Document:

Fourth Supplemental Indenture

 Exhibit 4.2 
 LORILLARD TOBACCO COMPANY, 
 as Issuer 

LORILLARD, INC., 

as Guarantor 
 THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 Trustee 
 FOURTH SUPPLEMENTAL INDENTURE 
 Dated August 21, 2012 

 
  

2.300% Senior Notes due 2017 
  

 
 Supplemental to
Indenture dated June 23, 2009 

 THIS FOURTH SUPPLEMENTAL INDENTURE (the “Fourth Supplemental
Indenture”) is made the 21st day of August, 2012,
among LORILLARD TOBACCO COMPANY, a corporation duly incorporated and existing under the laws of Delaware and having its principal executive office at 714 Green Valley Road, Greensboro, North Carolina 27408 (the “Company”),
LORILLARD, INC., a corporation duly incorporated and existing under the laws of Delaware and having its principal executive office at 714 Green Valley Road, Greensboro, North Carolina 27408 (the “Guarantor”) and THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (the “Trustee”). 
 RECITALS OF THE
COMPANY 
 WHEREAS, the Company entered into an Indenture, dated June 23, 2009 with the Trustee (the “Original
Indenture,” and together with this Fourth Supplemental Indenture, referred to herein as the “Indenture”) (all capitalized terms used in this Fourth Supplemental Indenture and not otherwise defined herein have the meanings
assigned to such terms in the Original Indenture), for the purposes of issuing its Securities, evidencing its senior unsecured indebtedness, unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be
issued in one or more series and to have such other provisions as authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors of the Company; and 

WHEREAS, Section 901 of the Original Indenture provides that without the consent of the Holders of the Securities of any series
issued under the Original Indenture, the Company, when authorized by a Board Resolution, and the Trustee may, in certain circumstances, enter into one or more indentures supplemental to the Original Indenture; and 

WHEREAS, the Company proposes to issue a series of Securities designated as its 2.300% Senior Notes due 2017 (such 2.300% Senior Notes
due 2017 being referred to herein as the “Notes”, the terms of which shall be set forth in and in the form of Exhibit A hereto, or determined in the manner provided in an Officers’ Certificate of the Company as provided
in Section 301 of the Original Indenture and all references to Securities in the Original Indenture shall be deemed to refer also to the Notes unless the context otherwise provides) which such Notes shall be guaranteed by the Guarantor (the
“Guarantee”) in the form of Exhibit B hereto; and 
 WHEREAS, the entry into this Fourth
Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Original Indenture; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Fourth Supplemental Indenture and to make it a valid
and binding obligation of the Company have been done or performed; and 
 NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

Section 1. The Original Indenture is hereby amended solely with respect to the Notes as follows: 

(A) Definitions. By amending Section 101 to insert the following definitions in their entirety in the appropriate
alphabetical order as follows: 
 “Change of Control” means the occurrence of any of the following: 

 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole, to any “person,” other than to
Lorillard, Inc. or one of its Subsidiaries; 
 (2) the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock
or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than the number of shares; 
 (3) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any
of the Company’s outstanding Voting Stock is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; 

(4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or

 (5) the adoption of a plan relating to the Company’s liquidation or dissolution (other than the Company’s
liquidation into a newly formed holding company). 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a
Change of Control if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company) is the beneficial owner,
directly or indirectly, of more than 50% of the Voting Stock of such holding company. 
 “Change of Control Triggering
Event” means the occurrence of both (1) a Change of Control and (2) a Ratings Event. 
 “Continuing
Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the Issue Date of the Notes or (2) was nominated for election, elected or
appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the
Company’s proxy statement in which such member was named a nominee for election as a director, without objection to such nomination). 
 “Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s; a rating equal to or higher than BBB- (or the equivalent) by S&P; and the

  
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equivalent investment grade credit rating from any Substitute Rating Agency or Rating Agencies selected by the Company. 
 “Issue Date” means August 21, 2012. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “person” has the
meaning given thereto in Section 13(d)(3) of the Exchange Act. 
 “Rating Agencies” means (1) each of
Moody’s and S&P; and (2) if Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a Substitute Rating Agency. 

“Ratings Event” means the Notes cease to be rated Investment Grade by each of the Rating Agencies on any day within the 60-day
period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and
(2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 “Substitute Rating Agency” means a “nationally recognized statistical rating organization”
registered under Section 15E of the Exchange Act for the classes of credit ratings described in clauses (i) through (v) of Section 3(a)(62)(B) of the Exchange Act selected by us (as certified by our Chief Executive Officer, Chief
Financial Officer or Treasurer) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 (B) Events of Default. By replacing Sections 501 and 502 of the Original Indenture as follows: 
 SECTION 501 Events of Default. 
 “Event of
Default” wherever used herein with respect to the Notes means any one of the following events and such other events as may be established with respect to the Notes as contemplated by Section 301 (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1) default in the payment of any installment of interest on the Notes when it becomes due and payable, and continuance of
such default for a period of 30 days; or 

  
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 (2) default in the payment of principal of, or premium, if any, on the Notes
at Maturity; or 
 (3) default in the performance of, or breach of, any covenant or warranty of the Company in
respect of the Notes contained in the Indenture, in this Fourth Supplemental Indenture or in the Notes (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with) and
continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee for the Notes or to the Company and such Trustee by the Holders of at least 25% in
principal amount of the Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4) the Company shall commence any case or proceeding seeking to have an order for relief entered on its behalf as debtor
or to adjudicate it as bankrupt or insolvent or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization, liquidation,
dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction, domestic or foreign, now or hereafter existing; or the Company shall apply for a receiver, custodian or trustee (other than any trustee
appointed as a mortgagee or secured party in connection with the issuance of indebtedness for borrowed money of the Company) of it or for all or a substantial part of its property; or the Company shall make a general assignment for the benefit of
creditors; or the Company shall take any corporate action in furtherance of any of the foregoing; or 
 (5) an
involuntary case or other proceeding shall be commenced against the Company with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator,
custodian or similar official of it or any substantial part of its property; and such case or other proceeding (A) results in the entry of an order for relief or a similar order against it or (B) shall continue unstayed and in effect for a
period of 60 consecutive days; or 
 (6) the Guarantor shall commence any case or proceeding seeking to have an
order for relief entered on its behalf as debtor or to adjudicate it as bankrupt or insolvent or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any
bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction, domestic or foreign, now or hereafter existing; or the Guarantor shall apply for a
receiver, custodian or trustee (other than any trustee appointed as a mortgagee or secured party in connection with the issuance of indebtedness for borrowed money of the Guarantor) of it or for all or a substantial part of its property; or the
Guarantor shall make a general assignment for the benefit of creditors; or the Guarantor shall take any corporate action in furtherance of any of the foregoing; or 

