified). 
 “DTC” means The Depository Trust Company in New York, New York and its successors; 
 “DTC Global
Note” means a Global Note deposited with a custodian for, and registered in the name of a nominee of, DTC; 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System or any successor thereto; 
 “Euroclear/Clearstream Global Note” means a Global Note deposited with a common depositary for, and registered in the name of a nominee of, Euroclear and/or Clearstream; 
 “Global Note” means one or more Restricted Global Note(s), if any, and one or more Unrestricted Global Note(s), if any, in fully
registered form and issued in respect of the Notes substantially in the form set out substantially in the form set out in Exhibit A hereto or in such other form as may be agreed upon between the Issuer and the Global Agent; each Global Note shall
either be a DTC Global Note or a Euroclear/Clearstream Global Note. 
 “GPR” means the Global Programme Reporting System, a
secure Internet based reporting/confirmation system offered by Deutsche Bank AG London and Deutsche Bank New York to their note program clients or any successor system offered by Deutsche Bank AG London; 
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
 “ISDA Definitions” means the 2000 ISDA Definitions, as amended and updated from time to time, published by the International Swaps and
Derivatives Association, Inc.; 
 “Non-Permitted Holder” means any U.S. person (as defined in Regulation S of the Securities
Act) that is not a QIB/QP and becomes the beneficial owner of any Restricted Note. 
  

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 “Noteholders” means the several persons who are for the time being holders of
outstanding Notes (being the registered owner thereof as reflected in the Note Register); 
 “Note Register” shall have the
meaning ascribed thereto in Section 8(a) of this Agreement; 
 “Offering Circular” means the Offering Circular relating
to the Notes as revised, supplemented, amended or updated, including any Pricing Supplement thereto relating to a particular Tranche of Notes and such documents as are from time to time incorporated therein by reference; 
 “Original Issue Date” means, with respect to any Note, the original date of issue of such Note, being in the case of any Definitive
Note, the date of issue of the Global Note which initially represented such Note; 
 “Outstanding” means, at any particular
time, all Notes theretofore issued other than (a) those which have been redeemed in full in accordance with their terms and with this Agreement, (b) those with respect to which the redemption date in accordance with their terms has
occurred and the redemption monies wherefor (including any premium and all interest (if any) accrued thereon to the redemption date and any interest (if any) payable after such date) have been duly paid to or deposited to the account of the Global
Agent as provided herein (and, where appropriate, notice has been given to the Noteholders in accordance with the terms thereof and Section 16) and remain available for payment, (c) those which have become void in accordance with their
terms, (d) those which have been cancelled, (e) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes in accordance with their terms, (f) (for the purposes only of determining the aggregate
principal amount of Notes outstanding and without prejudice to the status of any Note for any other purpose) those Notes alleged to have been lost, stolen or destroyed and with respect to which replacement Notes have been issued in accordance with
their terms and (g) Global Notes to the extent that they shall have been duly exchanged for Definitive Notes, in each case pursuant to their respective terms; 
 “Person” means any individual, company, association, firm, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or government or any agency or
political subdivision thereof. 
 “Pricing Supplement” means the pricing supplement prepared by the Issuer in relation to a
particular Tranche of Notes (substantially in the form of Annex A to the Offering Circular) as a supplement to the Offering Circular; 
 “Procedures Memorandum” means the Procedures Memorandum attached as Annex I to the Dealer Agreement; 
 “Program” means the Global Note Program established by the Dealer Agreement; 
 “QIB” means any
Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes, is a qualified institutional buyer, as defined in Rule 144A under the Securities Act. 
  

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 “QIB/QP” means any Person that, at the time of its acquisition, purported acquisition or
proposed acquisition of Notes, is both a QIB and a QP. 
 “QP” means any Person that is a qualified purchaser for purposes
of Section 3(c)(7) of the Investment Company Act. 
 “Regulation S” means Regulation S under the Securities Act.

 “Restricted Global Note” means one or more Global Note(s) representing Notes sold to QIBs in reliance on Rule 144A under
the Securities Act and Section 3(c)(7) under the 1940 Act substantially in the form set out in Exhibit A bearing the Restricted Note Legend. 
 “Restricted Note” means any Global Note or Definitive Note or interest in a Global Note or Definitive Note that is sold to QIBs in reliance on Rule 144A under the Securities Act and Section 3(c)(7) under the 1940 Act
bearing the Restricted Note Legend substantially in the form set out in either Exhibit A or Exhibit B. 
 “Restricted Notes
Legend” means the restrictive legend to be borne by the Certificates issued in respect of the Restricted Global Note, in the form set out in Exhibit A. 
 “Securities Act” means the United States Securities Act of 1933, as amended from time to time, and any successor statute thereto. 
 “Senior Note” means any Note issued pursuant to the Program which is identified on its face as a senior note. 
 “Senior Creditors of the Issuer” means all unsubordinated creditors of the Issuer. 
 “Series” means all Notes which are denominated in the same currency and which have the same Stated Maturity Date, interest payment basis
and interest payment dates (except in some cases, the first interest payment date), if any, (all as indicated in the applicable Pricing Supplement) and the terms of which, except for the Original Issue Date and/or the issue price (each as indicated
as aforesaid), are otherwise identical, including whether the Notes are listed; 
 “Stock Exchange” means the Luxembourg
Stock Exchange or any other stock exchange(s) on which any Notes may from time to time be listed and reference in this Agreement to the “relevant Stock Exchange” shall, in relation to any Notes, be reference to the Stock Exchange on which
such Notes are from time to time, or will be, listed; 
 “Subordinated Note” means any Note issued pursuant to the Program
which is identified on its face as a subordinated note. 
 “Tranche” means all Notes of the same Series with the same
Original Issue Date and the same issue price; 
 “Unrestricted Global Note” means one or more Global Note(s) representing
Notes sold in reliance on Regulation S, substantially in the form set out in Exhibit A bearing the legends set forth in Exhibit A, but not the Restricted Note Legend. 
  

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 “Unrestricted Note” means any Global Note or Definitive Note or interest in a Global
Note or Definitive Note that is sold in reliance on Regulation S bearing the Unrestricted Note Legend but not the Restricted Note Legend substantially in the form set out in either Exhibit A or Exhibit B. 
 “US$” and “U.S. Dollars” means the lawful currency for the time being of the United States. 
 (b) Terms and expressions defined in the Notes and the Offering Circular shall have the same meanings in this Agreement, except where the context
requires otherwise. 
 (c) Any references to Notes shall, unless the context otherwise requires, include any Global Notes and Definitive
Notes. 
 (d) Schedule 1 is part of this Agreement and shall take effect accordingly. 
 Section 2. Appointment of the Global Agent, the London Issuing Agent, the Paying Agents, the Registrar, the Euro Registrar and the Transfer
Agent. 
 (a) Deutsche Bank New York is hereby appointed as agent of the Issuer, to act as Global Agent for the purposes specified in this
Agreement and all matters incidental thereto, upon the terms and subject to the conditions specified herein. 
 (b) Deutsche Bank New York is
hereby appointed as agent of the Issuer, to act as Registrar and NY Paying Agent for the purposes specified in this Agreement and all matters incidental thereto, including, inter alia, completing, authenticating and issuing Notes, upon the
terms and subject to the conditions specified herein and in the Notes. 
 (c) Deutsche Bank AG London is hereby appointed as the agent of the
Issuer to act as London Paying Agent and London Issuing Agent for the purposes specified in this Agreement, including, inter alia, completing, authenticating and issuing Notes, upon the terms and subject to the conditions specified herein and
in the Notes. 
 (d) Deutsche Bank Luxembourg is hereby appointed as agent of the Issuer, to act as Luxembourg Paying Agent, Euro Registrar
and Transfer Agent for the purposes specified in this Agreement, upon the terms and subject to the conditions specified herein and in the Notes. 
 (e) Each of the Global Agent, the Paying Agents, the Registrar, the Euro Registrar, the London Issuing Agent and the Transfer Agent shall have the powers and authority granted to and conferred upon them, specifically, in the Notes and
hereunder to act on behalf of the Issuer and such further powers and authority to act on behalf of the Issuer as may be mutually agreed upon. 
 (f) The obligations of the Global Agent, the Paying Agents, the Registrar, the Euro Registrar, the London Issuing Agent and the Transfer Agent shall be several, but not joint. 
 (g) Deutsche Bank New York is hereby appointed (i) Calculation Agent, for the purpose of calculating any variable interest rates or other bases for
determining the payment 

  

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of interest, premium or principal with respect to the Notes from time to time pursuant to the Calculation Agent Agreement and (ii) Exchange Rate Agent,
for the purpose of determining exchanges of currencies of such payments from time to time; and, in connection with such appointments, the Issuer and Deutsche Bank New York shall endeavor to enter into a Calculation Agent Agreement and an Exchange
Agent Agreement after the date hereof, which Calculation Agent Agreement and Exchange Agent Agreement shall be in such form or forms as may be mutually agreed between them. Notwithstanding the foregoing, the Issuer may appoint a different
Calculation Agent or Exchange Agent for any Series of Notes (which may be the Issuer or any affiliate thereof or a Dealer purchasing such Notes or an affiliate thereof). The relevant Pricing Supplement will set forth the name of the Calculation
Agent or Exchange Agent, if any, for such Series. 
 Section 3. Authorized Representatives. 
 From time to time, the Issuer shall provide the Global Agent, the Registrar, the Euro Registrar and the London Issuing Agent with a certificate executed
by an officer of the Issuer, as applicable, certifying the incumbency and specimen signatures of those officers of the Issuer authorized to execute Notes on behalf of the Issuer by manual or facsimile signature and to give instructions and notices
on behalf of the Issuer hereunder (each an “Authorized Representative” and collectively the “Authorized Representatives”). Until the Global Agent, the Registrar, the Euro Registrar or the London Issuing Agent receives a
subsequent certificate, the Global Agent, the Registrar, the Euro Registrar and the London Issuing Agent shall be entitled to conclusively rely on the last such certificate delivered to them for the purposes of determining the identities of
Authorized Representatives of the Issuer. Any Note bearing the manual or facsimile signatures of persons who are Authorized Representatives of the Issuer on the date such signatures are affixed shall bind the Issuer after the completion,
authentication and delivery thereof by the Registrar, the Euro Registrar or the London Issuing Agent, as the case may be, notwithstanding that such persons shall have ceased to hold office on the date such Note is so completed, authenticated and
delivered by the Registrar, the Euro Registrar or the London Issuing Agent, as the case may be. 
 Section 4. Issuance
Instructions. 
 All instructions regarding the completion, authentication and delivery of Notes shall be given by an Authorized
Representative by facsimile transmission or by other acceptable written means by such Authorized Representative no later than 3:00 p.m. New York time three Business Days prior to the proposed issue date. Instructions for the issuance of Notes shall
be transmitted to the Registrar or, as the case may be, the London Issuing Agent. In addition, the Dealer who has arranged to purchase or procure the purchase of Notes from the Issuer shall notify the Registrar or, as the case may be, the London
Issuing Agent, by facsimile transmission or by other acceptable written means no later than 3:00 p.m. (New York time or London time, respectively), three Business Days prior to the proposed issue date, that payment by the Dealer to the Registrar or,
as the case may be, the London Issuing Agent of the purchase price of any Note has been or will be duly made upon delivery and (if applicable) of details of the account to which payment is to be made. The Issuer agrees to deliver issuance
instructions to the Registrar or, as the case may be, the London Issuing Agent via facsimile transmission. 
  

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 Section 5. Issue of Global Notes. 
 (a) Upon receipt of instructions from an Authorized Representative in accordance with Section 4 hereof and the Procedures Memorandum regarding the
completion, authentication and delivery of one or more Global Notes, the Registrar or, as the case may be, the London Issuing Agent shall cause to be withdrawn from safekeeping the necessary and applicable Global Note(s) and, in accordance with such
written instructions, shall: 
  

	 	(i)	complete such Global Note(s); 

  

	 	(ii)	attach the relevant Pricing Supplement as supplied by the Issuer; 

  

	 	(iii)	register such Global Note(s) in the name of Cede & Co., or another nominee of DTC, and/or in the name of a nominee of Euroclear and/or Clearstream, as specified in such
instructions; 

  

	 	(iv)	authenticate such Global Note(s); and 

  

	 	(v)	(A) deliver such Global Note(s) to a custodian of DTC in accordance with such instructions against receipt from the custodian of confirmation that such custodian is holding the
Global Note(s) so delivered in safe custody for the account of DTC and instruct DTC to credit the Notes represented by such Global Note(s), unless otherwise agreed in writing between the Registrar and the Issuer, to the Registrar’s participant
account at DTC; and/or 

 (B) deliver such Global Note(s) to the specified common depositary of Euroclear and Clearstream in
accordance with such instructions against receipt from the common depositary of confirmation that such common depositary is holding the Global Note(s) so delivered in safe custody for the account of Euroclear and/or Clearstream and instruct
Euroclear or Clearstream or both of them (as the case may be) to credit the Notes represented by such Global Note(s), unless otherwise agreed in writing between the London Issuing Agent and the Issuer, to the London Issuing Agent’s distribution
account; 
 provided, that instructions regarding the completion and authentication of such Note(s) are received by the Registrar or, as the case may
be, the London Issuing Agent not less than three Business Days prior to the date of settlement relating to such Note(s). 
 (b) The Registrar
shall provide DTC, and the London Issuing Agent shall provide Euroclear and/or Clearstream with such notifications, instructions or other information to be given by the Registrar or the London Issuing Agent, as the case may be, to DTC, Euroclear
and/or Clearstream as may be required. 
 (c) Notes sold in offshore transactions in reliance on Regulation S shall be represented by
Unrestricted Global Notes deposited with a custodian for DTC or a common depositary of Euroclear and/or Clearstream, as the case may be. Notes sold in reliance on Rule 144A under the Securities Act shall be represented by Restricted Global Notes
deposited with a custodian for, and registered in the name of a nominee of, DTC. 
  

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 Section 6. Issue of Definitive Notes. 
 (a) Definitive Notes shall be issued only if permitted by applicable law and (i) in the case of a DTC Global Note, DTC notifies the Issuer that it is
unwilling or unable to continue as depositary for the DTC Global Note or DTC ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, if so required by applicable law or regulation, and, in either case, a
successor depositary is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so registered, (ii) in the case of any other Global Note, if the clearing system(s) through which it is
cleared and settled is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention to cease business permanently or does in fact do so, or (iii) after the
occurrence of an Event of Default with respect to any Global Note, the beneficial owners representing a majority in principal amount of such Global Note advise the relevant clearing system through its participants to cease acting as depositary for
such Global Note. 
 (b) Upon the occurrence of any event specified in Section 6(a) which pursuant to the terms of a Global Note
requires the issue of Definitive Notes in exchange for the Global Note, the Registrar or, as the case may be, the Euro Registrar shall cause to be withdrawn from safekeeping the necessary and applicable Definitive Note(s) and, in accordance with the
terms of the Global Note, shall: 
  

	 	(i)	complete an equal aggregate principal amount of Definitive Note(s) of authorized denominations and of like tenor with identical terms as the Global Note in accordance with the terms
of the Global Note; 

  

	 	(ii)	register such Definitive Notes in the name or names of such persons as the relevant clearing system shall instruct the Registrar or, as the case may be, the Euro Registrar in
writing; 

  

	 	(iii)	authenticate such Definitive Notes; and 

  

	 	(iv)	deliver such Definitive Notes to the relevant clearing system or pursuant to such clearing system’s written instructions in exchange for such Global Note.

 (c) The Issuer shall deliver to the Registrar or, as the case may be, the Euro Registrar, upon the occurrence of any event
specified in Section 6(a) which pursuant to the terms of a Global Note requires the issue of Definitive Notes, a sufficient number of Definitive Notes executed by an Authorized Representative to enable the Registrar or, as the case may be, the
Euro Registrar to comply with its obligations under this Section 6. 
  

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 Section 7. Deemed Representations 
 (a) Each Person who becomes a holder of a beneficial interest in Notes represented by an interest in a Restricted Global Note will be deemed to have
represented and agreed as follows (terms used in this clause (a) that are defined in Rule 144A or Regulation S are used herein as defined therein): 
  

	 	(i)	 The holder (A) (i) is a QIB who is also a Qualified Purchaser, (ii) is not a broker-dealer that owns and invests on a discretionary basis less than
US$25 million in securities of unaffiliated issuers and is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if
investment decisions with respect to the plan are made by the beneficiaries of the plan, (iii) is aware that the sale of the Restricted Notes to it is being made in reliance on Rule 144A or another exemption from the registration requirements
of the Securities Act, (iv) is aware that the Issuer will not be registered under the Investment Company Act in reliance on the exemption set forth in Section 3(c)(7) thereof, (v) is acquiring such Restricted Notes for its own account
or for the account of a QIB who is also a Qualified Purchaser, as the case may be, (vi) was not formed for the purpose of investing in the Issuer or the Guarantor, (vii) will (and each account for which it is purchasing will) hold and
transfer such Notes in at least the minimum principal amount of US$100,000, (viii) understands that the Issuer may receive a list of participants holding positions in the Notes from one or more book-entry depositories, and (ix) will
provide notice of the transfer restrictions to any subsequent transferees or (B) is not a U.S. Person and is purchasing the Notes in an offshore transaction pursuant to Regulation S. It understands that in the event that at any time the Issuer
determines or is notified that such holder is a Non-Permitted Holder, the Issuer, the Guarantor or the Transfer Agent may consider the acquisition of the related Notes or interest in the related Notes void and require that the related Notes or such
interest be transferred to a person designated by the Issuer or the Guarantor. If any Non-Permitted Holder shall become the beneficial owner of any Restricted Note, the Issuer shall, promptly after discovery that such person is a Non-Permitted
Holder by the Issuer, send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest to a purchaser that is not a Non-Permitted Holder within 30 days of the date of such notice. If such Non-Permitted Holder
fails to so transfer its Restricted Notes, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Restricted Notes or interest in Restricted Notes to a purchaser selected by the Issuer that is a not a
Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Transfer Agent acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that
regularly deal in securities similar to the Restricted Notes, and selling such Restricted Notes to the highest such bidder. 

  

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However, the Issuer or the Transfer Agent may select a purchaser by any other means determined by it in its sole discretion. The holder of each Note, the
Non-Permitted Holder and each other purchaser in the chain of title from the holder to the Non Permitted Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer and the Transfer Agent to effect such transfers. The
proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale, shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale shall be determined in the sole discretion of the Issuer, and the
Issuer shall not be liable to any person having an interest in the Restricted Notes sold as a result of any such sale or the exercise of such discretion. 

  

	 	(ii)	The holder understands that the Restricted Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities
Act, that the Notes have not been and will not be registered under the Securities Act, that the Issuer has not been registered under the Investment Company Act and that the Notes may not be reoffered, resold, pledged or otherwise transferred except
(A)(i) to a person who it reasonably believes is a QIB who is also a Qualified Purchaser in accordance with Rule 144A and who (w) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in securities of
unaffiliated issuers, (x) is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions with
respect to the plan are made by the beneficiaries of the plan, (y) was not formed for the purpose of investing in the Issuer or the Guarantor, and (z) is acquiring such Restricted Notes for its own account or for the account of a QIB who
is also a Qualified Purchaser; or (ii) in an offshore transaction to a non-U.S. person complying with Regulation S; in each of cases (i) and (ii), in accordance with all applicable securities laws of the states of the United States and in
a minimum principal amount of US$100,000, and that (B) it will, and each subsequent holder is required to, notify any subsequent purchaser of such Notes from it of the resale restrictions referred herein. 

  

	 	(iii)	The holder acknowledges that the Issuer and the Transfer Agent reserve the right prior to any sale or other transfer pursuant to clause 2(A)(ii) above to require the delivery of
such certifications, legal opinions and other information as the Issuer and the Transfer Agent may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions. It understands that the Restricted
Notes will, for so long as the Issuer is relying on Section 3(c)(7) of the Investment Company Act, bear a legend substantially to the effect of the legend as set forth in Exhibit A. 

  

	 	(iv)	 The holder will not, at any time, offer to buy or offer to sell the Notes by any directed selling efforts or by any form of general solicitation or 

  

 11 

	 	 
advertising, including, but not limited to, any advertisement, article, notice of other communication published in any newspaper, magazine or similar medium
or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitation or advertising. 

 (b) Each purchaser of Notes, by its acceptance thereof, will be deemed to have represented and agreed as follows: 
  

	 	(i)	It is not purchasing any Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act. 

  

	 	(ii)	It understands that the Issuer may receive a list of participants holding positions in Notes from one or more book-entry depositaries. 

  

	 	(iii)	It is relying on the information contained in the Offering Circular and the applicable Pricing Supplement in making its investment decision with respect to the Notes. It
acknowledges that no representation or warranty is made by the Dealers as to the accuracy or completeness of such materials. It further acknowledges that none of the Issuer, the Guarantor or the Dealers or any person representing the Issuer, the
Guarantor or the Dealers has made any representation to it with respect the Issuer, the Guarantor or the offering or sale of any Notes other than the information contained in this Offering Circular. It has had access to such financial and other
information concerning the Issuer, the Guarantor and the Notes as it has deemed necessary in connection with its decision to purchase any of the Notes, including any opportunity to ask questions of and request information from the Issuer, the
Guarantor and the Dealers. 

  

	 	(iv)	either (A) no portion of the assets used to acquire and hold the Notes constitutes assets of any employee benefit plan subject to Title I of the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), plan, account or other arrangement subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) or provisions under any federal, state, local, non
U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”), or any entity whose underlying assets are considered to include “plan assets” of any such employee benefit
plan, plan, account or arrangement or (B) the purchase and holding of the Notes by such purchaser or transferee will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a
violation under any applicable Similar Law. 

 Section 8. Note Register; Registration. Transfer and Exchange; Persons Deemed
Owners. 
 (a) The Registrar, as registrar for the Notes, shall maintain at its principal office in New York City, or such other location
as may be agreed from time to time, the note 

  

 12 

 
register (the “Note Register”). The term “Note Register” shall mean the definitive register in which shall be recorded the names,
addresses and taxpayer identification numbers of the holders of Notes, the serial and CUSIP numbers (or Code/ISIN Numbers, as the case may be) of the Notes, the Original Issue Dates thereof and details with respect to the transfer and exchange of
Notes. The Euro Registrar, as registrar for Definitive Notes issued in lieu of interests an a Global Note previously held through Euroclear or Clearstream, shall maintain at its principal office in Luxembourg, or such other location as may be agreed
from time to time, a note register for such Definitive Notes (the “Euro Note Register”). The term “Euro Note Register” shall mean the register in which shall be recorded the names, addresses and taxpayer identification numbers of
the holders of Definitive Notes issued in lieu of interests an a Global Note previously held through Euroclear or Clearstream, the serial and CUSIP numbers (or Code/ISIN Numbers, as the case may be) of the Notes, the Original Issue Dates thereof and
details with respect to the transfer and exchange of Notes. 
 (b) Subject to the conditions and transfer restrictions provided in the Notes,
upon surrender for the purpose of registration of transfer at the offices of the Registrar, or any Transfer Agent of any Note, accompanied by a written instrument of transfer in form satisfactory to the Registrar or such Transfer Agent, executed by
the registered holder, in person or by such holder’s attorney thereunto duly authorized in writing, such Note shall be transferred upon the Note Register and the Registrar shall complete, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of authorized denominations of an equal aggregate principal amount and of like tenor with identical terms and provisions; provided, however, that Notes may be delivered for the purpose of
registration of transfer by mail at the risk and expense of the transferor. Registrations of transfers and exchanges of Notes shall be subject to such restrictions as shall be set forth herein and in the text of the Notes and such reasonable
regulations as may be prescribed by the Issuer. Successive registrations and registrations of transfers as aforesaid may be made from time to time as desired, and each such registration shall be noted on the Note Register. 
 (c) Notwithstanding anything to the contrary contained in Section 8(b), but subject to the conditions and transfer restrictions provided in the
Notes, if the Notes of any Series are for the time being represented by both a DTC Global Note and a Euroclear/Clearstream Global Note and an authorized representative of DTC presents the DTC Global Note to the Registrar or any Transfer Agent,
accompanied by a written instrument of transfer in form satisfactory to the Registrar or such Transfer Agent, executed by DTC or by DTC’s attorney thereunto duly authorized in writing, for the purpose of registration of transfer of all or any
portion of such DTC’s interest in such DTC Global Note to Euroclear and/or Clearstream, such DTC Global Note or the relevant interest therein shall be transferred upon the Note Register, and the Registrar shall endorse the DTC Global Note to
reflect the reduction of its principal amount by the aggregate principal amount so transferred and the appropriate Euroclear/Clearstream Global Note shall be endorsed by the Registrar to reflect the increase of its principal amount by the aggregate
principal amount so transferred. The Registrar is hereby authorized on behalf of the Issuer (i) to endorse or to arrange for the endorsement of the relevant DTC Global Note to reflect the reduction in the principal amount represented thereby by
the amount so transferred and to cause the London Issuing Agent to endorse the appropriate Euroclear/Clearstream Global Note to reflect the increase in the principal amount represented thereby by the amount so transferred and, in either case, to
sign in the relevant space on the relevant Note recording such reduction or increase and (ii) in the case of a total exchange, to cancel or arrange for the cancellation of the DTC Global Note. 
  

 13 

 (d) Notwithstanding anything to the contrary contained in Section 8(b), but subject to the
conditions and transfer restrictions provided in the Notes, if the Notes of any Series are for the time being represented by both a DTC Global Note and a Euroclear/Clearstream Global Note and an authorized representative of the Euroclear or
Clearstream presents the Euroclear/Clearstream Global Note to the Registrar, the London Issuing Agent or any Transfer Agent, accompanied by a written instrument of transfer in form satisfactory to the Registrar, the London Issuing Agent or such
Transfer Agent, executed by the Euroclear or Clearstream, as the case may be, or by Euroclear’s or Clearstream’s attorney thereunto duly authorized in writing, for the purpose of registration of transfer of all or any portion of
Euroclear’s or Clearstream’s interest in such Euroclear/Clearstream Global Note to DTC, such Euroclear/Clearstream Global Note or the relevant interest therein shall be transferred upon the Note Register, and the Registrar shall cause the
London Issuing Agent to endorse the Euroclear/Clearstream Global Note to reflect the reduction of its principal amount by the aggregate principal amount so transferred and the appropriate DTC Global Note shall be endorsed by the Registrar to reflect
the increase of its principal amount by the aggregate principal amount so transferred. The Registrar, and as the case may be, the London Issuing Agent, are hereby authorized on behalf of the Issuer (i) to endorse or to arrange for the
endorsement of the relevant Euroclear/Clearstream Global Note to reflect the reduction in the principal amount represented thereby by the amount so transferred and to endorse the appropriate DTC Global Note to reflect the increase in the principal
amount represented thereby by the amount so transferred and, in either case, to sign in the relevant space on the relevant Note recording such reduction or increase and (ii) in the case of a total exchange, to cancel or arrange for the
cancellation of the Euroclear/Clearstream Global Note. 
 (e) A beneficial interest in a Restricted Note may be exchanged for an interest in
an Unrestricted Note whether before or after the expiration of the Distribution Compliance Period, only upon receipt by the Transfer Agent of a written certificate of the beneficial owner in the form set forth in Exhibit D-l. 
 (f) A Definitive Note bearing the Restricted Note Legend may be transferred to a person who takes delivery in the form of a Definitive Note not bearing
the Restricted Note Legend only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor in the form set forth in Exhibit D-l. 
 (g) A beneficial interest in an Unrestricted Note may be transferred to a person who takes delivery in the form of an interest in an Restricted Note whether before or after the expiration of the Distribution
Compliance Period, only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor in the form set forth in Exhibit D-2. 
 (h) A Definitive Note not bearing the Restricted Note Legend may be transferred to a person who takes delivery in the form of a Definitive Note bearing the Restricted Note Legend only upon receipt by the Transfer
Agent of a written certificate on behalf of the transferor in the form set forth in Exhibit D-2. 
  

 14 

 (i) A Definitive Note bearing the Restricted Note Legend may be transferred to a person who takes
delivery in the form of a Definitive Note bearing the Restricted Note Legend only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor in the form set forth in Exhibit D-2. 
 (j) The Transfer Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
the Agency Agreement or under applicable law with respect to any transfer of any interest in any Note (including any beneficial owners of interest in any Global Note) 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, the Agency Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (k) At the option of the holder of a Note, such Note may be exchanged for other Notes of any authorized denominations of an equal aggregate principal
amount and of like tenor with identical terms and provisions, upon surrender of the Note to be exchanged at the offices of the Registrar or any Transfer Agent. Whenever any Notes are so surrendered for exchange, the Registrar shall complete,
authenticate and deliver the Notes which the holder of the Note making the exchange is entitled to receive. Except as provided in Section 6, owners of beneficial interests in a Global Note shall not be entitled to have Notes registered in their
names, shall not receive or be entitled to receive physical delivery of Definitive Notes and shall not be considered the owners or holders thereof under this Agreement. 
 (1) Notwithstanding the foregoing, neither the Registrar nor any Transfer Agent shall register the transfer of or exchange (i) any Note that has been called for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part; provided, however, that at no time, shall the principal amount of any Note being redeemed in part be less than $100,000 after such partial redemption, (ii) any Note during the period
beginning at the opening of business 15 days before the mailing of a notice of such redemption and ending at the close of business on the day of such mailing, or (iii) any Global Note if the Registrar or Transfer Agents learn that such proposed
registration of transfer or exchange would violate any legend contained on the face of such Note. 
 (m) Subject to the conditions and
transfer restrictions provided in the Notes, all Notes issued upon any registration of transfer or exchange of Notes shall be valid obligations of the Issuer guaranteed by the Guarantor, evidencing the same debt, and entitled to the same benefits as
the Notes surrendered upon such registration of transfer or exchange. 
 (n) No service charge shall be made to a holder of Notes for any
transfer or exchange of Notes, but the Transfer Agent will require payment of a sum sufficient to cover any stamp or other tax, duty, assessment or governmental charge that may be imposed in connection therewith. 
 (o) The Issuer and the Agents and any agent of the Issuer or the Agents, may treat the holder in whose name a Note is registered as the owner of such
Note for all purposes, whether or not such Note be overdue, and neither the Issuer the Agents, nor any such agent shall be affected by notice to the contrary except as required by applicable law. 
  

 15 

 (p) Notwithstanding anything to the contrary elsewhere in this Agreement or a Note, any transfer of a
beneficial interest in any Restricted Notes to a Non-Permitted Holder shall be null and void and any such purported transfer of which the Issuer or the Transfer Agent shall have notice may be disregarded by the Issuer and the Transfer Agent for all
purposes. 
 (q) If any Non-Permitted Holder shall become the beneficial owner of any Restricted Note, the Issuer shall, promptly after
discovery that such Person is a Non-Permitted Holder by the Issuer or the Transfer Agent (and notice by the Transfer Agent to the Issuer, if the Transfer Agent makes the discovery), send notice to such Non-Permitted Holder demanding that such
Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within 30 days of the date of such notice. If such Non-Permitted Holder fails to so transfer its Restricted Notes, the Issuer shall have the right, without
further notice to the Non-Permitted Holder, to sell such Restricted Notes or interest in Restricted Notes to a purchaser selected by the Issuer that is a not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Transfer
Agent acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Restricted Notes, and selling such Restricted Notes
to the highest such bidder. However, the Issuer or the Transfer Agent may select a purchaser by any other means determined by it in its sole discretion. The holder of each Note, the Non-Permitted Holder and each other Person in the chain of title
from the holder to the Non Permitted Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer and the Transfer Agent to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes
due in connection with such sale, shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this subsection shall be determined in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person
having an interest in the Restricted Notes sold as a result of any such sale or the exercise of such discretion. 
 Section 9.
Section 3(c)(7) Procedures. 
 (a) For so long as Restricted Global Notes are outstanding, the Issuer shall cause the Registrar to
send, and the Registrar hereby agrees to send on at least an annual basis a notice from the Issuer to DTC in substantially the form of Exhibit E-l (the “Important Section 3(c)(7) Notice”), with a request that DTC forward each such
notice to the relevant DTC participants for further delivery to beneficial owners of the Notes. If DTC notifies the Issuer or the Registrar that it will not forward such notices, the Issuer will request DTC to deliver to the Issuer a list of all DTC
participants holding an interest in the Notes and the Registrar and Paying Agent will send the Section 3(c)(7) Reminder Notice directly to such participants. 
 (b) For so long as Restricted Global Notes are outstanding, the Issuer will take or will cause the Registrar and London Paying Agent to take the following steps in connection with the Notes: 
  

	 	(i)	The Issuer will direct DTC to include the “3c7” marker in the DTC 20-character security descriptor and the 48-character additional descriptor for any series of Restricted
Global Notes in order to indicate that sales are limited to Qualified Purchasers that are Qualified Institutional Buyers. 

  

 16 

	 	(ii)	The Issuer will direct DTC to cause each physical DTC deliver order ticket delivered by DTC to purchasers to contain the DTC 20-character security descriptor; and will direct DTC to
cause each DTC deliver order ticket delivered by DTC to purchasers in electronic form to contain the “3c7” indicator and a related user manual for participants, which will contain a description of the relevant restrictions.

  

	 	(iii)	The Issuer will instruct DTC to send an Important Section 3(c)(7) Notice substantially in the form provided at Exhibit E-l to all DTC participants in connection with the
initial offering of any series of Restricted Global Notes. 

  

	 	(iv)	The Issuer will advise DTC that it is a Section 3(c)(7) issuer and will request DTC to include any Restricted Global Notes in DTC’s “Reference Directory” of
Section 3(c)(7) offerings and provide such participants with the notification substantially in the form of Exhibit E-l. 

  

	 	(v)	The Issuer will from time to time request DTC to deliver to the Issuer a list of all DTC participants holding an interest in Restricted Notes and provide such participants with
notification substantially in the form of Exhibit E-l. 

  

	 	(vi)	The Issuer will direct Euroclear to include the “144A/3(c)(7)” marker in the name for any series of Restricted Global Notes included in the Euroclear securities database
in order to indicate that sales are limited to Qualified Purchasers that are Qualified Institutional Buyers. 

  

	 	(vii)	The Issuer will direct Euroclear to cause each daily securities balance report and each daily securities transaction report delivered to Euroclear participants to contain the
indicator “144A/3(c)(7)” in the name for any series of Restricted Global Notes. 

  

	 	(viii)	The Issuer will direct Euroclear to include a description of the Section 3(c)(7) restrictions for any series of Restricted Global Notes in its New Issues Acceptance Guide.

  

	 	(ix)	The Issuer will instruct Euroclear to send an Important Section 3(c)(7) Notice to all Euroclear participants holding positions in any series of Restricted Global Notes at least
once every calendar year, substantially in the form provided at Exhibit E-2. 

  

	 	(x)	The Issuer will from time to time request Euroclear to deliver to the Issuer a list of all Euroclear participants holding an interest in any series of Restricted Global Notes and
provide such participants with notification substantially in the form of Exhibit E-2. 

  

	 	(xi)	The Issuer will direct Clearstream to include the “144A/3(c)(7)” marker in the name for any series of Restricted Global Notes included in the Clearstream securities
database in order to indicate that sales are limited to Qualified Purchasers that are Qualified Institutional Buyers. 

  

 17 

	 	(xii)	The Issuer will direct Clearstream to cause each daily portfolio report and each daily settlement report delivered to Clearstream participants to contain the indicator
“144A/3(c)(7)” in the name for any series of Restricted Global Notes. 

  

	 	(xiii)	The Issuer will direct Clearstream to include a description of the Section 3(c)(7) restrictions in its Customer Handbook. 

  

	 	(xiv)	The Issuer will instruct Clearstream to send an Important Section 3(c)(7) Notice to all Clearstream participants holding positions in any series of Restricted Global Notes at
least once every calendar year, substantially in the form provided at Exhibit E-3. 

  

	 	(xv)	The Issuer will from time to time request Clearstream to deliver to the Issuer a list of all Clearstream participants holding an interest in any series of Restricted Global Notes
and provide such participants with notification substantially in the form of Exhibit E-3. 

  

	 	(xvi)	The Issuer will request Clearstream to include a “3(c)(7)” marker in the name for any series of Restricted Global Notes included in the list of securities accepted in the
Clearstream securities’ database made available to Clearstream participants. 

 (c) The Issuer shall request third-party
vendors which provide information on the Notes to include on screens maintained by such vendors appropriate legends regarding Rule 144A and Section 3(c)(7) restrictions on any series of Restricted Global Notes. Without limiting the foregoing:

  

	 	(i)	the Issuer will request Bloomberg, L.P. to include the following on each Bloomberg screen containing information about any series of Restricted Global Notes:

 (A) The “Note Box” on the bottom of the “Security Display” page describing any series of Restricted
Global Notes should state: “Iss’d Under 144A/3c7.” 
 (B) The “Security Display” page should have a flashing red
indicator stating “See Other Available Information.” 
 (C) Such indicator should link to an “Additional Security
Information” page, which should state that such Restricted Global Notes “are being offered in reliance on the exemption from registration under Rule 144A to Persons that are both (1) qualified institutional buyers (as defined in Rule
144A) and (2) qualified purchasers (as defined under Section 3(c)(7) under the Investment Company Act of 1940). 
  

 18 

	 	(ii)	the Issuer will request Reuters Group plc to input the following information in its system with respect to any series of Restricted Global Notes: 

 (A) The security name field at the top of the Reuters Instrument Code screen should include a “144A-3c7” notation. 
 (B) A <144A3c7Disclaimr> indicator should appear on the right side of the Reuters Instrument Code screen. 
 (C) Such indicator should link to a disclaimer screen on which the following language will appear: “These securities may be sold or transferred only
to persons who are both (i) qualified institutional buyers (as defined in Rule 144A under the Securities Act), and (ii) qualified purchasers (as defined under Section 3(c)(7) under the U.S. Investment Company Act of 1940).”

 (d) The Issuer shall cause the “CUSIP” number obtained for any series of Restricted Global Notes to have an attached “fixed
field” that contains “3c7” and “144A” indicators. 
 Section 10. Terms of Issue. 
 (a) The Registrar and the London Issuing Agent shall ensure that all Notes delivered to and held by it under this Agreement are issued only in authorized
denominations and otherwise in accordance with the instructions received by it. 
 (b) Subject to the procedures set out in the Procedures
Memorandum, the Registrar shall be entitled to treat a facsimile communication and the London Issuing Agent shall be entitled to treat a facsimile communication from a person purporting to be an Authorized Representative as sufficient instructions
and authority of the Issuer for the Registrar and the London Issuing Agent to act in accordance with instructions received by it pursuant to Section 10(a). 
 (c) Unless otherwise agreed in writing between the Issuer and the Global Agent, each Note credited to the Global Agent’s account with DTC, or the London Issuing Agent’s accounts with Euroclear or Clearstream
following the delivery of a Global Note to a custodian of DTC or a common depositary of Euroclear and Clearstream in accordance with clause (v) of Section 5(a) shall be held to the order of the Issuer. The Registrar or the London Issuing
Agent, as the case may be, shall ensure that the principal amount of Notes which the relevant purchaser has agreed to purchase is: 
  

	 	(i)	debited from the account of the Registrar or the London Issuing Agent, as the case may be; and 

  

	 	(ii)	credited to the account of such purchaser with DTC or Euroclear or Clearstream, as the case may be; 

  

 19 

 in each case only upon receipt by the Registrar or the London Issuing Agent, as the case may be, on behalf of the Issuer
of the purchase price due from the relevant purchaser with respect to such Notes. 
 (d) If on the relevant settlement date the purchaser
does not pay the full purchase price due from it with respect to any Note (the “Defaulted Note”) and, as a result, the Defaulted Note remains in the account of the Registrar or the London Issuing Agent, as the case may be, with DTC or
Euroclear and/or Clearstream after such settlement date, the Registrar or the London Issuing Agent, as the case may be, shall continue to hold the Defaulted Note to the order of the Issuer. The Registrar or the London Issuing Agent, as the case may
be, shall notify the Issuer forthwith of the failure of the purchaser to pay the full purchase price due from it with respect to any Defaulted Note and shall subsequently, unless otherwise instructed by the Issuer, notify the Issuer forthwith upon
receipt from the purchaser of the full purchase price with respect to such Defaulted Note. 
 (e) In the event of an issue of Notes which is
to be listed on a Stock Exchange, subject to timely receipt of issuance instructions from the Issuer in accordance with the terms of the Procedures Memorandum, the London Paying Agent shall promptly, and in any event prior to the settlement date
with respect to such issue, send the Pricing Supplement with respect to such Notes to the relevant Listing Agent (as defined in Offering Circular). The London Paying Agent or the Luxembourg Paying Agent as the case may be, shall take such actions as
may be requested from time to time in writing by the Issuer or the Listing Agent (as defined in the Offering Circular) to permit the Notes, if applicable, to be listed on the Stock Exchange. 
 (f) The Procedures Memorandum shall not be amended by the Issuer without the prior written approval of the NY Paying Agent or the London Paying Agent.

 Section 11. Payments. 
 (a) The NY Paying Agent and London Paying Agent shall provide the Issuer with access to GPR so that the Issuer can determine the total amount of any principal of, premium, if any, and interest due on Notes on any Interest Payment Date or
any maturity date or date of redemption or repayment. The Issuer shall (i) before 10:00 a.m. New York City time (or London time if to the London Paying Agent) on the second Business Day prior to the date on which any payment with respect to any
Notes become due, confirm to the NY Paying Agent or the London Paying Agent, as the case may be, by facsimile or by other means acceptable to the Issuer and the NY Paying Agent or the London Paying Agent, as the case may be, that it has been given
instructions for the transfer of the relevant funds to the NY Paying Agent or the London Paying Agent, as the case may be, and the name and the account of the bank through which such payment is being made and provide details of the person or
department in such bank to which communications to such bank should be addressed and (ii) not later than the Payment Time (as defined below) on the Business Day on which any payment with respect to any Notes becomes due (or with respect to any
payment in a foreign currency that will be converted for payment into U.S. dollars, on the Business Day prior to which such payment becomes due), transfer to an account specified by the NY Paying Agent or the London Paying Agent, as the case may be,
such amount in cleared funds in the relevant currency as shall be sufficient for the 

  

 20 

 
purposes of such payment in funds settled through such payment system as the NY Paying Agent or the London Paying Agent, as the case may be, and the Issuer
may agree. As used in this subsection (a), the term “Payment Time” means (i) 10:00 a.m. local time in the principal financial center of the country of the currency in which the payment is required to be made or, in the case of a
payment in Euro, Frankfurt. For the purpose of this Section 11, “Business Day” means a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in The City of New York and London.
For the purposes of this Section 11, all payments made to the NY Paying Agent and the London Paying Agent shall be transmitted by the Issuer. The Issuer and the Guarantor agree that all payments to be paid in respect of the Notes shall be made
only to the London Paying Agent or the NY Paying Agent, as the case may be. 
 (b) Subject to the NY Paying Agent or the London Paying Agent,
as the case may be, being satisfied in its sole discretion that payment will be duly made as provided in Section 11(a), the Global Agent or the relevant Paying Agent shall pay or cause to be paid all amounts due with respect to the Notes on
behalf of the Issuer in the manner provided in the Notes. If any payment provided for in Section 11(a) is made late but otherwise in accordance with the provisions of this Agreement, the Global Agent and each Paying Agent shall nevertheless
make payments with respect to the Notes as aforesaid following receipt by it of such payment. The Issuer will reimburse the NY Paying Agent or the London Paying Agent for the cost of funding for any amount paid out by such paying agent which is
reimbursed on a later date by the Issuer. 
 (c) If for any reason the NY Paying Agent or the London Paying Agent, as the case may be,
considers in its sole discretion that the amounts to be received by the NY Paying Agent or the London Paying Agent, as the case may be, pursuant to Section 11(a) will be, or the amounts actually received by it pursuant thereto are, insufficient
to satisfy all claims with respect to all payments then falling due with respect to the Notes, the NY Paying Agent or the London Paying Agent, as the case may be, shall then forthwith notify each of the Issuer and the Guarantor of such insufficiency
and, until such time as the NY Paying Agent or the London Paying Agent, as the case may be, has received the full amount of all such payments, neither the Global Agent nor any Paying Agent shall be obliged to pay any such claims. 
 (d) The NY Paying Agent or the London Paying Agent, as the case may be, shall on demand promptly reimburse, from funds received from the Issuer, each
Paying Agent for payments with respect to Notes properly made by such Paying Agent in accordance with the terms thereof and with this Agreement unless the NY Paying Agent or the London Paying Agent, as the case may be, has notified the Paying Agent,
prior to the opening of business in the location of the office of the Paying Agent through which payment with respect to the Notes can be made on the due date of a payment with respect to the Notes, that the NY Paying Agent or the London Paying
Agent, as the case may be, does not expect to receive sufficient funds to make payment of all amounts falling due with respect to such Notes. 
 Section 12. Determinations and Notifications with respect to Notes. 
 (a) For Notes registered in the name of a nominee
of Euroclear and/or Clearstream, the London Paying Agent shall prepare and deliver monthly reports to the Bank of 

  

 21 

 
England and the Ministry of Finance of Japan and, if agreed in writing between the Issuer and the London Paying Agent, shall take all necessary action to
comply with such other reporting requirements of any competent authority in respect of any relevant currency from time to time with respect to the Notes to be issued hereunder. 
 (b) For purposes of monitoring the aggregate principal amount of Notes outstanding at any time under the Program, the Exchange Rate Agent shall determine
the U.S. Dollar equivalent of the principal amount of each Series of Notes denominated in another currency, each Series of Dual Currency Notes, each Series of Indexed Notes, each Series of Zero Coupon Notes and each Series of Partly Paid Notes
as follows: 
  

	 	(i)	the U.S. Dollar equivalent of Notes denominated in a currency other than U.S. Dollars shall be determined by the Exchange Rate Agent as of 2:30 p.m., London time, on the
Original Issue Date for such Notes by reference to the spot rate for U.S. Dollars against the Specified Currency provided to the Exchange Rate Agent by the Issuer or, if such spot rate is not so provided on a timely basis, by reference to the
Exchange Rate Agent’s middle market spot rate for U.S. Dollars against the Specified Currency on the London Business Day immediately preceding the date on which the Exchange Rate Agent receives the Issuer instruction to issue the Notes;

  

	 	(ii)	the U.S. Dollar equivalent of Dual Currency Notes and Indexed Notes shall be determined by the Exchange Rate Agent in the manner specified in clause (i) above by reference
to the original principal amount of such Notes; 

  

	 	(iii)	the principal amount of Zero Coupon Notes and any other Notes issued at a discount shall be deemed to be the U.S. Dollar equivalent, determined in the manner specified in
clause (i) above, of the face value of the Note for the relevant issue; and 

  

	 	(iv)	the U.S. Dollar equivalent of Partly Paid Notes shall be determined by the Exchange Rate Agent in the manner specified in clause (i) above by reference to the principal
amount thereof regardless of the amount of money paid up on such Notes. 

