Document:

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                                                                     Exhibit 4.3

                                                                  EXECUTION COPY

                                  $250,000,000

                           GTECH HOLDINGS CORPORATION

                    4.750% SENIOR NOTES DUE OCTOBER 15, 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                 October 9, 2003

CITIGROUP GLOBAL MARKETS INC.
MERRILL LYNCH, PIERCE, FENNER & SMITH
          INCORPORATED,
 As Representatives of the Several Initial Purchasers,
  c/o Citigroup Global Markets Inc.,
    388 Greenwich Street
     New York, N.Y. 10013

Ladies and Gentlemen:

          GTECH Holdings Corporation, a corporation organized under the laws of
the State of Delaware (the "Company"), proposes to issue and sell to certain
purchasers (the "Initial Purchasers") its 4.750% Senior Notes due 2010 (the
"Securities"), upon the terms set forth in a purchase agreement of even date
herewith (the "Purchase Agreement") relating to the initial placement of the
Securities (the "Initial Placement"). The obligations of the Company under the
Securities and the Indenture will be fully and unconditionally guaranteed (the
"Guarantees") on an unsecured, unsubordinated basis by GTECH Corporation, a
Delaware corporation, GTECH Rhode Island Corporation, a Rhode Island
corporation, GTECH Latin America Corporation, a Delaware corporation, and
Interlott Technologies, Inc., a Delaware corporation, as guarantors (each, a
"Guarantor" and collectively, the "Guarantors"), pursuant to the terms of the
Indenture (as defined herein). To induce the Initial Purchasers to enter into
the Purchase Agreement and to satisfy a condition of your obligations
thereunder, the Company and the Guarantors agree with you for your benefit and
the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each a "Holder" and, together, the "Holders"), as follows:

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          1. DEFINITIONS. Capitalized terms used herein without definition shall
have their respective meanings set forth in the Purchase Agreement. As used in
this Agreement, the following capitalized defined terms shall have the following
meanings:

          "Act" shall mean the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.

          "Additional Interest" has the meaning set forth in Section 4(a)
hereof.

          "Affiliate" of any specified person shall mean any other person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified person. For purposes of this definition, control of
a person shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.

          "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

          "Business Day" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "Commission" shall mean the Securities and Exchange Commission.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

          "Exchange Offer Registration Period" shall mean the 180-day period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

          "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

          "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

          "Final Offering Memorandum" shall have the meaning set forth in the
Purchase Agreement.

          "Holder" shall have the meaning set forth in the preamble hereto.

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          "Indenture" shall mean the Indenture relating to the Securities, dated
as of October 15, 2003, among the Company, the Guarantors, and The Bank of New
York, as trustee.

          "Initial Placement" shall have the meaning set forth in the preamble
hereto.

          "Initial Purchasers" shall have the meaning set forth in the preamble
hereto.

          "Issue Date" shall have the meaning set forth in Section 2(a) hereof.

          "Losses" shall have the meaning set forth in Section 7(d) hereof.

          "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered under a Registration
Statement.

          "Managing Underwriters" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

          "New Securities" shall mean debt securities of the Company identical
in all material respects to the Securities (except that the interest rate
step-up provisions and the transfer restrictions shall be eliminated) and to be
issued under the Indenture.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

          "Purchase Agreement" shall have the meaning set forth in the preamble
hereto.

          "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

          "Registration Default" shall have the meaning set forth in Section 4
hereof.

          "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any amendments
and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), all
exhibits thereto and all material incorporated by reference therein.

          "Registrable Securities" shall mean (i) Securities other than those
that have been (A) registered under a Registration Statement and disposed of in
accordance therewith, (B) distributed to the public pursuant to Rule 144 under
the Act or any successor rule or regulation thereto that may be adopted by the
Commission or that are eligible for sale to the public pursuant

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to Rule 144(k) under the Act or any successor rule or regulation of the
Commission, but not Rule 144A and (ii) any New Securities resale of which by the
Holder thereof requires compliance with the prospectus delivery requirements of
the Act.

          "Securities" shall have the meaning set forth in the preamble hereto.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

          "Shelf Registration Period" has the meaning set forth in Section 3(b)
hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or New Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that may be
adopted by the Commission, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

          "Suspension Period" shall have the meaning set forth in Section
3(b)(ii) hereof.

          "Trustee" shall mean the trustee with respect to the Securities and
the New Securities under the Indenture.

          "underwriter" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

          2. REGISTERED EXCHANGE OFFER.

          (a)  The Company and the Guarantors shall prepare and, not later than
     60 days following the date of the original issuance of the Securities (the
     "Issue Date"), shall file with the Commission the Exchange Offer
     Registration Statement with respect to the Registered Exchange Offer. The
     Company shall use its best efforts to cause the Exchange Offer Registration
     Statement to become effective under the Act within 150 days of the Issue
     Date.

          (b)  Upon the effectiveness of the Exchange Offer Registration
     Statement, the Company and the Guarantors shall promptly commence the
     Registered Exchange Offer, it being the objective of such Registered
     Exchange Offer to enable each Holder electing to exchange Securities for
     New Securities (assuming that such Holder is not an Affiliate of the
     Company or the Guarantors, acquires the New Securities in the ordinary
     course of such Holder's business, has no arrangements with any person to
     participate in the distribution of the New Securities and is not prohibited
     by any law or policy of the Commission from participating in the Registered
     Exchange Offer) to trade such New Securities from and after their receipt
     without any limitations or restrictions under the Act and without material
     restrictions under the securities laws of a substantial proportion of the
     several states of the United States.

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          (c)  In connection with the Registered Exchange Offer, the Company and
the Guarantors shall:

               (i)     mail to each Holder a copy of the Prospectus forming part
     of the Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

               (ii)    keep the Registered Exchange Offer open for not less than
     20 Business Days after the date notice thereof is mailed to the Holders
     (or, in each case, longer if required by applicable law);

               (iii)   use its best efforts to keep the Exchange Offer
     Registration Statement continuously effective, supplemented and amended as
     required by the Act to ensure that it is available for sales of New
     Securities by Exchanging Dealers during the Exchange Offer Registration
     Period;

               (iv)    utilize the services of a depositary for the Registered
     Exchange Offer with an address in the Borough of Manhattan in New York
     City, which may be the Trustee or an Affiliate of the Trustee;

               (v)     permit Holders to withdraw tendered Securities at any
     time prior to the close of business, New York time, on the last Business
     Day on which the Registered Exchange Offer is open;

               (vi)    prior to effectiveness of the Exchange Offer Registration
     Statement, provide a supplemental letter to the Commission (A) stating that
     the Company and the Guarantors are conducting the Registered Exchange Offer
     in reliance on the position of the Commission in EXXON CAPITAL HOLDINGS
     CORPORATION (pub. avail. May 13, 1988) and MORGAN STANLEY AND CO., INC.
     (pub. avail. June 5, 1991); and (B) including a representation that the
     Company and the Guarantors have not entered into any arrangement or
     understanding with any person to distribute the New Securities to be
     received in the Registered Exchange Offer and that, to the best of the
     Company's and the Guarantor's information and belief, each Holder
     participating in the Registered Exchange Offer is acquiring the New
     Securities in the ordinary course of business and has no arrangement or
     understanding with any person to participate in the distribution of the New
     Securities; and

               (vii)   comply in all material respects with all applicable laws.

          (d)  As soon as practicable after the close of the Registered Exchange
     Offer, the Company and the Guarantors shall:

               (i)     accept for exchange all Securities tendered and not
     validly withdrawn pursuant to the Registered Exchange Offer;

               (ii)    deliver to the Trustee for cancellation in accordance
     with Section 5(s) all Securities so accepted for exchange; and

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               (iii)   cause the Trustee promptly to authenticate and deliver to
     each Holder of Securities a principal amount of New Securities equal to the
     principal amount of the Securities of such Holder so accepted for exchange.

          (e)  Each Holder hereby acknowledges and agrees that any Broker-Dealer
     and any such Holder using the Registered Exchange Offer to participate in a
     distribution of the New Securities (x) could not under Commission policy as
     in effect on the date of this Agreement rely on the position of the
     Commission in MORGAN STANLEY AND CO., INC. (pub. avail. June 5, 1991) and
     EXXON CAPITAL HOLDINGS CORPORATION (pub. avail. May 13, 1988), as
     interpreted in the Commission's letter to Shearman & Sterling dated July 2,
     1993 and similar no-action letters; and (y) must comply with the
     registration and prospectus delivery requirements of the Act in connection
     with any secondary resale transaction, which must be covered by an
     effective registration statement containing the selling security holder
     information required by Item 507 or 508, as applicable, of Regulation S-K
     under the Act if the resales are of New Securities obtained by such Holder
     in exchange for Securities acquired by such Holder directly from the
     Company or one of its Affiliates. Accordingly, each Holder participating in
     the Registered Exchange Offer shall be required to represent to the Company
     and the Guarantors that, at the time of the consummation of the Registered
     Exchange Offer:

               (i)     any New Securities received by such Holder will be
     acquired in the ordinary course of business;

               (ii)    such Holder will have no arrangement or understanding
     with any person to participate in the distribution of the Securities or the
     New Securities within the meaning of the Act; and

               (iii)   such Holder is not an Affiliate of the Company or the
     Guarantors.

          3. SHELF REGISTRATION.

          (a)  If (i) due to any change in law or applicable interpretations
     thereof by the Commission's staff, the Company and the Guarantors determine
     upon the advice of the Company's outside counsel that they are not
     permitted to effect the Registered Exchange Offer as contemplated by
     Section 2 hereof; (ii) for any other reason the Registered Exchange Offer
     is not consummated within 180 days of the Issue Date; or (iii) any Initial
     Purchaser so requests with respect to Securities that are not eligible to
     be exchanged for New Securities in the Registered Exchange Offer and that
     are held by it following consummation of the Registered Exchange Offer, the
     Company and the Guarantors shall effect a Shelf Registration Statement in
     accordance with subsection (b) below.

          (b)  (i) The Company and the Guarantors shall as promptly as
     practicable (but in no event more than 45 days after so required or
     requested pursuant to this Section 3) file with the Commission and
     thereafter shall use its best efforts to cause to be declared effective
     under the Act no later than 90 days after so required or requested a Shelf
     Registration Statement relating to the offer and sale of the Securities by
     the Holders thereof from time to time in accordance with the methods of
     distribution elected by such

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     Holders and set forth in such Shelf Registration Statement; PROVIDED,
     HOWEVER, that no Holder (other than an Initial Purchaser) shall be entitled
     to have the Securities held by it covered by such Shelf Registration
     Statement unless such Holder agrees in writing to be bound by all of the
     provisions of this Agreement applicable to such Holder.

               (ii)    The Company and the Guarantors shall use their best
     efforts to keep the Shelf Registration Statement continuously effective,
     supplemented and amended as required by the Act, in order to permit the
     Prospectus forming part thereof to be usable by Holders for a period of two
     years from the date of issuance of the Securities (plus the number of days
     in any Suspension Period) or such shorter period that will terminate when
     all the Securities or New Securities, as applicable, covered by the Shelf
     Registration Statement have been sold pursuant to the Shelf Registration
     Statement (in any such case, such period being called the "Shelf
     Registration Period"); PROVIDED, HOWEVER, that the Company and the
     Guarantors shall not be obligated to keep the Shelf Registration Statement
     effective or to permit the use of any Prospectus forming a part of the
     Shelf Registration Statement if (A) the Company and the Guarantors
     determine, in their reasonable judgment, upon advice of counsel that the
     continued effectiveness and use of the Shelf Registration Statement would
     (x) require the disclosure of material information which the Company or the
     Guarantors have a BONA FIDE business reason for preserving as confidential
     or (y) interfere with any financing, acquisition, corporate reorganization
     or other material transaction involving the Company or the Guarantors or
     any of their subsidiaries; and PROVIDED, FURTHER, that the failure to keep
     the Shelf Registration Statement effective and usable for offers and sales
     of Registrable Securities for such reasons shall last no longer than an
     aggregate of 45 calendar days in any three-month period or no more than an
     aggregate of 90 calendar days during any twelve-month period (whereafter a
     Registration Default, as hereinafter defined, shall occur) and (B) the
     Company and the Guarantors promptly thereafter comply with the requirements
     of Section 5(k) hereof. Any such period during which the Company and the
     Guarantors are excused from keeping the Shelf Registration Statement
     effective and usable for offers and sales of Registrable Securities is
     referred to herein as a "Suspension Period." A Suspension Period shall
     commence on and include the date that the Company or the Guarantors give
     notice to the Holders that the Shelf Registration Statement is no longer
     effective or the Prospectus included therein is no longer usable for offers
     and sales of Registrable Securities as a result of the application of the
     proviso in clause (A) above (without notice of the nature or details of
     such events) and shall end on the earlier to occur of the date on which
     each seller of Registrable Securities covered by the Shelf Registration
     Statement receives copies of any supplemented or amended Prospectus or is
     advised in writing by the Company and the Guarantors that use of the
     Prospectus may be resumed. The Company and the Guarantors shall be deemed
     not to have used their best efforts to keep the Shelf Registration
     Statement effective during the requisite period if they voluntarily take
     any action that would result in Holders of Securities covered thereby not
     being able to offer and sell such Securities during that period, unless
     such action is permitted pursuant to this subsection or required by
     applicable law.

