Document:

EX-4.3

 Exhibit 4.3 
 EXECUTION VERSION 
 AMERICAN HONDA FINANCE CORPORATION 

AMENDED AND RESTATED ISSUING AND PAYING AGENCY AGREEMENT 
 WHEREAS, in connection with the offering by American Honda Finance Corporation, a California corporation (the “Company”), of its Medium Term Notes, the Company entered into a Medium Term
Note Amended and Restated Issuing and Paying Agency Agreement dated as of August 26, 2011 (the “Predecessor Agreement”) with The Bank of New York Mellon, a New York banking corporation, as issuing and paying agent; 

WHEREAS, this Agreement (as defined below) amends and restates the Predecessor Agreement in its entirety; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree to further amend the Predecessor Agreement and to restate the Predecessor Agreement in its entirety to read as follows: 
 THIS AGREEMENT, dated as of August 27, 2012 (the “Agreement”), is entered into by the Company and The Bank of New York Mellon, as issuing and paying agent (the “Issuing and
Paying Agent”). Capitalized terms used and not defined herein have the meanings set forth in the Notes, the Private Placement Agreement (each as hereinafter defined) or the Offering Memorandum dated August 27, 2012 (the
“Offering Memorandum”). 
 SECTION 1. Appointment of Issuing and Paying Agent. 

(a) The Company issues and sells, from time to time, notes with maturities of nine months or more from date of issue in an aggregate
principal amount such that the aggregate principal amount outstanding at any time is not greater than US $25,000,000,000 (or the equivalent based on the applicable exchange rate at the time of issuance, in such foreign currencies or foreign currency
units as the Company shall designate at the time of issuance) (or such greater aggregate principal amount as the Company may authorize from time to time pursuant to a resolution adopted by its Board of Directors) evidencing one or more obligations
of the Company (each a “Note” and together the “Notes”), which Notes have been and are to be issued without registration under the Securities Act of 1933, as amended (the “Act”). The Company has
appointed Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs &
Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc. and Wells Fargo Securities, LLC as the placement agents for such Notes (each, a “Placement
Agent” and, together, the “Placement Agents”), pursuant to an Amended and Restated Private Placement Agreement dated as of August 27, 2012 (the “Private Placement Agreement”), among the Company and the
Placement Agents (as the same may be amended or supplemented from time to time). 
 The Company hereby appoints the Issuing and
Paying Agent to act, on the terms and conditions specified herein and in the Amended and Restated Medium Term Note Administrative Procedures for Privately-Placed Medium Term Notes dated as of August 27, 2012 (as the same

 
may be amended or supplemented from time to time, with the consent of the Issuing and Paying Agent, which consent shall not be unreasonably withheld, conditional or delayed, the
“Procedures”), as Issuing and Paying Agent for the Notes, and the Issuing and Paying Agent hereby accepts such appointment on such terms and conditions. 
 (b) For the purposes of this Agreement: 
  

	 	(i)	“Code” means the Internal Revenue Code of 1986, as amended; 

  

	 	(ii)	“FATCA” means Sections 1471 through 1474 of the Code and the Treasury Regulations, administrative guidance and official interpretations promulgated
thereunder; 

  

	 	(iii)	“IRS” means the U.S. Internal Revenue Service; 

  

	 	(iv)	“Noteholder FATCA Information” means information sufficient to eliminate the imposition of U.S. withholding tax under FATCA; 

 

	 	(v)	“Noteholder Tax Identification Information” means properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS
Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a
person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code); and 

  

	 	(vi)	“U.S. Withholding Agent” means the person or entity constituting and obligated to perform the duties of a “Withholding Agent” with respect to
payments on the Notes within the meaning of Section 7701(a)(16) of the Code. 

 Capitalized terms not
otherwise defined herein shall have the meaning ascribed to such terms in the Offering Memorandum or the Code, as the case may be. 
 SECTION 2. Note Forms; Signature; Calculation Agent. 
 The Notes may be
issued in fully registered book-entry form and represented by a master global security without coupons (each a “Global Security,” and together with a “Temporary Global Security” and a “Permanent Global
Security” (each as defined below, the “Global Securities”) or in definitive registered certificated form (“Certificated Notes”) in accordance with the instructions of the Company delivered pursuant to
Section 4(a) hereof. A Global Security may represent one or any number of individual Notes. The Global Security shall be registered in the name of The Depository Trust Company (“DTC”) or its nominee, and shall be delivered by
the Issuing and Paying Agent to DTC or pursuant to DTC’s instructions. 
 The Global Securities and Certificated Notes will
be substantially in the forms (both Fixed Rate (as defined below) and Floating Rate (as defined below)) attached as exhibits to the Offering Memorandum, or in such other forms as may be provided to the Issuing and Paying

  
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Agent by the Company from time to time. The Company shall not issue any Notes that are not in substantially the forms attached as exhibits to the Offering Memorandum until the Company has
received confirmation from the Issuing and Paying Agent that the proposed form is acceptable to it, which confirmation shall not be unreasonably withheld, conditioned or delayed. The Notes will be denominated in US Dollars in minimum denominations
of US $200,000 and in integral multiples of US $1,000 in excess thereof (or the equivalent based on the applicable exchange rate at the time of issuance, in such foreign currencies or foreign currency units as the Company shall designate at the time
of issuance). Each Global Security and Certificated Note shall bear a legend in substantially the form set out in the exhibits to the Offering Memorandum. 
 On the date hereof, the Company will furnish the Issuing and Paying Agent with the Global Securities and forms of the Certificated Notes (both Fixed Rate and Floating Rate forms). Such Global Securities
and forms of Certificated Notes will bear facsimile signatures of Authorized Representatives included in Group I of Exhibit A hereto. Upon receipt of such Global Securities and forms of Certificated Notes, an Authorized Individual or
Authenticating Representative (as such terms are defined in Section 23 hereof) of the Issuing and Paying Agent shall acknowledge receipt of such Global Securities and forms of Certificated Notes on a form of receipt submitted by the Company.

 Notes offered and sold in offshore transactions in reliance on Regulation S under the Act shall initially be issued in fully
registered book-entry form and will initially be represented by a master Global Security without coupons, substantially in the form attached as an exhibit to the Offering Memorandum (a “Temporary Global Security”). The Notes offered
and sold in offshore transactions in reliance on Regulation S under the Act shall be deposited with the Issuing and Paying Agent for and registered in the name of Cede & Co. or a nominee of the DTC for the account of Euroclear and
Clearstream. Beneficial interests in each Temporary Global Security may be held only through Euroclear and Clearstream. Interest in a Temporary Global Security will be exchangeable for interest in a permanent Global Security in fully registered
book-entry form without coupons (a “Permanent Global Security”) similarly deposited with a custodian for DTC, on or after the fortieth (40th) day after the completion of the distribution of the relevant Series or class of Notes
(the “Exchange Date”) in accordance with the procedures set forth in Section 13(g) hereof. The Permanent Global Security shall be deposited with the Issuing and Paying Agent and registered in the name of Cede & Co. or
a nominee of the DTC. 
 The Notes will bear interest at either fixed rates (“Fixed Rate”) or at floating rates
(“Floating Rate”) and shall have maturities of not less than nine months from the date of issue. However, Notes will not be issued with a term in excess of 30 years without the Company first obtaining and delivering an opinion of
counsel, in form and substance reasonably satisfactory to the Placement Agent or Placement Agents to or through which such Notes are to be sold, to the effect that such Notes will be treated as debt for U.S. federal income tax purposes. 

The interest rate and the amount of interest payable on the Notes bearing interest at a Floating Rate shall be calculated by the
Calculation Agent pursuant to the Calculation Agreement. The Issuing and Paying Agent will provide the Calculation Agent with not less than two but no more than seven Business Days’ notice of each Interest Determination Date with respect to
which a calculation with respect to any Notes bearing interest at a Floating Rate is to be made by the Calculation Agent. 

  
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 The Issuing and Paying Agent will hold the Global Securities and forms of the Certificated
Notes in safekeeping. Except as otherwise provided in Section 1 hereof, the principal amount of Global Securities and Certificated Notes outstanding at any time hereunder shall in aggregate not exceed US $25,000,000,000 (or the equivalent based
on the applicable exchange rates at the time of issuance of such Notes). The Issuing and Paying Agent may base its determination of the aggregate principal amount of Notes outstanding at any time solely on the Note Register (as such term is defined
in Section 13(a) hereof) and on information received from the Company. The Issuing and Paying Agent may disregard any instructions to complete a Note represented by a Global Security, and authenticate and deliver a Certificated Note, if the
Issuing and Paying Agent reasonably concludes that the aggregate principal amount of Notes outstanding will exceed the aggregate principal amount of Notes authorized by the Company to be issued at such date. 

SECTION 3. Authorized Representatives. 
 The Company hereby certifies that each person named in Exhibit A hereto is a duly authorized representative of the Company and that the signature set forth opposite such representative’s name
is his true and genuine signature (each such representative and each other representative as to which the Company may hereafter so certify in writing being referred to herein as an “Authorized Representative”). Each time Exhibit
A hereto is modified by the Company, the Company shall automatically make the foregoing certification to the Issuing and Paying Agent as to Exhibit A as so modified. The Issuing and Paying Agent shall be entitled to rely on the
information set forth in Exhibit A for purposes of determining an Authorized Representative until such time as the Issuing and Paying Agent receives a subsequent certificate in the form of Exhibit A from the Company replacing the then
current certificate provided by the Company to the Issuing and Paying Agent. The Issuing and Paying Agent shall not have any responsibility to the Company to determine whether any signature on a Global Security or Certificated Note purporting to be
that of an Authorized Representative in Group I of Exhibit A is genuine, so long as the Issuing and Paying Agent determines that such signature reasonably resembles the specimen signature set forth in Group I of Exhibit A or in
a subsequent then-current certificate delivered to the Issuing and Paying Agent pursuant to this Section 3. The Issuing and Paying Agent shall not have any responsibility to the Company to determine by
whom or by what means a facsimile signature may have been affixed to any Global Security or Certificated Note, or to determine whether any facsimile signature set forth on Exhibit A is authorized. Any Global Security or Certificated Note
bearing the signature of a person who is an Authorized Representative in Group I of Exhibit A on the date he signs such Global Security or Certificated Note shall be a binding obligation of the Company upon the completion and
authentication thereof by the Issuing and Paying Agent, notwithstanding that such person shall have ceased to be an Authorized Representative on the date such Note is completed, authenticated or delivered by the Issuing and Paying Agent. 

SECTION 4. Completion, Authentication and Delivery of Notes. 

(a) From time to time, an Authorized Individual of the Issuing and Paying Agent shall receive instructions from an Authorized
Representative included in Group II on Exhibit A hereto regarding the completion of a Global Security or the authentication and delivery of a Certificated Note. Such Authorized Representative shall also deliver a copy of the Pricing

  
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Supplement applicable to the Global Security or Certificated Note to which such instructions relate, to arrive no later than 4:00 p.m. New York City time on the second Business Day preceding the
Settlement Date. The Issuing and Paying Agent may rely on such instructions if they are received by one of the Authorized Individuals of the Issuing and Paying Agent or its affiliate named in Exhibit B hereto, or their successors which may be
named by the Issuing and Paying Agent (of which the Company shall be notified in writing) from time to time through the use of a facsimile transmission from any person purporting to be any of the individuals included in Group II on Exhibit
A hereto. Such instructions shall include the information called for by Item A set forth in Part II or Part III, as applicable, of the Procedures under the caption “Settlement Procedures.” As used herein, the term “Pricing
Supplement” refers to (i) a document accompanying and supplementing the Offering Memorandum with respect to the terms of one or more Notes being sold (including a pricing term sheet and/or pricing supplement) or (ii) the
confirmation if such document is not delivered in connection with the sale of a Note. 
 (b) By 1:00 P.M., New York City time,
on the Business Day (as defined below) following timely receipt of the information called for in Section 4(a) above, an Authorized Individual of the Issuing and Paying Agent will confirm by telephone or facsimile transmission to an Authorized
Representative of the Company the aggregate principal amount of the Notes outstanding as of such date hereunder after giving effect to all previous uncancelled issuances, to such transaction, to all other transactions of which an Authorized
Representative of the Company has given instructions to an Authorized Individual of the Issuing and Paying Agent but that have not yet been settled and to all maturities scheduled to occur on or before the settlement date of such transaction.

 (c) Upon receipt of such instructions, the Issuing and Paying Agent shall: 

 

	 	(i)	[reserved]; 

  

	 	(ii)	make an entry in the records of the Company maintained by the Issuing and Paying Agent with respect to the applicable Note represented by such Global Security, of the
further provisions of such Note set forth in the related Pricing Supplement; 

  

	 	(iii)	authenticate and deliver each Certificated Note to the appropriate Placement Agent against receipt therefor, which delivery may be made before actual receipt of payment
for the Notes, as provided in Section 5 hereof; 

  

	 	(iv)	retain one copy of each Certificated Note for its records and send to the Company and the appropriate Placement Agent a copy of each such Note; and

  

	 	(v)	with respect to each Global Security (including any Temporary Global Security), comply with the Procedures and with the Letter of Representations, as supplemented by
the Bring-Down Letter of Representations, both of which are attached hereto as Exhibit C (the “Letter of Representations”) and the Certificate Agreement attached hereto as Exhibit D (the “Certificate
Agreement”). 

  
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 (d) Instructions regarding the completion of a Note must be received by an Authorized
Individual of the Issuing and Paying Agent not later than 3:00 P.M., New York City time, on the trade date with respect to the Note. 
 (e) Copies of Certificated Notes to be sent by the Issuing and Paying Agent to the Company shall be sent by first class mail no later than 5:00 P.M., New York City time, on the first Business Day
after the settlement date. 
 (f) In the event a Placement Agent returns a Certificated Note to the Issuing and Paying Agent (at
The Bank of New York Mellon, c/o The Bank of New York Mellon Trust Company, N.A., 400 South Hope Street, Suite 400, Los Angeles, CA 90071, Attention: Corporate Unit) because the purchaser either fails to accept delivery of or to make payment for the
Certificated Note, the Issuing and Paying Agent, upon receipt of the Certificated Note, will immediately advise the Company, cancel such Certificated Note and remit it (or a certificate of destruction with respect to such Certificated Note) to the
Company, make appropriate entries in its records to reflect the fact that the Certificated Note was never issued, and notify the Company in writing of such action. The Issuing and Paying Agent shall follow the Procedures (Part II: “Failure
to Settle”) with respect to failures of settlement and cancellations of Global Securities. 
 (g) Unless otherwise
specified in the Global Security or the Certificated Note, as the case may be, and the related Pricing Supplement, “Business Day” shall mean any day, other than a Saturday or Sunday, that is not a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The City of New York or London, England; provided, however, that, with respect to non-US Dollar-denominated notes, the day is also not a day on which commercial
banks are authorized or required by law, regulation or executive order to close in the principal Financial Center, as defined below, of the country issuing the specified currency or, if the specified currency is Euro, the day is also a day on which
the Trans-European Automated Real-time Gross Settlement Express Transfer (“TARGET”) System is open. 
 Unless
otherwise specified in the Global Security or the Certificated Note, as the case may be, and the related Pricing Supplement, “Principal Financial Center” shall mean the capital city of the country issuing the specified currency,
except with respect to US Dollars, Australian dollars, Canadian dollars, South African rand and Swiss francs, the “Principal Financial Center” will be The City of New York, Sydney, Toronto, Johannesburg and Zurich, respectively.

 SECTION 5. Delivery of the Certificated Notes to Placement Agents. 

The Issuing and Paying Agent will deliver Certificated Notes to the appropriate Placement Agent on the related settlement date prior to
2:15 P.M., New York City time, against receipt therefor, whether or not the Issuing and Paying Agent has actually received payment for such Notes; provided, however, the Issuing and Paying Agent will not deliver a Certificated
Note to a Placement Agent prior to the settlement date with respect to that Certificated Note. The risk of nonreceipt of payment shall be the Company’s, and the Issuing and Paying Agent shall have no responsibility or liability therefor.

  
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 SECTION 6. Payment of Interest. 

Subject to the receipt of funds pursuant to Section 10 hereof, the Issuing and Paying Agent shall pay interest due on each Note from
time to time in accordance with, and in the manner provided in, the Pricing Supplement related to such Note, and the Procedures and the instructions received with respect to such Note pursuant to Section 4(a). However, interest payable on any
date interest is due on a Note may be subject to the imposition of U.S. withholding taxes until receipt by the U.S. Withholding Agent if any of the Noteholder Tax Identification Information and Noteholder FATCA Information, as applicable. Payments
of interest on Certificated Notes, other than interest payable with respect to the principal amount due on the maturity date, or any redemption date provided therein, or upon a repayment at the option of the holder (each such event referred to
hereinafter as a “Maturity Date”), will be made by check mailed to the registered holder at the address shown in the Note Register (as defined in Section 13(a) below) or at such other place as such holder shall designate in
writing to the Issuing and Paying Agent on or prior to the Regular Record Date. Notwithstanding the foregoing, a registered holder of not less than US $10,000,000 aggregate principal amount of Certificated Notes that are denominated and pay interest
in US Dollars and have the same Interest Payment Date may, by written notice to the Issuing and Paying Agent on or before the Regular Record Date preceding an Interest Payment Date, arrange to have the interest payable on all such Notes held by such
holder on such Interest Payment Date, and all subsequent Interest Payment Dates until written notice to the contrary is given to the Issuing and Paying Agent as aforesaid, made by wire transfer of immediately available funds to an account at a bank
in the United States (or other bank consented to by the Company and the Issuing and Paying Agent) as the holder of such Certificated Notes shall have designated, provided that such bank has appropriate facilities therefor. All interest
payments with respect to any Global Security shall be payable to DTC or its nominee, as the case may be, as the sole registered owner and the sole registered holder of the Global Security in accordance with DTC regulations and procedures as set
forth in the Letter of Representations and the Certificate Agreement. Anything to the contrary contained herein notwithstanding, the Issuing and Paying Agent shall have no obligation to pay the interest due on any Note with its own funds.

 SECTION 7. Payment of Principal. 
 At a Maturity Date and upon surrender of any Certificated Note to the Issuing and Paying Agent, located at The Bank of New York Mellon, c/o The Bank of New York Mellon Trust Company, N.A., 400 South Hope
Street, Suite 400, Los Angeles, CA 90071, Attention: Corporate Unit, or such other office or agency of which the Company and the Registered Owners receive written notice from the Issuing and Paying Agent, the Issuing and Paying Agent shall pay on
the Maturity Date or, if later, the day on which the Note is surrendered to it (unless the Note is surrendered to the Issuing and Paying Agent after 3:00 P.M., New York City time on any Business Day, in which case on the following Business
Day), subject to confirmation of receipt of funds as provided in Section 10 hereof, the principal amount of the Note (including premium, if any) and accrued interest due at such Maturity Date either (i) by wire transfer of immediately
available funds to such account at a bank in the United States (or other bank consented to by the 

  
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Company and the Issuing and Paying Agent) as the Registered Owner of such Note shall have designated by written instructions not less than 15 days prior to such Maturity Date, provided
that such bank has appropriate facilities therefor, or (ii) by check payable to the order of the Registered Owner of the Note or its properly designated assignee or custodian. The Issuing and Paying Agent will cancel any such Certificated Note
presented at a Maturity Date and remit it (or a certificate of destruction with respect to such Certificated Note or Global Security) directly to the Company. The Issuing and Paying Agent shall pay the principal amount (including premium, if any) of
a Note represented by a Global Security due on the Maturity Date of such Note, together with accrued interest due at such Maturity Date, in accordance with the terms of such Global Security or related Pricing Supplement to DTC or its nominee, as the
case may be, as the sole registered owner and the sole registered holder of such Global Security. To the extent required by law, the Issuing and Paying Agent will withhold taxes, if any, on principal (including premium, if any) and interest to the
extent that it has been instructed by the Company that any taxes should be withheld, and the amounts to be withheld, in accordance with then existing Code provisions, United States Treasury Regulations and related administrative guidance. Anything
to the contrary contained herein notwithstanding, the Issuing and Paying Agent shall have no obligation to pay with its own funds interest or principal (including premium, if any) due on a Note on or after a Maturity Date. 

SECTION 8. Designation of Accounts to Receive Payment. 
 A bank account may be designated to the Issuing and Paying Agent to receive payments of interest and principal (including premium, if any) to Registered Owners under Sections 6 and 7 hereof (subject
to the restrictions set forth in Sections 6 and 7 hereof) either (i) by an Authorized Representative included in Group II of Exhibit A hereto in the authentication instructions given by it to the Issuing and Paying Agent
under Section 4(a) hereof in respect of a particular purchase of Certificated Notes, or (ii) in the event that the authentication instructions make no designation, or that the Registered Owner wishes to change a designation previously
made, by written notice from the Registered Owner to the Issuing and Paying Agent. Such written notice must be provided to the Issuing and Paying Agent not later than 15 days prior to any record date (or, if applicable, Maturity Date). 

SECTION 9. Information Regarding Amounts Due. 
 The Company will cause the Calculation Agent to notify the Issuing and Paying Agent of the interest rate and the amount of interest due on each outstanding series or tranche of Notes bearing interest at a
Floating Rate in accordance with the Calculation Agreement, and the Issuing and Paying Agent shall determine the amount of interest due on each outstanding Note bearing interest Fixed Rate as set forth herein and in such Note no later than 15 days
before each Interest Payment Date. On or as soon as possible after each Regular Record Date (as defined in the Note and the Procedures), the Issuing and Paying Agent shall notify the Company of the total amount of interest due on the following
Interest Payment Date. The Company will cause the Calculation Agent to notify the Issuing and Paying Agent by the fifteenth day of each month of the amount of accrued interest to be paid on Notes bearing interest Floating Rate in the next succeeding
month; provided that in the case of Notes bearing interest Floating Rate for which the Interest Reset Period is daily or weekly, the Company will cause the Calculation Agent to so notify the Issuing and Paying Agent of such amount of accrued
interest to be paid as soon as possible. The 

  
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Issuing and Paying Agent will advise the Company by the fifteenth day of each month of the principal of (including premium, if any) and accrued interest to be paid on the Notes maturing in the
next succeeding month; provided that in the case of Notes bearing interest Floating Rate for which the Interest Reset Period is daily or weekly, the Issuing and Paying Agent will so notify the Company of such amounts as soon as possible.

 SECTION 10. Deposit of Funds. 
 The Company shall, on or prior to 12:00 P.M., New York City time, on each Interest Payment Date, pay to the Issuing and Paying Agent an amount in federal funds sufficient to pay all interest due on Notes
on such Interest Payment Date and shall, on or prior to 12:00 P.M., New York City time, on a Maturity Date of any Note, pay to the Issuing and Paying Agent an amount in federal funds sufficient to pay the principal (including premium, if any) of and
accrued interest on any such Note due on such Maturity Date. 
 SECTION 11. [Reserved]. 

SECTION 12. Optional Redemption by the Company; Repayment at Option of Noteholder. 

(a) In the event that the terms of any Note or Notes permit the Company to redeem such Note or Notes at its option and the Company elects
to redeem such Note or Notes, in whole or in part, an Authorized Representative shall give written notice to the Issuing and Paying Agent of the principal amount to be redeemed, the redemption date and redemption price of the Note or Notes to be so
redeemed not less than 60 days nor more than 90 days prior to the date fixed by the Company for redemption, unless shorter notice shall be acceptable to the Issuing and Paying Agent (but in no event less than five Business Days prior to the date on
which notice of such redemption is to be given by the Issuing and Paying Agent pursuant to the following sentence, unless otherwise agreed to by the Issuing and Paying Agent). The Issuing and Paying Agent shall cause notice of redemption to be given
by first-class mail (with respect to Certificated Notes) or in accordance with DTC and/or Clearstream or Euroclear’s procedures then in effect (with respect to Global Securities) not less than 30 days nor more than 60 days prior to the date of
redemption, in the name and at the expense of the Company, to the registered holders of the Notes to be redeemed. Whenever less than all the Notes at any time outstanding are to be redeemed, the Notes to be so redeemed shall be selected by the
Company (subject to the provisions of the following sentence), and the Company shall notify the Issuing and Paying Agent in writing of the Notes to be redeemed. If less than all of the Notes of identical terms at any time outstanding are to be
redeemed, the Notes to be so redeemed shall be selected by the Issuing and Paying Agent by lot or in any usual manner approved by it. Any Note redeemed in part shall be in increments of US $1,000 and the unredeemed principal amount thereof must be
an authorized denomination. 
 (b) [Reserved]. 
 (c) In the event that any Certificated Note is surrendered to the Issuing and Paying Agent for repayment at the option of the registered holder or the holder of a Note represented by a Global Security
elects early repayment, the Issuing and Paying Agent shall immediately notify 

  
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the Company by telephone, promptly confirmed in writing. The Issuing and Paying Agent shall verify that such Note in fact is subject to repayment at the option of the holder or the holder of a
Note represented by a Global Security and, if so, shall determine whether the form entitled “Option to Elect Repayment” has been duly completed. If such Note is not subject to repayment at the option of the holder or the holder of a
Note represented by a Global Security or if such form has not been duly completed, the Issuing and Paying Agent will immediately notify the Company and will use its best efforts to notify immediately the registered holder of such fact, in each case
by telephone, promptly confirmed in writing or in the case of a Note represented by a Global Security on PINS (or the electronic database of any replacement clearing and settlement system) upon instruction from the Issuing and Paying Agent, in each
case not less than 30 nor more than 60 days prior to the date fixed for redemption. In the event that any Note is surrendered for repayment in part, such part must be in increments of US $1,000 and the unrepaid principal amount thereof must be an
authorized denomination. 
 (d) In the event of redemption or repayment of a Note in part only, the Company shall issue a new
Note for the unredeemed or unrepaid portion thereof in the name of the registered holder thereof; provided that such unredeemed or unrepaid portion shall be in an authorized denomination. 

SECTION 13. Registration; Transfer; Exchange and Exchange of a Temporary Global Security for a Permanent Global Security.

 (a) The Issuing and Paying Agent shall maintain a register in which it shall register the names, addresses and taxpayer
identification numbers of the holders of the Notes as well as the serial numbers, denominations, aggregate principal amounts, dates of issuance and dates of maturity of the Notes and shall register the transfer of Notes (the “Note
Register”). 
 (b) [Reserved]. 
 (c) [Reserved]. 
 (d) [Reserved]. 

(e) [Reserved]. 

(f) A Global Security representing Notes shall not be exchanged for one or more Certificated Notes unless and until (i) DTC notifies
the Company and the Issuing and Paying Agent that it is unwilling or unable to continue as depository for such Global Security or if at any time DTC ceases to be a clearing agency registered under the Securities and Exchange Act of 1934, as amended,
and, in either case, a successor depository is not appointed by the Company; (ii) the Company determines, in its sole discretion, that such Global Security shall be exchangeable for Certificated Notes (such determination to be notified to the
Issuing and Paying Agent hereunder no less than 90 days in advance of the date on which such exchange is to be effected or such shorter period as is consented to by the Issuing and Paying Agent); or (iii) there shall have occurred and be
continuing an Event of Default (as defined in the Global Security) with respect to the Notes represented by such Global Security. Upon the occurrence in respect of a Global Security representing Book-Entry Notes of any one or more of the conditions
specified in the foregoing clauses (i) through (iii), such Global Security may be exchanged, in whole or in 

  
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part, for Certificated Notes in authorized denominations registered in the name or names of such persons or entities as DTC shall direct. A number of Certificated Notes sufficient to effect the
exchange shall have been executed by the Company and shall have been deposited with the Issuing and Paying Agent not later than the date of the exchange with respect to such Global Security, and the Company shall be deemed to have irrevocably
instructed the Issuing and Paying Agent to complete, authenticate and deliver such Certificated Notes as and when necessary to effect any such exchange. The Issuing and Paying Agent will hold all such Certificated Notes in safekeeping in accordance
with its customary practice and shall issue such Certificated Notes in the order of the serial numbers imprinted thereon. 
 (g)
Prior to the payment of interest or principal with respect to a holder’s beneficial interest in the related Temporary Global Security and any exchange of such beneficial interest for a beneficial interest in a Permanent Global Security, such
holder of a beneficial interest in a Temporary Global Security must provide Euroclear or Clearstream, as the case may be, with a certificate in the form of Annex A attached to Exhibit E hereto, certifying that the beneficial owner of
the interest in such Note is a non-U.S. Person (as defined in Regulation S under the Act), and Euroclear or Clearstream, as the case may be, must provide to the Note Registrar a certificate in the form of Exhibit E hereto (a “Clearing
System Certificate”). 
 (h) (i) Beneficial interests in the Notes represented by the Permanent Global Security (which
shall be in the form of a Temporary Global Security on or prior to the Exchange Date) may be transferred to a person who takes delivery in the form of a Note represented by a Rule 144A Global Note only upon receipt by the Issuing and Paying
Agent of a written certification from the holder desiring to effect such transfer (substantially in the form of Exhibit F hereto) and in the case of a transfer in reliance on Rule 144A, a written certification from such
holder’s prospective transferee (substantially in the form of Exhibit G hereto) (which in the case of the Notes, such holder and such holder’s prospective transferee will be deemed to have represented) to the effect that, among
other things, the transfer is being made to a Qualified Institutional Buyer in accordance with Rule 144A. 
 (ii)
Beneficial interests in the Rule 144A Global Notes may be transferred to a person who takes delivery in the form an interest in a Note represented by a Permanent Global Security (which shall be in the form of a Temporary Global Security on or
prior to the Exchange Date), or to a person who takes delivery in the form of a Rule 144A Global Note and (1) in the case of a transfer in reliance on Regulation S, a written certification from the transferee (substantially in the form of
Exhibit H hereto) to the effect that the transfer is being made to a non-U.S. Person in accordance with Regulation S under the Securities Act or (2) in the case of a transfer in reliance on Rule 144A, a written certification from
the transferee (substantially in the form of Exhibit G hereto) (which in the case of the Notes, such holder and such holder’s prospective transferee will be deemed to have represented) to the effect that, among other things, the transfer
is being made to a Qualified Institutional Buyer in accordance with Rule 144A. 
 (i) Resales or other transfers of Notes
by Qualified Institutional Buyers (and subsequent transferees, directly or indirectly, of such Notes) to other Qualified Institutional Buyers will be conducted according to DTC rules, regulations and procedures applicable to United States corporate
debt obligations. Subject to and in compliance with this Section 13, the Issuing and Paying Agent shall cause the transferor’s interest in the Global Security to be reduced in an amount equal to the aggregate principal amount to be
registered in the name of the transferee or its nominee. 

  
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 (j) Unless and until a Note represented by a Global Security is exchanged in whole or in
part for Certificated Notes in accordance with paragraph (f) of this Section 13, and except for transfers of Notes represented by a Global Security permitted under paragraph (g), (h) and (i) of this Section 13, Notes
represented by a Global Security may not be exchanged or transferred, except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor depository approved by the
Company. 
 (k) The Company and the Issuing and Paying Agent agree to cooperate to adopt amendments or supplements to this
Agreement and the Procedures from time to time (i) to modify the restrictions and procedures for resales and other transfers of the Notes to reflect any change in applicable law or regulation (or the interpretation thereof or in practices
relating to the resale or transfer of restricted securities generally), or (ii) to accommodate the issuance of Notes in book-entry form and matters related thereto in addition to the procedures already provided herein with respect to the
issuance of Notes in book-entry form to Qualified Institutional Buyers; provided that, if adopted, any such amendment or supplement that relates to the issuance of Notes in book-entry form shall not become effective until 45 days after the
date that the Issuing and Paying Agent was first given written notice of such amendment or supplement unless the Issuing and Paying Agent agrees to shorten such 45-day period. 
 (l) At any time at least one year after the original issue date of a Note, upon the consent of the Company and subject to the Company’s right to require an opinion of counsel to the effect that such
restrictions are no longer required under the Act, a holder of such a Note may request in writing to the Company that the restrictions be removed and the Issuing and Paying Agent shall, upon receipt of evidence of the Company’s consent, issue
in exchange for such Note one or more unlegended Notes of the same series of any authorized denomination, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 (m) The Issuing and Paying Agent shall have no obligation to monitor, determine or inquire as to compliance with any
restrictions on transfer of the Notes that may be imposed under this Agreement or the terms of any Note or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among any depositary, or its
nominee, as a holder of a Global Security, any participants in such depositary or holders of beneficial interests in any Global Security) other than to provide notice thereof to the Company (and, in the case of Certificated Notes, to obtain the
Company’s approval in connection therewith) and to require delivery of such certificates and other documentation or evidence as expressly required by the terms of this Agreement or the terms of such Note, and to examine any 13 such
certificates, other documentation or evidence to determine substantial compliance as to form with such requirements. 

  
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 SECTION 14. Persons Deemed Owners. 

(a) Prior to due presentment of a Note for registration of transfer, the Company, the Issuing and Paying Agent and any agent of the
Company or the Issuing and Paying Agent may treat the person in whose name such Note is registered (which, in the case of a Global Security, shall be DTC or its nominee, or successor depository or its nominee) as the owner of such Note for the
purpose of receiving payment of principal (including premium, if any) and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Issuing and Paying Agent nor any agent
of the Company or the Issuing and Paying Agent shall be affected by notice to the contrary. 
 (b) Without limiting the
provisions of Section 14(a) above, participants (collectively, “Participants”) in DTC shall have no rights under this Agreement with respect to any Global Security held on their behalf by or on behalf of DTC, and DTC or its
nominee, as the case may be, may be treated by the Company, the Issuing and Paying Agent and any agent of the Company or the Issuing and Paying Agent as the holder of such Global Security for all purposes whatsoever. The Company and the Issuing and
Paying Agent shall be entitled to deal with any depositary, and any nominee thereof, that is the holder of a Global Security for all purposes of this Agreement relating to such Global Security (including the payment of principal (including premium,
if any) and interest and the giving of instructions or directions by or to the holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners
thereof with respect to such Global Security. Neither the Company nor the Issuing and Paying Agent shall have any responsibility or liability for any acts or omissions of any such depositary with respect to any Global Security, for the records of
any such depositary, including records in respect of beneficial ownership interests in respect of any Global Security, for any transactions between such depositary and any participant in such depositary or between or among any such depositary, any
such participant and/or any holder of a beneficial interest in any Global Security or for any transfers of beneficial interests in any Global Security. 
 SECTION 15. Mutilated, Lost, Stolen or Destroyed Notes. 
 In case any
Certificated Note shall become mutilated or destroyed, lost or stolen, and upon the satisfaction by the applicant of the requirements of this Section 15 for a substituted Note, the Company shall execute, and upon its request the Issuing and
Paying Agent shall authenticate and deliver, a new Certificated Note having identical terms and provisions and having a number not contemporaneously outstanding, in exchange and substitution for the mutilated Certificated Note or in lieu of any
substitution for the Certificated Note destroyed, lost or stolen. In the case of loss, theft or destruction, the applicant for a substituted Certificated Note shall furnish to the Company and to the Issuing and Paying Agent such security or
indemnity as may be required by them to save each of them harmless. Such applicant shall also furnish to the Company and to the Issuing and Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Certificated Note and
of the ownership thereof. In the case of mutilation, the applicant for a substituted Certificated Note shall surrender such mutilated Certificated Note to the Company or to the Issuing and Paying Agent for cancellation thereof. The Issuing and
Paying Agent may authenticate any such substituted Certificated Note and deliver the same upon the written request or authorization of any Authorized Representative included in Group III of

  
 13 

 
Exhibit A hereto. Upon the issuance of any substituted Certificated Note, the Company may require the payment of a sum sufficient to cover any expense connected therewith. In case any
Certificated Note that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted Certificated Note, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Certificated Note) if the applicant for such payment shall furnish the Company and the Issuing and Paying Agent with such security or indemnity as may be required by them to save each of them harmless, and, in the
case of destruction, loss or theft, evidence to the satisfaction of the Company of the destruction, loss or theft of such Certificated Note and of the ownership thereof. All applications under this Section 15 shall be processed by the Issuing
and Paying Agent. 
 SECTION 16. Return of Unclaimed Funds. 