 The Exchange Rate Agent shall promptly notify the
Issuer of each determination made as aforesaid. As used in this Section 12(b), “London Business Day” means any day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments in London.

 Section 13. Notice of any Withholding or Deduction. 
 If the Issuer is, with respect to any payments, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental
charges as specifically contemplated under the terms of the Notes, the Issuer shall give notice thereof to the Global Agent, each other Paying Agent and the Registrar, if applicable, as soon as it becomes aware of the requirement to make such
withholding or deduction and shall give to the Global Agent, each other Paying Agent and the Registrar, if applicable, such information as it shall require to enable them to comply with such requirement. 
  

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 Section 14. Redemption of Notes. 
 (a) If any Notes are to be redeemed prior to their Stated Maturity Date in accordance with their terms, the Issuer shall notify the Registrar or the
London Agent not more than 75 nor less than 45 days prior to the relevant redemption date of the Issuer election to redeem such Notes in whole or in part in increments of US$1,000 or the equivalent thereof in other currencies, or as otherwise
provided in the applicable Note or required by applicable laws and regulations provided, however, that at no time, shall the principal amount of any Note being redeemed in part be less than $100,000 after such partial redemption. 
 (b) Whenever less than all the Notes at any time outstanding are to be redeemed, the terms of the Notes to be so redeemed shall be selected by the
Issuer. If less than all the Notes with identical terms at any time outstanding are to be redeemed, the Notes to be so redeemed shall be selected by the Global Agent or any Paying Agent on its behalf by lot or in any usual manner approved by it. The
Global Agent or one of the Paying Agents shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 (c) Unless otherwise specified in the applicable Note, notice of redemption shall be given by the NY Paying Agent or the London Issuing Agent, at the
Issuer’s expense and in the form provided by the Issuer, not more than 60 nor less than 30 calendar days prior to the redemption date to each holder of a Note to be redeemed. 
 (d) Notices in respect of Notes to be redeemed shall be given by (i) electronic notice sent through DTC, Clearstream or Euroclear, as applicable or
(ii) first-class mail, postage prepaid, to each holder’s address appearing in the Note Register. All notices of redemption shall identify the Notes to be redeemed (including CUSIP, Common Code and ISIN numbers), the date fixed for
redemption, the redemption price, the manner in which redemption will be effected and, in the case of a partial redemption, the serial numbers (and principal amounts) of the Notes to be redeemed. 
 (e) Notice of redemption having been given as described above, the Notes so to be redeemed shall, on the redemption date, become due and payable at the
redemption price specified in such Notes, and from and after such date such Notes shall cease to bear interest. Upon surrender of any such Notes for redemption in accordance with such notice, the Global Agent or the relevant Paying Agent shall pay
or cause to be paid such Notes at the redemption price specified in such Notes, together with unpaid interest accrued on such Notes at the applicable rate borne by such Notes to the redemption date. 
 (f) Any Note which is to be redeemed only in part shall be surrendered to the London Issuing Agent or the Registrar, as the case may be, and the London
Issuing Agent or the Registrar, as the case may be, shall either (i) complete, authenticate and deliver to a holder of such Note, without service charge, a new Note of any authorized denomination as requested by such holder, in an aggregate
principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered or (ii) procure that a statement indicating the amount and date of such redemption is endorsed on the relevant Note. 
  

 23 

 Section 15. Repayment of Notes. 
 (a) In order for any Note, in accordance with its terms, to be repaid in whole or in part at the option of the holder thereof prior to its stated
maturity, such Note must be delivered by the holder thereof, with the form entitled “Option to Elect Repayment” (set forth in such Note) duly completed, to the Global Agent or such other Paying Agent, at the address set forth in such form
or at such place or places of which the Issuer shall from time to time notify the holders of the Notes, not more than 60 nor less than 30 days prior to any date fixed for such repayment of such Notes (the “Optional Repayment Date”).

 (b) Upon surrender of any Note for repayment in accordance with the provisions set forth above, the Note to be repaid shall, on the
Optional Repayment Date, become due and payable, and the Global Agent or the relevant Paying Agent shall pay or cause to be paid such Note on the Optional Repayment Date at a price, unless otherwise specified in such Note, equal to 100% of the
principal amount thereof, together with accrued interest to the Optional Repayment Date. 
 (c) If less than the entire principal amount of
any Note is to be repaid, the holder thereof shall specify the portion thereof (which shall be in increments of US$1,000 or the equivalent thereof in other currencies, or as otherwise provided in the applicable Note or required by the applicable
laws and regulations for currencies other than the U.S. Dollar) which such holder elects to have repaid and shall surrender such Note to the Global Agent, and the London Issuing Agent or the Registrar, as the case may be, shall complete,
authenticate and deliver to the holder of such Note, without service charge, a new Note or Notes in an aggregate principal amount equal to and in exchange for the unrepaid portion of the principal of the Note so surrendered and in such denominations
as shall be specified by such holder, or as otherwise provided in the applicable Note or required by applicable laws and regulations. 
 Section 16. Notices to Holders. 
 (a) On behalf of and at the request and expense of the Issuer and except as provided
by subparagraph (c), the Registrar or the London Paying Agent, as the case may be, shall give all notices required to be given by the Issuer in accordance with the Notes. 
 (b) All notices with respect to Notes shall be sent by the Registrar or the London Paying Agent, as the case may be, by (i) electronic notice sent through DTC, Clearstream or Euroclear, as applicable or
(ii) first-class mail, postage prepaid, to the holders thereof at their addresses appearing in the Note Register and (iii) publication in a daily newspaper in Luxembourg, so long as the rules of the Luxembourg Stock Exchange so require.

 Section 17. Status of the Notes and Subordination 
 For purposes of this Section 17 only, any reference to the term “Notes” shall mean all Notes issued in a single Series. 
  

 24 

 (a) Status of the Senior Notes 
 If the Notes are specified as Senior Notes, such Notes are direct, unconditional, unsubordinated and unsecured obligations of the Issuer and rank pari
passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer, from time to time outstanding. 
 (b) Status and Subordination of the Subordinated Notes. 
 If the Notes are specified as Subordinated Notes, such Notes constitute unsecured obligations of the Issuer and rank pari passu without any preference among themselves and other Subordinated Notes and the
claims of the holders of the Notes will, in the event of the winding up of the Issuer, be subordinated in right of payment in the manner provided in the Notes to claims of all Senior Creditors of the Issuer. 
  

	 	(i)	In the event of the winding up of the Issuer, all amounts in respect of the Notes paid to either the London Paying Agent, or, as the case may be, the NY Paying Agent by the
liquidator of the Issuer in the winding up of the Issuer shall be held by the London Paying Agent, or, as the case may be, the NY Paying Agent upon trust; 

 (A) first for payment or satisfaction of all amounts then due and owing to the Agents under Sections 21 and 22; 
 (B) secondly for payment of claims of all Senior Creditors of the Issuer in the winding up of the Issuer to the extent that such claims are admitted to proof in the winding up (not having been satisfied out of the other resources of the
Issuer) excluding interest accruing after commencement of the winding up; and 
 (C) thirdly as to the balance (if any) for payment pari
passu and rateably of the amounts owing on or in respect of the Notes. 
  

	 	(ii)	The trust secondly mentioned in paragraph (i) of this section may be performed by the London Paying Agent, or, as the case may be, the NY Paying Agent paying over to the
liquidator for the time being in the winding up of the Issuer the amounts received by such the London Paying Agent, or, as the case may be, the NY Paying Agent as aforesaid (less any amounts thereof applied in the implementation of the trust first
mentioned in paragraph (i) of this section) on terms that such liquidator shall distribute the same accordingly and the receipt of such liquidator for the same shall be a good discharge to the London Paying Agent, or, as the case may be, the NY
Paying Agent for the performance by it of the trust secondly mentioned in paragraph (i) of this section. 

  

	 	(iii)	The London Paying Agent, or, as the case may be, the NY Paying Agent shall be entitled and it is hereby authorized to call for and to accept as conclusive evidence thereof a
certificate from the liquidator for the time being of the Issuer as to: 

  

 25 

 (A) the amount of the claims of the Senior Creditors of the Issuer referred to in paragraph (i) of
this section; 
 (B) the persons entitled thereto and their respective entitlements; and 
  

	 	(iv)	The perpetuity period for the purposes of the trusts mentioned in this Section 17(b) shall be 80 years from the date of a Note. 

  

	 	(v)	The trust hereby established shall be governed in accordance with the provisions of Schedule 1 hereto. 

 Section 18. Cancellation of Notes. 
 (a) All Notes which are purchased by or on behalf of Issuer may, at the election of the Issuer, be cancelled by the Issuer. Where any Notes are purchased and cancelled as aforesaid, the Issuer shall procure that all relevant details are
promptly given to the Global Agent and that all Notes so cancelled are delivered to the Global Agent. All Notes which are redeemed shall be cancelled by the Global Agent or any other Paying Agent by which they are redeemed, paid or exchanged. Each
of the Paying Agents shall give to the Global Agent details of all payments made by it and shall deliver a certificate of destruction for all cancelled Notes to the Global Agent or to any Paying Agent authorized from time to time in writing by the
Global Agent to accept delivery of cancelled Notes. 
 (b) A certificate stating: 
  

	 	(i)	the aggregate principal amount of Notes which have been redeemed and the aggregate amount paid in respect thereof; 

  

	 	(ii)	the number of Notes cancelled together; 

  

	 	(iii)	the aggregate amount paid with respect to interest on the Notes; and 

  

	 	(iv)	the serial numbers of such Notes, 

 shall be given to the Issuer by the
Global Agent as soon as reasonably practicable upon request. 
 (c) Subject to being duly notified in due time and if so requested, the
Global Agent shall give a certificate to the Issuer, within three months of the date of purchase and cancellation of Notes as aforesaid, stating: 
  

	 	(i)	the principal amount of Notes so purchased and cancelled; and 

  

	 	(ii)	the serial numbers of such Notes. 

 (d) The Global Agent,
or the applicable Paying Agent, shall destroy (in accordance with its customary procedures) all cancelled Notes (unless otherwise previously instructed by the Issuer) and, if requested in writing, forthwith upon destruction, furnish the Issuer with
a certificate of the serial numbers of the Notes. 
  

 26 

 (e) Without prejudice to the obligations of the Global Agent pursuant to Section 18(b), the Global
Agent shall keep a full and complete record of all Notes and of all replacement Notes issued in substitution for mutilated, defaced, destroyed, lost or stolen Notes. The Global Agent shall at all reasonable times make such record available to the
Issuer and any person authorized by any of them for inspection and for the taking of copies thereof or extracts therefrom. 
 (f) All records
and certificates made or given pursuant to this Section 18 and Section 19 shall make a distinction between Notes of each Series and Tranche, as appropriate. 
 Section 19. Issue of Replacement Notes. 
 (a) The Issuer will cause a sufficient quantity of
additional forms of Notes to be available, upon request, to the Registrar or, as the case may be, the London Issuing Agent at its specified office for the purpose of issuing replacement Notes as provided below. 
 (b) The Registrar or, as the case may be, the London Issuing Agent will, subject to and in accordance with the terms of the Notes and the following
provisions of this Section 19, cause to be delivered any replacement Notes which the Issuer may determine to issue in place of Notes which have been lost, stolen, mutilated, defaced or destroyed. 
 (c) The Registrar or, as the case may be, the London Issuing Agent shall not issue any replacement Note unless and until the applicant therefor shall
have: 
  

	 	(i)	paid such costs as may be incurred in connection therewith; 

  

	 	(ii)	furnished it with such evidence (including evidence as to the serial number of such Note) and indemnity (which may include a bank guarantee) as the Issuer and the Registrar or, as
the case may be, the London Issuing Agent may require; and 

  

	 	(iii)	in the case of any mutilated or defaced Note surrendered the same to the Registrar or, as the case may be, the London Issuing Agent. 

 (d) The Registrar or, as the case may be, the London Issuing Agent shall cancel any mutilated or defaced Notes with respect to which replacement Notes
have been issued pursuant to this Section 19 and shall, if requested, furnish the Issuer with a certificate stating the serial numbers of the Notes, so cancelled and, unless otherwise instructed by the Issuer in writing, shall destroy (in
accordance with its customary procedures) such cancelled Notes, and, if requested, furnish the Issuer with a destruction certificate containing the information specified in Section 18(c). 
 (e) The Registrar or, as the case may be, the London Issuing Agent shall, on issuing any replacement Note within three Business Days inform the Issuer,
the Global Agent and the Paying Agents of the serial number of such replacement Note issued and (if known) of the serial number of the Note in place of which such replacement Note has been issued. 
  

 27 

 (f) The Global Agent shall keep a full and complete record of all replacement Notes issued and shall make
such record available at all reasonable times to the Issuer and any persons authorized by the Issuer for inspection and for the taking of copies thereof or extracts therefrom. 
 Section 20. Copies of This Agreement and Each Pricing Supplement Available for Inspection. 
 The Global Agent and the Paying Agents shall, for as long as any Note remains outstanding, hold copies of this Agreement, the Offering Circular (as
amended or supplemented from time to time), each Pricing Supplement (except that a Pricing Supplement relating to unlisted Notes will only be available for inspection by a holder of such a Note upon production of evidence satisfactory to the
relevant Paying Agent as to the identity of such holder), the Issuer’s Memorandum and Articles of Association, as amended or restated, the most recently published audited annual financial statements of the Issuer and any documents incorporated
by reference into the Offering Circular available for inspection. For this purpose, the Issuer shall furnish the Global Agent and the Paying Agents with sufficient copies of each of such documents. 
 Section 21. Commissions and Expenses. 
 (a) The Issuer shall pay to the Global Agent such fees and commissions as the Issuer and the Global Agent may separately agree from time to time with respect to the services of the Agents, hereunder together with any reasonable and properly
documented expenses (including legal, printing, postage, tax, cable and advertising expenses) incurred by the Agents in connection with their said services. Nothing in this Agreement shall obligate the Agents to take any action which would involve
any such expenses, unless and until the Global Agent shall have received payment in respect thereof. 
 (b) The Global Agent shall make
payment of the fees and commissions due hereunder to the Agents, and shall reimburse their expenses promptly after the receipt of the relevant monies from the Issuer. The Issuer shall not be responsible for any such payment or reimbursement by the
Global Agent to the Agents. 
 Section 22. Indemnity. 
 (a) The Issuer shall protect, indemnify and hold harmless the Global Agent and each of the other Agents against any losses, liabilities, costs, claims,
actions, demands or expenses (including, but not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending any of the foregoing) which the Agents may incur or which may be made against the Agents as a result
of or in connection with their appointment by the Issuer or the exercise of the Agents’ powers and duties hereunder except any losses, liabilities, costs, claims, actions, demands or expenses as may relate to, result from or arise from the
Agents’ or any Agent’s gross negligence, willful misconduct or bad faith. 
  

 28 

 (b) The obligations of the Issuer under this section shall survive the payment of the Notes, the
resignation or removal of any Agent and the termination of this Agreement. 
 (c) The Issuer will on demand indemnify and keep indemnified
each Agent against any losses, liabilities, costs, expenses, claims, actions or demands (including, without limitation, all legal fees and expenses and any Value Added Tax payable on such sums) which such Agent may incur or which may be made against
such Agent as a result of such Agent acting on such communications or instructions which such Agent believes in good faith to have been given by the Issuer. 
 Section 23. Repayment bv the Global Agent. 
 (a) Any Paying Agent shall, forthwith on written
demand, repay to the Issuer sums equivalent to any amounts paid by the Issuer to such Paying Agent for the payment of principal (and premium, if any) or interest with respect to any Notes and remaining unclaimed at the end of two years after the
principal of such Notes shall have become due and payable (whether at the Stated Maturity Date or otherwise) and monies sufficient therefor shall have been duly made available for payment, provided that there is not any outstanding, bona fide and
proper claim with respect to such amounts. Upon such repayment all liability of such Paying Agent and the Global Agent with respect to such funds shall thereupon cease. 
 Section 24. Conditions of Appointment. 
 (a) The Global Agent and the NY Paying Agent shall be
entitled to deal with money paid to it by the Issuer or the Guarantor for the purpose of this Agreement in the same manner as other money paid to a banker by its customers except: 
  

	 	(i)	that it shall not exercise any right of set-off, lien or similar claim in respect thereof; 

  

	 	(ii)	as provided in Section 24(b) below; and 

  

	 	(iii)	that it shall not be liable to account to the Issuer for any interest thereon except as otherwise agreed in writing between the Issuer and the Global Agent.

 (b) Subject to Section 17 hereof and Section 5 of the Guarantee, in acting hereunder and in connection with the
Notes, the Agents shall act solely as agents of the Issuer and will not thereby assume any obligations, including fiduciary obligations, towards or relationship of agency or trust for or with any of the owners or holders of the Notes except that all
funds held by the Global Agent for payment to the Noteholders and deposited by the Issuer for payment of specific Notes shall be held for the benefit of such holders or owners and applied as set forth herein, but need not be segregated from other
funds except as required by law. 
 (c) The Agents hereby undertake to the Issuer to perform such obligations and duties, and shall be
obligated to perform such duties and only such duties, as are herein, in the Notes and in the Procedures Memorandum specifically set forth, and no implied duties or obligations shall be read into this Agreement or the Notes or the Procedures
Memorandum against any of the Agents. 
  

 29 

 (d) The Global Agent and each of the Paying Agents may consult with reputable legal and other
professional advisers of its selection and the written opinion of such advisers, rendered in good faith, shall be full and complete protection with respect to any action taken, omitted or suffered hereunder in good faith and in accordance with the
opinion of such advisers. 
 (e) Each of the Agents shall be protected and shall incur no liability for or with respect to any action taken,
omitted or suffered in good faith reliance upon any instruction, request or order from the Issuer or any notice, resolution, direction, consent, certificate, affidavit, statement, cable, telex, facsimile or other paper or document which it
reasonably believes to be genuine and to have been delivered, signed or sent by an Authorized Representative. 
 (f) Any of the Agents and
any of their officers, directors and employees may become the owner of, or acquire any interest in, any Notes with the same rights that it or he would have if such Agent(s) concerned were not appointed hereunder, and may engage or be interested in
any financial or other transaction with the Issuer and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or in connection with any other obligations of the Issuer as freely as if such Agent(s) were not
appointed hereunder. 
 (g) No Agent shall be required to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (h) Any Agent may execute any of the duties or powers hereunder or perform any duties hereunder either directly or by or through its agents, attorneys or
custodian. 
 (i) In no event shall the Issuer or the Agents be liable for special, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits) even if the Agents or the Issuer, as the case may be, have been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 25. Communication Between the Parties. 
 A copy of all communications relating to the subject matter of this Agreement between the Issuer or any Noteholders and any of the Paying Agents, the Registrar, the London Issuing Agent or the Transfer Agent shall be
sent to the Global Agent by the relevant Paying Agent or the Registrar, the London Issuing Agent or the Transfer Agent, as the case may be. 
 Section 26. Changes in the Global Agent, the Paying Agents, the Registrar, the London Issuing Agent or the Transfer Agent. 
 (a) The Issuer agrees that, until no Note is outstanding or until monies for the payment of all amounts with respect to all outstanding Notes have been made available to the Global Agent (whichever is the later): 
  

	 	(i)	so long as any Notes are listed on any Stock Exchange, there will at all times be a Paying Agent, a Registrar, a London Issuing Agent and a Transfer Agent having a specified office
in each location required by the rules and regulations of the relevant Stock Exchange; 

  

 30 

	 	(ii)	there will at all times be a Paying Agent, a Registrar, a London Issuing Agent and a Transfer Agent with a specified office in a city in continental Europe unless, with respect of
any Paying Agent, payments are permitted to be made in the United States and the Issuer shall have appointed a Paying Agent in the United States; 

  

	 	(iii)	there will at all times be a Global Agent; and 

  

	 	(iv)	the Issuer undertakes that it will ensure that it maintains a Paying Agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European
Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26th-27th November, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive.

 Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it
shall be of immediate effect) after not less than 30 nor more than 45 days prior notice thereof shall have been given to the Noteholders in accordance with Section 16 provided that no such variation, termination, appointment or change shall
take effect (except in the case of insolvency) within 15 days before or after any Interest Payment Date. 
 (b) The Global Agent may (subject
to the provisions of Section 26(d)) at any time resign as Global Agent by giving written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective; provided, that such
date shall never be less than two months after the receipt of such notice by the Issuer unless the Issuer agrees to accept less notice. 
 (c) The Global Agent may (subject to the provisions of Section 26(d)) be removed at any time by the filing with it of an instrument in writing signed on behalf of the Issuer specifying such removal and the date when it shall become
effective. 
 (d) Any resignation under Section 26(b) or removal under Section 26(c) shall only take effect upon the appointment by
the Issuer (with notice to the Global Agent) of a successor Global Agent and (other than in cases of insolvency of the Global Agent) on the expiration of the notice to be given under Section 26(b). If, by the day falling 20 days before the
expiration of any notice under Section 26(b), the Issuer has not appointed a successor Global Agent, then the Global Agent shall be entitled, following such consultation with the Issuer as may be practicable in the circumstances, on behalf of
the Issuer, to appoint as a successor Global Agent in its place such reputable financial institution of good standing as it may reasonably determine to be capable of performing the duties of the Global Agent hereunder, and, if, by the day falling 10
days before the expiration of any notice under Section 26(b), the Global Agent has 

  

 31 

 
not appointed a successor Global Agent, then the Global Agent may, at the expense of the Issuer, petition any court of competent jurisdiction for the
appointment of a successor agent to such Global Agent. Upon the appointment of a successor agent hereunder, the parties hereto and such successor agent shall thereafter have the same rights and obligations among them as would have been the case had
they then entered into an agreement in the form mutatis mutandis of this Agreement. 
 (e) In case at any time the Global Agent
resigns, or is removed, or becomes incapable of action or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator,
liquidator or administrative or other receiver of all or a substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or all or a substantial part of its property is appointed, or it admits in
writing its inability to pay or meet its debts as they become due, or if an order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if any officer takes
charge or control of it or of its property or affairs for the purpose of rehabilitation, administration or liquidation, a successor Global Agent may be appointed by the Issuer by an instrument in writing filed with the successor Global Agent. Upon
the appointment as aforesaid of a successor Global Agent and acceptance by the latter of such appointment and (other than in the case of insolvency of the Global Agent) upon expiration of the notice to be given under Section 30(b) the Global
Agent so superseded shall cease to be the Global Agent hereunder. 
 (f) Subject to Section 26(a), the Issuer may terminate the
appointment of any Paying Agent, the Registrar, the London Issuing Agent or the Transfer Agent at any time and/or appoint one or more further Paying Agents, Registrars, London Paying Agents or Transfer Agents by giving to the Global Agent, and to
the relevant Paying Agent, Registrar, London Issuing Agent or Transfer Agent, at least 45 days notice in writing to that effect. 
 (g)
Subject to Section 26(a), all or any of the Paying Agents or Transfer Agents may resign their respective appointments hereunder at any time by giving the Issuer and the Global Agent at least 45 days written notice to that effect. 
 (h) Upon its resignation or removal becoming effective, the Global Agent or the relevant Paying Agent, Registrar, London Issuing Agent or Transfer Agent:

  

	 	(i)	shall, in the case of the Global Agent, forthwith transfer all monies held by it hereunder and the records referred to in Sections 8(a), 18(c) and 19(g) to the successor Global
Agent hereunder; and 

  

	 	(ii)	shall be entitled to the payment by the Issuer of its commissions and fees for the services theretofore rendered hereunder in accordance with the terms of Section 22.

 (i) Upon its appointment becoming effective, a successor Global Agent and any new Paying Agent, London Issuing Agent,
Registrar or Transfer Agent shall, without further act, deed or conveyance, become vested with all the authority, rights, powers, trust, immunities, duties and obligations of such predecessor with like effect as if originally named as Global Agent
or (as the case may be) a Paying Agent, London Issuing Agent, Registrar or Transfer Agent hereunder. 
  

 32 

 Section 27. Merger and Consolidation. 
 Any corporation into which the Global Agent or any other Agent may be merged, or any corporation with which the Global Agent or any other Agent may be
consolidated, or any corporation resulting from any merger or consolidation to which the Global Agent or any other Agent shall be a party, or any corporation to which the Global Agent or any other Agent shall sell or otherwise transfer all or
substantially all the assets or the corporate trust business of the Global Agent or other Agent shall, on the date when such merger, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor
Global Agent or, as the case may be, Paying Agent, London Issuing Agent, Registrar or Transfer Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto, unless otherwise required by
the Issuer, and after the said effective date all references in this Agreement to the Global Agent or, as the case may be, such Paying Agent, London Issuing Agent, Registrar or Transfer Agent shall be deemed to be references to such corporation.
Notice of any such merger, consolidation or transfer shall forthwith be given to the Issuer by the relevant Agent. 
 Section 28.
Notifications. 
 Following receipt of notice of resignation from the Global Agent or any Paying Agent, Registrar, London Issuing Agent
or Transfer Agent and forthwith upon appointing a successor Global Agent or, as the case may be, further or other Paying Agents, Registrars, London Issuing Agents or Transfer Agents or on giving notice to terminate the appointment of any Global
Agent or, as the case may be, Paying Agent, Registrar, London Issuing Agent or the Transfer Agent, the Issuer shall give or cause to be given not more than 45 days nor less than 30 days notice thereof to the Noteholders in accordance with
Section 16. 
 Section 29. Change of Specified Office. 
 If the Global Agent or any Paying Agent, London Issuing Agent, the Registrar, the Euro Registrar or Transfer Agent determines to change its specified
office it shall give to the Issuer and (if applicable) the Global Agent written notice of such determination giving the address of the new specified office which shall be in the same city and stating the date on which such change is to take effect,
which shall not be less than 45 days thereafter. The Global Agent (on behalf of the Issuer) shall within 15 days of receipt of such notice (unless the appointment of the Global Agent or the relevant Paying Agent, London Issuing Agent, Registrar or
Transfer Agent, as the case may be, is to terminate pursuant to Section 26 on or prior to the date of such change) give or cause to be given not more than 45 days nor less than 30 days notice thereof to the Noteholders in accordance with
Section 16. 
 Section 30. Notices. 
 (a) Each communication under this Agreement shall be made by fax or by letter, or in the case of new issues of Notes, by GPR. Each communication or document to be delivered by fax or by letter to any party under this
Agreement shall be sent to that party at the 

  

 33 

 
fax number or address, and marked for the attention of the person (if any), from time to time designated by that party to the Agents (or, in the case of an
Agent, by it to each other party) for the purpose of this Agreement. The initial telephone number, fax number, address and person so designated by the parties under this Agreement are set out on the signatory page hereto. 
 (b) Any communication from any party to any other party under this Agreement shall be effective (if by fax), when good receipt is confirmed by the
recipient following enquiry by the sender and (if by letter) when delivered, except that a communication received outside normal business hours shall be deemed to be received on the next business day in the city in which the recipient is located.

 Section 31. Taxes and Stamp Duties. 
 Except as set forth in Section 8(h), the Issuer agrees to pay any and all stamp and other documentary taxes or duties (other than any interest or penalties arising as a result of a failure by any other person to
account promptly to the relevant authorities for any such duties or taxes after such person shall have received from the Issuer the full amount payable in respect thereof) which may be payable in connection with the execution, delivery, performance
and enforcement of this Agreement. 
 Section 32. Currency Indemnity. 
 If, under any applicable law and whether pursuant to a judgment being made or registered against the Issuer or for any other reason, any payment under or
in connection with this Agreement is made or is to be satisfied in a currency (the “other currency”) other than that in which the relevant payment is expressed to be due (the “required currency”) under this Agreement, the Issuer
shall arrange to supply the “other currency” to the Global Agent or the relevant Paying Agent, Registrar, London Issuing Agent or Transfer Agent, in accordance with the payment timeframes specified in Section 12(a) of this Agreement.

 Section 33. Amendments; Meetings of Holders. 
 (a) The Notes may be amended by the Issuer and this Agreement may be amended by the Issuer and the Global Agent, (i) for the purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained therein or herein, (ii) to make any further modifications of the terms of this Agreement necessary or desirable to allow for the issuance of any additional Notes (which modifications shall not be materially adverse
to holders of outstanding Notes, as evidenced by an officer’s certificate from the Issuer delivered to the Global Agent) or (iii) in any manner which the Issuer (and in the case of this Agreement, the Global Agent) may deem necessary or
desirable and which shall not materially adversely affect the interests of the holders of the Notes (as evidenced by an officer’s certificate from the Issuer delivered to the Global Agent), to all of which each holder of Notes shall, by
acceptance thereof, be deemed to have consented. In addition, with the written consent of the holders of at least 66 2/3% of the principal amount of the Notes to be affected thereby, the Issuer and the Global Agent may from time to time and at any
time enter into agreements modifying or amending this Agreement or the provisions of the Notes for the purpose of adding any provisions thereto or changing in any manner or eliminating any provisions of this Agreement or of modifying in any 

  

 34 

 
manner the rights of the holders of Notes; provided, however, that no such modification or amendment may, without the consent of the holder of each
outstanding Note affected thereby, (i) change the Stated Maturity Date with respect to any Note or reduce or cancel the amount payable at maturity; (ii) reduce the amount payable or modify the payment date for any interest with respect to
any Note or vary the method of calculating the rate of interest with respect to any Note; (iii) reduce any minimum interest rate and/or maximum interest rate with respect to any Note; (iv) modify the currency in which payments under any
Note are to be made; (v) change the obligation of the Issuer to pay Additional Amounts with respect to Notes; (vi) reduce the percentage in principal amount of outstanding Notes the consent of the holders of which is necessary to modify or
amend this Agreement or the provisions of the Notes or to waive any future compliance or past default; or (vii) reduce the percentage in principal amount of outstanding Notes the consent of the holders of which is required at any meeting of
holders of Notes at which a resolution is adopted. Any instrument given by or on behalf of any holder of a Note in connection with any consent to any such modification, amendment or waiver shall be irrevocable once given and shall be conclusive and
binding on all subsequent holders of such Note. Any modifications, amendments or waivers to this Agreement or the provisions of the Notes shall be conclusive and binding on all holders of Notes, whether or not notation of such modifications,
amendments or waivers is made upon the Notes. It will not be necessary for the consent of the holders of Notes to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.

 (b) A meeting of holders of Notes may be called at any time and from time to time to make, give or take any request, demand authorization,
direction, notice, consent, waiver or other action provided by this Agreement or the Notes to be made, given or taken by holders of Notes. 
 (c) If requested by the Issuer or the holders of at least 10% in principal amount of the outstanding Notes of a Series, the Global Agent shall call a meeting of holders of such Notes for any purpose specified in Section 33(b) to be
held at such time and at such place in The City of New York as the Issuer shall determine. Notice of every meeting of holders of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given by the Global Agent on behalf of the Issuer to the holders of the Notes, in the same manner as provided in Section 16, not less than 21 nor more than 180 days prior to the date fixed for the meeting. If at any time the
Issuer or the holders of at least 10% in principal amount of the outstanding Notes of a Series shall have requested the Global Agent to call a meeting of the holders to take any action authorized in Section 33(b), by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Global Agent shall not have given notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held
as provided herein, then the holders of Notes in the amount above-specified may determine the time and the place in The City of New York for such meeting and may call such meeting by giving notice thereof as provided in this Section 33(c).

 (d) To be entitled to vote at any meeting of holders of Notes of a Series, a person shall be a holder of outstanding Notes of such Series
at the time of such meeting, or a person appointed by an instrument in writing as proxy for such holder. 
  

 35 

 (e) The persons entitled to vote a majority in principal amount of the outstanding Notes of the relevant
Series shall constitute a quorum. In the absence of a quorum, within 30 minutes of the time appointed for any such meeting, the meeting maybe adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 16 except that such notice need be given not less than five days prior to the date on which the meeting is scheduled to be
reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage of the principal amount of the outstanding Notes which shall constitute a quorum. 
 Subject to the foregoing, at the reconvening of any meeting adjourned for a lack of a quorum, the persons entitled to vote 25% in principal amount of the
outstanding Notes of the relevant Series constitute a quorum for the taking of any action set forth in the notice of the original meeting. Any meeting of holders of Notes at which a quorum is present may be adjourned from time to time by vote of a
majority in principal amount of the outstanding Notes represented at the meeting, and the meeting may be held as so adjourned without further notice. At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid,
any resolution and all matters shall be effectively passed and decided if passed or decided by the persons entitled to vote a majority in principal amount of the outstanding Notes of such Series represented and voting at such meeting, provided that
such amount approving such resolution shall be not less than 25% in principal amount of the outstanding Notes of such Series. 
 Section 34. References to Additional Amounts. 
 All references in this Agreement to principal, premium and interest in
respect of any Note shall, unless the context otherwise requires, be deemed to mean and include all Additional Amounts, if any, payable in respect thereof as set forth in such Note. 
 Section 35. Descriptive Headings. 
 The descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
 Section 36. Governing Law. 
 This Agreement is governed by, and shall be construed in accordance with, the laws of the
State of New York, United States of America, except that Sections 17(b) and Schedule 1 hereto shall be governed by and construed in accordance with the laws of England. 
 Section 37. Submission of Jurisdiction. 
 (a) The Issuer irrevocably consents and agrees, for the
benefit of the Agents, and each of the Agents irrevocably consents and agrees, for the benefit of the Issuer, that any legal action, suit or proceeding against it with respect to its obligations, liabilities or any other matter arising out of or in
connection with this Agreement or the Notes may be brought in the 

  

 36 

 
Supreme Court of the State of New York or the United States District Court for the Southern District of New York, in either case in the Borough of Manhattan,
The City of New York and, until all amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam. 
 (b) The Issuer hereby irrevocably designates, appoints, and empowers Thomas Wren, Treasurer of the Guarantor (or any successor thereof), as its agent
(the “Service of Process Agent”) to receive, accept and acknowledge for and on its behalf, service of any and all legal process, summons, notices and documents which may be served in any action, suit or proceeding brought in any United
States or State court which may be made on such Service of Process Agent in accordance with legal procedures prescribed for such courts. If for any reason such Service of Process Agent shall cease to be available to act as such, the Issuer or the
Agents, as the case may be, agree to designate a new Service of Process Agent in The City of New York on the terms and for the purposes of this Section 37 satisfactory to the other parties to this Agreement. Each party to this Agreement further
hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by serving a copy thereof upon the relevant Service of
Process Agent (whether or not the appointment of such Service of Process Agent shall for any reason prove to be ineffective or such Service of Process Agent shall accept or acknowledge such service) or by mailing copies thereof by registered or
certified air mail, postage prepaid, to such party, at its address specified in or designated pursuant to this Agreement. Each party to this Agreement agrees that the failure of any such designee, appointee and agent to give any notice of such
service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of any party to serve any such legal
process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned or bring actions, suits or proceedings against the other parties in such other jurisdictions, and in such manner,
as may be permitted by applicable law. Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the
aforesaid actions, suits or proceedings arising out of or in connection with this Agreement brought in the Supreme Court of the State of New York or the United States District Court for the Southern District of New York, in either case in the
Borough of Manhattan, The City of New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an
inconvenient forum. 
 Section 38. Waiver of Sovereign Immunity. 
 To the extent that the Issuer or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in respect thereof, from set-off or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction
in which 

  

 37 

 
proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this
Agreement or the Notes, the Issuer, to the maximum extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. This agreement and waiver are
intended to be effective upon the execution and delivery of this Agreement by the Issuer without any further act by the Issuer and are intended to inure to the benefit of the Agents from time to time. 
 Section 39. Counterparts. 
 This
Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 
  

 38 

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

  

							
	The Issuer	    	c/o MBNA Europe Bank Limited,
		    	Chester Business Park Chester CH4 9FB,
	MBNA EUROPE FUNDING PLC	    	United Kingdom
				
	By:	 	 /s/ Duncan Aign
	    	Telephone:	 	011-44-124-467-2244
	Name:	 	DUNCAN AIGN	    	Facsimile:	 	011-44-124-467-2256
	 Title:
	 	DIRECTOR	    	Attention:	 	Treasurer

 Agency Agreement signature page 

							
	The Registrar and NY Paying Agent	    	60 Wall Street, 27th Floor,
		    	New York, N.Y. 10005
	DEUTSCHE BANK TRUST COMPANY	    	United States
	AMERICAS	    		 	
		 		    	Telephone:	 	212-250-2157
		 		    	Facsimile:	 	212-797-8614
	By:	 	 /s/ Rodney Gaughan
	    	Attention:	 	Trust and Securities Services
	Name:	 	RODNEY GAUGHAN	    		 	
	Title:	 	ASSISTANT VICE PRESIDENT	    		 	

 Agency Agreement signature page 

							
	The Global Agent	 	60 Wall Street, 27th Floor,
		 		 	New York, N.Y. 10005
	DEUTSCHE BANK TRUST COMPANY	 	United States
	AMERICAS	 		 	
		 		 	Telephone:	 	212-250-2157
		 		 	Facsimile:	 	212-797-8614
	By:	 	 /s/ Rodney Gaughan
	 	Attention:	 	Trust and Securities Services
	Name:	 	RODNEY GAUGHAN	 		 	
	Title:	 	ASSISTANT VICE PRESIDENT	 		 	

 Agency Agreement signature page 

							
	The Luxembourg Paying Agent,	  	Deutsche Bank Luxembourg S.A.
	Transfer Agent and Euro Registrar	  	2 Bld Konrad Adenauer
		  	L-1115 Luxembourg
			
	DEUTSCHE BANK LUXEMBOURG S.A.	  	Telephone:	 	011-352-421-22-639
		  	Facsimile:	 	011-352-47-31-36
		  	Attention:	 	Michele Penning
				
	By:	 	 /s/ G Norman
	  		 	
	Name:	 	G NORMAN	  		 	
	Title:	 	ASSOCIATE	  		 	

  

			
	 /s/ Angeline Garvey

	 Angeline Garvey
 Vice
President

 Agency Agreement signature page 

							
	The London Paying Agent	  	Deutsche Bank
	and London Issuing Agent	  	Winchester House
		  	1 Great Winchester Street
	DEUTSCHE BANK AG LONDON	  	London EC2N 2DB
		  	United Kingdom
				
	By:	 	 /s/ Angeline Garvey
	  	Telephone:	 	011-44-020-7547-3747
	Name:	 	Angeline Garvey	  	Facsimile:	 	011-44-020-7547-5782
	Title:	 	Vice President	  	Attention:	 	Geoff Norman
				
		 	 /s/ Suzie Smith
 Suzie
Smith
	  		 	
		 	Deutsche Bank AG London	  		 	
		 	Vice President	  		 	

 Agency Agreement signature page 

 SCHEDULE 1 
 Section 1. Definitions 
 In addition, in this Schedule, the following terms shall have the
following meanings: 
 “Appointee” means any person appointed by a Security Agent under the Trusts; 
 “Liability” means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever
(including, without limitation, in respect of taxes, duties, levies, imports and other charges) and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses; 
 “Security Agents” means the London Paying Agent and the NY Paying Agent and Security Agent means any one of them; 
 “Trustee Acts” means the Trustee Act 1925 of Great Britain and the Trustee Act 2000 of Great Britain; and 
 the “Trusts” means those trusts established by Section 17 of the Agency Agreement and Section 5 of the Guarantee. 

Section 2. Investment by the Security Agents 
  

	(A)	IF the amount of the moneys at any time available for the payment of principal and interest in respect of the Notes issued by the Issuer, under Section 17 of the Agency
Agreement or Section 5 of the Guarantee shall be less than 10 per cent. of the nominal amount of the Notes issued by the Issuer then outstanding the Security Agents may at their discretion invest such moneys in some or one of the
investments authorised below. The London Paying Agent, or the NY Paying Agent, as the case may be, at its discretion may vary such investments and may accumulate such investments and the resulting income until the accumulations, together with any
other funds for the time being under the control of the London Paying Agent, or the NY Paying Agent, as the case may be, and available for such purpose, amount to at least 10 per cent. of the nominal amount of the Notes issued by the Issuer
then outstanding, and then such accumulations and funds shall be applied in accordance with Section 17 of the Agency Agreement or Section 5 of the Guarantee as the case may be. 

  

	(B)	 Any moneys which under the Trusts ought to or may be invested by the Security Agents may be invested in the name or under the control of the London Paying Agent, or
the NY Paying Agent, as the case may be, in any investments for the time being authorised by law for the investment by trustees of trust moneys or in any other investments whether similar to the aforesaid or not which may be selected by the London
Paying Agent, or the NY Paying Agent, as the case may be, or by placing the same on deposit in the name or under the control of the London Paying Agent, or the NY Paying Agent, as the case may 

  

 1 

	 	 
be, at such bank or other financial institution and in such currency as the London Paying Agent, or the NY Paying Agent, as the case may be, may think fit.
If that bank or institution is the London Paying Agent, or the NY Paying Agent, as the case may be, or a subsidiary, holding or associated company of the London Paying Agent, or the NY Paying Agent, it need only account for an amount of interest
equal to the amount of interest which would, at then current rates, be payable by it on such a deposit to an independent customer. The Security Agents may at any time vary any such investments for or into other investments or convert any moneys so
deposited into any other currency and shall not be responsible for any loss resulting from any such investments or deposits, whether due to depreciation in value, fluctuations in exchange rates or otherwise. 

 Section 3. Supplement to Trustee Acts 
 WHERE there are any inconsistencies between the Trustee Acts and the provisions of the Trusts, the provisions of the Trusts shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000 of
Great Britain, the provisions of the Trusts shall constitute a restriction or exclusion for the purposes of that Act. The Security Agents shall have all the powers conferred upon trustees by the Trustee Acts and by way of supplement thereto it is
expressly declared as follows: 
  

	 	(A)	The Security Agents may in relation to the Trusts, act on the advice or certificate or opinion or any information obtained from any lawyer, valuer, accountant, surveyor, banker,
broker, auctioneer, liquidator, receiver or other expert appointed by the Issuer, the Guarantor or, one or both of the Security Agents, or otherwise whether or not addressed to a Security Agent and no Security Agent shall be responsible for any
Liability occasioned by so acting. 

  

	 	(B)	Any such advice, opinion or information may be sent or obtained by letter, telex, telegram, facsimile transmission or cable and no Security Agent shall be liable for acting on any
advice, opinion or information purporting to be conveyed by any such letter, telex, telegram, facsimile transmission or cable although the same shall contain some error or shall not be authentic. 

  

	 	(C)	The Security Agents shall be at liberty to hold the Agency Agreement, the Guarantee and any other documents relating thereto or to deposit them in any part of the world with any
custodian which the London Paying Agent, or the NY Paying Agent, as the case may be, shall be at liberty to appoint under the Trusts, which is a banker or banking company or company whose business includes undertaking the safe custody of documents
or lawyer or firm of lawyers considered by the London Paying Agent, or the NY Paying Agent, as the case may be, to be of good repute and no Security Agent shall be responsible for or required to insure against any Liability incurred in connection
with any such holding or deposit and may pay all sums required to be paid on account of or in respect of any such deposit PROVIDED THAT no Security Agent shall be obliged to appoint a custodian of securities payable to bearer.

  

 2 

	 	(D)	No Security Agent, in its capacity as Security Agent, shall be responsible for the receipt or application of the proceeds of the issue of any of the Notes by the Issuer, the
exchange of any Global Note for another Global Note or Definitive Notes or the delivery of any Global Note or Definitive Notes to the person(s) entitled to it or them. 

  

	 	(E)	Save as expressly otherwise provided herein, the Security Agents shall have absolute and uncontrolled discretion as to the exercise or non-exercise of their trusts, powers,
authorities and discretions under the Trusts (the exercise or non-exercise of which as between the London Paying Agent, or the NY Paying Agent, as the case may be, and the Noteholders, shall be conclusive and binding on the Noteholders,) and the
Security Agents shall not be responsible for any Liability which may result from their exercise or non-exercise. 

  

	 	(F)	No Security Agent, shall be liable to any person by reason of having acted upon any Extraordinary Resolution or other resolution purporting to have been passed at any meeting of the
holders of Notes of all or any Series in respect whereof minutes have been made and signed even though subsequent to its acting it may be found that there was some defect in the constitution of the meeting or the passing of the resolution, or (in
the case of an Extraordinary Resolution in writing) that not all such holders had signed the Extraordinary Resolution or that for any reason the resolution was not valid or binding upon such holders. 

  

	 	(G)	No Security Agent shall be liable to any person by reason of having accepted as valid or not having rejected any Note purporting to be such and subsequently found to be forged or
not authentic. 