               (iii)   The Company and the Guarantors shall cause the Shelf
     Registration Statement and the related Prospectus and any amendment or
     supplement thereto, as of the effective date of the Shelf Registration
     Statement or such amendment or

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     supplement, (A) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission; and (B) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein (in the case of the Prospectus, in
     the light of the circumstances under which they were made) not misleading.

          4. ADDITIONAL INTEREST. (a) In the event of the occurrence of any of
the following (each a "Registration Default"), the interest rate on the
Securities will be increased (the "Additional Interest") as described below:

               (i)     the Exchange Offer Registration Statement has not been
     filed with the Commission on or prior to the 60th day after the Issue Date;

               (ii)    the Exchange Offer Registration Statement is not declared
     effective by the Commission on or prior to the 150th day after the Issue
     Date;

               (iii)   the Registered Exchange Offer has not been consummated on
     or prior to the 180th day after the Issue Date;

               (iv)    any required Shelf Registration Statement with respect to
     the Securities has not been filed or declared effective by the Commission
     on or prior to the date by which best efforts are to be used to cause such
     filing or effectiveness; or

               (v)     any required Exchange Offer Registration Statement or
     Shelf Registration Statement is filed with, and declared effective by, the
     Commission, but ceases to be effective at any time at which it is required
     to be effective under this agreement, then

commencing on the day of the occurrence of a Registration Default, Additional
Interest (in addition to stated interest on the Securities) shall accrue on the
Securities at the rate of 0.25% per annum for the first 90 days immediately
following the occurrence of such Registration Default and such Additional
Interest rate shall increase by an additional 0.25% per annum at the end of such
90-day period, but in no event shall such rate exceed 0.50% per annum. Upon (1)
the filing of the Exchange Offer Registration Statement (in the case of a
Registration Default set forth in clause (i) above), (2) the effectiveness of
the Exchange Offer Registration Statement (in the case of a Registration Default
set forth in clause (ii) above), (3) the consummation of the Registered Exchange
Offer (in the case of a Registration Default set forth in clause (iii) above),
(4) the filing or effectiveness of the Shelf Registration Statement (in the case
of a Registration Default set forth in clause (iv) above, and (5) the
effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement (in the case of a Registration Default set forth in
clause (v) above), Additional Interest on the Securities as a result of a
Registration Default shall cease to accrue. If, after any such Additional
Interest ceases to accrue, a subsequent Registration Default occurs, Additional
Interest will again accrue as described herein.

          (b)  The Company or the Guarantors shall notify the Trustee within two
     Business Days of the occurrence of any Registration Default. Any amounts of
     Additional

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     Interest due as a result of a Registration Default will be payable in cash
     semiannually in arrears on April 15 and October 15 of each year in
     accordance with the terms set forth in the Indenture with respect to
     payments of interest, commencing with the first such date occurring after
     any Additional Interest begins to accrue. The Company or the Guarantors
     shall notify the Trustee within two Business Days of the cessation of any
     requirement to pay Additional Interest hereunder.

          5. ADDITIONAL REGISTRATION PROCEDURES.  In connection with any Shelf
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

          (a)  The Company and the Guarantors shall:

               (i)     furnish to you, not less than five Business Days prior to
     the filing thereof with the Commission, a copy of any Exchange Offer
     Registration Statement and any Shelf Registration Statement, and each
     amendment thereof and each amendment or supplement, if any, to the
     Prospectus included therein (including all documents incorporated by
     reference therein after the initial filing) and shall not file any such
     Registration Statement or amendment or supplement to which you shall
     reasonably object;

               (ii)    include the information set forth in Annex A hereto on
     the facing page of the Exchange Offer Registration Statement, in Annex B
     hereto in the forepart of the Exchange Offer Registration Statement in a
     section setting forth details of the Exchange Offer, in Annex C hereto in
     the underwriting or plan of distribution section of the Prospectus
     contained in the Exchange Offer Registration Statement, and in Annex D
     hereto in the letter of transmittal delivered pursuant to the Registered
     Exchange Offer;

               (iii)   if requested by an Initial Purchaser, include the
     information required by Item 507 or 508 of Regulation S-K, as applicable,
     in the Prospectus contained in the Exchange Offer Registration Statement;
     and

               (iv)    in the case of a Shelf Registration Statement, include
     the names of the Holders that propose to sell Securities pursuant to the
     Shelf Registration Statement as selling security holders.

          (b)  The Company and the Guarantors shall ensure that:

               (i)     any Registration Statement and any amendment thereto and
     any Prospectus forming part thereof and any amendment or supplement thereto
     complies in all material respects with the Act and the rules and
     regulations thereunder; and

               (ii)    any Registration Statement and any amendment thereto does
     not, when it becomes effective, contain an untrue statement of a material
     fact or omit to state a material fact required to be stated therein or
     necessary to make the statements therein not misleading.

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          (c)  The Company and the Guarantors shall advise you, the Holders of
     Securities covered by any Shelf Registration Statement and any Exchanging
     Dealer under any Exchange Offer Registration Statement that has provided in
     writing to the Company or the Guarantors a telephone or facsimile number
     and address for notices, and, if requested by you or any such Holder or
     Exchanging Dealer, shall confirm such advice in writing (which notice
     pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction
     to suspend the use of the Prospectus until the Company or the Guarantors
     shall have remedied the basis for such suspension):

               (i)     when a Registration Statement and any amendment thereto
     has been filed with the Commission and when the Registration Statement or
     any post-effective amendment thereto has become effective;

               (ii)    of any request by the Commission for any amendment or
     supplement to the Registration Statement or the Prospectus or for
     additional information;

               (iii)   of the issuance by the Commission of any stop order
     suspending the effectiveness of the Registration Statement or the
     initiation of any proceedings for that purpose;

               (iv)    of the receipt by the Company of any notification with
     respect to the suspension of the qualification of the securities included
     therein for sale in any jurisdiction or the initiation of any proceeding
     for such purpose; and

               (v)     of the happening of any event that requires any change in
     the Registration Statement or the Prospectus so that, as of such date, the
     statements therein are not misleading and do not omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein (in the case of the Prospectus, in the light of the circumstances
     under which they were made) not misleading.

          (d)  The Company and the Guarantors shall use their best efforts to
     obtain the withdrawal of any order suspending the effectiveness of any
     Registration Statement or the qualification of the securities therein for
     sale in any jurisdiction at the earliest possible time.

          (e)  The Company and the Guarantors shall furnish to each Holder of
     Securities covered by any Shelf Registration Statement, without charge, at
     least one copy of such Shelf Registration Statement and any post-effective
     amendment thereto, including all material incorporated therein by
     reference, and, if the Holder so requests in writing, all exhibits thereto
     (including exhibits incorporated by reference therein).

          (f)  The Company and the Guarantors shall, during the Shelf
     Registration Period, deliver to each Holder of Securities covered by any
     Shelf Registration Statement, without charge, as many copies of the
     Prospectus (including each preliminary Prospectus) included in such Shelf
     Registration Statement and any amendment or supplement thereto as such
     Holder may reasonably request. The Company and the Guarantors consent to
     the use of the Prospectus or any amendment or supplement thereto by each of
     the selling Holders of securities in connection with the offering and sale
     of the securities covered by

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     the Prospectus, or any amendment or supplement thereto, included in the
     Shelf Registration Statement.

          (g)  The Company and the Guarantors shall furnish to each Exchanging
     Dealer which so requests, without charge, at least one copy of the Exchange
     Offer Registration Statement and any post-effective amendment thereto,
     including all material incorporated by reference therein, and, if the
     Exchanging Dealer so requests in writing, all exhibits thereto (including
     exhibits incorporated by reference therein).

          (h)  The Company or the Guarantors shall promptly deliver to each
     Initial Purchaser, each Exchanging Dealer and each other person required to
     deliver a Prospectus during the Exchange Offer Registration Period, without
     charge, as many copies of the Prospectus included in such Exchange Offer
     Registration Statement and any amendment or supplement thereto as any such
     person may reasonably request. The Company and the Guarantors consent to
     the use of the Prospectus or any amendment or supplement thereto during the
     Exchange Offer Registration Period by any Initial Purchaser, any Exchanging
     Dealer and any such other person that may be required to deliver a
     Prospectus following the Registered Exchange Offer in connection with the
     offering and sale of the New Securities covered by the Prospectus, or any
     amendment or supplement thereto, included in the Exchange Offer
     Registration Statement, except under the circumstances provided in
     subsections(c)(ii) through (v) above.

          (i)  Prior to the Registered Exchange Offer or any other offering of
     Securities pursuant to any Registration Statement, the Company and the
     Guarantors shall arrange, if necessary, for the qualification of the
     Securities or the New Securities for sale under the laws of such
     jurisdictions as any Holder shall reasonably request and will maintain such
     qualification in effect so long as required; PROVIDED that in no event
     shall the Company or the Guarantors be obligated to qualify to do business
     in any jurisdiction where it is not then so qualified or to take any action
     that would subject it to service of process in suits, other than those
     arising out of the Initial Placement, the Registered Exchange Offer or any
     offering pursuant to a Shelf Registration Statement, in any such
     jurisdiction where it is not then so subject.

          (j)  The Company and the Guarantors shall cooperate with the Holders
     of Securities to facilitate the timely preparation and delivery of
     certificates representing New Securities or Securities to be issued or sold
     pursuant to any Registration Statement free of any restrictive legends and
     in such denominations and registered in such names as Holders may request.

          (k)  Upon the occurrence of any event contemplated by subsections
     (c)(ii) through (v) above, the Company and the Guarantors shall promptly
     prepare a post-effective amendment to the applicable Registration Statement
     or an amendment or supplement to the related Prospectus or file any other
     required document so that, as thereafter delivered to Initial Purchasers of
     the securities included therein, the Prospectus will not include an untrue
     statement of a material fact or omit to state any material fact necessary
     to make the statements therein, in the light of the circumstances under
     which they were made, not misleading. In such circumstances, the period of
     effectiveness of the

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     Exchange Offer Registration Statement provided for in Section 2 and the
     Shelf Registration Statement provided for in Section 3(b) shall each be
     extended by the number of days from and including the date of the giving of
     a notice of suspension pursuant to Section 5(c) to and including the date
     when the Initial Purchasers, the Holders of the Securities and any known
     Exchanging Dealer shall have received such amended or supplemented
     Prospectus pursuant to this Section.

          (l)  Not later than the effective date of any Registration Statement,
     the Company and the Guarantors shall provide a CUSIP number for the
     Securities or the New Securities, as the case may be, registered under such
     Registration Statement and provide the Trustee with printed certificates
     for such Securities or New Securities, in a form eligible for deposit with
     The Depository Trust Company.

          (m)  The Company and the Guarantors shall comply with all applicable
     rules and regulations of the Commission and shall make generally available
     to its security holders as soon as practicable after the effective date of
     the applicable Registration Statement an earnings statement satisfying the
     provisions of Section 11(a) of the Act.

          (n)  The Company and the Guarantors shall cause the Indenture to be
     qualified under the Trust Indenture Act in a timely manner.

          (o)  The Company and the Guarantors may require each Holder of
     securities to be sold pursuant to any Shelf Registration Statement to
     furnish to the Company such information regarding the Holder and the
     distribution of such securities as the Company or the Guarantors may from
     time to time reasonably require for inclusion in such Registration
     Statement. The Company and the Guarantors may exclude from such Shelf
     Registration Statement the Securities of any Holder that fails to furnish
     such information within a reasonable time after receiving such request.