(a) Any money deposited with the Issuing and Paying Agent for the payment of principal, premium, if any, or interest on the Notes and
remaining unclaimed for two years after the date upon which the last payment of principal, premium, if any, and interest on any Note to which such deposit relates shall have become due and payable, shall be repaid to the Company by the Issuing and
Paying Agent on demand, and the holder of any Note to which such deposit related entitled to receive payment shall thereafter look only to the Company for the payment thereof and all liability of the Issuing and Paying Agent with respect to such
money shall thereupon cease. 
 (b) In the absence of a written request from the Company to return unclaimed funds to the
Company, the Issuing and Paying Agent shall from time to time deliver all unclaimed funds to or as directed by applicable escheat authorities, as determined by the Issuing and Paying Agent in its sole discretion, in accordance with the customary
practices and procedures of the Issuing and Paying Agent. Any unclaimed funds held by the Issuing and Paying Agent pursuant to this Section 16(b) shall be held uninvested and without any liability for interest. 

SECTION 17. Resignation or Removal of Issuing and Paying Agent. 

(a) The Issuing and Paying Agent may at any time resign as such agent by giving written notice to the Company of such intention on its
part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 90 days after receipt of such notice by the Company unless the Company and the Issuing and
Paying Agent otherwise agree in writing. 
 (b) The Issuing and Paying Agent may be removed at any time upon 15 days’
notice by delivery to it of an instrument in writing signed on behalf of the Company and specifying the date when such removal is intended to become effective. 
 (c) No such resignation or removal shall become effective prior to the date of the appointment by the Company (or by a court as provided below) of a successor Issuing and Paying Agent and the acceptance
of such appointment by such successor Issuing and Paying Agent as provided below. Upon receipt of notice of resignation from the Issuing and Paying Agent, the Company shall use its best efforts to appoint, and upon notice of removal given to the
Issuing and Paying Agent, the Company shall appoint, in each case as promptly as practicable, a 

  
 14 

 
successor Issuing and Paying Agent as contemplated hereby. If no successor shall have been so appointed within 90 days after notice is given as provided above, the resigning or removed Issuing
and Paying Agent may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Issuing and Paying Agent. Any successor Issuing and Paying Agent so appointed by such court shall, upon notice from
the Company, immediately and (except as provided in the Section 17(d) below) without further act be superseded by any successor Issuing and Paying Agent appointed by the Company as above provided. The Company shall cause notice of the
appointment of any such successor Issuing and Paying Agent to be given promptly to the registered holders of the Notes and to the Calculation Agent. 
 (d) Any successor Issuing and Paying Agent appointed following resignation or removal of a predecessor Issuing and Paying Agent as provided above shall execute and deliver to the predecessor Issuing and
Paying Agent and the Company an instrument accepting such appointment and agreeing to be bound by the terms and provisions of, and to serve as Issuing and Paying Agent as provided in, this Agreement. Thereupon, such successor Issuing and Paying
Agent shall, without any further act, deed or conveyance, become vested with all of the authority, rights, powers, trusts, immunities, duties and obligations of the Issuing and Paying Agent and with like effect as if originally named as Issuing and
Paying Agent hereunder, and the predecessor Issuing and Paying Agent shall thereupon be obligated to transfer and deliver to such successor Issuing and Paying Agent all relevant records or copies thereof maintained by the predecessor Issuing and
Paying Agent in connection with the performance of its obligations hereunder. 
 SECTION 18. Reliance on Instructions.

 (a) The Issuing and Paying Agent shall incur no liability to the Company in acting hereunder upon instructions, certificates,
notices, Notes and other documents contemplated hereby that the Issuing and Paying Agent believed in good faith to have been properly given and/or executed. In the event that the instructions as originally received by the Issuing and Paying Agent
are inconsistent with any subsequent written confirmation thereof, such original instructions will be deemed controlling, provided the Issuing and Paying Agent gives notice to the Company (by unsecured e-mail, pdf, facsimile transmission or
other similar unsecured electronic methods or by telephone promptly confirmed in writing) of such inconsistency promptly upon receipt of such written confirmation. 
 (b) The Issuing and Paying Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured
electronic methods, provided, however, that the Issuing and Paying Agent shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons,
which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Issuing and Paying Agent by unsecured e-mail, pdf, facsimile transmission or other
similar unsecured electronic methods instructions, and the Issuing and Paying Agent in its discretion elects to act upon such instructions, the Issuing and Paying Agent’s understanding of such instructions shall be deemed controlling,
provided the Calculation Agent gives notice to the Company (by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods or by telephone 

  
 15 

 
promptly confirmed in writing) of such inconsistency promptly upon receipt of such written confirmation. Solely with respect to this subsection 18(c), the Issuing and Paying Agent shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Issuing and Paying Agent’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Issuing and Paying Agent, including without limitation the risk of the Issuing and Paying
Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 SECTION 19.
Cancellation of Unissued Notes. 
 Promptly upon the written request of the Company, the Issuing and Paying Agent shall
cancel all unissued Global Securities and Certificated Notes in its possession (including, without limitation, any Global Securities and Certificated Notes in its possession on or prior to the date hereof) and remit the cancelled Global Securities
or Certificated Notes (or a certificate of destruction with respect to such Certificated Notes) to the Company; provided, however, that the Issuing and Paying Agent shall not cancel or return to the Company unissued Certificated Notes
for which any outstanding Global Security may be exchanged in full unless the Company provides the Issuing and Paying Agent with a sufficient quantity of Certificated Notes in respect thereof for which such Global Security may be exchanged in full.

 SECTION 20. Representations and Warranties of the Company. 

(a) Each instruction given to the Issuing and Paying Agent in accordance with Section 4 hereof shall constitute a representation and
warranty to the Issuing and Paying Agent by the Company that the issuance and delivery of the related Notes have been duly and validly authorized by the Company and, when completed, countersigned and delivered pursuant hereto, such Notes will
constitute the valid and legally binding obligations of the Company. 
 (b) The Company represents and warrants to the Issuing
and Paying Agent as of the date hereof that this Agreement has been duly authorized by the Company; upon execution and delivery by the Company and the Issuing and Paying Agent, this Agreement will be a valid and binding obligation of the Company;
the execution and delivery of this Agreement will not conflict with or constitute a breach of, or default under, any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Company is a party that would result in
a material adverse effect on the condition, financial or otherwise, or the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, or result in any violation of the provisions of any law
that would result in a material adverse effect on the condition, financial or otherwise, or the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, nor will it adversely affect the
rights of the holders of the Notes outstanding on the date hereof. 
 SECTION 21. Fees. 

For its services under this Agreement, the Issuing and Paying Agent shall be entitled to reasonable compensation and reimbursement of
out-of-pocket expenses (including, but not limited to, reasonable fees and expenses of counsel) as shall be mutually agreed upon between the Issuing and Paying Agent and the Company from time to time. 

  
 16 

 SECTION 22. Notices. 

(a) All communications by or on behalf of the Company relating to the issuance, completion, delivery or payment of the Notes (including
any Pricing Supplement) are to be marked “urgent” and directed to the Issuing and Paying Agent by facsimile or by mail at the following address: The Bank of New York Mellon, c/o The Bank of New York Mellon Trust Company, N.A., 400 South
Hope Street, Suite 400, Los Angeles, CA 90071, Attention: Corporate Unit (or such other department or division as the Issuing and Paying Agent shall specify in writing to the Company). The Company will send all Notes to be completed and delivered by
the Issuing and Paying Agent to: The Bank of New York Mellon c/o The Bank of New York Mellon Trust Company, N.A., 400 South Hope Street, Suite 400, Los Angeles, CA 90071, Attention: Corporate Unit (or such other department or division as the Issuing
and Paying Agent shall specify in writing to the Company). The Issuing and Paying Agent will advise the Company from time to time of the individuals generally responsible for the administration of this Agreement. 

(b) All notices and other communications hereunder shall (except to the extent otherwise expressly provided) be in writing, either
delivered by hand, by mail, by overnight courier or by facsimile transmission or electronic mail and any such notice shall be effective (i) when actually given in person, if by hand, (ii) when transmitted, upon receipt at the appropriate
below designated telephone number of a legible facsimile transmission, if given by facsimile, (iii) on the first business day after delivery when delivered by overnight courier, or (iv) upon receipt when delivered by United States mail,
postage prepaid, at the address specified below. 
 If to the Company: 

American Honda Finance Corporation 
 20800 Madrona Avenue 
 Torrance, California 90503 

Attention: Treasury Manager 
 Telephone No: (310) 972-2500 
 Facsimile No: (310) 972-2482 

If to the Issuing and Paying Agent: 
 The Bank Of New York Mellon 
 c/o The Bank of New York Mellon Trust Company, N.A.

 400 South Hope Street, Suite 400 
 Los Angeles, CA 90071 
 Attention: Corporate Unit 

Telephone No: (213) 630-6489 
 Facsimile No: (213) 630-6298 
 Facsimile No: (724) 540-6441 

Email: alex.briffett@bnymellon.com 
             mmi-ois@bnymellon.com 

  
 17 

 (c) Notwithstanding the provisions set forth in clause (b) above, in the case of Notes
represented by a Global Security that settles through the DTC settlement system (or through a replacement clearing and settlement system for the Notes), a posting of a notice by the Issuing and Paying Agent and/or DTC of a notice on DTC’s
electronic database “PINS” (or the electronic database of such replacement clearing and settlement system) within any applicable time period shall be deemed a valid giving of notice to the registered holders of the Notes in respect
of which beneficial interests, and transfers thereof, are at the time shown on the records of DTC, in lieu of any other notice procedure required under the terms hereof. 
 SECTION 23. Materials Furnished by the Issuing and Paying Agent. 
 Upon the
reasonable request of the Company or the Placement Agents, as the case may be, given at any time and from time to time, the Issuing and Paying Agent shall promptly provide (i) the Company or the Placement Agents with information with respect to
Notes issued hereunder to the extent such information was received or created by the Issuing and Paying Agent in its capacity as Issuing and Paying Agent hereunder and such information is reasonably available and (ii) the Company or the
Placement Agents with the specimen signatures of the Issuing and Paying Agent’s officers, employees or agents who have been duly authorized by the Issuing and Paying Agent or any of its affiliates to give and receive notices and instructions
hereunder (the “Authorized Individuals”) and to give receipt for, complete and authenticate Notes (the “Authenticating Representatives”). The names, titles and specimen signatures of the Authorized Individuals and
Authenticating Representatives are set forth on Exhibit B. Each time Exhibit B is modified by the Issuing and Paying Agent, the Issuing and Paying Agent shall provide the Company (or the Placement Agents, upon request of the Company or
the Placement Agents), with a copy of Exhibit B as modified. The Issuing and Paying Agent shall provide to any holders of a Note or any prospective purchasers of a Note upon the request of such holders transferees or prospective purchasers
the most recent information regarding the Company prepared by the Company pursuant to Rule 144A(d)(4) under the Act and supplied by the Company to the Issuing and Paying Agent. 

SECTION 24. Concerning the Issuing and Paying Agent. 
 (a) Whenever in the administration of this Agreement the Issuing and Paying Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Issuing and Paying Agent (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, rely upon the certificate of an Authorized Representative of the Company included in Group III to
Exhibit A hereto. The Issuing and Paying Agent may consult with counsel satisfactory to it and, as to any matter of law, the advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any
action taken or omitted by the Issuing and Paying Agent hereunder in good faith and in accordance with such advice or opinion. The Issuing and Paying Agent shall have no fiduciary duties or obligations hereunder except those created by operation of
law. The Issuing and Paying Agent, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have 

  
 18 

 
if it were not the Issuing and Paying Agent. Money and securities held by the Issuing and Paying Agent hereunder need not be segregated from other money or securities except as required by law.
Any corporation into which the Issuing and Paying Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Issuing and Paying Agent shall be a
party, or any corporation succeeding to all or substantially all of the corporate trust business of the Issuing and Paying Agent, shall be the successor Issuing and Paying Agent hereunder, without the execution or filing of any paper or any further
act on the part of the parties hereto. The Issuing and Paying Agent shall not be required to advance or risk its own funds in the performance of its rights or duties hereunder. 

(b) In no event shall the Issuing and Paying Agent be liable for any failure or delay in the performance of its obligations under this
Agreement because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riots, strikes or work stoppages for any reason, embargo, government action, including
any laws, ordinances, regulations or the like that restrict or prohibit the providing of the services contemplated by this Agreement, or the failure of equipment or interruption of communication or computer facilities (if the Issuing and Paying
Agent has taken reasonable actions to avoid such failures or interruptions) and other causes beyond the Issuing and Paying Agent’s control whether or not of the same class or kind as specifically named above. 

(c) The Issuing and Paying Agent may execute any of its powers hereunder or perform any of its duties hereunder either directly or by or
through agents or attorneys and the Issuing and Paying Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(d) The Issuing and Paying Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement. 

SECTION 25. Liability. 
 (a) Neither the Issuing and Paying Agent nor its officers or employees shall be liable to the Company for any act or omission hereunder except in the case of negligence or willful misconduct. The duties
and obligations of the Issuing and Paying Agent, its officers and employees shall be determined by the express provisions of this Agreement and they shall not be liable except for negligent performance of such duties and obligations as are
specifically set forth herein or willful misconduct and no implied covenants shall be read into this Agreement against them. Neither the Issuing and Paying Agent nor its officers shall be required to ascertain whether any issuance or sale of Notes
(or any amendment or termination of this Agreement) is in compliance with any other agreement to which the Company is a party (whether or not the Issuing and Paying Agent is also a party to such other agreement). 

(b) Anything in this Agreement notwithstanding, in no event shall the Issuing and Paying Agent be liable for special, indirect, punitive
or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Issuing and Paying Agent has been advised as to the likelihood of such loss or damage and regardless of the form of action. 

  
 19 

 SECTION 26. Indemnification. 

The Company agrees to indemnify, defend and hold harmless the Issuing and Paying Agent, its directors, officers, employees and agents
(collectively, “Indemnitees”) from and against all liabilities, claims, losses, damages, penalties, costs and expenses (including reasonable attorneys’ fees and disbursements) suffered or incurred by or asserted or assessed
against any indemnitee arising in respect of this Agreement, except in respect of any indemnitee for any such liability, claim, loss, damage, penalty, cost or expense resulting from the negligence or willful misconduct of such indemnitee;
provided that: (i) with respect to any such claim, the Issuing and Paying Agent shall have given the Company written notice thereof promptly after the Issuing and Paying Agent shall have knowledge thereof, but failure by the Issuing and
Paying Agent to give such notice shall not affect the Issuing and Paying Agent’s right or the Company’s obligation to indemnity hereunder; (ii) while maintaining absolute control over its own defense, the Issuing and Paying Agent
shall cooperate and consult with the Company in preparing such defense; and (iii) notwithstanding anything to the contrary in this Section 26, the Company shall not be liable for settlement of any such claim any indemnitee entered into
without the prior consent of the Company, which consent shall not be unreasonably withheld. The indemnities referred to in this Section 26 shall survive payment in full of the Notes, termination of this Agreement and, as to any Issuing and
Paying Agent, its resignation or removal pursuant to Section 17 hereof. 
 SECTION 27. Benefit of Agreement.

 This Agreement is solely for the benefit of the parties hereto and their successors and assigns and no other person shall
acquire or have any rights under or by virtue hereof. 
 SECTION 28. Amendment. 

This Agreement may be amended by any instrument in writing signed by all of the parties hereto so long as such amendment does not
(i) materially adversely affect the rights of the holders of the Notes then outstanding (with respect to Notes issued on or after the date hereof) or (ii) adversely affect the rights of the holders of the Notes then outstanding (with
respect to Notes issued prior to the date hereof). 
 Further, this Agreement may be amended in writing by the Company, but
without the consent of the Issuing and Paying Agent (i) to take any action necessary or helpful to prevent the Notes from becoming subject to any withholding or other taxes or assessments, and (ii) to allow the Company to comply with U.S.
withholding tax laws, including but not limited to FATCA, or any rules or regulations promulgated thereunder (including imposing withholding taxes upon holders or beneficial owners of Notes who fail to deliver the Noteholder FATCA Information and
the Noteholder Tax Identification Information) to the U.S. Withholding Agent; provided, however, that no such amendment shall, without the consent of the Issuing and Paying Agent, affect the Issuing and Paying Agent’s rights, duties or
immunities under this Agreement or otherwise. 

  
 20 

 SECTION 29. Governing Law. 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made
and to be performed in such State (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such statute), without regard to conflict of laws principles that would result in the application of
the laws of another jurisdiction. 
 SECTION 30. Certain Terms Relating to a Global Security. 

For the avoidance of doubt, in all instances where this Agreement provides for the completion of a Global Security, completion will be
deemed to occur in respect of a Note to be incorporated into a Global Security upon receipt of instructions from an Authorized Representative of the Company to an Authorized Individual of the Issuing and Paying Agent and the Issuing and Paying Agent
makes an entry in the records of the Company maintained by the Issuing and Paying Agent, with respect to the issuance of a Note. 
 SECTION 31. Responsibility of the Issuing and Paying Agent with respect to a Global Security. 
 In addition to all other duties of the Issuing and Paying Agent in connection with the issuance of Notes hereunder, the Issuing an Paying Agent shall be required to maintain each of the Pricing
Supplements and other documents from which the terms of the Notes of a series or tranche are incorporated by reference into a Global Security or relate to a Certificated Note and comply with the Letter of Representations and the Certificate
Agreement. 
 SECTION 32. Severability. 
 If any provision of this Agreement shall be held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable as applied in any particular case or in any or all jurisdictions because it
conflicts with any provision of any constitution, statute, rule or public policy or for any other reason, such circumstances shall not have the effect of rendering the provision in question invalid, inoperative or unenforceable in any other case,
circumstances or jurisdiction, or of rendering any other provision or provisions of this Agreement invalid, inoperative or unenforceable, to any extent whatsoever. 
 SECTION 33. Counterparts. 
 This Agreement may be executed in any number of
counterparts, each of which shall be an original, with the same effect as if signature thereto were upon the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile or electronic format (i.e., “pdf” or
“tif”) transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of the original Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile
or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

  
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 SECTION 34. Jurisdiction. 

Each of the parties hereto hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State court, in each case sitting in the Borough of Manhattan, New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the
parties hereto hereby further irrevocably waives any claim that any such courts lack jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement in any of the aforesaid courts,
that any such court lacks jurisdiction over such party. Nothing herein shall affect the right of either party to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the other party in any
other jurisdiction. Each of the parties hereto irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that
any such proceeding brought in such a court has been brought in an inconvenient forum. 
 SECTION 35. Waiver of Jury
Trial. 
 EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

[Remainder of Page Intentionally Blank] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on their
behalf by their officers duly authorized thereunto, as of the date and year first above written. 
  

					
	AMERICAN HONDA FINANCE CORPORATION
		
	By:	 	/s/ Paul C. Honda
		 	Name:	 	Paul C. Honda
		 	Title:	 	Vice President, Assistant Secretary and Compliance Officer

  

					
	THE BANK OF NEW YORK MELLON, as Issuing and Paying Agent
		
	By:	 	/s/ Laurence J. O’Brien
		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President

 [Signature page to the Amended and Restated Issuing and Paying Agency Agreement] 

 EXHIBIT A 
 Company—Authorized Representatives 
 [behind this page] 

  
 EXHIBIT A

					
	 American Honda Finance Corporation

PO Box 2295
 Torrance, CA 90509-2295
	  	310 972 2288 phone	  	 HONDA
 Financial

Services

 August 27, 2012 
 THE BANK OF NEW YORK MELLON 
 One Canada Square 

London E14 5AL 
 England 

Telephone: +44 20 7964 4288 
 Telefax: +44 20
7964 2536 
 Attention: Corporate Trust Administration 
 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A. 
 2-4 rue Eugene Ruppert 

Vertigo Building – Polaris 
 L-2453
Luxembourg 
 Telephone: +352 3420905630 

Telefax: +352 3420906035 
 Attention: New Issues

 THE BANK OF NEW YORK MELLON 
 101
Barclay Street 
 New York, New York 10286 
  

	Re:	American Honda Finance Corporation and Honda Canada Finance Inc. U.S. $11,000,000,000 Euro Medium Term Note Programme (the “EMTN Programme”) and
American Honda Finance Corporation U.S. $25,000,000,000 U.S. Medium Term Note Program (the “USMTN Program”) 

Gentlemen: 
 Reference is hereby
made to (i) the Amended and Restated Agency Agreement dated as of August 27, 2012 in connection with the EMTN Programme (the “Agency Agreement”), among American Honda Finance Corporation (“AHFC”), Honda
Canada Finance Inc. (“HCFI”, and together with AHFC, the “Issuers”), The Bank of New York Mellon (London) and The Bank of New York Mellon (Luxembourg) S.A. and (ii) the Amended and Restated Issuing and Paying
Agency Agreement, dated as of August 27, 2012 in connection with the USMTN Program (the “Issuing and Paying Agency Agreement” between AHFC and The Bank of New York Mellon (New York). Capitalized terms used herein, but not
otherwise defined herein, shall have the meanings ascribed to them in the Agency Agreement and Issuing and Paying Agency Agreement, as applicable. 

 I, K. Endo, hereby certify that I am the duly elected President of AHFC, and further certify
that: 
 A. as of the date hereof, pursuant to the Agency Agreement, the following persons are the Authorized Persons of AHFC,
and (i) each such Authorized Person in Group I is a duly elected, qualified and acting officer authorized to execute the Notes; (ii) each such Authorized Person in Group II is duly authorized to give you Instructions with respect to the
Notes pursuant to Sections 2, 3, 7 and 10 of the Agency Agreement; and (iii) each such Authorized Person in Group III is a duly elected, qualified and acting officer authorized to give you Instructions with respect to the Notes pursuant to
Sections 12 and 13 of the Agency Agreement; and 
 B. as of the date hereof, pursuant to the Issuing and Paying Agency
Agreement, the following persons are the Authorized Representatives of AHFC, and that (i) each such Authorized Representative in Group I is a duly elected, qualified and acting officer of AHFC authorized to execute AHFC’s Medium Term Notes
(the “Notes”); (ii) each such Authorized Representative in Group II is duly authorized to give you instructions with respect to the Notes pursuant to Sections 4, 6, 8 and 12(a) of the Issuing and Paying Agency Agreement; and
(iii) each such Authorized Representative in Group III is a duly elected, qualified and acting officer of AHFC authorized to give you instructions with respect to the Notes pursuant to Sections 13, 15 and 24 of the Issuing and Paying
Agency Agreement. 
 [remainder of the page left intentionally blank] 

 Group I 
  

					
	 Name
	  	 Title
	 	 Signature

			
	K. Endo	  	 President
	 	/s/ K. Endo
			
	H. Takarada	  	 Vice President, Treasurer
	 	/s/ H. Takarada
			
	Paul C. Honda	  	 Vice President, Assistant Secretary, Compliance Officer
	 	/s/ Paul C. Honda

 Group II 
  

					
	 Name
	  	 Title
	 	 Signature

			
	K. Endo	  	 President
	 	/s/ K. Endo
			
	H. Takarada	  	 Vice President, Treasurer
	 	/s/ H. Takarada
			
	Paul C. Honda	  	 Vice President, Assistant Secretary, Compliance Officer
	 	/s/ Paul C. Honda
			
	Scott C. Davis	  	 Manager, Treasury Department
	 	/s/ Scott C. Davis
			
	Michiko Yamasaki Rey	  	 Assistant Manager, Treasury Department
	 	/s/ Michiko Yamasaki Rey
			
	Ursula Chamberlin	  	 Treasury Analyst
	 	/s/ Ursula Chamberlin

Group III 
  

					
	 Name
	  	 Title
	 	 Signature

			
	K. Endo	  	 President
	 	/s/ K. Endo
			
	H. Takarada	  	 Vice President, Treasurer
	 	/s/ H. Takarada
			
	Paul C. Honda	  	 Vice President, Assistant Secretary, Compliance Officer
	 	/s/ Paul C. Honda

 [signature page follows] 

 
					
	Sincerely yours,
	
	AMERICAN HONDA FINANCE CORPORATION, with respect to the USMTN Program and the EMTN Programme
		
	By:	 	/s/ K. Endo
		 	Name:	 	K. Endo
		 	Title:	 	President

 [Signature Page – USMTN and EMTN AHFC Consolidated Authorized Persons Certificate –
EMTN and USMTN Renewals 2012] 

 EXHIBIT B 
 The Bank of New York Mellon—Authorized Individuals 
 [behind this page]

  
 EXHIBIT B

 ISSUING AND PAYING AGENT’S AUTHORIZATION LETTER 

 

			
	 AMERICAN HONDA FINANCE CORPORATION
 20800 Madrona Avenue
 Torrance, CA 90503
	  	 GOLDMAN, SACHS & CO.
 200
West Street
 New York, New York 10282

		
	 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
 Bank of America Tower
 One Bryant Park
 New York, New York 10036
	  	 HSB Securities (USA) Inc.
 452
Fifth Avenue, Tower 3
 New York, New York 10018

		
	 BARCLAYS CAPITAL INC.
 745
Seventh Avenue
 New York, New York 10019
	  	 J.P. MORGAN SECURITIES LLC
 383
Madison Avenue, 3rd Floor

New York, New York 10179

		
	 BNP PARIBAS SECURITIES CORP.

787 Seventh Avenue
 New York, New York
10019
	  	 MITSUBISHI UFJ SECURITIES (USA), INC.
 1633 Broadway, 29th Floor
 New York, NY 10019

		
	 CITIGROUP GLOBAL MARKETS INC.

388 Greenwich Street
 New York, New York
10013
	  	 MIZUHO SECURITIES USA INC.
 320
Park Avenue
 New York, NY 10022-6815

		
	 CREDIT SUISSE SECURITIES (USA) LLC
 Eleven Madison Avenue
 New York, New York 10010
	  	 RBS SECURITIES INC.
 600
Washington Blvd.
 Stamford, CT 06901

		
	 DEUTSCHE BANK SECURITIES INC.

60 Wall Street
 New York, New York
10005
	  	 WELLS FARGO SECURITIES, LLC

301 S. College Street
 Charlotte, NC
28202

 August 27, 2012 

	 	RE:	American Honda Finance Corporation  

 Privately Place U.S. Medium Term Notes 
 Ladies and Gentlemen: 

This is to certify that, until such time as you shall have received from The Bank of New York Mellon, as issuing and paying agent (the
“Issuing and Paying Agent”), a subsequent “Issuing and Paying Agent’s Authorization Letter” or an equivalent written notice, (a) each of the persons listed on Schedule A hereto shall be an “Authenticating
Representative” and, inter alia, shall be authorized to receive, complete and authenticate if necessary Notes pursuant to the terms of that certain Amended and Restated Issuing and Paying Agency Agreement, dated as of August 27,
2012 (the “Agreement”), between American Honda Finance Corporation and the Issuing and Paying Agent, and (b) each of the persons listed on Schedule B hereto shall be an “Authorized Individual” and, inter alia,
shall be authorized to give and receive instructions on behalf of the Issuing and Paying Agent under the Agreement. 
 Capitalized terms used
herein and not otherwise defined shall have the meaning ascribed thereto in the Agreement. 
 [Remainder of page intentionally
blank] 

 
					
	Very truly yours,
	
	THE BANK OF NEW YORK MELLON, as Issuing and Paying Agent
		
	By:	 	/s/ Laurence J. O’Brien
		 	Name:	 	LAURENCE. J. O’BRIEN
		 	Title:	 	VICE PRESIDENT

 [Signature page to Issuing and Paying Agent’s Authorization Letter] 

 SCHEDULE A 
 Authenticating Representatives 
  

					
	 Name
	  	 Title
	 	 Signature

			
	Janet Y. Lee	  	 Vice President
	 	/s/ Janet Y. Lee
			
	Vincent Sicari	  	 Vice President
	 	/s/ Vincent Sicari
			
	Francine J. Kincaid	  	 Vice President
	 	/s/ Francine J. Kincaid
			
	Laurence J. O’Brien	  	 Vice President
	 	/s/ Laurence J. O’Brien

 SCHEDULE B 
 Authorized Individuals 
  

					
	 Name
	  	 Title
	 	 Signature

			
	Janet Y. Lee	  	 Vice President
	 	/s/ Janet Y. Lee
			
	Susana A. Callender	  	 Associate
	 	/s/ Susana A. Callender
			
	Francine J. Kincaid	  	 Vice President
	 	/s/ Francine J. Kincaid
			
	Laurence J. O’Brien	  	 Vice President
	 	/s/ Laurence J. O’Brien
			
	Ma Rose C. Bystrom	  	 Vice President, BNYMTC
	 	/s/ Ma Rose C. Bystrom
			
	Cristina Garchitorena	  	 Senior Associate, BNYMTC
	 	/s/ Cristina Garchitorena
			
	John A. (Alex) Briffett	  	 Senior Associate, BNYMTC
	 	/s/ John A. (Alex) Briffett
			
	Raymond Torres	  	 Senior Associate, BNYMTC
	 	/s/ Raymond Torres

 EXHIBIT C 
 Letter of Representations 
 (including Bring-Down Letter of Representations)

 [behind this page] 

  
 EXHIBIT C

 Letter of Representations 

[To be Completed by Issuer, Issuing Agent, and Paying Agent] 

American Honda Finance Corporation 

 
 [Name of Issuer]

 JPMorgan Chase Bank – (No. 1572) 

 
 [Name and DTC
Participant Number of Issuing Agent] 
 JPMorgan Chase Bank – (No. 1572) 

 
 [Name and DTC
Participant Number of Paying Agent] 
  

			
		 	    September 10, 2004    
		 	[Date]

 Attention: Underwriting Department 
 The Depository Trust Company 
 55 Water Street, 10th Floor 

New York, NY 10041-0099 
  

			
	 Re: 
	  	 American Honda Finance Corporation

		
		  	 U.S. $16,000,000,000 Medium Term Notes

		
		  	 Rule 144A and Regulation S

		  	[Description of Note Program, including, as applicable, (a) series designator; (b) rank of indebtedness; and (c) reference to the provision of the Securities Act
of 1933, as amended, pursuant to which Note Program is exempt from registration.]

 Ladies and Gentlemen: 
 This letters sets forth our understanding with respect to certain matters relating to the issuance by Issuer from time to time of notes under its note program described above (the “Securities”).
Issuing Agent shall act as issuing agent with respect to the Securities. Paying Agent shall not as paying agent or other such agent or Issuer with respect to the Securities. The Securities have been issued pursuant to a prospectus supplement,
private placement memorandum, or other such document authorizing the issuance of the Securities, dated as of September 10. 2004. 

 Paying Agent has entered into a Money Market Instrument Master Note and/or Global
Certificates Certificate Agreement, or a Medium-Term Note Certificate Agreement, with The Depository Trust Company (“DTC”) dated as of November 13, 2001, pursuant to which Paying Agent shall act as custodian of a Master Note
Certificate and/or Global Certificates evidencing the Securities, when issued. Paying Agent shall amend Exhibit A to such Certificate Agreement to include the note program described above, prior to issuance of the Securities. 

To induce DTC to accept the Securities as eligible for deposit at DTC and to act in accordance with its Rules with respect to the
Securities, Issuer, Issuing Agent, and Paying Agent make the following representations to DTC: 
 1. All or certain issues of
the Securities shall be evidenced by one Master Note Certificate, or by one or more Global Certificates for each issue, in registered form registered in the name of DTC’s nominee, Cede & Co., and such Certificate or Certificates shall
represent 100% of the principal amount of the Securities issued through DTC. The Master Note Certificate, if any, shall include the substance of all material provisions set forth in the appropriate DTC model Master Note for the note program
described above, a copy of which previously has been furnished to Issuing Agent and Paying Agent, and may include additional provisions as long as they do not conflict with the material provisions set forth in the DTC model. If the principal amount
of an issue of the Securities to be evidenced by one or more Global Certificates, if any, exceeds $400 million, our Global Certificate shall be issued with respect to each $400 million of principal amount and an additional Global Certificate shall
be issued with respect to any remaining principal amount. Paying Agent shall cause each Global Certificate to be stamped with the following legend: 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer,
exchange, or payment, and any certificate 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 insomuch as the registered owner hereof, Cede & Co., has an interest herein. 

2. Issuer: (a) understands that DTC has no obligation to, and will not, communicate to its participants (“Participants”)
or to any person having an interest in the Securities any information contained in the Master Note Certificates, if any, or the Global Certificates, if any; and (b) acknowledges that neither DTC’s Participants nor any person having any
interest in the Securities shall be deemed to have notice of the provisions of such Certificate or Certificates by virtue of submission of such Certificate or Certificates to DTC. 