  

	 	(H)	Without prejudice to the right of indemnity by law given to trustees, each of the Issuer and the Guarantor shall severally indemnify the Security Agents, and every Appointee (being
an Appointee who shall have been appointed by a Security Agent, after prior consultation by such Security Agent, with the Issuer and the Guarantor and after consideration in good faith by such Security Agent, of any representations made by the
Issuer or the Guarantor concerning the proposed appointee except where, in the reasonable opinion of that Security Agent, such consultation and consideration was not practicable) and keep it or him indemnified against all Liabilities to which it or
he may be or become subject or which may be incurred by it or him in the execution or purported execution of any of its or his trusts, powers, authorities and discretions under the Trusts, or its or his functions under any such appointment or in
respect of any other matter or thing done or omitted in any way relating to the Trusts or any such appointment. 

  

	 	(I)	Any consent or approval given by a Security Agent, for the purposes of the Trusts may be given on such terms and subject to such conditions (if any) as such Security Agent thinks
fit and notwithstanding anything to the contrary in the Trusts may be given retrospectively. 

  

 3 

	 	(J)	No Security Agent shall (unless and to the extent ordered so to do by a court of competent jurisdiction) be required to disclose to any Noteholder, any information (including,
without limitation, information of a confidential, financial or price sensitive nature) made available to such Security Agent by the Issuer, the Guarantor or any other person in connection with the Trusts and no Noteholder shall be entitled to take
any action to obtain from a Security Agent any such information. 

  

	 	(K)	The Security Agents as between themselves and the beneficiaries of the Trusts may determine all questions and doubts arising in relation to any of the provisions of the Trusts.
Every such determination, whether or not relating in whole or in part to the acts or proceedings of the Security Agents shall be conclusive and shall bind such Security Agents and the beneficiaries of the Trusts. 

  

	 	(L)	In connection with the exercise by it of any of its trusts, powers, authorities or discretions under the Trusts, the Security Agents shall have regard to the interests of the
Noteholders as a class and, in particular but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers, authorities and discretions under the Trusts for individual Noteholders resulting from their being for
any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and the Security Agents shall not be entitled to require, nor shall any Noteholder be entitled to claim, from the Issuer,
the Guarantor or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders except to the extent already provided for in Condition 6 to this Schedule. 

 

	 	(M)	Any trustee of these Trusts being a lawyer, accountant, broker or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional
and other charges for business properly transacted and acts properly done by him or his firm in connection with the Trusts, and also his reasonable charges in addition to disbursements for all other work and business done and all time properly spent
by him or his firm in connection with matters arising in connection with the Trusts. 

  

	 	(N)	 Each Security Agent may (after prior consultation with the Issuer and the Guarantor and after consideration in good faith of any representations made by the Issuer
or the Guarantor concerning the proposed appointee except where, in the opinion of a Security Agent, such consultation and consideration is not practicable) whenever it thinks fit delegate by power of attorney or otherwise to any person or persons
or fluctuating body of persons all or any of its trusts, powers, authorities and discretions vested in the Security Agents under the Trusts. Such delegation may be made upon such terms (including power to sub-delegate) and subject to such conditions
and regulations as the such Security Agent may in the interests of the Noteholders think fit. The Security Agents shall, provided that reasonable care has been exercised in the selection of any such delegate or sub-delegate, not be under any
obligation to supervise the proceedings or acts of any 

  

 4 

	 	 
such delegate or sub-delegate or be in any way responsible for any Liability incurred by reason of any misconduct or default on the part of any such delegate
or sub-delegate. The London Paying Agent, or the NY Paying Agent, as the case may be, shall within a reasonable time after any such delegation or any renewal, extension or termination thereof give notice thereof to the Issuer.

  

	 	(O)	The Security Agents may (after prior consultation with the Issuer and the Guarantor and after consideration in good faith of any representations made by the Issuer or the Guarantor
concerning the proposed appointee except where, in the opinion of a Security Agent, such consultation and consideration is not practicable) in the conduct of the Trusts, instead of acting personally employ and pay an agent (whether being a lawyer,
nominee or other professional person) to transact or conduct, or concur in transacting or conducting, any business and to do, or concur in doing, all acts required to be done in connection with the Trusts (including the receipt and payment of
money). The London Paying Agent, or the NY Paying Agent, as the case may be, shall, provided that it shall have exercised reasonable care in the selection of any such agent or any custodian, not be in any way responsible for any Liability incurred
by reason of any misconduct or default on the part of any such agent or any custodian or be bound to supervise the proceedings or acts of any such agent or any custodian. 

  

	 	(P)	Each Security Agent may (after prior consultation with the Issuer and the Guarantor and after consideration in good faith of any representations made by the Issuer or the Guarantor
concerning the proposed appointee except where, in the opinion of such Security Agent, such consultation and consideration is not practicable) appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the
Trusts as the London Paying Agent, or the NY Paying Agent, as the case may be, may determine, including for the purpose of depositing with a custodian the Agency Agreement, the Guarantee or any document relating to the Trusts and no Security Agent
shall be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or to be bound to supervise the proceedings or acts of such person; the London Paying Agent, or the
NY Paying Agent, as the case may be, is not obliged to appoint a custodian if the London Paying Agent, or the NY Paying Agent, as the case may be, invests in securities payable to bearer. 

  

	 	(Q)	No Security Agent shall be responsible for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of the
Trusts, or any other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness,
validity, performance, enforceability or admissibility in evidence of the Agency Agreement, the Guarantee or any other document relating or expressed to be supplemental thereto. 

  

 5 

	 	(R)	No Security Agent shall be responsible to any person for failing to request, require or receive any legal opinion relating to any Notes or for checking or commenting upon the
content of any such legal opinion. 

  

	 	(S)	No Security Agent shall be concerned, and need not enquire, as to whether or not any Notes are issued in breach of the Programme Limit. 

  

	 	(T)	No Security Agent shall be obliged to take any action under the Trusts unless indemnified to its satisfaction. 

  

	 	(U)	In relation to any asset held by it under the Trusts, a Security Agent may appoint as its nominee any banker or banking company or company whose business includes the provision of
nominee services believed by the London Paying Agent, or the NY Paying Agent, as the case may be, to be of good repute. 

 Section 4. Security Agent’s Liability 
 NOTHING in the Trusts, shall in any case in which a Security Agent has
failed to show the degree of care and diligence required of it as trustee having regard to the provisions of the Trusts conferring on it any trusts, powers, authorities or discretions exempt such Security Agent from or indemnify it against any
liability for breach of trust or any liability which by virtue of any rule of law would otherwise attach to it in respect of any negligence, default or breach of duty of which it may be guilty in relation to its duties under the Trusts. 

Section 5. Security Agent Contracting With The Issuer And The Guarantor 
 No Security Agent nor any director or officer or holding company, subsidiary or associated company of a corporation acting as a trustee of the Trusts
shall by reason of its or his fiduciary position be in any way precluded from: 
  

	 	(i)	entering into or being interested in any contract or financial or other transaction or arrangement with the Issuer or the Guarantor or any person or body corporate associated with
the Issuer or the Guarantor (including without limitation any contract, transaction or arrangement of a banking or insurance nature or any contract, transaction or arrangement in relation to the making of loans or the provision of financial
facilities or financial advice to, or the purchase, placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or dealing with, or acting as paying agent in respect of, the Notes or any other notes,
bonds, stocks, shares, debenture stock, debentures or other securities of, the Issuer or the Guarantor or any person or body corporate associated as aforesaid); or 

  

	 	(ii)	accepting or holding the trusteeship of any other indenture, trust deed or any other document constituting or securing any other securities issued by or relating to the Issuer or
the Guarantor or any such person or body corporate so associated or any other office of profit under the Issuer or the Guarantor or any such person or body corporate so associated, 

  

 6 

 and shall be entitled to exercise and enforce its rights, comply with its obligations and perform its
duties under or in relation to any such contract, transaction or arrangement as is referred to in (i) above or, as the case may be, any such trusteeship or office of profit as is referred to in (ii) above without regard to the interests of
the Noteholders and notwithstanding that the same may be contrary or prejudicial to the interests of the Noteholders and shall not be responsible for any Liability occasioned to the Noteholders thereby and shall be entitled to retain and shall not
be in any way liable to account for any profit made or share of brokerage or commission or remuneration or other amount or benefit received thereby or in connection therewith. 
 Where any holding company, subsidiary or associated company of a Security Agent, or any director or officer of a Security Agent, acting other than in his
capacity as such a director or officer has any information, such Security Agent shall not thereby be deemed also to have knowledge of such information and, unless it shall have actual knowledge of such information, shall not be responsible for any
loss suffered by Noteholders resulting from a Security Agent’s failing to take such information into account in acting or refraining from acting under or in relation to the Trusts. 
 Section 6. Currency Indemnity 
 EACH of the Issuer and the Guarantor shall severally indemnify each Security Agent, every Appointee, the Noteholders and keep them indemnified against: 
  

	 	(a)	any Liability incurred by any of them arising from the non-payment by the Issuer or the Guarantor of any amount due to the Security Agents or the Noteholders under the Trusts by
reason of any variation in the rates of exchange between those used for the purposes of calculating the amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Issuer or the Guarantor; and

  

	 	(b)	any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently
due under the Trusts (other than this Section) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or the Guarantor and (ii) the final date for ascertaining the amount of claims in such bankruptcy,
insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final date and the date of any distribution of assets in connection with any such bankruptcy,
insolvency or liquidation. 

 The above indemnities shall constitute obligations of the Issuer and the Guarantor separate and
independent from its/their other obligations under the other provisions of the Trusts, and shall apply irrespective of any indulgence granted by either Security Agent, 

  

 7 

 
or the Noteholders from time to time and shall continue in full force and effect notwithstanding the judgment or filing of any proof or proofs in any
bankruptcy, insolvency or liquidation of the Issuer or the Guarantor for a liquidated sum or sums in respect of amounts due under the Trusts (other than this Section). Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by
the Noteholders and no proof or evidence of any actual loss shall be required by the Issuer or the Guarantor or its liquidator or liquidators. 
 Section 7. New Security Agents 
 THE power to appoint a new Security Agent of the Trusts shall, subject as hereinafter
provided, be vested in the Issuer. One or more persons may hold office as trustee or trustees of the Trusts. Any appointment of a new trustee of the Trusts shall as soon as practicable thereafter be notified by the Issuer to the Agents and the
Noteholders. 
 Sections 8. Security Agent’s Retirement 
 A trustee of the Trusts, may retire at any time on giving not less than three months’ prior written notice to the Issuer without giving any reason
and without being responsible for any Liabilities incurred by reason of such retirement. The retirement of any such trustee shall not become effective until a successor trustee is appointed and, if in such circumstances, no appointment has become
effective within two months of the date of such notice, the London Paying Agent, or the NY Paying Agent, as the case may be, shall be entitled to appoint a new trustee of the Trusts, but no such appointment shall take effect unless previously
approved by an Extraordinary Resolution. 
 Section 9. Security Agent’s Powers to be Additional 
 THE powers conferred upon the Security Agents under the Trusts, shall be in addition to any powers which may from time to time be vested in such Security
Agents by the general law. 
  

 8 

 EXHIBIT A 
 FORM OF GLOBAL NOTE 
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY”) TO MBNA EUROPE FUNDING PLC (THE “BANK”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE
FOR, OR IN LIEU OF, THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL SECURITY AND, UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, IT MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 
 THIS NOTE IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSURER. 
 [THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED HAVE NOT BEEN NOR WILL BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND SUCH NOTES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. 
 EACH PURCHASER OF THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED IS HEREBY NOTIFIED THAT THE SELLER OF SUCH NOTES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
(“RULE 144A”) THEREUNDER. 
 THE HOLDER HEREOF, BY PURCHASING THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED, AGREES, FOR THE BENEFIT OF
MBNA EUROPE FUNDING PLC (THE “ISSUER”), THAT (A) SUCH NOTES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE HOLDER 
  

	 1
	 Delete in the case of all Global Notes other than DTC Global Notes. 

  

 A-1 

 REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THAT EACH SUCH QIB IS ALSO A “QUALIFIED PURCHASER” (“QP”) WITHIN THE MEANING OF SECTION 2(A)(51) OF THE UNITED STATES
INVESTMENT COMPANY ACT OF 1940, AS AMENDED, FOR PURPOSES OF SECTION 3(C)(7) OF SUCH ACT AND WHO (W) IS NOT A BROKER-DEALER THAT OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN US$25 MILLION IN SECURITIES OF UNAFFILIATED ISSUERS, (X) IS
NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(I)(D) OR (A)(1)(I)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(I)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE
BENEFICIARIES OF THE PLAN, (Y) WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER OR THE GUARANTOR, AND (Z) WILL HOLD AND TRANSFER AT LEAST US$100,000 PRINCIPAL AMOUNT OF NOTES; OR (2) IN AN OFFSHORE TRANSACTION TO A NON-U.S.
PERSON IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT; AND, IN EACH OF CASES (1) AND (2) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND IN A MINIMUM PRINCIPAL AMOUNT OF US$100,000, AND
(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. EACH PURCHASER OF THIS NOTE OR BENEFICIAL INTEREST HEREIN WILL BE DEEMED TO
HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH HEREIN AND IN THE AGENCY AGREEMENT (AS DEFINED HEREIN) AND WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT TO A PURCHASER WHO CAN MAKE THE SAME REPRESENTATIONS AND
AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. 
 THE HOLDER UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS
HOLDING POSITIONS IN THE NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES. 
 ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRANSFER AGENT OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE
HOLDER OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH HEREIN AND IN THE AGENCY AGREEMENT, THE ISSUER OR THE TRANSFER AGENT MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH
INTEREST IN THIS NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER OR THE GUARANTOR. 
 THE
HOLDER ACKNOWLEDGES THAT THE ISSUER AND THE TRANSFER AGENT RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER PURSUANT TO 

  

 A-2 

 
CLAUSES (A)(l)-(2) ABOVE TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE ISSUER AND THE TRANSFER AGENT MAY
REASONABLY REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]* 
 [THIS NOTE (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.] **

  

	*	These statements and this legend contained in brackets shall appear on any Certificate issued in respect of the Restricted Global Note. 

	**	These statements and this legend contained in brackets shall appear on any Certificate issued in respect of the Unrestricted Global Note. 

  

 A-3 

 REGISTERED 
 No. R-                             
 CUSIP No.:                     
 ISIN No.:                        

 Common Code:_             
 MBNA EUROPE FUNDING PLC 
 GLOBAL NOTE 
  

			
	ORIGINAL ISSUE DATE:	 	PRINCIPAL AMOUNT:
		
	MATURITY DATE:	 	SPECIFIED CURRENCY:
		
	 ̈     FIXED RATE NOTE	 	 ̈    U.S. dollar
	 ̈     FLOATING RATE NOTE	 	 ̈    Other:
		
	 ̈    SENIOR NOTE	 	
	 ̈    SUBORDINATED NOTE	 	

 MBNA EUROPE FUNDING PLC (the “Issuer”), incorporated as a public limited liability
company with limited liability in England and Wales, for value received, hereby promises to pay to
                                , or registered assigns thereof, the principal
amount specified above, as adjusted in accordance with Schedule 1 hereto, on the Maturity Date specified above (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon (i) in accordance with the
provisions set forth on the reverse hereof under the caption “Fixed Rate Interest Provisions,” if this Note is designated as a “Fixed Rate Note” above, or (ii) in accordance with the provisions set forth on the reverse
hereof under the caption “Floating Rate Interest Provisions,” if this Note is designated as a “Floating Rate Note” above, in each case as such provisions may be modified or supplemented by the terms and provisions set forth in
the Pricing Supplement attached hereto (the “Pricing Supplement”), and (to the extent that the payment of such interest shall be legally enforceable) to pay interest at the Default Rate per annum specified in the Pricing Supplement on any
overdue principal and premium, if any, and on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note (or any predecessor
Note) is registered at the close of business on the fifteenth calendar day 

  

 A-4 

 
(whether or not a Business Day (as defined on the reverse hereof)) next preceding the applicable Interest Payment Date (unless otherwise specified in the
Pricing Supplement) (each, a “Regular Record Date”); provided, however, that interest payable at Maturity (as defined on the reverse hereof) will be payable to the person to whom principal shall be payable. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the holder as of the close of business on such Regular Record Date, and shall instead be payable to the person in whose name this Note (or any predecessor Note) is
registered at the close of business on a special record date for the payment of such defaulted interest (the “Special Record Date”) to be fixed by the Global Agent (as defined below), notice whereof shall be given by the Global Agent to
the holder of this Note not less than 15 calendar days prior to such Special Record Date. 
 This Note and any other notes of the same Series
(as defined in the Agency Agreement) are hereinafter referred to as the “Notes”. The Notes are issued and to be issued under an Agency Agreement dated as of September 15, 2004 (as amended from time to time, the “Agency
Agreement”) among the Issuer, Deutsche Bank Trust Company Americas, as global agent (the “Global Agent”), the Global Agent acting through its specified office in New York as paying agent (the “NY Paying Agent”) and as
registrar (the “Registrar”), Deutsche Bank AG London, as paying agent (the “London Paying Agent”) and as issuing agent (the “London Issuing Agent”) and Deutsche Bank Luxembourg S.A., as transfer agent (the
“Transfer Agent”) and as paying agent (the “Luxembourg Paying Agent”; together with the Paying Agent and the London Paying Agent, the “Paying Agents”; individually, a “Paying Agent”). The terms Global Agent,
NY Paying Agent, Registrar, London Paying Agent, London Issuing Agent, Luxembourg Paying Agent and Transfer Agent shall include any additional or successor agents appointed in such capacities by the Issuer. 
 The payments of all amounts due in respect of this Note are irrevocably guaranteed by MBNA America Bank, National Association (the “Guarantor”)
pursuant to a Guarantee dated September 15, 2004. 
 The Issuer shall cause to be kept at the office of the Registrar designated below a
register (the register maintained in such office or any other office or agency of the Registrar, herein referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes issued in registered form and of transfers of such Notes. The Issuer has initially appointed the Global Agent acting through its specified office in New York as “Registrar” for the purpose of registering Notes
issued in registered form and transfers of such Notes. The Issuer reserves the right to rescind its designation as Registrar at any time, and transfer such function to another bank or financial institution. 
 The transfer of this Note is registrable in the Note Register, upon surrender of this Note for registration of transfer at the office or agency of the
Registrar, or any transfer agent maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar (or such transfer agent) and the Global Agent duly executed by, the holder
hereof or its attorney duly authorized in writing. 
 Payment of principal of, premium, if any, and interest on, this Note due at Maturity
will be made in immediately available funds upon presentation and surrender of this 

  

 A-5 

 
Note at the office of a Paying Agent maintained for that purpose; provided, that this Note is presented to such Paying Agent in time for such Paying
Agent to make such payment in accordance with its normal procedures. Payments of interest on this Note (other than at Maturity) will be made by wire transfer to such account as has been appropriately designated to the Global Agent by the person
entitled to such payments. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof and in the Pricing
Supplement, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of any conflict between the provisions contained herein or on the reverse hereof and the provisions contained in the Pricing
Supplement, the latter shall control. Reference herein to “this Note”, “hereof”, “herein” and comparable terms shall include the Pricing Supplement.]*. 
 The statements set out in the legend above in respect of certain matters relating to the Securities Act of 1933 [and the Investment Company Act of 1940]*
are an integral part of this Certificate and by acceptance hereof the holder of such Certificate or any owner of an interest in the Global Note in respect of which this Certificate is issued agrees to be subject to and bound by the terms and
provisions set out in such legend. 
 Unless the certificate of authentication hereon has been executed by the Registrar, by manual signature
of an authorized signatory, this Note shall not be valid or obligatory for any purpose. 
 This Note shall be governed by, and construed
in accordance with, the laws of the State of New York, United States of America, except that if this is a Subordinated Note, the subordination provisions of “Status of the Notes and Subordination – Status and Subordination of the
Subordinated Notes” shall be governed by and construed in accordance with the laws of England. 
  

 The language contained in brackets shall appear on any Certificate issued in respect of the Restricted Global Note. 
  

 A-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 
  

			
	MBNA EUROPE FUNDING PLC
		
	By:	 	  

		 	Authorized Signatory

  

			
	Dated:
	
	REGISTRAR’S CERTIFICATE OF AUTHENTICATION
	
	 This is one of the Notes referred to
 in the
within-mentioned Agency Agreement.

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Registrar
		
	By:	 	  

		 	Authorized Officer

  

 A-7 

 [Reverse of Note] 
 [ATTACH REVERSE OF NOTE IN FORM 
 OF EXHIBIT C TO AGENCY AGREEMENT] 
  

 A-8 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the within Note, shall be construed as though they were written out in full according to applicable laws or regulations. 
  

					
	TEN COM	  	—	  	as tenants in common
			
	TEN ENT	  	—	  	as tenants by the entireties
			
	JT TEN	  	—	  	as joint tenants with right of survivorship and not as tenants in
		  		  	common

  

							
	UNIF GIFT NUN ACT —	  	  
	  	Custodian	  	  

		  	(Cust)	  		  	(Minor )
		
		  	under Uniform Gifts to Minors Act
		  	___________________________________________________________________________________________
		  	State

 Additional abbreviations may also be used 
 though not in the above list. 
  

 A-9 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                                        
             
 ______________________________________________________________________________________________________________ 
 PLEASE INSERT SOCIAL SECURITY
NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	  

 ______________________________________________________________________________________________________________

 ______________________________________________________________________________________________________________ 
 (Please print or typewrite name and address, 
 including postal zip code, of assignee) 
 ______________________________________________________________________________________________________________ 
 the within Note and all rights
thereunder, and hereby 
 irrevocably constitutes and appoints
                                        
             
 ______________________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________________ 
 to transfer said Note on the books
of the Issuer, with full power of substituting in the premises. 
  

			
	Dated:                     	 	  

		 	NOTICE: The signature to this assignment
		 	must correspond with the name as written
		 	upon the within Note in every particular,
		 	without alteration or enlargement or any
		 	change whatsoever.

  

	
	
	  
 Signature
Guarantee

	
	NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

  

 A-10 

 Schedule 1 
 SCHEDULE OF TRANSFERS AND EXCHANGES 
 The following increases and decreases in the principal amount
of this Note have been made: 
  

							
	Date of Transfer	 	 Increase (Decrease)
 in Principal
 Amount of
this
 Note Due to
 Transfer Between
 Global Notes
	 	 Principal
 Amount of this
 Note After
 Transfer
	 	 Notation made
 by or on behalf
 of the Issuer

	                        	 	                        	 	                        	 	                        
	                        	 	                        	 	                        	 	                        
	                        	 	                        	 	                        	 	                        
	                        	 	                        	 	                        	 	                        

  

 A-11 

 EXHIBIT B 
 FORM OF DEFINITIVE NOTE 
 THIS NOTE IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSURER. 
 [THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED HAVE NOT BEEN NOR WILL BE REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH NOTES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. 
 EACH PURCHASER OF THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED IS HEREBY NOTIFIED THAT THE SELLER OF SUCH NOTES MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A (“RULE 144A”) THEREUNDER. 
 THE HOLDER
HEREOF, BY PURCHASING THE NOTES IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED, AGREES, FOR THE BENEFIT OF MBNA EUROPE FUNDING PLC (THE “ISSUER”), THAT (A) SUCH NOTES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
(1) TO A PERSON WHO THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A AND THAT EACH SUCH QIB IS ALSO A “QUALIFIED PURCHASER” (“QP”) WITHIN THE MEANING OF SECTION 2(A)(51) OF THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED, FOR PURPOSES OF SECTION 3(C)(7) OF SUCH ACT AND WHO
(W) IS NOT A BROKER-DEALER THAT OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN US$25 MILLION IN SECURITIES OF UNAFFILIATED ISSUERS, (X) IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(I)(D) OR (A)(1)(I)(E) OF RULE 144A OR A TRUST FUND
REFERRED TO IN PARAGRAPH (A)(1)(I)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN, (Y) WAS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE ISSUER
OR THE GUARANTOR, AND (Z) WILL HOLD AND TRANSFER AT LEAST US$100,000 PRINCIPAL AMOUNT OF NOTES; OR (2) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT; AND, IN EACH OF CASES
(1) AND (2) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY 

  

 B-1 

 
STATE OF THE UNITED STATES AND IN A MINIMUM PRINCIPAL AMOUNT OF US$100,000, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF SUCH NOTES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. EACH PURCHASER OF THIS NOTE OR BENEFICIAL INTEREST HEREIN WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH HEREIN AND IN THE AGENCY
AGREEMENT (AS DEFINED HEREIN) AND WILL NOT TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT TO A PURCHASER WHO CAN MAKE THE SAME REPRESENTATIONS AND AGREEMENTS ON BEHALF OF ITSELF AND EACH ACCOUNT FOR WHICH IT IS PURCHASING. 

THE HOLDER UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN THE NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES.

 ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRANSFER AGENT OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN WAS
IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH HEREIN AND IN THE AGENCY AGREEMENT, THE ISSUER OR THE TRANSFER AGENT MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN THIS NOTE VOID AND REQUIRE THAT THIS NOTE OR
SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER OR THE GUARANTOR. 
 THE HOLDER ACKNOWLEDGES THAT THE ISSUER AND THE
TRANSFER AGENT RESERVE THE RIGHT PRIOR TO ANY SALE OR OTHER TRANSFER PURSUANT TO CLAUSES (A)(1)-(2) ABOVE TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE ISSUER AND THE TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE PROPOSED SALE OR OTHER TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]* 
 [THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 

	*	The language contained in brackets shall appear on any Certificate issued in respect of any Note transferred pursuant to, and in reliance on, Rule 144A under the Securities Act in
accordance with this Agency Agreement. 

  

 B-2 

 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S
UNDER THE SECURITIES ACT.]** 
  

			
	No. R-                            	 	REGISTERED
	CUSIP No.:                    	 	
	ISIN No.:                        	 	
	Common Code:              	 	

	**	The language contained in brackets shall appear on any Certificate issued in respect of any Note transferred pursuant to, and in reliance on, Regulation S under the Securities Act
in accordance with this Agency Agreement and shall not appear on any Certificate issued in respect of any Note transferred pursuant to, and in reliance on, Rule 144A under the Securities Act in accordance with this Agency Agreement.

  

 B-3 

			
	MBNA EUROPE FUNDING PLC
	
	(Definitive Note)
		
	ORIGINAL ISSUE DATE:	 	PRINCIPAL AMOUNT:
		
	MATURITY DATE:	 	SPECIFIED CURRENCY:
		
	  ̈        FIXED RATE NOTE
	 	  ̈        U.S. dollar

	                INTEREST RATE:
            %	 	
	  ̈        FLOATING RATE NOTE
	 	  ̈        Other:

		
	  ̈        SENIOR NOTE
	 	
	  ̈        SUBORDINATED NOTE
	 	
		
	INTEREST RATE DETERMINATION:	 	OPTION TO ELECT PAYMENT IN
		 	SPECIFIED CURRENCY
		
	  ̈        ISDA RATE
	 	(if Specified Currency is
	  ̈        REFERENCE RATE DETERMINATION
	 	other than the United States dollar):
		 	Yes
                                    No
		
	EXCHANGE RATE AGENT:	 	AUTHORIZED DENOMINATIONS:
		
	MARGIN (PLUS OR MINUS)	 	FLOATING RATE OPTION
	(ISDA Rate only):	 	(ISDA Rate only):
		
	DESIGNATED MATURITY	 	RESET DATE
	(ISDA Rate only):	 	(ISDA Rate only):
		
	INITIAL INTEREST RATE	 	INDEX MATURITY
	(Reference Rate	 	(Reference Rate
	Determination only):             %	 	Determination only):
		
	INTEREST RATE	 	IF CMT RATE:
	BASIS OR BASES	 	    Designated CMT
	(Reference Rate	 	        Moneyline Telerate Page:
	Determination only):	 	    Designated CMT
		 	        Maturity Index:
		
	IF LIBOR:	 	DESIGNATED LIBOR CURRENCY
	  ̈        LIBOR Moneyline Telerate
	 	(Reference Rate
	  ̈        LIBOR Reuters
	 	Determination only):

  

 B-4 

			
	SPREAD (PLUS OR MINUS)	  	INITIAL INTEREST RESET
	AND/OR SPREAD MULTIPLIER	  	DATE (Reference Rate
	 (Reference Rate Determination
 only):
	  	Determination only):
		
	INTEREST RESET PERIOD	  	INTEREST RESET
	 (Reference Rate Determination
 only):
	  	 DATES (Reference Rate
 Determination
only):

		
	INTEREST CALCULATION	  	INTEREST PAYMENT DATES:
	 (Reference Rate Determination
 only):
	  	
		
	 ̈    Regular Floating Rate Note	  	INTEREST PAYMENT
	 ̈    Floating Rate/Fixed Rate Note	  	PERIOD:
	        Fixed Rate Commencement Date:	  	
	        Fixed Interest Rate:	  	
	 ̈    Inverse Floating Rate Note	  	
	        Fixed Interest Rate:	  	
		
	 REGULAR RECORD DATES (if other
 than the 15th day prior
to each
	  	CALCULATION AGENT:
	Interest Payment Date):	  	
		
	MAXIMUM INTEREST	  	MINIMUM INTEREST
	RATE:	  	RATE:
		
	INITIAL REDEMPTION	  	ANNUAL REDEMPTION
	DATE:	  	PERCENTAGE REDUCTION:
		
	INITIAL REDEMPTION	  	HOLDER’S OPTIONAL
	PERCENTAGE:	  	REPAYMENT DATE(S):
		
	DAY COUNT CONVENTION	  	
	 ̈    30/360 for the period from
            to            .	  	
	 ̈    Actual/360 for the period from
            to            .	  	
	 ̈    Actual/Actual for the period from
            to            .	  	
	 ̈    Other:	  	
		
	BUSINESS DAY CONVENTION	  	ORIGINAL ISSUE DISCOUNT
	 ̈    Floating Rate Convention	  	Yes                                    No
	 ̈    Following Business Day Convention	  	Total Amount of OID:
	 ̈    Modified Following Business Day	  	Yield to Maturity:
	        Convention	  	Initial Accrual Period:
	 ̈    Preceding Business Day Convention	  	Issue Price:            %

  

 B-5 

	 ̈	Other 

 DEFAULT RATE:
            % 
 MBNA Europe Funding plc (the “Issuer”), for
value received, hereby promises to pay to
                                    , or registered assigns
thereof, the principal amount specified above on the Maturity Date specified above (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon (i) in accordance with the provisions set forth on the reverse
hereof under the caption “Fixed Rate Interest Provisions”, if this Note is designated as a “Fixed Rate Note” above, or (ii) in accordance with the provisions set forth on the reverse hereof under the caption “Floating
Rate Interest Provisions,” if this Note is designated as a “Floating Rate Note” above, and (to the extent that the payment of such interest shall be legally enforceable) to pay interest at the Default Rate per annum specified above on
any overdue principal and premium, if any, and on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note (or any
predecessor Note) is registered at the close of business on the fifteenth calendar day (whether or not a Business Day (as defined on the reverse hereof)) next preceding the applicable Interest Payment Date (unless otherwise specified above) (each, a
“Regular Record Date”); provided, however, that interest payable at Maturity (as defined on the reverse hereof) will be payable to the person to whom principal shall be payable. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the holder as of the close of business on such Regular Record Date, and shall instead be payable to the person in whose name this Note (or any predecessor Note) is registered at the close of
business on a special record date for the payment of such defaulted interest (the “Special Record Date”) to be fixed by the Global Agent (as defined below), notice whereof shall be given by the Global Agent to the holder of this Note not
less than 15 calendar days prior to such Special Record Date. 
 This Note and any other notes of the same Series (as defined in the Agency
Agreement) are hereinafter referred to as the “Notes”. The Notes are issued and to be issued under an Agency Agreement dated as of September 15, 2004 (as amended from time to time, the “Agency Agreement”) among the Issuer,
Deutsche Bank Trust Company Americas, as global agent (the “Global Agent”), the Global Agent acting through its specified office in New York as paying agent (the “NY Paying Agent”) and as registrar (the “Registrar”),
Deutsche Bank AG London, as paying agent (the “London Paying Agent”) and as issuing agent (the “London Issuing Agent”) and Deutsche Bank Luxembourg S.A., as transfer agent (the “Transfer Agent”) and as paying agent (the
“Luxembourg Paying Agent”; together with the NY Paying Agent and the London Paying Agent, the “Paying Agents”; individually, a “Paying Agent”). The terms Global Agent, NY Paying Agent, Registrar, London Paying Agent,
London Issuing Agent, Luxembourg Paying Agent and Transfer Agent shall include any additional or successor agents appointed in such capacities by the Issuer. 
 The payments of all amounts due in respect of this Note are irrevocably guaranteed by MBNA America Bank, National Association (the “Guarantor”) pursuant to a Guarantee dated September 15, 2004.

  

 B-6 

 The Issuer shall cause to be kept at the office of the Registrar designated below a register (the
register maintained in such office of any other office or agency of the Registrar, herein referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the
registration of Notes issued in registered form and of transfers of such Notes. The Issuer has initially appointed the Global Agent acting through its specified office in New York as “Registrar” for the purpose of registering Notes issued
in registered form and transfers of such Notes. The Issuer reserves the right to rescind its designation as Registrar at any time, and transfer such function to another bank or financial institution. 
 The transfer of this Note is registrable in the Note Register or, as the case may be, the Euro Note Register (as defined below), upon surrender of this
Note for registration of transfer at the office or agency of the Registrar or, as the case may be, the Euro Registrar or any transfer agent maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to such registrar or such transfer agent and the Global Agent duly executed by, the holder hereof or its attorney duly authorized in writing. 
 The Euro Registrar (as defined in the Agency Agreement), as registrar for Definitive Notes (as defined in the Agency Agreement) issued in lieu of interests an a Global Note (as defined in the Agency Agreement)
previously held through Euroclear or Clearstream shall maintain at its principal office in Luxembourg, or such other location as may be agreed from time to time, a note register for such Definitive Notes (the “Euro Note Register”). The
term “Euro Note Register” shall mean the register in which shall be recorded the names, addresses and taxpayer identification numbers of the holders of Definitive Notes issued in lieu of interests an a Global Note previously held through
Euroclear or Clearstream, the serial and CUSIP numbers (or Code/ISIN Numbers, as the case may be) of the Notes, the Original Issue Dates thereof and details with respect to the transfer and exchange of Notes. 
 Payment of principal of, premium, if any, and interest on, this Note due at Maturity will be made in immediately available funds upon presentation and
surrender of this Note at the office of a Paying Agent maintained for that purpose; provided, that this Note is presented to such Paying Agent in time for such Paying Agent to make such payment hi accordance with its normal procedures.
Payments of interest on this Note (other than at Maturity) will be made by check mailed to the holder of this Note as of the Regular Record Date with respect to such Interest Payment Date at the address shown in the Note Register specified below;
provided, however, that a holder of US$10,000,000 or more in aggregate principal amount (or the equivalent thereof in other currencies) of Notes (whether identical or different terms and provisions) shall be entitled to receive payments of
interest, other than interest due at Maturity, by wire transfer of immediately available funds if appropriate written wire transfer instructions have been received by the Global Agent not less than 16 days prior to the applicable Interest Payment
Date. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
  

 B-7 

 The statements set out in the legend above in respect of certain matters relating to the Securities Act
of 1933 [and the Investment Company Act of 1940]* are an integral part of this Certificate and by acceptance hereof, the Noteholder in respect of which this Certificate is issued agrees to be subject to and bound by the terms and provisions set out
in such legend. 
 Unless the certificate of authentication hereon has been executed by the Registrar or as the case may be, the Euro
Registrar, by manual signature of an authorized signatory, this Note shall not be valid or obligatory for any purpose. 
 This Note shall
be governed by, and construed in accordance with, the laws of the State of New York, United States of America, except that if this is a Subordinated Note, the subordination provisions of “Status of the Notes and Subordination – Status and
Subordination of the Subordinated Notes” shall be governed by and construed in accordance with the laws of England. 

	*	The language contained in brackets shall appear on any Certificate issued in respect of any Note transferred pursuant to, and in reliance on, Rule 144A under the Securities Act in
accordance with the Agency Agreement. 

  

 B-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 
  

			
	MBNA EUROPE FUNDING PLC
		
	By:	 	  

		 	Authorized Signatory

  

			
	Dated:
	
	REGISTRAR’S CERTIFICATE OF AUTHENTICATION
	
	 This is one of the Notes referred to
 in the
within-mentioned Agency Agreement.

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Registrar

		
	By:	 	  

		 	Authorized Officer
	
	OR
	
	DEUTSCHE BANK LUXEMBOURG S.A., as Euro Registrar
		
	By:	 	  

		 	Authorized Officer

  

 B-9 

 [Reverse of Note] 
 [ATTACH REVERSE OF NOTE IN FORM 
 OF EXHIBIT C TO AGENCY AGREEMENT] 
  

 B-10 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the within Note, shall be construed as though they were written out in full according to applicable laws or regulations. 
  

					
	TEN COM	  	—	  	as tenants in common
			
	TEN ENT	  	—	  	as tenants by the entireties
			
	JT TEN	  	—	  	as joint tenants with right of survivorship and not as tenants in
		  		  	common

  

									
	UNIF GIFT MIN ACT —	  	  
	  	Custodian	 	  
	  	
		  	(Cust)	  		 	(Minor)	  	
		
		  	    under Uniform Gifts to Minors Act
		
		  	  

		  	State

 Additional abbreviations may also be used 
 though not in the above list. 
  

 B-11 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and 
 transfers) unto
                                        
                                        
         
  

					
	____________________________________________________________________________________________________	 	

 PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF 
 ASSIGNEE 
  

							
	  	 	  	 	  	 	  

  

					
	____________________________________________________________________________________________________	 	

					
	____________________________________________________________________________________________________	 	

 (Please print or typewrite name and
address,                     
 including
postal zip code, of assignee)                     
  

					
	____________________________________________________________________________________________________	 	

 the within Note and all rights thereunder, and hereby 
 irrevocably constitutes and appoints
                                        
                                 
  

					
	____________________________________________________________________________________________________	 	
	____________________________________________________________________________________________________	 	

 to transfer said Note on the books of the Issuer, with full power of substituting in the premises. 
  

							
	Dated:                     	 		 	  

		 		 		 	NOTICE: The signature to this assignment
		 		 		 	must correspond with the name as written
		 		 		 	upon the within Note in every particular,
		 		 		 	without alteration or enlargement or any
		 		 		 	change whatsoever.
	  
	 		 		 	
	Signature Guarantee	 		 		 	
				
	NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.	 		 		 	

  

 B-12 

 EXHIBIT C 
 FORM OF REVERSE OF NOTE 
 [Reverse of Note] 
 The Notes are issuable only in denominations of US$100,000 and integral multiples of US$1,000 in excess thereof (or equivalent denominations in other
currencies, subject to any other statutory or regulatory minimums). This Note, and any Note issued in exchange or substitution therefor or in place hereof, or upon registration of transfer, exchange or partial redemption or repayment of this Note,
may be issued only in an Authorized Denomination specified in the Pricing Supplement (or, if this Note is in definitive form, specified on the face hereof). 
 Unless otherwise provided herein or in the Pricing Supplement, the principal of, and premium, if any, and interest on, this Note are payable in the Specified Currency indicated on the face hereof (or, if such
Specified Currency is not at the time of such payment legal tender for the payment of public and private debts, in such other coin or currency of the country which issued such Specified Currency as at the time of such payment is legal tender for the
payment of debts). If this Note is a DTC Global Note and the Specified Currency indicated on the face hereof is other than U.S. dollars, any such amounts paid by the Issuer will be converted by the Global Agent, or such other agent as may be
specified in the Pricing Supplement (or, if this Note is in definitive form, specified on the face hereof), which for these purposes shall act as currency exchange agent (the “Exchange Rate Agent”), into U.S. dollars for payment to the
holder of this Note. 
 If this Note is a DTC Global Note and the Specified Currency indicated on the face hereof is other than the U.S.
dollar, any U.S. dollar amount to be received by the holder of this Note will be based on the Exchange Rate Agent’s bid quotation as of 11:00 a.m., London time, on the second day on which banks are open for business in London and New York City
preceding the applicable payment date, for the purchase of U.S. dollars with the Specified Currency for settlement on such payment date of the aggregate amount of the Specified Currency payable to all holders of Notes denominated other than in the
U.S. dollar scheduled to receive U.S. dollar payments. If such bid quotation is not available, the Exchange Rate Agent will obtain a bid quotation from a leading foreign exchange bank in London or New York City selected by the Exchange Rate Agent
for such purchase. If no such bids are available, payment of the aggregate amount due to the holder of this Note on the payment date will be made in the Specified Currency. All currency exchange costs will be borne by the holder of this Note by
deductions from such payments. All determinations referred to above made by the Exchange Rate Agent shall be at its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and binding upon the Agent and the holder
of this Note. 
 If this Note is a DTC Global Note and the Specified Currency indicated on the face hereof is other than the U.S. dollar, the
holder of this Note may elect to receive payment of principal (and premium, if any) and interest on this Note in the Specified Currency indicated on the face hereof through standard DTC procedures. If this Note is in definitive form (specified

  

 C-1 

 
on the face hereof), and the Specified Currency indicated on the face hereof is other than the U.S. dollar, the holder of this Note may elect to receive
payment of principal (and premium, if any) and interest on this Note in the Specified Currency indicated on the face hereof by submitting a written notice to the Global Agent at 60 Wall Street, 27th Floor, New York, N.Y. 10005, United States,
Attention: Trust and Securities Services, on or prior to the fifth Business Day following the applicable Regular Record Date in the case of interest and the tenth calendar day prior to the payment date for the payment of principal. Such notice,
which may be mailed or hand delivered or sent by cable, telex or other form of facsimile transmission, shall contain (i) the holder’s election to receive all or a portion of such payment in the Specified Currency for value on the relevant
Interest Payment Date or Maturity, as the case may be, and (ii) wire transfer instructions to an account denominated in the Specified Currency with respect to any payment to be made in the Specified Currency. Any such election made with respect
to this Note by the holder will remain in effect with respect to any further payments of principal of (and premium, if any) and interest on this Note payable to the holder of this Note unless such election is revoked on or prior to the fifth
Business Day following the applicable Regular Record Date in the case of interest and the tenth calendar day prior to the payment date for the payment of principal. 
 If (i) this Note is a DTC Global Note and the holder of this Note shall have duly made an election to receive all or a portion of a payment of principal of (and premium, if any) or interest on this Note in the
Specified Currency indicated on the face hereof, or (ii) if this Note is not a DTC Global Note, in the case of (i) or (ii) in the event the Specified Currency indicated on the face hereof has been replaced by another currency (a
“Replacement Currency”), any amount due pursuant to this Note may be repaid, at the option of the Issuer, in the Replacement Currency or in U.S. Dollars, at a rate of exchange which takes into account the conversion, at the rate prevailing
on the most recent date on which official conversion rates were quoted or set by the national government or other authority responsible for issuing the Replacement Currency, from the Specified Currency to the Replacement Currency and, if necessary,
the conversion of the Replacement Currency into U.S. Dollars at the rate prevailing on the date of such conversion. 
 If (i) this Note
is a DTC Global Note and the holder of this Note shall have duly made an election to receive all or a portion of a payment of principal of (and premium, if any) or interest on this Note in the Specified Currency indicated on the face hereof, or
(ii) if this Note is not a DTC Global Note, in the case of (i) or (ii) if such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond the control of the Issuer, the Issuer will be
entitled to satisfy its obligations to the holder of this Note by making such payments of principal of (and premium, if any) or interest on this Note in U.S. dollars until the Specified Currency is again available. In such circumstances, the U.S.
dollar amount to be received by the holder of this Note will be made on the basis of the most recently available bid quotation from a leading foreign exchange bank in London or New York City selected by the Exchange Rate Agent, for the purchase of
U.S. dollars with the Specified Currency for settlement on such payment date of the aggregate amount of the Specified Currency payable to all holders of Notes denominated other than in the U.S. dollar scheduled to receive U.S. dollar payments. Any
payment made under such circumstances in U.S. dollars where the payment is required to be made in the Specified Currency will not constitute an “Event of Default” with respect to this Note. 
  

