Document:

EX-4.4

 Exhibit 4.4 
 DATED 14 DECEMBER 2012 
 THE REGULATED ENTITIES 

THE UNREGULATED ENTITIES 
 AND 
 SANTANDER UK PLC 

 
  

CAPITAL SUPPORT DEED 
  

 

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	2	  
			
	 2.
	  	 The Capital Support and Upstreaming Arrangements
	  	 	6	  
			
	 3.
	  	 Utilisation
	  	 	7	  
			
	 4.
	  	 Conditions to Utilisation
	  	 	8	  
			
	 5.
	  	 Upstreaming Arrangements
	  	 	8	  
			
	 6.
	  	 Available Resources
	  	 	9	  
			
	 7.
	  	 Repayment of Sums Advanced Under A Group Facility
	  	 	10	  
			
	 8.
	  	 Obligation of Santander UK to Provide Capital Resources to a Regulated Entity
	  	 	10	  
			
	 9.
	  	 Funding Commitment
	  	 	11	  
			
	 10.
	  	 Warranties
	  	 	12	  
			
	 11.
	  	 Termination
	  	 	13	  
			
	 12.
	  	 Costs and Expenses
	  	 	13	  
			
	 13.
	  	 Changes to the Parties
	  	 	13	  
			
	 14.
	  	 Notices
	  	 	14	  
			
	 15.
	  	 Partial Invalidity
	  	 	15	  
			
	 16.
	  	 Remedies and Waivers
	  	 	15	  
			
	 17.
	  	 Amendments
	  	 	15	  
			
	 18.
	  	 Entire Deed
	  	 	15	  
			
	 19.
	  	 Counterparts
	  	 	15	  
			
	 20.
	  	 Governing Law
	  	 	15	  
			
	 21.
	  	 Enforcement
	  	 	15	  
		
	 Schedule 1 The Regulated Entities
	  	 	17	  
		
	 Schedule 2 The Unregulated Entities
	  	 	18	  
		
	 Schedule 3 Utilisation Request
	  	 	19	  
		
	 Schedule 4 Repayment Request
	  	 	20	  
		
	 Schedule 5 Funding Notice
	  	 	21	  
		
	 Schedule 6 Deed of Adherence
	  	 	22	  

 THIS CAPITAL SUPPORT DEED (this “Deed”) is dated 14 December 2012 and made
between: 
  

	(1)	THE REGULATED ENTITIES, being each entity listed in Schedule 1 to this Deed (the “Regulated Entities”); 

 

	(2)	THE UNREGULATED ENTITIES, being each entity listed in Schedule 2 to this Deed (the “Unregulated Entities”); and 

 

	(3)	SANTANDER UK PLC (“Santander UK”). 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed:

 “Affected Party” has the meaning given to it in Clause 11.4. 

“Available Resources” means, in relation to any Funding Entity, the amount of its resources that comprise cleared,
immediately accessible funds or those of its assets, rights, facilities or other resources that, using its best efforts, are reasonably capable of being converted into cleared, immediately available funds, such that they be made available in
accordance with Clauses 5.1 and/or 5.2 or (as the case may be) Clause 7 or Clause 9 but in any event such resources shall be limited: 
  

	 	(a)	in the case of a Regulated Entity or any other Core UK Group Member authorised under Part IV of FSMA, to the sum of its Capital Resources which are in excess of the
capital and financial resources requirements to which it is subject under the Regulatory System (taking into account its obligations to maintain adequate liquid resources as part of such capital and financial resources requirements); or

  

	 	(b)	in the case of a Core UK Group Member not falling under (a) above, to the sum of its Capital Resources which, if paid as Upstream Funds pursuant to a Funding Notice,
or repaid pursuant to a Repayment Request, would not cause the value of its liabilities to exceed the value of its assets, taking into account all of its contingent and prospective liabilities; and 

 

	 	(c)	in the case of all Core UK Group Members, to such sum as would not, if required to be paid as Upstream Funds or paid pursuant to a Funding Notice, cause such Funding
Entity to be in breach of the Companies Act 2006 and for these purposes such Core UK Group Member shall not be required to prepare interim accounts as provided in Parts 18 or 23 of the Companies Act 2006. 

“BIPRU” means the Prudential Sourcebook for Banks, Building Societies and Investment Firms contained within the FSA
Handbook. 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general
business in London. 

 “Capital Resources” has the meaning given to it in the FSA Handbook.

 “Capital Resource Requirements” means each Regulated Entity’s obligations under GENPRU 2.1, BIPRU 10 and
any other requirements relating to Capital Resources or concentration risk imposed on it by or under the Regulatory System. 

“Core UK Group” has the meaning given to it in the FSA Handbook. 

“Core UK Group Members” means each of the Parties to this Deed and such further companies as may be notified from
time-to-time to the FSA and approved by the FSA as being a member of the Core UK Group, including the Regulated Entities on the date hereof and from time to time thereafter. 
 “Core Group Waiver” means any waiver granted by the FSA in relation to BIPRU 10.5 and BIPRU 10.8 which exempts all Exposures between each Regulated Entity and the Unregulated Entities from
the limits described in BIPRU 10.5. 
 “Core Tier One Capital” has the meaning given to it in the FSA Handbook.

 “Core Tier One Capital Contribution” means a contribution of Capital Resources to a Regulated Entity which
qualifies for such Regulated Entity as Core Tier One Capital. 
 “Core Tier One Capital Request” means a
Utilisation Request by a Requesting Entity which specifies that the Capital Resources requested by the Requesting Entity are required in the form of a Core Tier One Capital Contribution. 

“Dispute” has the meaning given to it in Clause 21.1. 

“DLG Facility Agreement” means the revolving loan facility evidenced by the facility agreement dated 28 May 2010
between Santander UK Plc, Abbey National Treasury Services Plc, Alliance & Leicester Plc, Cater Allen International Limited and Cater Allen Limited. 
 “Exposure” has the meaning given to it in the FSA Handbook. 

“FSA” means the UK Financial Services Authority and its successors from time to time. 

“FSA Handbook” means the UK Financial Services Authority Handbook of Rules and Guidance (as amended from time to time).

 “FSMA” means the Financial Services and Markets Act 2000; 

“Funding Amount” means the amount specified in a Funding Notice. 

“Funding Commitment” has the meaning given to it in Clause 9. 

“Funding Entity” means, in relation to any Utilisation Request, Repayment Request or Funding Notice (as the case may be),
the Core UK Group Member to which that Utilisation Request, Repayment Request or Funding Notice is addressed. 

 “Funding Notice” means a notice served by a Requesting Entity pursuant to
Clause 9 and substantially in the form set out in Schedule 5. 
 “GENPRU” means the General Prudential Sourcebook
contained within the FSA Handbook. 
 “Group Facility” means any loan, funding commitment or facility provided by a
Regulated Entity to a Core UK Group Member other than: 
  

	 	(a)	pursuant to this Deed; or 

  

	 	(b)	which otherwise qualifies as Restricted Indebtedness. 

 “Group Facilities” has the meaning given to it in Clause 7. 

“New Member Designation” has the meaning given to it in Clause 13.2. 

“Non Affected Party” has the meaning given to it in Clause 11.4. 

“On Demand Amounts” has the meaning given to it in Clause 7. 

“On Demand Group Facility” has the meaning given to it in Clause 7. 

“Parent” means in relation to a company, any company which directly (or indirectly through other companies of which it is a
Parent) owns a majority of the issued share capital of such company. 
 “Party” means a party to this Deed as at
the date hereof or pursuant to the terms of Clause 13.2. 
 “Recipient” means a Party in receipt of a Repayment
Request. 
 “Regulatory System” has the meaning given to it in the FSA Handbook. 

“Repayment Request” means a notice substantially in the form set out in Schedule 4 in relation to a Group Facility.

 “Relevant Amount” has the meaning given to it in Clause 7. 

“Relevant Date” has the meaning given to it in Clause 7. 

“Requesting Entity” means, in relation to any Utilisation Request, Repayment Request or Funding Notice, the Regulated Entity
which issues such Utilisation Request, Repayment Request or Funding Notice. 
 “Requesting Entity Account” means
the account specified as such in a Utilisation Request, a Repayment Request or a Funding Notice. 
 “Restricted
Indebtedness” means any Group Facility, Santander UK Loan, the DLG Facility Agreement or any loan made pursuant to Clause 8.4 in respect of which anything done or proposed to be done, pursuant to Clause 2.3.3 and Clause 7 would require a
Supervisory Consent. 

 “Shortfall” means the amount by which the Capital Resources of a Requesting
Entity at the relevant time are less than its Capital Resources Requirements. 
 “Supervisory Consent” means the
consent of the FSA or confirmation from the FSA of its non-objection. 
 “Termination Date” means the date
specified as such in a Termination Notice. 
 “Terminating Member” has the meaning given to it in Clause 11.1.

 “Termination Notice” means any notice delivered in accordance with Clause 11.1. 

“Santander UK Contribution” means a subscription for ordinary shares in a Requesting Entity or a capital contribution to
such Requesting Entity, in either case by Santander UK itself or by another Core UK Group Member pursuant to the procedure under Clause 8.4, in response to a Core Tier One Capital Request and which qualifies as a Core Tier One Capital Contribution.

 “Santander UK Loan” means a loan made or to be made by Santander UK under Clause 8, or by another Core UK Group
Member pursuant to the procedure under Clause 8.4, to a Requesting Entity pursuant to a Utilisation Request. 
 “Upstreaming
Arrangements” means the upstreaming arrangements described in Clause 5. 
 “Upstream Funds” has the
meaning given to it in Clause 5.1. 
 “Utilisation” means a utilisation by a Regulated Entity of the Upstreaming
Arrangements. 
 “Utilisation Request” means a notice substantially in the form set out in Schedule 3. 

“Utilisation Sum” means in relation to a Utilisation, the amount specified as such in the Utilisation Request for that
Utilisation. 
  

	1.2	Construction 

  

	 	1.2.1	Unless a contrary indication appears any reference in this Deed to: 

  

	 	(a)	any “deed” is a reference to that deed as amended, novated, supplemented, extended, replaced or restated; 

 

	 	(b)	“assets” includes present and future properties, revenues and rights of every description; 

 

	 	(c)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
consortium or partnership (whether or not having separate legal personality); 

  

	 	(d)	except to the extent expressly provided otherwise, terms defined in the FSA Handbook shall have the same meanings when used in this Deed; 

	 	(e)	a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(f)	a time of day is a reference to London time. 

  

	 	1.2.2	Section, Clause and Schedule headings are for ease of reference only. 

  

	1.3	Third party rights 

 A person
who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed. It is acknowledged, however, that the FSA may require a Party to enforce its rights under this Deed.

  

	2.	THE CAPITAL SUPPORT AND UPSTREAMING ARRANGEMENTS 

  

	2.1	Purpose 

 All of the Parties
acknowledge and agree that: 
  

	 	2.1.1	the purpose of this Deed and the Upstreaming Arrangements and the Funding Commitment is to provide the Regulated Entities in the Core UK Group with funds in circumstances
where a Regulated Entity has breached or reasonably believes that it will breach its Capital Resource Requirements, in order to remedy such breach or anticipated breach; and 

 

	 	2.1.2	this Deed, the Upstreaming Arrangements and the Funding Commitment are intended by the Parties to: 

 

	 	(a)	ensure prompt repayment of liabilities to each Regulated Entity from each other Core UK Group Member and prompt transfer of Capital Resources to each Regulated Entity in
the circumstances set out in Clause 2.1.1; and 

  

	 	(b)	constitute a legally binding agreement between each Regulated Entity and each other Core UK Group Member that each of them will, promptly on demand by a Regulated Entity,
contribute and/or lend such of its resources as may be available for the purpose in order that they may be applied to increase (or contribute to the increase of) that Regulated Entity’s Capital Resources by an amount required to ensure that the
Regulated Entity in question complies with its Capital Resource Requirements (or will continue to comply with its Capital Resource Requirements, as applicable). 

 

	2.2	Repayment Requests 

 It is
acknowledged by each Core UK Group Member that, in order to comply with their respective obligations under BIPRU 10, each Regulated Entity is required to demonstrate there is no current or foreseen material practical or legal impediment to the
repayment of liabilities due to it under the terms of Group Facilities (other than those Group Facilities which qualify as Restricted Indebtedness) in the circumstances 

 
set out in Clause 2.1.1 above1. Each Core UK Group Member therefore agrees and undertakes, subject to the terms of this Deed, that it shall, upon receipt of a Repayment Request, do those things required of it in Clause 7. 

 

	2.3	Undertakings 

 Accordingly,
subject to the terms of this Capital Support Deed, each Core UK Group Member agrees and undertakes to each other Party that it shall: 
  

	 	2.3.1	upon receipt of a Utilisation Request from a Regulated Entity do those things required of it as a Funding Entity in Clause 5.1 or where applicable Clause 5.3;

  

	 	2.3.2	upon receipt of Upstream Funds do those things required of it pursuant to Clause 5.2; 

 

	 	2.3.3	upon receipt of a Repayment Request from a Regulated Entity do those things required of it pursuant to Clause 7; 

 

	 	2.3.4	upon receipt of a direction from Santander UK, assist downstreaming funds to a Requesting Entity pursuant to Clause 8.4; and 

 

	 	2.3.5	comply with any Funding Notice from a Regulated Entity in accordance with Clause 9. 

