Document:

Exhibit
10.3

 

April 6, 2005

 

The
St. Paul Travelers Companies, Inc.

385
Washington Street

St.
Paul, MN 55102

 

Morgan
Stanley & Co. International Limited

c/o
Morgan Stanley & Co. Incorporated

1585
Broadway

New
York, NY 10036-8293

 

Morgan
Stanley & Co. Incorporated, as Collateral Agent

1585
Broadway

New
York, NY 10036-8293

 

Confirmation
Number: CDBPB4

 

 

Dear
Sirs or Mesdames,

 

The
purpose of this letter agreement (this “Confirmation”)
is to confirm the terms and conditions of the Transaction entered into among us
on the Trade Date specified below (the “Transaction”).  This Confirmation constitutes a “Confirmation”
as referred to in the Agreement specified below.

 

In
this Confirmation, “Party A” means
Morgan Stanley & Co. International Limited, “Party B”
means The St. Paul Travelers Companies, Inc., the “Collateral
Agent” means Morgan Stanley & Co. Incorporated, solely in its
capacity as collateral agent for Party A, and “Agent”
means Morgan Stanley & Co. Incorporated, solely in its capacity as agent
for Party A and Party B.

 

1.                                       The definitions and provisions contained in
the 2000 ISDA Definitions (the “ISDA Definitions”)
and the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions” and, together with the ISDA Definitions, the “Definitions”), each as published by the International Swaps
and Derivatives Association, Inc. (“ISDA”), are
incorporated into this Confirmation.  In
the event of any inconsistency between the ISDA Definitions and the Equity
Definitions, the Equity Definitions shall govern.  In the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation shall govern.  The Transaction is a Share Forward
Transaction within the meaning set forth in the Equity Definitions, and, if
Cash Settlement is applicable, shall consist of individual Tranches as
described below.

 

This Confirmation shall supplement, form a part of
and be subject to an agreement (the “Agreement”) in
the form of the 1992 ISDA Master Agreement (Multicurrency—Cross Border) (the “ISDA Form”), as published by the International Swaps and
Derivatives Association, Inc., as if Party A, Party B and the Collateral Agent
had executed the ISDA Form (without any Schedule thereto) on the date
hereof.  All provisions contained in the
Agreement are incorporated into and shall govern this Confirmation except as
expressly modified below.  This
Confirmation evidences a complete and binding agreement among Party A, Party B
and the Collateral Agent as to the terms of the Transaction to which it relates
and replaces any previous agreement among Party A, Party B and the Collateral
Agent with respect to the subject matter hereof.  This Confirmation, together with and all
other confirmations or agreements between us referencing the ISDA Form, shall
be deemed to supplement, form part of and be subject to the same, single
Agreement.

 

If there exists any ISDA Master Agreement among
Party A, Party B and the Collateral Agent or any confirmation or other
agreement among Party A, Party B and the Collateral Agent pursuant to which an
ISDA Master Agreement is deemed to exist among Party A, Party B and the
Collateral Agent, then notwithstanding anything to the contrary in such ISDA
Master Agreement, such confirmation or agreement or any other agreement to
which Party A, Party B and the Collateral Agent are parties, this Transaction
shall not be considered a Transaction under, or otherwise governed by, such
existing or deemed ISDA Master Agreement.

 

1

 

2.                                       The terms of the particular Transaction to
which this Confirmation relates are as follows:

 

General Terms:

 

	
  Trade Date:

  	
   

  	
  April 7, 2005

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  April 12, 2005

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Shares:

  	
   

  	
  Class A common stock, par value $0.01, of Nuveen Investments, Inc.
  (the “Issuer”) (Exchange Symbol: “JNC”).

  
	
   

  	
   

  	
   

  
	
  Tranches:

  	
   

  	
  If Cash Settlement is applicable, the Transaction will consist of
  individual Tranches each with the terms and conditions as set forth in this
  Confirmation. The payments and deliveries to be made upon settlement of the
  Transaction shall be determined separately for each Tranche as if such
  Tranche were a separate Transaction.

  
	
   

  	
   

  	
   

  
	
  Number of Shares:

  	
   

  	
  If Cash Settlement is applicable, the Number of Shares for each
  Tranche shall be as set forth below.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If Physical Settlement is applicable, the Number of Shares shall be
  6,067,500.

  
	
   

  	
   

  	
   

  
	
  Number of Shares for each Tranche:

  	
   

  	
  For each Tranche, 15% (or such other percentage (not to exceed 20%)
  as Party B may elect by written notice to Party A at least three Exchange
  Business Days prior to the Valuation Date for such Tranche) of the average of
  the daily trading volume (such average, the “Relevant
  Trading Volume” for such Tranche) of the Shares on the Exchange
  for the four full calendar weeks preceding the First Valuation Date; provided that if on any Valuation Date for any Tranche,
  the Relevant Trading Volume for such Tranche exceeds (a) 6,067,500, minus (b) the aggregate number of Shares for all Tranches
  for which the relevant Valuation Date has occurred, then (x) the Number of
  Shares for such Tranche shall be the difference between the numbers set forth
  in clause (a) and clause (b) of this sentence and (y) such Tranche and the
  corresponding Valuation Date shall be the last Tranche and the last Valuation
  Date, as the case may be.

  
	
   

  	
   

  	
   

  
	
  Prepayment:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Conditions to Party A’s Obligation to Pay Prepayment Amount:

  	
   

  	
  It shall be a condition to Party A’s obligation to pay the Prepayment
  Amount hereunder on the Prepayment Date that (i) Party B shall have performed
  its obligations under paragraphs 4, “Delivery of Collateral,” and 5, “Agreements
  to Deliver Documents,” below, and (ii) the offering of $275,060,000 the
  5.875% Mandatorily Exchangeable Securities due October 2008 issued
  pursuant to a Security 

  

 

2

 

	
   

  	
   

  	
  dated as of April 12, 2005, which is issued under and indenture
  between Morgan Stanley (“Parent”) and
  JPMorgan Chase Bank, National Association, as trustee, shall have closed.

  
	
   

  	
   

  	
   

  
	
  Prepayment Amount:

  	
   

  	
  $192,542,000.

  
	
   

  	
   

  	
   

  
	
  Variable Obligation:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Exchange:

  	
   

  	
  The New York Stock Exchange

  
	
   

  	
   

  	
   

  
	
  Related Exchange(s):

  	
   

  	
  All Exchanges

  

 

Valuation:

 

	
  Valuation Date:

  	
   

  	
  If Cash Settlement is applicable, a number of consecutive Scheduled
  Trading Days equal to the number of Tranches, starting on the First Valuation
  Date; provided that if the Valuation Date
  for any Tranche is a Disrupted Day, the Valuation Date for such Tranche shall
  be the first succeeding Scheduled Trading Day that is not a Disrupted Day and
  that is not or is not deemed to be a Valuation Date in respect of any other
  Tranche under the Transaction; provided  further that if the Valuation Date for any Tranche has not
  occurred pursuant to the preceding proviso as of
  the tenth Scheduled Trading Day following the last Scheduled Valuation Date
  under the Transaction, that tenth Scheduled Trading Day shall be the
  Valuation Date for such Tranche (irrespective of whether such day is a
  Valuation Date in respect of any other Tranche) and the Calculation Agent
  shall determine its good faith estimate of the value for the Shares as of the
  Valuation Time on that tenth Scheduled Trading Day; provided
  further that if the First Valuation
  Date would be a date that is also a Valuation Date in respect of Cash Settlement
  under the transaction evidenced by the confirmation (the “ML Confirmation”) dated as of April 6, 2005 by and
  among Party B, Merrill Lynch International, Merrill Lynch, Pierce, Fenner
  & Smith Incorporated, as collateral agent and Merrill Lynch, Pierce,
  Fenner & Smith Incorporated, as agent, then Party B shall so notify Party
  A, and the First Valuation Date hereunder shall be the first Exchange
  Business Day after the final Valuation Date (as such term is defined in the
  ML Confirmation) under the ML Confirmation.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If Physical Settlement is applicable, the Valuation Date shall be December 30,
  2005.

  
	
   

  	
   

  	
   

  
	
  First Valuation Date:

  	
   

  	
  If Cash Settlement is Applicable, December 30, 2005.