 C-2 

 The Issuer has initially appointed Deutsche Bank Trust Company Americas as global agent (the “Global
Agent”), acting through its specified office in New York as paying agent (the “NY Paying Agent”), Deutsche Bank AG London as paying agent (the “London Paying Agent”) and Deutsche Bank Luxembourg S.A. as paying agent (the
“Luxembourg Paying Agent”; together with the Global Agent, the NY Paying Agent and the London Paying Agents, the “Paying Agents”; individually, a “Paying Agent”), which term shall include any additional or successor
paying agents appointed pursuant to the Agency Agreement) to act as paying agents in respect of the Notes. If this Note is in registered form, this Note may be presented or surrendered for payment, and notices, designations or requests in respect of
payments with respect to this Note may be served, at the office or agency of any Paying Agent maintained for that purpose. The Global Agent may at any time rescind any designation of a Paying Agent, appoint any additional or successor Paying Agents
or approve a change in the office through which a Paying Agent acts. 
 Subject to any fiscal or other laws and regulations applicable
thereto in the place of payment, payments on Notes to be made in a Specified Currency other than the U.S. dollar will be made by a check in the Specified Currency drawn on, or by wire transfer to an account in the Specified Currency (which, in the
case of a payment in Yen to a non-resident of Japan, shall be a non-resident account) maintained by the payee with, a Global Agent (which, in the case of a payment in Yen to a non-resident of Japan, shall be an authorized foreign exchange Global
Agent) in the principal financial center of the country of the Specified Currency, provided, however, a check may not be delivered to an address in, and an amount may not be transferred to an account at a Agent located in, the United States
of America or its possessions by any office or agency of the Agent, the Global Agent or any Paying Agent. 
 Fixed Rate Interest Provisions

 If this Note is designated as a “Fixed Rate Note” on the face hereof, the Agent will pay interest on each Interest Payment Date
specified in the Pricing Supplement (or, if this Note is in definitive form, specified on the face hereof) and on the Maturity Date or any Redemption Date or Holder’s Optional Repayment Date (as defined below) (each such Maturity Date,
Redemption Date and Holder’s Optional Repayment Date and the date on which the principal or an installment of principal is due and payable by declaration of acceleration as provided herein being hereinafter referred to as a “Maturity”
with respect to the principal repayable on such date), commencing on the first Interest Payment Date next succeeding the Original Issue Date specified on the face hereof, at the Interest Rate per annum specified in the Pricing Supplement (or, if
this Note is in definitive form, specified on the face hereof), until the principal hereof is paid or duly made available for payment. 
 Payments of interest hereon will include interest accrued from and including the most recent Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or duly provided for (or, if no interest has been paid
or duly provided for, from and including the Original Issue Date) to but excluding the relevant Interest Payment Date or Maturity, as the case may be. Unless otherwise specified in the Pricing Supplement (or, if this Note is in definitive form, on
the face hereof), if the Specified Currency of this Note is U.S. Dollars and the Maturity Date specified on the face hereof falls more than one year from the Original Issue Date, interest payments for this Note shall be computed and paid on the
basis of a 

  

 C-3 

 
360-day year of twelve 30-day months. Unless otherwise specified in the Pricing Supplement (or, if this Note is in definitive form, on the face hereof), if
the Specified Currency of this Note is U.S. Dollars and the Maturity Date specified on the face hereof falls one year or less from the Original Issue Date, interest payments for this Note shall be computed and paid on the basis of the actual number
of days in the year divided by 360. If the Specified Currency of this Note is a currency other than U.S. Dollars, interest hereon will be computed by applying the Actual/Actual (ISMA) Convention. 
 The “Actual/Actual (ISMA) Convention” is as follows: 
 (a) if the number of days in the related period from and including the most recent Interest Payment Date (or from and including the Interest Commencement Date, which unless otherwise specified in the applicable
Pricing Supplement shall be the Original Issue Date) to but excluding the related payment date (the “Accrual Period”) is equal to or shorter than the Determination Period (as defined below) during which the Accrual Period ends, the number
of days in such Accrual Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Interest Payment Dates that would occur in one calendar year assuming interest was to be payable in respect
of the whole of that year; or 
 (b) if the Accrual Period is longer than the Determination Period commencing on the last Interest Payment
Date on which interest was paid (or from and including the Interest Commencement Date), the sum of: 
 (1) the number of days in such
Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (x) the number of days in such Determination Period and (y) the number of Interest Payment Dates that would occur in one
calendar year assuming interest was to be payable in respect of the whole of that year; and 
 (2) the number of days in such Accrual Period
falling in the next Determination Period divided by the product of (x) the number of days in such Determination Period and (y) the number of Interest Payment Dates that would occur in one calendar year assuming interest was to be payable
in respect of the whole of that year. 
 “Determination Period” means the period from and including a Determination Date to but
excluding the next Determination Date. “Determination Date” means each date specified in the Pricing Supplement or, if none is specified, each Interest Payment Date. 
 Unless otherwise provided herein or in the Pricing Supplement, if any Interest Payment Date or the Maturity of this Note falls on a day which is not a
Business Day, the related payment of principal of, premium, if any, or interest on, this Note shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payments were due, and no interest shall
accrue on the amount so payable for the period from and after such Interest Payment Date or the Maturity, as the case may be. 
  

 C-4 

 Floating Rate Interest Provisions 
 If this Note is designated as a “Floating Rate Note” on the face hereof, the Agent will pay interest on each Interest Payment Date specified in the Pricing Supplement (or, if this Note is in definitive form,
specified on the face hereof) and at Maturity, commencing on the first Interest Payment Date next succeeding the Original Issue Date specified on the face hereof (or, if the Original Issue Date is between a Regular Record Date and the Interest
Payment Date immediately following such Regular Record Date, on the second Interest Payment Date following the Original Issue Date), at a rate per annum determined in accordance with the provisions hereof (and, if this Note as in global form, in
accordance with the Pricing Supplement), until the principal hereof is paid or duly made available for payment. 
 Payments of interest
hereon will include interest accrued from and including the most recent Interest Payment Date to which interest on this Note (or any predecessor Note) has been paid or duly provided for (or,.if no interest has been paid or duly provided for, from
and including the Original Issue Date) to but excluding the relevant Interest Payment Date or Maturity, as the case may be (each such period an “Interest Period”). 
 Unless otherwise specified herein or in the Pricing Supplement, if any Interest Payment Date (or other date which is subject to adjustment in accordance
with a Business Day Convention specified on the face hereof or in the Pricing Supplement) in respect of this Note (other than an Interest Payment Date at Maturity) would otherwise fall on a day that is not a Business Day, then, if the Business Day
Convention specified on the face hereof or in the Pricing Supplement is: 
  

	(1)	the “Floating Rate Convention,” such Interest Payment Date (or other date) shall be postponed to the next succeeding day which is a Business Day unless it would thereby
fall into the next succeeding calendar month, in which event (A) such Interest Payment Date (or other date) shall be brought forward to the next preceding Business Day and (B) each subsequent Interest Payment Date (or other date) shall be
the last Business Day in the month which falls the number of months or other period specified as the Interest Payment Period on the face hereof after the preceding applicable Interest Payment Date (or other date) occurred; or

  

	(2)	the “Following Business Day Convention,” such Interest Payment Date (or other date) shall be postponed to the next succeeding day which is a Business Day; or

  

	(3)	the “Modified Following Business Day Convention,” such Interest Payment Date (or other date) shall be postponed to the next succeeding day that is a Business Day unless it
would thereby fall into the next succeeding calendar month, in which event such Interest Payment Date (or other date) shall be brought forward to the next preceding Business Day; or 

  

	(4)	the “Preceding Business Day Convention,” such Interest Payment Date (or other date) shall be brought forward to the next preceding Business Day. 

 

 C-5 

 If the Maturity of this Note falls on a day that is not a Business Day, the related payment of principal
of, premium, if any, and interest on, this Note will be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from
and after such Maturity. 
 If “ISDA Rate” is specified on the face hereof or in the Pricing Supplement in connection with the
determination of the rate of interest on this Note, the rate of interest on this Note for each Interest Period will be the relevant ISDA Rate (as defined below) plus or minus the Margin, if any, specified on the face hereof or in the Pricing
Supplement. Unless otherwise specified on the face hereof or in the Pricing Supplement, “ISDA Rate” means, with respect to any Interest Period, the rate equal to the Floating Rate that would be determined by the Global Agent or other
person specified on the face hereof or in the Pricing Supplement pursuant to an interest rate swap transaction if the Global Agent or that other person were acting as Calculation Agent for that swap transaction in accordance with the terms of an
agreement in the form of the Interest Rate and Currency Exchange Agreement published by the International Swaps and Derivatives Association, Inc. (the “ISDA Agreement”) and evidenced by a Confirmation (as defined in the ISDA Agreement)
incorporating the ISDA Definitions and under which: 
  

	 	(A)	the Floating Rate Option is as specified on the face hereof or in the Pricing Supplement; 

  

	 	(B)	the Designated Maturity is the period specified on the face hereof or in the Pricing Supplement; and 

  

	 	(C)	the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on the London inter-bank offered rate for a currency, the first day of that Interest
Period or (ii) in any other case, as specified on the face hereof or in the Pricing Supplement. 

 As used in this paragraph,
“Floating Rate”, “Calculation Agent”, “Floating Rate Option”, “Designated Maturity”, and “Reset Date” have the meanings ascribed to those terms in the ISDA Definitions. 
 If “Reference Rate Determination” is specified on the face hereof or in the Pricing Supplement in connection with the determination of the rate
of interest on this Note, this Note will bear interest at a rate per annum equal to the Initial Interest Rate specified on the face hereof or in the Pricing Supplement until the Initial Interest Reset Date specified on the face hereof or in the
Pricing Supplement and thereafter at a rate per annum determined as follows: 
 1. If this Note is designated as a
“Regular Floating Rate Note” on the face hereof or in the Pricing Supplement or if no designation is made for Interest Calculation on the face hereof or in the Pricing Supplement, then, except as described below or in the Pricing
Supplement, this Note shall bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases specified on the face hereof or in the Pricing Supplement (i) plus or minus the applicable Spread, if any, and/or
(ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner described on the 

  

 C-6 

 
face hereof or in the Pricing Supplement. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as
of each Interest Reset Date specified on the face hereof or in the Pricing Supplement; provided, however, that the interest rate in effect for the period from the Original Issue Date to the Initial Interest Reset Date will be the Initial
Interest Rate. 
 2. If this Note is designated as a “Floating Rate/Fixed Rate Note” on the face hereof or in the
Pricing Supplement, then, except as described below or in the Pricing Supplement, this Note shall bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases specified on the face hereof or in the Pricing
Supplement (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner described on the face hereof or in the Pricing Supplement. Commencing on
the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Rate Date specified on the face hereof or in the Pricing Supplement; provided, however, that (i) the interest rate in
effect for the period from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate and (ii) the interest rate in effect commencing on, and including, the Fixed Rate Commencement Date to the Maturity Date
shall be the Fixed Interest Rate, if such a rate is specified on the face hereof or in the Pricing Supplement, or if no such Fixed Interest Rate is so specified, the interest rate in effect hereon on the Business Day immediately preceding the Fixed
Rate Commencement Date. 
 3. If this Note is designated as an “Inverse Floating Rate Note” on the face hereof or
in the Pricing Supplement, then, except as described below or in the Pricing Supplement, this Note shall bear interest equal to the Fixed Interest Rate indicated on the face hereof or in the Pricing Supplement minus the rate determined by reference
to the applicable Interest Rate Basis or Bases specified on the face hereof or in the Pricing Supplement (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and
applied in the manner described on the face hereof or in the Pricing Supplement; provided, however, that, unless otherwise specified on the face hereof or in the Pricing Supplement, the interest rate hereon will not be less than zero percent.
Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Rate Reset Date specified on the face hereof or in the Pricing Supplement; provided, however, that the
interest rate in effect for the period from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate. 
 Except as provided above, if “Reference Rate Determination” is specified on the face hereof or in the Pricing Supplement in connection with the determination of the rate of interest on this Note, the interest rate in effect on
each day shall be (a) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination Date (as defined below) immediately preceding such Interest Reset Date or (b) if such day is not an Interest Reset
Date, the interest rate determined as of the Interest Determination Date immediately preceding the next preceding Interest Reset Date. Each Interest Rate Basis shall be the rate determined in accordance with the applicable provision below. If any
Interest Reset Date (which term includes the term Initial Interest Reset Date unless the context otherwise requires) would otherwise be a day that is not a Business Day, such Interest Reset Date shall be adjusted in accordance with the Business Day
Convention specified on the face hereof or in the Pricing Supplement. 
  

 C-7 

 Unless otherwise specified on the face hereof or in the Pricing Supplement, the “Interest
Determination Date” with respect to the CMT Rate, the Commercial Paper Rate, the Federal Funds Rate, the J.J. Kenny Rate, the CD Rate and the Prime Rate will be the second Business Day preceding each Interest Reset Date; the “Interest
Determination Date” with respect to the Eleventh District Cost of Funds Rate will be the last working day of the month immediately preceding each Interest Reset Date on which the Federal Home Loan Bank of San Francisco (the “FHLB of San
Francisco”) publishes the Index (as defined below); the Interest Determination Date with respect to EURIBOR will be the second Target Settlement Day (as defined below) preceding each Interest Reset Date; the “Interest Determination
Date” with respect to LIBOR shall be the second London Banking Day (as defined below) preceding each Interest Reset Date; the “Interest Determination Date” with respect to the Treasury Rate will be the day in the week in which the
related Interest Reset Date falls on which day Treasury Bills (as defined below) are normally auctioned (Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally
held on the following Tuesday, except that such auction may be held on the preceding Friday); provided, however, that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the related Interest
Determination Date shall be such preceding Friday; and provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset Date shall instead be the first Business Day following such auction. If the interest
rate of this Note is determined with reference to two or more Interest Rate Bases as specified on the face hereof or in the Pricing Supplement, the Interest Determination Date pertaining to this Note will be the latest Business Day which is at least
two Business Days prior to such Interest Reset Date on which each Interest Rate Basis is determinable. Each Interest Rate Basis shall be determined on such date, and the applicable interest rate shall take effect on the Interest Reset Date.

 “Target Settlement Day” shall mean a day (other than a Saturday or a Sunday) on which the Trans-European Automated Real-Time
Gross Settlement Transfer System or any successor thereto is open. 
 “London Banking Day” means any day (other than a Saturday or
a Sunday) on which dealings in deposits in the Designated LIBOR Currency (as defined herein) are transacted in the London interbank market. 
 Determination of CMT Rate. If an Interest Rate Basis for this Note is the CMT Rate, as indicated on the face hereof or in the Pricing Supplement, the CMT Rate shall be determined as of the applicable Interest Determination Date (a
“CMT Rate Interest Determination Date”), as the rate displayed on the Designated CMT Moneyline Telerate Page under the caption “...Treasury Constant Maturities... Federal Reserve Board Release H.15...Mondays Approximately 3:45
P.M.,” under the column for the Designated CMT Maturity Index for (i) if the Designated CMT Moneyline Telerate Page is 7051, the rate on such CMT Rate Interest Determination Date and (ii) if the Designated CMT Moneyline Telerate Page
is 7052, the weekly or monthly average, as indicated on the face hereof or in the Pricing Supplement, for the week, or the month, as applicable, ended immediately preceding the week or the month, as applicable, in which the related CMT Rate Interest
Determination Date falls. If 

  

 C-8 

 
such rate is no longer displayed on the relevant page, or if not displayed by 3:00 p.m., New York City time, on the related Calculation Date, then the CMT
Rate for such CMT Rate Interest Determination Date will be such treasury constant maturity rate for the Designated CMT Maturity Index (or other United States Treasury rate for the Designated CMT Maturity Index) for the CMT Rate Interest
Determination Date with respect to such Interest Reset Date as may be published by either the Board of Governors of the U.S. Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determined to be
comparable to the rate formerly displayed on the Designated CMT Moneyline Telerate Page and published in H.15(519) (as defined below). If such information is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the
CMT Rate for the CMT Rate Interest Determination Date will be calculated by the Calculation Agent and will be a yield to maturity, based on the arithmetic mean of the secondary market offered rates as of approximately 3:30 p.m., New York City time,
on the CMT Rate Interest Determination Date reported, according to their written records, by three leading primary United States government securities dealers (each, a “Reference Dealer”) in The City of New York (which may include the
Dealers and their affiliates) selected by the Calculation Agent (from five such Reference Dealers selected by the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation
(or, in the event of equality, one of the lowest)), for the most recently issued direct noncallable fixed rate obligations of the United States (“Treasury Notes”) with an original maturity of approximately the Designated CMT Maturity Index
and a remaining term to maturity of not less than such Designated CMT Maturity Index minus one year. If the Calculation Agent cannot obtain three such Treasury Note quotations, the CMT Rate for such CMT Rate Interest Determination Date will be
calculated by the Calculation Agent and will be a yield to maturity based on the arithmetic mean of the secondary market offered rates as of approximately 3:30 p.m., New York City time, on the CMT Rate Interest Determination Date of three Reference
Dealers in The City of New York (from five such Reference Dealers selected by the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one
of the lowest)), for Treasury Notes with an original maturity of the number of years that is the next highest to the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in an amount of at
least US$100 million. If three or four (and not five) of such Reference Dealers are quoting as described above, then the CMT Rate will be based on the arithmetic mean of the offered rates obtained and neither the highest nor the lowest of such
quotes will be eliminated; provided, however, that if fewer than three Reference Dealers selected by the Calculation Agent are quoting as described herein, the CMT Rate determined as of the CMT Rate Interest Determination Date will be the CMT
Rate in effect on such CMT Rate Interest Determination Date. If two Treasury Notes with an original maturity as described in the third preceding sentence have remaining terms to maturity equally close to the Designated CMT Maturity Index, the
Calculation Agent will obtain quotations for the Treasury Note with the shorter remaining term to maturity. 
 “Designated CMT Maturity
Index” means the original period to maturity of the U.S. Treasury securities (either 1,2, 3, 5,7,10,20 or 30 years) specified on the face hereof or in the Pricing Supplement with respect to which the CMT Rate will be calculated. If no such
maturity is specified on the face hereof or in the Pricing Supplement, the Designated CMT Maturity Index shall be 2 years. 
  

 C-9 

 “Designated CMT Moneyline Telerate Page” means the display on Moneyline Telerate, Inc. (or any
successor service) on the page designated on the face hereof or in the Pricing Supplement (or any other page as may replace such page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15(519)), for the
purpose of displaying Treasury Constant Maturities as reported in H.15(519). If no such page is specified on the face hereof or in the Pricing Supplement, the Designated CMT Moneyline Telerate Page shall be 7052 for the most recent week. 

“H.15(519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of
the U.S. Federal Reserve System. 
 Determination of Commercial Paper Rate. If an Interest Rate Basis for this Note is the Commercial
Paper Rate, as indicated on the face hereof or in the Pricing Supplement, the Commercial Paper Rate shall be determined as of the applicable Interest Determination Date (a “Commercial Paper Rate Interest Determination Date”), as the Money
Market Yield (as defined below) on such date of the rate for commercial paper having the Index Maturity specified on the face hereof or in the Pricing Supplement as published in H.I 5(519) under the heading “Commercial Paper-Nonfinancial”.
In the event that such rate is not published by 3:00 p.m., New York City time, on the related Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield on such Commercial Paper Rate Interest Determination Date of the rate for
commercial paper having the Index Maturity specified on the face hereof or in the Pricing Supplement as published in H.15 Daily Update (as defined below), or such other recognized electronic source used for the purpose of displaying such rate, under
the heading “Commercial Paper-Nonfinancial”. If by 3:00 p.m., New York City time, on the related Calculation Date such rate is not yet published in H.15(519), H.15 Daily Update or another recognized electronic source, then the Commercial
Paper Rate on such Commercial Paper Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 a.m., New York City time, on
such Commercial Paper Rate Interest Determination Date of three leading dealers of United States commercial paper in The City of New York (which may include the Dealers or their affiliates) selected by the Calculation Agent for commercial paper
having the Index Maturity designated on the face hereof or in the Pricing Supplement placed for an industrial issuer whose bond rating is “Aa,” or the equivalent, from a nationally recognized statistical rating organization; provided,
however, that if any of the dealers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Commercial Paper Rate determined as of such Commercial Paper Rate Interest Determination Date shall be the rate
in effect on such Commercial Paper Rate Interest Determination Date. 
 “H.I 5 Daily Update” means the daily update of H.I 5(519),
available through the world-wide-web site of the Board of Governors of the Federal Reserve System at http://www.bog.frb.fed.us/releases/hl5/update, or any successor site or publication. 
 “Money Market Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula: 
  

									
	Money Market Yield =	  	        Dx360        	  		  	x 100	  	
		  	360 - (D x M)	  		  		  	

  

 C-10 

 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and
expressed as a decimal, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
 Determination of
Eleventh District Cost of Funds Rate. If an Interest Rate Basis for this Note is the Eleventh District Cost of Funds Rate, as indicated on the face hereof or in the Pricing Supplement, the Eleventh District Cost of Funds Rate shall be determined
as of the applicable Interest Determination Date (an “Eleventh District Cost of Funds Rate Interest Determination Date”), as the rate equal to the monthly weighted average cost of funds for the calendar month immediately preceding the
month in which such Eleventh District Cost of Funds Rate Interest Determination Date falls, as set forth under the caption “11th District” on the display designated as page “7058” (or any other page as may replace such page) on
Moneyline Telerate, Inc. (or any successor service thereof) (“Moneyline Telerate Page 7058”) as of 11:00 a.m., San Francisco time, on such Eleventh District Cost of Funds Rate Interest Determination Date. If such rate does not appear on
Moneyline Telerate Page 7058 on any related Eleventh District Cost of Funds Rate Interest Determination Date, the Eleventh District Cost of Funds Rate for such Eleventh District Cost of Funds Rate Interest Determination Date shall be the monthly
weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that was most recently announced (the “Index”) by the FHLB of San Francisco as such cost of funds for the calendar month immediately
preceding the date of such announcement. If the FHLB of San Francisco fails to announce such rate for the calendar month immediately preceding such Eleventh District Cost of Funds Rate Interest Determination Date, then the Eleventh District Cost of
Funds Rate determined as of such Eleventh District Cost of Funds Rate Interest Determination Date shall be the Eleventh District Cost of Funds Rate in effect on such Eleventh District Cost of Funds Rate Interest Determination Date. 
 Determination of J.J. Kenny Rate. If an Interest Rate Basis for this Note is the J.J. Kenny Rate, as indicated on the face hereof or in the
Pricing Supplement, the J.J. Kenny Rate shall be determined as of the applicable Interest Determination Date (a “J.J. Kenny Interest Determination Date”) as the rate in the high grade weekly index (the “Weekly Index”) on such
date made available by Kenny Information Systems (“Kenny”) to the Calculation Agent. The Weekly Index Maturity is, and shall be, based upon 30-day yield evaluations at par of bonds, the interest of which is exempt from federal income
taxation under the Code of not less than five high grade component issuers selected by Kenny which shall include, without limitation, issuers of general obligation bonds. The specific issuers included among the component issuers may be changed from
time to time by Kenny in its discretion. The bonds on which the Weekly Index is based shall not include any bonds on which the interest is subject to a minimum tax or similar tax under the Code unless all tax-exempt bonds are subject to such tax. In
the event Kenny ceases to make available such Weekly Index, a successor indexing agent will be selected by the Calculation Agent, such index to reflect the prevailing rate for bonds rated in the highest short-term rating category by Moody’s
Investors Service, Inc. and Standard & Poor’s Ratings Group in respect of issuers most closely resembling the high grade component issuers selected by Kenny for its Weekly Index, the interest on which is (i) variable on a weekly
basis, (ii) exempt from federal income taxation under the Code and (iii) not subject to a minimum tax or similar tax under the Internal Revenue of Code of 1986, as amended, unless all tax-exempt bonds are subject to such tax. If such
successor indexing agent is not available, the rate for any J.J. 

  

 C-11 

 
Kenny Interest Determination Date shall be 67% of the rate determined if the Treasury Rate option had been originally selected. The Calculation Agent shall
calculate the J.J. Kenny Rate in accordance with the foregoing. 
 Determination of Federal Funds Rate. If an Interest Rate Basis for
this Note is the Federal Funds Rate, as indicated on the face hereof or in the Pricing Supplement, the Federal Funds Rate shall be determined as of the applicable Interest Determination Date (a “Federal Funds Rate Interest Determination
Date”), as the rate on such date for United States dollar federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” as such rate is displayed on Moneyline Telerate, Inc. (or any successor service) on page
120 (or any other page as may replace such page on such service) (“Moneyline Telerate Page 120”), or if such rate does not appear on Moneyline Telerate Page 120 or, if not so published by 3:00 p.m., New York City time, on the related
Calculation Date, the rate on such Federal Funds Rate Interest Determination Date, as published in H.15 Daily Update or such other recognized electronic source used for the purpose of displaying such rate under the heading “Federal Funds
(Effective)”. If by 3:00 p.m., New York City time, on the related Calculation Date such rate is not published on Moneyline Telerate Page 120, then the Federal Funds Rate on such Federal Funds Rate Interest Determination Date for United States
dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying such rate, under the heading “Federal Funds (Effective)”. If such rate does not appear on Moneyline
Telerate Page 120 or is not yet published in H.15(519), H.15 Daily Update or another recognized source by 3:00 p.m., New York City time, on the related calculation date, then the Federal Funds Rate on the Federal Funds Rate Interest Determination
Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by three leading brokers of United States dollar federal funds transactions in
The City of New York (which may include the Dealers or their affiliates) selected by the Calculation Agent prior to 9:00 a.m., New York City time, on such Federal Funds Rate Interest Determination Date; provided, however, that if any of the
brokers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate determined as of such Federal Funds Rate Interest Determination Date shall be the Federal Funds Rate in effect on such Federal Funds
Rate Interest Determination Date. 
 Determination of EURIBOR. If the Interest Rate Basis for this Note is EURIBOR, as indicated on
the face hereof or in the Pricing Supplement, EURIBOR Notes shall bear interest at the rates (calculated with reference to EURIBOR and the Spread and/or Spread Multiplier, if any) specified in the Pricing Supplement. 
 Unless otherwise specified in the Pricing Supplement, “EURIBOR” shall be determined by the Calculation Agent as of the applicable Interest
Determination Date (a “EURIBOR” Interest Determination Date”), in accordance with the following provisions: 
 (a) The rate for
deposits in Euro as sponsored, calculated and published jointly by the European Banking Federation and ACI — The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those
rates, having the Index Maturity specified in the Pricing Supplement, commencing on the Interest Reset Date, as that rate appears on Moneyline Telerate, Inc. (or any successor service) on 

  

 C-12 

 
page 248 (or any other page as may replace such page on such service) (“Moneyline Telerate Page 248”) as of 11:00 a.m. Brussels time, on the
EURIBOR Interest Determination Date. 
 (b) If the rate referred to in clause (a) above does not appear on CMT Moneyline Telerate Page
248, or is not so published by 11:00 a.m. Brussels time, on the EURIBOR Interest Determination Date, EURIBOR for such EURIBOR Interest Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of at least two
quotations obtained by the Calculation Agent after requesting the principal Euro-zone (as defined below) offices of four major banks in the Euro-zone interbank market, in the European interbank market, to provide the Calculation Agent with its
offered quotation for deposits in Euro for the period of the Index Maturity designated in the Pricing Supplement, commencing on the Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 a.m., Brussels time, on
the EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in Euros that is representative for a single transaction in Euro in such market at such time. 
 (c) If fewer than two quotations referred to in clause (b) above are so provided, the rate on the EURIBOR Interest Determination Date will be
calculated by the Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., Brussels time, on such EURIBOR Interest Determination Date by four major banks in the Euro-zone for loans in Euro to leading
European banks, having the Index Maturity designated in the Pricing Supplement, commencing on the Interest Reset Date and in principal amount not less than the equivalent of US$1,000,000 in Euros that is representative for a single transaction in
Euro in such market at such time. 
 (d) If the banks so selected by the Calculation Agent are not quoting as mentioned in clause
(c) above, EURIBOR determined as of such EURIBOR Interest Determination Date will be EURIBOR in effect on such EURIBOR Interest Determination Date. 
 “Euro-zone” means the region comprised of member states of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on
European Union (the “Maastricht Treaty”). 
 Determination of LIBOR. If an Interest Rate Basis for this Note is LIBOR, as
indicated on the face hereof or in the Pricing Supplement, LIBOR shall be determined by the Calculation Agent as of the applicable Interest Determination Date (a “LIBOR Interest Determination Date”), in accordance with the following
provisions: 
 (a) with respect to any LIBOR Interest Determination Date, LIBOR will be either: (i) if “LIBOR Reuters” is
specified on the face hereof or in the Pricing Supplement, the arithmetic mean of the offered rates (unless the specified Designated LIBOR Page by its terms provides only for a single rate, in which case such single rate shall be used) for deposits
in the Designated LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, that appear (or, if only a single rate is required as aforesaid, appears) on the Designated
LIBOR Page as of 11:00 a.m., London time, on that LIBOR Interest Determination Date, or (ii) if “LIBOR Moneyline Telerate” is specified on the face hereof or in the Pricing Supplement or if neither “LIBOR Moneyline Telerate”
nor 

  

 C-13 

 
“LIBOR Reuters” is specified as the method for calculating LIBOR, the rate for deposits in the Designated LIBOR Currency having the Index Maturity
specified on the face hereof or in the Pricing Supplement, commencing such Interest Reset Date, that appears on the Designated LIBOR Page specified on the face hereof or in the Pricing Supplement, as of 11:00 a.m., London time, on that LIBOR
Interest Determination Date. If fewer than two such offered rates appear, or if no such rate appears, as applicable, LIBOR in respect of that LIBOR Interest Determination Date will be determined as if the parties had specified the rate described in
(b) below. 
 (b) With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appear, or no rate appears,
as the case may be, on the applicable Designated LIBOR Page as specified in clause (a) above, the Calculation Agent will request the principal London offices of each of four major reference banks (which may include affiliates of the Dealers) in
the London interbank market, as selected by the Calculation Agent (“Reference Banks”), to provide the Calculation Agent with its offered quotation for deposits in the Designated LIBOR Currency for the period of the Index Maturity
designated on the face hereof or in the Pricing Supplement, commencing on the applicable Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on such LIBOR Interest Determination Date and in a
principal amount that is representative for a single transaction in the Designated LIBOR Currency in such market at such time. If at least two such quotations are provided, LIBOR in respect of that LIBOR Interest Determination Date will be the
arithmetic mean of such quotations. If fewer than two quotations are provided, LIBOR in respect of that LIBOR Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in the applicable Principal
Financial Center, on that LIBOR Interest Determination Date by three major banks (which may include affiliates of the Dealers) in the applicable Principal Financial Center selected by the Calculation Agent for loans in the Designated LIBOR Currency
to leading European banks having the Index Maturity designated on the face hereof or in the Pricing Supplement and in a principal amount that is representative for a single transaction in such Designated LIBOR Currency in such market at such time;
provided, however, that if the banks selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, LIBOR with respect to such LIBOR Interest Determination Date will be the rate of LIBOR in effect on such LIBOR
Interest Determination Date. 
 “Designated LIBOR Currency” means the currency specified on the face hereof or in the Pricing
Supplement as to which LIBOR shall be calculated. If no such currency is specified on the face hereof or in the Pricing Supplement, the Designated LIBOR Currency shall be United States dollars. 
 “Designated LIBOR Page” means either (a) if “LIBOR Reuters” is specified on the face hereof or in the Pricing Supplement, the
display on the Reuters Monitor Money Rates Service (or any successor service) for the purpose of displaying London interbank offered rates of major banks for the applicable Designated LIBOR Currency, or (b) if “LIBOR Moneyline
Telerate,” is specified on the face hereof or in the Pricing Supplement, or neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified as the method for calculating LIBOR, the display on Moneyline Telerate, Inc. (or
any successor service) for the purpose of displaying London interbank rates of major banks for the applicable Designated LIBOR Currency. 
  

 C-14 

 “Principal Financial Center” will generally be the capital city of the country of the specified
Designated LIBOR Currency, except that with respect to U.S. dollars, Swiss francs and Euros, the Principal Financial Center shall be The City of New York, Zurich and the Euro-Zone, respectively. 
 Determination of CD Rate. If an Interest Rate Basis for this Note is the CD Rate, as indicated on the face hereof or in the Pricing Supplement,
the CD Rate shall be determined as of the applicable Interest Determination Date (a “CD Rate Interest Determination Date”) as the rate on such date for negotiable United States dollar certificates of deposit having the Index Maturity
specified in the applicable Pricing Supplement as published in H.15(519) under the heading “CDs (secondary market)” or, if not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on such CD Rate
Interest Determination Date for negotiable United States dollar certificates of deposit of the Index Maturity specified in the applicable Pricing Supplement as published in H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying such rate, under the caption “CDs (secondary market).” If such rate is not yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 P.M., New York City time, on the related
Calculation Date, then the CD Rate on such CD Rate Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York City time, on such CD Rate
Interest Determination Date, of three leading nonbank dealers in negotiable United States dollar certificates of deposit in The City of New York (which may include the Dealers or their affiliates) selected by the Calculation Agent for negotiable
United States dollar certificates of deposit of major United States money market banks for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity specified in the applicable Pricing Supplement in an amount that is
representative for a single transaction in that market at that time; provided, however, that if the dealers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the CD Rate determined as of such CD Rate Interest
Determination Date will be the CD Rate in effect on such CD Rate Interest Determination Date. 
 Determination of Prime Rate. If an
Interest Rate Basis for this Note is the Prime Rate, as indicated on the face hereof or in the Pricing Supplement, the Prime Rate shall be determined as of the applicable Interest Determination Date (a “Prime Rate Interest Determination
Date”) as the rate on such date as such rate is published in H.15(519) under the heading “Bank Prime Loan”. If such rate is not published prior to 3:00 p.m., New York City time, on the related Calculation Date, then the Prime Rate
shall be as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying such rate, under the heading “Bank Prime Loan”. If such rate is not yet published in H.15(519), H.15 Daily Update or
another recognized electronic source by 3:00 p.m., New York City time, on the related Calculation Date, then the Prime Rate shall be the arithmetic mean of rates of interest publicly announced by each bank that appears on the Reuters Screen USPRIME
1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 A.M., New York City time, on such Prime Rate Interest Determination Date. If fewer than four such rates appear on the Reuters Screen USPRIME 1 Page for such
Prime Rate Interest Determination Date, the Prime Rate shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by a 360-day year as of the close of business on such
Prime Rate Interest Determination Date by three major banks (which may 

  

 C-15 

 
include affiliates of the Dealers) in The City of New York selected by the Calculation Agent; provided, however, that if the banks selected as
aforesaid are not quoting as mentioned in this sentence, the Prime Rate determined as of such Prime Rate Interest Determination Date shall be the Prime Rate in effect on such Prime Rate Interest Determination Date. 
 “Reuters Screen USPRIME 1 Page” means the display on the Reuters Monitor Money Rates Service (or any successor service) on the “USPRIME
1” page (or such other page as may replace the USPRIME 1 page on that service) for the purpose of displaying prime rates or base lending rates of major United States banks. 
 Determination of Treasury Rate. If an Interest Rate Basis for this Note is the Treasury Rate, as specified on the face hereof or in the Pricing
Supplement, the Treasury Rate shall be determined as of the applicable Interest Determination Date (a ‘Treasury Rate Interest Determination Date”) as the rate from the auction held on such Treasury Rate Interest Determination Date (the
“Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified on the face hereof or in the Pricing Supplement under the heading “INVESTMENT RATE” on the display on
Moneyline Telerate, Inc. (or any successor service) on page 56 (or any other page as may replace such page on such service), (“Moneyline Telerate Page 56”) or page 57 (or any other page as may replace such page on such service)
(“Moneyline Telerate Page 57”), or, if not published by 3:00 p.m., New York City time, on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for such Treasury Bills as published in H.15 Daily Update, or
such other recognized electronic source used for the purpose of displaying such rate, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or if not so published by 3:00 P.M., New York City time, on the related
Calculation Date, the Bond Equivalent Yield, of the auction rate of such Treasury Bills as announced by the United States Department of Treasury. In the event that the auction rate of Treasury Bills having the Index Maturity specified in the
applicable Pricing Supplement is not so announced by the United States Department of the Treasury, or if no such Auction is held, then the Treasury Rate will be the Bond Equivalent Yield of the rate on such Treasury Rate Interest Determination Date
of Treasury Bills having the Index Maturity specified in the applicable Pricing Supplement as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market” or, if not yet published by 3:00 P.M., New
York City tune, on the related Calculation Date, the rate on such Treasury Rate Interest Determination Date of such Treasury Bills as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying such
rate, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market.” If such rate is not yet published in H.15(519), H.15 Daily Update or another recognized electronic source, then the Treasury Rate will be calculated by
the Calculation Agent and will be the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 P.M., New York City time, on such Treasury Rate Interest Determination Date, of three primary United
States government securities dealers (which may include the Dealers or their affiliates) selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the applicable Pricing
Supplement; provided, however, that if the dealers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the Treasury Rate determined as of such Treasury Rate Interest Determination Date will be the Treasury Rate
in effect on such Treasury Rate Interest Determination Date. 
  

 C-16 

 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with
the following formula: 
  

					
		  	 D x N
	  	x 100
	Bond Equivalent Yield =	  	360 - (D x M)	  

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis,
“N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
 Unless otherwise specified on the face hereof or in the Pricing Supplement, accrued interest hereon shall be an amount calculated by multiplying the face amount hereof by an accrued interest factor. Such accrued
interest factor shall be computed by adding the interest factor calculated for each day in the period for which accrued interest is being calculated. Unless otherwise specified on the face hereof or in the Pricing Supplement, the interest factor for
each such day shall be computed and paid on the basis of a 360-day year of twelve 30-day months if the Day Count Convention specified on the face hereof or in the Pricing Supplement is “30/360” for the period specified thereunder, or by
dividing the applicable per annum interest rate by 360 if the Day Count Convention specified on the face hereof or in the Pricing Supplement is “Actual/360” for the period specified thereunder, or by dividing the applicable per annum
interest rate by the actual number of days in the year if the Day Count Convention specified on the face hereof or in the Pricing Supplement is “Actual/Actual” for the period specified thereunder. If no Day Count Convention is specified on
the face hereof or in the Pricing Supplement, the interest factor for each day in the relevant Interest Period shall be computed, if an Interest Rate Basis specified on the face hereof or in the Pricing Supplement is the CMT Rate or Treasury Rate or
if the Specified Currency indicated on the face hereof or in the Pricing Supplement is Sterling, as if “Actual/Actual” had been specified thereon and, in all other cases, as if “Actual/360” had been specified thereon. Unless
otherwise specified on the face hereof or in the Pricing Supplement, if interest on this Note is to be calculated with reference to two or more Interest Rate Bases as specified on the face hereof or in the Pricing Supplement, the interest factor
will be calculated in each period in the same manner as if only one of the applicable Interest Rate Bases applied. 
 Unless otherwise
specified on the face hereof or in the Pricing Supplement, if “Reference Rate Determination” is specified on the face hereof or in the Pricing Supplement in connection with the determination of the rate of interest on this Note, the
“Calculation Date”, if applicable, pertaining to any Interest Determination Date will be the earlier of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a Business Day, the next succeeding
Business Day and (ii) the Business Day immediately preceding the applicable Interest Payment Date or Maturity Date, as the case may be. All calculations on this Note shall be made by the Calculation Agent specified on the face hereof or such
successor thereto as is duly appointed by the Issuer. The determination of any interest rate by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding upon the holder hereof. 
 All percentages resulting from any calculation on this Note be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-millionths 

  

 C-17 

 
of a percentage point rounded upward (e.g., 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655) and 9.876544% (or 0.09876544) would be
rounded to 9.87654% (or 0.0987654)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent or, if the Specified Currency is other than U.S. dollars, to the nearest unit (with one-half cent or unit
being rounded upward). 
 At the request of the holder hereof, the Calculation Agent shall provide to the holder hereof the interest rate
hereon then in effect and, if determined, the interest rate which shall become effective for the next Interest Period. 
 Notwithstanding the
foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified on the face hereof. In addition to any Maximum Interest Rate applicable hereto pursuant to the
above provisions, the interest rate on this Note will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 
 Redemption for Tax Reasons 
 The Issuer may redeem
this Note in whole but not in part at any time at a redemption price equal to the principal amount thereof (or, in the case of an Original Issue Discount Note, the Amortized Face Amount thereof determined as of the date of redemption), together, if
appropriate, with accrued interest to but excluding the date fixed for redemption, if the Issuer shall determine, based upon a written opinion of independent counsel selected by the Issuer, that as a result of any change in or amendment to the laws
(or any regulations or rulings promulgated thereunder) or any change in application or official interpretation of such laws, regulations or rulings of any Relevant Taxing Jurisdiction (as defined below) or any political subdivision or taxing
authority thereof or therein affecting taxation, which amendment or change is effective on or after the Original Issue Date of this Note, the Issuer or the Guarantor would be required to pay Additional Amounts (as defined below) on the occasion of
the next payment due with respect to this Note. 
 Notice of intention to redeem this Note will be given at least once as described herein
not less than 30 days nor more than 60 days prior to the date fixed for redemption, provided that no such notice of redemption shall be given earlier than 90 days prior to the effective date of such change or amendment and that at the time notice of
such redemption is given, such obligation to pay such Additional Amounts (as defined below) remains in effect and cannot be avoided by the Issuer’s taking reasonable measures available to it. From and after any redemption date (each, a
“Redemption Date”), if monies for the redemption of this Note shall have been made available for redemption on such Redemption Date, this note shall cease to bear interest, if applicable, and the only right of the holder of this Note shall
be to receive payment of the principal amount thereof (or, in the case of an Original Issue Discount Note, the Amortized Face Amount thereof) and, if appropriate, all unpaid interest accrued to such Redemption Date. Unless otherwise specified in the
Pricing Supplement, the Redemption Date with respect to any Floating Rate Note will be an Interest Payment Date. 
  

 C-18 

 Redemption at the Option of the Issuer 
 Unless otherwise specified on the face hereof or in the Pricing Supplement, this Note will not be subject to any sinking fund. This Note may be redeemed
by the Issuer either in whole or in part on and after the Initial Redemption Date, if any, specified on the face hereof or in the Pricing Supplement. If no Initial Redemption Date is specified on the face hereof or in the Pricing Supplement, this
Note may not be redeemed prior to the Maturity Date except as provided below in the event that any Additional Amounts (as defined below) are required to be paid by the Issuer with respect to this Note. On and after the Initial Redemption Date, if
any, this Note may be redeemed in increments of US$1,000 (or, if the Specified Currency indicated on the face hereof is other than the U.S. dollar, in such Authorized Denominations specified on the face hereof or in the Pricing Supplement) at the
option of the Issuer at the applicable Redemption Price (as defined below), together with unpaid interest accrued hereon at the applicable rate borne by this Note to the Redemption Date, on written notice given not more man 60 nor less than 30
calendar days prior to the Redemption Date (unless otherwise specified on the face hereof or in the Pricing Supplement); provided, however, that, in the event of redemption of this Note in part only, the unredeemed portion hereof shall
be an Authorized Denomination specified on the face hereof or in the Pricing Supplement. In the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the
surrender hereof. 
 The “Redemption Price” shall initially be the Initial Redemption Percentage specified on the face hereof or in
the Pricing Supplement of the principal amount of this Note to be redeemed and shall decline at each anniversary of the Initial Redemption Date specified on the face hereof or in the Pricing Supplement by the Annual Redemption Percentage Reduction,
if any, specified on the face hereof or in the Pricing Supplement, of the principal amount to be redeemed until the Redemption Price is 100% of such principal amount. 
 Repayment at the Option of the Holder 
 If this Note is a Senior Note, this Note may be subject to
repayment at the option of the holder hereof in accordance with the terms hereof on any Holder’s Optional Repayment Date(s), if any, specified on the face hereof or in the Pricing Supplement. If no Holder’s Optional Repayment Date is
specified on the face hereof or in the Pricing Supplement or if this Note is a Subordinated Note, this Note will not be repayable at the option of the holder hereof prior to the Maturity Date. On any Holder’s Optional Repayment Date, this Note
will be repayable in whole or in part in increments of US$1,000 (or, if the Specified Currency indicated on the face hereof is other than the U.S. dollar, in such Authorized Denominations specified on the face hereof or in the Pricing Supplement) at
the option of the holder hereof at a repayment price equal to 100% of the principal amount to be repaid, together with accrued and unpaid interest hereon payable to the date of repayment; provided, however, that, in the event of repayment of
this Note in part only, the unrepaid portion hereof shall be an Authorized Denomination specified on the face hereof or in the Pricing Supplement. For this Note to be repaid in whole or in part at the option of the holder hereof on a Holder’s
Optional Repayment Date, this Note must be delivered, with the form entitled “Option to Elect Repayment” attached hereto duly completed, to the Global Agent at the address set forth on such form or at such other address which the Issuer
shall from time to time notify the holders of the Notes, not more than 60 

  

 C-19 

 
nor less than 30 days prior to such Holder’s Optional Repayment Date unless otherwise specified on the face hereof or in the Pricing Supplement. In the
event of repayment of this Note in part only, a new Note for the unrepaid portion hereof shall be issued in the name of the holder hereof upon the surrender hereof. Exercise of such repayment option by the holder hereof shall be irrevocable.

 Additional Amounts 
 All payments of
principal, premium, if any, and interest with respect to this Note will be made without withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature
imposed or levied within a Relevant Taxing Jurisdiction (as defined below) unless that withholding or deduction is required by law. If a withholding or deduction is required by law, the Issuer or the Guarantor, as the case may be, will pay to the
holder hereof on behalf of an owner of a beneficial interest herein (an “Owner”) such additional amounts (“Additional Amounts”) as may be necessary in order that every net payment of principal, of premium, if any, or interest
made to the holder hereof on behalf of such Owner, after such deduction or other withholding for or on account of any present or future tax, assessment, duty or other governmental charge of any nature whatsoever imposed, levied or collected by or on
behalf of the jurisdiction under the laws of which the Issuer or the Guarantor, as the case may be, is organized (or any political subdivision or taxing authority of or in that jurisdiction having the power to tax), or any jurisdiction from or
through which any amount is paid by the Issuer or the Guarantor, as the case may be (or any political subdivision or taxing authority of or in that jurisdiction having the power to tax) (each a “Relevant Taxing Jurisdiction”), will not be
less than the amount provided for in this Note with respect to such Owner’s interest; provided, however, that neither the Issuer nor the Guarantor shall be required to make any payment of Additional Amounts for or on account of:

 (a) any tax, fee, duty, assessment or other governmental charge which would not have been imposed but for (i) the existence of any
present or former connection between such Owner (or between a fiduciary, settlor, beneficiary, member or shareholder, if such Owner is an estate, trust, partnership or corporation) and a Relevant Taxing Jurisdiction (other than a connection
resulting solely from such Owner holding this Note), including, without limitation, such Owner (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been present,
carrying on or engaged in trade or business therein or having or having had a permanent establishment or fixed basis therein, or (ii) the presentation of this Note for payment on a date more than 15 days after the date on which such 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; 
 (c) any tax, fee, duty, assessment or
other governmental charge imposed by reason of such Owner’s past or present status as a personal holding company, foreign personal holding company or controlled foreign corporation with respect to the United States or as a corporation which
accumulates earnings to avoid United States federal income tax; 
  

 C-20 

 (d) any tax, fee, duty, assessment or other governmental charge which is payable otherwise than by
withholding from payments of principal or interest with respect to this Note; 
 (e) any tax, fee, duty, assessment or other governmental
charge imposed on interest received by anyone who owns (actually or constructively) 10% or more of the total combined voting power of all classes of stock of the Guarantor; 
 (f) any tax, fee, duty, assessment or other governmental charge which would not have been imposed but for the failure to comply with certification,
information or other reporting requirements concerning the nationality, residence, identity or connection with any Relevant Taxing Jurisdiction of the Owner of such Note, if such compliance is required by statute or by regulation of any Relevant
Taxing Jurisdiction as a precondition to relief or exemption from such tax, assessment or other governmental charge; 
 (g) any tax, fee,
duty, assessment or other governmental change where such withholding or deduction is imposed on a payment to a holder who would be able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent in a Member State
of the European Union; 
 (h) any withholding or deduction which is imposed on a payment to an individual and which is required to be made
pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27,2000 on the taxation of savings income or any law implementing or complying with, or
introduced in order to conform to, such Directive; or 
 (i) any combination of items (a), (b), (c), (d), (e), (f), (g) and (h);

 nor shall Additional Amounts be paid to any holder of this Note on behalf of any Owner who is a fiduciary or partnership or other than the sole Owner to
the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or Owner would not have been entitled to payment of the Additional Amounts had such beneficiary, settlor, member or Owner been the sole Owner of this
Note. 
 Whenever in this Note there is mentioned, in any context, the payment of the principal of, or premium, if any, or interest on, or in
respect of, this Note, such mention shall be deemed to include mention of the payment of Additional Amounts provided for herein to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the
provisions of this Note 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.