  
 -2-

 3. Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of
approximately 900 nine-character numbers (the basic first six characters of which are the same and uniquely identify Issuer and the Securities to be issued under its note program described above). The CUSIP members on such list have been reserved
for future assignment to issues of the Securities. At any time when fewer than 100 of the CUSIP members on such list remain unassigned, Issuer or Issuing Agent shall promptly obtain from the CUSIP Service Bureau an additional written list of
approximately 900 such numbers. 
 4. When Securities are to be issued through DTC, Issuing Agent shall notify Paying Agent and
shall give issuance instructions to DTC in accordance with DTC’s Procedures, including DTC’s Final Plan for DTC Money Market Programs, and DTC’s Issuing/Paying Agent General Operating Procedures and Participant Terminal System
Procedures for Medium-Term Notes (MTNs) including Deposit Notes and Medium-Term Bank Notes (the “Procedures”), a copy of which previously has been furnished to Issuing Agent and Paying Agent. The giving of such issuance instructions, which
include delivery instructions, to DTC shall constitute: (a) a representation that the Securities are issued in accordance with applicable law; and (b) a confirmation that a Master Note Certificate, or a Global Certificate (or
Certificates), evidencing such Securities, in the form described in Paragraph 1, has been issued and authenticated. 
 5. Issuer
recognizes that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with the following, as amended from time to time: (a) any exemptions from
registration under the Securities Act of 1933; (b) the Investment Company Act of 1940; (c) the Employee Retirement Income Security Act of 1974; (d) the Internal Revenue Code of 1986; (e) any rules of any self-regulatory
organizations (as defined under the Securities Exchange Act of 1934); or (f) any other local, state, or federal laws or regulations thereunder. 
 6. If issuance of Securities through DTC is scheduled to take place one or more days after Issuing Agent has given issuance instructions to DTC, Issuing Agent may cancel such issuance by giving a
cancellation instructions to DTC in accordance with the Procedures. 
 7. At any time that Paying Agent has Securities in its
DTC accounts, it may request withdrawal of such Securities from DTC by giving a withdrawal instruction to DTC in accordance with the Procedures. Upon DTC’s acceptance of such withdrawal instruction, Paying Agent shall reduce the principal
amount of the Securities evidenced, as the case may be, by the Master Note Certificate, or by one or more global Certificates, accordingly. 
 8. In the event of any notification of consent from or voting by holders of the Securities, Issuers, Issuing Agent, or Paying Agent shall establish a record date for such purposes (with no provision for
revocation of consents or vetos by subsequent holders) and shall send notice of such record date to DTC’s Reorganization Department, Proxy Unity no fewer than 15 calendar days in advance of such record date. If sent by telecopy, such notice
shall be directed to (212) 855-5181 or (212) 855-5182. The party sending such notice shall confirm DTC’s receipt of such telecopy by telephoning (212) 855-5187. Notice to DTC pursuant to this Paragraph, by mail or by any other
means, such notice shall be sent to: 
 Supervisor, Proxy Unity 

Reorganization Department 
 The Depository Trust Company 
 55 Water Street 50th Floor

 New York, NY 10041-0099 

  
 -3-

 9. Notices of reorganization events (corporate actions) with respect to the Securities,
including full or partial redemptions (calls), repayments (puts), extensions of maturities, resets of interest rates or agenda, mandatory tenders, and considerations of individuals issuers, shall be given to DTC by Paying Agent to accordance with
Procedures. 
 10. Paying Agent may override DTC’s determination of interest and principal payment dates, in accordance
with the Procedures. 
 11. Notice regarding the amount of variable interest and principal payments on the Securities shall be
given to DTC by Paying Agent in accordance with the Procedures. 
 12. All notices sent to DTC shall contain the CUSIP number of
the Securities. 
 13. Paying Agent shall confirm with DTC daily, by CUSIP number, the face value of the Securities outstanding
and Paying Agent’s corresponding interest and principal payment obligation, in accordance with the Procedures. 
 14. DTC
may direct Issuer, Issuing Agent, or Paying Agent to use any other number or address as the number or address to which notices or payments can be sent. 
 15. Payments on the Securities, including payments in currencies other than the U.S. Dollar, shall be made by Paying Agent in accordance with the Procedures. 

16. In the event that Issuer determines that beneficial owners of Securities shall be able to obtain certificated Securities, Issuer,
Issuing Agent, or Paying Agent shall notify DTC of the availability of certificates. In such event, Issuer, Issuing Agent, or Paying Agent shall issue, transfer, or exchange certificates in appropriate amounts, as required by DTC and others.

 17. DTC may discontinue providing its service as securities depository with respect to the Securities at any time by giving
reasonable notice to Issuer, Issuing Agent, or Paying Agent (at which time DTC will confirm with Issuer, Issuing Agent, or Paying Agent the aggregate amount of Securities outstanding by CUSIP number). Under such circumstances, at DTC’s request,
Issuer, Issuing Agent, and Paying Agent shall cooperate fully with DTC by taking appropriate action to make available one or more separate certificates evidencing Securities to my Participant having Securities credited to its DTC accounts.

 18. Issuer authorizes DTC to provide to the Issuing Agent or Paying Agent listings of Participants’ holdings, known as
Security Position Listings (“SPLs”) with respect to the Securities from time to time at the request of Issuing Agent or Paying Agent. Issuer authorizes Issuing Agent and Paying Agent to provide DTC with such signatures, examples of
signatures, and authorizations to act as may be deemed necessary by DTC to permit DTC to discharge its obligations to DTC Participants and appropriate regulatory authorities. DTC charges a fee for such SPLs. This 

  
 -4-

 Notes 
 Schedule A contains statements that DTC 
 believes accurately describe DTC, the 

method of effecting bank-entry transfers 
 of
securities distributed through DTC, and 
 certain related matters. 

 

			
	Very Truly yours,
	
	American Honda Finance Corporation
	[Issuer]
		
	By:	 	/s/ [illegible]
		 	[Authorized Officer’s Signature]
	
	JPMorgan Chase Bank
	[Issuing Agent]
		
	By:	 	/s/ [illegible]
		 	[Authorized Officer’s Signature]
	
	JPMorgan Chase Bank
	[Paying Agent]
		
	By:	 	/s/ [illegible]
		 	[Authorized Officer’s Signature]

 Received and Accepted: 
 THE DEPOSITORY TRUST COMPANY 
  

			
	By:	 	/s/ Denise Russo

 Funds should be wired to: 
 The Chase Manhattan Bank 
 ABA#021 000021 
 For credit to s/c Cede & Co. 
 c/o The Depository Trust Company 

[Select Appropriate Amount] 
 Dividend
Deposit Account # 066-026776 
 Redemption Deposit Account # 066-027306 
 Reorganization Deposit Account # 066-0244608 
  

	 	cc:	Underwriter 

 Underwriter’s
Counsel 

  
 -5-

 SCHEDULE A 

SAMPLE OFFERING DOCUMENT LANGUAGE 
 DESCRIBING BOOK-ENTRY-ONLY ISSUANCE 
 (Prepared by
DTC—Incorporated material may be applicable only to certain issuer) 
 1. The Depository Trust Company (“DTC”),
New York, NY, will act as securities depository for the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such
other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be offered for [each issue of] the Securities, [each] is the aggregate principal amount of such issue, and will be deposited with
DTC. [If, however, the aggregate principal amount of [any] issue exceeds $400 million, one certificate will be issued with respect to each $400 million of principal amount and an additional certificate will be issued with respect to any remaining
principal amount of such issue.] 
 2. DTC is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” with the meaning of the New Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its participants (“Direct Participants”) deposit with DTC. DTC also facilitates the settlement among Direct
Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in Direct Participants’ accounts, thereby eliminating the need for physical movement of
securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, cleaning corporation, and certain other organizations. DTC is owned by a number of its Direct Participants and by the New York Stock
Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange
Commission. 
 3. Purchase of Securities under the DTC system must be made by or through Direct Participants, which will receive
a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners
will not receive written confirmation from DTC of their purchases, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in securities, except in the event that use of the book-entry system for the Securities is discontinued. 

  
 -6-

 4. To facilitate subsequent transfers, all Securities deposited by Direct participants with
DTC are registered in the name of DTC’s partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of
Cede & Co. or such other nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose
accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. 

5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by
Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangement among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to
take certain steps to augment transmission to them of notices of significant events with impact to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the security documents. Beneficial Owners of Securities may wish to
ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners, or in the alternative, Beneficial Owner may wish to provide their names and addresses to the register and request
that copies of the notices be provided directly to them.] 
 [6. Redemption notices shall be sent to DTC. If less than all of
the Securities within an issue are being redeemed, DTCs practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.] 
 7. Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the Securities. Under its usual procedures, DTC mails a an Omnibus Proxy to Issuer as soon as
possible after the record date. The Omnibus Proxy assigns Cede & Co’s consenting or voting rights to those Direct Participants to whom accepts the Securities are credited on the record date (identified in a listing attached to the
Omnibus Proxy). 
 8. Redemption proceeds, distribution, and dividend payments on the Securities will be made to Cede &
Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts, upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent on
payable date in accordance with their respective holdings, show on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in “interest name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time
to time. Payment of redemption proceeds, distributions, and dividends to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments
to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants. 

  
 -7-

 [9. A Beneficial owner shall give notice to elect to have its Securities purchased or
tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to
[Tender/Remarketing] Agent. The requirement for physical delivery of Securities to connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants
on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.] 
 10. DTC may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event
that a successor securities depository is not obtained, Security certificates are required to be printed and delivered. 
 11.
Issuer may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered. 

12. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that Issuer believes
to be reliable, but Issuer takes no responsibility for the accuracy thereof. 

  
 -8-

 Representations for Rule 144A Securities— 

to be included in DTC Letter of Representations 
 1. Issuer represents that at the time of initial registration in the name of DTC’s nominee, Cede & Co., the Securities were Legally or Contractually Restricted Securities,1 eligible for transfer under Rule 144A under the Securities Act of
1933, as amended (the “Securities Act “), and identified by a CUSIP or CINS identification number that was different from any CUSIP or CINS identification number assigned to any securities of the same class that were not Legally or
Contractually Restricted Securities. Issuer shall ensure that a CUSIP or CINS identification number is obtained for all unrestricted securities of the same class that is different from any CUSIP or CINS identification number assigned to a Legally or
Contractually Restricted Security of such class, and shall notify DTC promptly in the event that it is unable to do so. Issuer represents that it has agreed to comply with all applicable information requirements of Rule 144A. 

2. Issuer represents that the Securities are: [Note: Issuer must represent one of the following, and shall cross out the
other.] 
 [an issue of nonconvertible debt securities or nonconvertible preferred stock which is rated in one of the top four categories by
a nationally recognized statistical rating organization (“Investment Grade Securities”).] 
 [included within
______________________, a Self-Regulatory Organization System approved by the Securities and Exchange Commission for the reporting of quotation and trade information of securities eligible for transfer pursuant to Rule 144A (an “SRO Rule 144A
System”).] 
 3. If the Securities are not Investment-Grade Securities, Issuer and Agent acknowledge that if such
Securities cease to be included in an SRO Rule 144A System during any period in which such Securities are Legally or Contractually Restricted Securities, such Securities shall no longer be eligible for DTC’s services. Furthermore, DTC may
discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under any of the aforementioned circumstances, at DTC’s request, Issuer and Agent shall
cooperate fully with DTC by taking appropriate action to make available one or more separate certificates evidencing Securities to any DTC Participant (“Participant”) having Securities credited to its DTC accounts. 

 

	1 	 A “Legally Restricted Security” is a security that is a restricted security, as defined in Rule 144(a)(3). A “Contractually Restricted
Security” is a security that upon issuance and continually thereafter can only be sold pursuant to Regulation S under the Securities Act, Rule 144A, Rule 144, or in a transaction exempt from the registration requirements of the Securities Act
pursuant to Section 4 of the Securities Act and not involving any public offering; provided, however, that once the security is sold pursuant to the provisions of Rule 144, including Rule 144(k), it will thereby cease to be a
“Contractually Restricted Security.” For purposes of this definition, in order for a depositary receipt to be considered a “Legally or Contractually Restricted Security,” the underlying security must also be a “Legally or
Contractually Restricted Security.” 

 4. Issuer and Agent acknowledge that, so long as Cede & Co. is a record owner of
the Securities, Cede & Co. shall be entitled to all applicable voting rights and receive the full amount of all distributions payable with respect thereto. Issuer and Agent acknowledge that DTC shall treat any Participant having Securities
credited to its DTC accounts as entitled to the full benefits of ownership of such Securities. Without limiting the generality of the preceding sentence, Issuer and Agent acknowledge that DTC shall treat any Participant having Securities credited to
its DTC accounts as entitled to receive distributions (and voting rights, if any) in respect of the Securities, and to receive from DTC certificates evidencing Securities. Issuer and Agent recognize that DTC does not in any way undertake to, and
shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with any of the provisions: (a) of Rule 144A; (b) of other exemptions from registration under the Securities Act or any other
state or federal securities laws; or (c) of the offering documents. 

  
 -2-

 [Insert for securities to be offered pursuant to 

Regulation S in conjunction with offering 
 of Securities pursuant to rule 144A] 
 5. The Document indicates that the
Securities to be deposited with DTC are to be offered: (i) in connection with transactions effected pursuant to Rule 144A; and (ii) in accordance with Rules 903 or 904 of Regulation S under the Securities Act. Issuer represents that the
securities have been offered in a manner that is reasonably designed to prevent the transfer of the Securities unless the Securities have been registered under the Securities Act or exemption therefrom is available. Issuer recognizes that DTC does
not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities (with any provisions of the [purchaser’s letter] or) with any exemptions from registration under
the Securities Act or of any other state or federal securities laws. 

 BRING-DOWN LETTER OF REPRESENTATIONS 

DATE: SEPTEMBER 5, 2008 

ATTENTION: UNDERWRITING DEPARTMENT 
 THE
DEPOSITORY TRUST COMPANY 
 55 WATER STREET, 25TH FLOOR 
 NEW YORK, NY 10041-0099 
  

	RE:	$25,000,000,000 MTN PROGRAM 

 LADIES &
GENTLEMEN: 
 THIS IS TO CONFIRM OUR UNDERSTANDING THAT THE LETTER OF REPRESENTATIONS AMONG AMERICAN HONDA FINANCE CORPORATION (ISSUER), THE
BANK OF NEW YORK MELLON (AS SUCCESSOR TO JPMORGAN CHASE BANK) (ISSUING AND PAYING AGENT), AND THE DEPOSITORY TRUST COMPANY, DATED SEPTEMBER 10, 2004,* SHALL BE APPLICABLE AND REMAIN IN FULL FORCE AND EFFECT WITH RESPECT TO THE ISSUANCE FROM TIME TO
TIME OF THE ABOVE REFERENCED NOTES. 
  

			
	VERY TRULY YOURS,
	
	AMERICAN HONDA FINANCE CORPORATION
		
	BY:	 	/s/ [illegible]
		 	(SIGNATURE OF AUTHORIZED OFFICER)
	
	THE BANK OF NEW YORK MELLON
		
	BY:	 	/s/ [illegible]
		 	(SIGNATURE OF AUTHORIZED OFFICER)

  

			
	 RECEIVED & ACCEPTED:
 THE DEPOSITORY TRUST COMPANY

		
	By:	 	/s/ [illegible]

  

	*	To reflect the Swing Letter, dated October 2, 2006, of The Bank of new York to the Depository Trust Company. 

 EXHIBIT D 
 The Bank of New York Mellon and DTC Certificate Agreement 
 [behind this page]

  
 EXHIBIT D

 

 
  BOOK-ENTRY-ONLY MONEY MARKET INSTRUMENT 

(MASTER NOTE AND/OR GLOBAL CERTIFICATES) PROGRAM 
 Certificate Agreement 
 This Agreement is dated as of February 28, 1995, by and
between The Depository Trust Company (“DTC”) and  
  

	
	THE BANK OF NEW YORK.
	(“Custodian”)

 Whereas, Custodian performs, as agent of the issuers, certain paying agency functions with respect
to one or more issues of money market instrument notes issued under the programs listed on Exhibit A, as it may be amended in writing with the addition or deletion of a program from time to time by the parties (the “Securities”); and

 Whereas, in order to enhance the efficiency of the processes for issuing and redeeming such Securities, Custodian has agreed
to act as custodian of master note certificates and/or global certificates registered in the name of DTC’s nominee, Cede & Co., evidencing the Securities (the “Certificates”) and has established procedures to perform the
services hereinafter set forth. 
 Now, therefore, in consideration of the representations, warranties, and covenants herein
contained the parties agree as follows: 
 1. Custodian shall assure that each Certificate held pursuant to this
Agreement shall be in registered form, registered in the name of Cede & Co., and shall bear the following legend: 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer,
exchange, or payment, and any certificate 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. 

Custodian agrees that the foregoing provisions of this Paragraph constitute as to Custodian a timely written notice of an adverse claim
by DTC as to each such Certificate regardless of whether the legend actually appears thereon. 
 2. Subsequent to the
issuance of Certificates, Custodian shall hold the Certificates awaiting DTC’s instructions. On receipt of instructions from DTC, and except as hereinafter provided, Custodian shall deliver to DTC or as directed by DTC any or all Securities or
Certificates held for DTC in accordance with such instructions. 

 3. Custodian shall confirm to DTC the amount of Securities evidenced by each
Certificate on a daily or other periodic basis, as DTC may reasonably request. 
 4. As between DTC and Custodian
(including, without limitation, its creditors, lien holders, and pledgees), the Securities evidenced by a Certificate and such Certificate shall be deemed to be the sole property of DTC. Custodian shall not by reason of any provision of this
Agreement or the delivery to it of Securities in connection with their issuance obtain any legal or equitable right, title, or interest in or to Securities evidenced by such Certificate. 

5. Custodian shall itself at all times hold all Certificates in one of its secured areas. 

6. (a) Notwithstanding any event whatsoever, other than an event described in subparagraph (b) of this Paragraph or in the
proviso to Paragraph 8, Custodian shall, upon the request of DTC, deliver or make available to DTC any or all Securities or Certificates within 24 hours after receipt of such request, except that Custodian shall not be required hereby to
deliver or make available Securities or Certificates to DTC on a day that Custodian is not open for business. 
 (b)
Custodian shall notify DTC immediately after it determines that any Securities or Certificate received by it from the issuer, deliverable by it to DTC, or held by it pursuant to the provisions of this Agreement has apparently been lost, destroyed,
wrongfully taken, or is unaccounted for by Custodian (each, a “Missing Security”). Custodian shall promptly replace any Missing Security without cost to DTC. 

7. Custodian represents and warrants that it is insured under an insurance policy in the form of Financial
Institution Bond Standard Form 24, or similar coverage, in the amount of $*                                 
   , with a deductible of $10,000,000.00, which Custodian reasonably believes to be adequate to cover all losses under all programs that Custodian has and shall have with DTC. Custodian will deliver promptly to DTC, if DTC so
requests, a writing signed by its insurance broker or agent which evidences the existence of such insurance coverage in such amount and with such deductible, and Custodian covenants and agrees to maintain at its expense such insurance (or a
comparable plan of insurance) in no less amount, no greater deductible, and with like coverage during the term of this Agreement, subject to its right to cancel, decrease, or limit the same. Custodian shall notify DTC promptly in writing of any
material changes in such insurance coverage. Custodian shall, prior to the first anniversary of the date of this Agreement and prior to each succeeding anniversary of this Agreement during its term, deliver promptly to DTC, if DTC so requests, a
writing signed by its insurance broker or agent which shall evidence the amount, deductible, and coverage of Custodian’s insurance and shall state whether or not such insurance is equivalent to Financial Institution Bond Standard Form 24.
Custodian agrees that whenever Custodian ships Securities or Certificates to DTC, Custodian shall either provide adequate insurance coverage or require such coverage from the carrier of the Securities or Certificates, such coverage to cover losses
of Securities or Certificates while in transit and until received. Custodian shall, if DTC so requests, promptly furnish DTC with documentation evidencing the amount, deductible, and coverage of the insurance provided by Custodian for any such
shipment of Securities or Certificates. 
  

	*	$100,000,000.00 with $500,000,000.00 for on the premises and in transit. 

  
 2 

 8. Custodian agrees that it shall not for any reason, including the
assertion of any claim, right, or lien of any kind, refuse or refrain from delivering any Securities or Certificates to or as directed by DTC in accordance with the terms of this Agreement; provided, however, that if Custodian shall be served
with a notice of levy, seizure, or similar notice, order, or judgment, issued or directed by a governmental agency or court, or an officer thereof, having jurisdiction over Custodian, which on its face affects Securities evidence by Certificates in
the possession of Custodian pursuant to the provisions hereof, Custodian may, pending further direction of such governmental agency or court, refuse or refrain from delivery or making available to DTC in contravention of such notice or levy,
seizure, or similar notice, order, or judgment, Securities not greater in amount than the Securities which are affected by such notice of levy, seizure, or similar notice, order or judgment on the face hereof. 

9. Custodian may act relative to this Agreement in reliance upon advice of counsel in reference to any matters connected with its
duties under this Agreement, and shall not be liable for any mistake of fact or error of judgment, or for any acts or omissions to act of any kind, unless caused by its own negligence. 

10. Custodian may at any time, without any resulting liability to itself, act under this Agreement in reliance upon the signature
of any person who it reasonably believes has authority to act for DTC with respect to this Agreement, but Custodian shall not be required so to act, and may in its discretion at any time require such evidence of the authenticity of such signature
and of the authority of the person acting for DTC as may be satisfactory to Custodian. 
 11. So long as this
Agreement remains in effect as to any issue of Securities, Custodian shall furnish to DTC as soon as available a copy of any report on the adequacy of Custodian’s internal accounting control procedures relating to the safeguarding of securities
in its custody prepared for any regulatory agency by Custodian’s independent outside auditor. 
 12. This
Agreement may be terminated by either party upon ten business days’ prior written notice to the other party. In the event of the termination of this Agreement or the termination hereunder of this Agreement as to issues of Securities evidenced
by specific Certificates, it shall be deemed that Custodian has received as of the time of such termination a request by DTC within the meaning of Paragraph 6(a) with regard to: (i) all Securities or Certificates subject hereto if this
Agreement is terminated; or (ii) the specific Securities or Certificates in respect of which this Agreement shall terminate. 
 13. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law. 

14. All notices, instructions, requests, and other communications required or contemplated by this Agreement shall be in writing,
shall be delivered by hand or sent, postage prepaid, by certified or registered mail, return receipt requested, and shall be addressed to Custodian at the Custodian at 101 Barclay Street, 12E, New York, NY 10286, Attn: Kevin Cremin,
and to DTC at 49th Floor; 55 Water Street; New York, NY 10041-0099, Attn: General Counsel. Notice given as aforesaid shall be deemed given upon the receipt thereof. Either party may change the address to which notices shall be sent upon notice to
the other in the manner hereinabove provided. 

  
 3 

 15. (a) Custodian agrees to indemnify and hold harmless DTC from and
against any and all losses, liabilities, claims, penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted and assessed against DTC by reason of Custodian’s negligent action or
negligent failure to act; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been contributorily negligent in connection therewith, then the aforementioned liability shall be shared
between Custodian and DTC in such proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian and DTC shall agree in writing to share such liability in a different proportion. 

(b) DTC agrees to indemnify and hold harmless Custodian from and against any and all losses, liabilities, claims, taxes, assessments,
penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted or assessed against Custodian by reason of any action pursuant to this Agreement or following the instructions of DTC in connection
with the performance of its duties under this Agreement where Custodian has acted in good faith and without negligence; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been
contributorily negligent in connection therewith, then the aforementioned liability shall be shared between Custodian and DTC in such proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian
and DTC shall agree in writing to share such liability in a different proportion. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written. 
  

									
	THE BANK OF NEW YORK	 		 	THE DEPOSITORY TRUST COMPANY
	(Custodian)	 		 	
					
	By:	 	 /s/ [illegible]
	 		 	By:	 	 /s/ [illegible]

			
	Vice President	 		 	Director of Underwriting
	(Title)	 		 	(Title)
	 /s/ [illegible]
	 		 	
	(Attest)	 		 	

  
 4 

 EXHIBIT E 
 FORM OF CLEARING SYSTEM CERTIFICATE 
 [Date] 

[NOTE REGISTRAR] 
  

	 	Re:	American Honda Finance Corporation 

 Private Placement of Medium Term Notes  
 [Description of issue] (the
“Notes”) 
 Ladies and Gentlemen: 
 Reference is hereby made to the Amended and Restated Issuing and Paying Agency Agreement, dated as of August 27, 2012 (the “Agreement”), between American Honda Finance Corporation
(the “Issuer”) and The Bank of New York Mellon (the “Issuing and Paying Agent”). Capitalized terms used herein but not defined herein shall have the meanings assigned thereto in the Agreement. 

This is to certify that, based solely on certifications we have received in writing, by facsimile or by electronic mail from member
organizations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially to the effect set forth in the Agreement, the principal amount of the
above-captioned Notes is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations, other entities created or organised in or under the laws of the United States or any estate or trust the
income of which is subject to United States Federal income taxation regardless of its source (“United States persons”). 
 The Notes are of the category contemplated in Rule 903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the “Act”), and this is also to certify with respect to such
principal amount of Notes set forth above that, except as set forth below, we have received in writing, by facsimile or by electronic mail, from our Member Organizations entitled to a portion of such principal amount, certifications with respect to
such portion, substantially to the effect set forth in the Agreement. 
 We further certify (i) that we are not making
available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any portion of the Temporary Global Security excepted in such certifications and (ii) that as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of
any interest) are no longer true and cannot be relied upon as of the date hereof. 
 As used herein, the “United
States” means the United States of America (including the States and the District of Columbia) and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands. 

  
 EXHIBIT E

 We will retain all certifications received from Member Organizations for the period
specified in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3). 
 We understand that this certification is required
in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such proceedings. 
 Dated
                    ,
                    1 
 Yours faithfully, 
 [Euroclear Bank SA/NV] 

or 

[Clearstream Banking, société anonyme] 
 By: 
  

	1 	To be dated no earlier than the Exchange Date. 

  
 EXHIBIT E

 ANNEX A TO EXHIBIT E 
 FORM OF MEMBER ORGANIZATION CERTIFICATE 
 [(Insert Name of Depositary for 

Euroclear), as operator of the 
 Euroclear System
or Clearstream, société anonyme] 
  

	 	Re:	American Honda Finance Corporation 

 Private Placement of Medium Term Notes  
 [Description of issue] (the
“Notes”) 
 Ladies and Gentlemen: 
 Reference is hereby made to the Amended and Restated Issuing and Paying Agency Agreement, dated as of August 27, 2012 (the “Agreement”), between American Honda Finance Corporation,
(the “Issuer”) and The Bank of New York Mellon (the “Issuing and Paying Agent”). Capitalized terms used herein but not defined herein shall have the meanings assigned thereto in the Agreement. 

This is to certify that, as of the date hereof, and except as set forth below, the
above-captioned Notes held by you for our account are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations, other entities created or
organised in or under the laws of the United States or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States persons”). 

The Notes are of the category contemplated in Rule 903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the
“Act”), and this is also to certify that, except as set forth below, in the case of debt securities the Notes are beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s)
who purchase the Notes in transactions which did not require registration under the Act. As used in this paragraph the term “U.S. person” has the meaning given to it by Regulation S under the Act. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia);
and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your certification relating to the Notes held by your for our account in accordance with your
operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date. 

This certification excepts and does not relate to [ ] of such interest in the above Notes in respect of which we are not able to certify
and as to which we understand exchange and delivery of definitive Notes (or, if relevant, exercise of any right or collection of any interest) cannot be made until we do so certify. 

  
 EXHIBIT E

 We understand that this certification is required in connection with certain securities laws
of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings. 
 Dated:
                    ,
                    2 
 By: 
 As, or as agent for, the beneficial owner(s) of the Notes to which this
certification relates. 
  

	2 	To be dated no earlier than the fifteenth day prior to the Exchange Date. 

  
 EXHIBIT E

 EXHIBIT F 
 FORM OF RULE 144A TRANSFEROR CERTIFICATE 
 [Date] 

[NOTE REGISTRAR] 
  

	 	Re:	American Honda Finance Corporation 

 Private Placement of Medium Term Notes 
 [Description of the issue] (the
“Notes”) 
 Ladies and Gentlemen: 
 This letter relates to the sale by             (the “Transferor”) to
                                        
(the “Transferee”) of U.S. $[                     ] aggregate principal balance of Notes (the “Transferred
Notes”). The Notes, including the Transferred Notes, were issued pursuant to the Amended and Restated Issuing and Paying Agency Agreement, dated as of August 27, 2012 (the “Agreement”), between American Honda Finance
Corporation (the “Issuer”) and The Bank of New York Mellon (the “Issuing and Paying Agent”). All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Agreement.

 The Transferor hereby certifies, represents and warrants to you, as Note Registrar, and for the benefit of the Issuer, the
Issuing and Paying Agent and the Transferee, that the Transferred Notes are being transferred in accordance with (i) the transfer restrictions set forth in the Agreement and the Offering Memorandum dated as of August 27, 2012 relating to
the Notes and (ii) Rule 144A under the United States Securities Act of 1933, as amended, to a Transferee that the Transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A purchasing
the Notes for its own account or for the account of a qualified institutional buyer, in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other
jurisdiction. 
  

			
	[Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 cc: 

  
 EXHIBIT F

 EXHIBIT G 
 EXHIBIT G 
 FORM OF RULE 144A TRANSFEREE CERTIFICATE 

[Date] 
 [NOTE REGISTRAR] 

 

	 	Re:	American Honda Finance Corporation 

 Private Placement of Medium Term Notes 
 [Description of the issue] (the
“Notes”) 
 Ladies and Gentlemen: 
                                  (the
“Transferee”) intends to purchase from                      (the “Transferor”) U.S.
$[             ] aggregate principal balance of Notes (the “Transferred Notes”). The Notes, including the Transferred Notes, were issued pursuant to the Amended and
Restated Issuing and Paying Agent Agreement dated as of August 27, 2012 (the “Agreement”), between American Honda Finance Corporation (the “Issuer”) and The Bank of New York Mellon (the “Issuing and
Paying Agent”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement. The Transferee hereby certifies, represents and warrants to you, as Note Registrar, and for the benefit of the
Issuer, the Issuing and Paying Agent and the Transferor, that: 
 The Transferee is a “qualified institutional buyer”
(a “Qualified Institutional Buyer”) as that term is defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), and has completed one of the
forms of certification to that effect attached hereto as Annex 1 and Annex 2. The Transferee is aware that the sale to it of the Transferred Notes is being made in reliance on Rule 144A. The Transferee is acquiring the Transferred
Notes for its own account or for the account of a Qualified Institutional Buyer, and understands that such Transferred Notes may be resold, pledged or transferred only (i) to a person reasonably believed to be a Qualified Institutional Buyer
that purchases for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the Securities Act. 
  

			
	Sincerely yours,
		
		 	 
		 	(Transferee)
		 	
		 	
		 	Name:
		 	Title:

  

  
 EXHIBIT G

 ANNEX 1 TO EXHIBIT G 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 

[for Transferees other than Registered Investment Companies] 
 The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) an [name of Note Registrar], as Note Registrar, with respect to the Notes being transferred (the
“Transferred Notes”) as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex: 
 1. As indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred Notes (the
“Transferee”). 
 2. The Transferee is a “qualified institutional buyer” as that term is defined in
Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), because (i) the Transferee owned and/or invested on a discretionary basis $ in securities(other than the excluded securities referred to below) as of the end
of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the category marked below. 

 

	 	—	 	 Corporation, etc. The Transferee is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar
business trust, partnership, or any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. 

  

	 	—	 	 Bank. The Transferee (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory or the District
of Columbia, the business of which is substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at
least US $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. bank, and not more than 18
months preceding such date of sale for a foreign bank or equivalent institution. 

  

	 	—	 	 Savings and Loan. The Transferee (a) is a savings and loan association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net
worth of at least US $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. savings and loan
association, and not more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent institution. 

  

	 	—	 	 Broker-dealer. The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.

  
 ANNEX 1 TO
EXHIBIT G 

	 	—	 	 Insurance Company. The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies, and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia. 

 

	 	—	 	 State or Local Plan. The. Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of its employees. 

  

	 	—	 	 ERISA Plan. The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Security Act of 1974, as
amended. 

  

	 	—	 	 Investment Advisor. The Transferee is an investment advisor registered under the Investment Advisers Act of 1940, as amended.

  

	 	—	 	 Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1) of
Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete Annex 2 rather than this Annex 1.) 

  

 
  

3. The term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Transferee, (ii) securities that are part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, the Transferee did not include any of the securities referred to in this paragraph. 
 4.
For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost of such securities to the Transferee, unless the Transferee reports its securities holdings
in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities has been published, in which case the securities were valued at market. Further, in determining such aggregate
amount, the Transferee may have included securities owned by subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee in its financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the Transferee’s direction. However, such securities were not included if the Transferee is a majority-owned, 

consolidated subsidiary of another enterprise and the Transferee is not itself a reporting company under the Securities Exchange Act of
1934, as amended. 

  
 ANNEX 1 TO
EXHIBIT G 

 5. The Transferee acknowledges that it is familiar with Rule 144A and .understands that
the Transferor and other parties related to the Transferred Notes are relying and will continue to rely on the statements made herein because one or more sales to the Transferee may be in reliance on Rule 144A. 

 

					
	 —

Yes
	  	 —

No
	  	Will the Transferee be purchasing the Transferred Notes only for the Transferee’s Own account?

 6. If the answer to the foregoing question is “no”, then in each case where the Transferee is
purchasing for an account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such
third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A. 
 7. The Transferee will notify each of the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Transferee’s purchase
of the Transferred Notes will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or before the date of such purchase, promptly after they become available. 
  

			
	Print Name of Transferee
		
	By:	 	 
		 	Name:
		 	Title:
		 	
	Date:	 	

  
 ANNEX 1 TO
EXHIBIT G 

 ANNEX 2 TO EXHIBIT G 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 

[for Transferees that are Registered Investment Companies] 
 The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Note Registrar], as Note Registrar, with respect to the Notes being transferred (the
“Transferred Notes”) as described in the Transferee Certificate to which this certification relates and to which this certification is an Annex: 
 1. As indicated below, the undersigned is the chief financial officer, a person 

fulfilling an equivalent function, or other executive officer of the entity purchasing the Transferred Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), because the Transferee is
part of a Family of Investment Companies (as defined below), is an executive officer of the investment adviser (the “Adviser”). 
 2. The Transferee is a “qualified institutional buyer” as defined in Rule 144A 
 because (i) the Transferee is an investment company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Transferee alone owned and/or invested on a
discretionary basis, or the Transferee’s Family of Investment Companies owned, at least US $100,000,000 in securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year. For
purposes of determining the amount of securities owned by the Transferee or the Transferee’s Family of Investment Companies, the cost of such securities was used, unless the Transferee or any member of the Transferee’s Family of Investment
Companies, as the case may be, reports its securities holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of those securities has been published, in which case the securities
of such entity were valued at market. 
  