 Santander UK agrees and undertakes to each other Party that it will apply all Upstream Funds received by it in accordance with Clause 8. 

 

	2.4	Acknowledgement 

 Each of the
Parties acknowledges that the purpose of entering into this Capital Support Deed is to enable the Core UK Group to secure a modification of a regulatory requirement under BIPRU that would otherwise require each Regulated Entity to apply
disadvantageous risk weightings to Exposures to other Core UK Group Members, which Exposures result from the provision, amongst other things, of funding or facilities by the Regulated Entities to other Core UK Group Members. It is acknowledged by
each Core UK Group Member that the terms of such funding or facilities are more advantageous than those that could otherwise be obtained from external lenders. 
  

	3.	UTILISATION 

  

	3.1	Delivery of a Utilisation Request 

 Each Regulated Entity may utilise the Upstreaming Arrangements by delivery to some or all of the Core UK Group Members (each a “Funding Entity”) of a duly completed Utilisation Request. The
Utilisation Request shall be copied to Santander UK. 
  

	1 	 BIPRU 10.8A.2 R6 

	4.	CONDITIONS TO UTILISATION 

  

	4.1	Conditions to Utilisation 

 No
Funding Entity shall be obliged to do those things required of it pursuant to Clause 5 unless: 
  

	 	4.1.1	on the date of the Utilisation Request, the Requesting Entity has breached, or reasonably believes that it will breach, its Capital Resource Requirements, and has
certified the same to the Funding Entity in the Utilisation Request; 

  

	 	4.1.2	the Requesting Entity has delivered to the Funding Entity a duly executed Utilisation Request; and 

 

	 	4.1.3	at the time of receipt of the Utilisation Request the Funding Entity is a Core UK Group Member. 

 

	5.	UPSTREAMING ARRANGEMENTS 

  

	5.1	Provided that the conditions set out in Clause 4 of this Deed have been met, the Funding Entity shall, promptly (having regard to any requirements of applicable law or
regulation) realise and pay out of its Available Resources an amount equal to, or as close as possible to, the Utilisation Sum by means of: 

  

	 	5.1.1	declaring and making a distribution of cash to its members (whether by way of dividend or otherwise) in accordance with Part 23 of the Companies Act 2006;

  

	 	5.1.2	repurchasing or redeeming its members’ shares for cash in accordance with Part 18 of the Companies Act 2006; and/or 

 

	 	5.1.3	undertaking a reduction or other reorganisation of its capital in order to maximise its distributable profits available for undertaking such distribution or repurchase or
redemption of shares; 

 the sums realised and paid to its members by each Funding Entity by such means being the
“Upstream Funds”. The Upstream Funds shall be paid to the members of the Funding Entity or, as such members of the Funding Entity entitled to be paid them shall direct. To the extent that the Requesting Entity is a member of the
relevant Funding Entity, the receipt by it of funds under this Clause 5.1 shall satisfy the obligations of the Funding Entity with respect to such Utilisation Request but this will not prevent the Requesting Entity serving one or more further
Utilisation Requests on one or more other Funding Entities in respect of the balance (if any) of the Utilisation Sum. 
  

	5.2	 Any Core UK Group Member (other than Santander UK or the Requesting Entity) which receives Upstream Funds by reason of being a member of a Funding Entity
shall on a prompt and timely basis undertake the same actions as those required of a Funding Entity pursuant to Clause 5.1 of this Deed in order, so far as legally practicable, to pass any Upstream Funds received by such Core UK Group Member from
the Funding Entity (or which would have been so received by such Core UK Group Member but for a direction given by it under Clause 5.1) to its members, or as its members may direct, and so on, by each Core UK Group Member so receiving

	 	
Upstream Funds (or who would have received such funds as aforesaid), mutatis mutandis, until the Upstream Funds are received by Santander UK or the Requesting Entity itself.

  

	5.3	If the Funding Entity receiving a Utilisation Request is, in relation to a Requesting Entity, its Parent, the Funding Entity shall, subject to the conditions in Clause 4
having been met, satisfy its obligations under this Clause 5 by providing the Utilisation Sum, or if less, the amount equal to its Available Resources, to the Requesting Entity directly (or through any other Core UK Group Member of which it is a
Parent) using, at its option, one or more of the mechanisms referred to in Clause 8.2 if the Utilisation Request specifies that Core Tier One Capital is required) or, in any other case, one or more of the mechanisms referred to in Clause 8.3. In
such circumstances, any Core UK Group Member of which the Funding Entity is a Parent and which itself is a Parent of the Requesting Entity, shall, to the extent required by the Funding Entity, comply with the provisions of Clause 8.4 mutatis
mutandis to ensure that the relevant Utilisation Sum and/or Available Resources (as the case may be) are received by the Requesting Entity. 

  

	6.	AVAILABLE RESOURCES 

  

	6.1	 A Core UK Group Member will only be obliged to make Upstream Funds available pursuant to Clause 5 to the extent that its aggregate obligations under
Clause 5.1 and/or 5.2 and/or 5.3 (as the case may be), and, if applicable, under Clause 7, in its sole and absolute discretion, will not, when paid in accordance with Clauses 5.1 and/or 5.2 and/or 5.3 and Clause 7 (as applicable), exceed the
Available Resources of the Funding Entity. A Core UK Group Member will only be obliged to comply with a Funding Notice pursuant to Clause 9 to the extent that it has Available Resources2. 

  

	6.2	For the purposes of determining whether it has Available Resources a Funding Entity shall be entitled to assume (whether or not it shall have received a Repayment Request)
that, to the extent that the Regulated Entity serving the Utilisation Request or Funding Notice has provided any Group Facility to the Funding Entity, sums drawn down under that Group Facility will be required to be repaid if due and payable and the
Group Facility will be cancelled. 

  

	6.3	To the extent that a Funding Entity or another Core UK Group Member in receipt of Upstream Funds determines that its Available Resources are insufficient to satisfy the
Utilisation Sum in full or, as the case may be, pass an upstream amount equal to the Upstream Funds received in accordance with Clause 5.2, it will (without prejudice to complying with its obligation to comply with the Utilisation Request, or pass
on Upstream Funds, in accordance with Clause 5 to the extent of its Available Resources) promptly (that is within 2 Business Days if practicable), and in any event within 5 Business Days of the date of the Utilisation Request notify in writing the
Requesting Entity and Santander UK of the amount of its Available Resources. It will also, in all cases where it receives a Utilisation Request or receives (or will receive) Upstream Funds, notify Santander UK and the Requesting Entity promptly
(that is within 2 Business Days if practicable), and in any event within 5 Business Days of the Utilisation Request, of the estimated time which it will require (which estimated time shall be as soon as practicable taking into account compliance
with any applicable legal and regulatory requirements and the need to realise any relevant resources) to effect the transfer of the relevant Upstream Funds in accordance with Clause 5. 

 

	2 	 BIPRU 10.8A.7 G.2 

	7.	REPAYMENT OF SUMS ADVANCED UNDER A GROUP FACILITY 

  

	7.1	Effect of Repayment Request 

Subject to the below, the Parties hereby confirm that upon the delivery of a Repayment Request to a Funding Entity (the “Relevant
Date”), the sums outstanding under the terms of a Group Facility (or if there is more than one outstanding, the “Group Facilities”) between the Requesting Entity and the Funding Entity which, pursuant to their terms, are
‘on demand’ (howsoever described and with the effect that amounts due thereunder are capable of becoming immediately due and payable upon a demand by the Requesting Entity) (an “On Demand Group Facility”, and such amounts
outstanding, the “On Demand Amounts”) are at least equal to the amount stated in the Repayment Request (or, if less, the amount equal to the Available Resources of such Funding Entity) (such amount, the “Relevant
Amount”). 
  

	7.2	Conditions to issue of Repayment Request 

  

	 	7.2.1	No Repayment Request shall be served on any Party under this Deed unless, on the date of the Repayment Request, the Requesting Entity has or reasonably believes that it
will breach its Capital Resource Requirements and has certified the same to the Recipient in the Repayment Request. 

  

	 	7.2.2	 Upon receipt of a Repayment Request the Funding Entity shall promptly, but in any event within 2 Business Days, repay to the Regulated Entity issuing the
Repayment Request the amount specified in the Repayment Request or, if less, the amount of its Available Resources. For these purposes the Funding Entity, in calculating its Available Resources, shall take into account its obligation to pay Upstream
Funds pursuant to any Utilisation Request received by the Funding Entity (whether or not such Upstream Funds shall have been actually paid at the date of the Repayment Notice)3. 

  

	 	7.2.3	To the extent that the Available Resources of a Funding Entity as aforesaid are less than the amount specified in the Repayment Request, the Funding Entity will promptly
but in any event within 2 Business Days of the Repayment Request notify in writing the Requesting Entity and Santander UK of the amount of its Available Resources. 

 

	 	7.2.4	A Regulated Entity shall utilise the DLG Facility Agreement in preference to serving a Repayment Request on another Regulated Entity. 

 

	8.	OBLIGATION OF SANTANDER UK TO PROVIDE CAPITAL RESOURCES TO A REGULATED ENTITY 

 

	8.1	Santander UK shall promptly apply all amounts received by it as Upstream Funds under the Upstreaming Arrangements described in Clause 5 hereof in accordance with this
Clause 8. 

  

	3 	 BIPRU 10.8A.6 G(1) 

	8.2	Core Tier One Capital 

 Where a
Utilisation Request specifies that the Requesting Entity requires Core Tier One Capital, Santander UK shall apply the Upstream Funds actually received by it from a Funding Entity or any other Core UK Group Member pursuant to such Utilisation Request
either: 
  

	 	8.2.1	to the extent that it is legally possible to do so, in subscribing for ordinary shares in the Requesting Entity at a price per share equal to the par value of such shares.

  

	 	8.2.2	or to the extent that it is legally impossible for any reason (including, but not limited to, any provision of the Companies Act 2006) for Santander UK to apply the full
amount of the Upstream Funds received by it in accordance with Clause 8.2.1, or Santander UK determines that, although legally possible, it prefers not to do so, by transferring to the Requesting Entity Account by way of capital contribution such
portion of the Upstream Funds as are not applied in accordance with Clause 8.2.1. 

  

	8.3	Other Capital Resources 

 Where
the Utilisation Request does not specify that the Requesting Entity requires Core Tier One Capital, Santander UK shall apply the Upstream Funds actually received by it from a Funding Entity or any other Core UK Group Member pursuant to such
Utilisation Request at the option of Santander UK in the form of a loan, subscription for shares, capital contribution or such other form as Santander UK may determine, provided that such form should satisfy the applicable requirements for the
Requesting Entity having received such funds, to meet its Capital Resource Requirements, provided that the aggregate amount applied in accordance with this Clause shall equal the amount of the Upstream Funds so received by Santander UK. 

 

	8.4	Santander UK may at its option, in lieu of itself providing the Upstream Funds directly to the Requesting Entity, pursuant to this Clause 8.4, provide such Upstream Funds
to another Core UK Group Member on condition that such other Core UK Group Member applies such Upstream Funds in accordance with the terms of this Clause 8 as if it were Santander UK, mutatis mutandis, and each Party undertakes that, upon receipt of
such Upstream Funds, it will (unless it is itself a Requesting Entity in relation to such Upstream Funds) comply with the provisions of this Clause 8. 

  

	9.	FUNDING COMMITMENT 

  

	9.1	 To the extent that any Requesting Entity has served one or more Utilisation Requests and/or one or more Repayment Requests in accordance with this Deed
and, within 2 Business Days of serving the first such Request, has not received confirmation that it will receive funds equal to the Shortfall within a period which the Requesting Entity, considers to be satisfactory to rectify its capital resources
position it may serve a further notice or notices on any one or more Core UK Group Members (a “Funding Notice”) requesting each such Core UK Group Member(s) to apply such amount specified in the Funding Notice (the “Funding
Amount”), or if less, an amount equal to its Available Resources in making a loan to the Requesting Entity on such terms as the Requesting Entity may request (provided that such terms should satisfy the

	 	
applicable requirements for the Requesting Entity to meet its Capital Resource Requirements). The Funding Notice shall be copied to Santander UK. On receipt of a Funding Notice the relevant Core
UK Group Member will notify the Requesting Entity promptly and in any event within 2 Business Days of the amount of its Available Resources or confirm that its Available Resources exceed the Funding Amount specified in the Funding Notice and shall
advance the Funding Amount (or, if less, an amount equal to the Available Resources) to the Requesting Entity promptly but in any event within 5 Business Days of the date of the Funding Notice. The maximum aggregate amount which the Core UK Group
Members may be required to advance under this Clause shall not (together with sums paid pursuant to any relevant Utilisation Request or Repayment Request) exceed the amount of the Shortfall. 