 Except as specifically provided herein or in the Pricing Supplement, (i) neither the Issuer nor any Paying Agent shall be required to
make any payment with respect to any tax, fee, duty, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein; (ii) a Paying Agent on behalf of the Issuer shall have the
right, but not the duty, to withhold from any amounts otherwise payable to a holder of this Note such amount as is necessary for the payment of any such taxes, fees, duties, assessments or other governmental charges; and (iii) if such an amount
is withheld, the amount payable to the holder of this Note shall be the amount otherwise payable reduced by the amount so withheld. 
  

 C-21 

 Events of Default: Acceleration of Maturity 
 “Senior Note” means any Note issued pursuant to the Issuer’s Global Note program which is identified on its face as a senior note.

 “Subordinated Note” means any Note issued pursuant to the Issuer’s Global Note program which is identified on its face as a
subordinated note. 
 Senior Notes. If this Note is a Senior Note, the occurrence of any of the following events shall constitute an
“Event of Default” with respect to this note: 
  

	 	(i)	default in the payment of any interest (including any Additional Amounts) with respect to this Note when due, which continues for 30 days; 

  

	 	(ii)	default in the payment of any principal of, or premium, if any, on, any of this Note when due; 

  

	 	(iii)	default in the performance of any covenant or agreement of the Issuer contained in this Note, which continues for 90 days after written notice (as provided herein) to the Issuer and
the Global Agent by the holder hereof, specifying such default or breach and requiring it remedied; 

  

	 	(iv)	if (A) an order is made against the Issuer under any applicable liquidation, insolvency, composition, reorganization or other similar laws, or an order is made for the
appointment of an administrative or other receiver, manager, administrator or other similar official, or an administrative or other receiver, manager, administrator or other similar official is appointed, in relation to the Issuer, or as the case
may be, in relation to the whole or substantially the whole of the undertaking or assets of the Issuer, or an encumbrancer takes possession of the whole or substantially the whole of the undertaking or assets of the Issuer, or a distress, execution,
attachment, sequestration or other process is levied, enforced upon, sued out or put in force against the whole or substantially the whole of the undertaking or assets of the Issuer and (B) in any case is not discharged within 60 days;

  

	 	(v)	the Issuer initiates or consents to judicial proceedings relating to itself under any applicable liquidation, insolvency, composition, reorganization or other similar laws;

  

	 	(vi)	 the entry by a court having jurisdiction in the premises of (a) a decree or order for relief in respect of the Guarantor in an involuntary case or proceeding
under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law or (b) a decree or order appointing a conservator, receiver, liquidator, assignee, trustee, 

  

 C-22 

 
sequestrator or any other similar official of the Guarantor, or of substantially all of the property of the Guarantor, or ordering the winding up or
liquidation of the affairs of the Guarantor, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 
  

	 	(vii)	the commencement by the Guarantor of a voluntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law
or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Guarantor to the entry of a decree or order for relief in an involuntary case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding, or the filing by the Guarantor of a petition or answer or consent seeking reorganization or relief under any
applicable United States federal or state bankruptcy, insolvency, reorganization or similar law, or the consent by the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Guarantor or of substantially all of the property of the Guarantor, or the making by the Guarantor of an assignment for the benefit of creditors, or the taking of corporate action by the
Guarantor in furtherance of any such action. 

 If an Event of Default shall occur and be continuing, the holder of this Senior
Note may declare the principal amount of, and accrued interest and premium, if any, on, this Senior Note due and payable immediately by written notice to the Issuer and the Global Agent. Upon such declaration and notice, such principal amount,
accrued interest and premium, if any, shall become immediately due and payable. Any Event of Default with respect to this Senior Note may be waived by the holder hereof. 
 Subordinated Notes. If this Note is a Subordinated Note, the occurrence of any of the following events shall constitute an “Event of Default” with respect to this note: 
  

	 	(i)	If default is made in the payment of principal, premium (if any) or interest due in respect of the Notes and such default continues for a period of 30 days, any holder of the Notes
may without further notice institute proceedings for the winding up of the Issuer in England and/or Wales (but not elsewhere) or (to the extent permitted by applicable laws or regulations) for the winding-up of the Guarantor in the United States
(but not elsewhere) or submit a claim in the winding-up of the Issuer or the Guarantor (whether in England and/or Wales or, as the case may be, the United States or elsewhere), but may take no further action against the Issuer or take any action to
wind up the Guarantor in respect of such default. 

  

 C-23 

 Under the United States Federal Deposit Insurance Act, currently only the Federal Deposit Insurance
Corporation has the authority to wind up the Guarantor. 
  

	 	(ii)	If, otherwise than for the purposes of a reconstruction or amalgamation on terms previously approved by an Extraordinary Resolution (as defined below) of the holders of the Notes,
an order is made or an effective resolution is passed for the winding up of the Issuer or the Guarantor (whether in England and/or Wales or, as the case may be, in the United States or elsewhere), any holder of Notes may give notice to the Issuer
that the Notes are, and they shall accordingly thereby forthwith become immediately due and repayable, together with accrued interest (if any) as provided in the Notes. In the case of a winding up of the Guarantor, the Notes shall become immediately
and automatically due and payable without any declaration or other notice to the Issuer or the Guarantor or any other formality required. 

 For purposes of this Note, the term “Extraordinary Resolution” shall mean (a) a resolution passed at a meeting of the holders of the Notes duly convened and held by a majority consisting of not less
than three-fourths of the persons voting at such meeting upon a show of hands or if a poll is duly demanded by a majority consisting of not less than three-fourths of the votes cast on such poll; or (b) a resolution in writing signed by or on
behalf of all holders of Notes, which resolution in writing may be contained in one document or in several documents in like form each signed by or on behalf of one or more of the holders of the Notes. 
  

	 	(iii)	Without prejudice to paragraph (i) or (ii) above, if the Issuer or the Guarantor fails to perform, observe, or comply with any obligation, condition or provision binding
on it under the Agency Agreement or the Notes (other than any obligation of the Issuer or the Guarantor for the payment of any principal, premium, if any, or interest in respect of the Notes) and such failure continues for more than 10 days
following service by any holder of Notes on the Issuer or the Guarantor (as the case may be) of notice requiring the same to be remedied the holder of Notes may without further notice, institute such proceedings against the Issuer or the Guarantor
(as the case may be) as it may think fit to enforce such obligation, condition or provision provided that neither the Issuer nor the Guarantor shall as a consequence of such proceedings be obliged to pay any sum or sums representing or measured by
reference to principal or interest in respect of the Notes sooner than the same would otherwise have been payable by it or any damages. 

  

	 	(iv)	 No remedy against the Issuer or the Guarantor, other than as referred to in this section “Events of Default; Acceleration of Maturity — Subordinated
Notes’” shall be available to the holders of Notes whether for the recovery of amounts owing in respect of the Notes or in respect of any breach of the 

  

 C-24 

	 	 
Issuer or the Guarantor of any of its other obligations under or in respect of the Notes. 

 Status of the Notes and Subordination 
 (a) Status of
the Senior Notes 
 If the Notes are specified as Senior Notes on the face thereof, the Notes are direct, unconditional, unsubordinated and
unsecured obligations of the Issuer and rank, pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the
Issuer, from time to time outstanding. 
 (b) Status and Subordination of the Subordinated Notes. 
 If the Notes are specified as Subordinated Notes on the face thereof, the Notes constitute unsecured obligations of the Issuer and rank pari passu
without preference among themselves and other Subordinated Notes and the claims of the holders of the Notes will, in the event of the winding up of the Issuer, be subordinated in right of payment in the manner provided in the Notes to claims of all
Senior Creditors of the Issuer. “Senior Creditors of the Issuer” means all unsubordinated creditors of the Issuer. 
  

	 	(i)	In the event of the winding up of the Issuer, all amounts in respect of the Notes paid to either the London Paying Agent (as defined in the Agency Agreement), or, as the case may
be, the NY Paying Agent (as defined in the Agency Agreement) by the liquidator of the Issuer in the winding up of the Issuer shall be held by the London Paying Agent, or, as the case may be, the NY Paying Agent upon trust; 

(A) first for payment or satisfaction of all amounts then due and owing to the Agents under Sections 21 and 22 of the Agency Agreement; 
 (B) secondly for payment of claims of all Senior Creditors of the Issuer in the winding up of the Issuer to the extent that such claims are admitted to
proof in the winding up (not having been satisfied out of the other resources of the Issuer) excluding interest accruing after commencement of the winding up; and 
 (C) thirdly as to the balance (if any) for payment pari passu and rateably of the amounts owing on or in respect of the Notes. 
  

	 	(ii)	 The trust secondly mentioned in paragraph (i) of this section may be performed by the London Paying Agent, or, as the case may be, the NY Paying Agent paying
over to the liquidator for the time being in the winding up of the Issuer the amounts received by the London Paying Agent, or, as the case may be, the NY Paying Agent as aforesaid (less any amounts thereof applied in the implementation of the trust
first mentioned in paragraph (i) of this section) on terms that such liquidator shall 

  

 C-25 

	 	 
distribute the same accordingly and the receipt of such liquidator for the same shall be a good discharge to the London Paying Agent, or, as the case may be,
the NY Paying Agent for the performance by it of the trust secondly mentioned in paragraph (i) of this section. 

  

	 	(iii)	The London Paying Agent, or, as the case may be, the NY Paying Agent shall be entitled and it is hereby authorized to call for and to accept as conclusive evidence thereof a
certificate from the liquidator for the time being of the Issuer as to: 

 (A) the amount of the claims of the Senior Creditors
of the Issuer referred to in paragraph (i) of this section; 
 (B) the persons entitled thereto and their respective entitlements; and

  

	 	(iv)	The perpetuity period for the purposes of the trusts mentioned in this subclause (b) shall be 80 years from the date of this Note. 

  

	 	(v)	The trust hereby established shall be governed in accordance with the provisions of Schedule 1 to the Agency Agreement. 

 In relation to Subordinated Notes of the Issuer, subject to applicable law, no holder of a Note may exercise or claim any right of set-off in respect of
any amount owed to it by the Issuer arising under or in connection with the Notes and each holder of a Note shall, be virtue of his subscription purchase or holding of any Subordinated Note be deemed to have waived all such rights of set-off.

 Transfer Certificates 
 A beneficial
interest in a Restricted Note (as defined in the Agency Agreement) may be exchanged for an interest in an Unrestricted Note (as defined in the Agency Agreement) whether before or after the expiration of the Distribution Compliance Period (as defined
in the Agency Agreement), only upon receipt by the Transfer Agent of a written certificate of the beneficial owner as set forth in Exhibit D-l to the Agency Agreement 
 A Definitive Note (as defined in the Agency Agreement) bearing the Restricted Note Legend (as defined in the Agency Agreement) maybe transferred to a person who takes delivery in the form of a Definitive Note not
bearing the Restricted Note legend only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor as set forth in Exhibit D-l to the Agency Agreement. 
 A beneficial interest in a Unrestricted Note may be transferred to a person who takes delivery in the form of an interest in a Restricted Note whether
before or after the expiration of the Distribution Compliance Period, only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor as set forth in Exhibit D-2 to the Agency Agreement. 
  

 C-26 

 A Definitive Note not bearing the Restricted Note Legend may be transferred to a person who takes
delivery in the form of a Definitive Note bearing the Restricted Note legend only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor as set forth in Exhibit D-2 to the Agency Agreement. 
 A Definitive Note bearing the Restricted Note Legend may be transferred to a person who takes delivery in the form of a Definitive Note bearing the
Restricted Note legend only upon receipt by the Transfer Agent of a written certificate on behalf of the transferor as set forth in Exhibit D-2 to the Agency Agreement. 
 Notes Beneficially Owned by Persons Not OIB/OPs. 
 (a) Notwithstanding anything to the contrary
elsewhere in this Note or the Agency Agreement, any transfer of a beneficial interest in any Restricted Notes to a Non-Permitted Holder shall be null and void and any such purported transfer of which the Issuer or the Transfer Agent shall have
notice may be disregarded by the Issuer and the Transfer Agent for all purposes. 
 (b) If any Non-Permitted Holder shall become the
beneficial owner of any Restricted Note, the Issuer shall, promptly after discovery that such Person is a Non-Permitted Holder by the Issuer or the Transfer Agent (and notice by the Transfer Agent to the Issuer, if the Transfer Agent makes the
discovery), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within 30 days of the date of such notice. If such Non-Permitted Holder fails to so
transfer its Restricted Notes, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Restricted Notes or interest in Restricted Notes to a purchaser selected by the Issuer that is a not a Non-Permitted
Holder on such terms as the Issuer may choose. The Issuer, or the Transfer Agent acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in
securities similar to the Restricted Notes, and selling such Restricted Notes to the highest such bidder. However, the Issuer or the Transfer Agent may select a purchaser by any other means determined by it in its sole discretion. The holder of each
Restricted Note, the Non-Permitted Holder and each other Person in the chain of title from the holder to the Non Permitted Holder, by its acceptance of an interest in the Restricted Notes, agrees to cooperate with the Issuer and the Transfer Agent
to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale, shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this subsection shall be
determined in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. 
 Information 
 For so long as any of the Notes remain
Outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer will furnish to any holder of a Note or any owner of a beneficial interest in a Global Note, or any prospective purchaser
of a Note designated by such holder or beneficial owner, who is a QIB, or to the Registrar or London Issuing Agent, as the case may be, for delivery to such holder or beneficial 

  

 C-27 

 
owner or prospective purchaser, as the case may be, in connection with any sale thereof, in each case at the holder’s or such purchaser’s written
request to the Issuer, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act, unless the Issuer is subject to and is in compliance with Section 13 or 15(d) of the Exchange Act or exempt from
reporting under the Exchange Act pursuant to Rule 12g3-2(b) thereunder. 
 Judgment Currency 
 The Issuer shall make any payment required to be made by it under this Note in the currency of this Note. The Issuer’s liability to provide payment
under this Note will not be discharged or satisfied by any tender or recovery under any judgment expressed in or converted into a currency other than the Specified Currency as indicated on the face of this Note (the “Other Currency”)
except to the extent the tender or recovery results in the effective receipt by the holder of this Note of the full amount of the Specified Currency so payable, based on the rate of exchange in effect on the date of receipt. Accordingly, the Issuer
will be liable to the holder of this Note in an additional cause of action to recover in the Other Currency the amount (if any) by which that effective receipt falls short of the full amount of the Specified Currency so payable, without being
affected by any judgment obtained for any other sums due. 
 Submission to Jurisdiction 
 The Issuer irrevocably and unconditionally consents and submits to the nonexclusive jurisdiction of any federal or state court in the State of New York,
County of New York to settle any disputes which may arise out of or in connection with this Note and, accordingly, agrees that any suit, action or proceedings (together referred to as “Proceedings”) arising out of or in connection with it
may be brought in those courts. The Issuer irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Proceedings in those courts and further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any Proceedings have been brought in an inconvenient forum and irrevocably agrees that a judgment in any Proceedings brought in the courts of New York
shall be conclusive and binding upon the Issuer. Nothing contained in this Note limits any right to take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions
preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer irrevocably designates, appoints and empowers MBNA America Bank, National Association, 1100 North King Street, Wilmington, Delaware 19884-2721,
Attention: Treasurer (or any successor thereof) as its designee, appointee and authorized agent to receive for and on its behalf service of any and all legal processes, summons, notices and documents that may be served in any Proceedings brought
against it with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement, and that may be made on such designee, appointee and authorized agent in accordance with legal procedures prescribed for
such courts, and it is understood that the designation and appointment of MBNA America Bank as such authorized agent shall become effective immediately without any further action on the part of the Issuer, represents that it has notified MBNA
America Bank of such designation and appointment and that MBNA America Bank has accepted the same. The Issuer further agrees that, to the extent permitted by law, proper service of process upon MBNA America Bank (or its successors as agent for
service of process) and written notice of said service to them given 

  

 C-28 

 
pursuant to this Note, shall be deemed in every respect effective service of process upon the Issuer, in any such Proceeding. If for any reason such
designee, appointee and agent hereunder shall cease to be available to act as such, the Issuer agrees to designate a new designee, appointee and agent in The City of New York, New York on the terms and for the purposes of this Note. The Issuer
further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any such Proceeding against it by serving a copy thereof upon the relevant agent for service of process referred to in this
Note (whether or not the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) and by mailing copies thereof by registered or certified air mail, postage prepaid, to the Issuer
at its address specified in this Note. The Issuer agrees that the failure of any such designee, appointee and agent to give any notice of such service to it shall not impair or affect in any way the validity of such service of any judgment rendered
in any action or proceeding based thereon. 
 Miscellaneous 
 Notwithstanding anything to the contrary contained herein, if this Note is identified as an Original Issue Discount Note on the face hereof or in the Pricing Supplement, the amount payable to the holder of this Note
in the event of redemption, repayment or acceleration of maturity will be equal to (i) the Amortized Face Amount (as defined below) as of the date of such event, plus (ii) with respect to any redemption of this Note (other than as provided above in
the event that Additional Amounts are required to be paid by the Issuer with respect to this Note), the Initial Redemption Percentage specified on the face hereof or in the Pricing Supplement (as adjusted by the Annual Redemption Percentage
Reduction, if any) minus 100% multiplied by the Issue Price specified on the face hereof or in the Pricing Supplement, net of any portion of such Issue Price which has been paid prior to the date of redemption, or the portion of the Issue Price (or
the net amount) proportionate to the portion of the unpaid principal amount to be redeemed, plus (iii) any accrued interest to the date of such event the payment of which would constitute qualified stated interest payments within the meaning of U.S.
Treasury Regulations Section 1.1273-l(c) under the Code. The “Amortized Face Amount” shall mean an amount equal to (i) the Issue Price plus (ii) the aggregate portions of the original issue discount (the excess of the amounts considered as
part of the “stated redemption price at maturity” of this Note within the meaning of Section 1273(a)(2) of the Code, whether denominated as principal or interest, over the Issue Price) which shall theretofore have accrued pursuant to
Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from the date of issue of this Note to the date of determination, minus (iii) any amount considered as part of the “stated redemption price at maturity” of this
Note which has been paid from the date of issue to the date of determination. 
 As used herein, “Business Day” means, unless
otherwise specified on the face hereof or in the Pricing Supplement, any day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments in The City of New York and The City of London. As used herein,
“London Business Day” means any day (other than a Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments hi London. 
  

 C-29 

 Any action by the holder of this Note shall bind all future holders of this Note, and of any Note issued
in exchange or substitution herefor or in place hereof, in respect of anything done or permitted by the Issuer or by the Global Agent in pursuance of such action. 
 In case any Note shall at any time become mutilated, defaced, destroyed, lost or stolen, and such Note or evidence of the loss, theft or destruction thereof satisfactory to the Issuer and the Registrar or London
Issuing Agent, as the case may be, and such other documents or proof as may be required by the Issuer and the Registrar or London Issuing Agent, as the case may be, shall be delivered to the Registrar or London Issuing Agent, as the case may be, the
Registrar or London Issuing Agent, as the case may be, shall issue a new Note, of like tenor and principal amount, having a serial number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Note or in lieu of
the Note destroyed, lost or stolen but, in the case of any destroyed, lost or stolen Note, only upon receipt of evidence satisfactory to the Issuer and the Registrar or London Issuing Agent, as the case may be, that such Note was destroyed, stolen
or lost, and, if required, upon receipt of indemnity satisfactory to the Issuer. Upon the issuance of any substituted Note, the Issuer may require the payment of a sum sufficient to cover all expenses and reasonable charges connected with the
preparation and delivery of a new Note. If any Note which has matured or has been redeemed or repaid or is about to mature or to be redeemed or repaid shall become mutilated, defaced, destroyed, lost or stolen, the Issuer may, instead of issuing a
substitute Note, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated or defaced Note) upon compliance by the holder with the provisions of this paragraph. 
 No recourse shall be had for the payment of principal of, premium, if any, or interest on, this Note for any claim based hereon, or otherwise in respect
hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

 The Notes are issued and to be issued subject to, and with the benefit of, the provisions of the Agency Agreement. The Notes may be
amended by the Issuer, and the Agency Agreement may be amended by the Issuer and the Global Agent, (i) for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained therein, (ii) to make any
further modifications of the terms of the Agency Agreement necessary or desirable to allow for the issuance of any additional Notes (which modifications shall not be materially adverse to holders of outstanding Notes) or (iii) in any manner which
the Issuer (and, in the case of the Agency Agreement, the Global Agent) may deem necessary or desirable and which shall not materially adversely affect the interests of the holders of the Notes to all of which each holder of Notes shall, by
acceptance thereof, be deemed to have consented. In addition, with the written consent of the holders of at least 66 2/3% of the principal amount of the Notes to be affected thereby, the Issuer and the Global Agent may from time to time and at any
time enter into agreements modifying or amending the Agency Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of the Agency Agreement. 
  

 C-30 

 No provision of this Note shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay principal of, premium, if any, and interest on, and any Additional Amounts with respect to, this Note in the Specified Currency indicated on the face hereof (of if no such currency is designated, as provided herein, in U.S.
dollars) at the times, places and rate herein prescribed. 
 No service charge shall be made to a holder of this Note for any transfer or
exchange of this Note, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Issuer, the Global Agent, the NY Paying Agent, the Registrar, the London Paying Agent, the Luxembourg Paying Agent and the Transfer Agent
(collectively, together with any successors thereto, the “Agents”) or any agent of the Issuer or the Agents may treat the holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Agents nor any such agent shall be affected by notice to the contrary except as required by applicable law. 
 All notices to the Issuer under this Note shall be in writing and addressed to the Issuer c/o MBNA Europe Bank Limited, Chester Business Park Chester CH4 9FB, United Kingdom, Attention: Treasurer, or to such other address of the Issuer as
the Issuer may notify the holders of the Notes. 
  

 C-31 

 OPTION TO ELECT REPAYMENT 
 The undersigned hereby irrevocably request(s) and instruct(s) the Issuer to repay this Note (or portion hereof specified below) pursuant to its terms at
a price equal to 100% of the principal amount hereof to be repaid, together with accrued and unpaid interest hereon, payable to the date of repayment, to the undersigned, at
                                        
                     
 _______________________________________________________________________________________________. 
 (Please print or typewrite name and address of
the undersigned) 
 For this Note to be repaid, if this Note is in definitive form, the undersigned must give to the NY Paying Agent at
Deutsche Bank Trust Company Americas, 60 Wall Street, New York, NY 10005 United States, attention: Trust and Securities Services or at such other place or places of which the Issuer shall from time to time notify the holders of the Notes, not more
than 60 days nor less than 30 days prior to the date of repayment, this Note with this “Option to Elect Repayment” form duly completed. 
 If less than the entire principal amount of this Note is to be repaid, specify the portion hereof (which shall be increments of US$1,000, or equivalent denominations in other currencies) which the holder elects to have repaid and specify
the denomination or denominations (which shall be an Authorized Denomination specified on the face of the within Note) of the Notes to be issued to the holder for the portion of this Note not being repaid (in the absence of any such specification,
one such Note will be issued for the portion not being repaid): 
  

					
	US$
                                        
                            	 		 	  

		 		 	Signature
			
	Dated:                     	 		 	NOTICE: The signature on this “Option to Elect Repayment” form must correspond with the name as written upon the face of the within Note in every particular, without
alteration or enlargement or any change whatsoever.
		 		 
		 		 
		 		 
		 		 
		
	  
	 	
	Signature Guarantee	 		 	
		 		 	
	NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an
approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.	 		 	
	 		 	
	 		 	
	 		 	
	 		 	
	 		 	
	 		 	
	 		 	

  

 C-32 

 EXHIBIT D-l 
 FORM OF CERTIFICATION TO BE DELIVERED IN CONNECTION WITH 
 (1) EXCHANGES OR TRANSFERS OF INTERESTS IN THE
RESTRICTED 
 GLOBAL NOTES FOR INTERESTS IN THE UNRESTRICTED GLOBAL NOTES 
 AND (2) EXCHANGES OR TRANSFERS OF INDIVIDUAL DEFINITIVE 
 CERTIFICATES BEARING THE
RESTRICTED NOTE LEGEND FOR INDIVIDUAL 
 DEFINITIVE CERTIFICATES NOT BEARING THE RESTRICTED NOTE LEGEND 
 MBNA EUROPE FUNDING PLC (“the Issuer”) 
 Notes issued pursuant to the Global Note Program (the “Notes”) 
 FOR EXCHANGE OR TRANSFER OF (1) AN
INTEREST IN THE RESTRICTED GLOBAL NOTES OR (2) A NOTE REPRESENTED BY AN INDIVIDUAL DEFINITIVE 
 CERTIFICATE BEARING THE RESTRICTED NOTE LEGEND: 

We propose to exchange or transfer US$[            ] principal amount of Notes
represented by the Restricted Global Note (CUSIP No. [                    ], ISIN No.
[                    ], Common Code No.
[                     ]) held by DTC in the name of [insert name of transferor] for Notes, or to a person who wishes to acquire such Notes,
represented by the Unrestricted Global Note (CUSIP No. [                    ], ISIN No.
[                    ], Common Code No.
[                    ] ) held by [DTC][Euroclear][Clearstream]. 
 OR 
 We propose to exchange or transfer
US$[            ] principal amount of Notes represented by an individual definitive Certificate bearing the Restricted Note Legend and registered in the name of [insert name of transferor]
for Notes, or to a person who wishes to acquire such Notes, represented by an individual definitive Certificate not bearing the Restricted Note Legend. 
 AND 
 We confirm that such Notes have been offered and sold in an offshore transaction to a non-U.S. person as defined in,
and in accordance with, Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”). 
 FOR ISSUANCE OF AN INDIVIDUAL DEFINITIVE CERTIFICATE NOT BEARING THE RESTRICTED NOTE LEGEND: 
 Accordingly, we request that you
issue a Certificate in respect of such Notes bearing the Unrestricted Note Legend rather than the Restricted Note Legend. 
 This certificate
and the statements contained herein are made for your benefit and for the benefit of the Issuer. Terms used in this certificate have the meanings set forth in 

  

 D-1-1 

 
Regulation S and capitalized terms not otherwise defined herein have the meanings given to them in the Agency Agreement. 
 Very truly yours, 
 [insert name of transferor] 
  

			
	By:	 	  

		 	Authorized Signatory

  

 D-1-2 

 EXHIBIT D-2 
 FORM OF CERTIFICATION TO BE DELIVERED IN CONNECTION 
 WITH (1) EXCHANGES OR TRANSFERS OF INTERESTS IN THE

 UNRESTRICTED GLOBAL NOTES FOR INTERESTS IN THE RESTRICTED 
 GLOBAL NOTES, (2) EXCHANGES OR TRANSFERS OF INDIVIDUAL DEFINITIVE 
 CERTIFICATES NOT BEARING THE RESTRICTED
NOTE LEGEND FOR INDIVIDUAL 
 DEFINITIVE CERTIFICATES BEARING THE RESTRICTED NOTE LEGEND AND (3) 
 EXCHANGES OR TRANSFERS OF INDIVIDUAL DEFINITIVE CERTIFICATES 
 BEARING THE RESTRICTED NOTE LEGEND FOR INDIVIDUAL DEFINITIVE 
 CERTIFICATES BEARING THE RESTRICTED NOTE
LEGEND 
 MBNA EUROPE FUNDING PLC (“the Issuer”) 
 Notes issued pursuant to the Global Note Program (the “Notes”) 
 FOR EXCHANGE OR
TRANSFER OF (1) AN INTEREST IN THE UNRESTRICTED GLOBAL NOTES, (2) A NOTE REPRESENTED BY AN INDIVIDUAL DEFINITIVE CERTIFICATE NOT BEARING THE RESTRICTED NOTE LEGEND OR (3) A NOTE REPRESENTED BY AN INDIVIDUAL DEFINITIVE CERTIFICATE BEARING THE
RESTRICTED NOTE LEGEND: 
 We propose to exchange or transfer US$[            ]
principal amount of Notes represented by the Unrestricted Global Note held in the name of [insert name of transferor] for Notes, or to a person who wishes to acquire such Notes, represented by the Restricted Global Note (CUSIP No.
[                    ], ISIN No.
[                    ], Common Code No.
[                    ]). 
 OR 

We propose to exchange or transfer US$[            ] principal amount of Notes represented
by an individual definitive Certificate which does not bear the Restricted Note Legend and registered in the name of [insert name of transferor] for Notes, or to a person who wishes to acquire such Notes, represented by an individual definitive
Certificate bearing the Restricted Note Legend. 
 OR 
 We propose to exchange or transfer US$[                    ] principal amount of Notes represented by an individual
definitive Certificate bearing the Restricted Note Legend and registered in the name of [insert name of transferor] for Notes, or to a person who wishes to acquire such Notes, represented by an individual definitive Certificate bearing the
Restricted Note Legend. 
  

 D-2-1 

 AND 
 We confirm that such notes have been offered and sold either to a Person who (A) (i) is a QIB who is also a Qualified Purchaser, (ii) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in
securities of unaffiliated issuers and is not a plan referred to in Paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by the beneficiaries of the plan, (iii) is aware that the sale of the Restricted Notes to it is being made in reliance on Rule 144A or another exemption from the registration requirements of the Securities Act, (iv)
is aware that the Issuer will not be registered under the Investment Company Act in reliance on the exemption set forth in Section 3(c)(7) thereof, (v) is acquiring such Restricted Notes for its own account or for the account of a QIB who is also a
Qualified Purchaser, as the case may be, (vi) was not formed for the purpose of investing in the Issuer or the Guarantor, (vii) will (and each account for which it is purchasing will) hold and transfer such Notes in at least the minimum principal
amount of US$100,000, (viii) understands that the Issuer may receive a list of participants holding positions in the Notes from one or more book-entry depositories, and (ix) will provide notice of the transfer restrictions to any subsequent
transferees or (B) is not a U.S. Person and is purchasing the Notes in an offshore transaction pursuant to Regulation S. It understands that in the event that at any time the Issuer determines or is notified that such holder was in breach, at the
time given, of any of the representations set forth in this paragraph, the Issuer, the Guarantor or the Transfer Agent may consider the acquisition of the related Notes or interest in the related Notes void and require that the related Notes or such
interest be transferred to a person designated by the Issuer or the Guarantor. In each of cases (A) and (B), such offer or sale is in accordance with all applicable securities laws of the states of the United States and in a minimum principal amount
of US$100,000, and that (B) it has notified any subsequent purchaser of such Notes from it of the resale restrictions referred herein. 
 FOR ISSUANCE OF AN
INDIVIDUAL DEFINITIVE CERTIFICATE BEARING THE RESTRICTED NOTE LEGEND: 
 Accordingly, we request that you issue a Certificate in respect of
such Notes bearing the Restricted Note Legend. 
 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. Capitalized terms not otherwise defined herein have the meanings given to them in the Agency Agreement. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signatory

  

 D-2-2 

 Exhibit E-1 
 FORM OF DTC IMPORTANT SECTION 3(c)(7) NOTICE 
 THE DEPOSITORY TRUST COMPANY 
 IMPORTANT 
  

			
	B#:	  	[number]
		
	DATE:	  	[date]
		
	TO:	  	ALL PARTICIPANTS
		
	FROM:	  	[name, title, Underwriting Department]
		
	ATTENTION:	  	[Managing Partner/Officer; Cashier, Operations, Data Processing and Underwriting Managers]
		
	SUBJECT:	  	Section 3(c)(7)/Rule 144A restrictions for Notes issued by MBNA Europe Funding plc
		
	 (A)   CUSIP Number
	  	[                    ]
		
	 (B)   Security Description
	  	[                    ]
		
	 (C)   Offer Amount
	  	US $[                    ]
		
	 (D)   Dealer(s)
	  	[                    ]
		
	 (E)   Paying Agent
	  	[                    ]
		
	 (F)    Closing Date
	  	[                    ]

 Special Instructions: 
 See Attached Important Instructions from the Issuer. 
  

 E-1-1 

 [TO BE PLACED ON ISSUER LETTERHEAD] 
 [Title of Security] 
 [CUSIP] 
 MBNA Europe Funding plc (the “Issuer”) and the dealers, [                    ], are putting
Participants on notice that they are required to follow these purchase and transfer restrictions with regard to the above referenced security, issued by MBNA Europe Funding plc. 
 In order to qualify for the exemption provided by Section 3(c)(7) under the Investment Company Act of 1940 (the “Investment Company Act”)
and the exemption provided by Rule 144A under the Securities Act of 1933 (the “Securities Act”) offers, sales and resales of [insert title of securities], issued by MBNA Europe Funding plc (the “Notes”) within the United States
or to U.S. Persons may only be made in minimum denominations of US $100,000 and multiples of US $1,000 in excess thereof to “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A that are also “qualified
purchasers” (“Qualified Purchasers”) within the meaning of Section 2(a)(51)(A) of the Investment Company Act. Each purchaser of the Notes represents to and agrees with the Issuer and the dealers, that 
  

	 	(i)	It (A) (i) is a QIB who is also a Qualified Purchaser, (ii) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in
securities of unaffiliated issuers and is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by the beneficiaries of the plan, (iii) is aware that the sale of the Notes to it is being made in reliance on Rule 144A or another exemption from the registration requirements of the Securities Act,
(iv) is aware that the Issuer will not be registered under the Investment Company Act in reliance on the exemption set forth in Section 3(c)(7) thereof, (v) is acquiring such Notes for its own account or for the account of a QIB who
is also a Qualified Purchaser, as the case may be, (vi) was not formed for the purpose of investing in the Issuer or the Guarantor, (vii) will (and each account for which it is purchasing will) hold and transfer such Notes in at least the
minimum principal amount of US$100,000, (viii) understands that the Issuer may receive a list of participants holding positions in the Notes from one or more book-entry depositories, and (ix) will provide notice of the transfer
restrictions to any subsequent transferees or (B) is not a U.S. Person and is purchasing the Notes in an offshore transaction pursuant to Regulation S. It understands that in the event that at any time the Issuer determines or is notified that
such purchaser was in breach, at the time given, of any of the representations set forth in this paragraph (i), the Issuer, the Guarantor or the Transfer Agent may consider the acquisition of the related Notes or interest in the related Notes void
and require that the related Notes or such interest be transferred to a person designated by the Issuer or the Guarantor. 

  

 E-1-2 

	 	(ii)	It understands that the Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, that the
Notes have not been and will not be registered under the Securities Act, that the Issuer has not been registered under the Investment Company Act and that the Notes may not be reoffered, resold, pledged or otherwise transferred except (A)(i) to a
person who it reasonably believes is a QIB who is also a Qualified Purchaser in accordance with Rule 144A and who (w) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in securities of unaffiliated
issuers, (x) is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions with respect to the
plan are made by the beneficiaries of the plan, (y) was not formed for the purpose of investing in the Issuer or the Guarantor, and (z) is acquiring such Notes for its own account or for the account of a QIB who is also a Qualified
Purchaser; or (ii) in an offshore transaction to a non-U.S. person complying with Regulation S; in each of cases (i) and (ii), in accordance with all applicable securities laws of the states of the United States and in a minimum principal
amount of US$100,000, and that (B) it will, and each subsequent holder is required to, notify any subsequent purchaser of such Notes from it of the resale restrictions referred herein. It understands that the Notes will, for so long as the
Issuer is relying on Section 3(c)(7) of the Investment Company Act, bear a legend with respect to such transfer restrictions. See ‘Transfer Restrictions” in the Issuer’s Offering Circular dated September 15,2004.

  

	 	(iii)	It acknowledges that the Issuer and the Transfer Agent reserve the right prior to any sale or other transfer pursuant to clause 2(A)(ii) above to require the delivery of such
certifications, legal opinions and other information as the Issuer and the Transfer Agent may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions. 

  

	 	(iv)	It will not, at any time, offer to buy or offer to sell the Notes by any directed selling efforts or by any form of general solicitation or advertising, including, but not limited
to, any advertisement, article, notice of other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitation or
advertising. 

 The charter, bylaws, organizational documents or securities issuance documents of the Issuer provide that the
Issuer will have the right to (i) require any holder of Notes that is a U.S. Person who is determined not to be both a QIB and a Qualified Purchaser to sell the Notes to a QIB that is also a Qualified Purchaser or (ii) redeem any Notes
held by such a holder on 

  

 E-1-3 

 
specified terms. In addition, the Issuer has the right to refuse to register or otherwise honor a transfer of Notes to a proposed transferee that is a U.S.
Person who is not both a QIB and a Qualified Purchaser. As used herein the terms “United States” and “U.S. Person” have the meanings given such terms in Regulation S under the Securities Act. 
 The restrictions on transfer required by the Issuer (outlined above) will be reflected under the notation “3c7” in DTC’s User Manuals and
in upcoming editions of DTC’s Reference Directory. 
 Any questions or comments regarding this subject may be directed to MBNA Europe
Funding plc; Attn: Treasurer, 
 +44-124-467-2244. 
  

 E-1-4 

 Exhibit E-2 
 FORM OF EUROCLEAR IMPORTANT SECTION 3(c)(7) NOTICE 
 EUROCLEAR BANK S.A./N.V. 
 IMPORTANT 
  

							
	B#:	  	[number]
		
	DATE:	  	[date]
		
	TO:	  	ALL PARTICIPANTS
		
	FROM:	  	[name, title, Underwriting Department]
		
	ATTENTION:	  	[Managing Partner/Officer; Cashier, Operations, Data Processing and Underwriting Managers]
		
	SUBJECT:	  	Section 3(c)(7)/Rule 144A restrictions for [insert title of securities], issued by MBNA Europe Funding plc
		
	(A) CUSIP Number	  	 [                    ]

		
	(B) ISIN/Common Code	  	 [                    ]

		
	(C) Security Description	  	 [                    ]

		
	(D) Offer Amount	  	 [                    ]

		
	(E) Dealer(s)	  	 [                    ]

		
	(F) Paying Agent	  	 [                    ]

		
	(G) Closing Date	  	 [                    ]

 Special Instructions: 
 Euroclear has been informed by MBNA Europe Funding plc (the “Issuer”) and the Dealers that Participants are required to follow the instructions below: 
  

 E-2-1 

 In order to qualify for the exemption provided by Section 3(c)(7) under the Investment Company Act
of 1940 (the “Investment Company Act”) and the exemption provided by Rule 144A under the Securities Act of 1933 (the “Securities Act”) offers, sales and resales of [insert title of securities], issued by MBNA Europe Funding plc
(the “Notes”) within the United States or to U.S. Persons may only be made in minimum denominations of US $100,000 and multiples of US $1,000 in excess thereof to “qualified institutional buyers” (“QIBs”) within the
meaning of Rule 144A that are also “qualified purchasers” (“Qualified Purchasers”) within the meaning of Section 2(a)(51)(A) of the Investment Company Act. Each purchaser of the Notes represents to and agrees with the Issuer
and the dealers, that 
  

	 	(i)	It (A) (i) is a QIB who is also a Qualified Purchaser, (ii) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in
securities of unaffiliated issuers and is not a plan referred to in Paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by the beneficiaries of the plan, (iii) is aware that the sale of the Notes to it is being made in reliance on Rule 144A or another exemption from the registration requirements of the Securities Act,
(iv) is aware that the Issuer will not be registered under the Investment Company Act in reliance on the exemption set forth in Section 3(c)(7) thereof, (v) is acquiring such Notes for its own account or for the account of a QIB who
is also a Qualified Purchaser, as the case may be, (vi) was not formed for the purpose of investing in the Issuer or the Guarantor, (vii) will (and each account for which it is purchasing will) hold and transfer such Notes in at least the
minimum principal amount of US$100,000, (viii) understands that the Issuer may receive a list of participants holding positions in the Notes from one or more book-entry depositories, and (ix) will provide notice of the transfer
restrictions to any subsequent transferees or (B) is not a U.S. Person and is purchasing the Notes in an offshore transaction pursuant to Regulation S. It understands that in the event that at any time the Issuer determines or is notified that
such purchaser was in breach, at the time given, of any of the representations set forth in this paragraph (i), the Issuer, the Guarantor or the Transfer Agent may consider the acquisition of the related Notes or interest in the related Notes void
and require that the related Notes or such interest be transferred to a person designated by the Issuer or the Guarantor. 

  

	 	(ii)	 It understands that the Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities
Act, that the Notes have not been and will not be registered under the Securities Act, that the Issuer has not been registered under the Investment Company Act and that the Notes may not be reoffered, resold, pledged or otherwise transferred except
(A)(i) to a person who it reasonably believes is a QIB who is also a Qualified Purchaser in accordance with Rule 144A and who (w) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in securities

  

 E-2-2 

 
of unaffiliated issuers, (x) is not a plan referred to in Paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust fund referred to in Paragraph
(a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions with respect to the plan are made by the beneficiaries of the plan, (y) was not formed for the purpose of investing in the Issuer or the Guarantor, and
(z) is acquiring such Notes for its own account or for the account of a QIB who is also a Qualified Purchaser; or (ii) in an offshore transaction to a non-U.S. person complying with Regulation S; in each of cases (i) and (ii), in
accordance with all applicable securities laws of the states of the United States and in a minimum principal amount of US$100,000, and that (B) it will, and each subsequent holder is required to, notify any subsequent purchaser of such Notes
from it of the resale restrictions referred herein. It understands that the Notes will, for so long as the Issuer is relying on Section 3(c)(7) of the Investment Company Act, bear a legend with respect to such transfer restrictions. See
“Transfer Restrictions” in the Issuer’s Offering Circular dated September 15, 2004. 
  

	 	(iii)	It acknowledges that the Issuer and the Transfer Agent reserve the right prior to any sale or other transfer pursuant to clause 2(A)(ii) above to require the delivery of such
certifications, legal opinions and other information as the Issuer and the Transfer Agent may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions. 

  

	 	(iv)	It will not, at any time, offer to buy or offer to sell the Notes by any directed selling efforts or by any form of general solicitation or advertising, including, but not limited
to, any advertisement, article, notice of other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitation or
advertising. 

 The charter, bylaws, organizational documents or securities issuance documents of the Issuer provide that the
Issuer will have the right to (i) require any holder of Notes that is a U.S. Person who is determined not to be both a QIB and a Qualified Purchaser to sell the Notes to a QIB that is also a Qualified Purchaser or (ii) redeem any Notes
held by such a holder on specified terms. In addition, the Issuer has the right to refuse to register or otherwise honor a transfer of Notes to a proposed transferee that is a U.S. Person who is not both a QIB and a Qualified Purchaser. As used
herein the terms “United States” and “U.S. Person” have the meanings given such terms in Regulation S under the Securities Act. 
 The restrictions on transfer required by the Issuer (outlined above) will be reflected in Annex 
 3(c)(7) of Euroclear’s New
Issues Acceptance Guide. 
 Any questions or comments regarding this subject may be directed to MBNA Europe Funding plc; Attn: Treasurer,
+44-124-467-2244. 
  

 E-2-3 

 Exhibit E-3 
 FORM OF CLEARSTREAM BANKING IMPORTANT SECTION 3(c)(7) NOTICE 
 CLEARSTREAM BANKING LUXEMBOURG

 IMPORTANT 
  

													
	B#:	  	[number]
		
	DATE:	  	[date]
		
	TO:	  	ALL PARTICIPANTS
		
	FROM:	  	[name, title, Underwriting Department]
		
	ATTENTION:	  	[Managing Partner/Officer; Cashier, Operations, Data Processing and Underwriting Managers]
		
	SUBJECT:	  	Section 3(c)(7)/Rule 144A restrictions for [insert title of Securities], due
[                    ], issued by MBNA Europe Funding plc
		
	 (A)   CUSIP Number
	  	 [                    ]

		
	 (B)   ISIN/Common Code
	  	 [                    ]

		
	 (C)   Security Description
	  	 [                    ]

		
	 (D)   Offer Amount
	  	 US
$[                    ]

		
	 (E)   Dealer(s)
	  	 [                    ]

		
	 (F)    Paying Agent
	  	 [                    ]

		
	 (G)   Closing Date
	  	 [                    ]

 Special Instructions: 
 Clearstream Banking has been informed by MBNA Europe Funding plc (the “Issuer”) and the Dealers that Participants are required to follow the instructions below: 
  

 E-3-1 

 In order to qualify for the exemption provided by Section 3(c)(7) under the Investment Company Act
of 1940 (the “Investment Company Act”) and the exemption provided by Rule 144A under the Securities Act of 1933 (the “Securities Act”) offers, sales and resales of [insert title of securities], issued by MBNA Europe Funding plc
(the “Notes”) within the United States or to U.S. Persons may only be made in minimum denominations of US $100,000 and multiples of US $1,000 in excess thereof to “qualified institutional buyers” (“QIBs”) within the
meaning of Rule 144A that are also “qualified purchasers” (“Qualified Purchasers”) within the meaning of Section 2(a)(51)(A) of the Investment Company Act. Each purchaser of the Notes represents to and agrees with the Issuer
and the dealers, that 
  

	 	(i)	It (A) (i) is a QIB who is also a Qualified Purchaser, (ii) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in
securities of unaffiliated issuers and is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph (a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by the beneficiaries of the plan, (iii) is aware that the sale of the Notes to it is being made in reliance on Rule 144A or another exemption from the registration requirements of the Securities Act,
(iv) is aware that the Issuer will not be registered under the Investment Company Act in reliance on the exemption set forth in Section 3(c)(7) thereof, (v) is acquiring such Notes for its own account or for the account of a QIB who
is also a Qualified Purchaser, as the case may be, (vi) was not formed for the purpose of investing in the Issuer or the Guarantor, (vii) will (and each account for which it is purchasing will) hold and transfer such Notes in at least the
minimum principal amount of US$100,000, (viii) understands that the Issuer may receive a list of participants holding positions in the Notes from one or more book-entry depositories, and (ix) will provide notice of the transfer
restrictions to any subsequent transferees or (B) is not a U.S. Person and is purchasing the Notes in an offshore transaction pursuant to Regulation S. It understands that in the event that at any time the Issuer determines or is notified that
such purchaser was in breach, at the time given, of any of the representations set forth in this paragraph (i), the Issuer, the Guarantor or the Transfer Agent may consider the acquisition of the related Notes or interest in the related Notes void
and require that the related Notes or such interest be transferred to a person designated by the Issuer or the Guarantor. 