	 	—	 	 The Transferee owned and/or invested on a discretionary basis US $ in securities (other than the excluded securities referred to below) as of the end
of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

  

	 	—	 	 The Transferee is part of a Family of Investment Companies which owned in the aggregate US $ in securities (other than the excluded securities referred
to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

 3. The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser or
investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other). 

  
 ANNEX 2 TO
EXHIBIT G 

 4. The term “securities” as used herein does not include
(i) securities of issuers that are affiliated with the Transferee or are part of the Transferee’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations,
(iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, or owned by the Transferee’s Family of Investment Companies, the securities referred to in this paragraph were excluded. 
 5. The Transferee is familiar with Rule 144A and understands that the parties to which this certification is being made are relying and will continue to rely on the statements made herein because one
or more sales to the Transferee will be in reliance on Rule 144A. 
  

					
	 —

Yes
	  	 —

No
	  	Will the Transferee be purchasing the Transferred Notes only for the Transferee’s Own account?

 6. If the answer to the foregoing question is “no”, then in each case where the Transferee is
purchasing for an account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such
third party has been established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A. 
 7. The undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein. Until such notice, the Transferee’s purchase of the
Transferred Notes will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 
  

			
	Print Name of Transferee or Advisor
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	IF AN ADVISER:
	
	
	Print Name of Transferee
		
	Date:	 	

  
 ANNEX 2 TO
EXHIBIT G 

 EXHIBIT H 
 FORM OF REGULATION S TRANSFER CERTIFICATE 
 [Date] 

[NOTE REGISTRAR] 
  

	Re:	American Honda Finance Corporation 

 Private Placement of Medium Term Notes 
 [Description of issue] (the
“Notes”) 

                     (the
“Transferee”) intends to purchase from (the “Transferor”) U.S. $[                     ] aggregate
principal balance of Notes (the “Transferred Notes”). The Notes, including the Transferred Notes, were issued pursuant to the Amended and Restated Issuing and Paying Agency Agreement, dated as of August 27, 2012 (the
“Agreement”), between American Honda Finance Corporation (the “Issuer”) and The Bank of New York Mellon (the “Issuing and Paying Agent”). All capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Agreement. The Transferee hereby certifies, represents and warrants to you, as Note Registrar, and for the benefit of the Issuer, the Issuing and Paying Agent and the Transferor, that: 

1. The Transferee is not a U.S. person (as defined in Regulation S under the Securities Act) and is acquiring the Transferred Notes
outside of the United States. 
 2. No directed selling efforts were made in contravention of the requirements of
Rule 903(b) or 904(b) of Regulation S, as applicable. 
 3. The transfer is not part of a plan or scheme to evade the
registration requirements of the Securities Act; 
 4. The transfer was made in accordance with the applicable provisions of
Rule 903 or Rule 904 of Regulation S, as the case may be. 
 5. The Transferee understands that the Transferred Notes
have not been and will not be registered under the Securities Act, that any offers, sales or deliveries of the Transferred Notes purchased by the Transferee in the United States or to U.S. persons prior to the Exchange Date will be made in respect
of such Transferred Notes only following the delivery by the holder of a certification of non-U.S. beneficial ownership, at the times and in the manner set forth in the Agreement. 

6. Transfer shall be subject to subject to (i) if occurring on or before December 31, 2013, the receipt by the Issuer and the
Issuing and Paying Agent from Clearstream Luxembourgor Euroclear of a certificate, substantially in the form set out in Exhibit E to the Agreement, to the effect that it has received from or in respect of a person entitled to a beneficial interest
in a particular principal amount of the Notes (as shown by its records) a certificate from such person in or substantially in the form set out in Annex A to Exhibit E to the Agreement, or (ii) if occurring on or after January 1, 2014, the
receipt by the Issuer and the Issuing and Paying 

  
 EXHIBIT H

 
Agent from Clearstream Luxembourg or Euroclear of a certificate, substantially in the form set out in Exhibit E to the Agreement, to the effect that it has received from or in respect of a person
entitled to a beneficial interest in a particular principal amount of the Notes (as shown by its records) a certificate from such person in or substantially in the form set out in Annex A to Exhibit E to the Agreement, with copies of such executed
beneficial ownership certificates attached. 
  

			
	Sincerely yours,
	
	 
	(Transferee)
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 EXHIBIT H

 EXHIBIT I 
 [Reserved] 

  
 EXHIBIT I

 SCHEDULE A 

SAMPLE OFFERING DOCUMENT LANGUAGE 
 DESCRIBING BOOK-ENTRY-ONLY ISSUANCE 
 (Prepared by DTC-Structured
securities may be applicable only to certain issuer.) 
 1. The Depository Trust Company (“DTC”), New York, NY,
will not as securities depository for the securities (the “Securities”). The Securities will be issues or fully-registered securities registered in the nature of Café & co. (DTC’s partnership nominee) or such
other name as may be stipulated by an authorized representative of DTC. One fully-registered Security certificate will be fettered for [each issue of] the Securities, [each] in the aggregate principal amount of such issues, and will be deposited
with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $400 million, one certificate will be issued with respect to each $400 million of principal amount and an additional certificate will be issued with respect to any
remaining principal amount of such issue.] 
 2. DTC is a limited-purpose trust company organized under the New York Banking
Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing
agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its participants (“Direct Participants”) deposit with DTC. DTC also facilitates the settlement among
Direct Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in Direct Participants’ accounts, thereby eliminating the need for physical movement of
securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is owned by a member of its Direct Participants and by the New York Stock
Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also available to others such as securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange
Commission. 
 3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will
receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records.
Beneficial Owners will not receive written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmation providing details of the transaction, as well as periodic stipends of their holdings, from the
Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on
behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the back-entry system for the Securities is discontinued. 

 

  
 SCHEDULE AEX-4.5

 Exhibit 4.5 

 
  
 TRUST INDENTURE 
 Made as of September 26, 2005 

Between 

HONDA CANADA FINANCE INC. 
 as Issuer 
 and 

CIBC MELLON TRUST COMPANY 
 as Trustee 
  
  

MCMILLAN BINCH MENDELSOHN LLP 

 
  

 TABLE OF CONTENTS 

 

									
	 RECITALS
	  	 	1	  
		
	 SECTION 1 — INTERPRETATION
	  	 	1	  
		 	 1.1
	 	 Definitions
	  	 	1	  
		 	 1.2
	 	 Meaning of “outstanding” for Certain Purposes
	  	 	8	  
		 	 1.3
	 	 Headings
	  	 	8	  
		 	 1.4
	 	 Extended Meaning
	  	 	8	  
		 	 1.5
	 	 Applicable Law
	  	 	9	  
		 	 1.6
	 	 Language
	  	 	9	  
		 	 1.7
	 	 Per Annum Calculations
	  	 	9	  
		 	 1.8
	 	 Attornment
	  	 	9	  
		 	 1.9
	 	 Counterparts
	  	 	9	  
		 	 1.10
	 	 Severability
	  	 	9	  
		 	 1.11
	 	 Time of the Essence
	  	 	9	  
		 	 1.12
	 	 Currency
	  	 	9	  
		 	 1.13
	 	 Business Days
	  	 	10	  
		 	 1.14
	 	 Schedules
	  	 	10	  
		 	 1.15
	 	 Accounting Principles
	  	 	10	  
		
	 SECTION 2 — THE DEBENTURES
	  	 	10	  
		 	 2.1
	 	 Issuance of Debentures
	  	 	10	  
		 	 2.2
	 	 Debentures to Rank Pari Passu
	  	 	11	  
		 	 2.3
	 	 Signing of Debentures
	  	 	11	  
		 	 2.4
	 	 Certification by Issuing and Paying Agent
	  	 	11	  
		 	 2.5
	 	 Replacement of Debentures
	  	 	12	  
		 	 2.6
	 	 Computation of Interest
	  	 	12	  
		 	 2.7
	 	 Payment
	  	 	13	  
		 	 2.8
	 	 Payment Based on Register
	  	 	13	  
		 	 2.9
	 	 Payment Agreements for Debentures
	  	 	13	  
		
	 SECTION 3 — ISSUANCE OF DEBENTURES
	  	 	14	  
		 	 3.1
	 	 Designation, Terms, Form and Issuance of the Series 2005-3 Debentures and Series 2005-4 Debentures
	  	 	14	  
		 	 3.2
	 	 Issuance of Additional Debentures
	  	 	15	  
		 	 3.3
	 	 Transfer or Exchange of Debentures
	  	 	16	  
		 	 3.4
	 	 Purchase for Cancellation
	  	 	16	  
		 	 3.5
	 	 Cancellation
	  	 	16	  
		 	 3.6
	 	 Limitation on Redemption
	  	 	17	  
		 	 3.7
	 	 Pro Rata Payment
	  	 	17	  
		
	 SECTION 4 — REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP
	  	 	17	  
		 	 4.1
	 	 Fully Registered Debentures
	  	 	17	  
		 	 4.2
	 	 Exchange of Debentures
	  	 	17	  
		 	 4.3
	 	 Charges for Transfer and Exchange
	  	 	18	  

  
 TRUST
INDENTURE 

									
		 	 4.4
	 	 Inspection of Registers and Lists of Holders
	  	 	18	  
		 	 4.5
	 	 Closing of Registers
	  	 	18	  
		 	 4.6
	 	 Ownership of Debentures
	  	 	18	  
		 	 4.7
	 	 Debentures Issued Under Book-Entry System
	  	 	19	  
		
	 SECTION 5 — REPRESENTATIONS AND WARRANTIES
	  	 	21	  
		 	 5.1
	 	 Corporation Representations
	  	 	21	  
		
	 SECTION 6 — COVENANTS OF THE CORPORATION
	  	 	23	  
		 	 6.1
	 	 Positive Covenants
	  	 	23	  
		 	 6.2
	 	 Negative Pledge
	  	 	25	  
		 	 6.3
	 	 Waiver of Certain Covenants
	  	 	25	  
		 	 6.4
	 	 Solicitation of Debentureholders
	  	 	25	  
		
	 SECTION 7 — DEFAULT AND ENFORCEMENT
	  	 	26	  
		 	 7.1
	 	 Events of Default
	  	 	26	  
		 	 7.2
	 	 Notice on Default
	  	 	27	  
		 	 7.3
	 	 Acceleration on Default
	  	 	28	  
		 	 7.4
	 	 Waiver of Default
	  	 	28	  
		 	 7.5
	 	 Remedies in Case of Default
	  	 	29	  
		 	 7.6
	 	 Suits by Debentureholders
	  	 	30	  
		 	 7.7
	 	 Application of Money Received by Trustee
	  	 	30	  
		 	 7.8
	 	 Distribution of Proceeds
	  	 	31	  
		 	 7.9
	 	 Trustee Appointed Attorney
	  	 	32	  
		 	 7.10
	 	 Remedies Cumulative
	  	 	32	  
		
	 SECTION 8 — SATISFACTION AND DISCHARGE
	  	 	32	  
		 	 8.1
	 	 Cancellation and Destruction
	  	 	32	  
		 	 8.2
	 	 Non-Presentment of Debentures
	  	 	32	  
		 	 8.3
	 	 Release from Covenants and Discharge
	  	 	33	  
		
	 SECTION 9 — SUCCESSOR CORPORATIONS
	  	 	33	  
		 	 9.1
	 	 Certain Requirements in Respect of Merger, etc.
	  	 	33	  
		 	 9.2
	 	 Vesting of Powers in Successor
	  	 	34	  
		 	 9.3
	 	 Notice to the Debentureholders
	  	 	34	  
		
	 SECTION 10 — SUPPLEMENTAL INDENTURES
	  	 	34	  
		 	 10.1
	 	 Supplemental Indentures Without Consent of Holders
	  	 	34	  
		 	 10.2
	 	 Supplemental Indentures With Consent of Holders
	  	 	35	  
		 	 10.3
	 	 Execution of Supplemental Indentures
	  	 	36	  
		 	 10.4
	 	 Effect of Supplemental Indentures
	  	 	36	  
		
	 SECTION 11 — ADMINISTRATION OF THE TRUST
	  	 	36	  
		 	 11.1
	 	 Sufficiency of Execution of Instruments
	  	 	36	  
		 	 11.2
	 	 Trustee May Require Indemnity
	  	 	36	  
		 	 11.3
	 	 Trustee May Employ Assistants
	  	 	36	  
		 	 11.4
	 	 Trustee May Act on Opinions or Advice
	  	 	37	  
		 	 11.5
	 	 Trustee May Rely upon Declarations
	  	 	37	  

  
 TRUST
INDENTURE 

									
		 	 11.6
	 	 Corporation Must Furnish Evidence of Compliance
	  	 	37	  
		 	 11.7
	 	 Trustee May Accept Certificate of the Corporation
	  	 	38	  
		 	 11.8
	 	 Trustee May Act on Instruments Believed Genuine
	  	 	38	  
		 	 11.9
	 	 Counsel Fees Need Not be Assessed
	  	 	38	  
		 	 11.10
	 	 No Person Dealing with Trustee Need Enquire
	  	 	38	  
		 	 11.11
	 	 Investment of Trust Monies
	  	 	39	  
		
	 SECTION 12 — CONCERNING THE TRUSTEE
	  	 	39	  
		 	 12.1
	 	 Duty of Trustee
	  	 	39	  
		 	 12.2
	 	 Replacement of Trustee
	  	 	40	  
		 	 12.3
	 	 Trustee May Deal in Debentures
	  	 	40	  
		 	 12.4
	 	 Trustee Not Required to Give Security
	  	 	40	  
		 	 12.5
	 	 Protection of Trustee
	  	 	41	  
		 	 12.6
	 	 Conflict of Interest
	  	 	41	  
		 	 12.7
	 	 Acceptance of Trusts
	  	 	42	  
		 	 12.8
	 	 Indemnity
	  	 	42	  
		 	 12.9
	 	 Notices of Debentureholders
	  	 	42	  
		 	 12.10
	 	 Duty of Care
	  	 	42	  
		 	 12.11
	 	 Trustee May Accept Certificate of the Corporation
	  	 	43	  
		 	 12.12
	 	 Trustee May Act on Instruments Believed Genuine
	  	 	43	  
		 	 12.13
	 	 Clarification of Instructions
	  	 	43	  
		 	 12.14
	 	 Trust Indenture Legislation
	  	 	43	  
		
	 SECTION 13 — NOTICES
	  	 	44	  
		 	 13.1
	 	 Notice to Corporation
	  	 	44	  
		 	 13.2
	 	 Notice to Debentureholder
	  	 	44	  
		 	 13.3
	 	 Notice to the Trustee
	  	 	44	  
		 	 13.4
	 	 Postal Service Interruption
	  	 	45	  
		
	 SECTION 14 — MEETINGS OF DEBENTUREHOLDERS
	  	 	45	  
		 	 14.1
	 	 Right to Convene Meeting
	  	 	45	  
		 	 14.2
	 	 Notice
	  	 	45	  
		 	 14.3
	 	 Chair
	  	 	46	  
		 	 14.4
	 	 Quorum
	  	 	46	  
		 	 14.5
	 	 Power to Adjourn
	  	 	46	  
		 	 14.6
	 	 Show of Hands
	  	 	46	  
		 	 14.7
	 	 Poll
	  	 	47	  
		 	 14.8
	 	 Voting
	  	 	47	  
		 	 14.9
	 	 Regulations
	  	 	47	  
		 	 14.10
	 	 Corporation and Trustee may be Represented
	  	 	48	  
		 	 14.11
	 	 Powers Exercisable by Extraordinary Resolution
	  	 	48	  
		 	 14.12
	 	 Meaning of “Extraordinary Resolution”
	  	 	50	  
		 	 14.13
	 	 Powers Exercisable by Debentureholders’ Resolution
	  	 	50	  
		 	 14.14
	 	 Powers Cumulative
	  	 	50	  
		 	 14.15
	 	 Minutes
	  	 	50	  
		 	 14.16
	 	 Instruments in Writing
	  	 	50	  

  
 TRUST
INDENTURE 

									
		 	 14.17
	 	 Binding Effect of Resolutions
	  	 	51	  
		
	 SECTION 15 — EXECUTION
	  	 	51	  
		 	 15.1
	 	 Counterparts and Formal Date
	  	 	51	  
		
	Schedule 3.1(1)(g) – Form of Debenture	  			
		
	Schedule 5.1(5) – Defaults and Regulatory Approvals	  			
		
	Schedule 5.1(6) – Material Litigation	  			

  
 TRUST
INDENTURE 

 TRUST INDENTURE 
 This Trust Indenture is made as of September 26, 2005 between 
 HONDA
CANADA FINANCE INC. 
 (the “Corporation”) 

and 
 CIBC
MELLON TRUST COMPANY 
 (the “Trustee”) 
 RECITALS 
 A. The Corporation wishes to create and issue the Debentures and, under the laws
relating thereto, has the power and authority to create and issue the Debentures. 
 B. The Corporation has done and performed all things
necessary to make the Debentures, when issued and certified by the Trustee as provided in this Indenture, legally binding obligations of the Corporation with the benefits and subject to the terms of this Indenture. 

C. The foregoing recitals are made by the Corporation and not by the Trustee. 
 D. The Trustee has consented to act as Trustee on the terms stated herein. 
 FOR VALUE RECEIVED,
the parties agree as follows: 
 SECTION 1 — INTERPRETATION 
 1.1 Definitions 
 In this Agreement: 

(1) Affiliate has the meaning ascribed to that term in the CBCA as in effect on the date hereof. 

(2) Applicable Laws means, with respect to any Person, property, transaction or event, all applicable laws, statutes, regulations,
treaties, judgments and decrees and (whether or not having the force of law) all applicable official directives, rules, consents, approvals, authorizations, orders and policies of any Governmental Body having authority over such Person. 

(3) Authorized Investment has the meaning set out in Section 11.11. 
 (4) Book-Entry Debentureholder has the meaning set out in Section 4.7. 

 (5) Book-Entry Debentures has the meaning set out in Section 4.7. 

(6) Book-Entry System means the record entry securities transfer and pledge system known, as at the date hereof, by the name
“Depository Service”, which is administered by the Depository in accordance with the operating rules and procedures of the securities settlement service of the Depository for book-entry only securities in force from time to time or any
successor system thereof. 
 (7) Business Day means any day of the year, other than a Saturday, Sunday or other day on which
chartered banks are required or authorized to close in Toronto, Ontario. 
 (8) Capital Lease Obligations means, for any Person,
all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) property, to the extent such obligations are required to be classified and accounted for as a capital lease or finance lease
on a balance sheet of such Person in accordance with GAAP. 
 (9) CBCA means the Canada Business Corporations Act as
amended or replaced from time to time. 
 (10) Certificate of the Corporation and Request of the Corporation means, respectively,
a written certificate and request signed in the name of the Corporation by any Responsible Officer of the Corporation and may consist of one or more instruments so executed. 
 (11) Certified Resolution means a copy of a resolution certified by a Responsible Officer to have been duly passed by the Directors and to be in full force and effect on the date of such
certification. 
 (12) Consolidated Net Tangible Assets means, in respect of the Corporation, the aggregate amount of all assets
of the Corporation and its consolidated Subsidiaries (less applicable reserves and allowances for credit losses) after deducting therefrom (i) all current liabilities of the Corporation and its consolidated Subsidiaries, and (ii) all
goodwill, trade names, trade-marks, patents, unamortized debt discount and expense and other like intangibles of the Corporation and its consolidated Subsidiaries, all as set forth on the most recent annual balance sheet of the Corporation prepared
in accordance with GAAP. 
 (13) contested means duly contested in good faith by appropriate proceedings promptly initiated and
diligently conducted and contesting shall have an analogous meaning. 
 (14) Corporation means Honda Canada Finance
Inc., a corporation incorporated under the laws of Canada, and any of its Successor Corporations that have complied with the provisions of Section 9. 
 (15) Corporation’s Auditors or Auditors of the Corporation means an independent firm of chartered accountants of national standing or reputation in Canada, duly appointed
as auditors of the Corporation. 

  
 - 2 -

 (16) Counsel means McMillan Binch Mendelsohn LLP or such other legal counsel acceptable to
both the Corporation and the Trustee; provided that for the purpose of Section 7.5(3), the reference to “Counsel” shall mean legal counsel acceptable to the Trustee. 
 (17) Debenture Documents means this Indenture, the Debentures, the issuing, transfer, paying and redemption agent agreement dated as of March 6, 1998 between the Issuing and Paying
Agent and the Corporation and all other documents to be executed and delivered to the Trustee or the Debentureholders by the Corporation pursuant to this Indenture, as each may be amended or supplemented from time to time. 

(18) Debentures means the debentures of the Corporation issued or to be issued and certified hereunder and for the time being outstanding
or where the context so requires, to be issued and certified hereunder. 
 (19) Debentureholders or holders means
the Persons whose names are at any given time entered in the Register as holders of Debentures. 
 (20) Debentureholders’
Request means a written notice provided by a holder or holders of at least 25% in principal amount of the Debentures, or of the Debentures of any particular series if so indicated, requesting the Trustee to take the action or proceeding
specified therein. 
 (21) Debentureholders’ Resolution means a written resolution signed by a holder or holders of at least
51% in principal amount of the Debentures, or of the Debentures of any particular series if so indicated. 
 (22) Default means an
event which, with the giving of notice or passage of time or both, would constitute an Event of Default. 
 (23) Depository has
the meaning set out in Section 4.7. 
 (24) Director means a director of the Corporation for the time being, and reference to
action by the Directors means action by the directors of the Corporation, as a board or, whenever duly empowered, action by an executive committee of the board. 
 (25) Event of Default has the meaning set out in Section 7.1. 
 (26)
Extraordinary Resolution has the meaning set out in Section 14.12. 
 (27) Floating Rate means the per annum
rate of interest based on the Three Month BA Rate as reported on Reuters Screen CDOR determined on the Closing Date and on each Floating Rate Determination Date thereafter. 
 (28) Floating Rate Determination Date means September 26, December 26, March 26 and June 26 of each year. 

(29) GAAP has the meaning set out in Section 1.15. 

  
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 (30) Global Debenture has the meaning set out in Section 4.7. 

(31) Governmental Body means any government (including without limitation any federal, provincial, state, municipal or local government) or
political subdivision or any agency, authority, bureau, central bank, monetary authority, commission, department, or instrumentality thereof, or any court or tribunal, whether foreign or domestic. 

(32) Honda means Honda Motor Co., Ltd., a corporation incorporated under the laws of Japan. 

(33) Indebtedness means, without duplication, with respect to any Person: 

 

	 	(a)	indebtedness of such Person for borrowed money; 

  

	 	(b)	Capital Lease Obligation of such Person; 

  

	 	(c)	obligations of such Person under letters of credit, guarantees, legally binding comfort letters or indemnities issued in connection therewith; 

 

	 	(d)	obligations of such Person arising pursuant to bankers’ acceptance facilities or indemnities issued in connection therewith; 

 

	 	(e)	the unpaid purchase price or other acquisition cost in respect of property or services acquired by such Person, including, for greater certainty, leases; and

  

	 	(f)	all other contingent obligations incurred by such Person for the purpose of or having the effect of providing financial assistance to another entity, including, without
limitation, guarantees, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business), obligations to purchase assets regardless of the delivery or non-delivery thereof and obligations to make advances
or otherwise provide financial assistance to any other entity, 

 provided that Indebtedness shall not include the
undrawn portion of any credit facility available to the Issuer. 
 (34) Issuing and Paying Agent means Canadian Imperial Bank of
Commerce and its successors and permitted assigns, in its capacity as agent under an issuing, registration, transfer, paying and redemption agent agreement dated as of March 6, 1998 between the Issuing and Paying Agent and the Corporation, as
amended or supplemented from time to time. 
 (35) Keep Well Agreement means the Keep Well Agreement entered into as of
September 26, 2005 between Honda and the Corporation, as the same may be amended and/or supplemented from time to time in accordance with its terms. For greater certainty, the Keep Well Agreement is not a guarantee of the Debentures.

  
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 (36) Lien means, with respect to any Person, any mortgage, lien, pledge, adverse claim,
charge, deed of trust, lis pendens, security interest, hypothec or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or
capital lease or any similar type of agreement, upon or with respect to any property or asset of such Person, or the signing or filing of a financing statement that names such Person as debtor, or the signing of any security agreement authorizing
any other Person as the secured party to file any financing statement. 
 (37) Maturity Date means in respect of the Series 2005-3
Debentures September 26, 2007, in respect of the Series 2005-4 Debentures September 26, 2008, and in respect of any other series of Debentures the date specified as such in the indenture supplemental hereto creating such series.

 (38) Participant means a broker, dealer, bank or other financial institution or other person to whom the Depository effects
book-entry transfers under the Book-Entry System. 
 (39) Permitted Liens means with respect to the Corporation and its
Subsidiaries (i) Liens, in addition to those otherwise permitted below, securing Indebtedness which does not in aggregate at any one time outstanding exceed 25% of the Corporation’s Consolidated Net Tangible Assets; (ii) the pledge of
receivables payable in foreign currencies other than United States dollars to secure borrowings in foreign countries other than the United States; (iii) any deposit of assets of the Corporation or its Subsidiaries with any surety company or
officer of any court, or in escrow, as collateral in connection with, or in lieu of, any bond on appeal from any judgment or decree against it, or in connection with other proceedings in actions at law or in equity by or against it or to exercise
any privilege or license, performance of bids, contracts or leases or to secure other public or statutory obligations of the Corporation or any such Subsidiaries, as applicable, or other similar deposits or pledges made in the ordinary course of
business; (iv) any Lien or charge on any property, tangible or intangible, real or personal, existing at the time of acquisition of such property (whether through purchase or through merger or consolidation) or given to secure the payment of
all or any part of the purchase price thereof or to secure any Indebtedness incurred prior to, at the time of, or within one year after, the acquisition thereof for the purpose of financing all or any part of the purchase price thereof; (v) any
Lien or charge on any property, tangible or intangible, which may arise as a result of a transaction involving a transfer of assets by the Corporation or any of its Subsidiaries if, at the time of the transfer, such transfer of assets (1) is
treated as a sale or otherwise results in such assets no longer being reflected on the balance sheet of the Corporation or any such Subsidiary, as applicable, in accordance with generally accepted accounting principles or (2) is to an entity
that issues ABS Obligations backed by such assets and such ABS Obligations are Nonrecourse to the Corporation or any of its Subsidiaries, as applicable; (vi) any Lien to secure non-recourse obligations in connection with the Corporation or any
of its Subsidiaries engaging in leveraged or single-investor lease transactions; (vii) any Liens and restrictions on property acquired or sold by the Corporation or any of its Subsidiaries resulting from the exercise of any rights arising out
of defaults on receivables or leases; (viii) mechanic’s, workmen’s, repairmen’s, materialmen’s or carriers’ liens or other similar liens arising in the ordinary course of business or deposits or pledges to obtain the
release of any such liens; (ix) Liens arising out of judgments or awards against the Corporation or any of its Subsidiaries with respect to which the Corporation or any such Subsidiary, as applicable, is in

  
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good faith prosecuting an appeal or proceeding for review or Liens incurred by the Corporation or any such Subsidiary, as applicable, for the purpose of obtaining a stay or discharge in the
course of any legal proceeding to which it is a party; (x) Liens for taxes not yet subject to penalties for nonpayment or contested, or minor survey exceptions, or minor encumbrances, assessments or reservations of, or rights of others for,
rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, assessments, reservations, rights and restrictions do not in the
aggregate materially detract from the value of said properties or materially impair their use in the operation of the business of the Corporation or any of its Subsidiaries; (xi) any Lien securing the performance of any contract or undertaking
not, directly or indirectly, in connection with the borrowing of money, obtaining advances of credit or the securing of debt, if made and continuing in the ordinary course of business, and (xii) any extension, renewal or replacement (or
successive extensions, renewals or replacements), in whole or in part, of any lien, charge or pledge referred to in the foregoing clauses (ii) to (xi) inclusive of this paragraph; provided, however, that the amount of any and all
obligations and Indebtedness secured thereby does not exceed the amount thereof so secured immediately prior to the time of such extension, renewal or replacement and that such extension, renewal or replacement is limited to all or a part of the
property which secured the charge or lien so extended, renewed or replaced (plus improvements on such property) and provided further, the Corporation and its Subsidiaries is free to substitute collateral of equal value for the existing collateral
covered by clauses (ii) to (xi) above. 
 For the purpose of the foregoing definition the term “ABS Obligation” means
any security or other obligation that is (i) issued by a trust or entity created for the special purpose of issuing such security or obligation (regardless of whether it may also issue others of the same or another series or class),
(ii) secured by specific assets transferred to such trust or entity by the Corporation or any of its Subsidiaries in connection with the issuance of such security or obligations, and (iii) payable by its terms solely from specified assets
(including such security) of such trust or entity and, if applicable, specified third-party credit support. In addition, “Nonrecourse” in respect of the Corporation (or any of its Subsidiaries) and any ABS Obligation means that the
Corporation or any such Subsidiary has no obligation in respect of any payment due on such ABS Obligation and the holders thereof have so agreed (or are deemed to have so agreed by acquiring such ABS Obligation). 

(40) Person means an individual, corporation, partnership, government or any department or agency thereof, joint venture, trust, estate,
unincorporated organization and the heirs, executors, administrators or other legal representatives of an individual, and pronouns and other words importing persons have a similar extended meaning. 

(41) Rating Agency means Dominion Bond Rating Service Limited and its successors and with respect to any specific series of Debentures any
other nationally recognized credit rating agency and its successors that has been specifically referred to in the “Term Sheet” and/or “Offering Memorandum”, as applicable, with respect to that series of Debentures. 

(42) Receiver shall have the meaning given to it in Section 7.1(8). 

  
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 (43) Register means the register of holders of Debentures maintained by the Issuing and Paying
Agent as contemplated by Section 4.1(1). 
 (44) Responsible Officer means any individual who is an authorized signatory of
the Corporation. 
 (45) Series 2005-3 Debentures means the first initial series of Debentures to be issued hereunder designated
as “Senior Unsecured Series 2005-3 Debentures” and having the attributes set forth in Section 3.1. 
 (46) Series 2005-4
Debentures means the second initial series of Debentures to be issued hereunder designated as “Senior Unsecured Series 2005-4 Debentures” and having the attributes set forth in Section 3.1. 

(47) Subsidiary means as applied to any Person, 
  

	 	(a)	any corporation of which more than 50% of the outstanding shares (other than directors’ qualifying shares) of the capital stock having ordinary voting power to
elect the members of its board of directors (without regard to the existence at the time of a right of the holders of any class or classes of securities of such corporation to exercise such voting power by reason of the happening of any
contingency), or any partnership of which such Person is the general partner or of which 50% or more of the outstanding partnership interests, is at the time owned (i) by such Person or (ii) by one or more Subsidiaries of such Person or
(iii) by such Person and one or more Subsidiaries of such Person; and 

  

	 	(b)	any other entity which is controlled (i) by such Person or (ii) by one or more Subsidiaries of such Person or (iii) by such Person and one or more of its
Subsidiaries; provided that an entity shall be deemed to be controlled by another Person for purposes of this definition where such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies
of such entity, whether through ownership of voting securities or by contract or otherwise. 

 (48) Successor
Corporation has the meaning set out in Section 9.1. 
 (49) Three Month BA Rate means the rate per annum equal to the
arithmetic average rounded to the fifth decimal place of the bid rates of interest for Canadian dollar banker’s acceptances with a maturity of three months from Closing Date or applicable Floating Rate Determination Date, as expressed on the
Reuters CDOR pages as of 10:00 a.m., Toronto time, on the Closing Date or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on
the Reuters CDOR page at any such time, the Three Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity
of three months from the Closing Date or 

  
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applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the
principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian interbank market selected by the Corporation at approximately 10:00 a.m., Toronto time, on the Closing Date
or applicable Floating Rate Determination Date. 
 (50) Trustee means CIBC Mellon Trust Company and its successors, and permitted
assigns. 
 1.2 Meaning of “outstanding” for Certain Purposes 

Every Debenture certified and delivered by the Trustee hereunder shall be deemed to be outstanding until it is cancelled or delivered to
the Trustee for cancellation or money for the payment of all amounts outstanding in respect thereof has been set aside pursuant to the terms of Section 8, provided that: 
 (1) if a new Debenture has been issued in substitution for a Debenture that has been mutilated, lost, stolen or destroyed, only one of them shall be counted for the purpose of determining the aggregate
principal amount of Debentures outstanding; and 
 (2) Debentures held directly or indirectly by or on behalf of or for the benefit of the
Corporation or any Affiliate thereof shall be deemed not to be outstanding. For the purposes of determining whether the Trustee shall be protected in relying on any vote, consent, request or other instrument or other action, only the Debentures
which the Corporation has certified to the Trustee as being so owned shall be so disregarded. Debentures so owned which have been pledged in good faith other than to the Corporation or any Affiliate thereof shall not be so disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right to vote such Debentures in its discretion free from the control of the Corporation or such Affiliate. 
 1.3 Headings 
 The division of this Indenture into Sections and the
insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture. “Trust Indenture”, “Indenture”, “herein”, “hereof” and similar expressions
mean or refer to this Indenture and any indenture, deed or instrument supplemental or ancillary hereto. The terms “this Indenture”, “hereof”, “hereunder” and similar expressions refer to this Indenture and not to any
particular Section or other portion hereof, Unless something in the subject matter or context is inconsistent therewith, references herein to Sections are to Sections of this Indenture. 
 1.4 Extended Meaning 
 Words importing the singular number only shall
include the plural and vice versa and words importing any gender include all genders. 

  
 - 8 -

 1.5 Applicable Law 
 This Indenture and the Debentures shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

1.6 Language 
 The
parties hereto expressly request and require that this document and any related documents be drawn up solely in the English language. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s’y
rattachent soient rédigés seulement en anglais. 
 1.7 Per Annum Calculations 

For the purposes of the Interest Act (Canada), whenever interest to be paid under this Indenture is to be calculated on the basis
of a year of a specified number of days, the yearly equivalent rate of interest to which the rate determined pursuant to such calculation is equivalent to is the rate so determined multiplied by the actual number of days in the calendar year in
which the same is to be ascertained divided by such specified number of days. 
 1.8 Attornment 

Each of the parties irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario. 

1.9 Counterparts 
 This
Indenture may be executed in any number of counterparts, each of which when executed and delivered is an original and all of which taken together constitute one and the same instrument. 
 1.10 Severability 
 Any provision of this Indenture which is illegal,
invalid or unenforceable in any jurisdiction shall not affect the legality, validity or enforceability of the remaining provisions and any such illegality, invalidity or unenforceability in any jurisdiction shall not affect the legality, validity or
enforceability of such provision in any other jurisdiction. 
 1.11 Time of the Essence 

Time shall be of the essence of this Indenture. 
 1.12 Currency 
 Unless otherwise stated, all monetary amounts set forth
herein are expressed in Canadian dollars. 