 

	9.2	No Funding Entity shall be obliged to advance a Funding Amount to a Requesting Entity under this Clause 9 unless at the time of the Funding Notice the Funding Entity is a
Core UK Group Member. 

  

	9.3	If it considers the Shortfall needs to be rectified within a period shorter than that which would be practicable by following the Upstreaming Arrangements in Clause 5 or
the delivery of a Repayment Request pursuant to Clause 7, a Requesting Entity may issue one or more Funding Notices under this Clause 9 without first serving any Utilisation Requests under Clause 5, or Repayment Request under Clause 7.

  

	10.	WARRANTIES 

  

	10.1	Each Party warrants to each other Party as at the date of this Deed in the terms set out in Clauses 10.2 to 10.4 below. 

 

	10.2	Incorporation and existence 

The Party is: 
  

	 	10.2.1	in the case of each of the Core UK Group Members (apart from Abbey National Treasury Services Overseas Holdings and Abbey National Property Investments), a limited company
duly incorporated under the law of England and Wales and has been in continuous existence since incorporation; and 

  

	 	10.2.2	in the case of each of Abbey National Treasury Services Overseas Holdings and Abbey National Property Investments, an unlimited company duly incorporated under the law of
England and Wales, and has been in continuous existence since incorporation. 

  

	10.3	Right, power, authority and action 

 The Party has the right, power and authority, and has taken all action necessary, to execute, deliver and exercise its rights, and perform its obligations, under this Deed and each document to be executed in
connection with it. 
  

	10.4	Binding agreements 

 The
Party’s obligations under this Deed and each document to be executed in connection with it are, or when the relevant document is executed will be, legally enforceable. 

	11.	TERMINATION 

  

	11.1	Voluntary Termination 

 Each
Core UK Group Member (a “Terminating Member”) may terminate its rights and obligations under this Deed by giving not less than 3 months (or such shorter period as Santander UK agrees to accept) written notice (a “Termination
Notice”) to Santander UK. On the date specified in the notice such Core UK Group Member will cease to be a Core UK Group Member (the “Termination Date”). 

 

	11.2	Termination where Party ceases to be eligible as a Core UK Group Member 

 If a Party ceases to be eligible to be a Core UK Group Member it shall be immediately relieved of its further obligations under this Deed (but without affecting its accrued rights and obligations under this
Deed as of that date) and shall no longer be entitled (if it was so entitled) to issue any Utilisation Request, Repayment Request or Funding Notice hereunder. 
  

	11.3	Effect of Termination Notice 

The following shall apply in respect of each Termination Notice: 

 

	 	11.3.1	On the Termination Date, the further rights and obligations of the Terminating Member (as defined above) shall cease, but termination shall not affect a Party’s
accrued rights and obligations under this Deed at the date of termination. 

  

	 	11.3.2	Any Termination Notice delivered under Clause 11.1 shall be irrevocable. 

  

	11.4	Termination where FSA revokes Core Group Waiver 

 If at any time, the FSA revokes its concession to allow some (or all) of the Regulated Entities to benefit from a Core Group Waiver (each entity subject to the revocation, an “Affected
Party” and each Party not subject to such revocation, a “Non Affected Party”), then the further rights and obligations of each Affected Entity under this Deed shall cease to be effective on such date, provided that such
termination shall not affect either an Affected Entity’s accrued rights and obligations under this Deed at the date of termination or a Non Affected Party’s continuing rights and obligations under this Deed. 

 

	12.	COSTS AND EXPENSES 

  

	12.1	Transaction expenses 

 Each
Party will bear all its own costs and expenses (including, but not limited to, legal fees) incurred in connection with the negotiation, preparation, printing and execution of this Deed and any other documents referred to in this Deed. 

 

	13.	CHANGES TO THE PARTIES 

  

	13.1	Save as expressly provided hereunder, no Party may assign any of its rights or transfer any of its rights or obligations under this Deed. 

	13.2	Each Party agrees that Santander UK shall (by giving reasonable notice to the other Parties hereto) have the right to designate any additional entities which, from time to
time, become eligible to become a Core UK Group Member, as a Party to this Deed (a “New Member Designation”). 

  

	13.3	Any such New Member Designation shall be effected as of (and with effect from) the date on which such new entity accedes to the terms of this Deed as if it were an
original Party substantially on the terms set out in Schedule 6 to this Deed and thereafter all references to a Party (and, as applicable to Regulated Entities or Unregulated Entities) shall be deemed to refer to such additional Core UK Group
Member, as the context may require. 

  

	14.	NOTICES 

  

	14.1	Communications in writing 

 Any
communication to be made under or in connection with this Deed shall be made in writing and, unless otherwise stated, may be made by fax, letter or electronic mail. 
  

	14.2	Addresses 

 The address, and
electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Deed is: 

Name of Recipient Core UK Group Member 
 Company Secretary, 2 Triton Square, Regent’s Place, London NW1 3AN 
 email address:
ants.secretariat@santander.co.uk 
 or any substitute address, electronic mail address or department or officer as Santander UK may
notify to the other Parties by not less than five Business Days’ notice. 
  

	14.3	Delivery 

 Any communication or
document made or delivered by one Party to another under or in connection with this Deed will only be effective: 
  

	 	14.3.1	if by way of fax, when received in legible form; 

  

	 	14.3.2	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post (with postage prepaid in an envelope addressed
to it at that address); or 

  

	 	14.3.3	if by way of electronic mail, when actually received in readable form, 

 and, if a particular department or officer is specified as part of its address details provided under Clause 14.2, if addressed to that department or officer or to such other address, department or officer
as may have been notified by Santander UK for the purpose from time to time hereunder. 

	15.	PARTIAL INVALIDITY 

 If, at any
time, any provision of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	16.	REMEDIES AND WAIVERS 

 No
failure to exercise, nor any delay in exercising, on the part of the Funding Entity, any right or remedy under this Deed shall operate as a waiver of any such right or remedy or constitute an election to affirm this Deed. No election to affirm this
Deed on the part of the Funding Entity shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
provided in this Deed are cumulative and not exclusive of any rights or remedies provided by law. 
  

	17.	AMENDMENTS 

 Any term of this
Deed may be amended only with the consent of each Party hereto. 
  

	18.	ENTIRE DEED 

 This Deed
constitutes the entire agreement between the Parties and each Party acknowledges that it has not relied upon any representations, warranties, collateral contracts or other assurances in entering into this Deed. 

 

	19.	COUNTERPARTS 

 This Deed may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed. 
  

	20.	GOVERNING LAW 

 This Deed and
any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	21.	ENFORCEMENT 

  

	21.1	Jurisdiction 

  

	 	21.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute relating to the existence,
validity or termination of this Deed or the consequences of its nullity or any non-contractual obligation arising out of or in connection with this Deed) (a “Dispute”). 

 

	 	21.1.2	Subject to Clause 21.1.1 above, the Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party
will argue to the contrary. 

 This Deed has been entered into on the date stated at the beginning of this Deed. 

 SCHEDULE 1 
 THE REGULATED ENTITIES 
 Abbey National Treasury Services plc 

Cater Allen Limited 
 Santander UK plc 

 SCHEDULE 2 
 THE UNREGULATED ENTITIES 
 2 & 3 Triton Limited 

A & L CF March (5) Limited 
 A & L CF
June (3) Limited 
 Abbey National Property Investments 
 Abbey National Treasury Services Overseas Holdings 
 Alliance & Leicester Personal Finance
Limited 
 Mitre Capital Partners Limited 

Santander Asset Finance (December) Limited 

Santander Asset Finance plc 
 Santander Cards Limited

 Santander Cards UK Limited 
 Santander
Consumer Credit Services Limited 
 Santander Consumer (UK) plc 
 Santander Estates Limited 
 Santander Private Banking UK Limited 

 SCHEDULE 3 
 UTILISATION REQUEST 
  

			
	From:	  	[Requesting Entity]
	  
 To:
	  	  
 [Funding Entity]

	  
 Copy:
	  	  
 [Santander UK]

	  
 Dated:
	  	

 Dear Sirs 
 Capital Support Deed 
 dated [—] 2012 (the “Deed”) 

 

	1.	We refer to the Deed. This is a Utilisation Request. Terms defined in the Deed have the same meaning in this Utilisation Request unless given a different meaning in this
Utilisation Request. 

  

	2.	We request that you attempt, pursuant to Clause 5 of the Deed, to realise the following Utilisation Sum by the means specified in that Clause: 

Utilisation Sum:                    
[        ] 
  

	3.	For the purposes of Clause 4.1, we hereby certify that on the date of this Utilisation Request we have breached, or believe that we will breach, our Capital Resource
Requirements and the amount of the Utilisation Sum (aggregated with any other Utilisation Requests and Repayment Requests which are satisfied in full) will be no more than is reasonably required to rectify or avoid such breach.

  

	4.	For the purposes of Clause 8, we [require/do not require] Santander UK to contribute Core Tier One Capital rather than a Santander UK Loan in the following amount
[    ]. 

  

	5.	The Requesting Entity Account is [account]. 

  

	6.	This Utilisation Request is irrevocable. 

  

					
		 	Yours faithfully	 	
			
		 	  
	 	
			
		 	authorised signatory for	 	
			
		 	[REQUESTING ENTITY]	 	

 SCHEDULE 4 
 REPAYMENT REQUEST 
 Form of Repayment Request 

[Obligor’s Address] 
 Dear Sirs, 

[Date] 
 Repayment Request

 We refer to the Capital Support Deed dated [            ] 2012 and made between,
inter alia, you and ourselves. Terms used but not otherwise defined in this letter shall have the same meaning as in the Capital Support Deed. 
 Pursuant to Clause 7 of the Capital Support Deed and the Utilisation Request delivered to you on [        ], we hereby give you notice that the outstanding amounts
under each On Demand Group Facility owed by you to us, are now immediately due and payable, in an aggregate amount equal to the Relevant Amount. 

All payments should be made within [    ] days of the date hereof to the following account: 

[Account Details] 
 This letter is without prejudice
to any other rights which we may have in respect of the amounts due in terms of the relevant On Demand Group Facility or as a matter of general law. 
 This letter and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in
accordance with English law. 
  

	
	Yours faithfully,
	
	  

	
	[AUTHORISED SIGNATORY]

 For and on behalf of [NAME OF INTRA-GROUP LENDER] 

 

			
	Date	 	  

 SCHEDULE 5 
 FUNDING NOTICE 
  

			
	From:	  	[Requesting Entity]
	  
 To:
	  	  
 [Core UK Group Member]

	  
 Copy:
	  	  
 [Santander UK]

 Dated: 
 Dear Sirs

 Capital Support Deed 
 dated [—]
20[    ] (the “Deed”) 
  

	1.	We refer to the Deed. This is a Funding Notice. Terms defined in the Deed have the same meaning in this Funding Notice unless given a different meaning in this Funding
Notice. 

  

	2.	We request that you make, pursuant to [Clause 9.1]/ [Clause 9.3] of the Deed, a loan to us (such that we satisfy the applicable Capital Resource Requirements) in the
following Funding Amount: 

 Funding
Amount:                     [        ] 

or if less, an amount equal to your Available Resources. 
  

	3.	As required pursuant to Clause 9.1: 

  

	(a)	please notify us within [    ] days of the date of this Funding Notice of the amount of your Available Resources or confirm that your Available
Resources exceed the Funding Amount specified above; and 

  

	(b)	please advance the Funding Amount (or, if less, an amount equal to the Available Resources) to us within [    ] days of the date of this Funding
Notice. 

  

					
		 	Yours faithfully	 	
			
		 	  
	 	
			
		 	authorised signatory for	 	
			
		 	[REQUESTING ENTITY]	 	

 SCHEDULE 6 
 DEED OF ADHERENCE 
 THIS DEED OF ADHERENCE is made on
[            ] 20[    ] 
 BY
[        ] of [        ] (the “Covenantor”) in favour of the persons whose names are set out in the schedule to this Deed and for the benefit of every
other person who becomes a party to the Capital Support Deed (as subsequently defined) after the date of this Deed and is SUPPLEMENTAL to a Capital Support Deed dated [            ]
2012 made between the parties thereto (the “Capital Support Deed”). 
 INTRODUCTION: 

 

	(A)	The Covenantor has become, or will on or about the date of this Deed become, a Core UK Group Member. 

 

	(B)	This Deed is made in compliance with Clause [13.2] of the Capital Support Deed under which each Party to the Capital Support Deed undertakes to procure, to the extent
reasonably within its power to do so, that any entity which shall from time to time become eligible to become a Core UK Group Member shall accede to the terms of the Capital Support Deed as if it were an original Party thereto.

  

	(C)	Words and expressions defined in the Capital Support Deed shall have the same meaning when used in this Deed. 

THIS DEED WITNESSES as follows: 
  

	1.	The Covenantor confirms that it has been given, and that its directors and/or officers have read, a copy of the Capital Support Deed and, pursuant to Clause [13.2] of the
Capital Support Deed, covenants with and for the benefit of each person named in the schedule to this Deed and for the benefit of any other person who becomes a Party to the Capital Support Deed after the date of this Deed to perform, comply with
and be bound by all the terms of the Capital Support Deed as if the Covenantor was an original Party to the Capital Support Deed and was named in it as a [Regulated Entity] [Unregulated Entity] with the intent that the Covenantor shall be entitled
to the rights and subject to the obligations of a [Regulated Entity] [Unregulated Entity] thereunder. 