  
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 (7) an involuntary case or other proceeding shall be commenced against the
Guarantor with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or similar official of it or any substantial part of its
property; and such case or other proceeding (a) results in the entry of an order for relief or a similar order against it or (b) shall continue unstayed and in effect for a period of 60 consecutive days; or 

(8) the guarantee of the Notes by the Guarantor is determined to be unenforceable or invalid or shall for any reason cease
to be in full force and effect except as permitted by the Indenture and the Guarantee, or the Guarantor repudiates its obligations under such guarantee. 
 SECTION 502 Acceleration of Maturity; Rescission and Annulment. 
 If an Event of
Default with respect to any particular series of Securities occurs and is continuing (other than an Event of Default described in Section 501(4) or 501(5)), then and in every such case either the Trustee for the Securities of such series or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the entire principal amount (or, in the case of (i) OID Securities, such lesser amount as may be provided for in the terms of that series
or (ii) Indexed Securities, the amount determined in accordance with the specified terms of those Securities) of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to such Trustee if
given by Holders), and upon any such declaration of acceleration such principal or such lesser amount, as the case may be, together with accrued interest and all other amounts owing hereunder, shall become immediately due and payable, without
presentment, demand, protest or notice of any kind, all of which are hereby expressly waived. 
 If any Event of Default
specified in Section 501(4), 501(5), 501(7) or 501(8) occurs with respect to the Company, all of the unpaid principal amount (or, if the Securities of any series then outstanding are (i) OID Securities, such lesser amount as may be
provided for in the terms of that series or (ii) Indexed Securities, the amount determined in accordance with the specified terms of those Securities) and accrued interest on all Securities of each series then Outstanding shall ipso facto
become and be immediately due and payable without any declaration or other act by the Trustee or any Holder. 
 Notwithstanding
anything herein to the contrary, to the extent elected by the Company, the sole remedy for an Event of Default relating to the failure by the Company to comply with the obligation set forth in Section 704 will, for the first 120 days after
the occurrence of such an Event of Default, consist exclusively of the right for Holders of each series of Securities to receive additional interest on the Securities of that particular series equal to 0.25% per annum of the principal amount of
the Securities of such series. If the Company so elects, such additional interest will be payable in the same manner and on the same dates as the stated Interest Payment Dates on the Securities of that particular series. The additional interest will
accrue on all outstanding Securities from and including the date on which such Event of Default first occurs to, but not including, the 120th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived by
Holders as provided in Section 513). On such 120th day after such Event of Default (if the Event of Default relating to such obligation is not cured or waived by Holders as provided in Section 513 prior to such 120th day), such additional
interest will cease to accrue 

  
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and the Securities will be subject to acceleration as provided above. The provisions of this paragraph will not affect the rights of Holders in the event of the occurrence of any other Event of
Default. In the event the Company does not elect to pay the additional interest upon such Event of Default in accordance with this paragraph, the Securities will be subject to acceleration as provided above. 

In order to elect to pay the additional interest as the sole remedy during the first 120 days after the occurrence of an Event of
Default relating to the failure by the Company to comply with the obligation set forth in Section 704 in accordance with the immediately preceding paragraph, the Company must notify all Holders of each series of Securities, the Trustee for the
Securities of such series and the Paying Agent for the Securities of such series of such election by delivering to the Trustee an Officers’ Certificate as provided below on or before the close of business on the date on which such Event of
Default first occurs. Upon the Company’s failure to deliver such Officers’ Certificate or pay the additional interest specified in the immediately preceding paragraph, the Securities will be subject to acceleration as provided above.

 If the Company elects to pay additional interest, the Company shall deliver to the Trustee an Officers’ Certificate to
that effect stating that (i) the amount of such additional interest that is payable and (ii) the date on which such additional interest is payable. Unless and until a Responsible Officer of the Trustee receives such certificate, the
Trustee may assume without inquiry that no additional interest is payable. If the Company has paid additional interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the
particulars of such payment. 
 At any time after such a declaration of acceleration has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee for the Securities of any series as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written
notice to the Company and such Trustee, may rescind and annul such declaration and its consequences if: 
 (1)
the Company has paid or deposited with such Trustee a sum sufficient to pay in the currency or currency unit in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such
series and except as provided in Section 311(c)): 
 (A) all overdue interest, if any, on all Securities of
that series; 
 (B) the principal of, and premium, if any, on any Securities of that series which have become
due otherwise than by such declaration of acceleration and interest thereon from the date such principal became due at a rate per annum equal to the rate borne by the Securities of such series (or, in the case of (i) OID Securities, the
Securities’ Yield to Maturity or (ii) Indexed Securities, the rate determined in accordance with the specified terms of those Securities), to the extent that the payment of such interest shall be legally enforceable; 

(C) to the extent that payment of such interest is lawful, interest upon overdue interest at a rate per annum equal to
the rate borne by the Securities of such series (or, in the case of (i) OID Securities, the Securities’ 

  
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Yield to Maturity or (ii) Indexed Securities, the rate determined in accordance with the specified terms of those Securities); and 

(D) all sums paid or advanced by such Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of such Trustee, its agents and counsel and all other amounts due to such Trustee under Section 607; 
 and 
 (2) all Events of Default with respect to the Securities of
such series, other than the nonpayment of the principal of Securities of that series which has become due solely by such acceleration, have been cured or waived as provided in Section 513. 

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

(C) Limitation on Liens. By replacing Section 1007(b) of the Original Indenture in its entirety as follows: 

(b) The Company and/or any Subsidiary may create, assume or incur, or suffer to be created, assumed or incurred, liens which would
otherwise be prohibited by Subsection (a) of this Section 1007, provided that the indebtedness secured thereby, plus the aggregate value of the Sale and Leaseback Transactions permitted by the provisions of Subsection (b) of
Section 1008, does not at the time exceed 15% of Consolidated Net Tangible Assets. 
 (D) Sale and Leaseback
Transactions. By replacing Section 1008(b) of the Original Indenture in its entirety as follows: 
 (b) The Company or a
Subsidiary may enter into a Sale and Leaseback Transaction which would otherwise be prohibited by Subsection (a) of this Section 1008, provided that the value thereof plus the aggregate indebtedness permitted to be secured under the
provisions of paragraph (b) of Section 1007 does not at the time exceed 15% of Consolidated Net Tangible Assets. 

(E) Repurchase Upon Change of Control Triggering Event. By adding Section 1011 to the Original Indenture in its entirety as
follows: 
 Section 1011. Repurchase Upon Change of Control Triggering Event 

(a) If a Change of Control Triggering Event occurs, each Holder of Notes may require the Company to repurchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess of $2,000) of that Holder’s Notes pursuant to an offer (the “Change of Control Offer”) of payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus
accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). 
 (b) Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the

  
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transaction that constitutes or may constitute the Change of Control, the Company shall mail a notice to Holders describing the transaction that constitutes or may constitute the Change of
Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (a “Change of Control Payment
Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control
Payment Date. 
 (c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 (d) The
Paying Agent shall promptly remit to each Holder of properly tendered Notes the Change of Control Payment for the Notes, and the Trustee shall promptly authenticate and deliver (or cause to be transferred by book-entry) to each Holder a new Note
equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. 