  
	
   

  	
   

  	
   

  
	
  Acceleration of the Valuation Date:

  	
   

  	
  Notwithstanding the foregoing, at any time, Party B may on five
  Scheduled Trading Days’ prior written notice (an “Acceleration
  Notice”) to Party A (which Acceleration Notice shall include Party’s
  B Settlement Election Method) elect to accelerate the Valuation Date (if
  Physical Settlement is applicable) or the First Valuation Date (if Cash
  Settlement

  

 

3

 

	
   

  	
   

  	
  is applicable), as the case may be, to a date specified by Party B in
  such Acceleration Notice; provided that
  if Physical Settlement is applicable, Party B shall have the right to
  accelerate the Valuation Date only with respect to a Number of Shares that
  would not, upon delivery of such Number of Shares to Party A on the
  Settlement Date, disregarding, for this purpose only, the effect of the
  provisions set forth under “Limitation on Receipt of Shares” below, cause
  Parent to directly or indirectly own, control or hold with the power to vote
  (as such terms are used in Section 2(a)(3) of the Investment Company Act
  of 1940, as amended (the “1940 Act”))
  at such time in excess of 4.9% of the outstanding Shares. If the Valuation
  Date is accelerated only with respect to a Number of Shares that is less than
  the total Number of Shares for the Transaction as a result of the proviso to
  the immediately preceding sentence, then (i) settlement shall occur in
  respect of such accelerated Valuation Date as if the Number of Shares for the
  Transaction were the Number of Shares with respect to which such Valuation
  Date is accelerated and (ii) the Transaction shall continue with a Number of
  Shares equal to the Number of Shares with respect to which the Valuation Date
  is not (or has not previously been) accelerated.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If, upon receipt of an Acceleration Notice, Party A determines that
  it cannot take delivery of the number of Shares that are the subject of such
  Acceleration Notice in light of the proviso to the first sentence of the
  immediately preceding paragraph, Party A shall notify Party B of the number
  of Shares that Party A would be able to accept delivery of without directly
  or indirectly owning, controlling or holding with the power to vote (as such
  terms are used in Section 2(a)(3) of the 1940 Act) immediately after
  such delivery in excess of 4.9% of the outstanding Shares, and settlement
  shall occur on the Settlement Date with respect to such Number of Shares.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  After delivering the notice described in the immediately preceding
  paragraph, Party A shall notify Party B as promptly as practicable on any
  date on which it would be able to accept delivery of Shares if, after giving
  effect to such delivery, Parent would not directly or indirectly own, control
  or hold with the power to vote (as such terms are used in Section 2(a)(3)
  of the 1940 Act) at such time in excess of 4.9% of the outstanding Shares
  (such notification to include the number of Shares that Party A would be able
  to accept delivery of without Parent directly or indirectly owning,
  controlling or holding with the power to vote (as such terms are used in Section 2(a)(3)
  of the 1940 Act) immediately after such delivery in excess of 4.9% of the
  outstanding Shares). Upon receipt of a notice described in the immediately
  preceding sentence, Party B shall be deemed to have accelerated to the
  Exchange Business Day immediately following the date such notice is given the
  Valuation Date pursuant to the first sentence of the second preceding
  paragraph (subject to the proviso thereto).

  

 

4

 

	
  Settlement Price:

  	
   

  	
  On any day, the sum of (a) $0.05, and (b) the Rule 10b-18 U.S. Dollar
  volume weighted average price per Share as displayed on Bloomberg screen “JNC.N<EQUITY>_AQR_SEC”,
  or any successor screen that the Calculation Agent deems appropriate for such
  day to determine the Settlement Price.

  

 

Settlement Terms:

 

	
  Settlement Method Election:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Electing Party:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Settlement Method Election Date:

  	
   

  	
  Subject to the provision opposite the caption “Acceleration of the
  Valuation Date” above, the date that is five Scheduled Trading Days prior to
  the Valuation Date (if Physical Settlement will be applicable) or the First
  Valuation Date (if Cash Settlement will be applicable), as the case may be.

  
	
   

  	
   

  	
   

  
	
  Default Settlement Method:

  	
   

  	
  Physical Settlement

  
	
   

  	
   

  	
   

  
	
  Automatic Physical Settlement:

  	
   

  	
  If (x) Party B has not elected Cash Settlement, (y) by 11:00 a.m.,
  New York City time, on the Settlement Date, Party B has not otherwise
  effected delivery of the Number of Shares to be Delivered and (z) the
  Collateral then includes Shares or Class B common stock, par value $0.01, of
  the Issuer (“Class B Shares”), then the
  delivery required by Section 9.2 of the Equity Definitions shall be
  effected, in whole or in part, as the case may be, by delivery from the
  Collateral Account (as defined below under “Collateral Provisions”) to Party
  A of a number of Shares (it being understood that any Class B Shares
  constituting Collateral will be converted into Shares as described in the
  Issuer Acknowledgment (as defined below)) equal to the Number of Shares to be
  Delivered.

  
	
   

  	
   

  	
   

  
	
  Settlement Currency:

  	
   

  	
  U.S. Dollars

  
	
   

  	
   

  	
   

  
	
  Settlement Cycle:

  	
   

  	
  The parties hereto agree and acknowledge that as of the Trade Date,
  the Settlement Cycle is three (3) Clearance System Business Days.

  

 

	
  Limitation on Receipt of Shares:

  	
   

  	
  Notwithstanding any other provisions of this Confirmation, Party A
  shall not be entitled to receive Shares or Class B Shares under this
  Confirmation (whether in connection with a settlement or early termination of
  the Transaction or any foreclosure or other exercise of rights or remedies
  with respect to any Collateral or otherwise) to the extent (but only to the
  extent) that such receipt would result in Parent directly or indirectly
  beneficially owning (as such term is defined for purposes of Section 13(d)
  of the Securities Exchange Act of 1934, as amended (the “Exchange
  Act”)) or otherwise directly or indirectly owning, controlling or
  holding with the power to vote (as such terms are used in Section 2(a)(3)
  of the 1940 Act) at any time in excess of 4.9% of the outstanding Shares. Any
  purported delivery under this Confirmation shall

  

 

5

 

	
   

  	
   

  	
  be void and have no effect to the extent (but only to the extent)
  that such delivery would result in Parent directly or indirectly so
  beneficially owning or otherwise directly or indirectly owning, controlling
  or holding with the power to vote (as such terms are used in Section 2(a)(3)
  of the 1940 Act) in excess of 4.9% of the outstanding Shares. Except as
  otherwise provided herein, if any delivery owed to Party A under this
  Confirmation is not made, in whole or in part, as a result of this provision,
  Party B’s obligation to make such delivery shall not be extinguished and
  Party B shall make such delivery as promptly as practicable after, but in no
  event later than one Currency Business Day after, Party A gives notice to
  Party B that such delivery would not result in Parent directly or indirectly
  beneficially owning or otherwise directly or indirectly owning, controlling
  or holding with the power to vote (as such terms are used in Section 2(a)(3)
  of the 1940 Act) in excess of 4.9% of the outstanding Shares.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notwithstanding the preceding paragraph, as of the earlier of March 31,
  2006 and the date 90 calendar days immediately following the date (if any) to
  which the Valuation Date is accelerated pursuant to “Acceleration of the
  Valuation Date” above, Party B shall have the right to deliver to Party A any
  remaining number of Shares required to be delivered hereunder in settlement
  of the Transaction irrespective of whether such delivery would result in
  Parent directly or indirectly beneficially owning (as such term is defined
  for purposes of Section 13(d) of the Exchange Act) or otherwise directly
  or indirectly owning, controlling or holding with the power to vote (as such
  terms are used in Section 2(a)(3) of the 1940 Act) at any time in excess
  of 4.9% of the outstanding Shares.

  

 

Dividends:

 

	
  Extraordinary Dividend:

  	
   

  	
  Any dividend or distribution on the Shares (other than any dividend
  or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A)
  or (B) of the Equity Definitions).