	2.	The address of the Covenantor for the purposes of Clause [14] (Notices) of the Capital Support Deed is [as above] [as follows]: 

 

					
		  	[	  	
			
		  	                              
           ]	  	
			
	[Fax No:	  	[                              
          ]]	  	
			
	(attention of:	  	[                              
          ])	  	

  

	3.	This Deed and all matters arising from or connected with it are governed by English law and the Covenantor agrees to submit to the exclusive jurisdiction of the courts of
England. The terms of clauses 20 (Governing Law) and 21 (Enforcement) of the Capital Support Deed shall apply to this Deed as if they were each incorporated in it. 

 IN WITNESS WHEREOF this Deed has been executed by the Covenantor and is intended to be and is delivered as a deed on the date written at the beginning of this Deed. 

 Executed by the Covenantor as a Deed 

EXECUTION PAGES 
  

					
	Executed as a deed, but not delivered until the	  	)	  	/s/ Steve Pateman
	first date specified on page 1, by	  	)	  
	SANTANDER UK PLC acting by a	  	)	  
	Director:	  	)	  
		
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1 3AN
		
	Address:     2 Triton Square	  	
	Regents Place	  	
	London NW1 3AN	  	
	United Kingdom	  	
		
	Facsimile No:    +44 207 756 5650	  	
		
	Email:  ants.secretariat@santander.co.uk	  	
		
	Attention:    Company Secretary	  	
			
	Executed as a deed, but not delivered until the	  	)	  	/s/ David Green
	first date specified on page 1, by ABBEY	  	)	  
	NATIONAL TREASURY SERVICES PLC	  	)	  
	acting by a Director:	  	)	  
		
	Witness signature: /s/ Cheryl Samuels	  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	
	Facsimile No:     +44 207 756 5650
	
	Email:         ants.secretariat@santander.co.uk
	
	Attention:   Company Secretary

					
	Executed as a deed, but not delivered until the	  	)	  	/s/ David Green
	first date specified on page 1, by CATER	  	)	  
	ALLEN LIMITED acting by a Director:	  	)	  
		  	)	  

			
		
	Witness signature:	  	 /s/ Cheryl Samuels 

	
	Witness name: Cheryl Samuels
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

			
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom
		
	Email:	  	ants.secretariat@santander.co.uk

			
	
	Facsimile No:    +44 207 756 5650

			
	
	Attention:    Santander Secretariat Services Limited

					
	Executed as a deed, but not delivered until the first date specified on page 1, by 2 & 3 TRITON LIMITED acting by
a Director:	  	)	  	/s/ David Green
	  	)	  
	  	)	  
		
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

							
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
		
	Email:         ants.secretariat@santander.co.uk	  	
		
	Facsimile No:    +44 207 756 5650	  	
	
	Attention:    Santander Secretariat Services Limited

					
			
	Executed as a deed, but not delivered until the first date specified on page 1, by A & L CF JUNE (3) LIMITED acting by a Director:	  	 )
 )

)
	  	/s/ Colin Morley
	  	  
	  	  
	  	  
			
	 Witness signature: /s/ Cheryl Samuels
	  		  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	
	Email:         ants.secretariat@santander.co.uk 
	
	Facsimile No:     +44 207 756 5650
	
	Attention:   Santander Secretariat Services Limited

					
	 Executed as a deed, but not delivered until the

first date specified on page 1, by A & L CF

MARCH (5) LIMITED acting by a Director:
	  	 )
 )

)
	  	/s/ Colin Morley
	  	  
	  	  
	  	  
		
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

							
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
		
	Email:         ants.secretariat@santander.co.uk	  	
		
	Facsimile No:    +44 207 756 5650	  	
		
	Attention:    Santander Secretariat Services Limited	  	
			
	 Executed as a deed, but not delivered until the

first date specified on page 1, by ABBEY

NATIONAL PROPERTY INVESTMENTS
 acting by a
Director:
	  	 )
 )

)
	  	/s/ David Green
	  	  
	  	  
	  	  
			
	Witness signature: /s/ Cheryl Samuels	  		  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	
	Email:         ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
	
	Attention:   Santander Secretariat Services Limited

					
	 Executed as a deed, but not delivered until the

first date specified on page 1, by ABBEY

NATIONAL TREASURY SERVICES
 OVERSEAS
HOLDINGS acting by a
 Director:
	  	 )
 )

)
	  	/s/ David Green
	  	  
	  	  
	  	  
	  	  
	
	Witness signature: /s/ Cheryl Samuels
	
	Witness name: Cheryl Samuels
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

			
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
		
	Email:         ants.secretariat@santander.co.uk	  	
			
	Facsimile No:    +44 207 756 5650	  		  	
		
	Attention: Santander Secretariat Services Limited	  	

					
			
	 Executed as a deed, but not delivered until the

first date specified on page 1, by ALLIANCE

& LEICESTER PERSONAL FINANCE
 LIMITED
acting by a duly authorized sealing officer:
	  	 )
 )

)
	  	 [SEAL]

	  	  	
	  	  	
	  	  	
	  	  	 /s/ Jessica Petrie

	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
	  		  	
		  		  	

			
		
	Witness signature:	  	
		
	Witness name:	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

			
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom
	
	Email:        ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
	
	Attention:    Santander Secretariat Services Limited

					
	 Executed as a deed, but not delivered until the

first date specified on page 1, by MITRE

CAPITAL PARTNERS LIMITED acting by a

Director:
	  	 )
 )

)
	  	/s/ Colin Morley
	  	  
	  	  
	  	  
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name:        Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	    2 Triton Square
		  	    Regents Place
		  	    London NW1 3AN
		  	    United Kingdom

					
	
	Email:         ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
	
	Attention:    Santander Secretariat Services Limited

					
			
	 Executed as a deed, but not delivered until the

first date specified on page 1, by SANTANDER ASSET FINANCE (DECEMBER)
 LIMITED acting by a Director:
	  	 )
 )

)
	  	/s/ Colin Morley
	  	  
	  	  
	  	  
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	
	Email:         ants.secretariat@santander.co.uk
	
	Facsimile No:     +44 207 756 5650
	
	Attention:   Santander Secretariat Services Limited

					
	Executed as a deed, but not delivered until the first date specified on page 1, by SANTANDER ASSET FINANCE PLC acting by a
Director:	  	 )
 )

)
 )
	  	/s/ Colin Morley
	  		  
	  		  
	  		  
		
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1 3AN
		
	Address:     2 Triton Square	  	
	                    Regent’s Place	  	
	
                    London

                    NW1 3AN
	  	
	                    United Kingdom	  	
		
	Email:         ants.secretariat@santander.co.uk	  	
		
	Facsimile No:    +44 207 756 5650	  	
		
	Attention:    Santander Secretariat Services Limited	  	
		
		  	
			
	Executed as a deed, but not delivered until the first date specified on page 1, by SANTANDER CARDS LIMITED acting by a Director:	  	)	  	/s/ Juan Olaizola
	  	)	  
	  	)	  
	  		  
		
	Witness signature: /s/ Cheryl Samuels	  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	Email:         ants.secretariat@santander.co.uk
	
	Facsimile No:     +44 207 756 5650
	
	Attention:   Santander Secretariat Services Limited

  

					
	Executed as a deed, but not delivered until the first date specified on page 1, by SANTANDER CARDS UK LIMITED acting by a
Director:	  	)	  	/s/ Juan Olaizola
	  	)	  
	  	)	  
	  	)	  
		
	Witness signature: /s/ Cheryl Samuels	  	
		
	Witness name: Cheryl Samuels	  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1 3AN
		
	Address:     2 Triton Square	  	
	                    Regents Place	  	
	                    London NW1 3AN	  	
	                    United Kingdom	  	
		
	Email:         ants.secretariat@santander.co.uk	  	
		
	Facsimile No:    +44 207 756 5650	  	
		
	Attention:    Santander Secretariat Services Limited	  	
			
	Executed as a deed, but not delivered until the first date specified on page 1, by SANTANDER CONSUMER (UK) PLC acting by a Director:	  	 )
 )

)
 )
	  	 /s/ Mónica Cueva
  

	  		  	
	  		  	
	  		  	
			
	Witness signature: /s/ Cheryl Samuels	  		  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regent’s Place, London NW1
3AN

					
		
	Address:	  	    3 Princess Way
		  	    Redhill
		  	    Surrey RH1 1SR
		  	    United Kingdom

					
		
	Email:         ants.secretariat@santander.co.uk	  	
		
	Facsimile No:    +44 207 756 5650	  	
	
	Attention:  Santander Secretariat Services Limited
			
	 Executed as a deed, but not delivered until the

first date specified on page 1, by SANTANDER CONSUMER CREDIT SERVICES
 LIMITED acting a Director:
	  	)	  	/s/ David Green
	  	)	  
	  	)	  
	  	)	  
		
	Witness signature: /s/ Cheryl Samuels	  	
			
	Witness name: Cheryl Samuels	  		  	
	
	Witness address:            2 Triton Square, Regents Place, London NW1
3AN

					
		
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom

					
	
	Email:         ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
	
	Attention: Santander Secretariat Services Limited

					
	 Executed as a deed, but not delivered until the
 first date specified on page 1, by SANTANDER ESTATES LIMITED acting by a Director:
	 	)	  	/s/ Norman Wren
	 	)	  
	 	)	  
	 	)	  

  

			
	Witness signature:	 	/s/ Cheryl Samuels
		
	Witness name:	 	Cheryl Samuels
		
	Witness address:	 	2 Triton Square, Regents Place, London NW1 3AN

  

			
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom
		
	Email:	  	ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
		
	Attention:	  	Santander Secretariat Services Limited

  

					
	 Executed as a deed, but not delivered until the
 first date specified on page 1, by SANTANDER PRIVATE BANKING UK LIMITED acting by a Director:
	 	 )
 )

)
	  	/s/ David Green
	 	  
	 	  
	 	  

  

			
	Witness signature:	 	/s/ Cheryl Samuels
		
	Witness name:	 	Cheryl Samuels
		
	Witness address:	 	            2 Triton Square, Regents Place, London NW1
3AN

  

			
	Address:	  	2 Triton Square
		  	Regents Place
		  	London NW1 3AN
		  	United Kingdom
		
	Email:	  	ants.secretariat@santander.co.uk
	
	Facsimile No:    +44 207 756 5650
		
	Attention:	  	Santander Secretariat Services LimitedEX-4.1

 Exhibit 4.1 

 
  
 BOSTON PROPERTIES, INC. 
 AND 

COMPUTERSHARE INC. and 
 COMPUTERSHARE TRUST COMPANY, N. A., collectively, 
 AS DEPOSITARY

 AND 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED
HEREIN 
 RELATING TO STOCK IN BOSTON PROPERTIES, INC. 

 
  

MASTER DEPOSIT AGREEMENT 
  

 
 Dated as of
March 22, 2013 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	  
	 ARTICLE II Form of Receipts, Deposit of Stock, Execution and Delivery, Transfer, Surrender and Redemption of
Receipts
	  	 	2	  
	         Section 2.1
	  	Form and Transfer of Receipts	  	 	2	  
	         Section 2.2
	  	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	3	  
	         Section 2.3
	  	Registration of Transfer of Depositary Shares	  	 	4	  
	         Section 2.4
	  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	 	4	  
	         Section 2.5
	  	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	5	  
	         Section 2.6
	  	Lost Receipts, etc.	  	 	6	  
	         Section 2.7
	  	Cancellation and Destruction of Surrendered Receipts	  	 	6	  
	         Section 2.8
	  	Redemption of Stock	  	 	6	  
	         Section 2.9
	  	Transfer in Trust	  	 	7	  
	         Section 2.10
	  	Bank Accounts	  	 	8	  
	 ARTICLE III Certain Obligations of Holders of Receipts and the Company
	  	 	8	  
	         Section 3.1
	  	Filing Proofs, Certificates and Other Information	  	 	8	  
	         Section 3.2
	  	Payment of Taxes or Other Governmental Charges	  	 	8	  
	         Section 3.3
	  	Warranty as to Stock	  	 	8	  
	 ARTICLE IV The Deposited Securities; Notices
	  	 	9	  
	         Section 4.1
	  	Cash Distributions	  	 	9	  
	         Section 4.2
	  	Distributions other than Cash, Rights, Preferences or Privileges	  	 	9	  
	         Section 4.3
	  	Subscription Rights, Preferences or Privileges	  	 	9	  
	         Section 4.4
	  	Notice of Dividends, etc.; Fixing Record Date for Holders of Depositary Shares	  	 	10	  
	         Section 4.5
	  	Voting and Other Rights	  	 	10	  
	         Section 4.6
	  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	11	  
	         Section 4.7
	  	Delivery of Reports	  	 	11	  
	         Section 4.8
	  	List of Receipt Holders	  	 	12	  

  
 i 

							
	 	  	Page	 
	 ARTICLE V The Depositary, the Depositary’s Agents, the Registrar and the Company
	  	 	12	  
	         Section 5.1
	  	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	12	  
	         Section 5.2
	  	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	 	12	  
	         Section 5.3
	  	Obligation of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	 	13	  
	         Section 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	15	  
	         Section 5.5
	  	Corporate Notices and Reports	  	 	15	  
	         Section 5.6
	  	Indemnification by the Company	  	 	15	  
	         Section 5.7
	  	Charges and Expenses	  	 	16	  
	         Section 5.8
	  	Tax Compliance	  	 	16	  
	 ARTICLE VI Amendment and Termination
	  	 	17	  
	         Section 6.1
	  	Amendment	  	 	17	  
	         Section 6.2
	  	Termination	  	 	17	  
	 ARTICLE VII Miscellaneous
	  	 	17	  
	         Section 7.1
	  	Counterparts	  	 	17	  
	         Section 7.2
	  	Exclusive Benefit of Parties	  	 	18	  
	         Section 7.3
	  	Invalidity of Provisions	  	 	18	  
	         Section 7.4
	  	Notices	  	 	18	  
	         Section 7.5
	  	Appointment of Registrar	  	 	19	  
	         Section 7.6
	  	Holders of Depositary Shares Are Parties	  	 	19	  
	         Section 7.7
	  	Governing Law	  	 	19	  
	         Section 7.8
	  	Inspection of Deposit Agreement	  	 	19	  
	         Section 7.9
	  	Headings	  	 	19	  