          (p)  In the case of any Shelf Registration Statement, the Company and
     the Guarantors shall enter into such agreements (including, if requested,
     an underwriting agreement in customary form) and take all other appropriate
     actions in order to expedite or facilitate the registration or the
     disposition of the Securities, and in connection therewith, if an
     underwriting agreement is entered into, cause the same to contain
     indemnification provisions and procedures no less favorable than those set
     forth in Section 7 hereof.

          (q)  In the case of any Shelf Registration Statement, the Company and
the Guarantors shall:

               (i)     make reasonably available for inspection by the Holders
     of Securities to be registered thereunder, any underwriter participating in
     any disposition pursuant to such Registration Statement, and any attorney,
     accountant or other agent retained by the Holders or any such underwriter
     all relevant financial and other records, pertinent corporate documents and
     properties of the Company and the Guarantors and its subsidiaries;

                                       12
<Page>

               (ii)    cause the Company's and the Guarantor's officers,
     directors and employees to supply all relevant information reasonably
     requested by the Holders or any such underwriter, attorney, accountant or
     agent in connection with any such Registration Statement as is customary
     for similar due diligence examinations; PROVIDED, HOWEVER, that any
     information that is designated in writing by the Company or the Guarantors,
     in good faith, as confidential at the time of delivery of such information
     shall be kept confidential by the Holders or any such underwriter,
     attorney, accountant or agent, unless such disclosure is made in connection
     with a court proceeding or required by law, or such information becomes
     available to the public generally or through a third party without an
     accompanying obligation of confidentiality;

               (iii)   make such representations and warranties to the Holders
     of Securities registered thereunder and the underwriters, if any, in form,
     substance and scope as are customarily made by issuers to underwriters in
     primary underwritten offerings and covering matters including, but not
     limited to, those set forth in the Purchase Agreement;

               (iv)    obtain opinions of counsel to the Company and the
     Guarantors and updates thereof (which counsel and opinions (in form, scope
     and substance) shall be reasonably satisfactory to the Managing
     Underwriters, if any) addressed to each selling Holder and the
     underwriters, if any, covering such matters as are customarily covered in
     opinions requested in underwritten offerings and such other matters as may
     be reasonably requested by such Holders and underwriters;

               (v)     obtain "cold comfort" letters and updates thereof from
     the independent certified public accountants of the Company and the
     Guarantors (and, if necessary, any other independent certified public
     accountants of any subsidiary of the Company or the Guarantors or of any
     business acquired by the Company or the Guarantors for which financial
     statements and financial data are, or are required to be, included in the
     Registration Statement), addressed to each selling Holder of Securities
     registered thereunder and the underwriters, if any, in customary form and
     covering matters of the type customarily covered in "cold comfort" letters
     in connection with primary underwritten offerings; and

               (vi)    deliver such documents and certificates as may be
     reasonably requested by the Majority Holders and the Managing Underwriters,
     if any, including those to evidence compliance with Section 5(k) and with
     any customary conditions contained in the underwriting agreement or other
     agreement entered into by the Company and the Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this subsection
5(q) shall be performed at (A) the effectiveness of such Registration Statement
and each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

          (r)  In the case of any Exchange Offer Registration Statement, the
     Company and the Guarantors shall, to the extent requested by any Initial
     Purchaser, or by a broker-

                                       13
<Page>

     dealer that holds Securities that were acquired as a result of
     market-making or other trading activities:

               (i)     make reasonably available for inspection by such
     requesting party, and any attorney, accountant or other agent retained by
     such Initial Purchaser, all relevant financial and other records, pertinent
     corporate documents and properties of the Company and the Guarantors and
     their subsidiaries;

               (ii)    cause the Company's and the Guarantor's officers,
     directors, employees, accountants and auditors to supply all relevant
     information reasonably requested by such Initial Purchaser or any such
     attorney, accountant or agent in connection with any such Registration
     Statement as is customary for similar due diligence examinations; PROVIDED,
     HOWEVER, that any information that is designated in writing by the Company
     or the Guarantors, in good faith, as confidential at the time of delivery
     of such information shall be kept confidential by such Initial Purchaser or
     any such attorney, accountant or agent, unless such disclosure is made in
     connection with a court proceeding or required by law, or such information
     becomes available to the public generally or through a third party without
     an accompanying obligation of confidentiality;

               (iii)   make such representations and warranties to such
     requesting party, in form, substance and scope as are customarily made by
     issuers to underwriters in primary underwritten offerings and covering
     matters including, but not limited to, those set forth in the Purchase
     Agreement;

               (iv)    obtain opinions of counsel to the Company and the
     Guarantors and updates thereof (which counsel and opinions (in form, scope
     and substance) shall be reasonably satisfactory to such requesting party
     and its counsel, addressed to such requesting party, covering such matters
     as are customarily covered in opinions requested in underwritten offerings
     and such other matters as may be reasonably requested by such requesting
     party or its counsel;

               (v)     obtain "cold comfort" letters and updates thereof from
     the independent certified public accountants of the Company and the
     Guarantors (and, if necessary, any other independent certified public
     accountants of any subsidiary of the Company or the Guarantors or of any
     business acquired by the Company or the Guarantors for which financial
     statements and financial data are, or are required to be, included in the
     Registration Statement), addressed to such requesting party, in customary
     form and covering matters of the type customarily covered in "cold comfort"
     letters in connection with primary underwritten offerings, or if requested
     by such Initial Purchaser or its counsel in lieu of a "cold comfort"
     letter, an agreed-upon procedures letter under Statement on Auditing
     Standards No. 35, covering matters reasonably requested by such Initial
     Purchaser or its counsel; and

               (vi)    deliver such documents and certificates as may be
     reasonably requested by such Initial Purchaser or its counsel, including
     those to evidence compliance with Section 5(k) and with conditions
     customarily contained in underwriting agreements.

                                       14
<Page>

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
subsection 5(r) shall be performed at the close of the Registered Exchange Offer
and the effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

          (s)  If a Registered Exchange Offer is to be consummated, upon
     delivery of the Securities by Holders to the Company (or to such other
     person as directed by the Company) in exchange for the New Securities, the
     Company shall mark, or caused to be marked, on the Securities so exchanged
     that such Securities are being canceled in exchange for the New Securities.
     In no event shall the Securities be marked as paid or otherwise satisfied.

          (t)  The Company and the Guarantors will use their best efforts (i) if
     the Securities have been rated prior to the initial sale of such
     Securities, to confirm such ratings will apply to the Securities or the New
     Securities, as the case may be, covered by a Registration Statement; or
     (ii) if the Securities were not previously rated, to cause the Securities
     covered by a Registration Statement to be rated by at least one nationally
     recognized statistical rating agency, if so requested by the Majority
     Holders with respect to the related Registration Statement or by any
     Managing Underwriters.

          (u)  In the event that any Broker-Dealer shall underwrite any
     Securities or participate as a member of an underwriting syndicate or
     selling group or "assist in the distribution" (within the meaning of the
     Rules of Fair Practice and the By-Laws of the National Association of
     Securities Dealers, Inc.) thereof, whether as a Holder of such Securities
     or as an underwriter, a placement or sales agent or a broker or dealer in
     respect thereof, or otherwise, assist such Broker-Dealer in complying with
     the requirements of such Rules and By-Laws, including, without limitation,
     by:

               (i)     if such Rules or By-Laws shall so require, engaging a
     "qualified independent underwriter" (as defined in such Rules) to
     participate in the preparation of the Registration Statement, to exercise
     usual standards of due diligence with respect thereto and, if any portion
     of the offering contemplated by such Registration Statement is an
     underwritten offering or is made through a placement or sales agent, to
     recommend the yield of such Securities;

               (ii)    indemnifying any such qualified independent underwriter
     to the extent of the indemnification of underwriters provided in Section 7
     hereof; and

               (iii)   providing such information to such Broker-Dealer as may
     be required in order for such Broker-Dealer to comply with the requirements
     of such Rules.

          (v)  The Company and the Guarantors shall take all other steps
reasonably necessary to effect the registration of the Securities or the New
Securities, as the case may be, covered by a Registration Statement.

          6. REGISTRATION EXPENSES. The Company and the Guarantors shall bear
all expenses incurred in connection with the performance of their respective
obligations under Sections 2, 3 and 5 hereof and, in the event of any Shelf
Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel (which shall

                                       15
<Page>

initially be Shearman & Sterling LLP but which may be another nationally
recognized law firm experienced in securities matters designated by the Majority
Holders) to act as counsel for the Holders in connection therewith. Each Holder
shall pay all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Securities pursuant to the
Shelf Registration Statement.

          7. INDEMNIFICATION AND CONTRIBUTION. (a) The Company and the
Guarantors, jointly and severally, agree to indemnify and hold harmless each
Holder of Securities or New Securities, as the case may be, covered by any
Registration Statement (including each Initial Purchaser and, with respect to
any Prospectus delivery as contemplated in Section 5(h) hereof, each Exchanging
Dealer), the directors, officers, employees and agents of each such Holder and
each person who controls any such Holder within the meaning of either the Act or
the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act,
the Exchange Act or other Federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement as originally filed or in any amendment thereof, or in
any preliminary Prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and agrees to reimburse
each such indemnified party, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; PROVIDED, HOWEVER, that the
Company and the Guarantors will not be liable in any case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission
made therein in reliance upon and in conformity with written information
furnished to the Company or the Guarantors by or on behalf of any such Holder
specifically for inclusion therein. This indemnity agreement will be in addition
to any liability which the Company or the Guarantors may otherwise have.

          The Company and the Guarantors also agree to indemnify or contribute
as provided in Section 7(d) to Losses of each underwriter, if any, of Securities
or New Securities, as the case may be, registered under a Shelf Registration
Statement, their directors, officers, employees or agents and each person who
controls such underwriter on substantially the same basis as that of the
indemnification of the Initial Purchasers and the selling Holders provided in
this Section 7(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 5(p)
hereof.

          (b)  Each Holder of Securities or New Securities covered by a
     Registration Statement (including each Initial Purchaser and, with respect
     to any Prospectus delivery as contemplated in Section 5(h) hereof, each
     Exchanging Dealer) severally agrees to indemnify and hold harmless the
     Company, the Guarantors, each of their directors and each of their officers
     who signs such Registration Statement and each person who controls the
     Company or the Guarantors within the meaning of either the Act or the
     Exchange Act, to the same extent as the foregoing indemnity from the
     Company and the Guarantors to each such Holder, but only with reference to
     written information relating to such Holder furnished to the Company or the
     Guarantors and the by or on behalf of such

                                       16
<Page>

     Holder specifically for inclusion in the documents referred to in the
     foregoing indemnity. This indemnity agreement will be in addition to any
     liability which any such Holder may otherwise have.

          (c)  Promptly after receipt by an indemnified party under this Section
     7 or notice of the commencement of any action, such indemnified party will,
     if a claim in respect thereof is to be made against the indemnifying party
     under this Section, notify the indemnifying party in writing of the
     commencement thereof; but the failure so to notify the indemnifying party
     (i) will not relieve it from liability under paragraph (a) or (b) above
     unless and to the extent it did not otherwise learn of such action and such
     failure results in the forfeiture by the indemnifying party of substantial
     rights and defenses; and (ii) will not, in any event, relieve the
     indemnifying party from any obligations to any indemnified party other than
     the indemnification obligation provided in paragraph (a) or (b) above. The
     indemnifying party shall be entitled to appoint counsel of the indemnifying
     party's choice at the indemnifying party's expense to represent the
     indemnified party in any action for which indemnification is sought (in
     which case the indemnifying party shall not thereafter be responsible for
     the fees and expenses of any separate counsel retained by the indemnified
     party or parties except as set forth below); PROVIDED, HOWEVER, that such
     counsel shall be reasonably satisfactory to the indemnified party.
     Notwithstanding the indemnifying party's election to appoint counsel to
     represent the indemnified party in an action, the indemnified party shall
     have the right to employ separate counsel (including local counsel), and
     the indemnifying party shall bear the reasonable fees, costs and expenses
     of such separate counsel if (i) the use of counsel chosen by the
     indemnifying party to represent the indemnified party would present such
     counsel with a conflict of interest; (ii) the actual or potential
     defendants in, or targets of, any such action include both the indemnified
     party and the indemnifying party and the indemnified party shall have
     reasonably concluded that there may be legal defenses available to it
     and/or other indemnified parties which are different from or additional to
     those available to the indemnifying party; (iii) the indemnifying party
     shall not have employed counsel satisfactory to the indemnified party to
     represent the indemnified party within a reasonable time after notice of
     the institution of such action; or (iv) the indemnifying party shall
     authorize the indemnified party to employ separate counsel at the expense
     of the indemnifying party. It is understood, however, that the Company or
     the Guarantors shall not, in connection with any one such suit or
     proceeding or separate but substantially similar or related actions or
     proceedings in the same jurisdiction arising out of the same general
     allegations or circumstances, be liable for the reasonable fees and
     expenses of more than one separate firm of attorneys at any time for all
     such indemnified parties, which shall be designated in writing by the
     Initial Purchasers. An indemnifying party will not, without the prior
     written consent of the indemnified parties, settle or compromise or consent
     to the entry of any judgment with respect to any pending or threatened
     claim, action, suit or proceeding in respect of which indemnification or
     contribution may be sought hereunder (whether or not the indemnified
     parties are actual or potential parties to such claim or action) unless
     such settlement, compromise or consent (i) includes an unconditional
     release of each indemnified party from all liability arising out of such
     claim, action, suit or proceeding and (ii) does not include a statement as
     to or an admission of fault, culpability or failure to act by or on behalf
     of any indemnified party. The indemnifying party shall not be liable for
     any settlement of any

                                       17
<Page>

     proceeding effected without its written consent, but if settled with such
     consent the indemnifying party agrees to indemnify the indemnified party
     from and against any loss or liability by reason of such settlement.