(e) The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements set for an offer made by the Company, and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In
addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a
Change of Control Triggering Event. 
 (f) The Company shall comply with the requirements of Section 14(e) of the Securities
Exchange Act of 1934, as amended, Rule 14e-1 thereunder and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of this Section 1011, the Company shall comply with those securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 1011 by virtue of any such conflict. 
 (F) Redemption of
Securities. Sections 1101 – 1107 shall not apply to the Notes. The Notes shall not be redeemable prior to maturity. 

  
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 (G) Sinking Funds. Sections 1201 – 1203 shall not apply to the Notes. The
Notes shall not be entitled to any sinking fund. 
 Section 2. The recitals and statements in this Fourth
Supplemental Indenture are made by the Company only and not by the Trustee, and the Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture (other than with respect to the due authorization, execution
and delivery of this Fourth Supplemental Indenture by the Trustee). All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the
Notes and of this Fourth Supplemental Indenture as fully and with like effect as if set forth herein in full. 

Section 3. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original
Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument and all references to Securities in the Original Indenture shall be deemed to refer also to the Notes unless the context otherwise
provides. 
 Section 4. This Fourth Supplemental Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 Section 5. In the event of a conflict between the terms and conditions of the
Original Indenture and the terms and conditions of this Fourth Supplemental Indenture, then the terms and conditions of this Fourth Supplemental Indenture shall prevail; provided that if and to the extent that any provision of this Fourth
Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included herein or in the Original Indenture by the Trust Indenture Act of 1939, as amended, such required provision shall control. 

Section 6. All covenants and agreements in this Fourth Supplemental Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 7. In case any provision in this Fourth Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired hereby. 
 Section 8. Nothing in this Fourth Supplemental Indenture, expressed or implied, shall give to any Person, other than the parties hereto and any Paying Agent, any Security Registrar and any
Authenticating Agent for the Notes and their successors under the Indenture, and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim under this Fourth Supplemental Indenture. 

Section 9. This Fourth Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be
deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 (signature page
follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture dated
August 21, 2012 to be duly executed. 
  

							
		 	 LORILLARD TOBACCO COMPANY,
 Issuer

			
		 	By:	 	 /s/ David H. Taylor

		 		 	Name:	 	David H. Taylor
		 		 	Title:	 	Executive Vice President, Finance and Planning and Chief Financial Officer
		
		 	 LORILLARD, INC.,

Guarantor

			
		 	By:	 	 /s/ David H. Taylor

		 		 	Name:	 	David H. Taylor
		 		 	Title:	 	Executive Vice President, Finance and Planning and Chief Financial Officer

 Signature Page to Fourth Supplemental Indenture 

 
					
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 Trustee

		
	By:	 	 /s/ Linda Garcia

		 	Name:	 	Linda Garcia
		 	Title:	 	Vice President

 Signature Page to Fourth Supplemental Indenture 

 EXHIBIT A 
 FORM OF NOTE DUE 2017 
 REGISTERED 
 No. 
 LORILLARD TOBACCO COMPANY 

2.300% Senior Notes due 2017 
  

			
		 	PRINCIPAL AMOUNT
		 	$
		 	CUSIP NO. 544152 AF8
		 	ISIN NO. US544152AF89

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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. 
 LORILLARD TOBACCO COMPANY, a Delaware corporation (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
$500,000,000 on August 21, 2017 and to pay interest thereon from August 21, 2012 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 21 and
August 21 in each year, commencing February 21, 2013 at the rate of 2.300% per annum until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 6 or August 6 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a 

 
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America or in such Foreign Currency as applicable, as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities
Register or by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All
payments of principal, premium, if any, and interest in respect of this Note will be made by the Company in immediately available funds. 
 Additional provisions of this Note are contained on the reverse hereof, and such provisions shall have the same effect as though fully set forth in this place. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this
Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, LORILLARD TOBACCO COMPANY has caused this instrument to be duly
executed. 
  

							
	Dated: August 21, 2012	 		 	LORILLARD TOBACCO COMPANY
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein described in the within-mentioned Indenture. 

 

							
	Dated: August 21, 2012	 		 	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 (Reverse of Note) 
 LORILLARD TOBACCO COMPANY 
 This Note is one of a series of the Senior Notes
designated therein as 2.300% Notes due 2017 (the “Notes”). This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company of the series hereinafter specified, which series is
limited in aggregate principal amount to $500,000,000 (except as provided in the Indenture hereinafter mentioned), all such Notes issued and to be issued under the Indenture, dated June 23, 2009, as supplemented by the Fourth Supplemental
Indenture, dated August 21, 2012, by and among the Company, Lorillard, Inc., as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Indenture”), to which Indenture and all other
indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Notes and of the rights, obligations, duties and immunities of the Trustee for each series of Notes and
of the Company, and the terms upon which the Notes are and are to be authenticated and delivered. Each holder of a Note, by acceptance thereof, agrees to be bound by the terms of this Note and the within referenced Indenture. 

Guarantee 
 The Notes
have the benefit of the unconditional guarantee by the Guarantor to pay the principal of, and premium, if any, and interest, if any, on the Notes, according to the terms of and as more fully described in the Indenture and the related Guarantee
Agreement executed by the Guarantor on the date hereof. 
 Defeasance 

The Indenture contains provisions for defeasance at any time of the entire principal of all the Notes of any series upon compliance by the
Company with certain conditions set forth therein. 
 Events of Default 

If an Event of Default (other than an Event of Default described in Section 501(4) or 501(5) of the Indenture as amended by the
Fourth Supplemental Indenture) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of not less than 25% in principal amount of the Notes then Outstanding may declare the entire principal amount of the
Notes due and payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) of the Indenture as amended by the Fourth Supplemental Indenture occurs with respect to the Company, all
of the unpaid principal amount and accrued interest then Outstanding shall ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or any
Holder. 
 Notwithstanding anything in the immediately preceding paragraph to the contrary, to the extent elected by the
Company, the sole remedy for an Event of Default relating to the failure by the Company to comply with the obligation to provide certain reports and information as set forth in Section 704 of the Indenture will, for the first 120 days
after the occurrence of such an Event of Default, consist exclusively of the right for Holders to receive additional interest on the Notes equal to 0.25% per annum of the principal amount of the Notes. If the Company so elects, such additional
interest will be payable in the same manner and on the same dates as the stated Interest Payment Dates on the Notes. The additional interest will accrue on all outstanding Notes from and including the date on which such Event of Default first occurs
to, but not including, the 120th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived by Holders as provided in Section 513 of the Indenture). On such 120th

 
day after such Event of Default (if the Event of Default relating to such obligation is not cured or waived by Holders as provided in Section 513 of the Indenture prior to such 120th day),
such additional interest will cease to accrue and the Notes will be subject to acceleration as provided in the paragraph above. In the event the Company does not elect to pay the additional interest upon such Event of Default in accordance with this
paragraph, the Notes will be subject to acceleration as provided in paragraph above. 
 Amendments 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Guarantor with the consent of the Holders of more than 50% in aggregate principal amount of the Outstanding Notes of each
series of Notes then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of any series at the time Outstanding, on behalf of the Holders of
all the Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences with respect to such series. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation of such consent or waiver is made upon this
Note. 
 Payment 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

Transfer, Registration and Exchange 
 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable on the Security Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any other office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable
only in registered form only in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000 or the equivalent amount thereof in the case of Notes denominated in a Foreign Currency or currency unit. As provided in the Indenture and
subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Company, the Trustee for the
Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment 

 
as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary.