  
	
   

  	
   

  	
   

  
	
  Payment Obligation in Respect of Extraordinary Dividends:

  	
   

  	
  In the event of any Extraordinary Dividend for which the ex-dividend
  date occurs during the period from, but excluding, the Trade Date to, and
  including, the Valuation Date (or, in the case that Cash Settlement applies,
  the last Valuation Date), Party B shall make a delivery or payment to Party
  A, on the date that such Extraordinary Dividend is delivered or paid to
  holders of Shares, of the type of property or cash, as the case may be,
  delivered or paid by the Issuer in such Extraordinary Dividend in an amount
  equal to the product of (i) the Number of Shares on the ex-dividend date for
  such

  

 

6

 

	
   

  	
   

  	
  Extraordinary Dividend (assuming Physical Settlement were applicable;
  provided that if such ex-dividend date
  occurs after the first Valuation Date and Cash Settlement is applicable, the “Number
  of Shares” for purposes of this clause (i) shall be the Number of Shares on
  the ex-dividend date for such Extraordinary Dividend (assuming Physical
  Settlement were applicable), minus the
  aggregate Number of Shares for all Tranches for which the Valuation Date has
  occurred prior to such ex-dividend date) and (ii) the amount of property or
  cash, as the case may be, that would be received by a holder of one Share in
  connection with such Extraordinary Dividend, as determined by the Calculation
  Agent.

  
	
   

  	
   

  	
   

  
	
  Excess Dividend Amount:

  	
   

  	
  For the avoidance of doubt, all references to the Excess Dividend
  Amount shall be deleted from Section 8.4(b) and 9.2(a)(iii) of the
  Equity Definitions.

  

 

Share Adjustments:

 

	
  Method of Adjustment:

  	
   

  	
  Calculation Agent Adjustment; provided that
  (i) no adjustment shall be made in connection with a Potential Adjustment
  Event that would require full or partial Cash Settlement of the Transaction
  and (ii) no adjustment shall be made that would result in Party B being
  required to purchase additional Shares for delivery hereunder (it being
  understood that certain adjustments, including without limitation adjustments
  for stock splits or stock dividends, will increase the Number of Shares).

  

 

Extraordinary Events:

 

	
  Consequences of Merger Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Share-for-Share:

  	
   

  	
  Alternative Obligation

  
	
   

  	
   

  	
   

  
	
  Share-for-Other:

  	
   

  	
  Alternative Obligation

  
	
   

  	
   

  	
   

  
	
  Share-for-Combined:

  	
   

  	
  Alternative Obligation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Composition of Combined Consideration:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Tender Offer:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Nationalization, Insolvency or Delisting:

  	
   

  	
  Negotiated Close-Out; provided that
  the phrase “, provided that any Physically-settled Transaction will, at the
  election of either party, become a Transaction to which Cash Settlement is
  applicable” shall be deleted from Section 12.6(c)(i) of the Equity
  Definitions.

  

 

Additional Disruption Events:

 

	
  Change in Law:

  	
   

  	
  On or prior to October 1, 2005, Not Applicable. On and after October 1,
  2005, Applicable; provided that
  clause (Y) in the definition thereof in Section 12.9(a)(ii) of the
  Equity Definitions shall be deleted.

  
	
   

  	
   

  	
   

  
	
  Failure to Deliver:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Insolvency Filing:

  	
   

  	
  Not Applicable

  

 

7

 

	
  Hedging Disruption:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Increased Cost of Hedging:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Loss of Stock Borrow:

  	
   

  	
  Not Applicable

  

 

	
  Non-Reliance:

  	
   

  	
  Applicable

  

 

	
  Agreements and Acknowledgments Regarding Hedging Activities:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Additional Acknowledgments:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Credit Support Documents:

  	
   

  	
  Section 4 shall be a Credit Support Document under the Agreement
  with respect to Party B.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The guarantee described below opposite the caption “Guarantee of
  Parent” shall be a Credit Support Document under the Agreement with respect
  to Party A, and Parent shall be a Credit Support Provider in relation to
  Party A.

  
	
   

  	
   

  	
   

  
	
  Guarantee of Parent

  	
   

  	
  It shall be a condition to the effectiveness of this Confirmation
  that Parent has executed a guarantee in substantially the form attached
  hereto as Annex B.

  
	
   

  	
   

  	
   

  
	
  Default Under Specified Transaction:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  
	
  Account Details:

  	
   

  	
   

  

 

	
  Payments to Party A:

  	
   

  	
  TBD

  
	
   

  	
   

  	
   

  
	
  Payments to Party B:

  	
   

  	
  TBD

  
	
   

  	
   

  	
   

  
	
  Delivery of Shares to Party A:

  	
   

  	
  TBD

  
	
   

  	
   

  	
   

  

 

	
  Office:

  	
   

  	
  Party A is not a Multibranch Party; Party B is not a Multibranch
  Party.

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A. The Calculation Agent shall have no responsibility for good
  faith, non-negligent errors or omissions in any determination under the
  Transaction; provided that any such errors
  or omissions shall be corrected promptly once discovered. Calculations and
  determinations by the Calculation Agent shall be made after consultation with
  Party B if such consultation is, in the Calculation Agent’s judgment,
  reasonably practicable (it being understood that such consultation will not
  be reasonably practicable in connection with some adjustments and
  determinations required to be made by the Calculation Agent).

  

 

8

 

3.                                       Other Provisions:

 

Additional Representations and
Warranties of Party B:

 

Party B hereby represents and warrants to Party A as
of the date hereof and as of every day from the date hereof to and including
the Trade Date, that:

 

1.               Party B is an “eligible contract participant”
as such term is defined in Section 1(a)(12) of the Commodity Exchange Act,
as amended.

 

2.               Party B is not and, after giving effect to
the transactions contemplated hereby, will not be an “investment company” as
such term is defined in the 1940 Act.

 

3.               Party B is, and shall be as of the date of
any payment or delivery by Party B hereunder, solvent and able to pay its debts
as they come due, with assets having a fair value greater than liabilities and
with capital sufficient to carry on the businesses in which it engages.

 

4.               Party B (a) has timely filed, caused to be
timely filed or shall timely file or cause to be timely filed all material tax
returns that are required to be filed by it as of the date hereof and (b) has
paid all material taxes shown to be due and payable on said returns or on any
assessment made against it or any of its property and all other material taxes,
assessments, fees, liabilities or other charges imposed on it or any of its
property by any governmental authority, unless in each case the same are being
contested in good faith.  For purposes of
determining whether a tax return has been timely filed, any extensions shall be
taken into account.

 

5.               Party B’s holding period (calculated in
accordance with Rule 144(d) under the Securities Act of 1933, as amended (the “Securities Act”)) with respect to the Initial Pledged Items
commenced at least two years prior to the Trade Date.  Party B agrees that Party B has not (i)
created or permitted to exist any Lien (other than the security interests) or
any Transfer Restriction (other than the Existing Transfer Restrictions, as
defined in Section 4 below) upon or with respect to the Collateral, (ii)
sold or otherwise disposed of, or granted any option with respect to, any of
the Collateral or (iii) entered into or consented to any agreement (other than,
in the case of clause (x), this Confirmation) (x) that restricts in any manner
the rights of any present or future owner of any Collateral with respect
thereto or (y) pursuant to which any person other than Party B, Party A and any
securities intermediary through whom any of the Collateral is held (but in the
case of any such securities intermediary only in respect of Collateral held
through it) has or will have Control in respect of any Collateral.  “Control” means “control”
as defined in Section 8-106 and 9-106 of the Uniform Commercial Code as in
effect in the State of New York (“UCC”).

 

6.               Other than financing statements or other
similar or equivalent documents or instruments with respect to the security
interests in the Collateral created by Section 4 below, no financing
statement, security agreement or similar or equivalent document or instrument
covering all or any part of the Collateral is on file or of record in any
jurisdiction in which such filing or recording would be effective to perfect a
lien, security interest or other encumbrance of any kind on such Collateral.