  
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 1.13 Business Days 
 Whenever any payment to be made hereunder or under any other Debenture Documents shall be stated to be due and payable, or whenever any obligation shall be required to be performed, on a day which is not
a Business Day, such payment shall be made, and such obligation shall be performed, on the next succeeding Business Day. 
 1.14 Schedules

 The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof. 

Schedule 3.1(1)(g) – Form of Debenture 
 Schedule 5.1(5) – Defaults and Regulatory Approvals 
 Schedule 5.1(6) –
Material Litigation 
 1.15 Accounting Principles 
 Wherever in this Indenture reference is made to generally accepted accounting principles or “GAAP”, such reference shall be deemed to be to the generally accepted accounting principles as
practiced in Canada. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Indenture,
such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with GAAP applied on a consistent basis. 

SECTION 2 — THE DEBENTURES 

2.1 Issuance of Debentures 
 (1) The
aggregate principal amount of Debentures of any one or more series that may be issued under this Indenture shall be unlimited. Notwithstanding the foregoing, the aggregate principal amount of the Series 2005-3 Debentures that may be issued under
this Indenture (exclusive of replacement Series 2005-3 Debentures issued as contemplated by Section 2.5 or the Series 2005-3 Debentures issued on transfer or exchange pursuant to Section 3.3) shall be limited to $350,000,000 and the
aggregate principal amount of the Series 2005-4 Debentures that may be issued under this Indenture (exclusive of replacement Series 2005-4 Debentures issued as contemplated by Section 2.5 or the Series 2005-4 Debentures issued on transfer or
exchange pursuant to Section 3.3) shall be limited to $150,000,000. 
 (2) The Debentures will have the benefit of the Keep Well Agreement,
which may be amended or terminated in accordance with its terms. Pursuant to the Keep Well Agreement, among other things, Honda will cause the Corporation to meet its obligations under debt for

  
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borrowed money that Honda has confirmed in writing as being covered by the Keep Well Agreement. Concurrently with the entering into of this Indenture, Honda will provide a confirmation that all
debt incurred by the Corporation in respect of the Debentures shall constitute “Debt” for purposes of the Keep Well Agreement. The Keep Well Agreement is not a guarantee of the Debentures. 

2.2 Debentures to Rank Pari Passu. 
 All Debentures of each series shall rank pari passu without discrimination, preference or priority with all other Debentures issued under this Indenture or any indenture supplemental hereto and all
existing and future senior unsecured, unsubordinated Indebtedness of the Corporation. The Debentures will be effectively subordinated in right of payment to all secured Indebtedness of the Corporation to the extent of the value of the assets
securing any such Indebtedness. Notwithstanding the foregoing, the Corporation shall pay any amounts received under the Keep Well Agreement in respect of debt incurred in respect of the Debentures in accordance with the terms of the Keep Well
Agreement. 
 2.3 Signing of Debentures 
 The Debentures shall be signed (either manually or by facsimile signature) by any two Responsible Officers. A facsimile signature upon any of the Debentures shall for all purposes of this Indenture be
deemed to be the signature of the person whose signature it purports to be and to have been signed at the time such facsimile signature is reproduced. Notwithstanding that any of the individuals whose signature appears on any Debenture as a
Responsible Officer may no longer hold office at the date of such Debenture or at the date of certification and delivery thereof, any Debenture signed as aforesaid shall be valid and binding upon the Corporation and entitled to the benefit of this
Indenture. 
 2.4 Certification by Issuing and Paying Agent 
 (1) No Debenture shall be issued or, if issued, shall be obligatory or entitle the holder to the benefit hereof until it has been certified by the Issuing and Paying Agent substantially in the form of the
certificate set out in Schedule 3.1(1)(g) hereto or in the form specified in any supplemental indenture or in some other form approved by the Trustee and the Issuing and Paying Agent. Such certification by the Issuing and Paying Agent upon any
Debenture shall be conclusive evidence against the Corporation that the Debenture so certified has been duly issued hereunder and is a valid obligation of the Corporation and that the holder is entitled to the benefits hereof. 

(2) The certificate of the Issuing and Paying Agent on a Debenture shall not be construed as a representation or warranty by the Trustee or the Issuing
and Paying Agent as to the validity of this Indenture or of such Debenture (except the due certification thereof and any other warranties imposed by law) and the Trustee and the Issuing and Paying Agent shall in no respect be liable or answerable
for the use made of the Debentures or any of them or of the proceeds thereof. 

  
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 2.5 Replacement of Debentures 
 (1) In case any Debenture is mutilated or lost, destroyed or stolen and in the absence of notice that such Debenture has been acquired by a bona fide purchaser (as defined in the CBCA), subject to
Section 2.5(2), the Corporation shall issue, and thereupon the Issuing and Paying Agent shall certify and deliver without expense to the Debentureholder (except as provided in Section 4.3), a new Debenture of the same series and of like
tenor as the one mutilated, lost, destroyed or stolen. The new Debenture shall be entitled to the benefit hereof and rank equally in accordance with its terms with all other Debentures. The new Debenture shall be dated the date of the most recent
interest payment in respect of the Debentures of the same series or, if no such interest has yet been paid, shall be dated the date of issuance of the Debentures of the same series. 
 (2) The applicant for the issue of a new Debenture pursuant to this Section 2.5 in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Corporation
and to the Trustee such evidence of ownership and of the loss, destruction or theft of the Debenture so lost, destroyed or stolen as shall be satisfactory to the Corporation and the Trustee each in their discretion and such applicant shall also
furnish an indemnity satisfactory to the Corporation and the Trustee each in their discretion and shall pay all reasonable expenses incidental to the issuance of such substituted Debentures. 
 (3) The applicant for the issue of a new Debenture pursuant to this Section 2.5 in the case of mutilation shall as a condition precedent to the issue thereof, return the mutilated Debenture to the
Trustee. 
 2.6 Computation of Interest 
 (1) Debentures, whether issued originally or upon exchange or in substitution for previously issued Debentures shall bear interest on the outstanding principal amount thereof in accordance with the terms
of the Debentures from and including their date of issue to but excluding the applicable Maturity Date; unless, upon due presentation, payment of the principal of any Debenture is improperly withheld or refused in which case such Debenture shall
continue to bear interest until such principal is paid in full. 
 (2) All interest payments to be made hereunder shall be paid without
allowance or deduction for the principle of deemed re-investment of interest or otherwise, both before and after maturity and before and after default and/or judgment, if any, until payment in full, and interest shall accrue on overdue interest, if
any, on each Debenture at the same rate applicable to the principal of such Debenture. 
 (3) Interest on the Debentures shall be computed on
the basis of a 365-day year, but shall be payable quarterly in accordance with Section 3.1(1)(c), and except as may otherwise be provided in respect of any series of Debentures. 

  
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 2.7 Payment 
 Except as otherwise provided in Section 2.8(1), Section 2.9 and Section 7.8, as interest and principal become due on each Debenture, whether at maturity or otherwise, the Corporation will
send or will cause to be sent, at least five (5) Business Days prior to each payment date, by prepaid ordinary mail, a cheque drawn on a chartered bank in Toronto for such interest or principal, as the case may be, payable to the holder of such
Debenture and addressed to the holder at the holder’s last address appearing on the Register unless otherwise directed in writing by the holder, provided that, in respect of the payment of principal of any Debenture due on the Maturity Date,
such cheque will be mailed only upon the prior delivery of such Debenture to the Issuing and Paying Agent. The forwarding of such cheque will satisfy and discharge the liability for such interest or principal to the extent of the sum represented
thereby unless such cheque is not paid on presentation at any of the places where such cheque is payable. Notwithstanding the foregoing, in the event of the non-receipt of any such cheque by the holder of such Debenture or the loss, theft or
destruction thereof, the Corporation upon being furnished with reasonable evidence of such non-receipt, loss, theft or destruction and an indemnity reasonably satisfactory to it will issue or will cause to be issued to such holder a replacement
cheque for the amount of such cheque. The Corporation shall provide or cause to be provided to the Trustee a written record of each payment made by or on behalf of the Corporation to the Debentureholders as soon as practicable thereafter.

 2.8 Payment Based on Register 

(1) Where Debentures are registered in the name of more than one holder, the principal and interest from time to time payable in respect thereof may be
paid by or on behalf of the Corporation or its designee by cheque payable to the order of all such holders and addressed to the one of such holders whose name appears first on the Register at such holder’s last address appearing on the
Register, failing written instructions from them to the contrary, and such payment will be a valid discharge to the Corporation, to the Trustee, and to the Issuing and Paying Agent. 
 (2) The holder for the time being of any Debenture shall be entitled to the principal and interest evidenced thereby, free from all equities or rights of set off or counterclaim between the Corporation
and the original or any intermediate holder thereof (except any equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction) and all persons may act accordingly, and the payment to any
such holder for the time being of any such principal or interest, will satisfy and discharge the liability of the Corporation or the Trustee for the same, and neither the Corporation nor the Trustee nor the Issuing and Paying Agent will be bound to
enquire into the title of any such holder for the time being. 
 2.9 Payment Agreements for Debentures 

Notwithstanding Sections 2.6 and 2.7 or anything else contained in this Indenture or the Debentures to the contrary other than
Section 7.8, the Corporation shall, if so directed by the holder of a Debenture, at least fifteen (15) Business Days prior to the applicable payment date, 

  
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pay, or cause to be paid, to such holder the principal or interest, as applicable, on such Debenture and all other money payable hereunder by wire or electronic transfer of funds within Canada,
such transfer to the holder to be sent no later than 1:00 p.m. (Toronto time) on such payment date and no presentment of any Debenture shall be necessary in connection with such payments. Any payment of the principal of, and interest on, any such
Debenture and other money payable hereunder at such other place or in such other manner pursuant to such direction will, notwithstanding any other provision of this Indenture or the Debentures, be valid and binding on the Corporation, the Trustee
and all holders. The Corporation shall provide, or cause to be provided, copies of any such direction to the Trustee as soon as practicable after its execution. 
 SECTION 3 — ISSUANCE OF DEBENTURES 
 3.1 Designation, Terms, Form and Issuance
of the Series 2005-3 Debentures and Series 2005-4 Debentures 
 (1) The Series 2005-3 Debentures and Series 2005-4 Debentures shall:

  

	 	(a)	be issued on September 26, 2005; 

  

	 	(b)	be designated “Senior Unsecured Series 2005-3 Debentures” and “Senior Unsecured Series 2005-4 Debentures”, respectively; 

 

	 	(c)	be dated and bear interest from and including the date of issuance or the most recent payment date but excluding the date of payment at a rate equal to the Floating
Rate plus 0.095% in the case of the Series 2005-3 Debentures, and the Floating Rate plus 0.15% in the case of the Series 2005-4 Debentures, payable quarterly in arrears on September 26, December 26, March 26 and June 26
of each year and on the applicable Maturity Date, the first such payment being due on December 26, 2005; 

  

	 	(d)	be issuable as fully registered Debentures in initial minimum denominations of $150,000 and multiples of $10,000 thereafter; 

 

	 	(e)	mature on the applicable Maturity Date; 

  

	 	(f)	provide for payment on the applicable Maturity Date in full to each holder of a Series 2005-3 Debenture and Series 2005-4 Debenture, respectively, of the principal
amount then outstanding thereunder together with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 3.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2005-3 Debenture and Series 2005-4 Debenture, respectively;
and 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve. 

  
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 (2) The Issuing and Paying Agent shall certify and deliver to or to the order of the Corporation, the Series
2005-3 Debentures and Series 2005-4 Debentures, upon delivery by the Trustee to the Issuing and Paying Agent of an acknowledgement confirming receipt by the Trustee of the following: 

 

	 	(a)	a Certified Resolution of the board of directors of the Corporation authorizing the issue of and requesting the certification and delivery of the Series 2005-3
Debentures and Series 2005-4 Debentures; 

  

	 	(b)	a Certificate of the Corporation that no Default or Event of Default is continuing and that it has complied with all requirements of this Indenture, and of any other
instrument providing for the issuance of debt obligations of the Corporation, in connection with the issue of the Series 2005-3 Debentures and Series 2005-4 Debentures; 

 

	 	(c)	a Request of the Corporation for the certification and delivery of the Series 2005-3 Debentures and Series 2005-4 Debentures; and 

 

	 	(d)	an opinion of Counsel to the Corporation addressed to the Debentureholders and the Trustee in such form and content as is acceptable to the lead agent appointed in
connection with the distribution of the Debentures (in its capacity as agent and attorney for the Debentureholders) and the Trustee. 

 3.2 Issuance of Additional Debentures 
 (1) The Directors of the Corporation may from time
to time authorize the creation of one or more series of Debentures other than the Series 2005-3 Debentures and Series 2005-4 Debentures. The Debentures of any such other series (herein sometimes referred to as “Additional
Debentures”) may be in such aggregate principal amount, bear such date or dates, mature on such date or dates, bear such rate or rates of interest, be redeemable at such prices or retractable at such price or prices and contain such other
terms or provisions not inconsistent with this Indenture as the Directors may determine. Notwithstanding the foregoing, if the aggregate principal amount of all Debentures outstanding shall exceed $500,000,000 after the issuance of the Additional
Debentures, such Additional Debentures may not be issued unless the Corporation has received prior confirmation from the Rating Agency that such Additional Debentures will have a rating of at least BBB (or an equivalent rating). 

(2) Before the issue of any Additional Debentures, the Corporation shall execute and deliver to the Trustee an indenture supplemental hereto for the
purpose of establishing the terms thereof and the forms and denominations in which such Additional Debentures may be issued, together 

  
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with a Certified Resolution authorizing the same, and the Trustee shall execute and deliver such supplemental indenture pursuant to Section 10. The Additional Debentures shall have the
benefit of the Keep Well Agreement. 
 (3) The Issuing and Paying Agent shall certify and deliver to or to the order of the Corporation,
Additional Debentures, upon delivery by the Trustee to the Issuing and Paying Agent of an acknowledgement confirming receipt by the Trustee of the following: 
  

	 	(a)	a Certified Resolution of the board of directors of the Corporation authorizing the issue of and requesting the certification and delivery of such Additional
Debentures; 

  

	 	(b)	a Certificate of the Corporation that no Default or Event of Default is continuing and that it has complied with all requirements of this Indenture, and of any other
instrument providing for the issuance of debt obligations of the Corporation, in connection with the issue of such Additional Debentures; 

  

	 	(c)	a Request of the Corporation for the certification and delivery of such additional Debentures; and 

 

	 	(d)	an opinion of Counsel to the Corporation addressed to the Debentureholders and the Trustee in such form and content as is acceptable to the lead agent appointed in
connection with the distribution of the applicable series of Debentures and the Trustee. 

 3.3 Transfer or Exchange of
Debentures 
 No charge to the holder (other than for any transfer or stamp tax or other governmental charge required to be
paid) shall be made in respect of any exchange, registration or transfer of any Debentures. No transfer or exchange of a Debenture shall be permitted which would result in the issuance of a Debenture in a principal amount less than $150,000.

 3.4 Purchase for Cancellation 
 At any time and from time to time, provided that at such time no Default or Event of Default has occurred and is continuing, the Corporation or any Affiliate may purchase all or any of the outstanding
Debentures of any series in the open market or by invitation for tender. Any Debentures so purchased by the Corporation or its Affiliate shall be cancelled in accordance with the provisions of Section 3.5. 

3.5 Cancellation 
 All
Debentures which are purchased or otherwise held by the Corporation or its Affiliate will forthwith be delivered to the Issuing and Paying Agent and cancelled and may not be reissued or resold. Such Debentures shall be cancelled by the Issuing and
Paying Agent and, if required by the Corporation, the Issuing and Paying Agent shall furnish to it a certificate of 

  
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cancellation setting forth the numbers and denominations of the Debentures so cancelled. In the case of partial repurchase of Debentures, replacement certificates representing the outstanding
principal amount of Debentures not repurchased shall be executed by the Corporation, certified by the Issuing and Paying Agent and forthwith delivered to the applicable Debentureholders, all at the expense of the Corporation. Upon indefeasible
payment in full of all amounts due on and in respect of a Debenture and at the written request of the Corporation, such Debenture must be surrendered to the Issuing and Paying Agent for cancellation. 

3.6 Limitation on Redemption 
 Except for purchases for cancellation effected pursuant to Section 3.4 and except for repayment on default to Section 7.3, a Debenture shall not be repaid or redeemed in whole or in part at any
time prior to its Maturity Date. 
 3.7 Pro Rata Payment 
 Unless otherwise provided hereunder, all payments hereunder in respect of the principal, interest or any other amounts payable in respect of any series of the Debentures shall be made on a pro rata
basis among such series of Debentures. 
 SECTION 4 — REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP 

4.1 Fully Registered Debentures 
 (1) The
Corporation shall cause to be kept a central Register with respect to the Debentures at the principal office of the Issuing and Paying Agent in Toronto. The Register shall contain all particulars required by law, including the names and latest known
addresses of the holders of Debentures and particulars of the Debentures held by them and of all transfers of such Debentures. The registration of any Debenture shall be noted on such Debenture by the Issuing and Paying Agent. 

(2) No transfer of a Debenture shall be valid unless and until made on the Register by the holder thereof or such holder’s executors, administrators
or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Issuing and Paying Agent upon compliance with such reasonable requirements as the Issuing and Paying Agent
or other registrar may prescribe, and unless the name of the transferee shall have been noted on the Debenture by the Issuing and Paying Agent or a new Debenture or Debentures of the same series and the same aggregate principal amount as the
transferred Debenture shall have been certified and delivered in exchange for the transferred Debenture. 
 4.2 Exchange of Debentures

 (1) Subject to Section 4.5, Debentures of any denomination may be exchanged upon reasonable notice for Debentures of the same series
and the same aggregate principal amount in any other authorized denomination. 
 (2) Debentures may be exchanged at the principal office of the
Issuing and Paying Agent in Toronto or at such other offices of the Issuing and Paying Agent as the Issuing and Paying Agent may designate for such purpose. Any Debenture tendered for exchange shall be surrendered and cancelled. The Corporation
shall execute and the Issuing and Paying Agent shall certify all Debentures necessary to carry out such exchanges as aforesaid. 

  
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 4.3 Charges for Transfer and Exchange 

Except as otherwise provided herein, for each Debenture exchanged or transferred and subject to any limitation prescribed by law, the
Issuing and Paying Agent may require the payment of any transfer or stamp tax or other governmental charge required to be paid by the party requesting such exchange or transfer as a condition precedent thereto. 

4.4 Inspection of Registers and Lists of Holders 
 (1) The Register shall at all reasonable times during normal business hours on a Business Day be open for inspection by the Corporation, the Trustee or any Debentureholder. 

(2) The Issuing and Paying Agent, from time to time shall at the request of the Corporation, the Trustee or any Debentureholder
furnish the Corporation, the Trustee or such Debentureholder, as the case may be, with a list of the names and addresses of the holders of Debentures entered on the Register, showing the principal amount of the Debentures held by each such holder
and the aggregate principal amount of the Debentures outstanding upon payment of the Issuing and Paying Agent’s reasonable fees therefor. In addition, the Issuing and Paying Agent will deliver to the Trustee after December 31st of each year a copy of the Register containing the name and address
of each registered Debentureholder as at
December 31st of such year. 

4.5 Closing of Registers 

Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Debenture of any series
during the following periods each year: (i) from and including September 11 to and including September 26, (ii) from and including December 11 to and including December 26, (iii) from and including March 11 to
and including March 26, and (iv) from and including June 11 to and including June 26. 
 4.6 Ownership of Debentures

 (1) Unless otherwise required by law, the Person in whose name any Debenture is registered on the Register shall for all purposes of this
Indenture be deemed to be the owner thereof and payment of or on account of the principal of such Debenture and interest thereon shall be made only to or upon the order in writing of such registered holder. 

(2) Neither the Corporation, the Trustee, the Issuing and Paying Agent or other registrar shall be bound to take notice of or see to the performance or
observance of any duty owed to a third person, whether under a trust, express, implied, resulting or constructive in respect of any 

  
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Debenture or otherwise, by the holder of such Debenture or by any Person whom the Corporation, the Trustee or the Issuing and Paying Agent treats, as required by law, as the owner of such
Debenture, but shall transfer the same on the direction of the Person so treated as the owner thereof or registered as the holder thereof, whether named as trustee or otherwise, as though that Person were the beneficial owner thereof. 

(3) The Corporation and the Trustee may treat the holder of any Debenture as the owner thereof without actual production of such Debenture for the
purpose of any Debentureholders’ Request, requisition, direction, consent, instrument or other document. 
 4.7 Debentures Issued Under Book-Entry System 
 (1) Debentures issued under the Book-Entry
System (“Book-Entry Debentures”) will initially be issued in the form of a single global Debenture (a “Global Debenture”) held by, on or on behalf of, The Canadian Depository
for Securities Limited (together, with its nominees and successors, the “Depository”) as depository of such Global Debenture for the Participants, and registered on the applicable register in the name of the Depository or its
nominee. A Global Debenture registered in the name of and delivered to the Depository or its nominee shall constitute a single Debenture for all purposes of this Indenture and all Supplemental Indentures. None of the Corporation, Trustee, the
Issuing and Paying Agent, or any of their respective agents will have any responsibility or liability for any aspect of the records relating to or payment made on account of beneficial ownership interests in the Global Debenture for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. 
 (2) Each Global Debenture shall be certified and
delivered by the Issuing and Paying Agent to the Depository, on behalf of the Participants, as depository of such Global Debenture. The Depository shall credit interests in such Global Debenture to the accounts of the Participants. No owner of a
beneficial interest in a Global Debenture (each a “Book-Entry Debentureholder”) will be entitled to a certificate or other instrument from the Corporation, the Issuing and Paying Agent or the Depository evidencing that
purchaser’s ownership thereof and no holder of a beneficial interest in a Series 2005-3 Debenture or Series 2005-4 Debenture will be shown on the records maintained by the Depository except through
book-entry accounts of Participants acting on behalf of beneficial owners of direct and indirect interests in any Book Entry Debentures, or receive a Debenture certificate representing such holder’s
interest in the Global Debenture, except as provided in subsection (4) of this Section or a Supplemental Indenture, as applicable. Unless and until Debenture certificates for any series of Debentures have been issued to the applicable Book
Entry Debentureholders pursuant to subsection (4) of this Section or as otherwise specified in a Supplemental Indenture: 
  

	 	(a)	the provisions of this Section shall be in full force and effect with respect to such series; 

 

	 	(b)	the Corporation, the Issuing and Paying Agent and the Trustee may deal with the Depository for all purposes, including the making of payments and the delivery of any
notice, report, statement or other communication, as the registered holder of Debentures of the applicable series and as the authorized representative of the respective Book-Entry Debentureholders of the
applicable series; 

  
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	 	(c)	to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall prevail;

  

	 	(d)	the rights of the respective Book-Entry Debentureholders of such series shall be exercised only through the Depository, either
directly or by proxy in favour of the respective Participants, and shall be limited to those established herein and by law; 

  

	 	(e)	all transfers and exchanges of Book-Entry Debentures of such series shall be made through the
Book-Entry System and any person transferring a Book-Entry Debenture of such series in such manner will be deemed to have transferred to the transferee all of such
person’s rights and obligations in respect thereof; all transferees of Book-Entry Debentures of such series will be deemed to have received and accepted such transfer and be deemed to have agreed to be
bound by the provisions of this Indenture; and 

  

	 	(f)	for purposes of any provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Debentureholders evidencing a specified
percentage of the aggregate unpaid principal amount of Debentures of any series then outstanding, the Trustee is entitled to act and rely upon the instructions of the Depository that it has received, directly or indirectly through its Participants,
to such effect from Book-Entry Debentureholders owning or representing, as applicable, the requisite percentage of Debentures of such series. 

Subject to this subsection (2), each of the parties hereto acknowledges and agrees that the
Book-Entry Debentureholders are collectively entitled, under the terms hereof, to all of the rights (other than in respect of notices and payments) accorded to registered holders of Debentures and are bound by
all of the obligations of such Debentureholders. 
 (3) If with respect to Book-Entry Debentures of any
series: 
  

	 	(a)	the Corporation determines, in its sole discretion, to terminate the use of the Book-Entry System with respect to the Debentures of such series;

  

	 	(b)	the Corporation advises the Trustee in writing that the Depository is no longer willing or able to discharge properly its responsibilities as the Depository with
respect to the Debentures of such series; 

  

	 	(c)	the Depository has ceased to be a clearing agency registered, if required, under applicable Canadian securities legislation or otherwise ceased to be eligible to be a
depository and a successor depository is not appointed by the Corporation within 90 days thereof; or 

  

	 	(d)	after the occurrence of an Event of Default, the Depository advises the Trustee that it has received written notification from
Book-Entry Debentureholders holding in excess of 50% of the aggregate unpaid principal amount then outstanding of the Debentures of such series, that the continuation of the
Book-Entry System with respect to such Debentures is no longer in the best interests of the Book-Entry Debentureholders of such series, 

  
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 then the Trustee shall notify the relevant Book-Entry
Debentureholders, through the Depository, of the occurrence of any such event and of the availability of Debenture certificates to Book-Entry Debentureholders requesting the same. Upon surrender by the
Depository of the global certificate or certificates in multiples of $10,000, with a minimum permitted denomination of $150,000 representing the Debentures of any affected series and accompanied by registration instructions from the Depository for re-registration, the Issuing and Paying Agent shall certify and deliver Debenture certificates for such affected series in accordance with the instructions of the Depository. Neither the Corporation, the Issuing and
Paying Agent nor the Trustee shall be liable for any delay in delivery of such instructions and may conclusively act and rely on, and shall be protected in acting and relying on, such instructions. Upon the issuance of such Debenture certificates,
each of the Corporation, the Issuing and Paying Agent and the Trustee shall recognize the holders of such Debenture certificates as Debentureholders hereunder. 
 (4) The Corporation may agree to allow for the re-registration of certificated Debentures under the Book-Entry System and,
upon notice in writing from the Corporation to that effect, the Trustee shall forthwith deliver notice thereof to each registered holder of such Debentures. Upon surrender by any such Debentureholder of its Debenture certificate accompanied by
instructions for re registration of the Debenture under the Book-Entry System, such Debenture shall thereafter be re-issued under the
Book-Entry System and be subject to subsections (1), (2), (3) and (4) of this Section, mutatis mutandis. 
 SECTION 5 — REPRESENTATIONS AND WARRANTIES 
 5.1 Corporation Representations

 The Corporation represents and warrants (all of which representations and warranties the Corporation hereby acknowledges
are being relied upon by the Trustee and the holders) that as of the date hereof: 
 (1) Existence and Powers. The Corporation has
been duly incorporated and is validly existing as a corporation in good standing under the laws of Canada and has all necessary power and authority to own, lease and operate its properties and conduct its business as now carried on by it or as
contemplated hereunder to be carried on by it, and to enter into, execute and perform its obligations under each of the Keep Well Agreement and the Debenture Documents to which it is a party. 

  
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 (2) Due Authorization. Each of the Keep Well Agreement and the Debenture Documents to which
the Corporation is a party has been duly authorized by all necessary corporate action on the part of the Corporation. 
 (3) Due Execution
and Delivery. Each of the Keep Well Agreement and the Debenture Documents to which the Corporation is a party has been duly executed and delivered by or on its behalf, and the obligations under such documents constitute legal, valid and
binding obligations thereof enforceable against it in accordance with their respective terms subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforceability of creditor’s rights and to the fact
that specific performance is an equitable remedy available only in the discretion of the court. 
 (4) Accountants. The auditors
who reported upon the comparative audited financial statements of the Corporation and Honda, each for the periods ended March 31, 2005 and 2004 are appropriately qualified in the relevant jurisdiction and are independent of the Corporation and
Honda. 
 (5) No Defaults; Regulatory Approvals. The Corporation is not in violation of its constating documents, and except as
may be set forth in Schedule 5.1(5), is not in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, lease or other instrument to which it is a
party or by which it or its properties may be bound, which default would have a material adverse effect upon the business of the Corporation, and the execution and delivery of each of the Keep Well Agreement and the Debenture Documents to which it
is a party and the consummation of the transactions contemplated herein and therein will not conflict with, or constitute a breach of, or default under, or result in the creation or imposition of any Lien upon any property or assets of the
Corporation pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Corporation is a party or by which any of the property or assets of the Corporation is subject, nor will such action result in
any violation of the provisions of the constating documents of the Corporation or any applicable law, administrative regulation or court decree to which the Corporation is subject, and no consent, approval, authorization, order or decree of any
court or Governmental Body in Canada is required for the consummation by the Corporation of the transactions contemplated by the Keep Well Agreement or any Debenture Documents except such as have already been obtained and are in full force and
effect. No condition, event or act has occurred which could constitute a Default or Event of Default. 
 (6) Legal Proceedings;
Contracts. Except as may be set forth in Schedule 5.1(6), there is no action, suit or proceeding before or by any court or Governmental Body, domestic or foreign, now pending or, to the knowledge of the Corporation, threatened against or
affecting, the Corporation which relates to this Indenture or any of the transactions contemplated hereby or which in the reasonable opinion of the Corporation is likely to result in any material adverse change in the condition, financial or
otherwise, of the Corporation, or in the earnings, business affairs or business prospects of the Corporation or in the properties or assets of the Corporation. 

  
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 (7) Ranking. The Debentures rank pari passu with all other senior unsecured,
unsubordinated Indebtedness of the Corporation that is not mandatorily preferred by law. 
 (8) Material Adverse Change. Since the
date of the Corporation’s audited financial statements as at March 31, 2005, there has been no material adverse change, financial or otherwise, in the business, operations, assets, liabilities (contingent or otherwise) of the Corporation.

 SECTION 6 — COVENANTS OF THE CORPORATION 
 6.1 Positive Covenants 
 So long as any Debentures remain outstanding or
other amount is owed by the Corporation hereunder, the Corporation shall perform and observe each of the following covenants and conditions: 

(1) Payment When Due. The Corporation will duly and punctually pay or cause to be paid to the holder of every Debenture the principal
thereof and interest accrued thereon (including, in the case of default, interest on the amount in default) on the dates and at the places, in the currency and in the manner specified herein and in such Debenture and shall duly and punctually pay or
cause to be paid all other amounts required to be paid by it to the Trustee and the Debentureholders pursuant to this Indenture or any of the other Debenture Documents at the times, in the currencies and in the manner set forth herein or therein.

 (2) Observance of Covenants. The Corporation shall observe and perform all of the covenants, agreements, terms and conditions
to be observed and performed by it in the Keep Well Agreement, this Indenture and other Debenture Documents. 
 (3) To Carry on
Business. The Corporation will at all times maintain its corporate existence (except as permitted by Section 9) and will carry on and conduct its business in a proper, efficient and businesslike manner and in accordance with good
business practice. It will keep proper books of account in accordance with GAAP. 
 (4) To Pay Trustee’s Remuneration. The
Corporation will pay the Trustee reasonable remuneration for its services as trustee hereunder and will repay to the Trustee on demand all reasonable expenses, disbursements and advances which shall have been incurred, made or paid by the Trustee in
and about the execution of the trusts hereby created, except any such expense, disbursement or advance as may arise from the Trustee’s negligence or bad faith, and such moneys shall be payable out of any funds coming into possession of the
Trustee in priority to any of the Debentures or interest thereon. The said remuneration shall continue to be payable until the trusts hereof be finally and fully performed and whether or not the trusts of this Indenture shall be in course of
administration by or under the direction of a court. 
 (5) To Provide Financial Statements. As soon as available, but in any
event within 150 days after the end of each fiscal year of each of the Corporation and Honda, except to the extent 

  
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such information is publicly available, the Corporation will furnish to the Trustee for distribution to each of the Debentureholders copies of the audited consolidated balance sheet of the
Corporation or Honda, as applicable, as at the end of such fiscal year and the related audited consolidated statements of income, retained earnings and changes in financial position of the Corporation or Honda, as applicable, for such fiscal year,
setting forth in each case in comparative form the figures for the previous fiscal year of the Corporation or Honda, as applicable, and reported on by KPMG LLP or other independent chartered accountants of nationally-recognized standing. 

(6) Not to Extend Time for Payment of Interest. In order to prevent any accumulation after maturity of unpaid interest, the Corporation
will not directly or indirectly extend or assent to the extension of time for payment of any interest or principal upon any Debentures and the Corporation shall deliver to the Trustee all Debentures when paid as evidence of such payment. 

(7) Keep Well Agreement. The Corporation shall take all actions necessary to enforce any rights it may have under the Keep Well Agreement
and will not waive any rights thereunder (except to the extent that any such failure to enforce or waiver would not be prejudicial to Debentureholders). The Corporation shall not agree to any modification, amendment or termination of the Keep Well
Agreement except in accordance with the provisions thereof. 
 (8) Trustee May Perform Covenants. If the Corporation shall fail to
perform any covenant on its part herein contained, the Trustee may in its discretion, perform any of the said covenants capable of being performed by it, notify the Debentureholders of such failure and, if any such covenant requires the payment or
expenditure of money, it may make such payment or expenditure with its own funds, or with money borrowed by or advanced to it for such purposes, but shall be under no obligation so to do; and all sums so expended or advanced shall be repayable by
the Corporation in the manner provided in Section 6.1(4), but no such performance or payment shall be deemed to relieve the Corporation from any Default or Event of Default caused by such failure. 

(9) Notice of Defaults; Compliance Certificate. The Corporation shall promptly after becoming aware of the occurrence thereof notify the
Trustee of any Default or Event of Default; and in any event shall deliver to the Trustee not later than 30 days after the end of each semi annual period ending March 31 and September 30 of the Corporation a Certificate of the Corporation
stating that no Default or Event of Default is then continuing, or describing the nature of any Default or Event of Default that is then continuing, and also stating that, during such semi annual period, no material adverse change has occurred with
respect to the Corporation or, to the best knowledge of the officer giving such certificate, with respect to Honda, or describing the nature of any such material adverse change. 
 (10) Rating. The Debentures of any series shall continue to be rated by the Rating Agency so long as any Debentures of that series remain outstanding. 