 Form of Depositary Shares 

 

					
	 Form of Face of Receipt
	  	 	A-1	  
	 Form of Reverse of Receipt
	  	 	A-3	  

  
 ii 

 MASTER DEPOSIT AGREEMENT (this “Agreement”), dated as of
March 22, 2013, among Boston Properties, Inc., a Delaware corporation (the “Company”), Computershare Inc., a Delaware corporation and its wholly-owned subsidiary, Computershare Trust Company, N. A., a national banking
association (collectively, the “Depositary” or individually, “Computershare” and the “Trust Company” respectively ), and the holders from time to time of the Depositary Shares described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Agreement, for the deposit of shares of certain classes or
series of stock of the Company, as set forth from time to time in the future on Schedule B attached hereto with the Depositary for the purposes set forth in this Agreement and for the issuance hereunder of Depositary Shares in respect of
the Stock so deposited; and 
 WHEREAS, Receipts evidencing Depositary Shares issued hereunder are to be substantially in
the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Agreement; 
 NOW, THEREFORE, in consideration of the promises contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 
 The following definitions shall, for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement: 

“Certificate” shall mean the Certificate of Designations filed with the Secretary of State of the State of Delaware
establishing a class or series of stock of the Company. 
 “Certificate of Incorporation” shall mean the
Amended and Restated Certificate of Incorporation of the Company, as amended, as the same may be further amended and supplemented from time to time. 
 “Depositary” shall mean the Depositary as defined above and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean Depositary Shares, each representing 1/100th of a share of Stock and evidenced by a Receipt. 

“Depositary’s Agent” shall mean an agent appointed by the Depositary, if any, pursuant to Section 5.1
and shall include the Registrar if such Registrar is not the Depositary. 
 “Depositary’s Office” shall
mean the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall mean one of the depositary receipts, which, unless issued in book-entry or other electronic form, shall be substantially in the form set forth as Exhibit A
hereto, issued hereunder, whether in definitive or temporary form and evidencing the number of Depositary Shares held of record by the record holder of such Depositary Shares. 

 “record holder” or “holder” as applied to a Receipt shall
mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. 

“Redemption Date” shall have the meaning ascribed thereto in Section 2.8 herein. 

“Registrar” shall mean the Depositary or such other bank or trust company which shall be appointed to register ownership
and transfers of Receipts as herein provided. 
 “Securities Act” shall mean the Securities Act of 1933, as
amended. 
 “Stock” shall mean a share or shares of a class or series of stock of the Company deposited with
the Depositary hereunder, as listed on the attached Schedule B, as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof. 

ARTICLE II 

Form of Receipts, Deposit of Stock, Execution and Delivery, Transfer, 

Surrender and Redemption of Receipts 
 Section 2.1 Form and Transfer of Receipts. Unless issued in book-entry or other electronic form, definitive Receipts issued on or after the date hereof shall be substantially in the form set
forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided, if and to the extent required by any securities exchange on or interdealer quotation system which the
Receipts are listed or quoted. Pending the preparation of definitive Receipts or if definitive Receipts are not required by any securities exchange on which the Receipts are listed or quoted, the Depositary, upon the written order of the Company or
any holder of Stock, as the case may be, delivered in compliance with Section 2.2 herein, shall execute and deliver temporary Receipts which are printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of
the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary shall determine, without charge to the holder. Upon surrender for cancellation of any one or more temporary
Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the
Company’s expense and without any charge to the holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement, and with respect to the Stock, as definitive Receipts.

  
 2 

 Receipts shall be executed by the Depositary by the manual and/or facsimile signature of a
duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed in accordance with the foregoing sentence. The Depositary shall
record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any
number of whole Depositary Shares. The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Agreement. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Agreement as may be required by the Company or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or interdealer quotation system upon which the
Stock or the Depositary Shares may be listed or quoted or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt shall be transferable by delivery of such Receipt, properly endorsed or accompanied by
a properly executed instrument of transfer, and including a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence
of authority that may be required by the Depositary; provided, however, that until transfer of Depositary Shares evidenced by a Receipt has been registered on the books of the Depositary as provided in Section 2.3,
the Depositary may, notwithstanding any notice to the contrary, treat the record holder of such Depositary Shares at such time as the absolute owner thereof for the purpose of determining the person entitled to (i) distributions of dividends or
other distributions, (ii) the exercise of redemption or voting rights, or (iii) to any notice provided for in this Agreement and for all other purposes. 
 In the event Depositary Shares are issued in book-entry or other electronic form, holders of Depositary Shares shall be required to follow procedures corresponding to those set forth herein with respect
to Depositary Shares evidenced by Depositary Receipts, as reasonably determined by the Depositary and the Company, in connection with the transfer, surrender, exchange or redemption of the Depositary Shares, provided that procedures for transfer
will be consistent with Article 8, Section 4 of the Uniform Commercial Code in effect in the State of New York (the “UCC”), and with the reasonable requirements of the Depositary. 

Section 2.2 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of
this Agreement, the Company may from time to time deposit Stock under this Agreement (i) in book-entry form by registering such Stock in the name of the Depositary in the records maintained by the Depositary in its capacity as Registrar of the
Stock or (ii) by delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a properly executed instrument of transfer, in form satisfactory to
the Depositary, in each case, together with all such certifications and legal opinions as may be reasonably required by the Depositary in accordance with the provisions of this Agreement, and together with a written order of the Company or such
holder, as the case may be, directing the Depositary to issue and register the Depositary Shares representing such deposited Stock in book-entry form in the name of, or in the 

  
 3 

 
name of the person or persons designated by, the person or persons stated in such order, or directing the Depositary to execute and deliver to, or upon the written order of, the person or persons
stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock, as applicable. 
 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 

Upon receipt by the Depositary (or the Registrar of the Stock, if other than the Depositary) of instructions to issue and register Stock
in book-entry form in the name of the Depositary or its nominee or upon receipt by the Depositary of a certificate or certificates for the Stock deposited in accordance with the provisions of this Section 2.2, in each case, together with
the other documents required as above specified, and upon recordation of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Agreement, shall execute and
deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or Receipts (or issue in book-entry form to the applicable
persons, as the case may be) for the whole number of Depositary Shares representing, in the aggregate, the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary’s Office or such other place or places as the Depositary may determine. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

Section 2.3 Registration of Transfer of Depositary Shares. Subject to the terms and conditions of this Agreement, the
Depositary shall register in its books from time to time transfers of Depositary Shares evidenced by Receipts upon any surrender of such Receipts by the holders in person or by a duly authorized attorney, properly endorsed or accompanied by a
properly executed instrument of transfer as well as a signature guarantee of such holders or authorized attorney by eligible guarantor institution which is a participant in a medallion guarantee program approved by the Securities Transfer
Association, and other evidence of authority as may be reasonably required by the Depositary. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the
Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

Section 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. Upon surrender of a
Receipt or Receipts at the Depositary’s Office or at such other place or places as it may determine for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement,
the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any holder
of Depositary Shares representing any number of whole shares of Stock may (unless such Depositary Shares have previously been called for redemption) withdraw the Stock and all money and other property, if any, represented thereby by surrendering
such Depositary Shares (including any Receipts evidencing such Depositary Shares) at the Depositary’s Office or 

  
 4 

 
at such other place or places as the Depositary may determine for such withdrawals and paying any unpaid amount due the Depositary. Thereafter, without unreasonable delay, the Depositary shall
deliver to such holder or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Depositary Shares so surrendered for withdrawal,
but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and
such money and other property, if any, to be so withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing such excess number of Depositary Shares, provided, however, that the Depositary shall not issue any
Receipt evidencing a fractional Depositary Share. Delivery of the Stock and money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate
which, if required by the Depositary, shall be properly endorsed or accompanied by properly executed instruments of transfer. 

If the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of
the Depositary Shares being surrendered for withdrawal of Stock, such holders shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that any Receipt or Receipts surrendered by such
holder for withdrawal of such Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 
 Delivery of the Stock and the money and other property, if any, represented by Depositary Shares surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at
the request, risk and expense of the holder surrendering such Depositary Shares and for the account of the holder thereof. 

Section 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a condition precedent to
the execution and delivery, split-up or combination of any Receipt or surrender, exchange or registration of transfer of any Depositary Shares, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the
following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of Depositary Shares
pursuant to Sections 3.2 and 5.7, (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature, and (iii) compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Agreement. 
 The deposit of Stock may be refused, the delivery of
Receipts may be suspended and the surrender, exchange or registration of transfer of outstanding Depositary Shares may be suspended (i) during any period when the register of stockholders of the Company is closed, or (ii) if any such
action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, stock exchange,
interdealer quotation system or the Financial Industry Regulatory Authority or under any provision of this Agreement. 

  
 5 

 Section 2.6 Lost Receipts, etc. In case any Receipt shall be mutilated,
destroyed, lost or stolen, the Depositary in its reasonable discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or
stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his or her ownership
thereof, (ii) the furnishing of the Depositary with a surety bond reasonably satisfactory to it and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary) in connection with such
execution and delivery, all in a manner consistent with Section 8-405 of the UCC. 
 Section 2.7 Cancellation and
Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Company is authorized to destroy all
Receipts so cancelled. 
 Section 2.8 Redemption of Stock. Whenever the Company shall be permitted and shall elect
to redeem Stock in accordance with the provisions of the Certificate of Incorporation and the applicable Certificate, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 30
days’ notice of the date of such proposed redemption of Stock and of the amount of such Stock held by the Depositary to be so redeemed and the applicable redemption price, as set forth in the applicable Certificate, which notice shall be
accompanied by a certificate from the Company stating that such redemption of Stock is in accordance with the provisions of the applicable Certificate. On the date of such redemption, provided that the Company shall then have paid or caused
to be paid in full to the Depositary the redemption price of the Stock to be redeemed, plus an amount equal to all accrued and unpaid dividends (whether or not declared) thereon up to, but excluding the date fixed for redemption, without interest,
in accordance with the provisions of the applicable Certificate, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed
simultaneous redemption of the number of Depositary Shares representing the Stock to be so redeemed by first-class mail, postage prepaid, promptly upon the Depositary’s receipt of the Company’s notice to redeem the Stock and, in any event,
not fewer than 30 nor more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”) to the record holders of the Depositary Shares to be so redeemed, at the addresses of such
holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of Depositary Shares to one or more such
holders shall affect the validity of the proceedings for redemption as to the other holders. The Company will provide the Depositary with the information necessary for the Depositary to prepare such notice and each such notice shall state:
(i) the date of redemption; (ii) the applicable redemption price per Depositary Share; (iii) the class, series and number of Depositary Shares to be redeemed; (iv) the place or places where Receipts, if any, evidencing Depositary
Shares are to be surrendered for payment of the redemption price; (v) procedures for surrendering Depositary 

  
 6 

 
Shares held in book-entry form for payment of the redemption price; (vi) that dividends in respect of the Stock represented by such Depositary Shares to be redeemed will cease to accrue on
such Redemption Date; and (vii) that payment of the redemption price and any accumulated and unpaid dividends will be made upon presentation and surrender of such Depositary Shares. If fewer than all the Depositary Shares of a particular class
or series held by any such holder are to be redeemed, the notice shall also specify the number of such Depositary Shares of such class or series held by such holder to be so redeemed. If fewer than all outstanding Depositary Shares of a particular
class or series are to be redeemed, the Depositary Shares to be redeemed shall be determined pro rata, by lot, or by other equitable method determined by the Company. Notwithstanding anything else to the contrary in the applicable Certificate, no
notice shall be required to be provided to a holder of Depositary Shares of a particular class or series in the event such holder’s Depositary Shares are redeemed in accordance with the terms of the applicable Certificate regarding the
preservation of the Company’s status as a real estate investment trust for United States federal income tax purposes. 

Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to
provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being
redeemed shall be deemed no longer to be outstanding, (iii) all rights of the holders of such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, terminate, and (iv) upon
surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or accompanied by properly executed instruments of transfer, if the Depositary shall so require), such
Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the Stock as the fraction each Depositary Share represents of a share
of the Stock plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the Stock to be so
redeemed and have not theretofore been paid. Subject to applicable escheat laws, any funds deposited by the Company with the Depositary for any Depositary Shares that the holders thereof fail to redeem will be returned to the Company at the end of
two years from the Redemption Date, after which reversion the holders of such Depositary Shares so called for redemption shall look to the general funds of the Company for the payment of such cash. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of
such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the
Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Section 2.9 Transfer in Trust.
If an event occurs as a result of which a Certificate provides that shares of Stock are to be automatically transferred to a trust, then (i) immediately prior to such transfer, Depositary Shares corresponding to such shares of Stock shall be
automatically transferred to a separate trust and all provisions of the Certificate relating to a trust holding shares of Stock, the shares of Stock so held and the rights and obligations of all other

  
 7 

 
persons with respect to such shares of Stock (including any person who, but for such provisions, would Beneficially Own or Constructively Own (as such terms are defined in the Certificate of
Incorporation) such shares of Stock) shall apply in the same manner to such separate trust holding the Depositary Shares, the Depositary Shares so held and the rights and obligations of all other persons with respect to such Depositary Shares and
(ii) shares of Stock shall not be automatically transferred to a trust unless required by the Certificate after giving effect to such automatic transfer of the Depositary Shares to a separate trust. 

Section 2.10 Bank Accounts. The Company acknowledges that the bank accounts maintained by Computershare in connection with
the services provided under this Agreement will be in its name and that Computershare may receive investment earnings in connection with the investment at Computershare risk and for its benefit of funds held in those accounts from time to time.
Neither the Company nor the record holders will receive interest on any deposits. 
 ARTICLE III 

Certain Obligations of Holders of Receipts and the Company 
 Section 3.1 Filing Proofs, Certificates and Other Information. Any holder of Depositary Shares may be required from time to time to file such proof of residence, or other matters or other
information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may deem necessary or proper or otherwise reasonably request. The Depositary or the Company may withhold the delivery, or
delay the registration of transfer, redemption or exchange, of any Depositary Shares or the withdrawal of the Stock represented by the Depositary Shares or the distribution of any dividend or other distribution or the sale of any rights or of the
proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 
 Section 3.2 Payment of Taxes or Other Governmental Charges. Holders of Depositary Shares shall be obligated to make payments to Computershare of certain charges and expenses, as provided in
Section 5.7. Registration of transfer of any Depositary Shares or any withdrawal of Stock and all money or other property, if any, represented by Depositary Shares may be refused until any such payment due is made, and any dividends,
interest payments or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable
means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Depositary Shares remaining
liable for any deficiency. 
 Section 3.3 Warranty as to Stock. The Company hereby represents and warrants that the
Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Depositary Shares. 

  
 8 

 ARTICLE IV 
 The Deposited Securities; Notices 
 Section 4.1 Cash
Distributions. Whenever Computershare shall receive any cash dividend or other cash distribution on any Stock, Computershare shall, subject to Sections 3.1 and 3.2, distribute to record holders of the corresponding Depositary
Shares on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares held by such holders; provided,
however, that in case the Company or Computershare shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of such Stock an amount on account of taxes or as otherwise required by
law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. 
 Section 4.2 Distributions other than Cash, Rights, Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon any
Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of the corresponding Depositary Shares on the record date fixed pursuant to Section 4.4 such amounts of the securities or
property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares held by such holders, in any manner that the Depositary and Company may deem equitable and practicable for accomplishing such
distribution. If in the opinion of the Depositary, after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the
Depositary withhold an amount on account of taxes) the Depositary, after consultation with the Company, deems such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem equitable and
appropriate. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by Computershare to record holders of Depositary Shares as provided by
Section 4.1 in the case of a distribution received in cash. 
 Section 4.3 Subscription Rights, Preferences
or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names any deposited Stock are recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of the corresponding Depositary Shares in such
manner as the Depositary may determine, either by the issue to such record holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of
the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or, after consultation with the Company, not feasible
to make such rights, preferences or privileges available to holders of Depositary Shares by the issue of warrants or otherwise, or 

  
 9 

 
(ii) if and to the extent so instructed by holders of Depositary Shares who do not desire to execute such rights, preferences or privileges, then the Depositary, in its discretion, with
approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available, may, if applicable laws or the terms of such rights, preferences or privileges permit such
transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be
distributed by the Depositary to the record holders of Depositary Shares entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. The Company shall not make any distribution of such rights, preferences
or privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered in order to be freely
transferable. 
 If any other action under the laws of any jurisdiction or any governmental or administrative authorization,
consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Depositary Shares, the Company will use its reasonable best efforts to take such action or obtain such authorization, consent or
permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
 Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Depositary Shares. Whenever (i) any cash dividend or other cash distribution shall become payable or any
distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to any Stock, (ii) the Depositary shall receive notice of any meeting at which holders of any Stock are entitled to
vote or of which holders of any Stock are entitled to notice or of any election on the part of the Company to redeem any Stock, or (iii) the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance
fix a record date, which shall be the same date as the record date fixed by the Company with respect to the Stock, for the determination of the holders of the corresponding Depositary Shares who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate
reasons. 
 Section 4.5 Voting and Other Rights. Upon receipt of notice of any meeting at which the holders of any
Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of the corresponding Depositary Shares as of the record date for such meeting a notice which shall contain (i) such information as
is contained in such notice of meeting, (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective
Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company), and (iii) a brief statement as to the manner in which such instructions
may be given. Upon the written request of the holders of Depositary Shares on the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the instructions set forth in such requests, the
maximum amount of Stock represented by the Depositary Shares as to which any particular voting instructions are received. The Company hereby agrees to take all 

  
 10 

 
action that may be deemed reasonably necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from
the holder of Depositary Shares, the Depositary will abstain from voting to the extent of the Stock represented by such Depositary Shares. In addition, to the extent holders of Stock may exercise other rights pursuant to the Certificate of
Incorporation (including the Certificate with respect to such Stock), then, upon the written request of holders of the corresponding Depositary Shares, the Depositary shall use its best efforts to exercise such rights on behalf of such holders. The
requesting holders shall be responsible for any costs, expenses and liabilities associated with the Depositary’s exercise of any such rights on behalf of such holders, and the Depositary will not be required to take any action unless the
requesting holders have provided advanced payment or offered to the Depositary indemnity satisfactory to the Depositary, in its sole discretion, against the costs, expenses and liabilities to be incurred in compliance with such request. 

Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par
value or liquidation preference, split-up, combination or any other reclassification of any Stock, or upon any recapitalization, reorganization, merger or consolidation affecting the Company or to which it is a party, or the sale of all or
substantially all of the Company’s assets, the Depositary may in its discretion with the approval, not to be unreasonably withheld, of, and shall upon the instructions of, the Company, and, in either case, in such manner as the Depositary may
deem equitable, (i) make such adjustments in the fraction of an interest in one share of Stock represented by one Depositary Share as may be necessary, as certified by the Company, fully to reflect the effects of such change in par value or
liquidation preference, split-up, combination or other reclassification of such Stock, or of such recapitalization, reorganization, merger, consolidation or sale and (ii) treat any securities which shall be received by the Depositary in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case, the Depositary may in its discretion, with the approval of the
Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding,
holders of the corresponding Depositary Shares shall have the right from and after the effective date of any such change in par value or liquidation preference, split-up, combination or other reclassification of the Stock or any such
recapitalization, reorganization, merger, consolidation or sale to surrender such Depositary Shares to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind
and amount of shares of stock and other securities and property and cash into which the Stock represented by such Depositary Shares would have been converted or for which such Stock would have been exchanged or surrendered had such Depositary Shares
been surrendered immediately prior to the effective date of such transaction. 
 Section 4.7 Delivery of Reports.
The Depositary shall furnish to holders of Depositary Shares copies of any reports and communications received from the Company that are received by the Depositary as the holder of the Stock. 

  
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 Section 4.8 List of Receipt Holders. Promptly upon request from time to time by
the Company, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Depositary Shares representing each class or series of Stock evidenced
thereby. The Company shall be entitled to receive such a list in respect of each class or series of Stock so evidenced four times annually without charge. 
 ARTICLE V 
 The Depositary, the Depositary’s Agents, the Registrar
and the Company 
 Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer, surrender
and exchange of Depositary Shares, which books at all reasonable times will be open for inspection by the record holders of Depositary Shares; provided that any such holder requesting to exercise such right shall certify to the Depositary
that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
 The Depositary may close such books, at any time or from time to time, when deemed necessary by it in connection with the performance of its duties hereunder. 

The Depositary may, with the approval of the Company, appoint a Registrar for registration of the Depositary Shares. If the Depositary
Shares or the Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges or quoted on any interdealer quotation system, the Depositary will appoint a Registrar, acceptable to the Company, for
registration of such Depositary Shares in accordance with any requirements of such exchange or quotation system. Such Registrar, which may be the Depositary if so permitted by the requirements of any such exchange or quotation system, may be removed
and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. If such Depositary Shares or such Stock is listed on one or more other stock exchanges or quotation systems, the Depositary will, at the
request and at the expense of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Depositary Shares or such Stock as may be required by law or applicable securities exchange
or quotation system regulation. 
 The Depositary may from time to time appoint Depositary’s Agents to act in any respect
for the Depositary for the purposes of this Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action.

 Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or
the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Depositary Shares if by reason of any provision of any present or future law, or regulation
thereunder, of the United States or of any other governmental authority or, in the case of the Depositary, any Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Certificate of Incorporation or applicable
Certificate or by reason of any act of war or other circumstance 

  
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beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected to any penalty on
account of, doing or performing any act or thing which the terms of this Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to any holder of Depositary
Shares (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or
failure to exercise, any discretion provided for in this Agreement except, in the case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence, willful misconduct or bad faith of the party
charged with such exercise or failure to exercise. 
 Section 5.3 Obligation of the Depositary, the Depositary’s
Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under this Agreement or any Receipt to holders of
Depositary Shares other than for its gross negligence, willful misconduct or bad faith in the performance of such duties as are specifically set forth in this Agreement. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of
the Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against expense and liability be furnished as often as may be reasonably required.

 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or
any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any holder of Depositary Shares or any other person believed by it in good faith to be competent to give such information. The
Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any
of the Stock or for the manner or effect of any such vote made, as long as any such action or non-action is in good faith. The Depositary will indemnify the Company and hold it harmless from any loss, liability or expense (including the reasonable
costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Agreement due to its or their
refusal or failure to comply with the terms of this Agreement or which arise out of its or their negligence, willful misconduct or bad faith. Notwithstanding anything contained herein to the contrary, and not including losses, costs or damages
arising out of the Depositary’s fraud, bad faith or willful misconduct, the Depositary’s aggregate liability during the term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all
services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, three times the amount paid by the Company to Computershare and the Trust Company (as transfer
agent and Depositary) as fees and charges, but not including reimbursable expenses, under the Transfer Agency and Service Agreement in effect between the Company and Computershare and the Trust Company and under this Agreement, at the time of the
event for which recovery from the Depositary is sought. 

  
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 The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and
the Registrar may own, buy, sell and deal in any class of securities of the Company and its affiliates and in Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract
with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of
any of the securities of the Company and its affiliates. 
 It is intended that neither the Depositary nor any Depositary’s
Agent nor the Registrar, acting as the Depositary’s Agent or Registrar, as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary, any Depositary’s Agent and the Registrar are acting only in a ministerial capacity as Depositary or Registrar for the Stock; provided, however, that the Depositary agrees to comply
with all information reporting and withholding requirements applicable to it under law or this Agreement in its capacity as Depositary. 
 Neither the Depositary, nor its officers, directors, employees or agents, nor any Depositary’s Agent nor the Registrar makes any representation or has any responsibility as to the validity of any
registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts, except for its counter-signatures thereon, or any instruments referred to therein or herein, or
as to the correctness of any statement made therein or herein. 
 The Depositary assumes no responsibility for the correctness
of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties or
representations as to the validity or genuineness of any Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Agreement, as to the value of the Depositary Shares or as to
any right, title or interest of the record holders of the Depositary Shares; provided, however, that the Depositary is responsible for the representations in the Agreement and for the validity of any action taken or required to
be taken by the Depositary in connection with this Agreement. The Depositary shall not be accountable for the use or application by the Company of the proceeds from the sale of the Depositary Shares. 

Neither the Company nor the Depositary shall be liable to the other party for any consequential, indirect, special or incidental damages
under any provisions of this Agreement or for any consequential, indirect, penal, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such
damages. 
 The rights and obligations of the parties under this Section 5.3 shall survive termination of this Agreement or
the resignation or removal of the Depositary. 
 Section 5.4 Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance
of such appointment as hereinafter provided. 