 

7.               All Collateral consisting of securities and
all financial assets underlying Collateral consisting of security entitlements
(each as defined in Section 8-102 of the UCC) at any time pledged
hereunder is and shall be issued by an issuer organized under the laws of the
United States, any State thereof or the District of Columbia and is and will be
(i) certificated (and the certificate or certificates in respect of such
securities or financial assets are and shall be located in the United States)
and registered in the name of Party B or held through a securities intermediary
whose securities intermediary’s jurisdiction (within the meaning of Section 8-110(e)
of the UCC) is located in the United States or (ii) uncertificated and either
registered in the name of Party B or held through a securities intermediary
whose securities intermediary’s jurisdiction (within the meaning of Section 8-110(e)
of the UCC) is located in the United States; provided
that this representation shall not be deemed to be breached if, at any time,
any such Collateral is issued by an issuer that is not organized under the laws
of the United States, any State thereof or the District of Columbia, and the
parties hereto agree to

 

9

 

procedures or amendments hereto necessary to enable
Party A to maintain a valid and continuously perfected security interest in
such Collateral, in respect of which Party A will have Control, subject to no
prior Lien.  The parties hereto agree to
negotiate in good faith any such procedures or amendments.

 

8.               No registration, recordation or filing with
any governmental body, agency or official is required or necessary for the
validity or enforceability hereof or for the perfection or enforcement of the
security interests in the Collateral created by Section 4 below, other
than the filing of financing statement in any appropriate jurisdiction.

 

9.               Party B has not performed and shall not
perform any acts that might prevent Party A from enforcing any of the terms of Section 4,
“Collateral Provisions,” or that might limit Party A in any such enforcement.

 

10.         As of the date hereof, Party B is not in possession of any material
non-public information regarding the Issuer.

 

U.S. Private Placement Representations:

 

Each of Party A and Party B hereby represents and
warrants to the other party as of the date hereof that:

 

1.               It is an “accredited investor” (as defined in
Regulation D under the Securities Act) and has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of the Transaction, and it is able to bear the economic risk of the
Transaction.

 

2.               It is entering into the Transaction for its
own account and not with a view to the distribution or resale of the
Transaction or its rights thereunder except pursuant to a registration
statement declared effective under, or an exemption from the registration
requirements of, the Securities Act.

 

Covenant Regarding Exchange Act
Filings:

 

1.               Each of Party A and Party B agrees that such
party and its affiliates will comply with all applicable disclosure or
reporting requirements in respect of the Transaction, including, without
limitation, any requirement imposed by Section 13 or Section 16 of
the Exchange Act, if any, and it shall provide the other party with a copy of
any report filed in respect of the Transaction promptly upon filing thereof.

 

Payments on Early Termination:

 

Upon (x) the occurrence or effective designation of
an Early Termination Date in respect of the Transaction or (y) the occurrence
of an Extraordinary Event that results in the cancellation or termination of
the Transaction pursuant to Section 12.9 of the Equity Definitions (any
such event as described in clause (x) or (y) above, an “Early
Termination Event”), if Party B would owe any amount to Party A
pursuant to Section 6(d)(ii) of the Agreement (determined as if the
Transaction were the only Transaction under the Agreement) or any Cancellation
Amount pursuant to Section 12.9 of the Equity Definitions (any such
amount, a “Party B Payment Amount” and any
Early Termination Event that would so result in Party B owing any such amount,
a “Party B Payment Event”), then, except
to the extent that Party A proceeds to realize upon the Collateral and to apply
the proceeds of such realization to any obligation of Party B hereunder and
under the Agreement, and except to the extent that such delivery would cause
Party B to cease to be in compliance with Section 7(c) of the Repurchase
Agreement dated as of March 29, 2005 between the Issuer and Party B (the “Repurchase Agreement”) (provided that
for purposes of this sentence such Section 7(c) shall be deemed not to
include the words “and the occurrence of the Settlement Date”) on the date on

 

10

 

which any Party B Payment Amount is due, in lieu of
any payment or delivery of such Party B Payment Amount, Party B shall deliver
to Party A a number of Shares (or, if the Shares have been converted into other
securities or property in connection with an Extraordinary Event, a number or
amount of such securities or property) with a value equal to the Party B
Payment Amount based on the market value of the Shares (or such other
securities or property) as of the Early Termination Date or the date as of
which the Cancellation Amount is determined, as the case may be, as determined
by the Calculation Agent.

 

Securities Contract:

 

The parties hereto acknowledge that it is intended
that each of Party A and the Collateral Agent will qualify as a “stockbroker”
within the meaning of Section 101 (53A) of Title 11 of the United States
Code (the “Bankruptcy Code”) and that Party A
is a “customer” of the Collateral Agent within the meaning Section 741(2)
of the Bankruptcy Code. The parties hereto further intend that the Transaction
is a “securities contract”, as such term is defined in Section 741(7) of
the Bankruptcy Code, entitled to the protection of, among other provisions,
Sections 555 and 362(b)(6) of the Bankruptcy Code, and that each payment or
delivery of cash, Shares or other property or assets hereunder is a “settlement
payment” within the meaning of Section 741(8) of the Bankruptcy Code.

 

Assignment:

 

The rights and duties under this Confirmation may
not be assigned or transferred by Party B without the prior written consent of
Party A, such consent not to be unreasonably withheld.

 

Notwithstanding the provisions of Section 7 of
the Agreement, Party A may assign its rights and delegate its obligations under
this Transaction (including, for the avoidance of doubt, the right to receive
any deliveries or payments pursuant to the provision opposite the caption “Payment
Obligation in Respect of Extraordinary Dividends”), in whole or in part, (a) to
any affiliate of Party A or (b) to any non-affiliate of Party A with the prior
written consent of Party B, such consent not to be unreasonably withheld, in
each case effective upon the delivery to Party B of both (i) an executed
acceptance and assumption by the assignee of the transferred obligations of
Party A under the Transaction (the “Transferred Obligations”);
and (ii) an executed guarantee of Party A’s Credit Support Provider of the
Transferred Obligations; provided, however, that Party A may not assign its rights or delegate
its obligations under this Transaction if such assignment or delegation shall
result in an (A) Event of Default with respect to which Party A is the
Defaulting Party, a Termination Event, a Potential Event of Default with
respect to which Party A would be the Defaulting Party or a potential
Termination Event, (B) Party B being required to pay to the transferee an
amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except
in respect of interest under Section 2(e), 6(d)(ii), or 6(e)) greater than
the amount that Party B would have been required to pay to Party A in the
absence of such transfer, or (C) Party B receiving a payment from which an
amount has been withheld or deducted, on account of a Tax under Section 2(d)(i)
(except in respect of interest under Section 2(e), 6(d)(ii), or 6(e)), in
excess of the amount that Party A would have been required to so withhold or
deduct in the absence of such transfer, unless the transferee would be required
to make additional payments pursuant to Section 2(d)(i)(4) corresponding
to such withholding or deduction.

 

The Agent may assign or transfer any of its rights
or duties hereunder without the prior written consent of the other parties
hereto to any affiliate of Party A, so long as such affiliate is a broker-dealer
registered with the Securities and Exchange Commission.

 

The Collateral Agent may assign or transfer any of
its rights or duties hereunder without the prior written consent of the other
parties hereto to any affiliate of Party A, so long as such affiliate qualifies
as a “stockbroker” within the meaning of Section 101 (53A) of Title 11 of
the Bankruptcy Code.

 

11

 

Non-Confidentiality:

 

The parties hereby agree that (i) effective from the
date of commencement of discussions concerning the Transaction, Party B and
each of its employees, representatives, or other agents may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax
structure of the Transaction and all materials of any kind, including opinions
or other tax analyses, provided by Party A and its affiliates to Party B
relating to such tax treatment and tax structure and (ii) Party A does not
assert any claim of proprietary ownership in respect of any description
contained herein or therein relating to the use of any entities, plans or
arrangements to give rise to a particular United States federal income tax
treatment for Party B.

 

Matters relating to Agent.

 

1.               Agent shall act as “agent” for Party A and
Party B in connection with the Transaction.

 

2.               Agent will furnish to Party B upon written
request a statement as to the source and amount of any remuneration received or
to be received by Agent in connection herewith.

 

3.               Agent has no obligation hereunder, by guaranty,
endorsement or otherwise, with respect to performance of Party A’s obligations
hereunder or under the Agreement.