  
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 6.2 Negative Pledge 
 So long as any Debentures remain outstanding or other amount is owed by the Corporation hereunder, the Corporation shall not, and shall ensure that its Subsidiaries do not, grant, create, assume or permit
to exist any Lien upon any of the properties or assets of the Corporation or any of its Subsidiaries, other than Permitted Liens to secure any Indebtedness of the Corporation or any of its Subsidiaries unless, in each case, the Debentures or series
of Debentures are secured equally and rateably with all Indebtedness secured by such Lien. 
 6.3 Waiver of Certain Covenants 

The Corporation may omit in any particular instance to comply with any term, provision or condition to which the Corporation is subject
with respect to the Keep Well Agreement or Debenture Documents (other than of the nature referred to in Section 10.2(2)) if before the time for such compliance the Corporation shall have obtained the consent in writing of the Debentureholders
by Extraordinary Resolution, but no such consent shall extend to or affect such term, provision or condition except to the extent expressly so consented to, and, until such consent shall become effective, the obligations of the Corporation and the
duties of the Trustee, as applicable, in respect of any such term, provision or condition shall remain in full force and effect. 
 6.4
Solicitation of Debentureholders 
 So long as there are any Debentures outstanding, the Corporation will not solicit,
request or negotiate for or with respect to any proposed waiver or amendment of any of the provisions of this Indenture or the Debentures with any holder of Debentures unless each holder of Debentures (irrespective of the amount of Debentures then
owned by it) shall have been informed thereof by the Corporation. The Corporation shall make any request for such waiver or amendment to the Trustee and the Trustee with the approval of the requisite Debentureholders in accordance with the terms of
this Indenture, shall execute and deliver such waivers and amendments. Without derogating from the right of the Corporation to rely upon a Debentureholders’ Request or an Extraordinary Resolution in accordance with the provisions hereof and
subject to the Corporation’s rights to purchase Debentures for cancellation in accordance with the provisions of Section 3.4, the Corporation will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of
supplemental or additional interest, fee or otherwise, to any holder of Debentures as consideration for or as an inducement to the entering into by any holder of Debentures of any waiver or amendment of any of the terms and provisions of this
Indenture or the Debentures unless such remuneration is concurrently paid, on the same terms, rateably to all holders of Debentures, regardless of whether each such holder has in fact executed and delivered the waiver or amendment. 

  
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 SECTION 7 — DEFAULT AND ENFORCEMENT 

7.1 Events of Default 

The occurrence of any one or more of the following events shall constitute an Event of Default under this Indenture: 

(1) Payment of Debentures. The Corporation shall fail to pay all or any part of the principal of, (whether at stated maturity, by
acceleration or otherwise) or interest on, any Debenture when due under any provision hereof or of such Debenture and such default shall have continued for a period of seven (7) days. 
 (2) Payment of Other Amounts. The Corporation shall fail to pay any amount under this Indenture (other than an amount described in Section 7.1(1)) when the same shall become due and
payable, and such failure shall have continued for a period of sixty (60) days after a Debentureholders’ Request or after written notice from the Trustee requiring such default to be remedied has been given to the Corporation. 

(3) Failure to Observe Certain Covenants. The Corporation shall fail to perform or observe any of its covenants or obligations under the
Keep Well Agreement, this Indenture or any of the other Debenture Documents (other than a covenant or obligation whose breach or default in performance is specifically dealt with elsewhere in this Section 7.1), and if such failure is capable of
being amended by the Corporation such failure shall not have been remedied within sixty (60) days after a Debentureholders’ Request or after written notice from the Trustee requiring such default to be remedied has been given to the
Corporation. 
 (4) Cross Default. An acceleration of, or failure to pay when due and payable, indebtedness for money borrowed of
the Corporation exceeding an aggregate of $25,000,000, provided that such acceleration is not rescinded or annulled, or such failure is not remedied, within ten (10) days after written notice thereof has been given to the Corporation by the
Trustee or by the holders of not less than 25% in aggregate principal amount of the Debentures then outstanding. 
 (5) Dissolution
Proceedings. A resolution is passed, or an order of a court of competent jurisdiction is made, that the Corporation or Honda be liquidated, wound up or dissolved otherwise than as permitted by Section 9. 

(6) Voluntary Bankruptcy or Insolvency. The Corporation or Honda is adjudged or declared bankrupt or becomes insolvent or makes an
assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due, ceases carrying on any substantial part of its business or paying its debts generally as they become due, or petitions or
applies to any tribunal for the appointment of a receiver or trustee for it or for any substantial part of its property, or commences any proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction whether now or hereafter in effect, or by any act indicates its consent to, approval of, or acquiescence in, any such proceeding for it or for all or a substantial part of its property. 

  
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 (7) Involuntary Bankruptcy or Insolvency. Any Person commences a proceeding against the
Corporation or Honda to declare it bankrupt or insolvent or petitions or applies to any tribunal for the appointment of a receiver or trustee for it or for any substantial part of its property, or commences any proceedings relating to it under any
reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect, and either the order sought is granted or such proceeding is not at all times contested and in any
event withdrawn or dismissed within sixty (60) days after its commencement. 
 (8) Appointment of Receiver. A receiver,
receiver and manager, receiver-manager, custodian, liquidator or trustee, or any Person with like powers, (a “Receiver”) shall be appointed for all or any substantial part of the property of the Corporation or Honda. 

(9) Issuance of Execution. A writ, execution or attachment or similar process is enforced or levied against any of the property of the
Corporation or Honda which, if not released, bonded, satisfied, discharged, vacated or stayed, would have a material adverse effect upon the business of the Corporation or Honda and such writ, execution, attachment or similar process is not
released, bonded, satisfied, discharged, vacated or stayed within the earlier of disposition of such property or thirty (30) days after its entry, commencement or levy. 
 (10) Action by Encumbrancer. An encumbrancer or lienor takes possession of all or a substantial part of the property of the Corporation or Honda unless the Corporation or Honda is contesting
such possession and either the same is released, bonded, satisfied, discharged, vacated or stayed within thirty (30) days of such possession or the Corporation or Honda, as applicable, provides to the Trustee such security for the payment of
such encumbrance or Lien as the Trustee shall reasonably require. 
 (11) Keep Well Agreement. Subject to Section 7.1(12),
the Keep Well Agreement ceases to be binding upon Honda or Honda’s obligations in relation to the Keep Well Agreement become or are invalid, void or unenforceable in any respect or Honda shall fail to perform or observe any of its covenants or
obligations under the Keep Well Agreement or a default has occurred under the Keep Well Agreement and in each case, such failure or default shall continue for a period of thirty (30) days. 

(12) Amendment to Keep Well Agreement. The Keep Well Agreement shall be amended, modified or terminated except as provided in the
Keep Well Agreement. 
 7.2 Notice on Default 
 (1) If a Default or an Event of Default occurs and is continuing the Trustee shall, within thirty (30) days after it receives written notice of the occurrence of such Default or Event of Default,
give notice of such Default or Event of Default to the applicable Debentureholders. 
 (2) Where notice of the occurrence of a Default or an
Event of Default has been given and the Default or Event of Default is thereafter cured, notice that the Default or Event of Default is no longer continuing shall be given by the Trustee to the applicable Debentureholders within a reasonable time
and in any event within thirty (30) days after the Trustee receives written notice that the Default or Event of Default has been cured. 

  
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 7.3 Acceleration on Default 
 (1) If an Event of Default has occurred and is continuing the Trustee may, and shall upon receipt of a Debentureholders’ Request from the holders of the Debentures of any series, declare the
principal of and interest on the Debentures of such series and all other money payable hereunder with respect to such Debentures to be immediately due and payable, whereupon the same shall be immediately paid by or on behalf of the Corporation to
the Trustee for the benefit of the holders of such Debentures all without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Corporation. Such payment when made shall be deemed to have been
made in satisfaction and discharge of the Corporation’s payment obligations hereunder in respect of the Debentures of the applicable series and any moneys so received by the Trustee shall be applied as herein provided. 

(2) In the case of the occurrence of an Event of Default described in any of subsections 7.1(6) through (10), the principal of and interest on the
Debentures then outstanding and any other moneys payable hereunder to be due and payable shall forthwith become immediately due and payable to the Trustee without any declaration or other act on the part of the Trustee or any Debentureholder,
notwithstanding anything contained herein to the contrary, and the Corporation shall pay forthwith to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on
the Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such payment when made shall be deemed
to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Trustee shall be applied as provided in Section 7.7. 
 7.4 Waiver of Default 
 If an Event of Default has occurred the holders of
the Debentures of any series by Extraordinary Resolution of such holders shall have the power to instruct the Trustee to waive such Event of Default insofar as it is applicable to such series and annul any declaration made by the Trustee pursuant to
Section 7.3 with respect to such series and the Trustee must thereupon waive such Event of Default and annul such declaration insofar as it is applicable to such series; provided that no such waiver or annulment shall extend to or affect any
other series of Debentures or any subsequent Default or Event of Default or impair any right consequent thereto. 

  
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 7.5 Remedies in Case of Default 
 (1) Subject to the provisions of Section 7.4, if the Corporation shall have failed to pay to the Trustee, forthwith after the same shall have been declared to be due and payable under
Section 7.3, the principal of and interest on all Debentures of each applicable series then outstanding, together with all other amounts due hereunder with respect thereto, the Trustee may in its discretion and shall upon receipt of a
Debentureholders’ Request of the holders of such series and upon being indemnified and funded to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as Trustee hereunder to obtain or
enforce payment of the said principal of and interest on all the Debentures of such series then outstanding, together with any other amounts due hereunder with respect thereto by such proceedings authorized by this Indenture or by law or equity as
counsel to the Trustee shall deem expedient or as the Trustee shall in such request shall have been directed to take. 
 (2) The Trustee shall
be entitled and empowered, either in its own name or as trustee of an express trust, or as attorney-in-fact for the Debentureholders, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or
advisable in order to have the claims of the Trustee and of the Debentureholders allowed in any liquidation, insolvency or bankruptcy proceedings relative to the Corporation or its creditors or relative to or affecting its properties. 

(3) The Trustee is hereby irrevocably appointed (and the successive respective holders of the Debentures by taking and holding the same shall be
conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective Debentureholders or on behalf of the Debentureholders as a class, subject to deduction from any such claims of the amounts of any claims
filed by any of the Debentureholders themselves, to prepare and file any proof of debt, amendment of proof of debt, claim, petition or other document in any liquidation, insolvency or bankruptcy proceedings relative to the Corporation or its
creditors or relative to or affecting its properties and to receive payments of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all such acts and things for and on
behalf of such Debentureholders as may be necessary or advisable in the opinion of Counsel to the Trustee in order to have the respective claims of the Trustee and the Debentureholders against the Corporation or its property allowed in any such
proceeding, and to receive payment of or on account of such claims. 
 (4) All rights of action under the Keep Well Agreement, hereunder or
under the other Debenture Documents may be enforced by the Trustee without the possession of any of the Debentures or the production thereof on the trial or other proceedings relative thereto. 

(5) No course of dealing on the part of the Trustee or any Debentureholder nor any delay or failure of the Trustee or of the Debentureholders to exercise
any remedy referred to in this Section 7 will operate as a waiver of any such remedy or will be construed to be a waiver of any Event of Default or Default hereunder or acquiescence therein or will otherwise prejudice any rights, powers or
remedies of the Trustee or such holder. 
 (6) Unless and until it has been required so to do under the terms hereof, the Trustee is not bound
to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it under the Keep Well Agreement, hereunder or under the other Debenture Documents; nor will the Trustee be required to take notice of an Event of
Default or Default or any default hereunder, other than in payment of any moneys required by any provision hereof to be paid to it, unless and until such time as the Trustee has actual knowledge of, or has received notice of, such Event of Default
or any default hereunder and in the absence of actual knowledge or any such notice and subject as aforesaid, the Trustee may assume that the Corporation is not in default hereunder. 

  
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 7.6 Suits by Debentureholders 

No holder of any Debenture has the right to institute any action or proceeding or to exercise any other remedy authorized by this
Indenture for the purpose of enforcing any right on behalf of the Debentureholders of any series thereof or for the execution of any trust or power hereunder or to have the Corporation wound up or to file or prove a claim in any liquidation,
insolvency or bankruptcy proceedings, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided to the Trustee and the Trustee has been otherwise properly indemnified and funded, and the Trustee
shall have failed to act within a reasonable time (but in any event, not later than ten (10) days) thereafter; provided, however, that nothing contained in this Section 7.6 or in this Indenture shall prohibit any Debentureholder from
filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If the Trustee has so failed to act, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee
not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contrary, any Debentureholder of the applicable series, or group of Debentureholders of the
applicable series acting in concert, either acting for itself or themselves or on behalf of all Debentureholders of such series shall be entitled to take any of the proceedings that the Trustee might have taken hereunder. No Debentureholder has any
right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder or under any Debenture, except subject to the conditions and in the manner herein provided. Any money received
as a result of a proceeding taken by any Debentureholder hereunder must be forthwith paid to the Trustee. 
 7.7 Application of Money
Received by Trustee 
 Except as herein otherwise provided, the money arising from any enforcement of the provisions hereof
or of the other Debenture Documents must be held by the Trustee and forthwith applied, together with any other money in the hands of the Trustee available for the purpose, as follows: 

 

	 	(a)	 first, to pay or reimburse to the Trustee the remuneration, expenses, disbursements and advances of the Trustee earned, incurred or made in the
administration or execution of the trusts hereunder or otherwise in relation to this Indenture (including reasonable fees and disbursements of legal counsel and other 

  
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advisors and assistants, required in connection herewith and not regularly employed by the Trustee), with interest thereon as herein provided and any other amounts due and owing to the Trustee
hereunder; 

  

	 	(b)	second, to pay or reimburse to the Debentureholders of the relevant series rateably and proportionately the expenses and disbursements incurred or made by them as
permitted or required hereunder relative to such enforcement with interest thereon as herein provided; 

  

	 	(c)	third, to pay interest on any overdue interest on all Debentures and thereafter pay the accrued and unpaid interest on all Debentures and interest on any other money
owing under the provisions of this Indenture and thereafter to pay the principal of such Debentures as are then due and payable; and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid, then pro rata
among the holders of the applicable Debentures according to the aggregate of such interest or principal, as the case may be; 

  

	 	(d)	fourth, to pay any other liabilities of the Corporation under the Debenture Documents; and 

 

	 	(e)	fifth, to pay the surplus, if any, of such money to the Corporation; 

 provided, however, that no payment shall be made pursuant to Section 7.7(c) in respect of any Debenture for which the Trustee has received written notice that such Debenture is held, directly or
indirectly, by or for the benefit of the Corporation or any of its Subsidiaries or Affiliates (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any of its Subsidiaries or Affiliates, but only to
the extent of such Person’s interest therein) except after the prior payment in full of the principal and interest on the Debentures which are not so held together with any other amounts due under the Debenture Documents. 

Without affecting the rights as between the Corporation and the Debentureholders as set forth in this Section, each Debentureholder may
choose to internally account for any amount it receives in whatever manner such Debentureholder chooses. 
 7.8 Distribution of Proceeds

 Payments to holders of any Debentures pursuant to Section 7.7(c) must be made as follows: 

(1) at least fifteen (15) days’ notice of every such payment must be given specifying the time when and the place or places (if any) where such
Debentures are to be presented and the amount of the payment and the application thereof as between principal, interest and any other amount; 

(2) payment of any principal of each Debenture will be made upon presentment thereof at any one of the places specified in such notice and any such
Debenture thereby paid in full must be surrendered, or, if partially paid, a memorandum of such payment must be endorsed thereon. The Trustee may in its discretion dispense with presentment and surrender or endorsement in any special case upon such
indemnity being given as the Trustee deems sufficient; and 
 (3) from and after the date of payment specified in the notice, interest will
accrue only on the amount owing on each Debenture after giving credit for the amount of the payment specified in such notice unless payment of such amount is not made upon presentation of such Debenture if and as required. 

  
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 7.9 Trustee Appointed Attorney 

The Corporation hereby irrevocably appoints the Trustee to be the attorney in fact of the Corporation in the name and on behalf of the
Corporation to execute any instruments and do any acts and things which the Corporation ought to execute and do, and has not executed or done, under the covenants and provisions contained in this Indenture and generally to use the name of the
Corporation in the exercise of all or any of the powers hereby conferred on the Trustee, with full powers of substitution and revocation. 

7.10 Remedies Cumulative 

No remedy herein conferred upon or reserved to the Trustee or the Debentureholders is intended to be exclusive of any other remedy, but
each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing by law or by statute. 
 SECTION 8 — SATISFACTION AND DISCHARGE 
 8.1 Cancellation and Destruction

 All matured Debentures must, forthwith upon payment thereof in full, be cancelled and delivered to the Issuing and Paying
Agent. The Issuing and Paying Agent shall deliver the cancelled Debentures to the Trustee and prepare and retain a certificate of such cancellation and if requested in writing by the Corporation, deliver a duplicate thereof to the Corporation and
the Trustee in respect of all Debentures cancelled or required to be cancelled under this or any other provision of this Indenture. 
 8.2
Non-Presentment of Debentures 
 Subject to the provisions of Sections 2.7 and 2.9, if the holder of any Debenture fails to
present the same for payment on the date on which the principal thereof or the interest thereon becomes payable either at maturity or otherwise, the Corporation is entitled: 
 (1) to pay to the Trustee and direct it to set aside, or 
 (2) in respect of money in the hands of
the Issuing and Paying Agent that may or should be applied to the payment or redemption of such Debenture, to direct the Issuing and Paying Agent to pay to the Trustee to be set aside, 

  
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the principal money or the interest, as the case may be, in trust to be paid to the holder of such Debenture upon due presentment and surrender thereof in accordance with the provisions of this
Indenture; and thereupon the principal money or the interest payable on or represented by each Debenture in respect of which such money has been set aside will be deemed to have been paid and the holder thereof will thereafter have no right in
respect thereof except to receive payment of the money so set aside by the Trustee (without interest on such money) upon due presentment and surrender thereof, subject always to the provisions of Section 8.3. 

8.3 Release from Covenants and Discharge 
 Upon evidence being given by all of the Debentureholders to the reasonable satisfaction of the Trustee that the principal of all Debentures and interest (including interest on amounts in default) thereon
and other money payable hereunder have been indefeasibly paid to the Debentureholders, on maturity or otherwise (which evidence the Debentureholders shall give to the Trustee forthwith following such payment), and upon payment of all costs, charges
and expenses properly incurred by the Trustee hereunder and all interest thereon and the remuneration of the Trustee, or upon provision satisfactory to the Trustee being made therefor pursuant to Section 8.2, the Trustee must, at the request
and at the expense of the Corporation (i) execute and deliver to the Corporation such deeds or other instruments as are necessary to release the Corporation from its covenants herein contained or contained in the Debentures except those
relating to the indemnification of the Trustee and (ii) release and discharge the Keep Well Agreement, this Indenture and the other Debenture Documents and the security created thereby and execute and deliver such instruments as it is advised
by an opinion of Counsel are requisite for that purpose. 
 SECTION 9 — SUCCESSOR CORPORATIONS 

9.1 Certain Requirements in Respect of Merger, etc. 
 The Corporation will not enter into any transaction or series of related transactions (whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, lease or
otherwise) whereby all or substantially all of the undertaking and assets of the Corporation would become the property of any other Person or, in the case of amalgamation, of the continuing corporation resulting therefrom unless: 

(1) such other Person is a body corporate (herein called a “Successor Corporation”) incorporated under the laws of Canada or any
province thereof; 
 (2) the Successor Corporation executes and delivers to the Trustee, contemporaneously with the consummation of such
transaction, such instruments as (i) are satisfactory to the Debentureholders (expressed by Extraordinary Resolution of the holders of each series of Debentures), provided that if such transaction is an amalgamation under the CBCA of the
Corporation and one or more of its Affiliates such requirement that the instrument be satisfactory to the Debentureholders shall not apply and (ii) in the opinion of legal counsel, are necessary or advisable to evidence its agreement to observe
and perform all the covenants and obligations of 

  
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the Corporation under the Keep Well Agreement and Debenture Documents, and the Trustee shall be provided with an opinion of legal counsel addressed and acceptable to the Trustee as to the
enforceability of such instruments against the Successor Corporation; 
 (3) Honda executes and delivers to the Trustee, contemporaneously with
the consummation of such transaction in form satisfactory to the Trustee acting reasonably, a confirmation of its obligations under the Keep Well Agreement in respect of the Debentures; 
 (4) no condition or event exists in respect of the Corporation or the Successor Corporation at the time of such transaction and after giving full effect thereto that would constitute a Default or an Event
of Default, as confirmed by a certificate of the Corporation and the Successor Corporation; and 
 (5) any approval or consent of any
Governmental Body having jurisdiction over the Corporation or any of the businesses of the Corporation reasonably necessary to such transaction shall have been procured by the Corporation, as confirmed by a Certificate of the Corporation and the
Successor Corporation. 
 9.2 Vesting of Powers in Successor 
 Whenever the conditions of Section 9.1 have been observed and performed, the Trustee shall join in such documents and do such acts as are required in order to effect the intent of Section 9.1(2)
hereof and the Successor Corporation will thereupon succeed to (but without releasing the Corporation) the Corporation, with the same effect as if the Successor Corporation had been named herein as the party to the Keep Well Agreement and Debenture
Documents to which the Corporation was party, and the Successor Corporation will possess and from time to time may exercise each and every right and power of the Corporation or under the Keep Well Agreement and Debenture Documents to which it is
party, in the name of the Corporation or otherwise, and any act or proceeding required by any provision of the Keep Well Agreement, this Indenture, or any other Debenture Document to be done or performed by any Directors or officers of the
Corporation, may be done and performed with like force and effect by the like Directors or officers of a Successor Corporation. 
 9.3 Notice
to the Debentureholders 
 The Trustee agrees to forthwith give notice to the Debentureholders of any transaction referred to
in Section 9.1 of which it is aware. 
 SECTION 10 — SUPPLEMENTAL INDENTURES 

10.1 Supplemental Indentures Without Consent of Holders 
 The Corporation and the Trustee, at any time and from time to time, may without the consent of any Debentureholders, enter into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Corporation and the assumption by any
such successor of the covenants and obligations of the Corporation contained herein and in the Debentures in accordance with the provisions of Section 9; 

  
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 (2) to add to the covenants of the Corporation for the benefit of the holders of Debentures or to surrender
any right or power herein conferred upon the Corporation; 
 (3) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; 

(4) to correct any minor defects or errors; or 

(5) to establish the terms of any Additional Debentures as contemplated by Section 3.2(2), 
 provided that, except in the case of section 10.1(5), the Trustee gives not less than fourteen (14) days prior written notice to each of the Debentureholders of the proposed supplemental indenture
and the content thereof. The Trustee shall deliver a true copy of each supplemental indenture entered into pursuant to this Section 10.1 to each of the Debentureholders. 
 10.2 Supplemental Indentures With Consent of Holders 
 (1) Subject to Section 10.2(2),
with the consent of the holders by Extraordinary Resolution of the holders of the Debentures of any series (which consent may be subject to such conditions as such Debentureholders may require), the Corporation and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affect Debentures of such series or of modifying in any manner the rights
of the holders of such Debentures under this Indenture or any of the other Debenture Documents. 
 (2) Notwithstanding any other provision
hereof: 
  

	 	(a)	a change in the timing of any payment of the principal of, or any interest on, any Debenture which is stated to be due and payable, or change the time at which any
Debenture may or shall be repayable or reduce the principal amount thereof or the rate of interest thereon, or change the currency in which any Debenture or any premium or the interest thereon is payable, or 

 

	 	(b)	a reduction in the percentage in principal amount of the outstanding Debentures, the consent of whose holders is required for any supplemental indenture, or the consent
of whose holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture, or 

 

	 	(c)	a modification of any of the provisions of Sections 3.4, 3.7, 6.1(5), 6.1(10), 6.2, 6.3, 6.4, 7.1, 7.3, 7.4, 10.1 or 10.2, or 

 

	 	(d)	a change in the definition of Extraordinary Resolution in Section 14.12 

  
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 shall require the consent of the holders of at least 95% of the principal outstanding amount of any series
of Debentures so affected (which consent may be subject to such conditions as such Debentureholders may require). The Trustee shall deliver a true copy of each supplemental indenture entered into pursuant to this Section 10.2 to each of the
Debentureholders. 
 10.3 Execution of Supplemental Indentures 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Section 10.3 or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and shall be fully protected in relying upon, an opinion of legal counsel acceptable to the Trustee stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 10.4 Effect of Supplemental Indentures 
 Upon the execution of any
supplemental indenture under this Section 10, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every holder of Debentures theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 11 — ADMINISTRATION OF THE TRUST

 11.1 Sufficiency of Execution of Instruments 
 Any order, request, direction, certificate or other instrument to be made or given by the Corporation under any of the provisions hereof will, unless otherwise provided, be deemed sufficiently executed if
executed by any Responsible Officer holding office at the time of signing. The Trustee may receive a Certificate of the Corporation as sufficient evidence of the passage of any resolution of the Directors or of the shareholders of the Corporation.

 11.2 Trustee May Require Indemnity 
 Subject to Section 12.1 hereof, the Trustee will not be required to take any measures to enforce this Indenture or any covenant herein contained until furnished with sufficient funds for the purpose
and indemnified to its reasonable satisfaction. In no circumstances shall the Trustee be required to expend or risk its own funds or other assets. 
 11.3 Trustee May Employ Assistants 
 The Trustee may employ such counsel who
may but need not be counsel for Corporation, accountants, engineers, appraisers, other experts, agents, agencies and advisors as it may reasonably require for the purpose of discharging its duties under this Indenture or any

  
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agreement entered into in connection herewith, and the Trustee may act and shall be protected in acting in good faith on the opinion or advice or on information obtained from any such parties and
shall not be responsible for any misconduct on the part of any of them. The costs of such services shall be added to and be part of the Trustee’s fee hereunder. 
 11.4 Trustee May Act on Opinions or Advice 
 Except as otherwise provided
herein, the Trustee may, in relation to this Indenture, if it is acting in good faith, act and rely on the opinion or advice of or on information obtained from any legal counsel, notary, valuer, surveyor, engineer, broker, auctioneer, accountant or
other expert, whether obtained by the Trustee or by the Corporation or otherwise. 
 11.5 Trustee May Rely upon Declarations 

In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, act and rely, as to the truth of the statements
and accuracy of the opinions expressed therein, upon a statutory declaration, opinion, report, request, direction, instruction, certificate or other document furnished to the Trustee in connection with this Indenture where the Trustee examines the
same and determines that it complies with the applicable requirement, if any, of this Indenture. 
 11.6 Corporation Must Furnish Evidence of
Compliance 
 (1) The Corporation must furnish to the Trustee forthwith evidence of compliance with (i) the conditions precedent
provided for in this Indenture relating to the issue, certification and delivery of Debentures hereunder, (ii) every covenant and condition specified in this Indenture relating to the satisfaction and discharge of this Indenture and any other
action or step required or permitted by the Trustee to be taken by the Corporation hereunder, or as a result of any obligation imposed by this Indenture, or the taking of any other action to be taken by the Trustee in accordance with the terms
hereof or at the request of or on the application of the Corporation. 
 (2) Subject to any additional requirements under Applicable Laws, such
evidence will consist of (i) a Certificate of the Corporation stating that such conditions precedent have been complied with in accordance with the terms of this Indenture and (ii) in the case of conditions precedent, compliance with which
are by this Indenture subject to review or examination by Counsel, an opinion of such Counsel that such conditions precedent have been complied with in accordance with the terms of this Indenture. 

(3) Whenever such evidence relates to a matter other than the certification and delivery of Debentures and the satisfaction and discharge of this
Indenture, such evidence may, consist of or otherwise be in accordance with a report or opinion of any legal counsel, auditor, accountant, engineer or appraiser or any other Person whose qualifications give authority to a statement made by that
Person, but if such report or opinion is furnished by a Director, officer or employee of the Corporation it must be in the form of a statutory declaration or a certificate. 
 (4) Evidence furnished to the Trustee under this Section 11.6 must include (i) a statement by the Person giving the evidence declaring that such Person has read and understands the

  
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provisions hereof relating to the conditions precedent with respect to compliance with which such evidence is being given, (ii) a statement describing the nature and scope of the examination
or investigation upon which the statements or opinions contained in the evidence are based, and (iii) a statement declaring that, in the belief of the Person giving the evidence, such Person has made such examination or investigation as is
necessary to enable such Person to make the statements or give the opinions contained or expressed therein. 
 11.7 Trustee May Accept
Certificate of the Corporation 
 Except in cases where some other mode of proof is required by this Indenture, the Trustee
will be at liberty to accept a Certificate of the Corporation (i) as to any statements of fact, as evidence of the truth of such statements, and (ii) to the effect that any particular dealing or transaction or step or thing is, in the
opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Trustee may in its sole discretion require from the Corporation or otherwise further evidence or information before acting or relying on such
certificate. 
 11.8 Trustee May Act on Instruments Believed Genuine 

The Trustee will not be bound to act in accordance with any direction, order or request of the Corporation or of its Directors until a
direction, order, request or Certified Resolution of the Corporation, as appropriate has been delivered to the Trustee, and the Trustee will be empowered to act upon any such instrument purporting to be authenticated and believed by the Trustee to
be genuine. 
 11.9 Counsel Fees Need Not be Assessed 
 Whenever by this Indenture the Trustee is authorized to employ legal counsel, the costs of such legal counsel need not be assessed unless the Trustee or the Corporation deems it necessary to assess the
same, but may be fixed by the Trustee and paid as a lump sum whether incurred before or after a declaration has been made under Section 7.3 hereof or before or during proceedings taken to enforce the provisions of this Indenture and no costs
paid in good faith by the Trustee under the provisions of this Section 11.9 will be disallowed in the taking of any accounts by reason only of the fact that such costs are greater than they might have been if assessed or by reason of their not
having been assessed but such costs so paid by the Trustee will be allowed and paid to the Trustee. 
 11.10 No Person Dealing with Trustee
Need Enquire 
 No Person dealing with the Trustee need be concerned to enquire whether the powers that the Trustee is
purporting to exercise have become exercisable, or whether any money remains due upon the Debentures or to see to the application of any money paid to the Trustee. 

  
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 11.11 Investment of Trust Monies 

Any securities, documents of title or other instruments that may at any time be held by the Trustee subject to the trusts hereof may be
placed in the deposit vaults of the Trustee or of any Canadian chartered bank listed in Schedule I of the Bank Act (Canada) or deposited for safekeeping with any such bank. Unless herein otherwise expressly provided, any monies so held
pending the application or withdrawal thereof under any provisions of this Indenture shall be deposited in a trust account in the name of the Trustee (which may be held with the Trustee or an affiliate or related party of the Trustee), which account
shall be non-interest bearing. Upon receipt of a written direction from the Corporation, the Trustee shall invest such monies in its name in Authorized Investments (as defined below) in accordance with such direction. Any direction from the
Corporation to the Trustee shall be in writing and shall be provided to the Trustee no later than 9:00 a.m. on the day on which the investment is to be made. Any such direction received by the Trustee after 9:00 a.m. or received on a non-Business
Day, shall be deemed to have been given prior to 9:00 a.m. the next Business Day. For the purpose hereof, “Authorized Investments” means short term interest bearing or discount debt obligations issued or guaranteed by the Government of
Canada or a Province or a Canadian chartered bank (which may include an Affiliate or related party of the Trustee) provided that such obligation is rated at least R1 (middle) by Dominion Bond Rating Service Inc. or an equivalent rating service.

 In addition to any written direction to invest monies in an Authorized Investment, the Trustee may hold cash balances
constituting part or all of such monies and may, but need not, invest same in its deposit department or the deposit department of one of its Affiliates; however the Trustee and its Affiliates shall not be liable to account for any profit to any
parties to this Indenture or to any other person or entity other than at a rate, if any, established from time to time by the Trustee or one of its Affiliates.” For the purpose of this Section 11.11 only, “Affiliate” means
affiliated companies within the meaning of the Business Corporations Act (Ontario) (“OBCA”); and includes Canadian Imperial Bank of Commerce, CIBC Mellon Global Securities Services Company, Mellon Financial Corporation and Mellon
Bank, N.A. and each of their affiliates within the meaning of the OBCA. 
 The Trustee shall not be held liable for any losses
incurred in the investment of any monies in Authorized Investments. 
 SECTION 12 — CONCERNING THE TRUSTEE 

12.1 Duty of Trustee 
 In
the exercise of the powers, rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee must exercise that degree of care, diligence and skill that a prudent trustee would exercise in comparable circumstances.

  
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 12.2 Replacement of Trustee 
 (1) The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation sixty (60) days’ notice in writing or such shorter notice as
the Corporation may accept as sufficient. The holders may by an Extraordinary Resolution remove the Trustee and appoint a new Trustee. In the event of the Trustee resigning or being so removed by the Debentureholders or being dissolved, becoming
bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Trustee acceptable to the Debentureholders, unless a new Trustee has already been appointed by the Debentureholders;
failing such appointment by the Debentureholders or by the Corporation, the retiring Trustee or any Debentureholder, at the Corporation’s expense, may apply to a Judge of the Ontario Court (General Division), on such notice as such Judge may
direct, for the appointment of a new Trustee; but any new Trustee so appointed by the Corporation or by the Court will be subject to removal as aforesaid by the Debentureholders. Any new Trustee appointed under any provision of this
Section 12.2 must be a corporation authorized to carry on the business of a trust company in the Province of Ontario. On any new appointment the new Trustee shall be vested with the same powers, rights, duties and obligations as if it had been
originally named herein as Trustee without any further assurance, conveyance, act or deed; but there shall be immediately executed, at the expense of the Corporation, all such conveyances or other instruments as may, in the opinion of Counsel, be
necessary or advisable for the purpose of assuring the same to the new Trustee. The Trustee shall, upon payment of its fees then outstanding, make available to the new Trustee copies of all books and records, whether written or otherwise recorded,
relating to the administration by the Trustee of the trusts herein provided, which books and records are required by the new Trustee for the proper and efficient administration of the trusts herein provided. 

(2) Any corporation into which the Trustee may be merged or with which it may be consolidated or amalgamated or any corporation resulting from any
merger, consolidation or amalgamation to which the Trustee is a party or any corporation succeeding to the trust business of the Trustee will be the successor Trustee under this Indenture without the execution of any instrument or any further act,
if eligible as provided in clause (1) of this Section 12.2. 
 12.3 Trustee May Deal in Debentures 

Subject to Section 12.6 the Trustee may, for its own account or for the account of another, buy, lend upon and deal in the Debentures
either with the Corporation or otherwise, and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profit made thereby. 