 Certain of the Company’s obligations under the Indenture with respect to Notes may be terminated if the Company
irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as provided in the Indenture. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York. 
 Certain terms used in this Note which are defined in the Indenture have the meanings set forth therein. In the event of any conflict or inconsistency between any of the terms of this Note and any of the
terms of the within referenced Indenture, the terms of the Indenture shall control. 

 FORM OF ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT
SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  
  

 
 (Name and address of Assignee,
including zip code, must be printed or typewritten) 
  
  

 
  
  

 
 the within Note, and all rights thereunder,
hereby irrevocably, constituting and appointing 
  
  

 
  
  

 
 Attorney to transfer the said Note on the books
of Lorillard Tobacco Company with full power of substitution in the premises. 
  

							
	Dated:
                                        
	 		 		 	  

		 		 		 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any
change whatever.

 EXHIBIT B 
 FORM OF GUARANTEE OF 2.300% SENIOR NOTES DUE 2017 
 GUARANTEE, dated
August 21, 2012 (as amended from time to time, this “Guarantee”), made by Lorillard, Inc., a Delaware corporation (the “Guarantor”), in favor of The Bank of New York Mellon Trust Company, N.A., as trustee
(“Trustee”) for the registered holders (the “Holders”) of the 2.300% Senior Notes due August 21, 2017 (the “Notes”) of Lorillard Tobacco Company, a Delaware corporation (the
“Issuer”). 
 WITNESSETH: 
 SECTION 1. Guarantee. (a) The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the principal of, premium,
if any, and interest on the Notes (the “Obligations”), according to the terms of the Notes and as more fully described in the Indenture dated June 23, 2009 (as amended by the Fourth Supplemental Indenture, dated August 21,
2012, the “Indenture”) by and among the Issuer, the Guarantor and the Trustee, and any other amounts payable by the Guarantor under the Indenture. 
 (b) It is the intention of the Guarantor that this Guarantee not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under this Guarantee shall be limited to the maximum amount as
will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, result in the Obligations of the Guarantor under this Guarantee not constituting a fraudulent
transfer or conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
 SECTION 2. Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the Indenture, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the rights of Holders of the Notes with respect thereto. The liability of the Guarantor under this Guarantee shall be absolute and unconditional irrespective of: 

(i) any lack of validity, enforceability or genuineness of any provision of the Indenture, the Notes or any other
agreement or instrument relating thereto; 
 (ii) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Indenture; 
 (iii) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guarantee, for all or any of the Obligations; or

 (iv) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the
Issuer or a guarantor. 

 SECTION 3. Ranking. The Guarantor covenants and agrees that its obligation to make
payments of the Obligations hereunder constitutes an unsecured obligation of the Guarantor ranking pari passu with all existing and future senior unsecured indebtedness of the Guarantor. 

SECTION 4. Waiver; Subrogation. (a) The Guarantor hereby waives promptness, diligence, notice of acceptance and any other
notice with respect to this Guarantee and any requirement that the Trustee, or the Holders of any Notes protect, secure, perfect or insure any security interest or lien or any property subject thereto or exhaust any right or take any action against
the Issuer or any other Person or any collateral. 
 (b) The Guarantor hereby irrevocably waives any claims or other rights that
it may now or hereafter acquire against the Issuer that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guarantee or the Indenture, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Trustee, or the Holders of any Notes against the Issuer or any collateral, whether or not such claim, remedy or right arises in
equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of
such claim, remedy or right. If any amount shall be paid to the Guarantor in violation of the preceding sentence at any time prior to the cash payment in full of the Obligations and all other amounts payable under this Guarantee, such amount shall
be held in trust for the benefit of the Trustee and the Holders of any Notes and shall forthwith be paid to the Trustee, to be credited and applied to the Obligations and all other amounts payable under this Guarantee, whether matured or unmatured,
in accordance with the terms of the Indenture and this Guarantee, or be held as collateral for any Obligations or other amounts payable under this Guarantee thereafter arising. The Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by the Indenture and this Guarantee and that the waiver set forth in this Section 4 is knowingly made in contemplation of such benefits. 

SECTION 5. No Waiver; Remedies. No failure on the part of the Trustee or any Holder of the Notes to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 SECTION 6. Continuing Guarantee; Transfer of Interest.
This Guarantee is a continuing guarantee and shall (a) remain in full force and effect until the earliest to occur of (i) the date, if any, on which the Guarantor shall consolidate with or merge into the Issuer or any successor thereto,
(ii) the date, if any, on which the Issuer or any successor thereto shall consolidate with or merge into the Guarantor, (iii) payment in full of the Obligations, and (iv) the rating of the Issuer’s long term senior unsecured debt
by Standard & Poor’s of A or higher, (b) be binding upon the Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by any Holder of Notes, the Trustee, and by their respective successors,
transferees, and assigns. 
 SECTION 7. Reinstatement. This Guarantee shall continue to be effective or be reinstated, as
the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any Holder of the Notes or the Trustee upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though
such payment had not been made. 
 SECTION 8. Amendment. The Guarantor may amend this Guarantee at any time for any
purpose without the consent of the Trustee or any Holder of the Notes; provided, however, that if such amendment adversely affects (a) the rights of the Trustee or (b) any Holder of the Notes, the prior written

 
consent of the Trustee (in the case of (b), acting at the written direction of the Holders of more than 50% in aggregate principal amount of Notes) shall be required. 

SECTION 9. Governing Law. This Guarantee shall be governed by, and construed in accordance with the laws of the State of New York.

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and
delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	LORILLARD, INC.
		