          (d)  In the event that the indemnity provided in paragraph (a) or (b)
of this Section 7 is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"Losses") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
PROVIDED, HOWEVER, that in no case shall any Initial Purchaser or any subsequent
Holder of any Security or New Security be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Security, or in the case of a New Security, applicable to the Security that was
exchangeable into such New Security, nor shall any underwriter be responsible
for any amount in excess of the underwriting discount or commission applicable
to the securities purchased by such underwriter under the Registration Statement
which resulted in such Losses. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the indemnifying party and the
indemnified party shall contribute in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of such
indemnifying party, on the one hand, and such indemnified party, on the other
hand, in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received
by the Company and the Guarantors shall be deemed to be equal to the total net
proceeds from the Initial Placement received by the Company (before deducting
expenses). Benefits received by the Initial Purchasers shall be deemed to be
equal to the total purchase discounts and commissions received by the Initial
Purchasers in connection with the Initial Placement, and benefits received by
any other Holders shall be deemed to be equal to the value of receiving
Securities or New Securities, as applicable, registered under the Act. Benefits
received by any underwriter shall be deemed to be equal to the total
underwriting discounts and commissions, as set forth on the cover page of the
Prospectus forming a part of the Registration Statement which resulted in such
Losses. Relative fault shall be determined by reference to, among other things,
whether any alleged untrue statement or omission relates to information provided
by the indemnifying party, on the one hand, or by the indemnified party, on the
other hand, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The parties agree that it would not be just and equitable if
contribution were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or any other method of allocation which
does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section, each person who
controls a Holder within the meaning of either the Act or the Exchange Act and
each director, officer, employee and agent of such Holder shall have the same
rights to contribution as such Holder, and each person who controls the Company
and the Guarantors within the meaning of either the Act or the Exchange Act,
each officer of the Company and the Guarantors who shall have signed

                                       18
<Page>

the Registration Statement and each director of the Company and the Guarantors
shall have the same rights to contribution as the Company or the Guarantors,
subject in each case to the applicable terms and conditions of this paragraph
(d).

          (e)  The provisions of this Section 7 will remain in full force and
     effect, regardless of any termination or cancellation of this agreement or
     any investigation made by or on behalf of any Holder or the Company or the
     Guarantors or any of the officers, directors or controlling persons
     referred to in this Section hereof, and will survive the sale by a Holder
     of securities covered by a Registration Statement.

          8. UNDERWRITTEN REGISTRATIONS. (a) If any of the Securities or New
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders; PROVIDED, that such Managing Underwriters
shall be reasonably satisfactory to the Company.

          (b)  No person may participate in any underwritten offering pursuant
     to any Shelf Registration Statement, unless such person (i) agrees to sell
     such person's Securities or New Securities, as the case may be, on the
     basis reasonably provided in any underwriting arrangements approved by the
     persons entitled hereunder to approve such arrangements; and (ii) completes
     and executes all questionnaires, powers of attorney, indemnities,
     underwriting agreements and other documents reasonably required under the
     terms of such underwriting arrangements.

          9. NO INCONSISTENT AGREEMENTS. The Company and the Guarantors have
not, as of the date hereof, entered into, nor shall they, on or after the date
hereof, enter into, any agreement with respect to their respective securities
that is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

          10. AMENDMENTS AND WAIVERS. The provisions of this Agreement may not
be amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company and
the Guarantors have obtained the written consent of the Holders of a majority of
the aggregate principal amount of the Registrable Securities outstanding;
PROVIDED that, with respect to any matter that directly or indirectly affects
the rights of any Initial Purchaser hereunder, the Company and the Guarantors
shall obtain the written consent of each such Initial Purchaser against which
such amendment, qualification, supplement, waiver or consent is to be effective;
PROVIDED, FURTHER, that no amendment, qualification, supplement, waiver or
consent with respect to Section 4 hereof shall be effective as against any
Holder of Registrable Securities unless consented to in writing by such Holder;
and PROVIDED, FURTHER, that the provisions of this Section 10 may not be
amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company and
the Guarantors have obtained the written consent of the Initial Purchasers and
each Holder. Notwithstanding the foregoing (except the foregoing provisos), a
waiver or consent to departure from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders whose Securities or New
Securities, as the case may be, are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by the Majority Holders, determined on the basis of

                                       19
<Page>

Securities or New Securities, as the case may be, being sold rather than
registered under such Registration Statement.

          11. NOTICES.  All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

          (a)  if to a Holder, at the most current address given by such holder
     to the Company in accordance with the provisions of this Section, which
     address initially is, with respect to each Holder, the address of such
     Holder maintained by the Registrar (as defined in the Indenture) under the
     Indenture, with a copy in like manner to Citigroup Global Markets Inc.;

          (b)  if to you, initially at the respective addresses set forth in the
     Purchase Agreement; and

          (c)  if to the Company or the Guarantors, initially at its respective
     address set forth in the Purchase Agreement.

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers or the Company or the Guarantors by notice to
the other parties may designate additional or different addresses for subsequent
notices or communications.

          12. SUCCESSORS. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company or the
Guarantors thereto, subsequent Holders of Securities and the New Securities. The
Company and the Guarantors hereby agree to extend the benefits of this Agreement
to any Holder of Securities and the New Securities, and any such Holder may
specifically enforce the provisions of this Agreement as if an original party
hereto.

          13. SPECIFIC PERFORMANCE. Without limiting the remedies available to
the Initial Purchasers and the Holders, the Company and the Guarantors
acknowledge that any failure by the Company or the Guarantors to comply with its
obligations under Sections 2 and 3 hereof may result in material irreparable
injury to the Initial Purchasers or the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, the Initial Purchasers or
any Holder may obtain such relief as may be required to specifically enforce
either the Company or Guarantors' obligations under Sections 2 and 3 hereof.

          14. COUNTERPARTS. This agreement may be in signed counterparts, each
of which shall an original and all of which together shall constitute one and
the same agreement.

          15. HEADINGS.  The headings used herein are for convenience only and
shall not affect the construction hereof.

                                       20
<Page>

          16. APPLICABLE LAW.  This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts
made and to be performed in the State of New York.

          17. SEVERABILITY. In the event that any one of more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
shall be enforceable to the fullest extent permitted by law.

          18. SECURITIES HELD BY THE COMPANY, ETC. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Securities
or New Securities is required hereunder, Securities or New Securities, as
applicable, held by the Company or the Guarantors or their Affiliates (other
than subsequent Holders of Securities or New Securities if such subsequent
Holders are deemed to be Affiliates solely by reason of their holdings of such
Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

                            [SIGNATURE PAGES FOLLOW]

                                       21
<Page>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company, the Guarantors and the several Initial Purchasers.

                                        Very truly yours,

                                        GTECH HOLDINGS CORPORATION

                                        By:
                                           ------------------------
                                           Name:
                                           Title:

                                        GTECH CORPORATION

                                        By
                                          ------------------------
                                          Name:
                                          Title:

                                        GTECH RHODE ISLAND CORPORATION

                                        By
                                          ------------------------
                                          Name:
                                          Title:

                                        GTECH LATIN AMERICA CORPORATION

                                        By
                                          ------------------------
                                          Name:
                                          Title:

                                        INTERLOTT TECHNOLOGIES, INC.

                                        By
                                          ------------------------
                                          Name:
                                          Title:

<Page>

The foregoing Registration Rights Agreement
is hereby confirmed and accepted as of the
date first above written.

CITIGROUP GLOBAL MARKETS INC.
  MERRILL LYNCH, PIERCE, FENNER & SMITH
     INCORPORATED

     Acting on behalf of themselves and as the
      Representatives of the several Initial
      Purchasers.

  By: CITIGROUP GLOBAL MARKETS INC.

  By:
     ------------------------
     Name:
     Title:

<Page>

                                                                         ANNEX A

          Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of New Securities received in exchange for Securities where such
Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities. The Company and the Guarantors have
agreed that, starting on the date the Registered Exchange Offer is consummated
(the "Expiration Date") and ending on the close of business 180 days after the
Expiration Date, subject to certain exceptions, it will make this Prospectus
available to any Broker-Dealer for use in connection with any such resale. See
"Plan of Distribution."

                                       A-1
<Page>

                                                                         ANNEX B

          Each Broker-Dealer that receives New Securities for its own account in
exchange for Securities, where such Securities were acquired by such
Broker-Dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such New Securities. See "Plan of Distribution."

                                       B-1
<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

          Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. We have agreed that,
starting on the Expiration Date and ending on the close of business 180 days
after the Expiration Date, we will make this Prospectus, as amended or
supplemented, available to any Broker-Dealer for use in connection with any such
resale.

          We will not receive any proceeds from any sale of New Securities by
Broker-Dealers. New Securities received by Broker-Dealers for their own account
pursuant to the Exchange Offer may be sold from time to time in one or more
transactions in the over-the-counter market, in negotiated transactions, through
the writing of options on the New Securities or a combination of such methods of
resale, at market prices prevailing at the time of resale, at prices related to
such prevailing market prices or negotiated prices. Any such resale may be made
directly to purchasers or to or through brokers or dealers who may receive
compensation in the form of commissions or concessions from any such
Broker-Dealer and/or the purchasers of any such New Securities. Any
Broker-Dealer that resells New Securities that were received by it for its own
account pursuant to the Exchange Offer and any broker or dealer that
participates in a distribution of such New Securities may be deemed to be an
"underwriter" within the meaning of the Securities Act and any profit of any
such resale of New Securities and any commissions or concessions received by any
such persons may be deemed to be underwriting compensation under the Securities
Act. The Letter of Transmittal states that by acknowledging that it will deliver
and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.

          For a period 180 days after the Expiration Date, we will promptly send
additional copies of this Prospectus and any amendment or supplement to this
Prospectus to any Broker-Dealer that requests such documents in the Letter of
Transmittal. We have agreed to pay all expenses incident to the Exchange Offer
(including the expenses of one counsel for the holder of the Securities) other
than commissions or concessions of any brokers or dealers and will indemnify the
holders of the Securities (including any Broker-Dealers) against certain
liabilities, including liabilities under the Securities Act.

          [If applicable, add information required by Regulation S-K Items 507
and/or 508.]

                                       C-1
<Page>

                                                                         ANNEX D

RIDER A

          / /  CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
               ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
               AMENDMENTS OR SUPPLEMENTS THERETO.

               Name:
                           ---------------------------

               Address:
                           ---------------------------

                           ---------------------------

RIDER B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any person to participate in a
distribution of the New Securities. If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

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Exhibit 4.1  

 
 

SL GREEN REALTY CORP.    
    