12.4 Trustee Not Required to Give Security 
 The Trustee will not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

  
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 12.5 Protection of Trustee 
 By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows: 
 (1) the Trustee will not be liable for or by reason of any statements of facts or recitals in this Indenture or in the Debentures (except the representation contained in Section 12.6 and in the
certificate of the Trustee containing the applicable bylaws, resolutions and incumbency signatures relating to the execution of this Indenture (including any amendment or supplement thereto) by the Trustee ) or required to verify the same, but all
such statements or recitals are deemed to be made by the Corporation; 
 (2) nothing herein contained will impose any obligation on the Trustee
to see or to require evidence of registration or filing (or renewals thereof) of this Indenture or any instrument ancillary or supplemental hereto; 
 (3) the Trustee will not be bound to give any notice of the execution hereof; 
 (4) the Trustee
will not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Corporation of any of the covenants herein contained or of any act of the agents or servants of the
Corporation; 
 (5) the Trustee will have no obligation to analyse any information delivered to it pursuant to Section 6.1(5) or be under
any duty to analyse financial statements or evaluate the performance of the Corporation or Honda based upon such financial statements, nor shall the Trustee have, in the absence of any request from a Debentureholder accompanied by an indemnity
acceptable to it, any duty to make any other examination or to require any other statement, report or opinion in respect of the Debentures; and 

(6) the Trustee shall not be liable for or by reason of any failure or defect of title to, or encumbrance upon, the property or assets of the
Corporation. 
 12.6 Conflict of Interest 
 (1) The Trustee represents to the Corporation that at the time of the execution and delivery hereof no material conflict of interest exists in the Trustee’s role as a fiduciary hereunder and agrees
that in the event of a material conflict of interest arising hereafter it will, within thirty (30) days after ascertaining that it has such material conflict of interest, either eliminate the same or resign its trust hereunder. 

(2) The Trustee is also trustee pursuant to a separate trust indenture dated September 26, 2003, as supplemented, which governs other senior
unsecured debentures of the Corporation which are guaranteed by American Honda Finance Corporation. 

  
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 12.7 Acceptance of Trusts 
 The Trustee hereby accepts the trusts in this Indenture declared and provided and agrees to perform the same upon the terms and conditions herein set forth. 

12.8 Indemnity 
 (1) Additional to and
without limiting any other protection of the Trustee hereunder or otherwise by law, the Corporation shall indemnify and save harmless the Trustee, its officers, directors, employees and agents from and against any and all liabilities, losses,
claims, damages, penalties, actions, suits, demands, costs, expenses and disbursements including reasonable legal and advisor fees and disbursements of whatever kind and nature which may at any time be imposed on, incurred by or asserted against the
Trustee, its officers, directors, employees and agents howsoever arising from or out of any act, omission or error of the Trustee, its officers, directors, employees and agents made in good faith in the conduct of its duties hereunder (other than
out of negligence or wilful misconduct of the Trustee, its employees, officers or agents), including any deed, act, matter or thing in relation to the registration, perfection, release or discharge of security. This indemnity shall survive removal
or resignation of the Trustee and discharge of this Indenture and the termination of any trusts created hereby. 
 (2) In no event shall the
Corporation be liable to indemnify an indemnified party against any loss, expense, claims, liability or asserted liability to the extent resulting from the negligence or wilful misconduct of the indemnified party. 

12.9 Notices of Debentureholders 
 Copies of all notices received by the Trustee hereunder shall be sent forthwith, and in any event not later than five (5) Business Days after receipt, to the Debentureholders. 

12.10 Duty of Care 

Subject to Section 14.1 duty of care, unless and until it shall have been required so to do under the terms hereof, the Trustee shall
not be bound to do or take any act, action or proceeding in virtue of the powers conferred on it hereby, nor shall the Trustee be required to take notice of any Event of Default hereunder, other than in payment of any moneys required by any
provision hereof to be paid to it or where it has actual knowledge thereof, unless and until notified in writing of such Event of Default (which notice shall distinctly specify the Event of Default desired to be brought to the attention of the
Trustee) and in the absence of any such notice and subject as aforesaid, the Trustee may for all purposes of this Indenture conclusively assume that the Corporation is not in default hereunder and that no Event of Default has been made with respect
to the payment of principal, premium, if any, interest on or payments in respect of the Debentures or in the observances or performance of any of the covenants, agreements or conditions contained herein. Subject to Section 14.1 and except as
otherwise herein stated, any such notice or requisition shall in no way limit any discretion herein given to the Trustee to determine whether or not the Trustee shall take action with respect to any Event of Default or take action without any such
notice or requisition. 

  
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 12.11 Trustee May Accept Certificate of the Corporation 

Except in cases where some other mode of proof is required by this Indenture, the Trustee will be at liberty to accept a Certificate of
the Corporation (i) as to any statements of fact, as evidence of the truth of such statements, and (ii) to the effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient,
as evidence that it is expedient; provided that the Trustee may in its sole discretion require from the Corporation or otherwise further evidence or information before acting or relying on such certificate. 

12.12 Trustee May Act on Instruments Believed Genuine 
 The Trustee will not be bound to act in accordance with any direction, order or request of the Corporation or of its Directors until (in addition to any other conditions precedent specified herein) a
direction, order, request or Certified Resolution of the Corporation, as appropriate has been delivered to the Trustee, and the Trustee will be empowered to act upon any such instrument purporting to be authenticated and believed by the Trustee to
be genuine. 
 12.13 Clarification of Instructions 
 If the Trustee in good faith determines that there is a conflict between its duties as set out herein or instructions received by it from the Debentureholders, the Trustee shall advise the
Debentureholders and not be required to take any action until it receives clarifying instructions. 
 12.14 Trust Indenture Legislation

 (1) In this Section, the term “Applicable Legislation” means the provisions, if any, of the CBCA and any other statute in Canada
or a province thereof, and of the regulations under any such named or other statute, relating to trust indentures and/or to the rights, duties and obligations of trustees under trust indentures and of corporations issuing debt obligations under
trust indentures, to the extent that such provisions are at the time in force and applicable to this Indenture. 
 (2) If and to the extent that
any provisions of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. 
 (3) The Corporation and the Trustee agree that each will at all times in relation to this Indenture and any action to be taken hereunder observe and comply with and be entitled to the benefits of
Applicable Legislation. 

  
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 SECTION 13 — NOTICES 
 13.1 Notice to Corporation 
 Any notice to the Corporation under the
provisions hereof will be valid and effective if in writing and (i) delivered to, or mailed by registered mail, postage prepaid, addressed to the Corporation at 3650 Victoria Park Avenue, Suite 400, North York, Ontario M2H 3P7 Attention:
Treasurer, or (ii) sent by facsimile to the attention of such person at (416) 754-0096, and, subject as provided in this Section 13.1, will be deemed to have been given at the time of delivery or sending by facsimile or on the fifth
Business Day after mailing. Any sending by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement does not affect the deemed delivery by facsimile transmission. Any delivery
made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to have been made or sent on the next following Business Day. The Corporation may from time to time notify the Trustee and
each Debentureholder of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Corporation for all purposes of this Indenture. 

13.2 Notice to Debentureholder 
 Any notice to the Debentureholders under the provisions hereof will be valid and effective if in writing and delivered to, or mailed by registered mail, postage prepaid, or sent by facsimile, in each case
addressed to the Debentureholders at their addresses or facsimile numbers, if any, appearing in any Register and, subject as provided in this Section 13.2, will be deemed to have been given at the time of delivery or sending by facsimile or on
the fifth Business Day after mailing. Any notices to joint holders of any Debenture may be given to such holders at the address of any such joint holder first listed in the Register mentioned, and any notice so given shall be sufficient notice to
all holders of such Debenture. Any notice sent pursuant to this Section 13.2 by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement does not affect the deemed
delivery by facsimile transmission. Any delivery made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to have been made or sent on the next following Business Day. 

13.3 Notice to the Trustee 
 Any notice to the Trustee under the provisions hereof will be valid and effective if in writing and (i) delivered or mailed by registered mail, postage prepaid, addressed to the Trustee: 320 Bay
Street, P.O. Box 1, Toronto, Ontario, M5H 4A6, Attention: Director, Corporate Trust, or (ii) sent by facsimile to fax number (416) 643-5570, and, subject as provided in this Section 13.3, will be deemed to have been received at the
time of delivery or sending by facsimile or on the fifth Business Day after mailing. Any sending of a notice by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement shall
not affect the deemed delivery of such notice by facsimile transmission. Any 

  
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delivery made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to be made or sent on the next following Business Day. The
Trustee may from time to time notify the Corporation of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Trustee for all purposes of this Indenture. 

13.4 Postal Service Interruption 
 In the case of disruption in postal services any notice, if given solely by mail, shall not be deemed to have been given until it is actually delivered. 

SECTION 14 — MEETINGS OF DEBENTUREHOLDERS 
 14.1 Right to Convene Meeting 
 The Trustee may at any time and from time to
time in connection with the exercise of its duties hereunder, and shall, on receipt of a request of the Corporation, or a Debentureholders’ Request, or a Debentureholders Request from the holders of the Debentures of any series, directed to it,
convene a meeting of the Debentureholders or the Debentureholders of any series, as applicable. Prior to convening such meeting, the Trustee shall be indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing
such Debentureholders’ Request, as the case may be, against the costs that may be incurred in connection with the calling and holding of such meeting. If the Trustee fails, within seven (7) Business Days after receipt of such request and
indemnity, to give notice convening such meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting will be held in the City of Toronto or at such other place as may be approved or determined
by the Trustee. 
 14.2 Notice 
 At least ten (10) Business Days’ notice of any meeting must be given to the applicable Debentureholders in the manner provided in Section 13 and a copy thereof must be sent to the Trustee
in the manner set out in Section 13 unless the meeting has been called by the Trustee and to the Corporation if the Corporation has been requested to attend the meeting in the manner set out in Section 13 unless the meeting has been called
by the Corporation. Such notice must state the time when and the place where the meeting is to be held and set out the general nature of the business to be transacted thereat. It is not necessary for any such notice to set out the terms of any
resolution to be proposed or any of the provisions of this Section 14. Upon consent of all applicable Debentureholders such notice may be waived. 

  
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 14.3 Chair 
 A nominee of the Debentureholders approved by a Debentureholders’ Resolution or a Debentureholders Resolution of the holders of the Debentures of any series, as applicable, will be the chair of such
meeting of Debentureholders unless a majority of the Debentureholders present thereat object in which case such Debentureholders shall nominate and appoint an individual, who need not be a Debentureholder, to be the chair of the meeting. 

14.4 Quorum 
 Unless
otherwise provided in this Indenture: 
 (1) at any meeting of Debentureholders, a quorum will consist of Debentureholders present in person or
represented by proxy and representing more than 50% of the outstanding principal amount of the applicable Debentures; 
 (2) if a quorum of the
applicable Debentureholders is not present within 30 minutes after the time fixed for holding the meeting the meeting will be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall stand adjourned to
the next following Business Day thereafter) at the same time and place, with notice sent to each applicable Debentureholder by facsimile transmission unless the chairperson appoints some other place, day or time, of which not less than seven
(7) days’ notice must be given in the manner provided in Section 13. At the adjourned meeting, when reconvened, the Debentureholders present in person or represented by proxy representing at least 25% in outstanding principal amount
of the applicable Debentures will constitute a quorum notwithstanding that they may not represent 50% in outstanding principal amount of the applicable Debentures. If a quorum of the applicable Debentureholders is not present within 30 minutes after
the time fixed for such adjourned meeting, the meeting will be dissolved. 
 14.5 Power to Adjourn 

The chairperson of any meeting at which a quorum of the applicable Debentureholders is present may, with the consent of the holders of a
majority in outstanding principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjourned meeting need be given except such notice, if any, as the meeting so adjourned may prescribe. 

14.6 Show of Hands 

Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands, except that
votes on Extraordinary Resolutions shall be given in the manner provided by Section 14.12. At any such meeting, unless a poll is required or duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or
carried unanimously by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands or on a poll, to vote in respect of the
Debentures, if any, held by him. 

  
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 14.7 Poll 
 On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded after a vote by show of hands by the chairperson or by any Debentureholder acting in person or by proxy, a
poll must be taken in such manner as the chairperson directs. Questions other than Extraordinary Resolutions will, if a poll is taken, be decided by the votes of the holders of a majority in principal amount of the Debentures represented at the
meeting and voted on the poll. 
 14.8 Voting 
 On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more absent Debentureholders or both, will have one vote. On a poll each applicable
Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing will be entitled to one vote in respect of each $10,000 principal amount of applicable Debentures of which it is then the holder. A proxy need not
be a Debentureholder. In the case of joint registered holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others; but if more than one of them is present in person or by proxy,
they must vote together in respect of the Applicable Debentures of which they are joint registered holders. 
 14.9 Regulations

 The Trustee, or the Corporation with the approval of the Trustee, may from time to time make and vary such regulations, in
customary form, as it thinks fit (provided that the applicable Debentureholders shall be provided with copies of such regulations ten (10) Business Days prior to such regulations, variations of regulations or revocation of regulations becoming
effective): 
 (1) providing for the form of the instrument of proxy and the manner in which the same is to be executed and the production of
the authority of any Person signing on behalf of a Debentureholder; 
 (2) for the deposit of instruments appointing proxies at such place as
the Trustee, the Corporation or the Debentureholders convening the meeting, as the case may be, may in the notice convening the meeting direct, and the time before the holding of the meeting, or adjourned meeting, when the same must be deposited;
and 
 (3) enabling particulars of such instruments appointing proxies to be mailed, cabled or sent by any other electronic means of
communication before the meeting to the Corporation, to the Trustee or to the Debentureholders convening the meeting at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were
produced at the meeting. 
 Any regulations so made will be binding and effective and the votes given in accordance therewith
will be valid and counted. Except as otherwise provided in such regulations, the only Persons who will be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, will be the
registered holders of Debentures and Persons duly appointed as proxy holders. 

  
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 14.10 Corporation and Trustee may be Represented 

The Trustee, its officers, directors, employees and its legal advisors may attend any meeting of any Debentureholders convened by the
Trustee, the Corporation or any Debentureholders, but shall have no vote at such meeting. The legal advisers of any applicable Debentureholders may attend any meeting of such Debentureholders, but will have no vote at such meeting. The Corporation
and its legal advisors may attend any meeting of any Debentureholders convened by the Corporation, but shall have no vote at such meeting. The Corporation and its representatives and legal advisors may attend any meeting of any Debentureholders
convened by the Trustee or by such Debentureholders, if consented to by all of such Debentureholders but shall have no vote at such meeting. 

14.11 Powers Exercisable by Extraordinary Resolution 
 Subject to Section 10.2(2) hereof, the following powers may be exercised by the Debentureholders only by Extraordinary Resolution of the holders of Debentures of the particular series: 

(1) power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of the Debentureholders of such series against
the Corporation, whether such rights arise under this Indenture, the other Debenture Documents or otherwise; 
 (2) power to direct or authorize
the Trustee to exercise or refrain from exercising any power, right, remedy or authority given to it on behalf of the Debentureholders of such series by the Keep Well Agreement, this Indenture or the other Debenture Documents in any manner specified
in such Extraordinary Resolution; 
 (3) power to waive and direct the Trustee to waive any default on the part of the Corporation in complying
with any provision of this Indenture or the Debentures of such series and to annul or to direct the Trustee to annul, as applicable, any declaration made by the Trustee pursuant to Section 7.3, either unconditionally or upon any conditions
specified in such Extraordinary Resolution; 
 (4) power to restrain any Debentureholder of such series from taking, instituting or maintaining
any action or other proceeding for the payment of principal or interest or for the execution of any trust or power hereunder or to have the Corporation wound up or for any other remedy thereunder; 

(5) power to direct any Debentureholder of such series who, as such, has instituted any such action or other proceeding to stay or otherwise discontinue
or otherwise deal with any such action or proceeding upon payment, if the taking of such action or proceeding was permitted by Section 7.6, of the costs, charges and expenses reasonably and properly incurred by such holder in connection
therewith; 

  
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 (6) power to sanction the exchange of Debentures of such series for, or the conversion of Debentures of such
series into, shares, bonds, debentures, notes or any other securities or obligations of the Corporation or any other body corporate or other entity formed or to be formed and power to sanction the distribution in specie to Debentureholders of such
series of assets of the Corporation or such shares, bonds, debentures, notes or other securities or obligations; 
 (7) power to repeal, modify
or amend any Extraordinary Resolution of the holders of Debentures of such series previously passed by such Debentureholders; 
 (8) power to
establish and dissolve a committee, and to provide for the appointment of members thereof, to consult with the Trustee and to delegate to such committee (subject to such limitations, if any, as may be prescribed in such Extraordinary Resolution) all
or any of the powers that the Debentureholders of such series can exercise by Extraordinary Resolution under the foregoing clauses (1) to (7). Such committee will consist of such number of Persons as prescribed in the Extraordinary Resolution
establishing it, and the members need not themselves be Debentureholders. Subject to the Extraordinary Resolution establishing it and providing for the appointment of members thereof, every such committee may elect its chairperson and may make
regulations respecting its quorum, the calling of its meetings, the filling of vacancies occurring in its number, the manner in which it may act and its procedure generally and such regulations may provide that the committee may act at a meeting at
which a quorum is present or by resolution signed by a majority of the members thereof or the number of members thereof necessary to constitute a quorum, whichever is the greater. All acts of any such committee within the authority delegated to it
will be binding upon all Debentureholders of such series. Neither the committee nor any member thereof will be liable for any loss arising from or in connection with any action taken or omitted to be taken by them in good faith. Any such committee
will be indemnified by the Corporation and any such indemnity will provide that any claims made thereunder will rank in priority to other amounts due hereunder (other than to the Trustee). In addition, any such committee may cause the Corporation to
acquire insurance to reasonably protect the committee members against liabilities that might be incurred in acting as a member of such committee. In exercising its powers or duties, any such committee shall have the same rights as does the Trustee
under Sections 11.3, 11.4, 11.5, 11.7 and 11.8; 
 (9) power to sanction on behalf of the holders of the Debentures of such series any scheme
for the reconstruction, reorganization or recapitalization of the Corporation, or for the consolidation, amalgamation or merger of the Corporation into or with any other corporation; 
 (10) power to file and prove a claim or debt of the Debentureholders of such series against the Corporation in any proceedings involving the Corporation and to generally act for and on behalf of the
Debentureholders of such series in any such proceedings and to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any shares or securities of
the Corporation; and 
 (11) power to indemnify any Persons, including any committee appointed under Section 14.11(8), and to provide that
such indemnity rank ahead of the payment of amounts owing to the holders in respect of the Debentures of such series. 

  
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 14.12 Meaning of “Extraordinary Resolution” 

The expression “Extraordinary Resolution” means, subject as in Section 14.16 provided, a resolution
passed at a meeting of Debentureholders, or of the Debentureholders of any particular series, as the case may be, duly convened for the purpose and held in accordance with the provisions hereof at which a quorum is present as provided in
Section 14.4 and passed by the affirmative vote of the holders of not less than 662/3 % of the
principal amount of the Debentures, or the Debentures of the applicable series, as the case may be, outstanding; provided, however, that, for greater certainty, the power set forth in paragraph (6) of Section 14.11 may only be exercised by
Extraordinary Resolution passed by the affirmative vote of the holders of at least 95% of the outstanding principal amount of the Debentures of the applicable series. 
 14.13 Powers Exercisable by Debentureholders’ Resolution 
 Subject to
Sections 10.1, 10.2 and 14.11 hereof, any of the provisions of this Indenture may be amended by the Trustee on the direction of the Corporation with the approval of the holders of all Debentures by Debentureholders’ Resolution except where such
amendment may be prejudicial to the holders of outstanding Debentures. 
 14.14 Powers Cumulative 

Any one or more of the powers and any combination of the powers in this Indenture stated to be exercisable by any Debentureholders by
Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time will not be deemed to exhaust the right of such Debentureholders to exercise such powers thereafter from
time to time. 
 14.15 Minutes 
 Minutes of all resolutions and proceedings at every meeting of any applicable Debentureholders shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at
the expense of the Corporation, and any such minutes, if signed by the chairperson of the meeting at which such resolutions were passed or proceedings had, or by the chairperson of the next succeeding meeting of the applicable Debentureholders,
shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all
resolutions passed thereat or proceedings had, to have been duly passed and had. 
 14.16 Instruments in Writing 

All actions that may be taken and all powers that may be exercised by the Debentureholders by Debentureholders’
Resolution or Extraordinary Resolution at a meeting held as herein provided may also be taken and exercised by the holders of not less than 51% or 662/3%, respectively, of the outstanding principal amount of the Debentures of the applicable series by an instrument in writing
signed in one or more counterparts, and the expression “Debentureholders’ Resolution” and “Extraordinary Resolution” when used in this Indenture includes an instrument so signed. 

  
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 14.17 Binding Effect of Resolutions 

Every Debentureholders’ Resolution and every Extraordinary Resolution passed in accordance with the provisions hereof at a meeting of
Debentureholders or by an instrument in writing in lieu of a meeting of Debentureholders will be binding upon all Debentureholders of the applicable series of Debentures and each such Debentureholder and the Trustee (subject to the provisions for
its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing. 
 SECTION 15 — EXECUTION 
 15.1 Counterparts and Formal Date 

This Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts
together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of September 26, 2005. 

  
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 The parties have executed this Agreement. 

 

			
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Yatendra Killer

		 	Name: Yatendra Killer
		 	Title: Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name: Chris McGregor
		 	Title: Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name: Pamela Lively
		 	Title: Associate Manager

  
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 Schedule 3.1(1)(g) – Form of Debenture 

See Attached 

 CUSIP# CA43812ZAH34 

 

			
	 SERIES 2005-4
	 	Serial
No.                    

 

					
		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 26, 2005	 		 	September 26, 2008
	
	for value received hereby promises to pay to or to the order of

 

			
	 REGISTERED HOLDER
	  	 

			
		
	 ADDRESS
	  	 
	
	 

					
			
	 on the Maturity Date the sum of
	  	 	 	DOLLARS

 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to
the Three Month BA Rate plus 0.15% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable* in lawful money of Canada 

on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON SEPTEMBER 26, DECEMBER 26, MARCH 26, AND JUNE 26 OF EACH YEAR COMMENCING ON DECEMBER 26, 2005* 

SPECIAL FEATURES 
 Reference is hereby made to
the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.

 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 

Dated: SEPTEMBER 26, 2005 
 Countersigned on
behalf of 
 Canadian Imperial Bank of Commerce 
  

															
								
	By:	 	 	 		 	By:	 	 	 		 	By:	 	 
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2005-4 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005 (the Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture
shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	In this Debenture: 

 Three
Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of interest for Canadian dollar bankers’ acceptances with a maturity of three months from September 26, 2005 or
applicable Floating Rate Determination Date, as expressed on the 

 
Reuters CDOR pages as of 10:00 a.m., Toronto time, on September 26, 2005 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at
any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for
Canadian dollar bankers’ acceptances with a maturity of three months from September 26, 2005 or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single
transaction in the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian interbank market selected by the Company at approximately 10:00
a.m., Toronto time, on September 26, 2005 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on September 26, 2005 and on each Floating Rate Determination Date thereafter. Interest is calculated
quarterly not in advance. “Floating Rate Determination Date” means September 26, December 26, March 26 and June 26 of each year. 
 Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date (or, in the case of the initial Interest Period,
September 26, 2005), and ending on the day before such Interest Payment Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

 CUSIP# CA43812ZAG50 

 

			
	 SERIES 2005-3
	 	Serial
No.                    

 

					
		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 26, 2005	 		 	September 26, 2007
	
	for value received hereby promises to pay to or to the order of

  

			
	 REGISTERED HOLDER
	  	 

			
		
	 ADDRESS
	  	 
	
	 

					
			
	 on the Maturity Date the sum of
	  	 	 	DOLLARS

  
 plus interest thereon on each Interest Payment Date
for the Interest Period then ended at the rate of interest equal to the Three Month BA Rate plus 0.095% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable* in lawful
money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON SEPTEMBER 26, DECEMBER 26, MARCH 26 AND JUNE 26 OF EACH YEAR COMMENCING ON DECEMBER 26,
2005* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when
manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS
WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: SEPTEMBER 26, 2005

 Countersigned on behalf of 

Canadian Imperial Bank of Commerce 
  

															
								
	By:	 	 	 		 	By:	 	 	 		 	By:	 	 
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2005-3 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the
Indenture shall rank pad passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	In this Debenture: 

 Three
Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of interest for Canadian dollar bankers’ acceptances with a maturity of three months from September 26, 2005 or
applicable Floating Rate Determination Date, as expressed on the 

 
Reuters CDOR pages as of 10:00 a.m., Toronto time, on September 26, 2005 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at
any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for
Canadian dollar bankers’ acceptances with a maturity of three months from September 26, 2005 or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single
transaction in the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian interbank market selected by the Company at approximately 10:00
a.m., Toronto time, on September 26, 2005 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on September 26, 2005 and on each Floating Rate Determination Date thereafter. Interest is calculated
quarterly not in advance. “Floating Rate Determination Date” means September 26, December 26, March 26 and June 26 of each year. 
 Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date (or, in the case of the initial Interest Period,
September 26, 2005), and ending on the day before such Interest Payment Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

 Schedule 5.1(5) – Defaults and Regulatory Approvals 

Nil 

 Schedule 5.1(6) – Material Litigation 

Nil 

 FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture is made as of August 25, 2006, between 

 

					
		  	HONDA CANADA FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada; (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee (as further amended, supplemented, modified,
restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2006-1 Debentures” and the “Series 2006-2
Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 

In this First Supplemental Indenture the following teams will have the following meanings: 

(1) Series 2006-1 Debentures means the Senior Unsecured Series 2006-1 Debentures to be created and issued hereunder. 

(2) Series 2006-2 Debentures means the Senior Unsecured Series 2006-2 Debentures to be created and issued hereunder. 

(3) Series 2006-1 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2006-1 Debenture namely
each of November 25, 2006, February 25, 2007, May 25, 2007, August 25, 2007, November 25, 2007, February 25, 2008, May 25, 2008 and the Series 2006-1 Maturity Date. 

(4) Series 2006-2 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2006-2 Debenture namely
each of February 25, 2007, August 25, 2007, February 25, 2008, August 25, 2008, February 25, 2009, August 25, 2009, February 25, 2010, August 25, 2010, February 25,
2011 and the Series 2006-2 Maturity Date. 

 (5) Series 2006-1 Interest Period means in respect of a Series 2006-1 Interest Payment Date,
the period commencing on and including the previous Series 2006-1 Interest Payment Date and ending on the day before such Series 2006-1 Interest Payment Date. 
 (6) Series 2006-2 Interest Period means in respect of a Series 2006-2 Interest Payment Date, the period commencing on and including the previous Series 2006-2 Interest Payment Date and
ending on the day before such Series 2006-2 Interest Payment Date. 
 (7) Series 2006-1 Maturity Date means August 25, 2008.

 (8) Series 2006-2 Maturity Date means August 25, 2011. 
 1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this First
Supplemental Indenture, all capitalized terms used in this First Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 
 This First Supplemental Indenture is supplemental to
the Trust Indenture and the Trust Indenture shall be read in conjunction with this First Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this First Supplemental
Indenture in the same manner as if all of the provisions of the Trust Indenture and of this First Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms
of the Trust Indenture shall be, solely in respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this First Supplemental Indenture are applicable only in
respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures. 
 1.4 Currency 

Unless stated otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series
2006-1 Debentures and the Series 2006-2 Debentures 
  

	(1)	The Series 2006-1 Debentures shall: 

  

	 	(a)	be issued on or before August 25, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-1 Interest Payment Date, at a rate equal to the Floating Rate plus 0.09%, payable
quarterly in arrears on each Series 2006-1 Interest Payment Date, the first such payment being due on November 25, 2006; 

  
 - 2 -

	 	(d)	be issuable as fully registered Debentures in multiples of $ 1,000; 

  

	 	(e)	mature on the Series 2006-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-1 Maturity Date in full to each holder of a Series 2006-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this First Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2006-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $300,000,000. 

  

	(2)	The Series 2006-2 Debentures shall: 

  

	 	(a)	be issued on or before August 25, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006-2 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-2 Interest Payment Date, at a fixed rate equal to 4.696% per annum, payable
semi-annually in arrears on each Series 2006-2 interest Payment Date, the first such payment being due on February 25, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2006-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-2 Maturity Date in full to each holder of a Series 2006-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as maybe required or
permitted by this First Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2006-2 Debenture;

  
 - 3 -

	 	(f)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $200,000,000. 

(3) For purposes of the Series 2006-1 Debentures and the Series 2006-2 Debentures, the “Floating Rate Determination Date” shall be
August 25, November 25, February 25 and May 25 of each year. 
 (4) Section 4.5 of the Trust Indenture shall
not apply in respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any
2006-1 Debenture or any 2006-2 Debenture during the following periods each year. In the case of Series 2006-1 Debentures: (i) from and including August 10 to and including August 25, (ii) from and including November 10 to
and including November 25, (iii) from and including February 10 to and including February 25, (iv) from and including May 10 to and including May 25. In the case of Series 2006-2 Debentures: (i) from and
including August 10 to and including August 25 and (ii) from and including February 10 to and including February 25.” 
 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 

The Trust Indenture as supplemented and amended by this First Supplemental Indenture, shall and does continue in full force and effect,
otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest
Act (Canada), the annual rates of interest provided in this First Supplemental Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so
determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be. 
 3.3 Acceptance 
 The Trustee hereby accepts the trust in this First
Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 4 -

 3.4 Counterparts and Formal Date 

This First Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of August 25, 2006. 

  
 - 5 -

 The parties have executed this First Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Yustsu Sato

		 	Name:	 	Yustsu Sato
		 	Title:	 	President
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2006-1 Debenture 

  
 2.1(1)(G) - 1

 CUSIP# CA43812ZAJ99 

 

					
	SERIES 2006-1	 		 	 Serial
No.                    
  

		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date                    
			
		 		 	August 25, 2008                    

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month
BA Rate plus 0.09% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable in lawful money of Canada

 
 on presentation and, on the Maturity Date surrender of this
Debenture.

	
	Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON AUGUST 25, NOVEMBER 25, FEBRUARY 25 AND MAY 25 OF EACH YEAR COMMENCING ON NOVEMBER 25, 2006*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized
signatories.

	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-1 Debentures of the Company (the “Debentures”) issued pursuant
to the first supplemental Indenture dated August 25, 2006 supplementing the Indenture made as of September 26, 2006 (together, the “Indenture”) between the Company and CIBC Mellon Trust Company (“Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	The Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution

	 	
satisfactory to the Issuing, Transfer and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe;
and 

  

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
Interest for Canadian dollar bankers’ acceptances with a maturity of three months from August 25, 2006 or applicable Floating Rate Determination Date, as expressed on the Reuters CDOR pages as of 10:00 a.m., Toronto time, on
August 25, 2006 or applicable Floating Rate Determination Date if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity of three months from August 25, 2006 or
applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the principal Toronto office of three of the five largest
Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00

 

	 	
a.m., Toronto time, on August 25, 2006 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on August 25, 2006 and on each Floating Rate
Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination Date” means August 25, November 25, February 25 and May 25 of each year. 

Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date
(or, 

 
in the case of the Initial Interest Period, August 25, 2006), and ending on the day before such Interest Payment Date. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2006-2 Debenture 

  
 2.1(2)(g) - 1

 CUSIP# CA43812ZAK62 

 

					
	SERIES 2006-2	 		 	 Serial
No.                    
  

		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date                    
			
		 		 	August 25, 2011                    

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to 4.696% computed
on the outstanding balance of the Debenture on a semi-annual basis in lawful money of Canada
  
 on presentation and, on the Maturity Date surrender of this Debenture.

	
	Interest Payment Dates: PAYABLE SEMI-ANNUALLY IN ARREARS ON AUGUST 25 AND FEBRUARY 25 OF EACH YEAR COMMENCING ON FEBRUARY 25, 2007*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.
	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-2 Debentures of the Company (the “Debentures”) issued pursuant
to the first supplemental Indenture dated August 25, 2006, supplementing the Indenture made as of September 26, 2005 (together, the “Indenture”) between the Company and CIBC Mellon Trust Company (“Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	The Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	In this Debenture, Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous interest Payment Date (or, in the
case of the Initial Payment Period, August 25, 2006), and ending on the day before such Interest Payment Date. Interest is calculated semi-annually in advance. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture is made as of December 14, 2006, between 

 

					
		  	HONDA CANADA FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada, (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006 (as further amended, supplemented, modified, restated and replaced, from time to time, the (“Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time
pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of an additional series of Debentures to be known as the
“Series 2006-3 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Second Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2006-3 Debentures means the Senior Unsecured Series 2006-3 Debentures to be created and issued hereunder. 

(2) Series 2006-3 Interest Payment Date a date upon which payment of interest is due in respect of a Series 2006-3 Debenture namely each of
March 14, 2007, June 14, 2007, September 14, 2007, December 14, 2007,March 14, 2008, June 14, 2008, September 14, 2008, December 14, 2008, March 14, 2009, June 14,
2009, September 14, 2009 and the Series 2006-3 Maturity Date. 
 (3) Series 2006-3 Interest Period means in respect of a
Series 2006-3 Interest Payment Date, the period commencing on and including the previous Series 2006-3 Interest Payment Date and ending on the day before such Series 2006-3 Interest Payment Date. 

(4) Series 2006-3 Maturity Date means December 14, 2009. 

 1.2 Meanings in Trust Indenture 

Unless otherwise defined in this Second Supplemental Indenture, all capitalized terms used in this Second Supplemental Indenture shall
have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Second Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Second Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Second Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Second Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2006-3 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Second Supplemental Indenture are applicable only in respect of the Series 2006-3 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2006-3 Debentures 
  

	(1)	The Series 2006-3 Debentures shall: 

  

	 	(a)	be issued on or before December 14, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006.3 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-3 Interest Payment Date, at a rate equal to the Floating Rate plus 0.12%, payable
quarterly in arrears on each Series 2006-3 Interest Payment Date, the first such payment being due on March 14, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2006-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-3 Maturity Date in full to each holder of a Series 2006-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	 be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be
required 

  
 - 2 -

	 	
or permitted by this Second Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the
Responsible Officers executing any such Series 2006-3 Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $150,000,000. 

(2) The “Floating Rate Determination Date” shall be December 14, March 14, June 14 and September 14 of each year.

 (3) Section 4.5 or the Trust Indenture shall not apply in respect of the Series 2006-3 Debentures but shall be replaced by the
following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any 2006-3 Debenture during the following periods each year: (i) from and including December 1 to and including
December 14; (ii) from and including March 1 to and including Match 14; (iii) from and including June 1 to and including June 14; and (iv) from and including September 1 to and including
September 14.” 
 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Second Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Second Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Second Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Second Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of December 14, 2006. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Second Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2006-3 Debenture 

  
 2.1(1)(g) - 1

									
		 	CUSIP# CA43812ZAL48
		
	SERIES 2006-3	 	Serial
No.                          