  
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 The Depositary may at any time be removed by the Company by notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a
successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and
have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary under this Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall execute and deliver an instrument transferring
to such successor Depositary all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any money or property held hereunder to such successor Depositary, and shall
deliver to such successor Depositary a list of the record holders of all outstanding Depositary Shares and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its
appointment to the record holders of Depositary Shares. 
 Any corporation into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in
the name of the predecessor Depositary or in its name. 
 Section 5.5 Corporate Notices and Reports. The Company
agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record holders of Depositary Shares, in each case at the addresses recorded in the Depositary’s books, copies of all notices
and reports, including, without limitation, financial statements. required by law or by the rules of any national securities exchange or interdealer quotation system upon which the Stock or the Depositary Shares are listed or quoted, to be furnished
to the record holders of the Stock or the Depositary Shares. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request.

 Section 5.6 Indemnification by the Company. The Company shall indemnify the Depositary, any Depositary’s
Agent and the Registrar against, and hold each of them harmless from, any loss, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted in connection with this Agreement
and the Receipts by the Depositary, any Registrar or any of their respective agents, including any 

  
 15 

 
Depositary’s Agent, except for any liability due to its or their refusal or failure to comply with the terms of this Agreement or which arise out of its or their negligence, willful
misconduct or bad faith on the respective parts of any such person or persons. 
 From time to time, Company may provide
Depositary with instructions concerning the services performed by the Depositary hereunder. In addition, at any time Depositary may apply to any officer of Company for instruction and Depositary and its agents and subcontractors shall not be liable
and shall be indemnified by Company for any action taken or omitted by Depositary in reliance upon any Company instructions. Depositary shall not be held to have notice of any change of authority of any person, until receipt of written notice
thereof from Company. 
 The obligations of the Company and the rights of the Depositary set forth in this
Section 5.6 shall survive termination of this Agreement and any succession of any Depositary or Depositary’s Agent. 
 Section 5.7 Charges and Expenses. The Company will pay all transfer and other taxes and governmental charges arising solely from the existence of this Agreement. The Company shall pay charges
of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, all withdrawals of Stock by owners of Depositary Shares, and any redemption of the Stock at the option of the Company. All other
transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. If, at the request of a holder of Depositary Shares, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder,
such holder will be liable for such charges and expenses. All other charges and expenses of the Depositary and any Depositary’s Agent hereunder, including, in each case, reasonable fees and expenses of counsel, incident to the performance of
their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses. The Depositary shall present its statement for charges and expenses
to the Company at such intervals as the Company and the Depositary may agree. 
 Section 5.8 Tax Compliance. The
Depositary, on its own behalf and on behalf of the Company, will comply with all applicable certification, information reporting and withholding, including “backup” withholding, requirements imposed by applicable tax laws, regulations or
administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Receipts or the Depositary Shares. Such
compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depositary shall comply with any direction received from the Company with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records
available on request to the Company or to its authorized representatives. 

  
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 ARTICLE VI 
 Amendment and Termination 
 Section 6.1 Amendment. The form of
the Receipts and any provisions of this Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable; provided,
however, that no such amendment (other than any changes in the fees of any Depositary or Registrar, which shall go into effect not sooner than three months after notice thereof to the holders of the Receipts) that materially adversely
alters the rights of the holders of Depositary Shares shall be effective unless such amendment shall have been approved by the holders of at least two-thirds of such Depositary Shares. Every holder of outstanding Depositary Shares at the time any
such amendment becomes effective shall be deemed, by continuing to hold such Depositary Shares, to be bound by the Agreement as amended thereby. Notwithstanding the foregoing, in no event may any amendment impair the right of any holder of any
Depositary Shares, upon surrender of such Depositary Shares (including any Receipts evidencing such Depositary Shares) and subject to any conditions specified in this Agreement, to receive Stock and any money or other property represented thereby,
except in order to comply with mandatory provisions of applicable law. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the
Company that states that the proposed amendment is in compliance with the terms of this Section 6.1. 
 Section 6.2
Termination. This Agreement may be terminated by the Company at any time upon not less than 60 days’ prior written notice to the Depositary, in which case, on a date that is not later than 30 days after the date of such notice, the
Depositary shall deliver or make available for delivery to holders of Depositary Shares, upon surrender of the Receipts evidencing such Depositary Shares, such number of whole or fractional shares as are represented by such Depositary Shares. This
Agreement will automatically terminate after (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with
any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

Upon the termination of this Agreement, the Company shall be discharged from all obligations under this Agreement except for its
obligations to the Depositary, the Registrar and any Depositary’s Agent under Sections 5.6 and 5.7. 

ARTICLE VII 

Miscellaneous 
 Section 7.1 Counterparts. This Agreement may be executed manually in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed an original, and all such counterparts when taken together shall constitute one and the same original instrument. Delivery of an executed counterpart of a signature page to this Agreement by fax or pdf
document delivered via email shall be effective as delivery of a manually-executed counterpart of this Agreement. 

  
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 Section 7.2 Exclusive Benefit of Parties. This Agreement is for the exclusive
benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

Section 7.3 Invalidity of Provisions. In case any one or more of the provisions contained in this Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 Section 7.4 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to the Company at: 

Boston Properties, Inc. 
 The Prudential Center 
 800 Boylston Street, Suite 1900 

Boston, MA 02199 

Facsimile No.: (617) 421-1556 
 or at any other address of which the Company shall have notified the Depositary in writing. 
 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram or
facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office, at: 
 Computershare
Trust Company, N. A. 
 250 Royall Street 
 Mail Stop: 3B 
 Canton, MA 02021 

Attention: Client Administration 
 Facsimile No.: (617) 575-2549 
 or at any other address of which the Depositary shall have
notified the Company in writing. 
 Any and all notices to be given to any record holder of Depositary Shares hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to such record holder at the address of such record holder
as it appears on the books of the Depositary, or if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 

  
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 Delivery of a notice sent by mail or by telegram or facsimile transmission shall be deemed
to be effected at the time when a duly addressed letter containing the same, or a confirmation thereof in the case of a telegram or facsimile transmission, is deposited for mailing by first class mail, postage prepaid. The Depositary or the Company
may, however, act upon any telegram or facsimile transmission received by it from the other or from any holder of Depositary Shares, notwithstanding that such telegram or facsimile transmission shall not subsequently be confirmed by letter or as
aforesaid. 
 Section 7.5 Appointment of Registrar. The Company hereby also appoints the Depositary as Registrar in
respect of the Depositary Shares and the Depositary hereby accepts such appointment. 
 Section 7.6 Holders of
Depositary Shares Are Parties. The holders of Depositary Shares from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery of the Depositary
Shares. 
 Section 7.7 Governing Law. THIS AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND
PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW. 
 Section 7.8 Inspection of Deposit Agreement. Copies of this Agreement and applicable
Certificates shall be filed with the Depositary and the Depositary’s Agent and shall be open to inspection during business hours at the Depositary’s Office or respective offices of the Depositary’s Agent, if any, by any holder of
Depositary Shares. 
 Section 7.9 Headings. The headings of articles and sections in this Agreement and in the form
of the Receipt set forth in Exhibit A annexed hereto have been inserted for convenience only and are not to be regarded as a part of this Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any
provision contained herein or in the Receipts. 
 Section 7.10 Confidentiality. The Depositary and the Company agree
that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public record holder information, which are exchanged or received pursuant to the negotiation or the carrying out
of this Agreement including the fees for services set forth in the attached schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law. 

[Signatures Follow] 

  
 19 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement
as of the day and year first above set forth, and all holders of Depositary Shares shall become parties hereto by and upon acceptance by them of delivery of Depositary Shares issued in accordance with the terms hereof. 

 

			
	BOSTON PROPERTIES, INC.
		
	By:	 	/s/ Michael E. LaBelle
	Name:	 	Michael E. LaBelle
	Title:	 	 Senior Vice President, Chief

Financial Officer and Treasurer

  

			
	 COMPUTERSHARE TRUST
 COMPANY, N.A. Depositary, Transfer
 Agent and Registrar

		
	By:	 	/s/ Dennis V. Moccia
	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract Administration

  

			
	COMPUTERSHARE INC.
		
	By:	 	/s/ Dennis V. Moccia
	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract Administration

 [Signature Page to Agreement] 

 ANNEX A 
 Exhibit A 
 FORM OF TEMPORARY RECEIPT – EXCHANGEABLE FOR DEFINITIVE

 ENGRAVED RECEIPT WHEN READY FOR DELIVERY 
 [If this Depositary Receipt is issued in global form, include the following: Unless this Depositary Receipt is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to Boston Properties, Inc. or its agent for registration of transfer, exchange or payment, and any Depositary Receipt issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
  

	
	 DEPOSITARY SHARES
 THIS
DEPOSITARY RECEIPT IS
 TRANSFERABLE IN BOSTON, MA
 OR NEW YORK, NY

	 CUSIP
{                                }

	
	 SEE REVERSE FOR CERTAIN

DEFINITIONS AND FOR LEGEND
 DESCRIBING
CERTAIN
 RESTRICTIONS ON OWNERSHIP
 AND
TRANSFER

  

	
	 DEPOSITARY RECEIPT FOR

DEPOSITARY SHARES EACH
 REPRESENTING 1/100th OF A
SHARE
 OF [            ]%
[            ] OF BOSTON
 PROPERTIES, INC. INCORPORATED

UNDER THE LAWS OF THE STATE
 OF
DELAWARE

 COMPUTERSHARE TRUST COMPANY, N. A., as Depositary (the “Depositary”), 

hereby certifies that 
 is the registered owner
of
                                         
                                         
  DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a 1/100th interest in one share of [            ] %
[            ] (the “Stock”), of Boston Properties, Inc., a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the terms and
entitled to the benefits of the Deposit Agreement dated as of March 22, 2013 (the “Deposit Agreement”), between the Company, the Depositary and the holders from time to time of

  
 Annex A-1

 
Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer.

 This Depositary Receipt is continued on the reverse hereof and the additional provisions set forth therein, including, without limitation,
those relating to redemption, for all purposes have the same effect as if set forth at this place. 
 Dated: 

 

			
	 Countersigned:
  

COMPUTERSHARE TRUST COMPANY, N.A.

 
 Depositary, Transfer Agent and
Registrar

		
	 By:
	 	 
		 	Authorized Officer

  
 2 

 [REVERSE] 
 THE DEPOSITARY SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE PROVISIONS OF THE DEPOSIT AGREEMENT, THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED (THE
“CERTIFICATE OF INCORPORATION”), INCLUDING CERTIFICATE OF DESIGNATIONS RELATING TO THE STOCK (“CERTIFICATE”), AND THE SECOND AMENDED AND RESTATED BY-LAWS OF THE COMPANY, AS AMENDED (THE “BYLAWS”),
INCLUDING, BUT NOT LIMITED TO, RESTRICTIONS ON OWNERSHIP AND TRANSFER CONTAINED IN THE DEPOSIT AGREEMENT AND CERTIFICATE OF INCORPORATION (INCLUDING THE CERTIFICATE). IF THE RESTRICTIONS ON OWNERSHIP AND TRANSFER ARE VIOLATED, CERTAIN OF THE
DEPOSITARY SHARES OR STOCK REPRESENTED BY THE DEPOSITARY SHARES EVIDENCED BY THIS DEPOSITARY RECEIPT MAY BE AUTOMATICALLY TRANSFERRED TO A TRUST ON THE TERMS AND CONDITIONS SET FORTH IN THE CERTIFICATE AND DEPOSIT AGREEMENT. A COPY OF THE DEPOSIT
AGREEMENT, CERTIFICATE OF INCORPORATION (INCLUDING THE CERTIFICATE) AND BYLAWS ARE ON FILE WITH THE SECRETARY OF THE COMPANY AND WILL BE FURNISHED BY THE COMPANY TO THE HOLDER OF THIS DEPOSITARY RECEIPT UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 THE COMPANY IS AUTHORIZED TO ISSUE ONE OR MORE SERIES OR CLASSES OF STOCK. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF
DEPOSITARY SHARES WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH CLASS OF THE COMPANY’S STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF
SUCH PREFERENCES AND/OR RIGHTS. 
 1. The Deposit Agreement. Depositary receipts (“Depositary
Receipts”), of which this Depositary Receipt is one, are made available upon the terms and conditions set forth in the Deposit Agreement. The Deposit Agreement (copies of which are on file at the principal office maintained by the
Depositary which at the time of the execution of the Deposit Agreement is located at 250 Royall Street, Mail Stop: 45-02-62, Canton, MA 02021 (the “Depositary’s Office”) and at the office of any agent of the Depositary) sets
forth the rights of holders of Depositary Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Depositary Receipt are summaries of certain provisions of the Deposit Agreement and are subject
to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Depositary Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern.

 2. Definitions. Unless otherwise expressly herein provided, all defined terms used in this summary of the Deposit
Agreement shall have the meanings ascribed thereto in the Deposit Agreement. 