 
 

ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING THE RIGHTS AND
  PREFERENCES OF A SERIES OF SHARES OF PREFERRED STOCK    
    

        SL Green Realty Corp., a Maryland corporation (the "Corporation"), having its principal office in New York, New
York certifies to the State Department of Assessments and Taxation of Maryland that: 

        FIRST: Under a power contained in Section 2-208 of the Maryland General Corporation Law and Article VI of the
Corporation's Articles of Incorporation, as heretofore amended (which, as hereafter restated or amended from time to time, are together with these Articles Supplementary herein called the
"Charter") the Board of Directors (the "Board") and the pricing committee thereof, by resolutions duly
adopted on December 1, 2003 and December 3, 2003, respectively, classified and designated 6,440,000 shares of the unissued preferred stock, par value $.01 per share, of the Corporation
("Preferred Stock") as 7.625% Series C Cumulative Redeemable Preferred Stock, with the preferences, rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the shares of such series of Preferred Stock, which upon any restatement of the Charter
shall be included as part of Article VI of the Charter, as follows: 

        (1)    Designation and Number.    A series of Preferred Stock of the Corporation, designated the "7.625%
Series C Cumulative Redeemable Preferred Stock" (the "Series C Preferred"), is hereby established. The par value of the Series C Preferred is $.01 per share, which is not a change
in the par value of the Preferred Stock as set forth in the Charter. The number of shares of Series C Preferred shall be 6,440,000. 

        (2)    Rank.    The Series C Preferred shall, with respect to rights to the payment of dividends and the
distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, rank (a) senior to the common stock, par value $0.01, of the Corporation
("Common Stock"), the Series B Junior Participating Preferred Stock of the Corporation and any other class or series of capital stock issued by
the Corporation the terms of which provide that such class or series of capital stock shall rank junior to such Series C Preferred as to the payment of dividends and the distribution of assets
upon any liquidation, dissolution or winding up of the Corporation ("Junior Stock"); (b) on a parity with any class or series of capital stock
issued by the Corporation other than those referred to in clauses (a) and (c) that specifically provide that such class or series of capital stock ranks, as to the payment of dividends
and the distribution of assets upon any liquidation, dissolution or winding up of the Corporation, on a parity with the Series C Preferred ("Parity
Stock"); and (c) junior to any class or series of capital stock issued by the Corporation in accordance with Section 7(d), the terms of which specifically provide
that such class or series, as to the payment of dividends and the distribution of assets upon any liquidation, dissolution or winding up of the Corporation, ranks senior to the Series C
Preferred ("Senior Stock"). The term "capital stock" shall not include convertible debt securities. 

        (3)    Dividends.    

        (a)   Subject
to the preferential rights of the holders of any class or series of capital stock of the Corporation ranking senior to the Series C Preferred as to the
payment of dividends, holders of shares of Series C Preferred shall be entitled to receive, when, as and if authorized by the Board, out of funds legally available for the payment of dividends,
cumulative quarterly preferential cash dividends equal to 7.625% of the $25.00 liquidation preference per share per annum (equivalent to a fixed annual amount of $1.90625 per share) payable in equal
amounts of $0.4765625 per share of Series C Preferred quarterly. Dividends shall begin to accrue and shall be fully cumulative from the date of original issuance and shall be payable quarterly
when, as and if authorized by the Board, in equal amounts in arrears on the fifteenth day of each January, April, July and October (each, a "Dividend Payment
Date"); provided that if any such Dividend Payment 

 

Date
is not a Business Day (as defined herein), then the dividend which would otherwise have been payable on such Dividend Payment Date shall be paid on the next succeeding Business Day with the same
force and effect as if paid on such Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from the Dividend Payment Date to such next
succeeding Business Day. The first dividend on the Series C Preferred shall be paid on April 15, 2004, will be for more than a full quarter and will reflect dividends accumulated from
the date of original issuance through, and excluding, April 15, 2004. Any dividend (including the initial dividend) payable on the Series C Preferred for any partial dividend period
shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends shall be payable to holders of record as they appear in the stock
transfer records of the Corporation at the close of business on the applicable record date, which shall be the first day of the calendar month in which the applicable Dividend Payment Date falls or
such other date designated by the Board for the payment of dividends that is not more than 30 nor less than 10 days prior to such Dividend Payment Date (each, a
"Dividend Record Date"). As used herein, the term "dividend period" for the Series C Preferred shall mean the period from and including the date
of original issuance and ending on and excluding the next Dividend Payment Date, and each subsequent period from but including such Dividend Payment Date and ending on and excluding the next following
Dividend Payment Date. 

        (b)   No
dividend on the Series C Preferred shall be authorized or declared or paid or set apart for payment by the Corporation at such time as the terms and provisions
of any agreement of the Corporation, including any agreement relating to its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such
authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart for payment
shall be restricted or prohibited by law. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series C Preferred which may
be in arrears. 

        Notwithstanding
the foregoing, dividends on the Series C Preferred shall accumulate whether or not any of the foregoing restrictions exist, whether or not there are funds legally
available for the payment thereof and whether or not such dividends are authorized. Accumulated but unpaid dividends on the Series C Preferred shall not bear interest and holders of the
Series C Preferred shall not be entitled to any dividends in excess of full cumulative dividends. Any dividend payment made on the Series C Preferred shall first be credited against the
earliest accumulated but unpaid dividend due with respect to the Series C Preferred which remains payable. 

        (c)   Except
as provided in subsection 3(d) herein, unless full cumulative dividends have been or contemporaneously are declared and paid or authorized, declared and a sum
sufficient for the payment thereof set apart for such payment on the Series C Preferred for all past dividend periods and the then current dividend period, no dividends (other than in shares of
Common Stock or shares of any other class or series of capital stock of the Corporation ranking junior to the Series C Preferred as to the payment of dividends and the distribution of assets
upon any liquidation, dissolution or winding up of the Corporation) shall be authorized, declared, paid or set apart for payment nor shall any other distribution be authorized, declared or made on any
Common Stock or any other class or series of capital stock of the Corporation ranking, as to the payment of dividends or the distribution of assets upon any liquidation, dissolution or winding up of
the Corporation, on a parity with or junior to the Series C Preferred for any period, nor shall any Common Stock or any other class or series of capital stock of the Corporation ranking junior
to or on a parity with the Series C Preferred as to the payment of dividends or the distribution of assets upon any liquidation, dissolution or winding up of the Corporation, be redeemed,
purchased or otherwise acquired for any consideration (or any monies be paid to or made available for a 

2

 

sinking
fund for the redemption of any such class or series of capital stock) by the Corporation (except (i) by conversion into or exchange for any other class or series of capital stock of the
Corporation ranking junior to the Series C Preferred as to the payment of dividends and the distribution of assets upon any liquidation, dissolution or winding up of the Corporation or
(ii) the redemption, purchase or acquisition by the Corporation of any class or series of capital stock of the Corporation pursuant to Article VII of the Charter for the purpose of
preserving the Corporation's status as a real estate investment trust (a "REIT") under the Internal Revenue Code of 1986, as amended (the
"Code")). 

        (d)   When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series C Preferred and any other class or series of
capital stock ranking on a parity as to the payment of dividends with the Series C Preferred, all dividends authorized and declared upon the Series C Preferred and any other class or
series of capital stock ranking on a parity as to the payment of dividends with the Series C Preferred shall be declared pro rata so that the amount of dividends authorized and declared per
share of Series C Preferred and such other class or series of capital stock shall in all cases bear to each other the same ratio that accumulated dividends per share on the Series C
Preferred and such other class or series of capital stock (which shall not include any accumulation in respect of unpaid dividends for prior dividend periods if such class or series of capital stock
does not have a cumulative dividend) bear to each other. 

        (e)   Holders
of Series C Preferred shall not be entitled to any dividend or other distribution, whether payable in cash, property or shares of any class or series of
capital stock (including the Series C Preferred), in excess of full cumulative dividends on the Series C Preferred as described above. Accrued but unpaid dividends on the Series C
Preferred will accumulate as of the Dividend Payment Date on which they first become payable. 

        (4)    Liquidation Preference.    

        (a)   In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Series C Preferred shall be entitled to
receive out of the assets of the Corporation legally available for distribution to its stockholders remaining after payment or provisions for payment of all debts and other liabilities of the
Corporation liquidating distributions, in cash or property at its fair market value as determined by the Board, in the amount of a liquidation preference of $25.00 per share of the Series C
Preferred, plus an amount equal to any accumulated and unpaid dividends (whether or not earned or authorized) to the date of payment, before any distribution of assets is made to holders of Common
Stock or any other class or series of capital stock of the Corporation that rank junior to the Series C Preferred as to the distribution of assets upon the liquidation, dissolution or winding
up of the Corporation, but subject to the preferential rights of the holders of shares of any class or series of capital stock of the Corporation ranking senior to the Series C Preferred as to
the distribution of assets upon the liquidation, dissolution or winding up of the Corporation. 

        (b)   If
upon any such voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the assets of the Corporation legally available for distribution to
its stockholders are insufficient to make the full payment to holders of the Series C Preferred and the corresponding amounts payable on all outstanding shares of other classes or series of
capital stock of the Corporation ranking on a parity with the Series C Preferred as to the distribution of assets upon the liquidation, dissolution or winding up of the Corporation, then the
holders of the Series C Preferred and all other such classes or series of capital stock shall share ratably in any such distribution of assets in proportion to the full liquidating
distributions (including, if applicable, accumulated and unpaid dividends) to which they would otherwise be respectively entitled. 

        (c)   Written
notice of any such liquidation, dissolution or winding up of the Corporation, stating the payment date or dates when, and the place or places where, the amounts
distributable 

3

 

in
such circumstances shall be payable, shall be given by first class mail, postage pre-paid, not less than 30 or more than 60 days prior to the payment date stated therein, to each
record holder of the Series C Preferred at the respective addresses of such holders as the same shall appear on the stock transfer records of the Corporation. 

        (d)   After
payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series C Preferred shall have no right or claim to
any of the remaining assets of the Corporation. 

        (e)   None
of a consolidation or merger of the Corporation with or into another entity, a merger of another entity with or into the Corporation, a statutory stock exchange by
the Corporation or a sale, lease or conveyance of all or substantially all of the Corporation's property or business shall be considered a liquidation, dissolution or winding up of the Corporation. 

        (f)    The
liquidation preference of the outstanding shares of Series C Preferred will not be added to the liabilities of the Corporation for the purpose of determining
whether under the Maryland General Corporation Law a distribution may be made to stockholders of the Corporation whose preferential rights upon dissolution of the Corporation are junior to those of
holders of Series C Preferred. 

        (5)    Redemption by Holders.    Shares of Series C Preferred are not redeemable at any time at the option of
the holders thereof. 

        (6)    Redemption by the Corporation.    

        (a)   Redemption Right

        (i)    The
Series C Preferred shall not be subject to any sinking fund or mandatory redemption. Except as otherwise set forth herein, shares of Series C Preferred
are not redeemable prior to December 12, 2008, except that the Corporation will be entitled, pursuant to Article VII of the Charter, to redeem, purchase or acquire shares of the
Series C Preferred in order to ensure that the Corporation remains a qualified REIT for federal income tax purposes. 

        (ii)   On
and after December 12, 2008, the Corporation, at its option, upon giving notice as provided below, may redeem the Series C Preferred, in whole or from
time to time in part, at a redemption price per share in cash equal to $25.00 plus (except as provided in Section 6(b)(iv) below) all dividends accumulated and unpaid (whether or not
earned or authorized) on such Series C Preferred to the date of such redemption. Any date fixed for redemption pursuant to this Section 6 is referred to herein as a
"Redemption Date." 

        (b)   Limitations on Redemption. 

        (i)    If
fewer than all of the outstanding shares of Series C Preferred are to be redeemed at the option of the Corporation pursuant to Section 6(a) above, the
number of shares to be redeemed shall be determined by the Board and the shares to be redeemed will be selected by the Board pro rata from the holders of record of such shares in proportion to the
number of such shares held by such holders or by lot or by any other equitable manner as prescribed by the Board. If such redemption is to be by lot and, as a result of such redemption, any holder of
shares of Series C Preferred would Beneficially Own or Constructively Own, in excess of 20% of the issued and outstanding shares of Series C Preferred or 9.0% in value of all outstanding
Capital Stock of the Corporation, as the case may be, because such holder's shares of Series C Preferred were not redeemed, or were only redeemed in part, then, except as otherwise provided in
the Charter, the Corporation will redeem the requisite number of shares of Series C Preferred from such holder such that he will not hold in excess of the Ownership Limit or the Aggregate
Ownership Limit subsequent to such redemption. 