 

4.               Party A is not a member of the Securities
Investor Protection Corporation.

 

4.                                       Collateral Provisions:

 

a.               Delivery of Collateral:

 

On or prior to the Trade Date, Party B shall deliver
to the Collateral Agent, as agent for and for the benefit of Party A, in pledge
hereunder, Eligible Collateral consisting of a number of Class B Shares equal
to 6,000,000 (the “Minimum Number”)
in the manner set forth below.  On or
prior to April 8, 2005, Party B shall deliver to the Collateral Agent, as
agent for and for the benefit of Party A, in pledge hereunder, Eligible
Collateral consisting of a number of Class B Shares equal to the Number of
Shares (assuming Physical Settlement were applicable) minus
the Minimum Number (the Shares delivered pursuant to this sentence and the
Shares delivered pursuant to the immediately preceding sentence collectively
referred to herein as the “Initial Pledged Items”)
in the manner set forth below.  “Eligible Collateral” means Shares or Class B Shares; provided that Party B has good and marketable title thereto,
free of all of any and all lien, mortgage, interest, pledge, charge or
encumbrance of any kind (other than the security interests in the Collateral
created hereby, a “Lien”) and
Transfer Restrictions (other than the Existing Transfer Restrictions) and that
the Collateral Agent, as agent for and for the benefit of Party A, has a valid,
first priority perfected security interest therein, a first lien thereon and
Control with respect thereto.  “Transfer Restriction” means, with respect to any item of
collateral pledged hereunder, any condition to or restriction on the ability of
the owner thereof to sell, assign or otherwise transfer such item of collateral
or enforce the provisions thereof or of any document related thereto whether
set forth in such item of collateral itself or in any document related thereto,
including, without limitation, (i) any requirement that any sale, assignment or
other transfer or enforcement of such item of collateral be consented to or
approved by any Person, including, without limitation, the issuer thereof or
any other obligor thereon, (ii) any limitations on the type or status, financial
or otherwise, of any purchaser, pledgee, assignee or transferee of such item of
collateral, (iii) any requirement of the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document of any Person to
the issuer of, any other obligor on or any registrar or transfer agent for,
such item of collateral, prior to the sale, pledge, assignment or other
transfer or enforcement of such item of collateral and (iv) any registration or
qualification requirement or prospectus delivery requirement for such item of
collateral pursuant to any federal, state or foreign securities law (including,
without limitation, any such requirement arising under Section 5 of the
Securities Act as a result of such security being a “restricted security” or
Party B being an “affiliate” of the issuer of such security, as such terms are
defined in Rule 144 under the Securities Act, or as a result of the sale of
such security being subject to paragraph (c) of Rule 145 under the Securities
Act); provided that the required delivery of
any assignment, instruction or entitlement order from the seller, Party B,
assignor or transferor of such item of collateral, together with any evidence
of the corporate or other authority of such Person, shall not constitute a

 

12

 

“Transfer Restriction”.  “Existing Transfer
Restrictions” means Transfer Restrictions existing with respect to
any securities by virtue of the fact that Party B is an “affiliate”, within the
meaning of Rule 144 under the Securities Act, of the Issuer and the
requirements under the Repurchase Agreement with regard to ownership by Party B
of the Class B Shares.  “Person” means an individual, a corporation, a limited
liability company, a partnership, an association, a trust or any other entity
or organization, including a government or political subdivision or an agency
or instrumentality thereof.

 

Any delivery of any securities or security
entitlements (each as defined in Section 8-102 of the UCC) as Collateral
to the Collateral Agent, as agent for and for the benefit of Party A, by Party
B shall be effected (A) in the case of Collateral consisting of certificated
securities registered in the name of Party B, by delivery of certificates
representing such securities to the Collateral Agent, accompanied by any
required transfer tax stamps, and in suitable form for transfer by delivery or
accompanied by duly executed instruments of transfer or assignment in blank,
with signatures appropriately guaranteed, all in form and substance
satisfactory to the Collateral Agent and Party A, and the crediting by the
Collateral Agent of such securities to a securities account (as defined in Section 8-501
of the UCC) (the “Collateral Account”)
of Party A maintained by the Collateral Agent, (B) in the case of Collateral
consisting of uncertificated securities registered in the name of Party B, by
transmission by Party B of an instruction to the issuer of such securities
instructing such issuer to register such securities in the name of the
Collateral Agent or its nominee, accompanied by any required transfer tax
stamps, the issuer’s compliance with such instructions and the crediting by the
Collateral Agent of such securities to the Collateral Account, (C) in the case
of securities in respect of which security entitlements are held by Party B
through a securities intermediary, by the crediting of such securities,
accompanied by any required transfer tax stamps, to a securities account of the
Collateral Agent at such securities intermediary or, at the option of Party A,
at another securities intermediary satisfactory to Party A and the crediting by
the Collateral Agent of such securities to the Collateral Account or (D) in any
case, by complying with such alternative delivery instructions as Party A shall
provide to Party B in writing.

 

b.               Grant of Security Interests in
the Collateral:

 

In order to secure the full and punctual observance
and performance of the covenants and agreements contained in this Confirmation
and in the Agreement, Party B hereby assigns and pledges to the Collateral
Agent, as agent for and for the benefit of Party A, and grants to the
Collateral Agent, as agent for and for the benefit of Party A, as secured
party, security interests in and to, and a lien upon and right of set-off
against, and transfers to the Collateral Agent, as agent for and for the
benefit of Party A, as and by way of a security interest having priority over
all other security interests, with power of sale, all of Party B’s right, title
and interest in and to (i) the Initial Pledged Items; (ii) all additions to and
substitutions for the Initial Pledged Items (including, without limitation, any
securities, instruments or other property delivered or pledged  hereunder) (such additions and substitutions,
the “Additions and Substitutions”); (iii)
the Collateral Account of Party A maintained by the Collateral Agent and all
securities and other financial assets (each as defined in Section 8-102 of
the UCC) and other funds, property or assets from time to time held therein or
credited thereto; and (iv) all income, proceeds and collections received or to
be received, or derived or to be derived, at the time that the Initial Pledged
Items were delivered to the Collateral Agent or any time thereafter (whether
before or after the commencement of any proceeding under applicable bankruptcy,
insolvency or similar law, by or against Party B, with respect to Party B) from
or in connection with the Initial Pledged Items or the Additions and
Substitutions (collectively, the “Collateral”).  The parties hereto expressly agree that all
rights, assets and property at any time held in or credited to the Collateral
Account shall be treated as financial assets (as defined in Section 8-102
of the UCC).

 

c.               Certain Covenants of Party B
relating to the Collateral:

 

Party B agrees that, so long as any of Party B’s
obligations under the Agreement remain outstanding:

 

1.               Party B shall ensure at all times that a
Collateral Event of Default shall not occur, and shall pledge additional
Collateral in the manner described hereunder as necessary to cause such
requirement to be met.  “Collateral Event of Default” means, at any time, the
occurrence of either of the following: 
(A) failure of the Collateral to include, as Eligible Collateral, a
number of Shares or Class B Shares at least

 

13

 

equal to the Number of Shares (assuming Physical
Settlement were applicable) or (B) failure at any time of the security
interests in the Collateral created hereby to constitute valid and perfected
security interests in all of the Collateral, subject to no prior, equal or
junior Lien, and, with respect to any Collateral consisting of securities or
security entitlements (each as defined in Section 8-102 of the UCC), as to
which the Collateral Agent has Control, or, in each case, assertion of such by
Party B in writing.

 

2.               Party B shall, at its own expense and in such
manner and form as the Collateral Agent or Party A may require, give, execute,
deliver, file and record any financing statement, notice, instrument, document,
agreement or other papers that may be necessary or desirable in order to (i)
create, preserve, perfect, substantiate or validate any security interest
granted pursuant hereto, (ii) create or maintain Control with respect to any
such security interests in any investment property (as defined in Section 9-102(a)
of the UCC) or (iii) enable the Collateral Agent and Party A to exercise and
enforce their respective rights hereunder with respect to such security
interest.

 

3.               Party B shall warrant and defend Party B’s
title to the Collateral, subject to the rights of the Collateral Agent and
Party A, against the claims and demands of all persons.  The Collateral Agent or Party A may elect,
but without an obligation to do so, to discharge any Lien of any third party on
any of the Collateral.