  

	 	(ii)	 It understands that the Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities
Act, that the Notes have not been and will not be registered under the Securities Act, that the Issuer has not been registered under the Investment Company Act and that the Notes may not be reoffered, resold, pledged or otherwise transferred except
(A)(i) to a person who it reasonably believes is a QIB who is also a Qualified Purchaser in accordance with Rule 144A and who (w) is not a broker-dealer that owns and invests on a discretionary basis less than US$25 million in securities

  

 E-2-2 

	 	 
of unaffiliated issuers, (x) is not a plan referred to in Paragraph (a)(l)(i)(D) or (a)(l)(i)(E) of Rule 144A or a trust fund referred to in Paragraph
(a)(l)(i)(F) of Rule 144A that holds the assets of such a plan, if investment decisions with respect to the plan are made by the beneficiaries of the plan, (y) was not formed for the purpose of investing in the Issuer or the Guarantor, and
(z) is acquiring such Notes for its own account or for the account of a QIB who is also a Qualified Purchaser; or (ii) in an offshore transaction to a non-U.S. person complying with Regulation S; in each of cases (i) and (ii), in
accordance with all applicable securities laws of the states of the United States and in a minimum principal amount of US$100,000, and that (B) it will, and each subsequent holder is required to, notify any subsequent purchaser of such Notes
from it of the resale restrictions referred herein. It understands that the Notes will, for so long as the Issuer is relying on Section 3(c)(7) of the Investment Company Act, bear a legend with respect to such transfer restrictions. See
“Transfer Restrictions” in the Issuer’s Offering Circular dated September 15,2004. 

  

	 	(iii)	It acknowledges that the Issuer and the Transfer Agent reserve the right prior to any sale or other transfer pursuant to clause 2(A)(ii) above to require the delivery of such
certifications, legal opinions and other information as the Issuer and the Transfer Agent may reasonably require to confirm that the proposed sale or other transfer complies with the foregoing restrictions. 

  

	 	(iv)	It will not, at any time, offer to buy or offer to sell the Notes by any directed selling efforts or by any form of general solicitation or advertising, including, but not limited
to, any advertisement, article, notice of other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitation or
advertising. 

 The charter, bylaws, organizational documents or securities issuance documents of the Issuer provide that the
Issuer will have the right to (i) require any holder of Notes that is a U.S. Person who is determined not to be both a QIB and a Qualified Purchaser to sell the Notes to a QIB that is also a Qualified Purchaser or (ii) redeem any Notes
held by such a holder on specified terms. In addition, the Issuer has the right to refuse to register or otherwise honor a transfer of Notes to a proposed transferee that is a U.S. Person who is not both a QIB and a Qualified Purchaser. As used
herein the terms “United States” and “U.S. Person” have the meanings given such terms in Regulation S under the Securities Act. 
 The restrictions on transfer required by the Issuer (outlined above) will be reflected in Chapter 7 (“Custody Business Operations - New Issues”), Section 7.3 (“General Procedure for the Admission and Distribution of New
Issues of Syndicated International Instruments”) in Clearstream Banking’s Reference Directory. 
 Any questions or comments
regarding this subject may be directed to MBNA Europe Funding plc; Attn: Treasurer, +44-124-467-2244. 
  

 E-3-3Australian MTN Deed Poll

 Exhibit 4(zz) 
 Australian MTN Deed Poll 
 Bank of America Corporation 
 A$3,000,000,000 Australian Medium Term Note 
 Program 
 Allens Arthur Robinson 
 Deutsche Bank Place 
 Corner Hunter and Phillip Streets 
 Sydney NSW 2000 
 Tel 61 2 9230 4000 
 Fax 61 2 9230 5333 
 www.aar.com.au 
 ® Copyright Allens Arthur Robinson 2006 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

 Table of Contents 
  

							
	1.	 	Definitions and Interpretation	  	1
		 	1.1	  	Definitions	  	1
		 	1.2	  	Interpretation	  	2
		 	1.3	  	Document or agreement	  	2
		 	1.4	  	Registration and transfer	  	2
		 	1.5	  	Inconsistencies	  	3
		 	1.6	  	Banking Act 1959	  	3
		 	1.7	  	United States Tax Compliance	  	3
			
	 2.
	 	The Notes	  	3
		 	2.1	  	Creation of Notes	  	3
		 	2.2	  	Constitution and title	  	3
		 	2.3	  	Denomination	  	4
		 	2.4	  	Status	  	4
		 	2.5	  	Issuer to inform Registrar and Issuing and Principal Paying Agent	  	4
			
	 3.
	 	Rights and Obligations of Noteholders	  	4
		 	3.1	  	Rights of Noteholders	  	4
		 	3.2	  	Deed poll and enforcement	  	5
		 	3.3	  	Noteholders bound	  	5
		 	3.4	  	Lodgement with Registrar	  	5
		 	3.5	  	Schedules and conditions	  	5
		 	3.6	  	Issuing and Principal Paying Agent	  	6
		 	3.7	  	Name on Register	  	6
		 	3.8	  	Payment of Interest falling due before Exchange Date	  	6
			
	 4.
	 	The Registrar and Issuing and Principal Paying Agent	  	6
		 	4.1	  	Appointment	  	6
		 	4.2	  	Duties	  	6
			
	 5.
	 	Terms and Conditions	  	6
		 	5.1	  	Terms and Conditions	  	6
			
	 6.
	 	Undertaking by Issuer	  	7
			
	 7.
	 	Governing Law and Jurisdiction	  	7
		 	7.1	  	Governing Law	  	7
		 	7.2	  	Jurisdiction	  	7
		 	7.3	  	Process Agent	  	7
			
	 8.
	 	Power of Attorney	  	7
		
	 Schedule 1
	  	8
		 	Form of Certificate to be Presented by Austraclear	  	8
		
	 Schedule 2
	  	10
		 	Form of Certificate of Beneficial Ownership	  	10
		
	 Schedule 3
	  	12
		 	Terms and Conditions of the Notes	  	A-1

  

 Page (i) 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

							
	 Schedule 4
	  		  	13
		 	Bearer Exchange Notice	  	13
		
	Appendix 1 to Bearer Exchange Notice	  	15
		
	 Schedule 5
	  	16
		 	Form of Bearer Note, Coupon and Talon	  	16

  

 Page (ii) 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

 THE NOTES ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM-TERM NOTE PROGRAM HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THE NOTES NOR ANY INTEREST OR PARTICIPATION IN THE NOTES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS TERRITORIES, ITS POSSESSIONS AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A U.S. PERSON UNDER REGULATIONS UNDER THE
SECURITIES ACT, UNLESS THE NOTES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. 
 THE NOTES ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM-TERM NOTE PROGRAM MAY NOT BE OFFERED, SOLD, OR DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TO ANY CITIZEN, NATIONAL OR RESIDENT OF THE UNITED STATES, ANY
CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANISED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL SUBDIVISION THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS
SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT WITHIN THE UNITED STATES IS ABLE TO EXERCISE PRIMARY SUPERVISION OVER ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT
AS PERMITTED UNDER APPLICABLE UNITED STATES TREASURY REGULATIONS. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER
THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTION 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 THE NOTES ARE NOT
SAVINGS ACCOUNTS OR DEPOSITS, ARE NOT OBLIGATIONS OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF THE ISSUER AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 NEITHER THE NOTEHOLDERS NOR THE BENEFICIAL OWNERS OF THE NOTES SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST ON THE NOTES EXCEPT PURSUANT TO THE PROVISIONS OF THE
NOTES. 
  

 Page (iii) 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

			
	Date	  	 May 18, 2006

		
		  	Granted by:
		
	Parties	  	
		
	1.	  	Bank of America Corporation, a corporation organised under the laws of the State of Delaware, United States of America, with its principal offices located at Bank of America Corporate
Center, 100 North Tryon Street, Charlotte, North Carolina 28255-0065, United States of America (the Issuer).
		
	Recitals	  	
		
	A	  	The Issuer established an A$3,000,000,000 Australian Medium-Term Note Program (the Program) under which it proposes to issue Notes from time to time on the terms of this Deed
Poll.
		
	B	  	The Notes will be issued initially in registered form by inscription in the Register to be maintained by the Registrar. The Notes in registered form may be exchanged for Notes in bearer
definitive form subject to, and in accordance with, the Terms and Conditions.
		
	C	  	The Issuer enters into this Deed Poll for the benefit, amongst others, of the holders from time to time of Notes, the holders of the Issuer’s Senior Indebtedness, in respect of Subordinated
Notes, and the Dealers.

 IT IS AGREED AND DECLARED as follows. 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 Definitions in the applicable Pricing
Supplement and in the Terms and Conditions apply in this Deed Poll unless the context otherwise requires or the relevant term is defined in this Deed Poll. 
 Pricing Supplement means the pricing supplement executed by the Issuer and prepared in relation to the Notes of the relevant Tranche or Series (substantially in the form of annexure B of the Program
Agreement) as a supplement, modification or replacement of the Terms and Conditions and giving details of that Tranche or Series. 
 Program Agreement means the Program Agreement dated on or about the date of this Deed Poll between the Issuer and the Dealers named in it. 
 Terms and Conditions means the terms and conditions applicable to a Note set out in schedule 3, as supplemented, modified or replaced by the relevant Pricing Supplement. 
  

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	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

	1.2	Interpretation 

 Headings are for convenience only
and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural and the converse. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

  

	 	(d)	A reference to a person, corporation, trust, partnership, unincorporated body or other entity includes any of them. 

  

	 	(e)	A reference to a clause, annexure or schedule is a reference to a clause of, or annexure or schedule to, this Deed Poll. 

  

	 	(f)	A reference to a party to this Deed Poll or another agreement or document includes the party’s successors and permitted substitutes or assigns. 

  

	 	(g)	A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation or statutory
instrument issued under it. 

  

	 	(h)	A reference to writing includes a facsimile transmission and any means of reproducing words in a tangible and permanently visible form. 

  

	 	(i)	A reference to conduct includes an omission, statement or undertaking, whether or not in writing. 

  

	 	(j)	Mentioning anything after include, includes or including does not limit what else might be included. 

  

	 	(k)	All references to time shall, unless the context otherwise requires, be references to Sydney, Australia, time. 

  

	1.3	Document or agreement 

 A reference to: 

 

	 	(a)	an agreement includes a security interest, Guarantee, undertaking, deed, agreement or legally enforceable arrangement whether or not in writing; and

  

	 	(b)	a document includes an agreement (as so defined) in writing or a certificate, notice, instrument or document. 

 A reference to a specific agreement or document (including this deed) includes it as amended, novated, supplemented or replaced from time to time, except
to the extent prohibited by a Program Document. 
  

	1.4	Registration and transfer 

 References in this Deed
Poll to: 
  

	 	(a)	registration or recording include inscription, and register and record have a corresponding meaning; and

  

 Page 2 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

	 	(b)	transfer includes transmission. 

  

	1.5	Inconsistencies 

 In the event of an inconsistency,
the provisions will prevail in the following order: 
  

	 	(a)	the Pricing Supplement; 

  

	 	(b)	this Deed Poll; and 

  

	 	(c)	the Terms and Conditions. 

  

	1.6	Banking Act 1959 

 The Issuer is not authorised
under the Banking Act 1959 of the Commonwealth of Australia to carry on banking business and is not subject to prudential supervision by the Australian Prudential Regulation Authority. 
  

	1.7	United States Tax Compliance 

 Any United States
person who holds this obligation will be subject to limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code. 
  

	2.	The Notes 

  

	2.1	Creation of Notes 

  

	 	(a)	Notes are issued initially in registered form. Subject to the Program Agreement, the Issuer may create Registered Notes at any time by procuring the Registrar to inscribe the
details of those Registered Notes in the Register in accordance with the relevant Terms and Conditions. 

  

	 	(b)	The Terms and Conditions in relation to those Notes, once issued, shall include the provisions of the relevant Pricing Supplement. 

  

	 	(c)	The execution of any Pricing Supplement shall not constitute the issue of a Note, the acknowledgement of any debt or any promise to pay by the Issuer. No Registered Note will be
created or issued except in accordance with subclause 2.2, and once created or issued the information contained in the Register with respect to those Registered Notes will have the effect provided under the Terms and Conditions.

  

	2.2	Constitution and title 

  

	 	(a)	The Registered Notes are constituted by this Deed Poll and inscription in the Register. The obligations of the Issuer are constituted by, and specified in, this Deed Poll. Each Note
is a separate debt obligation of the Issuer and may be transferred separately from any other Note. 

  

	 	(b)	Title to the Registered Notes is conclusively evidenced for all purposes by inscription in the Register. The making of, or giving effect to, a manifest error in an inscription in
the Register will not avoid the constitution, issue or transfer of a Registered Note. The Issuer will procure the Registrar to rectify any manifest error of which it becomes aware. 

  

 Page 3 

			
	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

	 	(c)	No certificate or other evidence of title to a Registered Note will be issued by or on behalf of the Issuer unless the Issuer determines otherwise or is required to do so under any
applicable law or regulation. 

  

	2.3	Denomination 

 Each Note must be denominated in
Australian dollars in such amount or amounts as set out in the relevant Pricing Supplement. 
  

	2.4	Status 

  

	 	(a)	The Senior Notes will be unsecured and unsubordinated obligations of the Issuer and will rank equally with all other unsecured and unsubordinated indebtedness of the Issuer. The
Subordinated Notes are unsecured and subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness of the Issuer. 

  

	 	(b)	The indebtedness evidenced by the Subordinated Notes, subject to the extent set out in the Terms and Conditions, shall be subordinated in right of payment to the prior payment in
full of all the Issuer’s Senior Indebtedness. Senior Indebtedness shall continue to be Senior Indebtedness and shall be entitled to the benefits of such subordination irrespective of any amendment, modification, or waiver of any term of the
Senior Indebtedness. There is no right of acceleration in the case of a default in the payment of interest on the Subordinated Notes or in the performance of any other obligation of the Issuer under the Subordinated Notes. 

 

	 	(c)	The further provisions relating to Subordinated Notes are as set out in Condition 2.7(b) of the Terms and Conditions and otherwise in the Terms and Conditions.

  

	 	(d)	The ranking of Registered Notes is not affected by the date of inscription in the Register. 

  

	2.5	Issuer to inform Registrar and Issuing and Principal Paying Agent 

 On or before the Issue Date of a Note, the Issuer must give the Registrar and the Issuing and Principal Paying Agent a copy of the relevant Pricing Supplement. 
  

	3.	Rights and Obligations of Noteholders 

  

	3.1	Rights of Noteholders 

  

	 	(a)	A Noteholder is entitled, in respect of each Registered Note for which that person’s name is inscribed in the Register, to the payment of the principal amount and interest in
accordance with the Terms and Conditions and Pricing Supplement applicable to that Registered Note, together with the other benefits given to Noteholders under this Deed Poll including, unless the Note is purchased and cancelled prior to the
relevant Maturity Date in accordance with the Terms and Conditions, the payment of the Redemption Amount of such Note on the relevant Maturity Date as specified in the Terms and Conditions and the relevant Pricing Supplement.

  

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	 	(b)	The Issuer irrevocably undertakes to make all those payments on the due date, together with the payment of principal and interest in respect of the Registered Notes in accordance
with the Terms and Conditions and Pricing Supplement applicable to those Registered Notes. 

  

	3.2	Deed poll and enforcement 

 This Deed Poll is a deed
poll. Each Dealer and each Noteholder and any person claiming through a Noteholder has the benefit of this Deed Poll and can enforce it even though they may not be in existence at the time this Deed Poll is executed. Each Noteholder may enforce its
rights under this Deed Poll independently from the Registrar and each other Noteholder, as the case may be. 
  

	3.3	Noteholders bound 

 Each Noteholder, and any person
claiming through a Noteholder, who asserts an interest in a Note is bound by this Deed Poll. Persons claiming interests in a Note must do so in accordance with the rules of any clearing or other system for the holding of such interests, or in
accordance with law, and obtain the interests in a Note provided by such system or by law. 
  

	3.4	Lodgement with Registrar 

  

	 	(a)	The Issuer shall deliver an executed counterpart of this Deed Poll to the Registrar for it to hold for the benefit of Noteholders for so long as the Program remains in effect and
thereafter until the date on which all the obligations of the Issuer under or in respect of any Registered Notes (including, without limitation, its obligations under this Deed Poll) have been discharged in full. The Issuer acknowledges the right of
every Noteholder to the production of this Deed Poll. 

  

	 	(b)	Each Noteholder is taken to have irrevocably appointed and authorised the Registrar to hold this Deed Poll in New South Wales on behalf of that Noteholder, with the powers expressly
delegated to the Registrar under the relevant Agency and Registry Agreement and other powers reasonably incidental to those powers. 

  

	 	(c)	The Registrar has no duties or responsibilities in that capacity except those expressly set out in each Agency and Registry Agreement. 

  

	3.5	Schedules and conditions 

 The Notes are issued upon
and subject to: 
  

	 	(a)	the Terms and Conditions; 

  

	 	(b)	the applicable Pricing Supplement; and 

  

	 	(c)	the Agency and Registry Agreement; 

 each of which are
binding on the Issuer and the Noteholders and all persons claiming through or under them respectively. 
  

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	3.6	Issuing and Principal Paying Agent 

 Each Noteholder
is taken to acknowledge that: 
  

	 	(a)	the Issuing and Principal Paying Agent is the Issuer’s agent, not theirs; and 

  

	 	(b)	the Issuing and Principal Paying Agent does not owe any fiduciary duty to any Noteholder. 

  

	3.7	Name on Register 

 The person whose name appears in
the Register will be treated by the Issuer, the Issuing and Principal Paying Agent and the Registrar as the absolute owner of the relevant Registered Note. Neither the Issuer nor the Registrar nor any other person is, except as required by order of
a court of competent jurisdiction, or as required by law, obliged to take notice of any other claim to or in respect of Registered Notes. 
  

	3.8	Payment of Interest falling due before Exchange Date 

 Payments of interest otherwise falling due before the date the Registered Notes convert to permanent form will be made only upon and to the extent of delivery to the Issuing and Principal Paying Agent of a signed certificate or
certificates, dated not earlier than the Exchange Date, from Austraclear based upon a written certification or certifications from Austraclear and the Austraclear Participants shown in the records of Austraclear as holding an interest in the
Registered Note in substantially the form set out in Schedule 1 and 2 to this Deed Poll respectively with respect to such Registered Notes. 
  

	4.	The Registrar and Issuing and Principal Paying Agent 

  

	4.1	Appointment 

  

	 	(a)	The Issuer undertakes to ensure that a person acts at all times as registrar and issuing and principal paying agent in respect of the Registered Notes and properly performs the
functions required of the registrar and issuing and principal paying agent. The Issuer will promptly replace the registrar or issuing and principal paying agent if it is not properly performing its duties. 

  

	 	(b)	The issuer will not appoint any registrar or issuing or paying agent which is located in the United States. 

  

	4.2	Duties 

 Each of the Registrar and the Issuing and
Principal Paying Agent has no duties or responsibilities except those expressly set out in each of the Agency and Registry Agreement, the Terms and Conditions and this Deed Poll. 
  

	5.	Terms and Conditions 

  

	5.1	Terms and Conditions 

 The Issuer agrees to its
obligations as set out in the Terms and Conditions. 
  

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	6.	Undertaking by Issuer 

 The Issuer undertakes to
procure the production by the Registrar to each Noteholder (upon request by that Noteholder) of a certified copy or, if necessary, the original, of this Deed Poll. 
  

	7.	Governing Law and Jurisdiction 

  

	7.1	Governing law 

 This Deed Poll is governed by the
law in force in New South Wales. The subordination provisions contained in Condition 2.7 of the Terms and Conditions are governed by New York law. 
  

	7.2	Jurisdiction 

 Each person taking benefit of or
bound by this Deed Poll irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts with jurisdiction in New South Wales. Each party waives any right it has to object to an action being brought in those courts, to claim
that the action has been brought in an inconvenient forum, or to claim those courts do not have jurisdiction. 
  

	7.3	Process Agent 

 The Issuer appoints BA Australia
Limited (ABN 50 004 617 341) to act as its process agent in New South Wales. If that person ceases to have an office in Australia, the Issuer shall ensure that there is another person appointed immediately to receive process on its behalf.

  

	8.	Power of Attorney 

 Each attorney executing this
Deed Poll states that he or she has no notice of revocation or suspension of his power of attorney. 
  

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 Schedule 1 
 Form of Certificate to be Presented by Austraclear 
 BANK OF AMERICA CORPORATION 
 (the Issuer) 
 A$[*] NOTES DUE
[*] 
 Series No. [*] 
 Tranche
No. 1 
 (the Instruments) 
 This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from member organisations appearing in our records as persons being entitled to interest on or a portion of
the principal amount set forth below (our “Member Organisations”) substantially to the effect set forth in the Deed Poll as of the date hereof, [    ] principal amount of the above-captioned Instruments (i) is
owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or estates or trusts described in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (taking into account
changes thereto and associated effective dates, elections, and transition rules) (“United States persons”), (ii) is owned by United States persons that (a) are foreign branches of United States financial institutions (as defined
in U.S. Treasury Regulations Section 1.165-12(c)(1) (“financial institutions”)) purchasing for their own account or for resale, or (b) acquired the Instruments through and are holding through on the date hereof (as such terms
“acquired through” and “holding through” are described in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6)) foreign branches of United States financial institutions (and in either case(a) of (b), each such United
States financial institution has agreed, on its own behalf or through its agent, that we may advise the Issuer or the Issuer’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not
acquired the Instruments for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. Any such certification by electronic transmission satisfies the requirements set forth in
U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(ii). We will retain all certifications from our Member Organisations for the period specified in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(i). 
 As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, America Samoa, Wake Island and the Northern Mariana Islands. 
  

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 The Instruments are of the category contemplated in Rule 903(b) (2) of Regulation S under the Securities Act of
1933, as amended (the “Act”), and this is also to certify that, except as set forth below in the case of debt securities, the Securities are beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s) who purchased the
Securities in transactions which did not require registration under the Act. As used in this paragraph the term “U.S. person” has the meaning given to it by Regulation S under the Act. 
 We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise or any rights or collection of any interest) any portion of
the Instruments expected in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements make by such Member Organisations with respect to
any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as at the date hereof. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States and, if required,
shall be retained in the manner specified in such laws. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is would be relevant, we irrevocably authorise you to
produce this certification to any interested party in such proceedings. 
 Date: [    ]* 
 Austraclear Limited, as operator of the Austraclear System 
 By: [authorised
signature] 
  

	*	To be dated not earlier than the Exchange Date. 

  

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 Schedule 2 
 Form of Certificate of Beneficial Ownership 
 BANK OF AMERICA CORPORATION 
 (the Issuer) 
 A$[*] NOTES
DUE [*] 
 Series No.[*] 
 Tranche
No. 1 
 (the Instruments) 
 This is to certify that as of the date hereof, and except as set forth below, the above-captioned Instruments held by you for our account (i) are owned by persons that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or estates or trusts described in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (taking into account changes thereto and associated effective dates, elections, and transition rules)
(“United States persons”), (ii) are owned by United States person(s) that (a) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1) (“financial
institutions”)) purchasing for their own account or for resale, or (b) acquired the Instruments through and are holding through on the date hereof (as such terms “acquired through” and “holding through” are described in
U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6)) foreign branches of United States financial institutions (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through
its agent, that you may advise the Issuer or the Issuer’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the
Instruments is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)) this is further to certify that such financial institution has not acquired the
Instruments for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. Any such certification by electronic transmission satisfies the requirements set forth in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(3)(ii). 
 As used herein, “United States” means the United States of America (including the States
and the District of Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 The Instruments are of the category contemplated in Rule 903(b)(2) of Regulation S under the Securities Act of 1933, as amended (the “Act”), and this is also to certify that , except as set forth below in
the case of debt securities, the Securities are beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s) who purchased the Securities in transactions which did not require registration under the Act. As used in this paragraph the
term “U.S. person” has the meaning given to it by Regulation S under the Act. 
  

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 We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your
certification relating to the Instruments held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date. 
 This certification excepts and does not relate to [    ] of such interest in the above
Instruments in respect of which we are not able to certify and as to which we understand exercise of any rights (or collection of any interest) cannot be made until we do so certify. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States and, if required, shall be retained in the manner specified in
such laws. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested
party in such proceedings. 
 Date: [    ]* 
 [*] as or as agent for the beneficial owner of the Instruments. 
 By: [authorised signature] 
  

	*	To be dated not earlier than fifteen days before the Exchange Date. 

  

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	Australian MTN Deed Poll	 	Allens Arthur Robinson

  

 Schedule 3 
 Terms and Conditions of the Notes 
  

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		 	Allens Arthur Robinson

  

 TERMS AND CONDITIONS OF THE NOTES 
 The following (other than the words in italics) are the Terms and Conditions of the Notes as supplemented, modified or replaced in relation to any Notes by the relevant Pricing Supplement which will be applicable
to a particular Tranche of Notes. 
 The Notes are constituted by the Deed Poll dated on or about May 18, 2006 (the Deed Poll)
executed by Bank of America Corporation (the Issuer) and are issued with the benefit of the Agency and Registry Agreement. Copies of those documents are available for inspection at the following office of the Issuing and Principal
Paying Agent: 
 Level 35, AAP Centre, 259 George Street, SYDNEY NSW 2000 
 The registered holders of Notes and any subsequent holders of Notes in bearer form (in each case, Noteholders) are entitled to the benefit of, are bound by and are deemed to have notice of, all the
provisions contained in the Deed Poll and the Agency and Registry Agreement. 
  

	1.	Interpretation 

  

	1.1	Definitions 

 The following words have these
meanings in these Terms and Conditions unless the contrary intention appears. 
 Additional Amounts has the meaning given in
Condition 7. 
 Agency and Registry Agreement means any agreement between the Issuer and the Issuing and Principal Paying Agent
and Registrar for the issuing, paying agency and registry services for the Notes and any other agreement for any of those services. 
 ATO means the Australian Taxation Office. 
 Austraclear means Austraclear Limited (ACN 002 060 773) or
its successor. 
 Austraclear Letter means the letter dated on or about May 18, 2006 from the Issuer to each of Austraclear
and the Registrar and Issuing and Principal Paying Agent and under which Austraclear confirms that it will provide certain services for the Issuer in relation to the Program and will allow the Registrar to access the Austraclear System. 

Austraclear System means the system operated by Austraclear in accordance with the Regulations. 
 Australian dollars or A$ means the lawful currency of Australia from time to time. 
 BBSW means, in relation to an Interest Period, the rate per annum (expressed as a percentage) calculated by the Issuing and Principal Paying
Agent by taking the rates quoted on the Reuters Screen BBSW Page at approximately 10:10am, Sydney time, on the first day of that Interest Period for at least five banks quoting on that page, as being the mean buying and selling rate for a bill
(which for the purpose of this definition means a bill of exchange of the type specified for the purpose of quoting on the Reuters Screen BBSW page) having a tenor equal to or closest approximating the Interest Period, eliminating the highest and
lowest mean rates and taking the average of the remaining mean rates. 
  

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 If in respect of the first day of an Interest Period, fewer than five banks have quoted rates on the
Reuters BBSW Page, the rate for that Interest Period shall be calculated as above by taking the rates otherwise quoted by five banks on application by the Issuing and Principal Paying Agent for such a bill of the same tenor. If in respect of the
first day of an Interest Period, the rate for that Interest Period cannot be determined in accordance with the foregoing procedures, then the rates shall be the rate as reasonably determined by the Issuing and Principal Paying Agent, having regard
to comparable indices and available. 
 Bearer Exchange Notice means a notice substantially in the form of Schedule 4 to the
Deed Poll. 
 Bearer Note means a note in bearer form. 
 Business Day means a day on which: 
  

	 	(a)	commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency markets) in Sydney and
Charlotte, North Carolina and any additional business centres specified in the applicable Pricing Supplement; 

  

	 	(b)	Austraclear is open for business, excluding a Saturday, Sunday or public holiday in Sydney; and 

  

	 	(c)	if a Note is to be issued or paid, each relevant clearing system (including the Austraclear System, Euroclear and/or Clearstream) is operating. 

 Business Day Convention in respect of a Note, means the convention specified in the relevant Pricing Supplement for that Note and recorded
in the Register for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day. The following terms, when used in conjunction with the term Business Day Convention and a date, shall mean that an
adjustment will be made if that date would otherwise fall on a day that is not a Business Day so that: 
  

	 	(a)	if Following is specified, that date will be the following Business Day; 

  

	 	(b)	if Modified Following or Modified is specified, that date will be the following Business Day unless that day falls in the next calendar month, in which
case that date will be the preceding Business Day; and 

  

	 	(c)	if Preceding is specified, that date will be the preceding Business Day. 

 Clearstream means Clearstream Banking, societe anonyme or its successor. 
 Coupon
means any interest coupon appertaining to a Bearer Note. 
 Couponbolder means the holder of a Coupon. 
 Day Count Basis means, in respect of the calculation of an amount of interest on any Note for any period of time (Calculation
Period), the day count basis specified in the relevant Pricing Supplement and: 
  

	 	(a)	if Actual/365 or Actual/Actual is specified, the actual number of days in the Calculation Period in respect of which payment is being made (being
inclusive of the first day, but exclusive of the last day, of that Calculation Period) divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (i)

  

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		 	Allens Arthur Robinson

  

 the actual number of days in that portion of the Calculation Period falling in a leap year divided by
366; and (ii) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365); or 
  

	 	(b)	if Actual/365 (Fixed) is specified, the actual number of days in the Calculation period in respect of which payment is being made divided by 365; or

  

	 	(c)	if Actual/360 is specified, the actual number of days in the Calculation Period in respect of which payment is being made divided by 360; or 

 

	 	 (d)
	 if 30/360 360/360 or Bond Basis is specified, the number of days in the Calculation Period
in respect of which payment is being made (being inclusive of the first day, but exclusive of the last day, of that Calculation Period) divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months
(unless (i) the last day of the Calculation Period is the 31st day of a month but the first day of the
Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of
the Calculation Period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)); or 

  

	 	(e)	if RBA Bond Basis is specified, one divided by the number of Interest Payment Dates in a year; or 

  

	 	(f)	such other basis as may be specified in the relevant Pricing Supplement as being the applicable basis for the calculation of the amount of interest in respect of a Series of Notes.

 Dealer means each person described as such who is an original party to the Program Agreement (and who has not
been removed or retired in accordance with the terms of Program Agreement), any person who accedes to the Program Agreement as a Dealer or any person appointed as a Dealer under a relevant Syndication Agreement. 
 Determination Notice has the meaning given in Condition 5.3. 
 Early Redemption Amount means, in relation to any Note, the Redemption Amount payable on redemption at any time prior to its Maturity Date together with accrued interest up to but excluding the date of
redemption, unless otherwise stated in the relevant Pricing Supplement. 
 Euroclear means Euroclear Bank S.A./N.V., as operator
of the Euroclear System or its successor. 
 Event of Default means an event specified in Condition 9. 
 Exchange Date mean the first Business Day following the expiration of the 40 day distribution compliance period as set forth in Regulation S
of the General Regulations under the Securities Act. 
 Fixed Rate Note means a Note that bears interest at a fixed rate.

 Floating Rate Note means a Note that bears interest at a floating or variable rate. 
  

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 Interest Accrual Date means, in relation to any Note, the date specified in the Pricing
Supplement as the date on and from which interest accrues on that Note. 
 Interest Amount means, in relation to any Note, the
amount of interest payable in respect of such Note as determined under Condition 3.4. 
 Interest Payment Date means, in
relation to any Note, each date specified in, or determined in accordance with the provisions of, the Pricing Supplement as a date on which a payment of interest on that Note is due and adjusted, if necessary, in accordance with the applicable
Business Day Convention. 
 Interest Period means, in relation to any Note, the period from and including an Interest Payment
Date (or, in the case of the first period, the Interest Accrual Date) to but excluding the next Interest Payment Date. 
 Interest
Rate means, in relation to any Note, the rate of interest (expressed as a per cent per annum) payable in respect of that Note specified in or calculated or determined in accordance with the provisions of the Pricing Supplement. 

Issue Date means, in relation to any Note, the date recorded or to be recorded in the Register as the date on which the Note is issued.

 Issue Price in relation to a Note, means the issue price specified in, or calculated or determined in accordance with the
provisions of, the Pricing Supplement for that Note. 
 Issuing and Principal Paying Agent means JPMorgan Chase Bank N.A.,
Sydney Branch in its capacity as issue and paying agent or any other issue and paying agent specified in the relevant Pricing Supplement or any other Program Document. 
 Maturity Date means, in relation to any Note, the date specified in the Pricing Supplement as the Maturity Date for that Note. 
 Meeting Provisions means the provisions for the convening of meetings and passing of resolutions by Noteholders set out in the Schedule to
these Terms and Conditions. 
 Maximum Interest Rate has the meaning given in Condition 3.4. 
 Minimum Interest Rate has the meaning given in Condition 3.4. 
 Note means a Registered Note and/or a Bearer Note, as the context may require, and such Note may be a Senior Note or a Subordinated Note as indicated in the applicable Pricing Supplement. 
 Noteholder means: 
  

	 	(i)	in the case of a Registered Note, a person whose name is for the time being entered in the Register as a holder of a Note and when a Note is entered into the Austraclear System
includes Austraclear or any other entity acting on behalf of any member of the Austraclear System; and/or 

  

	 	(ii)	in the case of a Bearer Note, the bearer of such Note, 

 as
the context may require. 
 Offering Circular means at any time the offering circular issued in connection with the issue, sale
or purchase of Notes, as revised, supplemented or amended from time to time 
  

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		 	Allens Arthur Robinson

  

 
by the Issuer, and such documents as are from time to time incorporated into it by reference (but not including any information or documents superseded by
any information subsequently included or incorporated). 
 Optional Redemption Amount means, in respect of any Note, its
principal amount or such other amount as may be specified in, or determined in accordance with, the applicable Pricing Supplement. 
 Optional Redemption Date has the meaning given in Condition 5.4 and the specific date identified in the relevant Pricing Supplement. 
 Outstanding Principal Amount means, in relation to any Note, the principal amount outstanding on that Note from time to time. 
 Paying Agent means any paying agent in respect of the Notes appointed by the Issuer pursuant to the Agency and Registry Agreement. 
 Pricing Convention means unless otherwise specified in the relevant Pricing Supplement: 
  

	 	(a)	in respect of a Floating Rate Note, the FRN convention as published by the Australian Financial Markets Association (AFMA); or 

  

	 	(b)	in respect of a Fixed Rate Note, the Reserve Bank of Australia bond basis. 

 Pricing Supplement means the pricing supplement executed by the Issuer and prepared in relation to the Notes of the relevant Tranche or Series (substantially in the form set out in the Offering Circular)
as a supplement, modification or replacement of the Terms and Conditions and giving details of that Tranche or Series. 
 Program
Agreement means the agreement so entitled dated on or about the date of the Deed Poll between the Issuer and the Dealers named in that agreement. 
 Program Document means each of: 
  

	 	(a)	the Program Agreement; 

  

	 	(b)	the Deed Poll; 

  

	 	(c)	any Agency and Registry Agreement; 

  

	 	(d)	the Austraclear Letter; 

  

	 	(e)	any Offering Circular; 

  

	 	(f)	the relevant Notes; 

  

	 	(g)	the relevant Syndication Agreement (if applicable); and 

  

	 	(h)	the relevant Pricing Supplement. 

 Put Option
Notice means the notice which must be delivered to the Registrar (in the case of Registered Notes) or any Paying Agent (in the case of Bearer Notes), as the case may be, by any Noteholder to exercise its option to redeem a Note prior
to its Maturity Date. 
 Redemption Amount means, in relation to any Note, the Outstanding Principal Amount or such other
redemption amount as may be specified in or calculated or determined in accordance with the provisions of the Pricing Supplement. 
  

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 Register means a register of Notebholders maintained by the Registrar on behalf of the
Issuer in which is entered the name and address of Noteholders whose Notes are carried on that Register, the amount of Notes held by each Noteholder and the Tranche, Series, date of issue and transfer of those Notes and any other particulars which
the Issuer sees fit. 
 Registered Note means a note in registered form. 
 Registrar means JPMorgan Chase Bank N.A., Sydney Branch, in its capacity as registrar of the Notes or such other person appointed by the
Issuer to establish and maintain the Register on the Issuer’s behalf from time to time. 
 Regulations means the regulation
and Operating manual of Austraclear or the terms and conditions and operating procedures of Euroclear or Clearstream, as the case may be, from time to time. 
 Securities Act means the United States Securities Act of 1933, as amended. 
 Senior
Notes has the meaning given in Condition 2.7. 
 Senior Indebtedness has the meaning given in Condition 2.7. 

Series means Notes having identical terms except that the Issue Date and the amount of the first payment of interest may be different in
respect of different Tranches it comprises, or as otherwise agreed and referred to in the Pricing Supplement as being a Series. 
 Subordinated Notes has the meaning given in Condition 2.7. 
 Talon means a talon attached on issue to a
Bearer Note which is exchangeable in accordance with its provisions for further Coupons appertaining to the Note, the talon being in or substantially in the form set out in Schedule 5 to the Deed Poll or in such other form as may be agreed between
the Issuer, the Issuing and Principal Paying Agent and the relevant Dealer and includes any replacements for Talons issued in accordance with Condition 11. 
 Tenor of a Note means the number of days from, and including, its Issue Date to but excluding, its Maturity Date. 
 Tranche means Notes issued on the same Issue Date the terms of which are identical in all respects (except that a Tranche may comprise Notes in more than one denomination) or as otherwise agreed and
referred to in the Pricing Supplement as being a Tranche. 
 US$ means the lawful currency of the United States of America from
time to time. 
 Transfer and Acceptance Form means such form as the Registrar adopts in line with the then current market
practice to effect a transfer of Notes. 
 United States means the United States of America or any of its territories or
possessions. 
 United States Alien has the meaning given in Condition 7. 
  

	1.2	Deed Poll provisions 

 Subclauses 1.2 and 1.3 of the
Deed Poll apply to these Terms and Conditions except that each reference in them to this Deed Poll is to be read as if it were a reference to these Terms and Conditions. 
  

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	1.3	Interpretations 

 References in these Terms and
Conditions to issues, sales, or transfers, including cognate expressions, of Notes, and related dealings in Notes, include issues, sales or transfers, and cognate expressions, in interests or participations in Notes, and related dealings in such
interests or participations. 
  

	2.	Form, Title and Status 

  

	2.1	Form 

  

	 	(a)	Each Registered Note is issued in temporary registered form. The holders of Registered Notes are recorded in the Register. Registered Notes will convert to permanent form upon and
to the extent of delivery to the Issuing and Principal Paying Agent of a certificate or certificates dated not earlier than the Exchange Date issued by Austraclear in substantially the form set out in Schedule 1 of the Deed Poll with respect to such
Registered Notes. 

  

	 	(b)	Each certificate or certificates shall be based upon a written certification or certifications in substantially the form set out in Schedule 2 of the Deed Poll received by
Austraclear in writing by hand or by facsimile from the persons appearing in its records as being the owners of the Registered Notes being exchanged (the Austraclear Participants). 

  

	 	(c)	The delivery to the Issuing and Principal Paying Agent by Austraclear of any certificate referred to above may be relied upon by the Issuer and the Issuing and Principal Paying
Agent as conclusive evidence, without further investigation, that a corresponding certification or certifications has or have been delivered to Austraclear by the Austraclear Participants. 

  

	 	(d)	Registered Notes in permanent form are exchangeable for Bearer Notes only in accordance with Condition 2.8 below. Bearer Notes are not exchangeable for Registered Notes.

  

	 	(e)	Each Note is a separate debt obligation of the Issuer and may (subject to Condition 4.7) be transferred. 

  

	 	(f)	If the Notes are not lodged in Austraclear, appropriate adjustments to the certification procedure will be made to the satisfaction of the Issuer. 

  

	2.2	Currency and amounts 

  

	 	(a)	Notes will be denominated in and issued in such minimum denominations of Australian dollars as agreed between the Issuer and relevant Dealers and set out in the Pricing Supplement
provided that the minimum denomination shall at all times be equal to or greater than A$100,000. 

  

	 	(b)	In respect of an offer or invitation received in Australia, Notes may only be issued if the amount subscribed for, or the consideration, payable to the Issuer, by the relevant
Noteholder is a minimum of A$500,000 (disregarding amounts, if any, lent by the Issuer or other person offering the Notes or its associates (within the 

  

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 meaning of those expressions in Part 6D.2 of the Corporations Act 2001)) unless the offer or
invitation is otherwise in circumstances such that by virtue of s708 of the Corporations Act 2001 no disclosure is required to be made under Part 6D.2 of that Act. 
  

	2.3	Registered Note owners 

  

	 	(a)	Subject to 2.3(c) below, the person whose name is inscribed in the Register as the registered owner of any Registered Note from time to time will be treated by the Issuer, the
Issuing and Principal Paying Agent and the Registrar as the absolute owner of such Registered Note for all purposes whether or not any payment in relation to such Registered Note is overdue and regardless of any notice of ownership, trust or any
other interest inscribed in the Register, subject to rectification for fraud or error. Two or more persons registered as Noteholders are taken to be a joint holders with right of survivorship between them. 

  

	 	(b)	Subject to 2.3(c) below, upon a person acquiring title to a Registered Note by virtue of becoming registered as the owner of that Registered Note, all rights and entitlements
arising by virtue of the Deed Poll in respect of that Registered Note vest absolutely in the registered owner of the Registered Note, so that no person who has previously been registered as the owner of the Registered Note nor any other person has
or is entitled to assert against the Issuer, or the Registrar or the registered owner of the Registered Note for the time being and from time to time any rights, benefits or entitlements in respect of the Registered Note. 

 

	 	(c)	Neither the Issuer nor the Registrar nor any other person is, except as required by order of a court of competent jurisdiction, or as required by law, obliged to take notice of any
other claim to or in respect of Registered Notes. 

  

	2.4	Inscription conclusive 

 Each inscription in the
Register in respect of a Registered Note is: 
  

	 	(a)	sufficient and conclusive evidence to all persons and for all purposes that the person whose name is so inscribed is the registered owner of the Registered Note;

  

	 	(b)	evidence for the benefit of the relevant Noteholder, that a separate and individual acknowledgement by the Issuer of its indebtedness to that person is constituted by the Deed Poll
and of the vesting in such person of all rights vested in a Noteholder by the Deed Poll; and 

  

	 	(c)	evidence that the person whose name is so inscribed is entitled to the benefit of an unconditional and irrevocable undertaking by the Issuer constituted by the Deed Poll that the
Issuer will make all payments of principal and interest (if any) in respect of the Registered Note in accordance with these Terms and Conditions. 

  

	2.5	Manifest errors 

 The making of, or the giving
effect to, a manifest error in an inscription into the Register will not avoid the constitution, issue or transfer of a Registered Note. The Registrar must correct any manifest error of which it becomes aware. 
  

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	2.6	No certificate 

  

	 	(a)	Except as permitted under paragraph (b), no certificate or other evidence of title shall be issued by or on behalf of the Issuer to evidence title to a Registered Note unless the
Issuer determines that certificates should be made available or that it is required to do so under any applicable law or regulation. 

  

	 	(b)	The Issuer agrees, on request by a Noteholder, to procure the Registrar to provide (and the Registrar agrees to provide) to the Noteholder, at that Noteholder’s expense, a
certified extract of the particulars entered on the Register in relation to that Noteholder and the Registered Notes held by it. 

  

	2.7	Status 

 The ranking of Notes is not affected by the
date of registration of any Noteholder in the Register. The Issuer is not authorised under the Banking Act 1959 of the Commonwealth of Australia (the Banking Act) to carry on banking business and is not subject to
prudential supervision by the Australian Prudential Regulation Authority. The Notes are not Deposit Liabilities under the Banking Act. 
 Status of the Senior Notes and the Subordinated Notes 
 The Notes may be issued in one or more Series as
unsecured debt securities, which may be either senior notes (Senior Notes) or subordinated notes (Subordinated Notes). 
 The Notes are not deposits and are not insured by the Federal Deposit Insurance Corporation. 
 Under the Program, there is no
limitation on the Issuer’s ability to issue additional Senior Indebtedness or Subordinated Notes. 
 (a) Status of Senior
Notes 
 The Senior Notes will be unsecured and unsubordinated obligations of the Issuer and will rank equally with all other
unsubordinated and unsecured indebtedness of the Issuer. The Subordinated Notes are unsecured and subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness (as defined below) of the Issuer. 
 Senior Indebtedness means any indebtedness for money borrowed (including all indebtedness of the Issuer for borrowed and purchased money of
the Issuer, all obligations arising from off-balance sheet guarantees by the Issuer and direct credit substitutes and obligations of the Issuer associated with derivative products such as interest and foreign exchange rate contracts and commodity
contracts) that is outstanding on the date of execution of the Agency and Registry Agreement, or is thereafter created, incurred, or assumed, for which the Issuer is at the time of determination responsible or liable as obligor, guarantor or
otherwise for payment, and all deferrals, renewals, extensions, and refundings of any such indebtedness or obligations other than the Subordinated Notes or any other indebtedness as to which the instrument creating or evidencing the same or pursuant
to which the same is outstanding, provides that such indebtedness is subordinate in right of payment to any other indebtedness of the Issuer. 
  