4

 

        (ii)   Notwithstanding
anything to the contrary contained herein, unless full cumulative dividends on all shares of Series C Preferred shall have been or
contemporaneously are authorized, declared and paid or authorized, declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods and the current dividend
period, no shares of Series C Preferred shall be redeemed unless all outstanding shares of Series C Preferred are simultaneously redeemed or exchanged; provided, however, that the
foregoing shall not prevent the purchase or acquisition of shares of Series C Preferred pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of
Series C Preferred. In addition, unless full cumulative dividends on all outstanding shares of Series C Preferred have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof set apart for payment for all past dividend periods and the then current dividend period, the Corporation shall not purchase or otherwise acquire directly or
indirectly any shares of Series C Preferred or any other class or series of capital stock of the Corporation ranking junior to or on a parity with the Series C Preferred as to the
payment of dividends or the distributions of assets upon any liquidation, dissolution or winding up of the Corporation (except by conversion into or exchange for shares of any class or series of
capital stock of the Corporation ranking junior to the Series C Preferred as to the payment of dividends or the distribution of assets upon any liquidation, dissolution or winding up of the
Corporation). 

        (iii)  The
foregoing provisions of subsections 6(b)(i) and (ii) shall not prevent any other action by the Corporation pursuant to Article VII of the
Charter or otherwise in order to ensure that the Corporation remains qualified as a REIT for federal income tax purposes. 

        (iv)  Immediately
prior to any redemption of shares of Series C Preferred, the Corporation shall pay, in cash, any accumulated and unpaid dividends through the
Redemption Date, unless such Redemption Date falls after a Dividend Record Date and on or prior to the corresponding Dividend Payment Date, in which case each holder of Series C Preferred at
the close of business on such Dividend Record Date shall be entitled to receive the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such
shares on or prior to such Dividend Payment Date. Except as provided above, the Corporation will make no payment or allowance for unpaid
dividends, whether or not in arrears, on Series C Preferred for which a notice of redemption has been given. 

        (c)   Procedures for Redemption. 

        (i)    Notice
of redemption shall be (a) given by publication in a newspaper of general circulation in the City of New York, such publication to be made once a week for
two successive weeks commencing not less than 30 nor more than 60 days prior to the Redemption Date; and (b) mailed by, not less than 30 nor more than 60 days prior to the
Redemption Date, to each holder of record of shares of Series C Preferred to be redeemed, notifying such holder of the Corporation's election to redeem such shares; provided that if the
Corporation shall have reasonably concluded, based upon the advice of independent tax counsel experienced in such matters, that any redemption made pursuant to this Section 6 must be made on a
date (the "Subject Date") which is earlier than 30 days after the date of such mailing in order to preserve the status of the Corporation as a
real estate investment trust for federal income tax purposes or to comply with federal tax laws relating to the Corporation's qualification as a real estate investment trust, then the Corporation may
give such shorter notice as is necessary to effect such redemption on the Subject Date. Such notice shall be provided by first-class mail at such holder's address as the same appears on the stock
transfer records of the Corporation, or by publication in a newspaper of general circulation in the City of New York. If the Corporation elects to provide such notice by publication, it shall also 

5

 

promptly
mail notice of such redemption to the holders of the shares of Series C Preferred to be redeemed. No failure to give such notice or any defect thereto or in the mailing thereof shall
affect the validity of the proceedings for the redemption of any shares of Series C Preferred except as to the holder to whom notice was defective or not given. Any notice that was mailed in
the manner herein provided shall be conclusory presumed to have been duly given on the date mailed whether or not the holder receives the notice. 

        (ii)   In
addition to any information required by law or by the applicable rules of any exchange upon which the Series C Preferred may be listed or admitted to trading,
such notice of redemption shall state: (i) the Redemption Date, (ii) the cash redemption price per share of Series C Preferred, (iii) the number of shares to be redeemed
(and, if fewer than all the shares of Series C Preferred are to be redeemed from such holder, the number of shares to be redeemed from such holder), (iv) the place or places where
certificates for such shares of Series C Preferred are to be surrendered for payment of the redemption price in cash and (v) that dividends on the shares to be redeemed will cease to
accumulate on such Redemption Date. 

        (iii)  On
or after the Redemption Date, each holder of shares of Series C Preferred to be redeemed shall present and surrender the certificates representing his shares
of Series C Preferred to the Corporation at the place designated in the notice of redemption and thereupon the cash redemption price of such shares shall be paid to or on the order of the
person whose name appears on such certificate representing shares of Series C Preferred as the owner thereof and each surrendered certificate shall be
canceled. If fewer than all the shares represented by any such certificate representing shares of Series C Preferred are to be redeemed, a new certificate shall be issued representing the
unredeemed shares. 

        (iv)  If
notice of redemption has been mailed or published in accordance with Sections 6(c)(i) and (ii) above and if the funds necessary for such redemption
have been set aside by the Corporation in trust for the benefit of the holders of the Series C Preferred so called for redemption, then from and after the Redemption Date (unless the
Corporation defaults in payment of the redemption price), all dividends on the shares of Series C Preferred called for redemption in such notice shall cease to accumulate and all rights of the
holders thereof, except the right to receive the redemption price thereof (including all accumulated and unpaid dividends up to the Redemption Date), shall cease and terminate and such shares shall
not thereafter be transferred (except with the consent of the Corporation) on the Corporation's books, and such shares shall not be deemed to be outstanding for any purpose whatsoever. At its
election, the Corporation, prior to a Redemption Date, may irrevocably deposit the redemption price (including accumulated and unpaid dividends) of the Series C Preferred so called for
redemption in trust for the holders thereof with a bank or trust company, in which case the redemption notice to holders of the shares of Series C Preferred to be redeemed shall
(i) state the date of such deposit, (ii) specify the office of such bank or trust company as the place of payment of the redemption price and (iii) require such holders to
surrender the certificates representing such shares at such place on or about the date fixed in such redemption notice (which may not be later than the Redemption Date) against payment of the
redemption price (including all accumulated and unpaid dividends to the Redemption Date). Any interest or other earnings earned on the redemption price (including accumulated and unpaid dividends)
deposited with a bank or trust company shall be paid to the Corporation. Any monies so deposited which remain unclaimed by the holders of Series C Preferred at the end of two years after the
Redemption Date shall be returned by such bank or trust company to the Corporation. 

        (d)   Status of Redeemed Shares.    Any shares of Series C Preferred that shall at any time have been redeemed
shall, after such redemption, have the status of authorized but unissued Preferred 

6

 

Stock,
without designation as to class or series until such shares are once more designated as part of a particular class or series by the Board. 

        (7)    Voting Rights.    

        (a)   Holders
of the Series C Preferred shall not have any voting rights, except as provided by law and as described below. 

        (b)   Whenever
dividends on any shares of Series C Preferred shall be in arrears for six or more quarterly periods, whether or not such quarterly periods are
consecutive (a "Preferred Dividend Default"), the holders of such shares of Series C Preferred (voting together as a single class with all other
classes or
series of capital stock ranking on a parity with the Series C Preferred as to the payment of dividends and the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation upon which like voting rights have been conferred and are exercisable ("Parity Preferred Stock")) shall be entitled to
vote for the election of a total of two additional directors of the Corporation (the "Preferred Stock Directors") who shall each be elected for
one-year terms. Such election shall be held at a special meeting called by an officer of the Corporation at the request of the holders of record of at least 20% of the outstanding shares
of Series C Preferred or the holders of shares of any other class or series of Parity Preferred Stock so in arrears, unless such request is received less than 90 days before the date
fixed for the next annual or special meeting of stockholders, in which case the vote for such two directors will be held at the earlier of the next annual or special meeting of the stockholders, and
at each subsequent annual meeting until all dividends accumulated on such shares of Series C Preferred for the past dividend periods and the dividend for the then current dividend period shall
have been fully paid or declared or authorized and a sum sufficient for the payment thereof set aside for payment in full. In such cases, the entire Board automatically shall be increased by two
directors. On any matter on which the holders of Series C Preferred are entitled to vote (as expressly provided herein or as may be required by law), including any action by written consent,
each share of Series C Preferred shall have one vote per share, except that when shares of any other series of Preferred Stock shall have the right to vote with the Series C Preferred as
a single class on any matter, then the Series C Preferred and such other class or series shall have with respect to such matters one vote per $25.00 of stated liquidation preference. With
respect to each matter on which the holders of Series C Preferred are entitled to vote, the holder of each share of Series C Preferred may designate a number of proxies equal to the
number of votes to which the share is entitled, with each such proxy having the right to vote a whole number of votes on behalf of such holder. 

        The
procedures in this Section 7(b) for the calling of meetings and the election of directors will, to the extent permitted by law, supercede anything inconsistent contained in
the Charter or Bylaws of the Corporation and, without limitation to the foregoing, the provisions of Sections 1.10 of the Bylaws of the Corporation will not be applicable to the election of directors
by holders of Series C Preferred pursuant to this Section 7. Notwithstanding the provisions of Section 2.02 of the Bylaws of the Corporation, subject to the limitations on the
number of directors set forth in Article V of the Charter, the number of directors constituting the entire Board will be automatically increased to include the directors to be elected pursuant
to this Section 7(b). 

        (c)   If
and when all accumulated dividends and the dividend for the current dividend period on the Series C Preferred shall have been paid in full or set aside for
payment in full, the holders of shares of Series C Preferred shall be divested of the voting rights set forth in Section 7(b) herein (subject to revesting in the event of each and every
Preferred Dividend Default) and, if all accumulated dividends and the dividend for the current dividend period have been paid in full or set aside for payment in full on all other classes or series of
Parity Preferred Stock, the term of office of each Preferred Stock Director so elected shall terminate. So long as a Preferred Dividend 

7

 

Default
shall continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if there is no such remaining
director, by vote of holders of a majority of the outstanding shares of Series C Preferred and any other such series of Parity Preferred Stock voting as a single class. Any Preferred Stock
Director may be removed at any time with or without cause by the vote of, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of
Series C Preferred and any other series of Parity Preferred Stock voting as a single class. The Preferred Stock Directors shall each be entitled to one vote per director on any matter presented
to the Board. 

        (d)   So
long as any shares of Series C Preferred remain outstanding, the Corporation shall not, without the affirmative vote or consent of the holders of at least
two-thirds of the shares of Series C Preferred outstanding at the time, given in person or by proxy, either in writing or at a meeting (such Series C Preferred voting
separately as a class), (i) authorize, create or issue, or increase the authorized or issued amount of, any class or series of capital stock ranking senior to Series C Preferred with
respect to the payment of dividends or the distribution of assets upon any liquidation, dissolution or winding up of the Corporation or reclassify any authorized capital stock of the Corporation into
any such class or series of capital stock, or create, authorize or issue any obligation or security convertible or exchangeable into or evidencing the right to purchase any such class or series of
capital stock; or (ii) amend, alter or repeal the provisions of the Charter or these Articles Supplementary, whether by merger or consolidation or otherwise (an
"Event"), so as to materially and adversely affect any right, preference, privilege or voting power of the Series C Preferred or the holders
thereof; provided, however, with respect to the occurrence of any of the Events set forth in clause (ii) above, so long as shares of Series C Preferred remain outstanding or are
converted into like securities of the surviving or resulting entity, in each case with like preference, privilege or voting power and terms thereof materially unchanged, taking into account that, upon
the occurrence of an Event, the Corporation may not be the surviving entity and such surviving entity may be a non-corporate entity, the occurrence of any such Event shall not be deemed to
materially adversely affect such rights, preferences, privileges or voting powers of holders of Series C Preferred; and provided further that (x) any increase in the amount of the
authorized shares of Preferred Stock or the creation or issuance of any other series of Preferred Stock, or (y) the creation, issuance or increase in the amount of authorized shares of any
other class or series of capital stock of the Corporation, or (z) any increase in the amount of authorized shares of Series C Preferred, in each case ranking on a parity with or junior
to the Series C Preferred with respect to the payment of dividends and the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation, shall
not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. For the purposes of this Section 7(d), the filing in accordance with applicable law of
articles supplementary or any similar document setting forth or changing the designation, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends,
qualifications or other terms of any class or series of capital stock of the Corporation will be deemed an amendment to the Charter. 

        (e)   The
foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected,
all outstanding shares of Series C Preferred shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such
redemption. 

        (8)    Ownership Limitations.    Notwithstanding Article VII of the Articles, the provisions of this
Section 8 shall apply with respect to the limitations on the ownership and acquisition of shares of Series C Preferred. Capitalized terms in this Section 8 which are not otherwise
defined herein shall have the meanings corresponding to such terms set forth in Section 10. 