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
		 		 	December 14, 2009

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month
BA Rate plus 0.12% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable in lawful money of Canada

 
 on presentation and, on the Maturity Date surrender of this
Debenture.

	
	Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON DECEMBER 14, MARCH 14, JUNE 14 AND SEPTEMBER 14 OF EACH YEAR COMMENCING ON MARCH 14, 2007*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.
	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-3 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 25, 2005, the first supplemental indenture thereto dated August 25, 2005 and the second supplemental Indenture thereto dated December 14, 2006 (the “Indenture”) between the Company and
CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company.

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from December 14, 2006 or applicable Floating Rate Determination Date, as expressed on the Reuter’s CDOR pages as of 10:00 a.m., Toronto time, on
December 14, 2006 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity for three

 

	 	
months from December 14, 2006 or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in
the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00 a.m., Toronto time,
on December 14, 2006 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on December 14, 2006 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance.
“Floating Rate Determination Date” means December 14, March 14, June 14 and September 14 of each year. 

Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date
(or, in the case of the initial Interest Period, December 14, 2006), and ending on the day before such Interest Payment Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 THIRD SUPPLEMENTAL INDENTURE 
 This Third Supplemental Indenture is made as of May 25, 2007, between 
  

					
		  	HONDA CANADA. FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada, (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006 and the Second Supplemental Indenture made as of December 14, 2006 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”),
provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has
authorized the issuance of an additional series of Debentures to be known as the “Series 2007-1 Debentures”. 
 FOR VALUE
RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 
 In this Third Supplemental Indenture the following terms
will have the following meanings: 
 (1) Series 2007-1 Debentures means the Senior Unsecured Series 2007-1 Debentures to be
created and issued hereunder. 
 (2) Series 2007-1 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2007-1 Debenture namely each of August 25, 2007, November 25, 2007, February 25, 2008, May 25, 2008, August 25, 2008, November 25, 2008, February 25,
2009, May 25, 2009, August 25, 2009, November 25, 2009, February 25, 2010 and the Series 2007-1 Maturity Date. 

 (3) Series 2007-1 Interest Period means in respect of a Series 2007-1 Interest Payment Date,
the period commencing on and including the previous Series 2007-1 Interest Payment Date and ending on the day before such Series 2007-1 Interest Payment Date. 
 (4) Series 2007-1 Maturity Date means May 25, 2010. 
 1.2 Meanings In Trust
Indenture 
 Unless otherwise defined in this Third Supplemental Indenture, all capitalized terms used in this Third
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Third Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Third Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Third Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this
Third Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2007-1 Debentures, amended
and supplemented so as to be consistent herewith. The previsions of this Third Supplemental Indenture are applicable only in respect of the Series 2007-1 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2007-1 Debentures 
  

	(1)	The Series 2007-1 Debentures shall: 

  

	 	(a)	be issued on or before May 25, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2007-1 Interest Payment Date, at a rate equal to the Floating Rate plus 0.10%, payable
quarterly in arrears on each Series 2007-1 Interest Payment Date, the first such payment being due on August 25, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-1 Maturity Date in full to each holder of a Series 2007-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 2 -

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Third Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $225,000,000. 

  

	(2)	The “Floating Rate Determination Date” shall be February 25, May 25, August 25 and November 25 of each year.

  

	(3)	Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-1 Debentures but shall be replaced by the following: “Neither the Corporation
nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-1 Debenture during the following periods each year: (i) from and including May 10 to and including May 25; (ii) from and
including August 10 to and including August 25; (iii) from and including November 10 to and including November 25; and (iv) from and including February 10 to and including February 25.”

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Third Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Third Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Third Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Third Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of May 25, 2007. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Third Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) - Form of Series 2007-1 Debenture 

2.1(1)(g) - 1 

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or
amended from time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 25, 2007, and (ii) the date the
issuer became a reporting Issuer in any province or territory. 
  

									
		 	CUSIP# CA43812ZAM29
		
	SERIES 2007-1	 	Serial
No.                           

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
		 		 	May 25, 2010

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month BA Rate plus 0.10% computed on the outstanding balance of the Debenture on the basis of the actual number of days
elapsed and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture.

 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON FEBRUARY 25, MAY 25, AUGUST 25, AND NOVEMBER 25 OF EACH YEAR COMMENCING ON AUGUST
25, 2007* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-1 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006 and the third supplemental Indenture thereto dated
May 25, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with
all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from May 25, 2007 or applicable Floating Rate Determination Date, as expressed on the Reuter’s CDOR pages as of 10:00 a.m., Toronto time, on
May 25, 2007 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three Month
BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity for three months from May 25, 2007

 

	 	
or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the
principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00 a.m., Toronto time, on May 25, 2007 or
applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on May 25, 2007 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination
Date” means February 25, May 25, August 25 and November 25 of each year. 

 Interest
Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date (or, in the case of the initial Interest Period, May 25, 2007), and ending on the day before such Interest Payment
Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

 
 

 FOURTH SUPPLEMENTAL INDENTURE 

This Fourth Supplemental Indenture is made as of September 26, 2007, between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and 
  

CIBC MELLON TRUST COMPANY 
 a trust
company existing under the laws of Canada, (the “Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006 and the Third Supplemental Indenture made as of May 25, 2007 (as further amended, supplemented, modified, restated and replaced from
time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of one series of Debentures to be known as the “Series 2007-2 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION

 1.1 Definitions 
 In this Fourth Supplemental Indenture the following terms will have the following meanings: 
 (1)
Series 2007-2 Debentures means the Senior Unsecured Series 2007-2 Debentures to be created and issued hereunder. 
 (2)
Series 2007-2 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2007-2 Debenture namely each of March 26, 2008, September 26, 2008, March 26,
2009, September 26, 2009, March 26, 2010, September 26, 2010, March 26, 2011, September 26, 2011, March 26, 2012 and the Series 2007-2 Maturity Date. 

 (3) Series 2007-2 Interest Period means in respect of a Series 2007-2 Interest Payment Date,
the period commencing on and including the previous Series 2007-2 Interest Payment Date and ending on the day before such Series 2007-2 Interest Payment Date. 
 (4) Series 2001-2 Maturity Date means September 26, 2012. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Fourth Supplemental Indenture, all capitalized terms used in this Fourth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Fourth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Fourth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Fourth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Fourth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the trust Indenture shall be, solely in respect of the Series 2007-2 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Fourth Supplemental Indenture are applicable only in respect of the Series 2007-2 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2007-2 Debentures 
 (1) The Series
2007-2 Debentures shall: 
  

	 	(a)	be issued on or before September 26, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-2 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.675% per annum, payable in equal instalments
semi-annually on each 2007-2 Interest Payment Date, the first such payment being due on March 26, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-2 Maturity Date in full to each holder of a Series 2007-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 2 -

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fourth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $600,000,000. 

(2) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-2 Debentures but shall be replaced by the following:
“Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-2 Debenture during the following periods each year: (i) from and including March 11 to and including
March 26; and (ii) from and including September 11 to and including September 26.” 
 SECTION 3 – GENERAL

 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Fourth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented
and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 

For purposes of disclosure pursued to the Interest Act (Canada), the annual rates of interest provided in this Fourth Supplemented
Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and
divided by 365 or such other period of time, as the case may be. 
 3.3 Acceptance 

The Trustee hereby accepts the trust in this Fourth Supplemental Indenture declared and provided for and agrees to perform the same on the
terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Fourth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of September 26, 2007. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Fourth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ David A. Sudbury

		 	Name:	 	David A. Sudbury
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2007-2 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or
amended from time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 26, 2007, and (ii) the date
the issuer became a reporting issuer in any province or territory. 
  

					
		 	CUSIP# CA43812ZAN02
		
	SERIES 2007-2	 	Serial
No.                          

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 26, 2007	 	**CAD$600,000,000**	 	SEPTEMBER 26, 2012

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	***SIX HUNDRED MILLION***	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.675% per annum calculated on an accrual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: IN EQUAL INSTALLMENTS SEMI-ANNUALLY ON SEPTEMBER 26 AND MARCH 26 OF EACH YEAR COMMENCING ON MARCH 26, 2008* 

SPECIAL FEATURES 
 Reference is hereby made to
the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.

 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 

Dated: SEPTEMBER 26, 2007 
 Countersigned on
behalf of 
 Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-2 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007 and the fourth supplemental Indenture thereto dated September 26, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or
hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 FIFTH SUPPLEMENTAL INDENTURE 
 This Fifth Supplemental Indenture is made as of November 30, 2007, between 
  

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a Trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007 and the Fourth Supplemental Indenture made as of September 26, 2007
(as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture.

 B. The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2007-3 Debentures” and the
“Series 2007-4 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Fifth Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2007-3 Debentures means the Senior Unsecured Series 2007-3 Debentures to be created and issued hereunder. 

(2) Series 2007-4 Debentures means the Senior Unsecured Series 2007-4 Debentures to be created and issued hereunder. 

(3) Series 2007-3 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2007-3 Debenture namely
each of March 1, 2008, June 1, 2008, September 1, 2008, December 1, 2008, March 1, 2009, June 1, 2009, September 1, 2009 and the Series 2007-3 Maturity Date. 

 (4) Series 2007-4 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2007-4 Debenture namely each of May 30, 2008, November 30, 2008, May 30, 2009, November 30, 2009, May 30, 2010 and the Series 2007-4 Maturity Date. 

(5) Series 2007-3 Interest Period means in respect of a Series 2007-3 Interest Payment Date, the period commencing on and including the
previous Series 2007-3 Interest Payment Date and ending on the day before such Series 2007-3 Interest Payment Date. 
 (6) Series 2007-4
Interest Period means in respect of a Series 2007-4 Interest Payment Date, the period commencing on and including the previous Series 2007-4 Interest Payment Date and ending on the day before such Series 2007-4 Interest Payment Date.

 (7) Series 2007-3 Maturity Date means December 1, 2009. 
 (8) Series 2007-4 Maturity Date means November 30, 2010. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Fifth Supplemental Indenture, all capitalized terms used in this Fifth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Fifth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Fifth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Fifth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this
Fifth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2007-3 Debentures and the
Series 2007-4 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Fifth Supplemental Indenture are applicable only in respect of the Series 2007-3 Debentures and the Series 2007-4 Debentures. 

1.4 Currency 
 Unless
stated otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 

2.1 Designation, Terms, Form and Issuance of the Series 2007-3 Debentures and the Series 2007-4 Debentures 

(1) The Series 2007-3 Debentures shall: 
  

	 	(a)	be issued on or before November 30, 2007; 

  
 - 2 -

	 	(b)	be designated “Senior Unsecured Series 2007-3 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 0.65%, payable quarterly in arrears on each Series 2007-3 Interest
Payment Date, the first such payment being due on March 1, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-3 Maturity Date in full to each holder of a Series 2007-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fifth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-3 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $50,000,000. 

(2) The Series 2007-4 Debentures shall: 
  

	 	(a)	be issued on or before November 30, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-4 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.307% per annum, payable in equal instalments
semi-annually on each Series 2007-4 Interest Payment Date, the first such payment being due on May 30, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-4 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-4 Maturity Date in full to each holder of a Series 2007-4 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 3 -

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fifth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-4 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $450,000,000. 

(3) For purposes of the Series 2007-3 Debentures, the “Floating Rate Determination Date” shall be December I, March 1, June 1
and September 1 of each year. 
 (4) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-3 Debentures and
the Series 2007-4 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-3 Debenture or any Series 2007-4 Debenture during
the following periods each year: 
  

	 	(a)	in the case of the Series 2007-3 Debentures (i) from and including November 16 to and including December 1, (ii) from and including February 14
to and including March 1, (iii) from and including May 17 to and including June 1, and (iv) from and including August 17 to and including September 1, and 

 

	 	(b)	in the case of Series 2007-4 Debentures (i) from and including November 15 to and including November 30, and (ii) from and including May 15 to
and including May 30.” 

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Fifth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Fifth Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

  
 - 4 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Fifth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Fifth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of November 30, 2007. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 5 -

 The parties have executed this Fifth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2007-3 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) November 30, 2007, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

					
		 	CUSIP# CA43812ZAP59
		
	SERIES 2007-3	 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	NOVEMBER 30, 2007	 	**CAD$ —**	 	DECEMBER 1, 2009

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a rate of interest equal to the Three Month BA Rate plus 0.65% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON DECEMBER 1, MARCH 1, JUNE 1 AND SEPTEMBER 1 OF EACH YEAR COMMENCING ON MARCH 1, 2008*

 SPECIAL FEATURES 
 Reference is
hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and
paying agent. 
 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.

 Dated: NOVEMBER 30, 2007 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-3 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007, the fourth supplemental Indenture thereto dated September 26, 2007 and the fifth supplemental Indenture thereto dated November 30, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the
“Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from November 30, 2007 or applicable Floating Rate Determination Date, as expressed on the Reuters CDOR pages as of 10:00 a.m., Toronto time, on
November 30, 2007 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity of three months from November 30, 2007 or
applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000

 

	 	
and that is representative of a single transaction in the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act
(Canada) in the Canadian interbank market selected by the Company at approximately 10:00 a.m., Toronto time, on November 30, 2007 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on November 30,
2007 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination Date” means December 1, March 1, June 1 and September 1 of each year.

 Interest Period means in respect of an Interest Payment Date, the period commencing on
and including the previous Interest Payment Date (or, in the case of the initial Interest Period, November 30, 2007), and ending on the day before such Interest Payment Date. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of Interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2007-4 Debenture 

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) November 30, 2007, and (ii) the date the issuer became a
reporting Issuer in any province or territory. 
  

							
		  		 	CUSIP# CA43812ZAQ33
			
	SERIES 2007-4	  		 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	NOVEMBER 30, 2007	 	**CAD$ —**	 	NOVEMBER 30, 2010

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

					
	 on the Maturity Date the sum of 
	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.307% per annum calculated on an annual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON NOVEMBER 30 AND MAY 30 OF EACH YEAR COMMENCING ON MAY 30, 2008* 

SPECIAL FEATURES 
 Reference is hereby made to
the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.

 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 

Dated: NOVEMBER 30, 2007 
 Countersigned on
behalf of 
 Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-4 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007, the fourth supplemental Indenture thereto dated September 26, 2007 and the fifth supplemental Indenture thereto dated November 30, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the
“Trustee”). 

 This Debenture and all other Debentures now or hereafter issued or certified under the
Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 
  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SIXTH SUPPLEMENTAL INDENTURE 
 This Sixth Supplemental Indenture is made as of May 9, 2008, between 
  

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007 and
the Fifth Supplemental Indenture made as of November 30, 2007 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional
Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of two series of Debentures to
be known as the “Series 2008-1 Debentures” and the “Series 2008-2 Debentures”. 
 FOR VALUE RECEIVED, the parties
agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 
 In this Sixth Supplemental Indenture the following terms
will have the following meanings: 
 (1) Series 2008-1 Debentures means the Senior Unsecured Series 2008-1 Debentures to be
created and issued hereunder. 
 (2) Series 2008-2 Debentures means the Senior Unsecured Series 2008-2 Debentures to be created
and issued hereunder. 
 (3) Series 2008-1 Interest Payment Date means a date upon which payment of interest is due in respect of
a Series 2008-1 Debenture namely each of November 9, 2008, May 9, 2009, November 9, 2009 , May 9, 2010, November 9, 2010 and the Series 2008-1 Maturity Date. 

 (4) Series 2008-2 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2008-2 Debenture namely each of November 9, 2008, May 9, 2009, November 9, 2009, May 9, 2010, November 9, 2010, May 9, 2011, November 9, 2011, May 9,
2012, November 9, 2012 and the Series 2008-2 Maturity Date. 
 (5) Series 2008-1 Interest Period means in respect of a
Series 2008-1 Interest Payment Date, the period commencing on and including the previous Series 2008-1 Interest Payment Date and ending on the day before such Series 2008-1 Interest Payment Date. 

(6) Series 2008-2 Interest Period means in respect of a Series 2008-2 Interest Payment Date, the period commencing on and including the
previous Series 2008-2 Interest Payment Date and ending on the day before such Series 2008-2 Interest Payment Date. 
 (7) Series 2008-1
Maturity Date means May 9, 2011. 
 (8) Series 2008-2 Maturity Date means May 9, 2013. 

1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this Sixth Supplemental Indenture, all capitalized terms used in this Sixth Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture.

 1.3 Interpretation 
 This Sixth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this Sixth Supplemental Indenture and all of the provisions of the Trust
Indenture shall apply to and shall have effect in connection with this Sixth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Sixth Supplemental Indenture were contained in one instrument. If
any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures, amended and supplemented so as to be
consistent herewith. The provisions of this Sixth Supplemental Indenture are applicable only in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2008-1 Debentures and the Series 2008-2 Debentures 
 (1) The Series 2008-1 Debentures shall: 
  

	 	(a)	be issued on or before May 9, 2008; 

  
 - 2 -

	 	(b)	be designated “Senior Unsecured Series 2008-1 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 4.727% per annum, payable in equal instalments
semi-annually on each Series 2008-1 Interest Payment Date, the first such payment being due on November 9, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-1 Maturity Date in full to each holder of a Series 2008-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Sixth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $400,000,000. 

(2) The Series 2008-2 Debentures shall: 
  

	 	(a)	be issued on or before May 9, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-2 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.076% per annum, payable in equal installments
semi-annually on each Series 2008-2 Interest Payment Date, the first such payment being due on November 9, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-2 Maturity Date in full to each holder of a Series 2008-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 3 -

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Sixth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $350,000,000. 

(3) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures but shall be
replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2008-1 Debenture or any Series 2008-2 Debenture during the following periods each year:

  

	 	(a)	in the case of Series 2008-1 Debentures (i) from and including April 22 to and including May 9, and (ii) from and including October 23 to and
including November 9, and 

  

	 	(b)	in the case of Series 2008-2 Debentures (i) from and including April 22 to and including May 9, and (ii) from and including October 23 to and
including November 9.” 

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Sixth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Sixth Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case maybe.

  
 - 4 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Sixth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Sixth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of May 9, 2008. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 - 5 -

 The parties have executed this Sixth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By: 	 	 /s/ Harald Ladewig

		 	Name: 	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2008-1 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 9, 2008, and (ii) the date the issuer became a reporting
Issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAR16

			
	SERIES 2008-1	  		 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	May 9, 2008	 	**CAD$ —**	 	May 9, 2011

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 FOUR HUNDRED MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 4.727% per annum calculated on an annual basis not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest Payment
Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON MAY 9 AND NOVEMBER 9 OF EACH YEAR COMMENCING ON NOVEMBER 9, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: MAY 9, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 2, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007 and the sixth supplemental indenture thereto dated May 9, 2008 (the
“Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior
unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2008-2 Debenture 

  
 - 2 -

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 9, 2008, and (ii) the date the issuer became a reporting
Issuer in any province or territory. 
  

							
		  		 	CUSIP# CA43812ZAS98
			
	SERIES 2008-2	  		 	Serial No.                         

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	May 9, 2008	 	**CAD$ —**	 	May 9, 2013

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 CADS THREE HUNDRED AND FIFTY MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.076% per annum calculated on an annual basis not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest Payment
Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON MAY 9 AND NOVEMBER 9 OF EACH YEAR COMMENCING ON NOVEMBER 9, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: MAY 9, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-2 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007 and the sixth supplemental indenture thereto dated May 9, 2008 (the
“Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior
unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SEVENTH SUPPLEMENTAL INDENTURE 

This Seventh Supplemental Indenture is made as of September 12, 2008, between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the
Fifth Supplemental Indenture made as of November 30, 2007 and the Sixth Supplemental Indenture made as of May 9, 2008 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust
Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture, 
 B.
The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2008-3 Debentures” and the “Series 2008-4 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION

 1.1 Definitions 
 In this Seventh Supplemental Indenture the following terms will have the following meanings: 
 (1)
Series 2008-3 Debentures means the Senior Unsecured Series 2008-3 Debentures to be created and issued hereunder. 
 (2)
Series 2008-4 Debentures means the Senior Unsecured Series 2008-4 Debentures to be created and issued hereunder. 
 (3)
Series 2008-3 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2008-3 Debenture namely each of March 12, 2009, September 12, 2009, March 12,
2010, September 12, 2010, March 12, 2011, September 12, 2011, March 12, 2012, September 12, 2012, March 12, 2013, and the Series 2008-3 Maturity Date. 

 (4) Series 2008-4 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2008-4 Debenture namely each of December 13, 2008, March 13, 2009, June 13, 2009, September 13, 2009, December 13, 2009, March 13, 2010, June 13, 2010 and the
Series 2008-4 Maturity Date. 
 (5) Series 2008-3 Interest Period means in respect of a Series 2008-3 Interest Payment Date, the
period commencing on and including the previous Series 2008-3 Interest Payment Date and ending on the day before such Series 2008-3 Interest Payment Date. 
 (6) Series 2008-4 Interest Period means in respect of a Series 2008-4 Interest Payment Date, the period commencing on and including the previous Series 2008-4 Interest Payment Date and
ending on the day before such Series 2008-4 Interest Payment Date. 
 (7) Series 2008-3 Maturity Date means September 12,
2013. 
 (8) Series 2008-4 Maturity Date means September 13, 2010. 
 1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this Seventh
Supplemental Indenture, all capitalized terms used in this Seventh Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 
 This Seventh Supplemental Indenture is supplemental to
the Trust Indenture and the Trust Indenture shall be read in conjunction with this Seventh Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Seventh Supplemental.
Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Seventh Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the
terms of the Trust Indenture shall be, solely in respect of the Series 2008-3 Debentures and the Series 2008-4 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Seventh Supplemental Indenture are applicable
only in respect of the Series 2008-3 Debentures and the Series 2008-4 Debentures. 
 1.4 Currency 

Unless stated otherwise, all amounts herein are stated in Canadian Dollars. 

  
 - 2 -

 SECTION 2 — DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2008-3 Debentures and the Series 2008-4 Debentures 
 (1) The Series 2008-3 Debentures shall: 
  

	 	(a)	be issued on or before September 12, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-3 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.613% per annum, payable in equal instalments
semi-annually on each Series 2008-3 Interest Payment Date, the first such payment being due on March 12, 2009; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-3 Maturity Date in full to each holder of a Series 2008-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Seventh Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-3
Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $550,000,000. 

(2) The Series 2008-4 Debentures shall: 
  

	 	(a)	be issued on or before September 12, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-4 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 1.6%, payable quarterly in arrears on each Series 2008-4 Interest
Payment Date, the first such payment being due on December 13, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  
 - 3 -

	 	(e)	mature on the Series 2008-4 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-4 Maturity Date in full to each holder of a Series 2008-4 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Seventh Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-4
Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $100,000,000. 

(3) For the purposes of the Series 2008-4 Debentures, the “Floating Rate Determination Date” shall be March 13, June 13,
September 13 and December 13 of each year. 
 (4) Section 4.5 of the Trust Indenture shall not apply in respect of the Series
2008-3 Debentures and the Series 2008-4 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2008-3 Debenture or any Series
2008-4 Debenture during the following periods each year: 
  

	 	(a)	in the case of Series 2008-3 Debentures (i) from and including February 25 to and including March 12, and (ii) from and including August 28 to
and including September 12, and 

  

	 	(b)	in the case of Series 2008-4 Debentures (i) from and including February 26 to and including March 13; (ii) from and including May 29 to and
including June 13; (iii) from and including August 29 to and including September 13, and (iv) from and including November 28 to and including December 13.” 

SECTION 3 — GENERAL 
 3.1
Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Seventh Supplemental Indenture,
shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and confirmed. 

  
 - 4 -

 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Seventh Supplemental Indenture (and stated herein to be computed on the basis of a
365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may
be. 
 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Seventh Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Seventh Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of September 12, 2008. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 5 -

 The parties have executed this Seventh Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ David A. Sudbury

		 	Name:	 	David A. Sudbury
		 	Title:	 	Vice President
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2008-3 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 12, 2008, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAT71

			
	SERIES 2008-3	  		 	 Serial No. 260

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 12, 2008	 	**CAD$550,000,000**	 	SEPTEMBER 12, 2013

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	 on the Maturity Date the sum of
	 	 	 	  CAD$ FIVE HUNDRED AND FIFTY MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.613% per annum calculated on an annual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest
Payment Dates: IN EQUAL INSTALLMENTS SEMI-ANNUALLY ON MARCH 12 AND SEPTEMBER 12 OF EACH YEAR COMMENCING ON MARCH 12, 2009* 
 SPECIAL FEATURES

 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only
when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN
WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: SEPTEMBER 12,
2008 
 Countersigned on behalf of 

Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-3 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under
the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2008-4 Debenture 

  
 - 2 -

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 12, 2008, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAU45

			
	SERIES 2008-4	  		 	 Serial No. 261

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 12, 2008	 	**CAD$100,000,000**	 	SEPTEMBER 13, 2010

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	  CAD$ ONE HUNDRED MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to the Three Month BA Rate plus 1.6% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada. 
 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON MARCH 13, JUNE 13,
SEPTEMBER 13 AND DECEMBER 13 OF EACH YEAR COMMENCING ON DECEMBER 13, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: SEPTEMBER 12, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-4 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under
the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 EIGHTH SUPPLEMENTAL INDENTURE 

This Eighth Supplemental Indenture is made as of February 21, 2012 between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 BNY TRUST COMPANY OF CANADA
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the
Fifth Supplemental Indenture made as of November 30, 2007, the Sixth Supplemental Indenture made as of May 9, 2008 and the Seventh Supplemental Indenture made as of September 12, 2008 (as further amended, supplemented, modified,
restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Trustee is the successor firm of CIBC Mellon Trust Company, which was the original name of the trustee under the Trust Indenture. The Trustee has
assumed the role of Trustee under the Trust Indenture. 
 C. The Issuer has authorized the issuance of one series of Debentures to be known as
the “Series 2012-1 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Eighth Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2012-1 Debentures means the Senior Unsecured Series 2012-1 Debentures to be created and issued hereunder. 

(2) Series 2012-1 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2012-1 Debenture namely
each of May 23, 2012, August 23, 2012, November 23, 2012, February 23, 2013, May 23, 2013, August 23, 2013, November 23, 2013, February 23, 2014, May 23,
2014, August 23, 2014, November 23, 2014, and the Series 2012-1 Maturity Date. 

 (3) Series 2012-1 Interest Period means in respect of a Series 2012-1 Interest Payment Date,
the period commencing on and including the previous Series 2008-3 Interest Payment Date and ending on the day before such Series 2008-3 Interest Payment Date. 
 (4) Series 2012-1 Maturity Date means February 23, 2015. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Eighth Supplemental Indenture, all capitalized terms used in this Eighth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Eighth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Eighth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Eighth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Eighth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2012-1 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Eighth Supplemental Indenture are applicable only in respect of the Series 2012-1 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2012-1 Debentures 
 (1) The Series
2012-1 Debentures shall: 
  

	 	(a)	be issued on or before February 21, 2012; 

  

	 	(b)	be designated “Senior Unsecured Series 2012-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 0.95%, payable quarterly in arrears on each Series 2012-1 Interest
Payment Date, the first such payment being due on May 23, 2012; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2012-1 Maturity Date; 

  
 - 2 -

	 	(f)	provide for payment on the Series 2012-1 Maturity Date in full to each holder of a Series 2012-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Eighth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2012-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $300,000,000. 

(2) For the purposes of the Series 2012-1 Debentures, the “Floating Rate Determination Date” shall be February 23, May 23,
August 23 and November 23 of each year. 
 (3) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2012-1
Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2012-1 Debenture during the following periods each year: (i) from
and including February 6 to and including February 23; (ii) from and including May 6 to and including May 23; (iii) from and including August 6 to and including August 23, (iv) from and including
November 6 to and including November 23.” 
 SECTION 3 – GENERAL 

3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Eighth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented
and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 

For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Eighth Supplemental
Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and
divided by 365 or such other period of time, as the case may be. 

  
 - 3 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Eighth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Eighth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of February 21, 2012. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Eighth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Vice-President & Treasurer
		
	By:	 	 /s/ Ted Evans

		 	Name:	 	Ted Evans
		 	Title:	 	Vice President, Compliance Officer & Secretary
	
	BNY TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Authorized Signatory

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2012-1 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with
this certificate. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) February 21, 2012, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAV28

			
	SERIES 2012-1	  		 	 Serial No. 262

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	FEBRUARY 21, 2012	 	**CAD$300,000,000**	 	FEBRUARY 23, 2015

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

					
	on the Maturity Date the sum of	 	 CAD$ THREE HUNDRED MILLION
	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to the Three Month BA Rate plus 0.95% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days
elapsed and a year of 365 days payable in lawful money of Canada 
 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON FEBRUARY 23, MAY 23,
AUGUST 23 AND NOVEMBER 23 OF EACH YEAR COMMENCING ON MAY 23, 2012* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: FEBRUARY 21, 2012

 Countersigned on behalf of 

Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2012-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 and the eighth supplemental indenture thereto dated February 21, 2012 (the “Indenture”) between the Company and BNY Trust Company of Canada (the “Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 NINTH SUPPLEMENTAL INDENTURE 

This Ninth Supplemental Indenture is made as of December 11, 2012 between 

 

	
	HONDA CANADA FINANCE INC.,
	a corporation incorporated under the laws of Canada, (the “Issuer”)
	
	and
	
	BNY TRUST COMPANY OF CANADA
	a trust company existing under the laws of Canada, (the “Trustee”)

 RECITALS 
 A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental Indenture made as of August 25, 2006, the Second
Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the Fifth Supplemental Indenture made as of
November 30, 2007, the Sixth Supplemental Indenture made as of May 9, 2008, the Seventh Supplemental Indenture made as of September 12, 2008 and the Eighth Supplemental Indenture made as of February 21, 2012 (as further amended,
supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Trustee is the successor firm of CIBC Mellon Trust Company, which was the original name of the trustee under the Trust Indenture. The Trustee has
assumed the role of Trustee under the Trust Indenture. 
 C. The Issuer has authorized the issuance of one series of Debentures to be known as
the “Series 2012-2 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
  

	1.1	Definitions 

 In this
Ninth Supplemental Indenture the following terms will have the following meanings: 
 (1) Series 2012-2 Debentures means the
Senior Unsecured Series 2012-2 Debentures to be created and issued hereunder. 

 (2) Series 2012-2 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2012-2 Debenture namely each of June 11, 2013, December 11, 2013, June 11, 2014, December 11, 2014, June 11, 2015, December 11, 2015, June 11,
2016, December 11, 2016, June 11, 2017, and the Series 2012-2 Maturity Date. 
 (3) Series 2012-2 Interest
Period means in respect of a Series 2012-2 Payment Date, the period commencing on and including the previous Series 2012-2 Interest Payment Date and ending on the day before such Series 2012-2 Interest Payment Date. 

(4) Series 2012-2 Maturity Date means December 11, 2017. 

 

	1.2	Meanings in Trust Indenture 

 Unless otherwise defined in this Ninth Supplemental Indenture, all capitalized terms used in this Ninth Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture.

  

	1.3	Interpretation 

 This
Ninth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this Ninth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in
connection with this Ninth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Ninth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent
with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2012-2 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Ninth Supplemental Indenture are applicable
only in respect of the Series 2012-2 Debentures. 
  

	1.4	Currency 

 Unless stated
otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 

 

	2.1	Designation, Terms, Form and Issuance of the Series 2012-2 Debentures 

 

	(1)	The Series 2012-2 Debentures shall: 

  

	 	(a)	be issued on or before December 11, 2012; 

  

	 	(b)	be designated “Senior Unsecured Series 2012-2 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a fixed rate equal to 2.275% per annum, payable in equal installments semi-annually on each Series 2012-2
Interest Payment Date, the first such payment being due on June 11, 2013; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  
 - 2 -

	 	(e)	mature on the Series 2012-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2012-2 Maturity Date in full to each holder of a Series 2012-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Ninth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2012-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $400,000,000. 

(2) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2012-2 Debentures but shall be replaced by the following:
“Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2012-2 Debenture during the following periods each year: (i) from and including May 26 to and including
June 11; and (ii) from and including November 26 to and including December 11.” 
 SECTION 3 – GENERAL

  

	3.1	Confirmation of Trust Indenture 

 The Trust Indenture as supplemented and amended by this Ninth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and
amended together with all the grants created thereby, is hereby ratified and confirmed. 
  

	3.2	Interest Act 

 For
purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Ninth Supplemental Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a
calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be. 

 

	3.3	Acceptance 

 The Trustee
hereby accepts the trust in this Ninth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

	3.4	Counterparts and Formal Date 

 This Ninth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of December 11, 2012. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Ninth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Vice-President & Treasurer
		
	By:	 	 /s/ Jean-Marc Leclerc

		 	Name:	 	Jean-Marc Leclerc
		 	Title:	 	Vice-President, Compliance/Risk
		 		 	Officer & Secretary
	
	BNY TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Steven Bronde

		 	Name:	 	Steven Bronde
		 	Title:	 	Vice President

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2012-2 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold,
transfer or deal with this certificate. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) December 11, 2012, and
(ii) the date the issuer became a reporting issuer in any province or territory. 
  

					
	SERIES 2012-2	  		  	 ISIN# CA438121AA30
 Serial
No. 263

			
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	
			
	Issue Date	  	Principal Amount	  	Maturity Date
			
	DECEMBER 11, 2012	  	**CAD$400,000,000**	  	DECEMBER 11, 2017

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

					
			
	ADDRESS	 	 	 	              85 RICHMOND STREET WEST
			
	 	 	 	 	              TORONTO. ONTARIO M5H 2C9

  

							
	on the Maturity Date the sum of	 	 	 	CAD$ 400,000,000	 	DOLLARS

	
	  
 plus interest thereon on each Interest Payment Date at a rate of
interest equal to 2.275% per annum calculated on an annual basis, not in advance, paid semi-annually and payable in lawful money of Canada
  

Interest Payment Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON JUNE 11 AND DECEMBER 11 OF EACH YEAR COMMENCING ON JUNE 11, 2013*

 

	
	SPECIAL FEATURES

  

	
	 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid
only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
  

IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized
signatories.
  
 Dated: DECEMBER
11, 2012
  
 Countersigned on
behalf of
 Canadian Imperial Bank of Commerce

  

															
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  

		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be forwarded by
prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a chartered bank
in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of the sum
represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2012-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008, the seventh
supplemental indenture thereto dated September 12, 2008, the eighth supplemental indenture thereto dated February 21, 2012 and the ninth supplemental indenture thereto dated December 11, 2012 (the “Indenture”) between the
Company and BNY Trust Company of Canada (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company.

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to which they may be
subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

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