	By:	 	  

		 	Name:
		 	Title:Deposit Agreement

 Exhibit 4.1 
 DEPOSIT AGREEMENT 
 among 

STATE STREET CORPORATION 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 
 as Depositary

 and 
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED
HEREIN 
 Dated as of August 21, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  			
	 DEFINED TERMS
	  	 	1	  
			
	 Section 1.1
	 	 Definitions.
	  	 	1	  
		
	ARTICLE II	  			
	 FORM OF RECEIPTS, DEPOSIT OF SERIES C PREFERRED STOCK, EXECUTION

AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	3	  
			
	 Section 2.1
	 	 Form and Transfer of Receipts.
	  	 	3	  
			
	 Section 2.2
	 	 Deposit of Series C Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.
	  	 	4	  
			
	 Section 2.3
	 	 Registration of Transfer of Receipts.
	  	 	5	  
			
	 Section 2.4
	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series C Preferred Stock.
	  	 	5	  
			
	 Section 2.5
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.
	  	 	6	  
			
	 Section 2.6
	 	 Lost Receipts, etc.
	  	 	7	  
			
	 Section 2.7
	 	 Cancellation and Destruction of Surrendered Receipts.
	  	 	7	  
			
	 Section 2.8
	 	 Redemption of Series C Preferred Stock.
	  	 	7	  
			
	 Section 2.9
	 	 Receipts Issuable in Global Registered Form.
	  	 	8	  
		
	ARTICLE III	  			
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS, THE CORPORATION AND THE DEPOSITARY	  	 	10	  
			
	 Section 3.1
	 	 Filing Proofs, Articles of Amendments and Other Information.
	  	 	10	  
			
	 Section 3.2
	 	 Payment of Taxes or Other Governmental Charges.
	  	 	10	  
			
	 Section 3.3
	 	 Warranty as to Series C Preferred Stock.
	  	 	10	  
			
	 Section 3.4
	 	 Warranty as to Receipts.
	  	 	10	  
			
	 Section 3.5
	 	 Corporate Existence and Authority of the Depositary.
	  	 	11	  

  
 -i-

							
	ARTICLE IV	  			
	 THE DEPOSITED SECURITIES; NOTICES
	  	 	11	  
			
	 Section 4.1
	 	 Cash Distributions.
	  	 	11	  
			
	 Section 4.2
	 	 Distributions Other than Cash, Rights, Preferences or Privileges.
	  	 	12	  
			
	 Section 4.3
	 	 Subscription Rights, Preferences or Privileges.
	  	 	12	  
			
	 Section 4.4
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.
	  	 	13	  
			
	 Section 4.5
	 	 Voting Rights.
	  	 	13	  
			
	 Section 4.6
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	14	  
			
	 Section 4.7
	 	 Delivery of Reports.
	  	 	15	  
			
	 Section 4.8
	 	 Lists of Receipt Holders.
	  	 	15	  
		
	ARTICLE V	  			
	THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	  	 	15	  
			
	 Section 5.1
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.
	  	 	15	  
			
	 Section 5.2
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation.
	  	 	16	  
			
	 Section 5.3
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.
	  	 	16	  
			
	 Section 5.4
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary.
	  	 	17	  
			
	 Section 5.5
	 	 Corporate Notices and Reports.
	  	 	18	  
			
	 Section 5.6
	 	 Indemnification.
	  	 	18	  
			
	 Section 5.7
	 	 Fees, Charges and Expenses.
	  	 	19	  
			
	 Section 5.8
	 	 Tax Compliance.
	  	 	20	  
		
	ARTICLE VI	  			
	 AMENDMENT AND TERMINATION
	  	 	20	  
			
	 Section 6.1
	 	 Amendment.
	  	 	20	  
			
	 Section 6.2
	 	 Termination.
	  	 	21	  

  
 -ii-

							
	ARTICLE VII	  			
	 MISCELLANEOUS
	  	 	21	  
			
	 Section 7.1
	 	 Counterparts.
	  	 	21	  
			
	 Section 7.2
	 	 Exclusive Benefit of Parties.
	  	 	21	  
			
	 Section 7.3
	 	 Invalidity of Provisions.
	  	 	21	  
			
	 Section 7.4
	 	 Notices.
	  	 	22	  
			
	 Section 7.5
	 	 Depositary’s Agents.
	  	 	22	  
			
	 Section 7.6
	 	 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series C Preferred
Stock.
	  	 	23	  
			
	 Section 7.7
	 	 Governing Law.
	  	 	23	  
			
	 Section 7.8
	 	 Inspection of Deposit Agreement.
	  	 	23	  
			
	 Section 7.9
	 	 Headings.
	  	 	23	  
			
	 Section 7.10
	 	 Confidentiality.
	  	 	23	  
			
	 Section 7.11
	 	 Further Assurances.
	  	 	23	  
			
	 Section 7.12
	 	 Holders of Receipts Are Parties.
	  	 	24	  

  
 -iii-

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of August 21, 2012, among (i) STATE STREET CORPORATION, a Massachusetts corporation, and
(ii) AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, as Depositary (as hereinafter defined) and the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series C Preferred
Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series C Preferred Stock so deposited; and

 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the
promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINED TERMS 

Section 1.1 Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 
 “Articles of Amendment” shall mean the relevant Articles of Amendment filed with the Secretary of the Commonwealth of the Commonwealth of Massachusetts establishing the Series C
Preferred Stock as a series of preferred stock of the Corporation. 
 “Corporation” shall mean State Street Corporation, a
Massachusetts corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement, as amended or
supplemented from time to time. 
 “Depositary” shall mean American Stock Transfer & Trust Company, LLC and any
successor as Depositary hereunder. 
 “Depositary Shares” shall mean the depositary shares, each
representing 1/4,000th of a share of the Series C
Preferred Stock, evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant
to Section 7.5. 
 “Depositary’s Office” shall mean the principal office of the Depositary in 6201 15th Avenue,
Brooklyn, New York 11219, at which at any particular time its depositary receipt business shall be administered. 

 “DTC” shall mean the Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation
that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the
Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 
 (2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer
be represented by such Global Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with respect to any Receipt
issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipt” means a global registered
Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” means any applicable agreement among the
Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise
modified from time to time and any successor agreement thereto. 
 “Officer’s Certificate” shall mean a certificate in
substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Articles of Amendment describing the terms and conditions of the Series C Preferred Stock to
be issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto,
whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series C Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on
the books of the Depositary maintained for such purpose. 
 “Registrar” shall mean the Depositary or such other successor bank
or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein 

  
 -2-

 
provided, and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository shall be deemed, as applicable, to refer as well to the
register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 “Series C Preferred Stock” shall mean the shares of the Corporation’s Non-Cumulative Perpetual Preferred Stock, Series
C, without par value per share, with a liquidation preference of $100,000 per share, designated in the Articles of Amendment. 

“Underwriting Agreement” shall mean the Underwriting Agreement dated as of August 14, 2012, between the Corporation and Morgan
Stanley & Co. LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC as representatives of the several underwriters named in Schedule I
thereto. 
 ARTICLE II 
 FORM OF RECEIPTS, DEPOSIT OF SERIES C PREFERRED STOCK, EXECUTION 
 AND
DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 
 Section 2.1 Form and Transfer of Receipts.