        (a)   Restriction on Ownership and Transfer. 

8

 

        (i)    Except
as provided in Section 8(h), no Person shall Acquire any shares of Series C Preferred if, as the result of such Acquisition, such Person shall
Beneficially Own or Constructively Own shares of Series C Preferred in excess of the Ownership Limit; 

        (ii)   Except
as provided in Section 8(h), no Person shall Beneficially Own or Constructively Own any shares of Series C Preferred such that such Person would
Beneficially Own or Constructively Own Capital Stock in excess of the Aggregate Stock Ownership Limit; 

        (iii)  Except
as provided in Section 8(h), any Acquisition (whether or not such Acquisition is the result of a transaction entered into through the facilities of the
New York Stock Exchange, Inc. (the "NYSE")) that, if effective, would result in any Person Beneficially Owning Series C Preferred in
excess of the Ownership Limit shall be void ab initio as to the Acquisition of such Series C Preferred which would be otherwise Beneficially
Owned by such Person in excess of the Ownership Limit; and the intended transferee shall acquire no rights in such Series C Preferred; 

        (iv)  Except
as provided in Section 8(h), any Acquisition (whether or not such Acquisition is the result of a transaction entered into through the facilities of the
NYSE) that, if effective, would result in any Person Constructively Owning Series C Preferred in excess of the Ownership Limit shall be void ab
initio as to the Acquisition of such Series C Preferred which would be otherwise Constructively Owned by such Person in excess of the Ownership Limit; and the intended
transferee shall acquire no rights in such Series C Preferred; and 

        (v)   Notwithstanding
any other provisions contained in this Section 8, any Transfer (whether or not such Transfer is the result of a transaction entered into through
the facilities of the NYSE) or other event that, if effective, would result in the Corporation being "closely held" within the meaning of Section 856(h) of the Code, or would otherwise result
in the Corporation failing to qualify as a REIT (including, but not limited to, a Transfer or other event that would result in the Corporation owning (directly or Constructively) an interest in a
tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Corporation from such tenant would cause the Corporation to fail to satisfy any of the gross income
requirements of Section 856(c) of the Code) shall be void ab initio as to the Transfer of the Series C Preferred or other event which
would cause the Corporation to be "closely held" within the meaning of Section 856(h) of the Code or would otherwise result in the Corporation failing to qualify as a REIT; and the intended
transferee or owner or Constructive or Beneficial Owner shall acquire or retain no rights in such Series C Preferred. 

        (b)   Conversion Into and Exchange For Series C Excess Preferred.    If, notwithstanding the other provisions
contained in this Section 8, at any time after the date on which shares of Series C Preferred are first issued (the "Issue Date"), there
is a purported Transfer or Acquisition (whether or not such Transfer or Acquisition is the result of a transaction entered into through the facilities of the NYSE), change in the capital structure of
the Corporation or other event such that one or more of the restrictions on ownership and transfers described in Section 8(a) above, has been violated, then the Series C Preferred being
Transferred or Acquired (or in the case of an event other than a Transfer or Acquisition, the Series C Preferred owned or Constructively Owned or Beneficially Owned or, if the next sentence
applies, the Series C Preferred identified in the next sentence) which would cause one or more of the restrictions on ownership or transfer to be violated (rounded up to the nearest whole
share) shall be automatically converted into an equal number of shares of excess stock (the "Series C Excess Preferred"). If at any time of such
purported Transfer or Acquisition or other event any of the shares of the Series C Preferred are then owned by a depositary to permit the trading of beneficial interests in fractional shares of
Series C Preferred, then shares of Series C Preferred that shall be converted to Series C Excess Preferred shall be first taken from any Series C Preferred that is not in
such depositary that is Beneficially 

9

 

Owned
or Constructively Owned by the Person whose Beneficial Ownership or Constructive Ownership would otherwise violate the restrictions of Section 8(a) prior to converting any shares in such
depositary. Any conversion pursuant to this subparagraph shall be effective as of the close of business on the Business Day prior to the date of such Transfer or other event. 

        (c)   Remedies For Breach.    If the Board or its designees shall at any time determine in good faith that a Transfer
or other event has taken place in violation of Section 8(a) or that a Person intends to Transfer or Acquire, has attempted to Transfer or Acquire or may Transfer or Acquire direct ownership,
beneficial ownership (determined without reference to any rules of attribution), Beneficial Ownership or Constructive Ownership of any shares of the Corporation in violation of Section 8(a),
the Board or its designees shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer, Acquisition or other event, including, but not limited to, causing the
Corporation to purchase such shares upon the terms and conditions specified by the Board in its sole discretion, refusing to give effect to such Transfer, Acquisition or other event on the books of
the Corporation or instituting proceedings to enjoin such Transfer, Acquisition or other event; provided, however, that any Transfer or Acquisition (or, in the case of events other than a Transfer or
Acquisition, ownership or Constructive
Ownership or Beneficial Ownership) in violation of Section 8(a) shall automatically result in the conversion described in Section 8(b), irrespective of any action (or
non-action) by the Board. 

        (d)   Notice of Restricted Transfer.    Any Person who Acquires or attempts to Acquire or Beneficially Owns or
Constructively Owns shares of Series C Preferred in excess of the aforementioned limitations, or any Person who is or attempts to become a transferee such that Series C Excess Preferred
results under the provisions of these Articles, shall immediately give written notice or, in the event of a proposed or attempted Transfer, give at least 15 days prior written notice to the
Corporation of such event and shall provide to the Corporation such other information as it may request in order to determine the effect of any such Transfer on the corporation's status as a REIT. 

        (e)   Owners Required To Provide Information.    From and after the Issue Date, each Person who is a beneficial owner
or Beneficial Owner or Constructive Owner of Series C Preferred and each Person (including the stockholder of record) who is holding Series C Preferred for a Beneficial Owner or
Constructive Owner shall provide to the Corporation such information that the Corporation may request, in good faith, in order to determine the Corporation's status as a REIT. 

        (f)    Remedies Not Limited.    Nothing contained in this Section 8 (but subject to Section 8(l)) shall
limit the authority of the Board to take such other action as it deems necessary or advisable to protect the Corporation and the interests of its stockholders by preservation of the Corporation's
status as a REIT. 

        (g)   Ambiguity.    In the case of an ambiguity in the application of any of the provisions of this Section 8,
including any definition contained in Section 10, the Board shall have the power to determine the application of the provisions of this Section 8 with respect to any situation based on
the facts known to it (subject, however, to the provisions of Section 8(l)). 

        (h)   Exceptions. 

        (i)    Subject
to Section 8(a)(iv), the Board, in its sole and absolute discretion, with the advice of the Corporation's tax counsel, may exempt a Person from the
limitation on a Person Acquiring Series C Preferred in excess of the Ownership Limit or Beneficially Owning Series C Preferred in excess of the Aggregate Stock Ownership Limit if such
Person is not an individual for purposes of Section 542(a)(2) of the Code and the Board obtains such representations and undertakings from such Person as are reasonably necessary to ascertain 

10

 

that
no individual's Acquisition or Beneficial Ownership of such Series C Preferred will violate the Ownership Limit or result in Beneficially Owning Series C Preferred in excess of the
Aggregate Stock Ownership Limit, as the case may be, and such Person agrees that any violation of such representations or undertaking (or other action which is contrary to the restrictions contained
in this Section 8) or attempted violation will result in such Series C Preferred being exchanged for Series C Excess Preferred in accordance with Section 8(b). 

        (ii)   Subject
to Section 8(a)(iv), the Board, in its sole and absolute discretion, with advice of the Corporation's tax counsel, may exempt a Person from the
limitation on a Person Constructively Owning or Acquiring Series C Preferred in excess of the Ownership Limit or Beneficially Owning or Acquiring Series C Preferred in excess of the
Aggregate Stock Ownership Limit if such Person does not and represents that it will not own, directly or constructively (by virtue of the application of Section 318 of the Code, as modified by
Section 856(d)(5) of the Code), more than a 9% interest (as set forth in Section 856(d)(2)(B) of the Code) in a tenant of the Corporation and the Board obtains such representations and
undertakings from such Person as are reasonably necessary to ascertain this fact and such Person agrees that any violation or attempted violation will result in such Series C Preferred in
excess of the Ownership Limit or Beneficially Owning Series C Preferred in excess of the Aggregate Stock Ownership Limit being exchanged for Series C Excess Preferred in accordance with
Section 8(b). 

        (iii)  Prior
to granting any exception pursuant to Section 8(h)(i) or 8(h)(ii), the Board may require a ruling from the IRS, or an opinion of counsel, in either
case in form and substance satisfactory to the Board, in its sole discretion as it may deem necessary or advisable in order to determine or ensure the Corporation's status as a REIT; provided,
however, that obtaining a favorable ruling or opinion shall not be required for the Board to grant an exception hereunder. 

        (i)    Legend.    Each certificate for Series C Preferred shall bear substantially the following legend: 

The
Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations
Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications, and terms and conditions of redemptions of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any
preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board
to set such rights and preferences of
subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation including all amendments and
supplements thereto (the "Charter"), a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the
Secretary of the Corporation at its principal office or to the Transfer Agent. 

The
securities represented by this certificate are subject to restrictions on ownership and transfer for the purpose of the Corporation's maintenance of its status as a real estate investment trust
under the Internal Revenue Code of 1986, as amended. Except as otherwise provided pursuant to the Charter of the Corporation, no Person may (i) Acquire any shares of Series C Preferred
if, as a result of such Acquisition, such Person shall Beneficially Own or Constructively Own shares of Series C Preferred in excess of 20% of the outstanding Series C Preferred of the
Corporation or (ii) Beneficially Own or Constructively Own any shares of 

11

 

Series C
Preferred such that such Person would Beneficially Own or Constructively Own Capital Stock in excess of 9% in value of the aggregate of the outstanding shares of Capital Stock of the
Corporation. Any Person who Acquires or attempts to Acquire or Beneficially Owns or Constructively Owns shares of Series C Preferred in excess of the aforementioned limitations, or any Person
who is or attempts to become a transferee such that Series C Excess Preferred would result under the provisions of the Charter, shall immediately give written notice or, in the event of a
proposed or attempted Transfer, give at least 15 days prior written notice to the Corporation of such event and shall provide to the Corporation such other information as it may request in
order to determine the effect of any such Transfer on the corporation's status as a REIT. All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, a copy of
which, including the restrictions on transfer, will be sent to any stockholder on request and without charge. Transfers in violation of the restrictions described above shall be void  ab initio. If the
restrictions on ownership and transfer are violated, the securities represented hereby will be designated and treated as shares of
Series C Excess Preferred which will be held in trust by the Corporation. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to
the Charter, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at
its principal office or to the Transfer Agent. 

        (j)    Severability.    If any provision of this Section 8 or any application of any such provision is
determined to be invalid by any federal or state court having jurisdiction, the validity of the remaining provisions shall not be affected and other applications of such provision shall be affected
only to the extent necessary to comply with the determination of such court. 

        (k)   Series C Excess Preferred. 

        (i)    Ownership In Trust.    Upon any purported Transfer (whether or not such Transfer is the result of a transaction
entered into through the facilities of the NYSE) that results in the issuance of Series C
Excess Preferred pursuant to Section 8(b), such Series C Excess Preferred shall be deemed to have been transferred to the Corporation, as Trustee of a Trust for the exclusive benefit of
such Charitable Beneficiary or Beneficiaries to whom an interest in such Series C Excess Preferred may later be transferred pursuant to Section 8(k)(iv). Series C Excess Preferred
so held in trust shall be issued and outstanding shares of stock of the Corporation. The Purported Record Transferee shall have no rights in such Series C Excess Preferred except the right to
designate a transferee of such Series C Excess Preferred upon the terms specified in Section 8(k)(iv). The Purported Beneficial Transferee shall have no rights in such Series C
Excess Preferred except as provided in this Section 8. 

        (ii)   Dividend Rights.    Series C Excess Preferred will be entitled to dividends and distributions
authorized and declared with respect to the Series C Preferred from which the Series C Excess Preferred was converted and will be payable to the Trustee of the Trust in which such
Series C Excess Preferred is held, for the benefit of the Charitable Beneficiary. Dividends and distributions will be authorized and declared with respect to each share of Series C
Excess Preferred in an amount equal to the dividends and distributions authorized and declared on each share of Series C Preferred from which the Series C Excess Preferred was converted.
Any dividend or distribution paid prior to the discovery by the Corporation that Series C Preferred has been transferred in violation of the provisions of the Articles shall be repaid by the
Purported Record Transferee to the Trustee upon demand. The Corporation shall rescind any dividend or distribution authorized and declared but unpaid as void ab
initio with respect to the Purported Record Transferee, and the Corporation shall pay such dividend or distribution when due to the Trustee of the Trust for the benefit of the
Charitable Beneficiary. 