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 (b) Status of Subordinated Notes 
 The indebtedness evidenced by the Subordinated Notes, subject to the extent set forth herein, shall be subordinated in right of payment to the prior
payment in full of all the Issuer’s Senior Indebtedness. Senior Indebtedness shall continue to be Senior Indebtedness and shall be entitled to the benefits of such subordination irrespective of any amendment, modification, or waiver of any term
of the Senior Indebtedness. There is no right of acceleration in the case of a default in the payment of interest on the Subordinated Notes or in the performance of any other obligation of the Issuer under Subordinated Notes. 
 The Issuer shall not make any payment on account of principal, premium, if any, interest, or any other amounts payable on its Subordinated Notes or
purchase any of its Subordinated Notes, either directly or indirectly, if (1) any default or Event of Default with respect to any of its Senior Indebtedness shall have occurred and be continuing and (2) it shall have received written
notice thereof from the holders of at least 10.00% in principal amount of any kind or category of any of its Senior Indebtedness (or the representative or representatives of such holders). 
 Until all of the Issuer’s Senior Indebtedness is paid in full, the holders of the Issuer’s Subordinated Notes will be subrogated (equally and
ratably with the holders of all of the Issuer’s indebtedness which, by its express terms, ranks equally with its Subordinated Notes, and is entitled to like rights of subrogation) to the rights of the holders of the Issuer’s Senior
indebtedness to receive payments or distributions of its assets. 
 If the Issuer repays any of its Subordinated Notes before the required
date or in connection with a distribution of its assets to creditors pursuant to a dissolution, winding up, liquidation, or reorganization, any principal, premium, if any, interest, or any other amounts payable will be paid to the holders of the
Issuer’s Senior Indebtedness before any holders of its Subordinated Notes are paid. In addition, if such amounts were previously paid to the holders of its Subordinated Notes, the holders of its Senior Indebtedness shall have first rights to
such amounts previously paid. 
 No modification or amendment of the subordination provisions of Subordinated Notes and any related coupons in
a manner adverse to the holders of Senior Indebtedness may be made without the consent of the holders of all outstanding of the Issuer’s Senior Indebtedness. 
 The preceding subordination provisions relating to the Issuer’s Subordinated Notes are governed by New York law. 
  

	2.8	Exchange of Registered Notes for Bearer Notes 

  

	 	(a)	Registered Notes in permanent form with an aggregate principal amount of not less than A$500,000 are exchangeable, at the option of the Noteholder, for a Bearer Note for a principal
amount equal to the principal amount of the Registered Notes being exchanged. Bearer Notes will be made available for collection by the persons entitled at the specified office of the Issuing and Principal Paying Agent outside the United States or,
at the request of the person entitled, mailed, at the 

  

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 risk of the person entitled, to the address specified in the Bearer Exchange Notice, provided such
address is outside the United States. 
  

	 	(b)	The Issuer undertakes to procure that the relevant Bearer Notes will be duly issued in accordance with these Terms and Conditions and the Agency and Registry Agreement.

  

	 	(c)	Whenever a Registered Note is to be exchanged for a Bearer Note, the Issuer shall procure the prompt delivery of such Bearer Note, duly authenticated by the Issuing and Principal
Paying Agent and, to the extent applicable, with Coupons attached in an aggregate principal amount equal to the principal amount of the relevant Registered Note to the relevant Noteholder within 120 days of the Noteholder requesting such exchange.

  

	 	(d)	On any occasion on which a Registered Note is exchanged in accordance with the procedure set out above, the Issuer shall procure that: 

  

	 	(i)	the aggregate principal amount of the Bearer Notes which are delivered in definitive form is noted on the Register; and 

  

	 	(ii)	the remaining principal amount of the Registered Notes (which shall be the previous principal amount thereof less the amount referred to at (i) above) is noted on the Register,
whereupon the principal amount of the Registered Notes shall for all purposes be as most recently noted. 

  

	 	(e)	The option of the Noteholders provided for in this Condition 2.8 may be exercised by the relevant Noteholder giving notice to the Issuing and Principal Paying Agent substantially in
the form of the notice set out in Schedule 4 to the Deed Poll or in such other form available from the Issuing and Principal Paying Agent from time to time and stating the principal amount of Notes in respect of which the option is exercised. Each
such notice must be accompanied by the payment to the Issuing and Principal Paying Agent of such reasonable professional costs and production costs as specified by the Issuing and Principal Paying Agent at the relevant time on account of the
expenses to be incurred by it or the Issuer in connection with an exchange under this Condition 2.8 (including, without limitation, the cost of printing the definitive Bearer Notes). 

  

	2.9	Declaration 

 A Noteholder may only exercise the
option to exchange Registered Notes for Bearer Notes under Condition 2.8 if that Noteholder provides a declaration, substantially as set out in Appendix 1 to the Bearer Exchange Notice, that: 
  

	 	(a)	such Noteholder is not an Australian resident, as defined in the Income Tax Assessment Act 1936, or otherwise holding the Bearer Notes to which the declaration applies, in
the course of carrying on business in Australia at or through a permanent establishment in Australia; and 

  

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	 	(b)	such Noteholder will notify the Issuer if either: 

  

	 	(i)	such Noteholder holds or commences to hold the Bearer Notes, to which the declaration applies, as either an Australian resident, as defined in the Income Tax Assessment Act 1936,
or in the course of carrying on business in Australia at or through a permanent establishment in Australia; or 

  

	 	(ii)	such Noteholder disposes of any part of such Noteholder’s beneficial interest in the Bearer Notes, to which the declaration applies, to either: 

  

	 	(A)	an Australian resident, as defined in the Income Tax Assessment Act 1936; or 

  

	 	(B)	a person who otherwise acquires or would hold those Bearer Notes in the course of carrying on business in Australia at or through a permanent establishment in Australia.

 Such notification (the Notice): 
  

	 	(AA)	must include the name and address (in Australia) of the relevant Noteholder, in the event of Condition 2.9(b)(i) above, and the name and address of each of the relevant Noteholder
and the subsequent transferee of that Noteholder’s beneficial interest in the Bearer Notes, in the event of Condition 2.9(b)(ii) above; and 

  

	 	(BB)	must occur within a reasonable time after the occurrence of any of the events set out in Condition 2.9(b) above and provided that it occurs prior to the first Interest Payment Date
after that occurrence. 

 If an option to exchange has been exercised, any subsequent Noteholder (i.e., other than the person
who exercises the exchange option) of the Bearer Notes will also be required to notify the Issuer, copied to the Issuing and Principal Paying Agent, on its behalf if either (b)(i) or (b)(ii) above occurs. Such notification is to include the
name and address of that subsequent Noteholder of the Bearer Notes. 
  

	2.10	Bearer Note payment exception 

 No payment of
interest under a Bearer Note is required to be made by the Issuer or the Issuing and Principal Paying Agent on its behalf unless the person to whom that interest payment is to be made has provided the Issuer or the Issuing and Principal Paying Agent
on its behalf with its name and address if required to do so by Conditions 2.8 or 2.9 above (as applicable). 
  

	2.11	Form of Bearer Notes 

 The Bearer Notes will be
substantially in the form set out in Schedule 5 to the Deed Poll. 
  

	3.	Interest 

  

	3.1	Application 

 Notes may be interest bearing on a
fixed or floating rate basis, as specified in the applicable Pricing Supplement. 
  

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	3.2	Period of accrual of interest 

 Interest accrues on
Notes from the relevant Interest Accrual Date at the applicable Interest Rate. Interest ceases to accrue on such Notes from the relevant Maturity Date unless default is made in the payment of any principal amount in respect of such Notes. In that
event, any overdue principal of a Note continues to bear interest at the default rate specified in the relevant Pricing Supplement, both before and after any judgment, until it is paid in full to the relevant Noteholder. 
  

	3.3	Interest Payment Dates 

 Interest is payable on the
relevant Interest Payment Dates. 
  

	3.4	Calculation of Interest Amount 

 The Interest Amount
must be calculated by the Issuing and Principal Paying Agent, Registrar or other person appointed as calculation agent by the Issuer and named as such in the relevant Pricing Supplement by applying the Interest Rate to the Outstanding Principal
Amount of each applicable Note, multiplying such sum by the relevant Day Count Basis for the relevant Interest Period and rounding the resultant figure to the nearest cent (half a cent being rounded upwards) having regard to the relevant Pricing
Convention subject, in all cases, to any specified Minimum Interest Rate or Maximum Interest Rate as may be specified in the applicable Pricing Supplement. 
 The applicable Pricing Supplement may specify a minimum rate at which the Notes may bear interest (a Minimum Interest Rate). If the Interest Rate determined in accordance with the
provisions of this Condition 3.4 is less than the specified Minimum Interest Rate, the Interest Rate shall be such Minimum Interest Rate. The applicable Pricing Supplement may specify a Maximum Interest Rate. If the Interest Rate determined in
accordance with the provisions of this Condition 3.4 is greater than the maximum rate at which the Notes bear interest (the Maximum Interest Rate), the Interest rate shall be such Maximum Interest Rate. 
  

	3.5	Notification of Interest Rate and Interest Amount 

 The Issuer will procure that the Issuing and Principal Paying Agent, Registrar or other person appointed as calculation agent by the Issuer and named as such in the relevant Pricing Supplement will, if requested in writing by a Noteholder
of any Note, notify that Noteholder of the Interest Rate, the Interest Amount and the relevant Interest Payment Date. In relation to any Note, the Interest Amount and the Interest Payment Date (but in no event, the Interest Rate) so notified may be
subsequently amended (or appropriate alternative arrangements made by the Issuing and Principal Paying Agent, Registrar or other person appointed as calculation agent by the Issuer and named as such in the relevant Pricing Supplement by way of
adjustment) without notice if and to the extent that the Interest Period is extended or shortened. 
  

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	3.6	Notification, etc. to be final 

 Except as provided
in Condition 3.5, all notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of this Condition 3 by the Issuing and Principal Paying Agent, Registrar or other
person appointed as calculation agent by the Issuer and named as such in the relevant Pricing Supplement are (in the absence of willful default, bad faith or manifest error) binding on the Issuer, the Issuing and Principal Paying Agent, the
Registrar and all Noteholders of Notes and no liability to those Noteholders attaches to the Issuing and Principal Paying Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions. 
  

	3.7	Floating Rate Notes 

 If the Pricing Supplement
specifies the Interest Rate applicable to that Tranche of Notes as being Floating Rate, the Interest Rate applicable to such Notes during the Interest Period will be the sum of the margin specified in the Pricing Supplement and BBSW. 
  

	3.8	Business Days 

  

	 	(a)	(Fixed Rate Notes) In the event that any Interest Payment Date or Maturity Date on a fixed rate Note is not a Business Day, interest on such fixed rate Note will be paid on
the next succeeding Business Day without any additional interest. 

  

	 	(b)	(Floating Rate Notes) If a payment is due under a floating rate Note on a day which is not a Business Day, the date for payment will be adjusted according to the Business Day
Convention applicable to that Note. 

  

	4.	Transfers 

  

	4.1	Transfer subject to Agency and Registry Agreement 

 For so long as any Registered Note is lodged in the Austraclear System: 
  

	 	(a)	the right of a relevant Noteholder to be registered as the holder of that Registered Note, and the transfer of any Registered Note, shall be governed by the Agency and Registry
Agreement and the Regulations; and 

  

	 	(b)	to the extent any provision of these Terms and Conditions are inconsistent with the Agency and Registry Agreement, the Agency and Registry Agreement shall prevail.

  

	4.2	Austraclear 

  

	 	(a)	Unless the relevant Pricing Supplement otherwise provides, the Registered Notes will be lodged, subject to the agreement of Austraclear, into the Austraclear System.

  

	 	(b)	If the Registered Notes are lodged into the Austraclear System, the Registrar will enter Austraclear in the Register as the Noteholder of those Registered Notes. While those
Registered Notes remain in the Austraclear System: 

  

	 	(i)	all payments and notices required of the Issuer or the Registrar in relation to those Registered Notes will be made or directed to Austraclear in accordance with the Regulations;
and 

	 	

  

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	 	(ii)	all dealings (including transfers and payments) in relation to those Registered Notes within the Austraclear System will be governed by the Regulations and need not comply with
these Terms and Conditions to the extent of any inconsistency. 

  

	 	(c)	If Austraclear is entered in the Register in respect of a Registered Note, despite any other provision of these Terms and Conditions, that Registered Note is not transferable on the
Register, and the Issuer may not, and must procure that the Registrar does not, register any transfer of that Registered Note, and the relevant member of the Austraclear System to whose security account the Registered Note is credited in respect of
that Registered Note (the Relevant Member) has no right to request any registration or any transfer of that Registered Note, except that: 

  

	 	(i)	for any repurchase, redemption or cancellation (whether on or before the Maturity Date of the Note), a transfer of that Registered Note from Austraclear to the Issuer may be entered
in the Register; and 

  

	 	(ii)	if either: 

  

	 	(A)	Austraclear gives notice to the Registrar stating that the Relevant Member has stated to Austraclear that it needs to be registered in relation to the Registered Note in order to
pursue any rights against the Issuer; or 

  

	 	(B)	Austraclear purports to exercise any power it may have under the Regulations from time to time or these Terms and Conditions, to require Registered Notes to be transferred on the
Register to the Relevant Member, 

 the Registered Note may be transferred on the Register from Austraclear to the relevant
Member. In any of these cases, the Registered Note will cease to be held in the Austraclear System. 
  

	 	(d)	On admission to the Austraclear System, interests in the Registered Notes may be held through Euroclear or Clearstream. In these circumstances, entitlements in respect of holdings
of interests in the Registered Notes in Euroclear are held in the Austraclear System by Westpac Custodian Nominees Limited as nominee of Euroclear while entitlements in respect of holdings of interests in the Registered Notes in Clearstream, are
held in the Austraclear System by ANZ Nominees Limited as nominee of Clearstream. 

  

	 	(e)	The rights of a holder of interests in Registered Notes held through Euroclear or Clearstream are subject to the respective rules and regulations for accountholders of Euroclear and
Clearstream and their respective nominees and the rules and regulations of the Austraclear System. 

  

	 	(f)	In addition, any transfer of interests in Registered Notes which are held through Euroclear or Clearstream and to the extent such transfer will be recorded in the Austraclear
System, will be subject to the Corporations Act 2001 (Cth) and the other requirements set out in the Notes. 

  

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	4.3	Transfers of Notes 

  

	 	(a)	Registered Notes are transferable without the consent of the Issuer or the Registrar. Registered Notes entered in the Austraclear System will be transferable only in accordance with
the Regulations. 

  

	 	(b)	Title to Bearer Notes, Coupons and Talons (as applicable) passes by delivery. 

  

	 	(c)	The holder of any Bearer Note, Coupon or Talon will (except as otherwise required by applicable law or regulatory requirement) be treated as its absolute owner for all purposes
(whether or note it is overdue and regardless of any notice of ownership, trust or any interest thereof or therein, any writing thereon, or any theft or loss thereof) and no person shall be liable for so treating such holder.

  

	4.4	Transfer amounts 

 Notes may only be transferred in
accordance with all applicable laws and regulations of each relevant jurisdiction. Notes which are transferred in respect of offers or invitations received in Australia must be transferred for a consideration of not less than A$500,000 (disregarding
amounts, if any, lent by the Issuer or other person offering the Notes or its associates) unless the offer or invitation is such that by virtue of s708 of the Corporations Act 2001 no disclosure is required to be made under Part 6D.2 of that
Act. 
  

	4.5	Transfer and Acceptance Forms for Registered Notes 

 Subject to Condition 4.2, a Registered Note is transferable in whole (but not in part) by a duly completed and (if applicable) stamped Transfer and Acceptance Form obtainable from the Registrar. Unless a contrary intention is expressed in a
Transfer and Acceptance Form, all contracts relating to the transfer of Registered Notes are governed by the laws applicable to the Notes. The Issuer is not obliged to stamp the Transfer and Acceptance Form. 
  

	4.6	Registration requirements for transfer 

 Every
Transfer and Acceptance Form in respect of Registered Notes must be: 
  

	 	(a)	signed by the transferor and the transferee; 

  

	 	(b)	delivered to the office of the Registrar for registration; 

  

	 	(c)	accompanied by such evidence as the Registrar may reasonably require to prove the title of the transferor or the transferor’s right to transfer those Registered Notes; and

  

	 	(d)	duly stamped, if necessary. 

  

	4.7	Registration of transfers 

 Subject to this
Condition 4, the Registrar must register a transfer of Registered Notes. Upon entry of the name, address and all other required details of the transferee in the Register, the Issuer must recognise the transferee as the Noteholder entitled to the
Registered Notes 
  

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 that are the subject of the transfer. Entry of such details in the Register constitutes conclusive
proof of ownership by that transferee of those Registered Notes. The transferor remains the owner of the relevant Registered Notes until the required details of the transferee are entered in the Register in respect of those Registered Notes. Subject
to Condition 4.9, the Registrar must register the transfer of a Registered Note whether or not the Transfer and Acceptance Form to which the transfer relates has been marked by the Registrar. 
  

	 	4.8	No fee 

 No fee or other charge is payable to the
Issuer or the Registrar in respect of the transfer or registration of any Registered Note. 
  

	 	4.9	Marking of transfer 

 The Registrar may mark any
Transfer and Acceptance Form in its customary manner. Such marking prohibits a dealing with the relevant Registered Notes as specified in the marking notation for a period from the date of marking to the earliest of: 
  

	 	(a)	15 days from the date of marking; 

  

	 	(b)	the date the Registrar cancels the marking notation on the Transfer and Acceptance Form; and 

  

	 	(c)	the date the Registrar receives notification of the execution of the marked Transfer and Acceptance Form by the transferee. 

  

	 	4.10	Destruction 

 Any Transfer and Acceptance Form may,
with the prior written approval of the Issuer, be destroyed by the Registrar after the entry in the Register of the particulars set out in the form. On receipt of such approval, the Registrar must destroy the Transfer and Acceptance Form as soon as
reasonably practicable and promptly notify the Issuer in writing of its destruction. 
  

	 	4.11	Deceased persons/bankrupt persons/unincorporated associations 

  

	 	(a)	A person becoming entitled to a Registered Note as a consequence of the death or bankruptcy of a Noteholder or of a vesting order or a person administering the estate of a
Noteholder may transfer the Registered Note or, if so entitled become registered as the Noteholder of the relevant Registered Note upon producing such evidence as to that entitlement or status as the Registrar considers sufficient.

  

	 	(b)	The Registrar may decline to give effect to a transfer of any Registered Notes entered in the Register in the name of a deceased person who has two or more personal representatives
unless the Transfer and Acceptance Form is executed by all of them. 

  

	 	(c)	A transfer to an unincorporated association is not permitted. 

  

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	4.12	Aggregate transfers 

 Where the transferor executes
a transfer of less than all Registered Notes registered in its name, and the specific Registered Notes to be transferred are not identified, the Registrar may (subject to the limit on minimum holdings) register the transfer in respect of such of the
Registered Notes registered in the name of the transferor as the Registrar thinks fit, provided the aggregate principal amount of the Registered Notes registered as having been transferred equals the aggregate principal amount of the Registered
Notes expressed to be transferred in the transfer. 
  

	4.13	Stamp duty 

  

	 	(a)	The Issuer will bear any stamp duty payable on the issue and subscription of the Registered Notes. 

  

	 	(b)	The Noteholder is responsible for any stamp duties or other similar taxes which are payable in any jurisdiction in connection with any transfer, assignment or any other dealing with
the notes. 

  

	5.	Redemption and Purchase 

  

	5.1	Maturity 

 Unless previously redeemed or purchased
and cancelled in accordance with these Terms and Conditions, each Note must be redeemed on its Maturity Date at its Redemption Amount. 
  

	5.2	Redemption for tax reasons 

 The Notes may be
redeemed at the option of the Issuer in whole, but not in part, at any time (in the case of Notes other than Floating Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), on giving not less than 30 nor more than 60
calendar days’ notice (which notice shall be irrevocable) to the Issuing and Principal paying Agent, the Registrar and to the Noteholders, in accordance with Condition 12, if: 
  

	 	(a)	on the occasion of the next payment due under the Notes, the Issuer has or will become obligated to pay Additional Amounts as discussed in Condition 7 as a result of any change in,
or amendment to, the laws or regulations of the United States or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations, which change
or amendment becomes effective on or after the Issue Date of the first Tranche of the Notes; and 

  

	 	(b)	the Issuer cannot avoid such obligation by taking reasonable measures available to it; 

 provided that, no such redemption notice shall be given earlier than 90 calendar days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of the
Notes were then due. Prior to the publication of any redemption notice pursuant to this Condition 5.2, the Issuer shall deliver a certificate to the Issuing and Principal Paying Agent and the Registrar signed by the Chief Financial 
  

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 Officer or a Senior Vice President of the Issuer stating that the Issuer is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent, if any, to the redemption have occurred. 
 Notes
redeemed pursuant to this Condition 5.2 will be redeemed at their Early Redemption Amount together (if appropriate) with interest accrued to (but excluding) the redemption date. 
  

	5.3	Special tax redemption 

 If the Issuer determines
that any payment made outside the United State by the Issuer or any of its Paying Agents in respect of any Note or Coupon (if applicable), under any present or future laws or regulations of the United States (other than any territory or possession),
would be subject to any certification, documentation, information, or other reporting requirement of any kind the effect of which is the disclosure to the Issuer, any paying Agent, or any government authority of the nationality, residence, or
identity of a beneficial owner of such Note or Coupon who is a United States Alien (other than a requirement (1) that would not be applicable to a payment by the Issuer or any one of its paying Agents (x) directly to the beneficial owner,
or (y) to a custodian, nominee, or other agent of the beneficial owner, (2) that can be satisfied by such custodian, nominee, or other agent certifying to the effect that the beneficial owner is a United States Alien, provided that, in any case
referred to in Clauses (1)(y) or (2), payment by the custodian, nominee, or agent to the beneficial owner is not otherwise subject to any such requirement, or (3) that would not be applicable to a payment by at least one paying Agent of
the Issuer), the Issuer shall at its option either: 
  

	 	(a)	redeem the Notes in whole, but not in part, at any time (in the case of Notes other than Floating Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes),
at a price equal to the Early Redemption Amount, together if appropriate with interest accrued to (but excluding) the date of redemption, or 

  

	 	(b)	if the conditions of the next succeeding paragraph are satisfied, pay the Additional Amounts specified in such paragraph. 

 The Issuer shall make its determination as soon as practicable and publish prompt notice thereof (the Determination Notice) stating the
effective date of its certification, documentation, information, or other reporting requirement, whether the Issuer will redeem the Notes or pay the Additional Amounts specified in the next succeeding paragraph, and (if applicable) the last date by
which the redemption of the Notes must take place, as provided in the next succeeding sentence. If the Notes are to be redeemed pursuant to this Condition 5.3; that redemption shall take place on such date, not later than one year after the
publication of the Determination Notice, as the Issuer shall elect by notice to the Issuing and principal paying Agent and Registrar at least 45 calendar days before the redemption date. Notice of such redemption of the Notes will be given to the
Noteholders not more than 60 nor less than 30 calendar days prior to the redemption date by publication in accordance with Condition 12. Notwithstanding the foregoing, the Issuer shall not redeem the Notes if the Issuer subsequently determine not
less than 30 calendar days prior to the redemption date, that subsequent payments on the Notes or Coupons (if applicable) would not be subject to any such certification, documentation, 
  

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 information, or other reporting requirement, in which case the Issuer shall give prompt notice of its
subsequent determination by publication in accordance with Condition 12 and any earlier redemption notice shall be revoked and of no further effect. 
 Notwithstanding the foregoing, if and so long as the certification, documentation, information, or other reporting requirement referred to in the preceding paragraph would be fully satisfied by payment of a backup withholding tax or similar
change, the Issuer may elect to pay as additional interest such Additional Amounts as may be necessary so that every net payment made outside the United States following the effective date of that requirement by the Issuer or any of its Paying
Agents in respect of any Note or any Coupon (if applicable) of which the beneficial owner is a United States Alien (but without any requirement that the nationality, residence, or identity, other than status as a United States Alien, of such
beneficial owner be disclosed to the Issuer, any Paying Agent, or any government authority), after deduction or withholding for or on account of that backup withholding tax or similar charge (other than a backup withholding tax or similar charge
that (1) would not be applicable in the circumstances referred to in the parenthetical clause of the first sentence of the preceding paragraph or (2) is imposed as a result of the presentation of the Note or Coupon (if applicable) for
payment more than 15 calendar days after the date on which that payment became due and payable or on which payment thereof was duly provided for, whichever occurred later), will not be less than the amount provided for in the Note or Coupon (if
applicable) to be then due and payable. If the Issuer elects to pay Additional Amounts pursuant to this paragraph, the Issuer shall have the right to redeem the Notes in whole, but not in part, at any time (in the case of Notes other than Floating
Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), subject to the provisions of the last two sentences of the immediately preceding paragraph. If the Issuer elects to pay Additional Amounts pursuant to this paragraph
and the condition specified in the first sentence of this paragraph should no longer be satisfied, then the Issuer shall redeem the Notes pursuant to the provisions of the immediately preceding paragraph. 
  

	5.4	Call Option - Redemption at the option of the Issuer 

 If the applicable Pricing Supplement specifies that the Issuer has an option to redeem the Notes, and the Issuer gives: 
  

	 	(a)	not less than 30 nor more than 60 calendar days’ notice in accordance with Condition 12 to the Noteholders (or such other period as is specified in the applicable Pricing
Supplement); and 

  

	 	(b)	not less than seven Business Days (or such other period as is specified in the applicable Pricing Supplement) before giving notice as referred to in (a), notice to the Issuing and
Principal Paying Agent and the Registrar; 

 (both of which notices shall be irrevocable), then the Issuer may redeem all
or only some of the Notes then outstanding on the dates upon which redemption may occur (each, an Optional Redemption Date) and at the Optional Redemption Amounts specified in, or determined in the manner specified in, the applicable
Pricing Supplement together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Dates. Any redemption must be of a principal amount equal to the minimum principal amount of the 
  

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 Notes permitted to be redeemed at any time (the Minimum Redemption Amount) or any
greater principal amount of the Notes permitted to be redeemed at any time (each, a Higher Redemption Amount), both as indicated in the applicable Pricing Supplement. In the case of a partial redemption of Notes, the Notes to be
redeemed (Redeemed Notes) will be selected individually by lot, in the case of Redeemed Notes represented by Bearer Notes, and in accordance with the Regulations, in the case of Redeemed Notes represented by Registered Notes, not more
than 60 calendar days prior (or such other period as is specified in the applicable Pricing Supplement) to the date fixed for redemption (the Selection Date). In the case of Redeemed Notes represented by Bearer Notes, a list of the
serial numbers of the Redeemed Notes will be published in accordance with Condition 12 not less than 30 calendar days prior (or any other period as is specified in the applicable Pricing Supplement) to the date fixed for redemption. The aggregate
principal amount of Redeemed Notes represented by Bearer Notes shall bear the same proportion to the aggregate principal amount of all Redeemed Notes as the aggregate principal amount of Bearer Notes outstanding bears to the aggregate principal
amount of the Notes outstanding, in each case on the Selection Date, provided that the first mentioned principal amount, if necessary, shall be rounded downwards to the nearest integral multiple of the specified Denomination, and the aggregate
principal amount of Redeemed Notes represented by Registered Notes shall be equal to the balance of the Redeemed Notes. No exchange of any Registered Note will be permitted during the period from and including the Selection Date to and including the
date fixed for redemption pursuant to this Condition 5.4 and the Issuer shall give notice to that effect to the Noteholders in accordance with Condition 12 at least 10 calendar days prior (or any other period as is specified in the applicable
Pricing Supplement) to the Selection Date. 
  

	5.5	Put Option - Redemption at the option of the Noteholders 

 If the applicable Pricing Supplement specifies that the Noteholders have an option to require the Issuer to redeem the Notes, upon the Noteholder giving the Issuer, in accordance with Condition 12, not less than 30 nor more than 60 calendar
days’ notice or such other period of notice as is specified in the applicable Pricing Supplement (which notice shall be irrevocable), the Issuer, upon the expiration of such notice, will redeem (in accordance with, the terms specified in the
applicable Pricing Supplement) in whole (but not in part), such Note on the Optional Redemption Date and at the Optional Redemption Amount specified in, or determined in the manner specified in, the applicable Pricing Supplement together, if
appropriate, with interest accrued to (but excluding) the Optional Redemption Date. 
 In order to exercise its right to require redemption of
any Registered Notes, the Noteholder must deliver to the office of the Registrar a duly signed and completed Put Option Notice in the form obtainable from the Registrar in which the holder must specify a bank account (or, if payment is by check, an
address) to which payment is to be made under this Condition 5.5. 
 In order to exercise its right to require redemption of any Bearer Notes,
the Noteholder must deliver the Bearer Note at the specified office of any Paying Agent outside the United States during normal business hours of such paying Agent falling within the notice period, 
  

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 accompanied by a duly signed and completed Put Option Notice in the form obtainable from any
specified office of any Paying Agent in which the holder must specify a bank account (or, if payment is by check, an address) to which payment is to be made under this Condition 5.5. 
  

	5.6	Early Redemption Amounts 

 For purposes of Condition
5.2 and Condition 5.3 above, the Notes will be redeemed at the Early Redemption Amount calculated as follows: 
  

	 	(a)	for Notes with a Redemption Amount equal to 100.00% of the principal amount, at the Redemption Amount thereof; or 

  

	 	(b)	for Notes with a Redemption Amount different from the nominal amount, at the amount specified in, or determined in the manner specified in, the applicable Pricing Supplement or, if
no such amount or manner is so specified in the Pricing Supplement, at their nominal amount. 

  

	5.7	Repurchases 

 The Issuer and any of its affiliates
may at any time repurchase Notes (provided that, in the case of Bearer Notes, all unmatured Coupons attached to the Note are repurchased at the same time as the Note) at any price in the open market or otherwise. In the case of Bearer Notes, such
Notes may be held, reissued, or surrendered to any Paying Agent for cancellation. Any Notes reissued or resold must comply with the selling restrictions set out in Treasury Regulations Section 1.163-5 as if they were newly issued. 

 

	5.8	Cancellation 

 All Notes which are redeemed will be
cancelled (together with, in the case of Bearer Notes, all unmatured Coupons attached thereto or surrendered therewith at the time of redemption). All Bearer Notes so cancelled and the Bearer Notes purchased and cancelled pursuant to Condition 5.7
above (together with any unmatured Coupons cancelled therewith) shall be forwarded to the Issuing and Principal Paying Agent and cannot be reissued or resold. 
  

	6.	Payments 

  

	6.1	Payments to Noteholders of Registered Notes 

 All
payments under a Note must be made by the Issuer or the Issuing and Principal Paying Agent on its behalf: 
  

	 	(a)	if the Notes are lodged in the Austraclear System by crediting, on the relevant Interest Payment Date, Maturity Date or other date on which a payment is due, the amount then due to
the account of the Noteholder, in accordance with the Regulations; or 

  

	 	(b)	if the Notes are not lodged in the Austraclear System, to the account notified by the relevant Noteholder to the Registrar or, in the absence of that notification, in the manner (if
any) specified in the applicable Pricing Supplement, and in either case, without set-off or counterclaim or any other deduction unless required by law. 

  

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	6.2	Method of payment for Registered Notes 

 A payment
made by electronic transfer is for all purposes taken to the made when the Issuer or the Issuing and Principal Paying Agent gives an irrevocable instruction for the making of that payment by electronic transfer, being an instruction which would be
reasonably expected to result, in the ordinary course of banking business, in the relevant funds reaching the account of the Noteholder on the same day as the day on which the instruction is given. 
  

	6.3	Payments for Noteholders of Bearer Notes 

 Subject
as provided below payments in Australian dollars will be made by transfer to an Australian dollar account maintained by the payee with, or by a cheque in Australian dollars drawn on, a bank in Sydney; provided however, that a cheque may not
be delivered to an address in, and an amount may not be transferred to an account at a bank located in, the United States by any office or agency of the Issuer, the Issuing and Principal Paying Agent or any Paying Agent. 
 Payments will be subject in all cases to Condition 6.6, without prejudice to the provisions of Conditions 7. 
  

	6.4	Presentation of Notes and Coupons and Payments 

 Except as provided below, payments of principal, if any, in respect of Bearer Notes will be made as provided in Condition 6.3 only against surrender of such Bearer Notes and payments of interest in respect of Bearer Notes will be made only
against surrender of Coupons, in each case at the specified office of any Paying Agent outside the United States. Payments under Condition 6.3 made by cheque, at the option of the bearer of such Bearer Note or Coupon, shall be mailed or delivered to
an address outside the United States furnished by such bearer. Subject to any applicable laws and regulations, any payments made by transfer will be made in immediately available funds to an account maintained by the payee with a bank located
outside the United States. 
 Fixed Rate Bearer Notes should be presented for payment together with all related unmatured Coupons (which
expression shall for this purpose include Coupons to be issued upon exchange of matured Talons). Failure to present the above will result in the amount of any missing unmatured Coupon (or, in the case of payment not being made in full, the same
proportion of the amount of such missing unmatured Coupon as the sum so paid bears to the sum due) being deducted from the sum due for payment. Each amount of principal so deducted will be paid as described above against surrender of the relative
missing Coupon at any time before the expiration of five years after the Relevant Date in respect of such principal (whether or not such Coupon would otherwise have become void under condition 10) or, if later, five years from the date on which such
Coupon would otherwise have become due. Upon any Fixed Rate Bearer Note becoming due and payable prior to its Maturity Date, all relevant unmatured Talons, if any, will become void and no further Coupons will be issued in respect of that Fixed Rate
Bearer Note. 
  

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 Upon the date on which any Floating Rate Bearer Note becomes due and payable, any related unmatured
Coupons (whether or not attached), shall become void and no payment or, as the case may be, exchange for further Coupons, shall be made in respect of those Bearer Notes. 
 If the due date for redemption of any Bearer Note is not an Interest Payment Date, interest, if any, accrued in respect of such Bearer Note, from (and including) the preceding Interest Payment Date or, as the case may
be, Interest Accrual Date, shall be payable only against surrender of the relevant Bearer Note. 
 All the payments on the Notes (including
Registered Notes and Bearer Notes), including any payment by any office or agency of the Issuer, the Issuing and Principal Paying Agent or any Paying Agent, will be made outside of the United States and will not be mailed to an address in the United
States, transferred to an account maintained by the payee in the United States or paid pursuant to a demand made in the United States. 
  

	6.5	Business Days 

  

	 	(a)	If a payment is due under a Note on a day which is not a Business Day the date for payment will be adjusted according to the Business Day Convention applicable to that Note.

  

	 	(b)	If payment is to be made to an account on a Business Day on which banks are not open for general banking business in the city in which the account is located, the Noteholder is not
entitled to payment of such amount until the next Business Day on which banks in such city are open for general banking business and is not entitled to any interest or other payment in respect of any such delay. 

  

	6.6	Payments subject to fiscal laws 

 All payments are
subject to Condition 7 and to any applicable fiscal or other laws and regulations. 
  

	7.	Taxation 

  

	7.1	Additional Payments 

 The Issuer will pay a United
States Alien such additional amounts of interest (Additional Amounts) as may be necessary so that every net payment of the principal of and interest on any Note or any Coupon (if applicable), after deduction or withholding for or on
account of any present or future tax, assessment, or other governmental charge imposed upon such holder by the United States or any political subdivision or taxing authority thereof or therein (other than any territory or possession) upon or as
result of such payment, will not be less than the amount provided for in such Note and the Coupons (if applicable); provided, however, that such obligation to pay Additional Amounts shall not apply to: 
  

	 	(a)	any tax, assessment or other governmental charge which would not have been so imposed but for: 

  

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	 	(i)	the existence of any present or former connection between such holder (or between a fiduciary, settlor, beneficiary, member, or stockholder of, or a person holding a power over,
such folder, if such holder is an estate, trust, partnership, or corporation) and the United States, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member stockholder, or person holding a power) being or having
been a citizen or resident or treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in or having or having had a permanent establishment in the United
States or having or having had a qualified business unit which has the U.S. Dollar as its functional currency; 

  

	 	(ii)	such holder’s present or former status ás a personal holding company, foreign personal holding company, passive foreign investment company, private foundation, or other
tax exempt entity, or controlled foreign corporation for United States tax purposes or a corporation which accumulates earnings to avoid United States federal income tax; or 

  

	 	(iii)	such holder’s status as a bank extending credit pursuant to a loan agreement entered into in the ordinary course of business; 

  

	 	(b)	any tax, assessment, or governmental charge that would not have been so imposed but for the failure of the holder to comply with certification, identification, or information
reporting requirements under United States tax law, without regard to any tax treaty, with respect to the payment, concerning the nationality, residence, identity, or connection with the United States of the holder or a beneficial owner or such Note
or Coupon (if applicable) if such compliance is required by United States tax laws, without regard to any tax treaty, as a precondition to relief or exemption from such tax, assessment, or governmental charge; 

  

	 	(c)	any tax, assessment, or governmental charge that would not have been so imposed but for the presentation by the holder of such Note or Coupon (if applicable) for payment on a date
more than 30 calendar days after the date on which such payment became due and payable or the date on which payment of such Note or Coupon (if applicable) is duly provided for, whichever occurs later; 

  

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

  

	 	(e)	any tax, assessment, or governmental charge which is payable otherwise than by withholding by the Issuer or the Issuing and Principal Paying Agent from the payment of the principal
of or interest on any Note or Coupon (if applicable); 

  

	 	(f)	any tax, assessment, or governmental charge imposed solely because the payment is to be made by the Issuing and Principal Paying Agent or a particular office of the Issuing and
Principal Paying Agent and would not be imposed if made by another Issuing and Principal Paying Agent or by another office of this Issuing and Principal Paying Agent; 

  

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	 	(g)	any tax, assessment, or other governmental charge imposed on interest received by a person holding, actually or constructively, 10.00% or more of the total combined voting power of
all classes of stock of the Issuer entitled to vote; 

  

	 	(h)	any withholding or deduction imposed on a payment to an individual and required to be made pursuant to any European Union Directive on the taxation of savings, including any
directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 (any such directive being the Directive) or any law implementing or complying with, or introduced in order to conform to such Directive;

  

	 	(i)	any Note presented for payment by or on behalf of a Noteholder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying
Agent in a member state of the European Union; or 

  

	 	(j)	any combination of items (a), (b), (c), (d), (e), (f), (g), (h), or (i); not shall Additional Amounts be paid with respect to any payment of the principal of or interest on any Note
or Coupon (if applicable) to a person other than the sole beneficial owner of such payment or that is a partnership of fiduciary to the extent either (i) such beneficial owner, member of such partnership or beneficiary or settlor with respect
to such fiduciary would not have been entitled to the payment of Additional Amounts had such beneficial owner, member, beneficiary, or settlor been the Noteholder or Couponholder (if applicable) or (ii) the Noteholder does not provide a
statement, in the form, manner and time required by applicable United States income tax laws, from such beneficial owner, member of such partnership or beneficiary or settlor with respect to such fiduciary concerning its nationality, residence,
identity, or connection with the United States. 

 United States Alien means any corporation, partnership, entity,
individual, or fiduciary that is for United States federal income tax purposes (1) a foreign corporation, (2) a foreign partnership to the extent one or more of the members of which is, for United States federal income tax purposes, a
foreign corporation, a non-resident alien individual, or a foreign estate or trust, (3) a non-resident alien individual, or (4) a foreign estate or trust. 
 Except as specifically provided in these Terms and Conditions and in the Agency and Registry Agreement, the Issuer shall not be required to make any payment with respect to any tax, assessment, or other governmental
charge imposed by any government or any political subdivision or taxing authority. 
 Whenever any Additional Amounts are to be paid on Notes
or Coupons (if applicable), the Issuer will give notice to the Issuing and Principal Paying Agent and any other Paying Agents, as provided in the Agency and Registry Agreement. 
  

	7.2	Additional Gross-up Exception 

  

	 	(a)	Under the terms of Conditions 2.8 and 2.9 the Noteholder of a Bearer Note is required to provide its name and address or a declaration substantially in the form set out as Appendix
1 to the Bearer Exchange Notice (set out as Schedule 4 to the Deed Poll) for purposes of Australian tax laws (the Requirement). 

  

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	 	(b)	If the Noteholder fails to comply with a Requirement, the Issuer (or its paying agent, on direction from the Issuer, who shall retain and remit such amount to the Issuer who shall
remit it to the ATO) will retain and remit to the ATO an amount as specified in the Income Tax (Bearer Debentures) Act 1971 (of the Commonwealth of Australia) (currently 47%) of the interest otherwise payable to the Noteholder unless the
Noteholder demonstrates to the satisfaction of the Issuer (or the paying agent) that section 126 of the Income Tax Assessment Act 1936 (of the Commonwealth of Australia) does not apply to the relevant interest payment.

  

	 	(c)	No Additional Amounts or other payments will be payable by the Issuer or its paying agent in relation to any withholdings or deductions for any Australian tax in connection with the
payment of any Note (or any Coupon attached to a Bearer Note) which is levied on such payment due to the fact that the Note is a Bearer Note. 

  

	8.	Register 

  

	8.1	Registrar’s role 

 The Issuer agrees, subject
to any relevant Pricing Supplement, to procure that the Registrar does the following things: 
  

	 	(a)	establish and maintain the Register in Sydney or such other city outside the United States as the Issuer and the Registrar may agree; 

  

	 	(b)	enter or cause to be entered in the Register: 

  

	 	(i)	the principal amount of the Registered Note; 

  

	 	(ii)	the full name and address of the Noteholder; 

  

	 	(iii)	any declaration of non-residence, tax file number or Australian business number or exemption details; 

  

	 	(iv)	the Issue Date, Maturity Date and any interest rate and payment details of the Registered Note; 

  

	 	(v)	the Tranche and Series of the Registered Note; 

  

	 	(vi)	any payment instructions notified by the Noteholder or provided by the Issuer or the Issuing and Principal Paying Agent in respect of a Noteholder; 

  

	 	(vii)	all subsequent transfers and changes of ownership of the Registered Note; 

  

	 	(viii)	the details of any making which has been provided in respect of the Registered Note; and 

  

	 	(ix)	such other information as is required by all applicable laws or as the Issuer and Registrar agree; and 

  

	 	(c)	comply with the obligations expressed in the Deed Poll and the Agency and Registry Agreement to be performed by the Registrar. 

  

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	8.2	Registrar 

  

	 	(a)	In acting under the Agency and Registry Agreement in connection with the Notes, each of the Registrar and the Issuing and Principal Paying Agent acts solely as agent of the Issuer
and does not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders save insofar as that any funds received by the Registrar or the Issuing and Principal Paying Agent, as the case may be, in accordance
with the Agency and Registry Agreement shall, pending their application in accordance with the Agency and Registry Agreement, be held by it in a segregated account for the persons entitled thereto. 

  

	 	(b)	The Issuer reserves the right at any time to terminate the appointment of the Registrar in accordance with the Agency and Registry Agreement and to appoint successor or additional
registrars, provided, however, that the Issuer must at all times maintain the appointment of a registrar with its specified office in the Commonwealth of Australia or the place of incorporation of the Issuer. Notice of any such termination of
appointment will be given to the Noteholder in accordance with Condition 12. 

  

	8.3	Multiple Noteholders 

  

	 	(a)	Subject to the Corporations Act 2001, if more than 4 persons are the holders of a Note, the names of only 4 such persons will be entered in the Register.

  

	 	(b)	Subject to the Corporations Act 2001, if more than one person is the holder of a Note, the address of only one of them will be entered on the Register. If more than one
address is notified to the Registrar, the address recorded in the Register will be the address of the Noteholder whose name appears first in the Register. 

  

	8.4	Noteholder change of address 

 A Noteholder of
Registered Notes must promptly notify any change of address to the Registrar. 
  

	8.5	Closing of Register 

 The registration of the
transfer of a Note may be suspended by the Registrar (and the Register shall be closed for the purpose of determining entitlements to payment under a Note) after the close of business on the eighth calendar day or other day in accordance with the
Regulations prior to each Interest Payment Date (if any) and each Maturity Date of the Note or such other number of days as may be agreed by the Issuer and the Registrar and not contrary to the Regulations and notified promptly by the Issuer to the
Noteholders and the Dealers. 
  

	8.6	Transfer on death, bankruptcy or liquidation of Noteholder 

 The Registrar must register a transfer of a Note to or by a person who is entitled to do so in consequence of: 
  

	 	(a)	the death or bankruptcy (in the case of natural persons) or the liquidation or winding up (in the case of a corporation) of a Noteholder; or 

  

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	 	(b)	the making of any vesting orders by a court or other judicial or quasi judicial body, 

 in accordance with any applicable laws and upon such evidence as the Issuer or the Registrar may require. 
  

	8.7	Trusts 

 Without limitation, except as provided by
statute or as required by order of a court of competent jurisdiction, no notice of any trust (whether express, implied or constructive) may be entered in the Register in respect of a Note and the Registrar is not obliged to recognise any trust.