  
 3 

 3. Redemption of Stock. Whenever the Company shall elect to redeem Stock, it shall
(unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 30 days’ notice of the date of such proposed redemption of Stock and of the amount of such Stock held by the Depositary to be
so redeemed and the applicable redemption price. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be so redeemed by
first-class mail, postage prepaid, promptly upon the Depositary’s receipt of the Company’s notice to redeem the Stock and, in any event, not fewer than 30 nor more than 60 days prior to the Redemption Date, to the record holders of the
Depositary Shares to be so redeemed, at the addresses of such holders as they appear on the records of the Depositary. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the
Depositary the redemption price of the Stock to be redeemed, plus an amount equal to all accrued and unpaid dividends (whether or not declared) thereon up to, but excluding the Redemption Date, without interest, the Depositary shall redeem the
number of Depositary Shares representing such redeemed Stock. If fewer than all outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be determined pro rata, by lot, or by other equitable method determined by
the Company. If fewer than all of the Depositary Shares evidenced by this Depositary Receipt are called for redemption, the Depositary will deliver to the holder of this Depositary Receipt upon its surrender to the Depositary, together with the
redemption payment, a new Depositary Receipt evidencing the Depositary Shares evidenced by this Depositary Receipt and not called for redemption; provided, however, that the Depositary shall not issue a Depositary Receipt
evidencing a fractional Depositary Share. Notwithstanding anything else to the contrary, no notice shall be required to be provided in the event the Depositary Shares evidenced by this Depositary Receipt are redeemed in accordance with the terms of
the applicable Certificate regarding the preservation of the Company’s status as a real estate investment trust for United States federal income tax purposes. 
 Notice having been mailed as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares
called for redemption) (i) dividends on the Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed shall be deemed no longer to be outstanding, (iii) all rights of the
holders of such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, terminate and (iv) upon surrender in accordance with such redemption notice of the Depositary Receipts
evidencing any such Depositary Shares called for redemption (properly endorsed or accompanied by properly executed instruments of transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a
redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the Stock as the fraction each Depositary Share represents of a share of the Stock plus the same fraction of all money and other
property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the Stock to be so redeemed and have not theretofore been paid. Subject to
applicable escheat laws, any funds deposited by the Company with the Depositary for any Depositary Shares that the holders thereof fail to redeem will be returned to the Company at the end of two years from the Redemption Date, after which reversion
the holders of such Depositary Shares so called for redemption shall look to the general funds of the Company for the payment of such cash. The foregoing is subject further to the terms and conditions of the Certificate. 

  
 4 

 4. Surrender of Depositary Receipts and Withdrawal of Stock. Any holder of Depositary
Shares representing any number of whole shares of Stock may (unless such Depositary Shares have previously been called for redemption) withdraw the Stock and all money and other property, if any, represented thereby by surrendering such Depositary
Shares at the Depositary’s Office or at such other place or places as the Depositary may determine for such withdrawals and paying any unpaid amount due the Depositary. Thereafter, without unreasonable delay, the Depositary shall deliver to
such holder or to the person or persons designated by such holder, the number of whole shares of Stock and all money and other property, if any, represented by the Depositary Shares so surrendered for withdrawal, but holders of such whole shares of
Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If Depositary Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary
Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if
any, to be so withdrawn, deliver to such holder, or upon his order, a new Depositary Receipt evidencing such excess number of Depositary Shares, provided, however, that the Depositary shall not issue any Receipt evidencing a
fractional Depositary Share. 
 5. Transfers, Split-ups, Combinations. Subject to the terms and conditions of this
Deposit Agreement, the Depositary shall register in its books from time to time transfers of the Depositary Shares evidenced by this Depositary Receipt upon any surrender of this Depositary Receipt by the holder in person or by a duly authorized
attorney, properly endorsed or accompanied by a properly executed instrument of transfer as well as a signature guarantee of such holder or authorized attorney by eligible guarantor institution which is a participant in a medallion guarantee program
approved by the Securities Transfer Association. Thereupon, the Depositary shall execute a new Depositary Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by this Depositary Receipt and deliver such
new Depositary Receipt or Receipts to or upon the order of the person entitled thereto. Upon surrender of this Depositary Receipt at the Depositary’s Office or at such other place or places as it may determine for the purpose of effecting a
split-up of this Depositary Receipt or combination of this Depositary Receipt with one or more other Depositary Receipts, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Depositary
Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Depositary Receipt or Receipts surrendered; provided, however, that the
Depositary shall not issue any Depositary Receipt evidencing a fractional Depositary Share. 
 6. Conditions to Signing and
Delivery, Transfer, etc., of Depositary Receipts. As a condition precedent to the execution and delivery, split-up or combination of this Depositary Receipt or surrender, exchange or registration of transfer of the Depositary Shares evidenced by
this Depositary Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company
shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of this Depositary Receipt pursuant to the terms of the Deposit Agreement; (ii) production of evidence satisfactory to it as to the identity
and genuineness of any signature; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of the Deposit Agreement. 

  
 5 

 7. Suspension of Delivery, Transfer, etc. The delivery of Depositary Receipts and the
surrender, exchange or registration of transfer of Depositary Shares may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed necessary or advisable by the
Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, stock exchange, interdealer quotation system or the Financial
Industry Regulatory Authority or under any provision of the Deposit Agreement. 
 8. Amendment. The form of this
Depositary Receipt and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable; provided,
however, that no such amendment (other than any changes in the fees of any Depositary or Registrar, which shall go into effect not sooner than three months after notice thereof to the holders of the Depositary Receipts) that materially
adversely alters the rights of holders of Depositary Shares shall be effective unless such amendment shall have been approved by the holders of at least two-thirds of the Depositary Shares. The holder of the Depositary Shares evidenced by this
Depositary Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Depositary Shares, to be bound by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, in no event may any amendment
impair the right of any holder of any Depositary Shares, upon surrender of such Depositary Shares (including any Depositary Receipts evidencing such Depositary Shares) and subject to any conditions specified in the Deposit Agreement, to receive
Stock and any money or other property represented thereby, except in order to comply with mandatory provisions of applicable law. 
 9. Charges and Expenses. The Company will pay all transfer and other taxes and governmental charges arising solely from the existence of the Deposit Agreement, except such charges as are expressly
provided in the Deposit Agreement to be at the expense of holders of Depositary Shares. 
 10. Title to Depositary
Shares. Title to the Depositary Shares evidenced by this Depositary Receipt is transferable by delivery of this Depositary Receipt, properly endorsed or accompanied by a properly executed instrument of transfer and including a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Depositary; provided,
however, that until transfer of the Depositary Shares evidenced by this Depositary Receipt has been registered on the books of the Depositary, the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at
such time as the absolute owner of the Depositary Shares evidenced by this Depositary Receipt for the purpose of determining the person entitled to (i) distributions of dividends or other distributions, (ii) the exercise of redemption or
voting rights, or (iii) to any notice provided for in the Deposit Agreement and for all other purposes. 

  
 6 

 11. Cash Distributions. Whenever the Depositary shall receive any cash dividend or
other cash distribution on the Stock, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of the corresponding Depositary Shares on the record date fixed pursuant to the Deposit Agreement such
amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares held by such holders; provided, however, that in case the Company or the Depositary shall be
required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution
or distributed in respect of Depositary Shares shall be reduced accordingly. 
 12. Subscription Rights, Preferences or
Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names any deposited Stock are recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record
holders of Depositary Shares in such manner as the Depositary may determine in accordance with the Deposit Agreement. 
 13.
Notice of Dividends, Fixing of Record Date. Whenever (i) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be
offered, with respect to the Stock, (ii) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of any election on the part of the Company to
redeem any Stock, or (iii) the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date, which shall be the same date as the record date fixed by the Company with respect to the
Stock, for the determination of the holders of the corresponding Depositary Shares who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for
the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
 14. Voting and Other Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record
holders of Depositary Shares as of the record date for such meeting a notice, which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a
person designated by the Company), and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of Depositary Shares on such record date, the Depositary shall use its best efforts to vote
or cause to be voted, in accordance with the instructions set forth in such request, the Stock represented by such holders’ Depositary Shares. The Company hereby agrees to take all action that may be deemed reasonably necessary by the
Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of the Depositary Shares evidenced by this Depositary Receipt, the Depositary will abstain from
voting to the extent of the Stock represented by such Depositary Shares. In addition, to the extent holders of Stock may exercise other rights pursuant to the Certificate of Incorporation (including the Certificate), then, upon the written request
of holders of Depositary Shares, the Depositary 

  
 7 

 
shall use its best efforts to exercise such rights on behalf of such holders. The requesting holders shall be responsible for any costs, expenses and liabilities associated with the
Depositary’s exercise of any such rights on behalf of such holders, and the Depositary will not be required to take any action unless the requesting holders have provided advanced payment or offered to the Depositary indemnity satisfactory to
the Depositary, in its sole discretion, against the costs, expenses and liabilities to be incurred in compliance with such request. 
 15. Transfer in Trust. If an event occurs as a result of which the Certificate provides that shares of Stock are to be automatically transferred to a trust, then (i) immediately prior to such
transfer, Depositary Shares corresponding to such shares of Stock shall be automatically transferred to a separate trust and all provisions of the Certificate relating to a trust holding shares of Stock, the shares of Stock so held and the rights
and obligations of all other persons with respect to such shares of Stock (including any person who, but for such provisions, would Beneficially Own or Constructively Own (as such terms are defined in the Certificate of Incorporation) such shares of
Stock) shall apply in the same manner to such separate trust holding the Depositary Shares, the Depositary Shares so held and the rights and obligations of all other persons with respect to such Depositary Shares and (ii) shares of Stock shall
not be automatically transferred to a trust unless required by the Certificate after giving effect to such automatic transfer of the Depositary Shares to a separate trust. 
 16. Reports, Inspection of Transfer Books. The Depositary shall furnish to holders of Depositary Shares copies of any reports and communications received from the Company that are received by the
Depositary as the holder of the Stock. The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer, surrender and exchange of Depositary Shares, which books at all reasonable times will be open
for inspection by the record holders of Depositary Shares; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s
interest as an owner of Depositary Shares. 
 17. Liability of the Depositary, the Depositary’s Agents, the Registrar
and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of Depositary Shares, if by reason of any provision of any present or future law, or regulation
thereunder, of the United States or any other governmental authority or, in the case of the Depositary, any Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Certificate of Incorporation or the
Certificate or by reason of any act of war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected to any
penalty on account of, doing or performing any act or thing which the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to any
holder of Depositary Shares (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement shall provide shall or may be done or performed, or (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement except, in the case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence, willful
misconduct or bad faith of the party charged with such exercise or failure to exercise. 

  
 8 

 18. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under the Deposit Agreement or this Depositary Receipt to the holder hereof, other than
for its gross negligence, willful misconduct or bad faith in the performance of such duties as are specifically set forth in the Deposit Agreement. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of
the Stock, Depositary Shares or Depositary Receipts which in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to it against expense and liability be furnished as often as may be reasonably
required. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any
action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any holder of Depositary Shares or any other person believed by it in good faith to be competent to give such information.
The Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed
or presented by the proper party or parties. 
 19. Termination of Deposit Agreement. The Deposit Agreement may be
terminated by the Company at any time upon not less than 60 days’ prior written notice to the Depositary, in which case, on a date that is not later than 30 days after the date of such notice, the Depositary shall deliver or make available for
delivery to holders of Depositary Shares, upon surrender of the Depositary Receipts, such number of whole or fractional shares as are represented by such Depositary Shares. 
 20. Governing Law. The Deposit Agreement and this Depositary Receipt and all rights thereunder and hereunder and provisions thereof and hereof shall be governed by, and construed in accordance
with, the law of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. 
  

									
	
The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:

	 	 
	 TEN COM —
as tenants in common
	  	UNIF GIFT MIN
ACT—                  
  Custodian                    
	 				 
	 	  		  		  	(Cust)	  	(Minor)
	 	  		  		  	under Uniform Gifts to Minors Act	  	                
	 	  		  		  	(State)
	 	 
	TEN ENT — as tenants by the entireties	  	 UNIF TRF MIN ACT—
                 Custodian (until age )              

	 				 
	 	  		  		  	(Cust)	  	(Minor)
	 	  		  		  	under Uniform Transfers to Minors Act	  	                
	 	  		  		  		  	(State)
	 	 
	JT TEN — as joint tenants with right of survivorship and not as tenants in common	  	 
	 
	 Additional abbreviations may also be used though not in the above list.

  
 9 

 
	
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE.

 For Value Received,
                                         
        hereby sell, assign and transfer unto 
  

 
  

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

 

					
	 	 	 	Depositary Shares	  
	
	 evidenced by the within Depositary Receipt, and do hereby irrevocably constitute and appoint
	   

  

					
	 	 	 	Attorney	  
		
	to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.	 			

 Dated
                                        ,
20                         
 Signature:
                                         
                        
  

			
	Notice:	  	The signature to this assignment must correspond with the name as written upon the face of this depositary receipt in every particular, without alteration or enlargement, or any
change whatever.

 Signature(s) Guaranteed Medallion Guaranty Stamp: 

 
  
 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 S.E.C. RULE 17Ad-15. 

  
 10

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