12

 

        (iii)  Rights Upon Liquidation.    In the event of any voluntary or involuntary liquidation, dissolution or winding
up of, or any other distribution of all or substantially all of the assets of the Corporation, each holder of shares of Series C Excess Preferred shall be entitled to receive, in the case of
Series C Excess Preferred converted from Series C Preferred, ratably with each other holder of Series C Preferred and Series C Excess Preferred converted from
Series C Preferred, that portion of the assets of the Corporation available for distribution to its stockholders as the number of shares of the Series C Excess Preferred held by such
holder bears to the total number of shares of Series C Preferred and Series C Excess Preferred then outstanding (in the case of Series C Excess Preferred converted from
Series C Preferred). 

        Any
liquidation distributions to be distributed with respect to Series C Excess Preferred shall be distributed in the same manner as proceeds from the sale of Series C
Excess Preferred are distributed as set forth in Section 8(k)(iv). 

        (iv)  Non-Transferability of Excess Stock.    Series C Excess Preferred shall not be
transferable. In its sole discretion, the Trustee of the Trust may transfer the interest in the Trust representing shares of Series C Excess Preferred to any Person if the shares of
Series C Excess Preferred would not be Series C Excess Preferred in the hands of such Person. If such transfer is made, the interest of the Charitable Beneficiary in the Series C
Excess Preferred shall terminate and the proceeds of the sale
shall be payable by the Trustee to the Purported Record Transferee and the Charitable Beneficiary as herein set forth. The Purported Record Transferee shall receive from the Trustee the lesser of
(i) the price paid by the Purported Record Transferee for its shares of Series C Preferred that were converted into Series C Excess Preferred or, if the Purported Record
Transferee did not give value for such shares (e.g. the stock was received through a gift, devise or other transaction), the average closing price for the class of shares from which such shares of
Series C Excess Preferred were converted for the ten trading days immediately preceding such sale or gift and (ii) the price received by the Trustee from the sale or other disposition of
the Series C Excess Preferred held in trust. The Trustee may reduce the amount payable to the Purported Record Transferee by the amount of dividends and distributions which have been paid to
the Purported Record Transferee and are owed by the Purported Record Transferee to the Trustee pursuant to Section 8(k)(i). Any proceeds in excess of the amount payable to the Purported Record
Transferee shall be paid by the Trustee to the Charitable Beneficiary. Upon such transfer of an interest in the Trust, the corresponding shares of Series C Excess Preferred in the Trust shall
be automatically exchanged for an equal number of shares of Series C Excess Preferred and such shares of Series C Excess Preferred shall be transferred of record to the transferee of the
interest in the Trust if such shares of Series C Excess Preferred would not be Series C Excess Preferred in the hands of such transferee. Prior to any transfer of any interest in the
Trust, the Corporation must have waived in writing its purchase rights under Section 8(k)(vi). 

        (v)   Voting Rights for Series C Excess Preferred.    Any vote cast by a Purported Record Transferee of
Series C Excess Preferred prior to the discovery by the Corporation that Series C Preferred has been transferred in violation of the provisions of these Articles shall be void  ab initio. While
the Series C Excess Preferred is held in trust, the Purported Record Transferee will be deemed to have given an irrevocable
proxy to the Trustee to vote the shares of Series C Preferred which have been converted into shares of Series C Excess Preferred for the benefit of the Charitable Beneficiary. 

        (vi)  Purchase Rights in Series C Excess Preferred.    Notwithstanding the provisions of
Section 8(k)(iv), shares of Series C Excess Preferred shall be deemed to have been offered for sale to the Corporation, or its designee, at a price per share equal to the lesser of
(i) the price per share in the transaction that required the issuance of such Series C Excess Preferred (or, if the Transfer or other event that resulted in the issuance of
Series C Excess Preferred was 

13

 

not
a transaction in which the Purported Beneficial Transferee gave full value for such Series C Excess Preferred, a price per share equal to the Market Price on the date of the purported
Transfer or other event that resulted in the issuance of Series C Excess Preferred) and (ii) the Market Price on the date the Corporation, or its designee, accepts such offer. The
Corporation shall have the right to accept such offer for a period of ninety (90) days after the later of (i) the date of the Transfer or other event which resulted in the issuance of
such shares of Series C Excess Preferred and (ii) the date the Board determines in good faith that a Transfer or other event resulting in the issuance of shares of Series C Excess
Preferred has occurred, if the Corporation does not receive a notice of such Transfer or other event pursuant to Section 8(d). The Corporation may appoint a special trustee of the Trust for the
purpose of consummating the purchase of Series C Excess Preferred by the Corporation. In the event that the Corporation's actions cause a reduction in the number of shares of Series C
Preferred outstanding and such reduction results in the issuance of Series C Excess Preferred, the Corporation is required to exercise its option to repurchase such shares of Series C
Excess Preferred if the Beneficial Owner notifies the Corporation that it is unable to sell its rights to such Series C Excess Preferred. 

        (l)    Settlement.    Nothing in this Section 8 shall preclude the settlement of any transaction entered into
through facilities of the NYSE. 

        (9)    Conversion.    The shares of Series C Preferred are not convertible or exchangeable for any other
property or securities of the Corporation. 

        (10)    Definitions.    

        "Acquire."    The term "Acquire" shall mean the acquisition of Beneficial Ownership or Constructive Ownership of shares of
Preferred Equity Stock by any means including, without limitation, a Transfer, the exercise of or right to exercise any rights under any option, warrant, convertible security, pledge or other security
interest or similar right to acquire shares, but shall not include the acquisition of any such rights unless, as a result, the acquiror would be considered a Beneficial Owner or Constructive Owner, as
defined below and shall not include Beneficial Ownership or Constructive Ownership that does not result from an acquisition. The term "Acquisition" shall have the correlative meaning. 

        "Aggregate Stock Ownership Limit."    The term "Aggregate Stock Ownership Limit" shall mean 9% in value of the aggregate of the
outstanding shares of Capital Stock. The number and value of shares of the outstanding shares of Capital Stock shall be determined by the Board of the Corporation in good faith, which determination
shall be conclusive for all purposes thereof. 

        "Beneficial Ownership."    The term "Beneficial Ownership" shall mean ownership of Series C Preferred or Series C
Excess Preferred by a Person who is or would be treated as an owner of such Series C Preferred or Series C Excess Preferred either directly or constructively through the application of
Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms "Beneficial Owner," "Beneficially Owns" and "Beneficially Owned" shall have the correlative meanings. 

        "Business Day."    The term "Business Day" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in The City of New York are authorized or required by law, regulation or executive order to close. 

        "Capital Stock."    The term "Capital Stock" shall mean all classes or series of stock of the Corporation, including, without
limitation, Common Equity and Preferred Equity Stock. 

        "Charitable Beneficiary."    The term "Charitable Beneficiary" shall mean a beneficiary of the Trust as determined pursuant to
Section 8(k). 

14

 

        "Common Equity."    The term "Common Equity" shall mean all shares now or hereafter authorized of any class of common stock of
the Corporation, including the Common Stock, and any other stock of the Corporation, howsoever designated, authorized after the initial Issue Date, which has the right (subject always to prior rights
of any class or series of preferred stock) to participate in the distribution of the assets and earnings of the Corporation without limit as to per share amount. 

        "Constructive Ownership."    The term "Constructive Ownership" shall mean ownership of Series C Preferred or
Series C Excess Preferred by a Person who is or would be treated as an owner of such Series C Preferred or Series C Excess Preferred either directly or constructively through the
application of Section 318 of the Code, as modified by Section 856(d)(5) of the Code. The terms "Constructive Owner," "Constructively Owns" and "Constructively Owned" shall have the
correlative meanings. 

        "IRS."    The term "IRS" shall mean the United States Internal Revenue Service. 

        "Market Price."    The term "Market Price" as to any date shall mean the average of the last sales price reported on the NYSE of
Series C Preferred, on the ten trading days immediately preceding the relevant date, or if not then traded on the NYSE, the average of the last reported sales price of the Series C
Preferred on the ten trading days immediately preceding the relevant date as reported on any exchange or quotation system over which the Series C Preferred may be traded, or if not then traded
over any exchange or quotation system, then the market price of the Series C Preferred on the relevant date as determined in good faith by the Board. 

        "Ownership Limit."    The term "Ownership Limit" shall mean 20% (in value or in number of shares, whichever is more restrictive)
of the aggregate of the outstanding shares of Preferred Equity Stock. The number and value of outstanding shares of Series C Preferred of the Corporation shall be determined by the Board of the
Corporation in good faith, which determination shall be conclusive for all purposes hereof. 

        "Person."    The term "Person" shall mean an individual, corporation, partnership, estate, trust (including a trust qualified
under Section 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code,
association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, and also includes a group as that term is used for purposes of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended; but does not include an underwriter which participates in a public
offering of the Series C Preferred or any interest therein, provided that such ownership by such underwriter would not result in the Corporation being "closely held" within the meaning of
Section 856(h) of the Code, or otherwise result in the Corporation failing to qualify as a REIT. 

        "Preferred Equity Stock."    The term "Preferred Equity Stock" shall mean shares of stock that are either Series C
Preferred or Series C Excess Preferred. 

        "Purported Beneficial Transferee."    The term "Purported Beneficial Transferee" shall mean, with respect to any purported
Transfer which results in Series C Excess Preferred, the purported beneficial transferee or owner for whom the Purported Record Transferee would have acquired or owned shares of Series C
Preferred if such Transfer had been valid under Section 8(a) below. 

        "Purported Record Transferee."    The term "Purported Record Transferee" shall mean, with respect to any purported Transfer
which results in Series C Excess Preferred Stock, the record holder of the Preferred Equity Stock if such Transfer had been valid under Section 8(a) below. 

        "Transfer."    The term "Transfer" shall mean any sale, transfer, gift, assignment, devise or other disposition of Preferred
Equity Stock, including (i) the granting of any option or entering into any agreement for the sale, transfer or other disposition of Preferred Equity Stock or (ii) the sale, transfer,
assignment or other disposition of any securities (or rights convertible into or exchangeable for 

15

 

Preferred
Equity Stock), whether voluntary or involuntary, whether of record or beneficially or Beneficially or Constructively Owned (including but not limited to Transfers of interests in other
entities which result in changes in Beneficial or Constructive Ownership of Preferred Equity Stock), and whether by operation of law or otherwise. The term "Transferring" and "Transferred" shall have
the correlative meanings. 

        "Transfer Agent."    The term "Transfer Agent" means The Bank of New York, or such other agent or agents of the Corporation as
may be designated by the Board of the Corporation or its designee as the transfer agent for the Series C Preferred. 

        "Trust."    The term "Trust" shall mean the trust created pursuant to Section 8(k). 

        "Trustee."    The term "Trustee" shall mean the Person that is appointed by the Corporation pursuant to Section 8(k) to
serve as trustee of the Trust, and any successor thereto. 

        SECOND:    The Series C Preferred have been classified and designated by the Board under the authority contained in the
Charter. 

        THIRD:    These Articles Supplementary have been approved by the Board in the manner and by the vote required by law. 

        FOURTH:    These Articles Supplementary shall be effective at the time the State Department of Assessments and Taxation of
Maryland accepts these Articles Supplementary for record. 

        FIFTH:    The undersigned President of the Corporation acknowledges these Articles Supplementary to be the act of the
Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information and belief, these matters and
facts are true in all material respects and that this statement is made under the penalties for perjury. 

        IN
WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed under the seal in its name and on it behalf by its President and attested to be its Secretary
of this 9th day of December, 2003. 

	 	 	SL GREEN REALTY CORP.
	

 	
 	

By:	

/s/  MARC HOLLIDAY      
 Marc Holliday

President
	

 	
 	

ATTEST:
	

 	
 	

By:	

/s/  ANDREW LEVINE      
 Andrew Levine

Secretary

16

QuickLinks

SL GREEN REALTY CORP.

ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF A SERIES OF SHARES OF PREFERRED STOCK

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