 

4.               Party B agrees that Party B shall not change
(i) Party B’s name in any manner or (ii) Party B’s “location” (as defined in Section 9-307
of UCC), unless Party B shall have given the Collateral Agent and Party A not
less than 10 days’ prior notice thereof.

 

5.               Party B agrees that Party B shall not (i)
create or permit to exist any Lien (other than the security interests in the
Collateral created hereby) or any Transfer Restriction upon or with respect to
the Collateral, (ii) sell or otherwise dispose of, or grant any option with
respect to, any of the Collateral or (iii) enter into or consent to any
agreement (x) that restricts in any manner the rights of any present or future
owner of any Collateral with respect thereto (other than this Confirmation) or
(y) pursuant to which any person other than Party B, the Collateral Agent,
Party A and any securities intermediary through whom any of the Collateral is
held (but in the case of any such securities intermediary only in respect of
Collateral held through it) has or shall have Control in respect of any
Collateral.  For the avoidance of doubt,
notwithstanding anything herein to the contrary, Party B shall have the right
to instruct the Collateral Agent, by written notice delivered to the Collateral
Agent and Party A, to cause any Class B Shares that constitute Collateral to be
converted into Shares in accordance with the terms of the Issuer’s restated
certificate of incorporation (the “Certificate of
Incorporation”) to the extent necessary to comply with Party B’s
obligations under Section 7(e) of the Repurchase Agreement.

 

d.               Administration of the Collateral
and Valuation of Securities:

 

1.               The Collateral Agent shall determine on each
Business Day whether a Collateral Event of Default shall have occurred.  If on any Business Day the Collateral Agent
determines that a Collateral Event of Default shall have occurred, the
Collateral Agent shall promptly notify Party B of such determination by
telephone call to Party B followed by a written confirmation of such call.  If on any Business Day the Collateral Agent
determines that no Default Event or failure by Party B to meet any of Party B’s
obligations under “Certain Covenants of Party B relating to the Collateral” or
under this section has occurred and is continuing, Party B may obtain the
release from the security interests in the Collateral created hereby of any
Collateral upon delivery to the Collateral Agent and Party A of a written
notice from Party B indicating the items of Collateral to be released so long
as, after such release, no Collateral Event of Default shall have occurred. “Default Event” means any Collateral Event of Default, any
Event of Default with respect to Party B or any Termination Event with respect
to which Party B is the Affected Party or an Affected Party or an Extraordinary
Event that results in an obligation of Party B to pay an amount pursuant to Section 12.9
of the Equity Definitions.

 

2.               Party B may pledge additional Eligible
Collateral hereunder at any time by delivering the same pursuant to the
provisions of “Delivery of Collateral” above. 
Concurrently with the delivery of any

 

14

 

additional Eligible Collateral, Party B shall
deliver to the Collateral Agent and Party A a certificate, dated the date of
such delivery, (i) identifying the additional items of Eligible Collateral
being pledged and (ii) certifying that with respect to such items of additional
Eligible Collateral the representations and warranties contained in paragraphs
6, 7, 8 and 10 under Additional Representations and Warranties above are true
and correct with respect to such Eligible Collateral on and as of the date
thereof.

 

3.               If a Default Event has occurred and is
continuing, the Collateral Agent or Party A may at any time or from time to
time, in its sole discretion, cause any or all of the Collateral that is
registered in the name of Party B or Party B’s nominee to be transferred of
record into the name of the Collateral Agent, Party A or its nominee.  Party B shall promptly give to the Collateral
Agent and Party A copies of any notices or other communications received by
Party B with respect to Collateral that is registered, or held through a
securities intermediary, in the name of Party B or Party B’s nominee and the
Collateral Agent or Party A shall promptly give to Party B copies of any
notices and communications received by the Collateral Agent or Party A with
respect to Collateral that is registered, or held through a securities
intermediary, in the name of Collateral Agent, Party A or its nominee.

 

4.               Party B agrees that Party B shall forthwith
upon demand pay to Party A:

 

(i)             the amount of any taxes that Party A or the
Collateral Agent may have been required to pay by reason of the security
interests in the Collateral created hereby or to free any of the Collateral
from any Lien thereon; and

 

(ii)          the amount of any and all reasonable out-of-pocket costs and expenses,
including the reasonable fees and disbursements of counsel and of any other
experts, that Party A or the Collateral Agent may incur in connection with (A)
the enforcement of this pledge, including such expenses as are incurred to
preserve the value of the Collateral and the validity, perfection, rank and
value of the security interests in the Collateral created hereby, (B) the
collection, sale or other disposition of any of the Collateral, (C) the
exercise by the Collateral Agent or Party A of any of the rights conferred upon
it hereunder or (D) any Default Event.

 

Any such amount not paid on demand shall bear
interest (computed on the basis of a year of 360 days and payable for the
actual number of days elapsed) at a rate per annum equal to 5% plus the prime
rate as published from time to time in The Wall Street Journal, Eastern
Edition.

 

e.               No Rehypothecation of Collateral:

 

The parties hereto agree that each of the Collateral
Agent and Party A may not sell, lend, pledge, rehypothecate, assign, invest,
use, commingle or otherwise dispose of, or otherwise use in its business any
Collateral.

 

f.                 Income and Voting Rights in
Collateral:

 

The Collateral Agent, as agent for and for the
benefit of Party A, shall have the right to receive and retain as Collateral
hereunder all proceeds of the Collateral, including, without limitation, any
Extraordinary Dividend (other than any Extraordinary Dividend in respect of
Class A Shares constituting Collateral, which Extraordinary Dividend shall be
promptly remitted to the Collateral Agent if not otherwise promptly paid to
Party A) and interest (such proceeds as the Collateral Agent, as agent for and
for the benefit of Party A, shall have the right to receive and retain at any
time, “Retained Proceeds”), and Party B shall
take all such action as the Collateral Agent shall deem necessary or
appropriate to give effect to such right. 
All such Retained Proceeds that are received by Party B shall be
received in trust by the Collateral Agent, as agent for and for the benefit of
Party A, and, if the Collateral Agent or Party A so directs, shall be
segregated from other funds of Party B and shall, forthwith upon demand by
Party A, be delivered over to the Collateral Agent, as agent for and for the
benefit of Party A, as Collateral in the same form as received (with any
necessary endorsement).  Notwithstanding
anything herein to the contrary, Party B shall have the right with respect to
each dividend or distribution on the Collateral to direct the Collateral Agent,
as agent for and for the benefit of Party A, to deliver the Retained Proceeds
related to such dividend or distribution 

 

15

 

to Party A in satisfaction of Party B’s obligation
to make delivery or payment to Party A as described in the provision opposite
the caption “Payment Obligation in Respect of Extraordinary Dividends.”

 

Unless a Default Event shall have occurred and be
continuing, Party B shall have the right, from time to time, to exercise all
voting rights, including all special governance rights granted under the
Certificate of Incorporation in respect of the Collateral, and to give
consents, ratifications and waivers, and to take any other action with respect
to any or all of the Collateral.

 

If a Default Event shall have occurred and be
continuing, Party A shall have the right, to the extent permitted by law, and
Party B shall take all such action as may be necessary or appropriate to give
effect to such right, to instruct the Collateral Agent to exercise all voting
rights, including all special governance rights granted under the Certificate
of Incorporation in respect of the Collateral, and to give consents,
ratifications and waivers, and to take any other action with respect to any or
all of the Collateral with the same force and effect as if the Collateral Agent
were the absolute and sole owner thereof.

 

g.              Remedies upon Party B Payment
Events:

 

If any Party B Payment Event shall have occurred,
the Collateral Agent, as agent for and for the benefit of Party A, may exercise
all the rights of a secured party under the UCC (whether or not in effect in
the jurisdiction where such rights are exercised) and, in addition but except
to the extent that such delivery would cause Party B to cease to be in
compliance with Section 7(c) of the Repurchase Agreement (provided that for purposes of this sentence such Section 7(c)
shall be deemed not to include the words “and the occurrence of the Settlement
Date”), without being required to give any notice except as herein provided or
as may be required by mandatory provisions of law, may deliver or cause to be
delivered to itself from the Collateral Account in whole or partial, as the
case may be, satisfaction of Party B’s obligations to deliver Shares under this
Confirmation, a number of Shares then held in the Collateral Account, not to
exceed the number of Shares required to be delivered pursuant to this
Confirmation, whereupon the Collateral Agent, as agent for and for the benefit
of Party A, shall hold such Shares absolutely free from any claim or right of
whatsoever kind, including any equity or right of redemption of Party B that
may be waived or any other right or claim of Party B, and Party B, to the
extent permitted by law, hereby specifically waives all rights of redemption,
stay or appraisal that Party B has or may have under any law now existing or
hereafter adopted.