 The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange, Inc. Pending the preparation of definitive
Receipts, the Depositary, upon the written order of the Corporation or any holder of Series C Preferred Stock, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts
may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts.
Such exchange shall be made at the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive
Receipts. 
 Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of
the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature of a duly authorized officer of the Depositary
or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record on its books each Receipt so signed and delivered
as hereinafter provided. 

  
 -3-

 Receipts shall be in denominations of any number of whole Depositary Shares. 

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

 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument
of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in
Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 The Corporation shall cause to be provided
an opinion of counsel on the date hereof, which opinion shall state that: (1) the Depositary Shares have been registered under the Securities Act of 1933, as amended; and (2) when the Series C Preferred Stock is issued and delivered
against payment therefor as provided in the Underwriting Agreement, such Series C Preferred Stock will be duly and validly issued, fully paid and non-assessable. 
 Section 2.2 Deposit of Series C Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series C Preferred Stock under this Deposit Agreement by delivery to the Depositary
of a certificate or certificates for such shares of Series C Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement including an executed Officer’s Certificate and (ii) a written order of the
Corporation directing the Depositary to execute and deliver to, upon the written request of, the person or persons stated in the Corporation’s order a Receipt or Receipts for the number of Depositary Shares representing such deposited Series C
Preferred Stock. 
 The Series C Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s
Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any Series C Preferred Stock deposited hereunder. 
 Upon receipt by the Depositary of a certificate or certificates for Series C Preferred Stock deposited in accordance with the provisions of this Section, together with the other documents required as
above specified, and upon recordation of the Series C Preferred Stock on the books 

  
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of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver to, upon the written request of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the number of Depositary Shares
representing, in the aggregate, the Series C Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s
Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 
 Section 2.3 Registration of Transfer of Receipts. 
 Subject to
the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or
accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and
deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 
 The Depositary shall not be
required to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 
 Section 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series C Preferred Stock. 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered; provided, however,
that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
 Any Holder of a Receipt or Receipts
may (unless the related Depositary Shares have previously been called for redemption) withdraw the number of whole shares of Series C Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or
Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by
such Holder as hereinafter provided, the number of whole shares of Series C Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series C
Preferred Stock will not thereafter be entitled to deposit such Series C Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such

  
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withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series C Preferred Stock, the Depositary shall at
the same time, in addition to such number of whole shares of Series C Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such
excess number of Depositary Shares. 
 In no event will fractional shares of Series C Preferred Stock (or any cash payment in
lieu thereof) be delivered by the Depositary. Delivery of the Series C Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary
may deem appropriate in its reasonable judgment. 
 If the Series C Preferred Stock and the money and other property, if any,
being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series C Preferred Stock, such Holder shall execute and deliver to the Depositary a
written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series C Preferred Stock be properly endorsed in blank or accompanied by a properly
executed instrument of transfer in blank. 
 Delivery of the Series C Preferred Stock and the money and other property, if any,
represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder
thereof, such delivery may be made at such other place as may be designated by such Holder. 
 Section 2.5
Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the
execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or,
in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature (which evidence may include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer
Association), and may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of the Series C Preferred Stock may be refused, the delivery of Receipts against Series C Preferred Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 

  
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 Section 2.6 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence reasonably
satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond
reasonably satisfactory to the Depositary and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary). Applicants for substitute receipts shall also comply with such other reasonable
regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York. 

Section 2.7 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.8 Redemption of Series C Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Series C Preferred Stock in accordance with the terms of
the Articles of Amendment, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of
the date of such proposed redemption of Series C Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation
stating that such redemption of Series C Preferred Stock is in accordance with the provisions of the Articles of Amendment. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid in full to the
Depositary the Redemption Price (as such term is defined in the Articles of Amendment) of the Series C Preferred Stock to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Series C Preferred Stock.

 Notice of the Corporation’s redemption of Series C Preferred Stock and the proposed simultaneous redemption of the
number of Depositary Shares representing the Series C Preferred Stock to be redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or
(2) transmitted by such other method approved by the Depositary, in its reasonable discretion, in either case not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Series C Preferred Stock and Depositary
Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed; but neither failure to mail or transmit any 

  
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such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency
of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the
Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed (or the method of determining such number); (iii) the redemption price; (iv) the place or places where
Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividend rights on the shares to be redeemed will cease to accrue on the Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner as the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors
of the Corporation may determine to be fair and equitable. For the avoidance of doubt, the Depositary shall give or cause to be given the notice of redemption, as described in the foregoing paragraph, to the Record Holders of the Receipts evidencing
the Depositary Shares to be redeemed. 
 Notice having been mailed or transmitted by the Depositary as aforesaid, from and after
the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Series C Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividend rights on the shares of Series C
Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts
evidencing such Depositary Shares (except the right to receive the Redemption Price, as such term is defined in the Articles of Amendment) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in
accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to 1/4,000th of the Redemption Price per share of Series C Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares,
including all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Series C Preferred Stock to be so redeemed and have not therefore been paid. Any funds deposited by the
Corporation with the Depositary for any Depositary Shares that the Holders thereof fail to redeem will be returned to the Corporation after a period of three years from the date such funds are so deposited. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of
such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depositary shall not
issue any Receipt evidencing a fractional Depositary Share. 
 Section 2.9 Receipts Issuable in Global Registered
Form. 
 If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued
in whole or in part in the form of one or more Global Registered 

  
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Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such
series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the
Global Receipt Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the
contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global
Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall
not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this
Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of
the Corporation or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the
applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with
its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all
such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and
delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate
principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such
names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to
the persons in whose names such Receipts are so registered. 

  
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 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation
determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS OF 

RECEIPTS, THE CORPORATION AND THE DEPOSITARY 
 Section 3.1 Filing Proofs, Articles of Amendments and Other Information. 
 Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations and
warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Series
C Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such
certificates are executed or such representations and warranties are made. 
 Section 3.2 Payment of Taxes or Other
Governmental Charges. 
 Holders of Receipts shall be obligated to make payments to the Depositary of certain charges
and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series C Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be
refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series C Preferred Stock or other property represented by the Depositary Shares evidenced by such
Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any
such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 
 Section 3.3 Warranty as to Series C Preferred Stock. 
 The
Corporation hereby represents and warrants that the Series C Preferred Stock, when issued and delivered against payment therefor in accordance with the Underwriting Agreement and the Articles of Amendment, will be duly authorized, validly issued,
fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Series C Preferred Stock and the issuance of the related Receipts. 
 Section 3.4 Warranty as to Receipts. 
 The Corporation hereby
represents and warrants that the Receipts, when issued against payment therefor in accordance with the Underwriting Agreement and this Deposit Agreement, will be entitled to the rights hereunder, and the benefits of this Deposit Agreement and will
represent legal and valid interests in the Series C Preferred Stock. Such representation and warranty shall survive the deposit of the Series C Preferred Stock and the issuance of the Receipts. 

  
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 Section 3.5 Corporate Existence and Authority of the Depositary.