  

	9.	Events of Default 

  

	9.1	Events of Default 

  

	 	(a)	Events of Default in relation to Senior Notes 

 The
occurrence of any of the following events with respect to any Series of Senior Notes shall constitute an Event of Default with respect to such Series: 
  

	 	(i)	the Issuer shall fail to pay the principal amount of any of such Notes when due whether at maturity or upon early redemption or otherwise; or 

  

	 	(ii)	the Issuer shall fail to pay any instalment of interest, other amounts payable or Additional Amounts on any of such Notes for a period of 30 calendar days after the due date; or

  

	 	(iii)	the Issuer shall fail duly to perform or observe any other term, covenant, or agreement applicable to Senior Notes contained in any of such Notes or in the Agency and Registry
Agreement for a period of 90 calendar days after the date on which written notice of such failure, requiring the Issuer to remedy the same, shall first have been given to the Issuer, the Registrar and the Issuing and Principal Paying Agent by the
Noteholders of at least 33.00% in aggregate principal amount of such Notes at the time outstanding; provided, however, that in the event the Issuer within the aforesaid period of 90 calendar days shall commence legal action in a court of competent
jurisdiction seeking a determination that the Issuer had not failed duly to perform or observe the term or terms, covenant or covenants, or agreement or agreements specified in the aforesaid notice, such failure shall not be an Event of Default
unless the same continues for a period of 10 calendar days after the date of any final determination to the effect that the Issuer had failed to duly perform or observe one or more of such terms, covenants, or agreements; or

  

	 	(iv)	 a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any
applicable bankruptcy, insolvency, reorganisation, or other similar law now or hereafter in effect, or appointing a receiver, liquidator, conservator, assignee, custodian, trustee, sequestrator (or similar official) of the Issuer 

  

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or for any substantial part of its property or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in
effect for a period of 60 consecutive calendar days; or 

  

	 	(v)	the Issuer shall commence a voluntary case or proceeding under any applicable bankruptcy, insolvency, liquidation, receivership, reorganisation, or other similar law now or
hereafter in effect, or shall consent to the entry or an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, conservator, assignee, trustee, custodian,
sequestrator (or similar official) of the Issuer or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due or shall
take any corporate action in furtherance of any of the foregoing. 

  

	 	(b)	Events of Default in relation to Subordinated Notes 

 The occurrence of any of the following events with respect to any Series of Subordinated Notes shall constitute an Event of Default with respect to such Series: 
  

	 	(i)	a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any applicable bankruptcy,
insolvency, reorganisation, or other similar law now or hereafter in effect, or appointing a receiver, liquidator, conservator, assignee, custodian, trustee, sequestrator (or similar official) of the Issuer or for any substantial part of its
respective property or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive calendar days; or 

  

	 	(ii)	the Issuer shall commence a voluntary case or proceeding under any applicable bankruptcy, insolvency, liquidation, receivership, reorganisation, or other similar law now or
hereafter in effect, or shall consent to the entry or an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Issuer or for any substantial part of its respective property, or shall make any general assignment for the benefit of creditors, or shall admit in writing its inability to pay its respective debts as they become due or
shall take any corporate action in furtherance of any of the foregoing. 

 If an Event of Default shall occur and be continuing,
then the holder of any affected Note, at such holder’s option, by written notice to the Issuer and, in the case of Registered Notes, the Registrar or, in the case of Bearer Notes, the Issuing and Principal Paying Agent, may declare the
principal of such Note, the interest accrued or any other amounts then payable thereon (and Additional Amounts, if any, thereon) to be due and payable immediately and if any such Event of Default shall continue at the time of receipt of such written
notice, such amounts shall 

  

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become immediately due and payable, subject to the qualification in bold-type immediately below. Upon payment of such amount of principal, interest, or any
other amounts payable (and Additional Amounts, if any), all of the Issuer’s obligations in respect of payment of principal of, interest, or any other amounts payable on (and Additional Amounts, if any) such Note shall terminate. Interest on
overdue principal, interest, or any other amounts payable (and Additional Amounts, if any) shall accrue from the date on which such principal, interest, or any other amounts payable (and Additional Amounts, if any) were due and payable to the date
such principal, interest, or any other amounts payable (and Additional Amounts, if any) are paid or duly provided for, at the rate borne by the Notes (to the extent payment of such interest shall be legally enforceable). 
 Payment of principal, the interest accrued, or any other amounts then payable thereon (and Additional Amounts, if any) of the Subordinated Notes may
not be accelerated in the case of a default in the payment of principal, interest, or any other amounts then payable or the performance of any other covenant of the Issuer. Payment of the principal, the interest accrued, or any other amounts then
payable thereon (and Additional Amounts, if any) of the Subordinated Notes may be accelerated only in the case of the bankruptcy or insolvency of the Issuer. 
 If an Event of Default with respect to any of the Notes, or an event which, with the passing of time or the giving of notice, or both, would be an Event of Default, shall occur and be continuing, the Issuer shall
notify the Registrar and the Issuing and Principal Paying Agent in writing of such Event of Default no later than the following Business Day after it becomes aware of such Event of Default, and each of the Registrar and the Issuing and Principal
Paying Agent upon receipt of such notice shall promptly notify all of the applicable Noteholders of such Event of Default. In the case of Registrar, such notification to holders of Registered Notes shall be by registered post to the address of the
Noteholder recorded in the Register. In the case of the Issuing and Principal Paying Agent, such notification to holders of Bearer Notes shall be in accordance with Condition 12. 
 If any Note shall become repayable due to an Event of Default and in accordance with this Condition 9, such Note shall be repaid at its Early Redemption
Amount together, if appropriate, with accrued interest thereon, such interest to accrue and be paid in accordance with Condition 3. 
  

	 	(c)	Reports 

 The Issuer shall provide to the Issuing
and Principal Paying Agent and the Registrar within 90 calendar days after the end of each fiscal year of the Issuer, commencing with the fiscal year ending December 31, 2006, a certificate to the effect that as of the last day of such fiscal
year there was then existing no default with respect to the Notes, as defined in this section. The Issuing and Principal Paying Agent and the Registrar shall make such certificate available for inspection during normal business hours but shall have
no duty to the Noteholders in respect of such certificate. 
  

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	10.	Time Limit for Claims 

 The Notes and, if
applicable, Coupons will become void unless presented for payment within a period of five years after the date on which such payment first become due (the Relevant Date). However, if the full amount of the money payable has not been
duly received by the Issuing and Principal Paying Agent or other relevant Paying Agent on or prior to the Relevant Date, then the Relevant Date shall mean the date on which, after the full amount of such money has been so received, notice to that
effect is duly given to the Noteholders in accordance with Condition 12. 
 In the case of Bearer Notes, no Coupon sheet issued upon exchange
of a Talon shall include a Coupon on which the claim for payment would be void pursuant to this Condition or Condition 6.4 or any Talon which would be void pursuant to Condition 6.4. 
  

	11.	Replacement of Bearer Notes, Coupons and Talons 

 Should any Bearer Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Issuing and Principal Paying Agent in Sydney (or such other place outside the United States as may
be notified to Noteholders) upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonable require. Mutilated or defaced Bearer Notes,
Coupons or Talons must be surrendered before replacements will be issued. 
  

	12.	Notices 

  

	12.1	Issuer, Registrar and the Issuing and Principal Paying Agent 

 A notice or other communication to the Issuer, the Registrar or the Issuing and Principal Paying Agent in connection with a Note: 
  

	 	(a)	must be in writing addressed as follows: 

  

	 	(i)	if to the Issuer, to: 

  

			
	Address:	  	Bank of America Corporate Center
		  	 100 North Tryon Street
 NC1-007-07-06
 Charlotte
 North Carolina 29255-0065

		
	Facsimile No:	  	(1 704) 386 0270
		
	Attention:	  	Corporate Treasury – Securities Administration

  

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	 	(ii)	if to the Registrar and the Issuing and Principal Paying Agent, to: 

  

			
	Address:	  	Level 35, AAP Center
		  	 259 George Street
 SYDNEY NSW
2000

		
	Facsimile No:	  	(61 2) 9247 4913
		
	Attention:	  	Worldwide Securities Services - Trust

  

	 	(b)	is taken to be given or made, as the case may be, on the date it is received which, in the case of a facsimile is deemed to be the time indicated in a transmission report by the
machine from which the facsimile was sent which indicates that the facsimile was sent in its entiretly to the facsimile number of the recipient notified for the purpose of this Condition 12. 

  

	12.2	Publication of notices to Noteholders of Registered Notes 

 A notice or other communication to a Noteholder in connection with a Registered Note: 
  

	 	(a)	must be in writing and may be given by prepaid post or delivery to the address of the Noteholder as shown in the Register at the close of business 7 days prior to the despatch of
the relevant notice or communication; and 

  

	 	(b)	is taken to be given or made, as the case may be, on the date the notice or other communication is so posted or delivered, as the case may be. 

  

	12.3	Publication of notices to Noteholders of Bearer Notes 

 All notices regarding the Bearer Notes shall be published in a leading English language daily newspaper of general circulation in Sydney. It is expected that such publication will be made in the Australian Financial Review. The
Issuer will also ensure that notices are duly published in a manner which complies with the rules of any stock exchange or other relevant authority on which any Notes may be listed or by which they have been admitted to trading. Any such notice will
be deemed to have been given on the date of such publication or, if published more than once, on the date of first publication. Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to Noteholders in
accordance with this Condition 12.3. 
  

	12.4	Notices given by Noteholders of Bearer Notes 

 Notices to be given by any Noteholder shall be in writing and given by lodging the notice, together with the related Bearer Note or Bearer Notes, with the Issuing and Principal Paying Agent. 
  

	13.	Issuing and Principal Paying Agent and Agents 

  

	13.1	Issuing and Principal Paying Agent 

 JPMorgan Chase
Bank N.A., Sydney Branch of Level 35, AAP Centre, 259 George Street, SYDNEY NSW 2000 shall be the initial Issuing and Principal Paying Agent. 
  

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	13.2	Variation or termination of Paying Agents 

 The
Issuer is entitled to vary or terminate the appointment of the Issuing and Principal Paying Agent and any Paying Agent and to appoint a new Issuing and Principal Paying Agent or additional or other Paying Agents and approve any change in the
specified office through which any Paying Agents acts, in each case without the consent of any Noteholder, provided that: 
  

	 	(a)	there will at all times be an Issuing and Principal Paying Agent; 

  

	 	(b)	if any Notes are listed on any stock exchange, there will at all times be a Paying Agent with a specified office in such place as may be required by the rules and regulations of the
relevant stock exchange; 

  

	 	(c)	if the conclusions of the ECOFIN Council meeting of November 26-27, 2000 are implemented, the Issuer will maintain a Paying Agent in a member state of the European Union that
will not be obliged to withhold or deduct tax pursuant to the Directive (as defined in Condition 7.2(h)); and 

  

	 	(d)	the offices of the Paying Agent will be outside the United States. 

  

	13.3	Notice of Change 

 Notice of any such change or
change in the specified office of the Issuing and Principal Paying Agent will be given to Noteholders in accordance with Condition 12. 
  

	14.	Exchange of Talons 

 On and after any Interest
Payment Date on which the final Coupon comprised in any Coupon sheet matures, the Talon, if any, forming part of such Coupon sheet, may be surrendered at the specified office of the Issuing and Principal Paying Agent or any other Paying Agent in
exchange for a further Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Bearer Note to which it appertains) a further Talon, subject to
the provisions of Condition 10. Each Talon, for purpose of these Terms and Conditions, shall be deemed to mature on the Interest Payment Date on which the final Coupon comprised in the relative Coupon sheet matures. 
  

	15.	Meetings of Noteholders 

 Meetings of Noteholders
may be convened in accordance with the Meeting Provisions. Any such meeting may consider any matters affecting the interests of Noteholders, including, without limitation, the variation of the terms of the Notes to the Issuer and the granting of
approvals, consents and waives, and the declaration of an Event of Default. 
  

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	16.	Amendments 

 Each of the Agency and Registry
Agreement, the Terms and Conditions and the relevant Pricing Supplement may be amended, without the consent of any Noteholder or Couponholder, for the following purposes: 
  

	 	(a)	to evidence the succession of another entity to the Issuer, including a successor by merger and the assumption by any such successor of the covenants of the Issuer in the Agency and
Registry Agreement, the Notes or Coupons; 

  

	 	(b)	to add to the covenants of the Issuer for the benefit of the Noteholders or the Couponholders, or to surrender any right or power in these Terms and Conditions conferred upon the
Issuer; 

  

	 	(c)	to relax or eliminate the restrictions on payment of principal and interest in respect of the Notes or Coupons in the United States, provided that such payment is permitted by
United States tax laws and regulations then in effect and provided that no adverse tax consequences would result to the Noteholders or Couponholders; 

  

	 	(d)	to cure any ambiguity, or correct or supplement any defective or inconsistent provisions in these Terms and Conditions; 

  

	 	(e)	to make any other provisions with respect to matters or questions arising under the Notes, the Coupons or the Agency and Registry Agreement, provided such action pursuant to this
subclause (e) shall not aversely affect the interests of the Noteholders or Couponholders; and 

  

	 	(f)	to permit further issuances of Notes in accordance with the terms of the Program Agreement. 

 Any such modification or amendment shall be binding on the Noteholders and the Couponholders and any such modification or amendment shall be notified to
the Noteholders and the Couponholders in accordance with Condition 12 as soon as practicable thereafter. 
  

	17.	Merger, Consolidation, Sale, Conveyance and Assumption 

 Any entity into which the Issuing and Principal Paying Agent or any Paying Agent may be merged or converted, or any entity with which the Issuing and Principal Paying Agent or any of the Paying Agents may be consolidated or any entity
resulting from any merger, conversion, or consolidation to which the Issuing and Principal Paying Agent or any of the Paying Agents shall be a party, or any entity to which the Issuing and Principal Paying Agent or any Paying Agent shall sell or
otherwise transfer all or substantially all the assets of the Issuing and Principal Paying Agent or any Paying Agent shall become, on the date when such merger, conversion, consolidation, or transfer becomes effective and to the extent permitted by
any applicable laws, the successor Issuing and Principal Paying Agent or, as the case may be, Paying Agent under the Agency and Registry Agreement without the execution or filing of any paper or any further act on the part of the parties to the
Agency and Registry Agreement, unless otherwise required by the Issuer, and after the effective 

  

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 date all references in the Agency and Registry Agreement to the Issuing and Principal Paying Agent
or, as the case may be, such Paying Agent shall be deemed to be references to such entity. Written notice of any such merger, conversion, consolidation, or transfer shall be given immediately to the Issuer by the Issuing and Principal Paying Agent
or relevant Paying Agent. 
  

	18.	Additional Issues 

 The Issuer may from time to time
and without the consent of the Noteholders or, if applicable, Couponholders create and issue additional notes having terms and conditions the same as (or the same in all respects except for the Issue Date, Interest Accrual Date and the Issue Price)
Notes of an existing Series. These additional Notes shall be consolidated and form a single Series with the outstanding Notes of the existing Series. 
  

	19.	Replacement of Bearer Notes, Coupons and Talons 

 If
any Bearer Note, Coupon or Talon is mutilated, defaced, stolen, destroyed or lost, it may be replaced at the office of the Issuing and Principal Paying Agent on payment by the claimant of such costs as may be incurred in connection with such
replacement and on such terms as to evidence, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Bearer Notes, Coupons or Talons must be surrendered before replacement Bearer Notes, Coupons or Talons will be issued.

  

	20.	Governing Law and Jurisdiction 

  

	20.1	Governing law 

 The Notes, Coupons and Talons are
governed by the law in force in New South Wales or any other jurisdiction specified in the relevant Pricing Supplement. The subordination provisions contained in Condition 2.7 are governed by New York law. 
  

	20.2	Jurisdiction 

 The Issuer irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of New South Wales and courts of appeal from them. The Issuer waives any right it has to object to an action being brought in those courts, to claim that such action has been
brought in an inconvenient forum, or to claim those courts do not have jurisdiction. 
  

	20.3	Agent for Service of Process 

 The Issuer
irrevocably appoints BA Australia Limited (ABN 50 004 617 341) to receive, for it and on its behalf, service of process in any proceedings in the courts of New South Wales. If for any reason such agent shall cease to be an agent for service of
process, the Issuer shall immediately appoint a new agent for service of process in New South Wales and deliver notice of such appointment to the Noteholders in accordance with the procedures set out in Condition 12 within 30 days. Nothing shall
affect the right to service process in any other manner permitted by law. 
  

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 Schedule 
 Provisions for Meetings of Noteholders 
  

	1.	As used in this Schedule, the following expressions shall have the following meanings, unless the context otherwise requires: 

  

	 	(a)	voting certificate shall mean an English language certificate issued by a Paying Agent and dated in which it is stated: 

  

	 	(i)	that on the date thereof Notes (not being Notes in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting
certificate and any adjourned such meeting) bearing specified serial numbers were deposited with such Paying Agent or (to the satisfaction of such Paying Agent) were held to its order or under its control and that no such Notes will cease to be so
deposited or held until the first to occur of: 

  

	 	(A)	the conclusion of the meeting specified in such certificate or, if applicable, any adjourned such meeting; and 

  

	 	(B)	the surrender of the certificate to the Paying Agent who issues the same; 

  

	 	(ii)	that the bearer thereof is entitled to attend and vote at such meeting and any adjourned such meeting in respect of the Notes represented by such certificate;

  

	 	(b)	block voting instructions shall mean an English language document issued by (i) in the case of Bearer Notes, a Paying Agent or (ii) in the case
of Registered Notes, the Registrar, and dated in which: 

  

	 	(i)	it is certified that Bearer Notes (not being Notes in respect of which a voting certificate has been issued an is outstanding in respect of the meeting specified in such block
voting instruction and any adjourned such meeting) have been deposited with such Paying Agent or (to the satisfaction of such Paying Agent) were held to its order or under its control and that no such Bearer Notes will cease to be so deposited or
held until the first to occur of: 

  

	 	(A)	the conclusion of the meeting specified in such document or, if applicable, any adjourned such meeting; and 

  

	 	(B)	the surrender to the Paying Agent not less than 48 hours before the time for which such meeting or any adjourned such meeting is convened of the receipt issued by such Paying Agent
in respect of each such deposited Bearer Note which is to be released or (as the case may require) the Bearer Note or Bearer Notes ceasing with the agreement of the Paying Agent or the Issuer in accordance with paragraph 17 hereof of the necessary
amendment to the block voting instruction; 

  

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	 	(ii)	it is certified by the Registrar that Registered Notes (not being Notes in respect of which a voting certificate has been issued and is outstanding in respect of the meeting
specified in such voting certificate and any adjourned such meeting) are registered in the Register in the names of the specified Noteholders; 

  

	 	(iii)	it is certified that each holder of such Notes has instructed such Registrar or Paying Agent, as the case may be, that the vote(s) attributable to the Note or Notes so registered,
deposited or held should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjourned such meeting and that all such instructions are during the period commencing 48 hours prior to the time for
which such meeting or any adjourned such meeting is convened and ending at the conclusion or adjournment thereof neither revocable nor capable of amendment; 

  

	 	(iv)	the total number and (in the case only of Bearer Notes) the serial numbers of the Notes so deposited or held are listed distinguishing with regard to each such resolution between
those in respect of which instructions have been so given that the votes attributable thereto should be cast against the resolution; and 

  

	 	(v)	one or more persons named in such document (each hereinafter called a proxy) is or are authorised and instructed by such Registrar or Paying Agent, as the case may be,
to cast the votes attributable to the Notes so listed in accordance with the instructions referred to in paragraph (iv) above as set out in such document. 

 The holder of any voting certificate or the proxies named in any block voting instruction shall for all purposes in connection with the relevant meeting
or adjourned meeting of Noteholders be deemed to be the holder of the Notes to which such voting certificate or block voting instruction related and the Registrar or Paying Agent with which such Notes have been registered or deposited, as the case
may be, or the person holding the same to the order or under the control of such Paying Agent shall be deemed for such purposes not to be the holder of those Notes. 
  

	 	(c)	References herein to the Notes are to the Notes in respect of which the relevant meeting is convened. 

  

	2.	The Issuing and Principal Paying Agent may at any time and, upon a requisition in writing of Noteholders holding not less than 33% in principal amount of the Notes for the time
being outstanding, shall convene a meeting of the Noteholders and if, the Issuing and Principal Paying Agent makes default for a period of seven days in convening such a meeting the same may be convened by the Issuer or the requisitionists. Whenever
the Issuing and Principal Paying Agent is about to convene any such meeting it shall forthwith give notice in writing to the Issuer and the Dealers of the day, time and place thereof and of the nature of the business to be transacted thereat. Every
such meeting shall be held at such time and place in Sydney as the Issuing and Principal Agent may approve. 

  

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	3.	Notice of every meeting of Noteholders shall be published on behalf and at the expense of the Issuer in accordance with Condition 12 of the Terms and Conditions of the Notes. Such
notice shall set forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, and shall be published at least twice, the first publication to be not less than 21 nor more than 180 days prior to
the date fixed for the meeting. Such notice shall include a statement to the effect that Bearer Notes may be deposited with Paying Agents and, in the case of Registered Notes, the Registrar may be contacted for the purpose of obtaining voting
certificates or appointing proxies not less than 24 hours before the time fixed for the meeting or that, in the case of corporations, they may appoint representatives by resolution of their directors or other governing body. A copy of the notice
shall be sent by post to the Issuer (unless the meeting is convened by the Issuer). 

  

	4.	In case at any time the Issuer or the holders of at lease 33% in aggregate principal amount of the Notes outstanding shall have requested the Issuing and Principal Paying Agent to
call a meeting of Noteholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting and the Issuing and Principal Paying Agent shall not have given the first notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer or Noteholders of Notes in the amount above specified may determine the time and the place in either of the locations
designated in paragraph 2 hereof for such meeting and may call such meeting by giving notice thereof as provided in paragraph 3 hereof. 

  

	5.	Any person (who may but need not be a Noteholder) nominated in writing by the Issuer shall be entitled to the chair at every such meeting but if no such nomination is made or if at
any meeting the person nominated shall not be present within 15 minutes after the time appointed for holding the meeting the Noteholders present shall choose one of their number to be Chairman. To be entitled to vote at any meeting of Noteholders, a
person shall be (i) a Noteholder of one or more Notes, or (ii) a person appointed by an instrument in writing as proxy for a Noteholder or Noteholders by such Noteholder or Noteholders, which proxy need not be a Noteholder. The only
persons who shall be entitled to be present or to speak at any meeting of Noteholders shall be the persons entitled to vote at such meeting and their counsel and any representatives of the Issuing and Principal Paying Agent and its counsel and any
representatives of the Issuer and its counsel. 

  

	6.	 At any such meeting, one or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than a
majority in principal amount of the Notes shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a Chairman) shall be transacted at any meeting
unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more persons present holding Notes or voting certificates or
being proxies and holding or representing in the aggregate 67% in principal amount of the Notes for the time being outstanding, 

  

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provided that, at any meeting the business of which includes any of the following matters (each of which shall only be capable of being affected after
having been approved by an Extraordinary Resolution) namely: 

  

	 	(a)	modification of the Maturity Date of the Notes or reduction or cancellation of the principal amount payable upon maturity; or 

  

	 	(b)	reduction or cancellation of the amount payable or modification of the payment date in respect of any interest in respect of the Notes or variation of the method of calculating the
Interest Rate in respect of the Notes; or 

  

	 	(c)	reduction of any Minimum Interest Rate and/or Maximum Interest Rate specified in the applicable Pricing Supplement of any Floating Rate Notes; or 

  

	 	(d)	modification of the majority required to pass an Extraordinary Resolution; or 

  

	 	(e)	the sanctioning of any such scheme or proposal as is described in paragraph 19(f) below; or 

  

	 	(f)	alternation of this proviso or the proviso to paragraph 7 below; 

 the quorum shall be one or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than two-thirds in principal amount of the Notes for the time being outstanding. An
Extraordinary Resolution passed at any meeting of the holders of Notes will be binding on all holders of Notes whether or not they are present at the meeting and on all holders of Coupons (if any) appertaining to Bearer Notes. 
  

	7.	 In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of the Noteholders (as
provided in paragraph 4 hereof), be dissolved. In any other case the meeting shall be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in paragraph 3 hereof except that such notice need be published only once but must be given not less than five days prior to the date on which the meeting is scheduled to be reconvened.
Subject to the foregoing, at the reconvening of any meeting adjourned for a lack of a quorum the persons entitled to vote 33% in principal amount of the Notes shall constitute a quorum for the taking of any action set forth in the notice of the
original meeting. Notice of the reconvening of an adjourned meeting shall state expressly the percentage of the aggregate principal amount of the Notes that shall constitute a quorum. At a meeting or an adjourned meeting duly reconvened and at which
a quorum is present as aforesaid, any resolution and all matters (except as limited by Condition 15) shall be effectively passed and decided if passed or decided by the persons entitled to vote a majority in principal amount of the Notes represented
and voting at such meeting, provided that such amount shall be not less than 33% in principal amount of the Notes outstanding. Any Noteholder who has executed and delivered an instrument in writing appointing a person as his proxy shall be deemed to
be present for the purposes of determining a quorum and be deemed to have voted; provided however, that such Noteholder shall be considered as present or voting only with respect to the matters covered by such instrument in writing. Any
resolution effectively passed or 

  

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decision taken at any meeting of the Noteholders duly held in accordance with this paragraph 7 shall be binding on all Noteholders whether or not present or
represented at the meeting and whether or not notation of such decision is made upon the Notes. 

  

	8.	Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original meeting but as if 10 were
substituted for 21 in paragraph 3 above and such notice shall (except in cases where the proviso to paragraph 6 above shall apply when it shall state the relevant quorum) state that one or more persons present holding Notes or voting certificates or
being proxies at the adjournment meeting whatever the principal amount of the Notes held or represented by them will form a quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting. 

 

	9.	Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the Chairman shall both on a show of hands and on a
poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a holder of a voting certificate or as a proxy. 

  

	10.	At any meeting, unless a poll is (before or on the declaration of the results of the show of hands) demanded by the Chairman or the Issuer or by one or more persons present holding
Notes or voting certificates or being proxies and holding or representing in the aggregate not less than two percent in principal amount of the Notes for the time being outstanding, a declaration by the Chairman that a resolution has been carried or
carried by a particular majority or lost or not carried by a particular majority 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.

  

	11.	Subject to paragraph 13 below, if at any such meeting a poll is so demanded it shall be taken in such manner and subject as hereinafter provided either at once or after an
adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the asking of the poll. The demand for a poll shall not prevent the continuance of
the meeting for the transaction of any business other than the motion on which the poll has been demanded. 

  

	12.	The chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to time and from place to place but no business shall be transacted at
any adjourned meeting except business which might lawfully (but for lack of required quorum) have been transacted at the meeting from which the adjournment took place. 

  

	13.	Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without adjournment. 

  

	14.	 Any director or officer of the Issuer and its lawyers and other professional advisers may attend and speak at any meeting. Save as aforesaid, no person shall be
entitled to attend and speak nor shall any person be entitled to vote at any meeting of the Noteholders or join with others in requisitioning the convening of such a meeting unless he either produces the Note or Notes of which he is the holder or a
voting certificate or is a proxy. Neither the Issuer, nor any of its subsidiaries shall be entitled to vote at any meeting in respect of Notes held by it for the benefit of any such company and no other person shall be entitled to vote at any
meeting in respect of Notes held by it for the benefit of any such 

  

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		 	Allens Arthur Robinson

  

	 	 
company. Nothing herein contained shall prevent any of the proxies named in any block voting instruction from being a director, officer or representative of
or otherwise connected with the Issuer. 

  

	15.	Subject as provided in paragraph 14 hereof at any meeting: 

  

	 	(a)	on a show of hands every person who is present in person and produces a Note or voting certificate or is a proxy shall have one vote; and 

  

	 	(b)	on a poll every person who is so present shall have one vote in respect of each minimum integral amount of Australian dollars. 

 Without prejudice to the obligation of the proxies named in any block voting instructions, any person entitled to more than one vote need not use all his
votes or cast all the votes to which he is entitled in the same way. 
  

	16.	The proxies named in any block voting instruction need not be Noteholders. 

  

	17.	Each block voting instruction together (if so requested by the Issuer) with proof satisfactory to the Issuer of its due execution on behalf of the relevant Paying Agent or the
Registrar, as the case may be, shall be deposited at such place as the Issuing and Principal Paying Agent shall approve not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the proxies named in the
block voting instruction propose to vote and in default the block voting instruction shall not be treated as valid unless the Chairman of the meeting decides otherwise before such meeting or adjourned meeting proceeds to business. A certified copy
of each block voting instruction shall be deposited with the Issuing and Principal Paying Agent before the commencement of the meeting or adjourned meeting, but the Issuing and Principal Paying Agent shall not thereby be obliged to investigate or be
concerned with the validity of or the authority of the proxies named in any such block voting instruction. 

  

	18.	Any vote given in accordance with the terms of a block voting instruction shall be valid notwithstanding the previous revocation or amendment of the block voting instruction or of
any of the Noteholders’ instructions pursuant to which it was executed, provided that no intimation in writing of such revocation or amendment shall have been received from the relevant Paying Agent or the Registrar, as the case may be,
by the Issuer at its registered office (or such other place as may have been approved by the Issuing and Principal Paying Agent of the purpose) by the time being 24 hours before the time appointed for holding the meeting or adjourned meeting at
which the block voting instruction is to be used. 

  

	19.	A meeting of the Noteholders shall in addition to the powers hereinbefore given have the following powers exercisable by Extraordinary Resolution (subject to the provisions relating
to quorum contained in paragraphs 6 and 7 above) only namely: 

  

	 	(a)	Power to sanction any compromise or arrangement proposed to be made between the Issuer and the Noteholders and the Couponholders or any of them. 

  

	 	(b)	Power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Noteholders and the Couponholders against the Issuer or against any of its
property whether such rights shall arise under this Agreement, the Deed Poll, the Notes or the Coupons or otherwise. 

  

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		 	Allens Arthur Robinson

  

	 	(c)	Power to assent to any modification of the provisions contained in this Agreement or the Terms and Conditions, the Notes or the Coupons which shall be proposed by the Issuer.

  

	 	(d)	Power to give any authority or sanction which under provisions of this Agreement or the Notes is required to be given by Extraordinary Resolution. 

  

	 	(e)	Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interest of the Noteholders and to confer upon such committee or committees
any powers or descriptions which the Noteholders could themselves exercise by Extraordinary Resolution. 

  

	 	(f)	Power to sanction any scheme or proposal for the exchange or sale of the Notes for, or the conversion of the Notes into or the cancellation of the Notes in consideration of, shares,
stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such
shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash. 

  

	 	(g)	Power to approve the substitution of any entity in place of the Issuer (or any previous substitute) as the principal debtor in respect of the Notes and the Coupons.

  

	20.	Any resolution passed at a meeting of the Noteholders duly convened and held in accordance with this Agreement shall be binding upon all the Noteholders whether present or not
present at such meeting and whether or not voting and upon all Receiptholders and Couponholder and each of them shall be bound to give effect thereto accordingly and the passing of any such resolution shall be conclusive evidence that the
circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the Noteholders shall be published in accordance with Condition 12 of the Terms and Conditions of the Notes by the Issuer within 14
days of such result being known, provided that the non-publication of such notice shall not invalidate such resolution. 

  

	 21.
	 The expression Extraordinary Resolution when used in this Agreement or the Terms and Conditions means a
resolution passed at a meeting of the Noteholders duly convened and held in accordance with the provisions herein contained by a majority consisting of not less than 66 2/3% of the votes given on such poll. 

  

	22.	Minutes of all resolutions and proceedings at every such meeting aforesaid if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or
proceedings had shall be conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and
all resolutions passed or proceedings had thereat to have been duly passed or had. 

  

	23.	 The vote upon any resolution submitted to any meeting of Noteholders shall be by written ballots on which shall be subscribed the signatures of Noteholders or of
their representatives by proxy (and the serial number or numbers of the Notes held or 

  

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		 	Allens Arthur Robinson

  

	 	 
represented by them). The permanent chairperson of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Noteholders
shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was published as provided in paragraph 3 hereof and, if applicable, paragraph 8 hereof. Each copy shall be signed and verified by the affidavits of the chairperson and
secretary of the meeting, and one such copy shall be delivered to the Issuer and another to the Issuing and Principal Paying Agent to be preserved by the Issuing and Principal Paying Agent, the copy delivered to the Issuing and Principal Paying
Agent to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  

	24.	Subject to all the provisions contained herein the Issuing and Principal Paying Agent may without the consent of the Issuer, the Noteholders or the Couponholders prescribe such
further regulations regarding the requisition and/or the holding of meetings of Noteholders and attendance and voting thereat as the Issuing and Principal Paying Agent may in its sole discretion think fit. 

  

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		 	Allens Arthur Robinson

  

 Schedule 4 
 Bearer Exchange Notice 
 This Schedule sets out the form of the Bearer Exchange Notice (as defined in the Terms and Conditions) to be
given by the holder of a Registered Note in order to exercise the option to exchange a Registered Note for a Bearer Note. 
 Bank of America
Corporation 
 A$[*] Notes due [*] 20[*] 
  

			
	Series:	  	[*]
		
	Tranche No:	  	[*]

 Bearer Exchange Notice 
 [*] being the holder of [*] principal amount of Registered Notes, hereby exercises the option set out in the Registered Notes to have such Registered Notes exchanged for Bearer Notes in an aggregate amount equal to the principal amount of
the Registered Notes being exchanged and directs that such Bearer Notes [be made available for collection by it from the Issue and Principal Paying Agent’s specified office/be mailed to the (respective) address(es) of the registered holder(s)
as set forth below]*. 
 Name(s) and address(es) of registered holder(s): 
 [*] 
 [*] 
 [*] 
  

			
	By:	 	  

		 	(duly authorised)

 Notes: 
  

	1.	This notice must be given in respect of permitted exchanges. Registered Notes with an aggregate principal amount of less than A$500,000 may not be exchanged.

  

	2.	Bearer Notes are not required to be delivered pursuant to this notice until 120 days after the Noteholder delivers this notice to the Issuing and Principal Paying
Agent. 

  

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		 	Allens Arthur Robinson

  

	3.	This notice must be accompanied by the payment to the Issuing and Principal Paying Agent of such reasonable professional costs and production costs as specified by the Issuing
and Principal Paying Agent). 

	*	Delete as appropriate. 

  

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		 	Allens Arthur Robinson

  

 Appendix 1 to Bearer Exchange Notice 
 Bank of America Corporation 
 A$[*] Notes due [*] 20[*] 
  

			
	Series:	  	[*]
		
	Tranche No:	  	[*]

 Exchange Declaration 
 I declare that I am not an Australian resident, as defined in the Income Tax Assessment Act 1936, nor will I otherwise hold the Bearer Notes, to which this declaration applies, in the course of carrying on business in Australia at or
through a permanent establishment in Australia. 
 I further undertake to notify the Issuer if I either: 
  

	(a)	hold or commence to hold the Bearer Notes to which this declaration applies, as either: 

  

	 	(i)	an Australian resident, as defined in the Income Tax Assessment Act 1936; or 

  

	 	(ii)	otherwise in the course of carrying on business in Australia at or through a permanent establishment in Australia; or 

  

	(b)	dispose of any part of the beneficial interest in the Bearer Notes, to which this declaration applies, to, at the time of such disposal, either: 

  

	 	(i)	an Australian resident, as defined in the Income Tax Assessment Act 1936; or 

  

	 	(ii)	a person who otherwise acquires or would hold the Bearer Notes in the course of carrying on business in Australia at or through a permanent establishment in Australia

 and I undertake to provide such notification (the Notice) within a reasonable time after the occurrence of either (a) or
(b) above and provided I give the Notice prior to the first interest payment date after that occurrence. 
  

			
	Name and Address:	 	[*]
		
	Signed:	 	  

		 	(duly authorized)
		
	Date:	 	[*]

  

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		 	Allens Arthur Robinson

  

 Schedule 5 
 Form of Bearer Note, Coupon and Talon 
 FORM OF BEARER NOTE 
 THE NOTES ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THE NOTES NOR ANY INTEREST OR PARTICIPATION IN THE NOTES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA
(INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS TERRORITORIES, ITS POSSESSIONS AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT, UNLESS THE NOTES ARE REGISTERED
UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. 
 THE NOTES ISSUED UNDER THE BANK OF AMERICA
CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM MAY NOT BE OFFERED, SOLD, OR DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TO ANY CITIZEN, NATIONAL OR RESIDEDNT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR
ORGANISED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL SUBDIVISION THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT
WITHIN THE UNITED STATES IS ABLE TO EXERCISE PRIMARY SUPERVISION OVER ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT AS PERMITTED UNDER APPLICABLE UNITED STATES
TREASURY REGULATIONS. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING
THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 THIS NOTE IS A DEFINITIVE NOTE WITH INTEREST COUPONS. THE RIGHTS
ATTACHING TO THIS BEARER NOTE ARE AS SPECIFIED IN THE PRICING SUPPLEMENT AND AGENCY AND REGISTRY AGREEMENT (AS DEFINED HEREIN). 
 THIS NOTE IS NOT A SAVINGS
ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF THE ISSUER AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 NEITHER THE NOTEHOLDER NOR THE BENEFICIAL OWNERS OF THIS NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF.

  

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		 	Allens Arthur Robinson

  

 BANK OF AMERICA CORPORATION 
 A$[*] NOTES DUE [*] 20[*] 
 Series No.[*] 
 Tranche No. [*] 
 NOTE 
  

			
	COMMON CODE: [*]	  	ISIN: [*]

 This Note is a duly authorised issue of Australian Medium-Term Notes (the “Notes”) of
Bank of America Corporation (the “Issuer”) denominated in Australian dollars maturing on the Maturity Date or, as the case may be, on the Interest Payment Date falling on the Redemption Month. References herein to the Terms and Conditions
shall be to the Terms and Conditions of the Notes endorsed herein as modified and supplemented by the information set out in the Pricing Supplement attached hereto and incorporated hereon, but in the event of any conflict between the provisions of
the Terms and Conditions and the information set out in the Pricing Supplement, the Pricing Supplement will prevail. 
 This Note is issued
subject to, and with the benefit of, the Terms and Conditions and an Agency and Registry Agreement (the “Agency and Registry Agreement,” which expression shall be construed as a reference to that agreement as the same may be amended or
supplemented from time to time) dated as of May 18, 2006 and made among Bank of America Corporation, JPMorgan Chase Bank N.A., Sydney Branch (the “Issuing and Principal Paying Agent”) and the other agents named therein. 
 For value received, the Issuer, subject to and in accordance with the Terms and Conditions, promises to pay to the bearer hereof on the Maturity Date or,
as the case may be, on the Interest Payment Date falling in the Redemption Month, or on such earlier date as this Note may become due and repayable in accordance with the Terms and Conditions, the amount payable on redemption of this Note, and to
pay interest (if any) on this Note calculated and payable as provided in the Terms and Conditions together with any other sums payable under the Terms and Conditions. 
 This Note shall be governed by the law in force in New South Wales. 
 This Note shall not become valid or
obligatory for any purpose until the certificate of authentication hereon shall have been duly signed by or on behalf of the Issuing and Principal Paying Agent acting in accordance with the Agency and Registry Agreement. 
 IN WITNESS WHEREOF the Issuer has caused this Note to be duly signed on its behalf. 
  

			
	BANK OF AMERICA CORPORATION
		
	By:	 	  

		 	Duly authorised officer

  

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		 	Allens Arthur Robinson

  

 CERTIFICATE OF AUTHENTICATION OF THE AGENT 
 This Note is authenticated by or on behalf of the Agent. 
  
  

			
	 JPMorgan Chase Bank N.A., Sydney Branch
 as
Issuing and Principal Paying Agent

		
	By:	 	  

		 	Authorised Signatory
		 	For the purposes of authentication only.

  

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		 	Allens Arthur Robinson

  

 (REVERSE OF NOTE) 
 The Terms and Conditions of the Notes, attached to or endorsed upon this Note, are set forth in (i) Schedule 3 of the Deed Poll dated as of May 18, 2006 by and among Bank of America Corporation, JPMorgan
Chase Bank N.A., Sydney Branch (the “Issuing and Principal Paying Agent”) and the other agents named therein; and (ii) the Pricing Supplement dated [*] 20[*]. 
 [At the foot of the Terms and Conditions of the Notes] 
 ISSUING AND PRINCIPAL PAYING
AGENT 
 JPMorgan Chase Bank N.A., Sydney Branch 
  

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		 	Allens Arthur Robinson

  

 FORM OF COUPON 
 THIS COUPON ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS. NEITHER THIS COUPON NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS
TERRITORIES, ITS POSSESSIONS AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT, UNLESS THIS COUPON IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. 
 THE NOTES ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM
MAY NOT BE OFFERED, SOLD, OR DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TO ANY CITIZEN, NATIONAL OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANISED IN OR UNDER THE LAWS OF THE UNITED
STATES OR ANY POLITICAL SUBDIVISION THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT WITHIN THE UNITED STATES IS ABLE TO EXERCISE
PRIMARY SUPERVISION OVER ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT AS PERMITTED UNDER APPLICABLE UNITED STATES TREASURY REGULATIONS. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 THIS COUPON IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING
OR NONBANKING AFFILIATE OF THE ISSUER AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 NEITHER THE
NOTEHOLDER NOR THE BENEFICIAL OWNERS OF THIS COUPON SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
 BANK OF AMERICA CORPORATION 
 A$[*] NOTES DUE [*] 20[*] 
 Series No. [*] 
  

			
	COMMON CODE: [*]	  	ISIN: [*]

 Part A 
 For Fixed Rate Notes: 
  

			
	 This coupon is payable to bearer, separately
 negotiable
and subject to the Terms and
 Conditions of the said Notes.
	  	 Coupon No.   
 Coupon
for
 [            ]
 due on
 [            ],
 20[    ]]

  

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		 	Allens Arthur Robinson

  

 Part B 
 THE ATTENTION OF COUPONHOLDERS IS DRAWN TO CONDITION 5 OF THE TERMS AND CONDITIONS. THE NOTE TO WHICH THIS COUPON APPERTAINS MAY, IN CERTAIN CIRCUMSTANCES SPECIFIED IN SUCH TERMS AND CONDITIONS, FALL DUE FOR REDEMPTION PRIOR TO THE DUE DATE
IN RELATION TO THIS COUPON. IN SUCH EVENT THE PAYING AGENT TO WHICH SUCH INSTRUMENT IS PRESENTED FOR REDEMPTION MAY DETERMINE, IN ACCORDANCE WITH CONDITION 5 THAT THIS COUPON IS TO BECOME VOID. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
  

			
	BANK OF AMERICA CORPORATION
		
	By:	 	  

		 	Duly authorized officer

  

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		 	Allens Arthur Robinson

  

 (Reverse of Coupon) 
 ISSUING AND PRINCIPAL PAYING AGENT 
 JPMorgan Chase Bank N.A., Sydney Branch 
  

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		 	Allens Arthur Robinson

  

 FORM OF TALON 
 THIS TALON ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.
NEITHER THIS TALON NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS TERRITORIES, ITS POSSESSIONS
AND OTHER AREAS SUBJECT TO ITS JURISDICTION OR TO ANY PERSON DEEMED A U.S. PERSON UNDER REGULATION S UNDER THE SECURITIES ACT, UNLESS THIS TALON IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT IS AVAILABLE. 
 THE NOTES ISSUED UNDER THE BANK OF AMERICA CORPORATION AUSTRALIAN MEDIUM TERM NOTE PROGRAM MAY NOT BE OFFERED, SOLD, OR
DELIVERED WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TO ANY CITIZEN, NATIONAL OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL
SUBDIVISION THEREOF, OR TO ANY ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR ANY TRUST WITH RESPECT TO WHICH A COURT WITHIN THE UNITED STATES IS ABLE TO EXERCISE PRIMARY SUPERVISION OVER
ITS ADMINISTRATION, AND ONE OR MORE UNITED STATES PERSONS HAVE THE AUTHORITY TO CONTROL ALL OF ITS SUBSTANTIAL DECISIONS, EXCEPT AS PERMITTED UNDER APPLICABLE UNITED STATES TREASURY REGULATIONS. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 THIS TALON IS NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR
NONBANKING AFFILIATE OF THE ISSUER AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 NEITHER THE
NOTEHOLDER NOR THE BENEFICIAL OWNERS OF THIS TALON SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
 (On
the front) 
 BANK OF AMERICA CORPORATION 
 A$[*] NOTES DUE [*]20[*] 
 Series No.[*] 
  

			
	COMMON CODE: [*]	  	ISIN: [*]

  

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		 	Allens Arthur Robinson

  

 On and after [            ] further Coupons [and a
further Talon] appertaining to the Bearer Note to which this Talon appertains will be issued at the specified office of the Issuing and Principal Paying Agent set out on the reverse hereof (and/or any other or further Paying Agents and/or specified
offices as may from time to time be duly appointed and notified to the Noteholders) upon production and surrender of this Talon. 
 This Talon may, in
certain circumstances, become void under the Terms and Conditions endorsed on the Bearer Notes to which this Talon appertains. 
  

			
	BANK OF AMERICA CORPORATION
		
	By:	 	  

		 	Duly authorized officer

  

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		 	Allens Arthur Robinson

  

 (Reverse of Receipt and Talon) 
 ISSUING AND PRINCIPAL PAYING AGENT 
 JPMorgan Chase Bank N.A., Sydney Branch 

 

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		 	Allens Arthur Robinson

  

 EXECUTED and delivered as a deed poll. 
 Signed and Delivered on behalf of Bank of 
 America Corporation by its Senior Vice 
 President in the presence of: 
  

			
	 BOYD C. CAMPBELL, JNR
	  	 ANN J. TRAVIS

	Witness	  	Signature
		
	 BOYD C. CAMPBELL, JNR
	  	 ANN J. TRAVIS

	Print Name	  	Print Name

  

 Page 26

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