 

Party B hereby irrevocably appoints the Collateral
Agent, as agent for and for the benefit of Party A, as Party B’s true and
lawful attorney (which power of attorney is coupled with an interest), with
full power of substitution, in the name of Party B, Party A or otherwise, for
the sole use and benefit of the Collateral Agent, as agent for and for the
benefit of Party A, but at the expense of Party B, to the extent permitted by law,
to exercise, at any time and from time to time while a Party B Payment Event
has occurred, all or any of the following powers with respect to all or any of
the Collateral:

 

(i)             to demand, sue for, collect, receive and give
acquittance for any and all monies due or to become due upon or by virtue
thereof;

 

(ii)          to settle, compromise, compound, prosecute or defend any action or
proceeding with respect thereto;

 

(iii)       to sell, transfer, assign or otherwise deal in or with the same or the
proceeds or avails thereof, as fully and effectually as if the Collateral
Agent, as agent for and for the benefit of Party A, were the absolute owner
thereof and in connection therewith, to make all necessary deeds, bills of
sale, instruments of assignment, transfer or conveyance of the property, and
all instructions and entitlement orders in respect of the property thus to be
(or that is being or has been) sold, transferred, assigned or otherwise dealt
in; and

 

(iv)      to extend the time of payment of any or all thereof and to make any
allowance and other adjustments with reference thereto;

 

16

 

provided that
the Collateral Agent shall give Party B not less than one day’s prior written
notice of the time and place of any sale or other intended disposition of any
of the Collateral, except any Collateral that (A) threatens to decline speedily
in value, including, without limitation, equity securities, or (B) is of a type
customarily sold on a recognized market. 
The Collateral Agent, Party A and Party B agree that such notice
constitutes “reasonable authenticated notification” within the meaning of Section 9
611(b) of the UCC.

 

h.              Termination of Security Interest:

 

The rights hereby granted by Party B in the
Collateral shall cease, terminate and be void upon fulfilment of all of the
obligations of Party B under this Confirmation. 
Any Collateral remaining at the time of such termination shall be fully
released and discharged from the security interests in the Collateral created
hereby and delivered to Party B by the Collateral Agent, all at the request and
expense of Party B.

 

i.                 Regarding the Collateral Agent:

 

1.               Party A, as secured party hereunder, hereby
irrevocably appoints and authorizes the Collateral Agent to take such action as
agent on its behalf and to exercise such powers under this Confirmation as are
delegated to the Collateral Agent by the terms hereof, together with all such
powers as are reasonably incidental thereto.

 

2.               The obligations of the Collateral Agent
hereunder are only those expressly set forth in this Confirmation.

 

3.               The Collateral Agent may consult with legal
counsel, independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts.

 

4.               Neither the Collateral Agent nor any of its
directors, officers, agents or employees shall be liable to Party A for any
action taken or not taken by it in connection with this Confirmation (1) with
the consent or at the request of Party A, as secured party, or (2) in the
absence of its own gross negligence or willful misconduct.  The Collateral Agent shall not incur any
liability by acting in reliance upon any notice, consent, certificate,
statement, or other writing (which may be a bank wire, telex or similar
writing) believed by it to be genuine or to be signed by the proper party or
parties.

 

5.               Party B shall indemnify the Collateral Agent
against any cost, expense (including counsel fees and disbursements), claim,
demand, action, loss or liability (except such as result from the Collateral
Agent’s gross negligence or willful misconduct) that the Collateral Agent may
suffer or incur in connection with this Confirmation or any action taken or
omitted by the Collateral Agent hereunder.

 

6.               Beyond the exercise of reasonable care in the
custody thereof, the Collateral Agent shall have no duty as to any Collateral
in its possession or control or in the possession or control of any agent,
bailee or securities intermediary or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.  The Collateral Agent shall be
deemed to have exercised reasonable care in the custody and preservation of the
Collateral if the Collateral is accorded treatment substantially equal to that
which it accords its own property, and shall not be liable or responsible for
any loss or damage to any of the Collateral, or for any diminution in the value
thereof, by reason of the act or omission of any agent, bailee or securities
intermediary selected by the Collateral Agent in good faith (or selected by an
agent, bailee or securities intermediary so selected by the Collateral Agent or
by any agent, bailee or securities intermediary selected in accordance with
this parenthetical phrase).

 

7.               Any corporation or association into which the
Collateral Agent may be converted or merged, or with which it may be
consolidated, or to which it may sell or transfer its agency business and
assets as a whole or substantially as a whole, or any corporation or
association resulting from any such conversion, sale, merger, consolidation or
transfer to which it is a party, shall, subject to the prior written consent of
Party A, as secured party, be and become a successor Collateral Agent hereunder

 

17

 

and vested with all of the title to the Collateral
and all of the powers, discretions, immunities, privileges and other matters as
was its predecessor without, except as provided above, the execution or filing
of any instrument or any further act, deed or conveyance on the part of any of
the parties hereto, anything herein to the contrary notwithstanding.

 

5.                                       The Agreement is further supplemented by the
following provisions:

 

Termination Provisions.

 

1.               The “Automatic Early
Termination” provisions of Section 6(a) of the Agreement shall
not apply to Party A and Party B.

 

2.               Payments on Early Termination.  For
the purpose of Section 6(e) of the Agreement, Second Method and Loss will
apply.

 

3.               “Termination Currency”
means United States Dollars.

 

4.               Netting.  The
provisions of Section 2(c) of the Agreement shall apply, provided that Section 2(c) shall be amended by deleting
“and” at the end of clause (i) thereof and deleting clause (ii) thereof.

 

5.               Set-Off.  In
addition to and without limiting any rights of set-off that a party hereto may
have as a matter of law, pursuant to contract or otherwise, upon the occurrence
of an Early Termination Event or an Event of Default, the party that is not the
Affected Party (in the case of an Early Termination Event), or is not the
Defaulting Party (in the case of an Event of Default), (in each case, “Party X”) shall have the right to terminate, liquidate and
otherwise close out the transactions contemplated by this Confirmation pursuant
to the terms hereof, and to set off any obligation that Party X, or, if Party A
is Party X, any affiliate of Party X solely with respect to the right to
receive any deliveries or payments pursuant to the provision opposite the
caption “Payment Obligation in Respect of Extraordinary Dividends,” may have to
the other party (“Party Y”)
hereunder, thereunder or otherwise, including without limitation any obligation
to make any release, delivery or payment to Party Y pursuant to this
Confirmation or any other agreement between Party X, or, if Party A is Party X,
any of its affiliates solely with respect to the right to receive any
deliveries or payments pursuant to the provision opposite the caption “Payment
Obligation in Respect of Extraordinary Dividends,” and Party Y, against any
right Party X, or, if Party A is Party X, any of its affiliates solely with
respect to the right to receive any deliveries or payments pursuant to the
provision opposite the caption “Payment Obligation in Respect of Extraordinary
Dividends,” may have against Party Y, including without limitation any right to
receive a payment or delivery pursuant to this Confirmation or any other
agreement between Party X, or, if Party A is Party X, any of its affiliates
solely with respect to the right to receive any deliveries or payments pursuant
to the provision opposite the caption “Payment Obligation in Respect of
Extraordinary Dividends,” and Party Y. 
In the case of a set-off of any obligation to release, deliver or pay
assets against any right to receive assets of the same type, such obligation
and right shall be set off in kind.  In
the case of a set-off of any obligation to release, deliver or pay assets against
any right to receive assets of any other type, the value of each of such
obligation and such right shall be determined by the Calculation Agent and the
result of such set-off shall be that the net obligor shall pay or deliver to
the other party an amount of cash or assets, at the net obligor’s option, with
a value (determined, in the case of a delivery of assets, by the Calculation
Agent) equal to that of the net obligation. 
In determining the value of any obligation to release or deliver Shares
or right to receive Shares, the value at any time of such obligation or right
shall be determined by reference to the market value of the Shares at such
time.  If an obligation or right is
unascertained at the time of any such set-off, the Calculation Agent may in
good faith estimate the amount or value of such obligation or right, in which
case set-off shall be effected in respect of that estimate, and the relevant
party shall account to the other party at the time such obligation or right is
ascertained.