 The Depositary hereby represents and warrants that it (i) has been duly incorporated and is validly existing as
a limited liability trust company in good standing under the laws of the jurisdiction of its formation; (ii) has full corporate power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and
approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iii) has been duly qualified as a foreign entity for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified
in any such jurisdiction; and (iv) is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $150,000,000. The Depositary hereby
agrees to promptly inform the Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in all material respects. 
 This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against the Depositary in
accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with all applicable laws, rules
and regulations. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES; NOTICES 
 Section 4.1 Cash
Distributions. 
 Whenever the Depositary shall receive any cash dividend or other cash distribution on the Series C
Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or
other cash distribution in respect of the Series C Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute
or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of 

  
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non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder.

 Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series C Preferred
Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable,
in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the reasonable opinion of
the Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on
account of taxes) the Depositary reasonably deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the prior written approval of the Corporation, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The
Corporation shall not make any distribution of such securities to the Depositary and the Depositary shall not make any distribution of such securities to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel
stating that such securities have been registered under the Securities Act or do not need to be registered in connection with such distribution. 
 Section 4.3 Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series C Preferred Stock is recorded
on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or
privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges
the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to
the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined
that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or 

  
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privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights,
preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a
registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right,
preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the
offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required
in order for such rights, preferences or privileges to be made available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to the Series C Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series C Preferred Stock are entitled to vote or of
which holders of the Series C Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the
record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series C Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5 Voting Rights. 
 Subject to the provisions of the Articles of Amendment, upon receipt of notice of any meeting at which the holders of the Series C Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail or transmit by such other method approved by the 

  
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Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of
meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series C Preferred Stock represented by their respective
Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and (iii) a brief statement as to the manner in which such instructions
may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number
of whole shares of Series C Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed
necessary by the Depositary in order to enable the Depositary to vote such Series C Preferred Stock or cause such Series C Preferred Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary will vote the
Series C Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such Holders proportionately with votes cast pursuant to instructions received from the other Holders. 

Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the Series C Preferred Stock, subject to
the provisions of the Articles of Amendment, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the acknowledgement of the
Depositary, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series C Preferred Stock and in the ratio of the redemption price per Depositary Share
to the Redemption Price (as such term is defined in the Articles of Amendment) per share of Series C Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other
reclassification of the Series C Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect
of the Series C Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series C Preferred Stock. In any such case, the Depositary may, in its discretion and with the written approval of the
Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding,
Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series C Preferred Stock or any such recapitalization, reorganization,
merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series C Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other
securities and property and cash into which the Series C Preferred Stock represented by such Receipts might have been converted or for which such Series C Preferred Stock might have been exchanged or surrendered immediately prior to the effective
date of such transaction. 

  
 -14-

 Section 4.7 Delivery of Reports. 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which is received by the
Depositary and which the Corporation is required to furnish to the holders of the Series C Preferred Stock. In addition, the Depositary will make available for inspection by Receipt Holders at the Depositary’s Office, and at such other places
as it may from time to time deem advisable, any reports an communications received from the Corporation which are received by the Depositary. 
 Section 4.8 Lists of Receipt Holders. 
 Reasonably promptly
upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. The Corporation
shall be entitled to receive such list four times annually without charge. 
 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 
 Section 5.1
Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 
 Upon execution of this Deposit
Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents,
if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books during normal business hours shall be open for inspection by the
Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of
Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time, when
deemed expedient by it, as determined in its reasonable judgment, in connection with the performance of its duties hereunder. 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series C Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute registrar appointed by the Depositary upon the request or with the 

  
 -15-

 
approval of the Corporation. If the Receipts, Depositary Shares or Series C Preferred Stock are listed on one or more other securities exchanges, the Depositary will, at the request of the
Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series C Preferred Stock as may be required by law or applicable securities exchange
regulation. 
 Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Restated Articles of Organization (including the Articles of Amendment) or by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or
thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation
or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional misconduct, bad faith or fraud. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of the Series C Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expense and liability
be furnished as incurred. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall
be liable for any action or any failure to act by it in good faith reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series C Preferred Stock for deposit, any Holder of a Receipt or any other
person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  
 -16-

 The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Series C Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. 
 The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in
Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary,
parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions
of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series C Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible
for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary, in its reasonable judgment, believes any ambiguity or uncertainty exists hereunder or in any notice,
instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a
matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and
shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by an authorized
representative of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. 

Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the 

  
 -17-

 
case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along
with its affiliates, of at least $150,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of
competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such
successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor,
upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and
deliver all right, title and interest in the Series C Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books
and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record
Holders of Receipts. 
 Any entity into or with which the Depositary may be merged, consolidated or converted shall be the
successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or
its own name as successor Depositary. 
 Section 5.5 Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the
Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities
exchange upon which the Series C Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Articles of Organization (including the Articles of Amendment), to be furnished to the Record Holders of
Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to
the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Notwithstanding the foregoing, the Corporation shall have no obligation to transmit any such documents that are actually
filed by the Corporation on the Electronic Data Gathering, Analysis, and Retrieval system of the Securities and Exchange Commission, unless specifically requested by a Holder in writing. 

Section 5.6 Indemnification. 
 The Depositary will indemnify the Corporation and hold it harmless from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending

  
 -18-

 
itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Deposit
Agreement due to its or their gross negligence, intentional misconduct, bad faith or fraud. The indemnification obligations of the Depositary set forth in this Section 5.6 shall survive any termination of this Deposit Agreement and any
succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 
 Notwithstanding
Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the
reasonable costs and expenses of defending itself) which may arise solely from third-party claims based directly on acts performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their
respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such
person or persons. For the avoidance of doubt, such indemnity shall not cover any consequential, indirect, partial, special and incidental damages. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of
any Depositary, Registrar or Depositary’s Agent, in accordance with Section 7.2. 
 Promptly following becoming aware
of circumstances that might give rise to a claim for indemnification under this Deposit Agreement, a party seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the
relevant claim; provided that failure to so notify shall not affect the Indemnified Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its
own expense, be entitled to control and direct the investigation and defense of any claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement (i) fully releases the
Indemnified Party from any liability and provides no admission of wrongdoing, and (ii) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such settlement does not meet the
requirements of (i) and (ii) above, then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall provide reasonable assistance
to the Indemnifying Party in connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel of its own choosing at its own cost and expense, unless the Indemnifying Party specifically
authorizes the retaining of such counsel. 
 Section 5.7 Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered
by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by the Depositary without gross negligence, willful misconduct, bad faith or
fraud on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. Unless otherwise provided herein, the Corporation shall pay all charges of the
Depositary in 

  
 -19-

 
connection with the initial deposit of the Series C Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series C Preferred Stock by owners of
Depositary Shares, and any redemption or exchange of the Series C Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary
arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which
the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense
the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

Section 5.8 Tax Compliance. 
 The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting and withholding (including “backup” withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of
rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing
authority or its designated agent. 
 The Depositary shall comply with any direction received from the Corporation with respect
to the application of such requirements to particular payments or holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof.

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

AMENDMENT AND TERMINATION 
 Section 6.1 Amendment. 
 The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which
shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a
two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to

  
 -20-

 
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and
2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series C Preferred Stock and all money and other property, if any,
represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 

Section 6.2 Termination. 
 This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8,
(ii) there shall have been made a final distribution in respect of the Series C Preferred Stock in connection with any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation and such distribution shall
have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, or (iii) upon the consent of the Holders of Receipts representing in the aggregate not less than two-thirds of
the Depositary Shares outstanding. 
 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from
all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive the termination of this
Deposit Agreement. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the
same authority, effect and enforceability as an original signature. 
 Section 7.2 Exclusive Benefit of Parties.

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

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

  
 -21-

 Section 7.4 Notices. 

Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at: 

State Street Corporation 
 One Lincoln Street 
 Boston, Massachusetts 02111 

Attention: Treasurer 
 or at any
other addresses of which the Corporation shall have notified the Depositary in writing, but in any event with a copy, which shall not constitute notice, to the attention of the General Counsel, at the same address. 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or overnight delivery service,, or by telegram or facsimile transmission or electronic mail confirmed by letter, addressed to the Depositary at: 

American Stock Transfer & Trust Company, LLC 
 6201 15th Avenue 
 Brooklyn, New York 11219 

Attention: Michael Nespoli, Senior Vice President 
 Facsimile No.: 718 921 8217 
 Email: IPODepartment@amstock.com 

or at any other addresses of which the Depositary shall have notified the Corporation in writing. 

Except as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books
of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request. Delivery of a notice sent by mail or
by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage
prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile
transmission shall not subsequently be confirmed by letter or as aforesaid. 
 Section 7.5 Depositary’s Agents.

 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for
the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action.

  
 -22-

 Section 7.6 Appointment of Registrar, Dividend Disbursing Agent and Redemption
Agent in Respect of the Series C Preferred Stock. 
 The Corporation hereby also appoints the Depositary as registrar,
dividend disbursing agent and redemption agent in respect of the Receipts and the Depositary hereby accepts such appointment. 

Section 7.7 Governing Law. 
 This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the
State of New York without giving effect to applicable conflicts of law principles. 
 Section 7.8 Inspection of
Deposit Agreement. 
 Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s
Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 
 Section 7.9 Headings. 
 The headings of articles and sections
in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the
meaning or interpretation of any provision contained herein or in the Receipts. 
 Section 7.10 Confidentiality.

 The Depositary agrees that all books, records, information and data pertaining to the business of the Corporation,
including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other
person by the Depositary, except as may be required by law or legal process. 
 Section 7.11 Further Assurances

 From time-to-time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or
cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this
Deposit Agreement. 

  
 -23-

 Section 7.12 Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof. Each Holder of Receipts shall become a party hereto upon acceptance by such Holder of Receipt of delivery of one or more Receipts issued in accordance with the terms
hereof. 
 [Remainder of page intentionally left blank; signature page follows.] 

  
 -24-

 The undersigned has executed this Deposit Agreement as of the date first set forth above. 

 

			
	STATE STREET CORPORATION
		
	By:	 	 /s/ David J. Gutschenritter

	Name:	 	David J. Gutschenritter
	Title:	 	Executive Vice President and Treasurer

 [Signature Page to Deposit Agreement] 

 The undersigned has executed this Deposit Agreement as of the date first set forth above. 

 

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	 /s/ Paula Caroppoli

	Name:	 	Paula Caroppoli
	Title:	 	Senior Vice President

  
 [Signature Page to
Deposit Agreement] 

 EXHIBIT A 
 FORM OF RECEIPT 
 [FORM OF FACE OF RECEIPT] 

Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to State Street Corporation 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. 
  

			
	DEPOSITARY SHARES	  	$

 DEPOSITARY RECEIPT NO.              FOR
         DEPOSITARY SHARES, EACH REPRESENTING 1/4,000th OF ONE SHARE 
 OF 

NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES C 
 OF 
 STATE STREET CORPORATION 

INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS 
 CUSIP [—] 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning December 15, 2012, each March 15, June 15, September 15
and December 15. 
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary (the “Depositary”), hereby certifies
that Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/4,000th of one share of Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $100,000
per share, without par value per share (the “Series C Preferred Stock”), of State Street Corporation, a Massachusetts corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the
benefits of the Deposit Agreement dated as of August [—], 2012 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary
Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar
in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof. 
  

			
	Dated:
	
	AMERICAN STOCK TRANSFER AND TRUST COMPANY, LLC Depositary
		
	By:	 	
		 	Authorized Officer

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

STATE STREET CORPORATION 
 STATE
STREET CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT OF NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES C OF STATE STREET CORPORATION
ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE 
 The Corporation will furnish without charge to each receiptholder who
so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences
and/or rights. Such request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

				
	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

						
	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PL	  	Public Law
						
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s), for, of
						
	ART	  	Article	  	FDN	  	Foundation	  	U	  	Under
						
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under Agreement
						
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	Under will of, Of will of, Under last will & testament
						
	DEC	  	Declaration	  	MIN	  	Minor(s)	  		  	
						
	EST	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

 For value received,              hereby sell(s), assign(s)
and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares
represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint              Attorney to transfer the said Depositary Shares on the books of the within named
Depositary with full power of substitution in the premises. 

  
 A-2

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

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

  
 A-3

 EXHIBIT B 

Officer’s Certificate 
 I,                     , [title] of State Street Corporation (the “Corporation”), hereby
certify that pursuant to the terms of the Articles of Amendment effective August [—], 2012, filed with the Secretary of the Commonwealth of the Commonwealth of Massachusetts
on August [—], 2012 (the “Articles of Amendment”), and pursuant to resolutions adopted by Board of Directors of the
Corporation on [—], 2012, the Corporation has established the Series C Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the
terms and conditions of the Deposit Agreement (the “Deposit Agreement”), dated August [—], 2012, by and among the Corporation, American Stock Transfer & Trust Company, LLC,
and the Holders of Receipts issued thereunder from time to time. In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series C Preferred
Stock as described in the Articles of Amendment attached as Annex A hereto. Any terms of the Series C Preferred Stock that are not so described in the Articles of Amendment and any terms of the Receipts representing such Series C
Preferred Stock that are not described in the Deposit Agreement are described below: 
 Aggregate Number of shares of Series C
Preferred Stock issued on the day hereof: [—] 
 CUSIP Number for
Receipt: [—] 
 Denomination of Depositary Share per share of Series C
Preferred Stock (if different than 1/4,000th ownership interest in a share of Series C Preferred Stock): [—] 
 Redemption Provisions (if different than as set forth in the Deposit Agreement): [—] 

Depositary: American Stock Transfer & Trust Company, LLC 
 All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 
 This certificate is dated:                      

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-1

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