 

18

 

Tax Representations.  None.

 

Agreements to Deliver Documents.  For
the purpose of Sections 4(a)(i) and (ii) of the Agreement, each of Party A and
Party B agrees to deliver the following documents, as applicable:

 

1.               Party B shall deliver to Party A, upon
execution of this Confirmation, an Issuer Acknowledgment, executed by the
Issuer and Party B, in the form attached as Annex A hereto.

 

2.               Party B shall deliver to Party A, prior to or
upon execution of this Confirmation, evidence reasonably satisfactory to Party
A as to the names, true signatures and authority of the officers or officials
signing this Confirmation on its behalf.

 

Such documents shall be
covered by the representation set forth in Section 3(d) of the Agreement.

 

Miscellaneous:

 

1.               For the purpose of Section 12(a) of the
Agreement:

 

Address for notices or communications to Party A:

 

Address:                                                                       Morgan Stanley & Co. International
Limited

c/o Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036-8293

 

Attn:  Angela
Proske

Tel: 
212-537-1572

Fax: 
212-507-0483

 

Designated responsible employee for the purposes of Section 12(a)(iii)
of the Agreement:

 

Angela Proske

 

Address for notices or communications to the Agent:

 

Address:                                                                       Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036-8293

 

Attn:  Angela
Proske

Tel: 
212-537-1572

Fax: 
212-507-0483

 

Address for notices or communications to the
Collateral Agent:

 

Address:                                                                       Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036-8293

 

Attn:  Angela
Proske

Tel: 
212-537-1572

Fax: 
212-507-0483

 

19

 

Address for notices or communications to Party B:

 

Address:                                                                       The St. Paul Travelers Companies, Inc.

385 Washington Street

St. Paul, MN 55102

 

Attention:                                                                 Kenneth F. Spence, III

Tel:                                                                                                    (651) 310-7911

Fax:                                                                                                   (651) 310-5838

 

2.               The date and time of the Transaction will be
furnished by Party A to Party B upon written request by Party B.

 

3.               Each party waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in
respect of any suit, action or proceeding relating to this Confirmation or any
Credit Support Document.  Each party (i) certifies that no
representative, agent or attorney of the other party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and (ii)
acknowledges that it and the other party have been induced to enter into this
Confirmation by, among other things, the mutual waivers and certifications in
this Section.

 

4.               The parties irrevocably consent to service of
process given in the manner provided for notices in Section in paragraph 1
immediately above.  Nothing in this
Confirmation shall affect the right of either party to serve process in any
other manner permitted by law.

 

5.               THE AGREEMENT AND EACH
CONFIRMATION THEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE (PROVIDED THAT AS TO PLEDGED ITEMS LOCATED IN ANY
JURISDICTION OTHER THAN THE STATE OF NEW YORK, PARTY A SHALL, IN ADDITION TO
ANY RIGHTS UNDER THE LAWS OF THE STATE OF NEW YORK, HAVE ALL OF THE RIGHTS TO
WHICH A SECURED PARTY IS ENTITLED UNDER THE LAWS OF SUCH OTHER
JURISDICTION).  EACH PARTY HEREBY SUBMITS
TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK.  THE PARTIES HERETO HEREBY AGREE THAT THE
COLLATERAL AGENT’S JURISDICTION, WITHIN THE MEANING OF SECTION 8-110(e) OF
THE UCC, INSOFAR AS IT ACTS AS A SECURITIES INTERMEDIARY HEREUNDER OR IN
RESPECT HEREOF, IS THE STATE OF NEW YORK.

 

6.               This Confirmation is not intended and shall
not be construed to create any rights in any person other than Party B, Party A
and their respective successors and assigns and no other person shall assert
any rights as third-party beneficiary hereunder.  Whenever any of the parties hereto is
referred to, such reference shall be deemed to include the successors and assigns
of such party.  All the covenants and
agreements herein contained by or on behalf of Party B and Party A shall bind,
and inure to the benefit of, their respective successors and assigns whether so
expressed or not.

 

7.               Any provision of this Confirmation may be
amended or waived if, and only if, such amendment or waiver is in writing and
signed, and in the case of an amendment, by Party B and Party A or, in the case
of a waiver, by the party against whom the waiver is to be effective.

 

20

 

Please confirm that the foregoing correctly sets
forth the terms of our agreement by signing and returning this Confirmation.

 

 

	
   

  	
  Yours faithfully,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INTERNATIONAL LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Hu, Wei-Chung Bradford

  	
   

  
	
   

  	
  Name:

  	
  Hu, Wei-Chung Bradford

  
	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INCORPORATED, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roberts

  	
   

  
	
   

  	
  Name:

  	
  John Roberts

  
	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INCORPORATED, as
  Collateral Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Roberts

  	
   

  
	
   

  	
  Name:

  	
  John Roberts

  
	
   

  	
  Title:

  	
  Managing Director

  
							

 

 

	
  Confirmed as of the date first written above:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE ST. PAUL TRAVELERS COMPANIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Samuel G. Liss

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Samuel G. Liss

  	
   

  	
   

  
	
  Title:

  	
  Executive Vice President

  	
   

  	
   

  
						

 

 

ANNEX A

 

ISSUER
ACKNOWLEDGMENT

 

April 6, 2005

 

Morgan
Stanley & Co. International Limited

c/o
Morgan Stanley & Co. Incorporated

1585
Broadway

New
York, NY 10036-8293

 

Re:                               Forward Sale Transaction 

The St. Paul Travelers Companies, Inc.

 

Dear Sirs or Mesdames:

 

Nuveen Investments, Inc., a
Delaware corporation (the “Issuer”),
understands that The St. Paul Travelers Companies, Inc. (the “Selling Stockholder”) proposes to enter, on the date hereof,
into a prepaid forward sale transaction (the “Transaction”)
with Morgan Stanley & Co. International Limited (the “Buyer”),
Morgan Stanley & Co. Incorporated, as agent, and Morgan Stanley & Co.
Incorporated, as collateral agent (the “Collateral Agent”)
pursuant to which the Buyer shall pay cash to the Selling Stockholder on or shortly
after the consummation of the Transaction, and the Selling Stockholder shall
deliver (subject to its right to cash settle the Transaction) to the Buyer on
or about December 30, 2005 (such date subject to acceleration as described
in the Confirmation) 6,067,500 shares of Class A common stock, par value $0.01
per share, of the Issuer (“Class A Common Stock”)
(such number of shares subject to adjustment upon the occurrence of certain
events), pursuant to (a) an agreement (the “Agreement”)
in the form of the 1992 ISDA Master Agreement (Multicurrency—Cross Border) and
(b) a confirmation, dated as of the date hereof, among the Selling Stockholder,
the Collateral Agent and the Buyer (the “Confirmation”,
and together with the Agreement, the “Forward Documentation”).  In addition, the Issuer understand that the
Selling Stockholder shall pledge, in accordance with the terms of the Forward
Documentation, 6,067,500 (such number subject to adjustment from time to time)
shares of Class B common stock, par value $0.01 per share, of the Issuer (“Class B Common Stock”), (subject to conversion into Class A
Common Stock pursuant to terms of the Pledge (as defined below), the “Pledged Shares”) to the Collateral Agent, as agent for and
for the benefit of the Buyer, to secure the obligations of the Selling
Stockholder under the Transaction (the “Pledge”).  Finally, the Issuer understands that Morgan
Stanley will issue and sell to the public, in a concurrent transaction
registered under the Securities Act of 1933, as amended (the “Securities Act”), $275,060,000 of 5.875% Mandatorily
Exchangeable Securities due October 15, 2008 (the “Securities”),
which are mandatorily exchangeable for shares of Class A Common Stock.  Upon exchange of the Securities, shares of
Class A Common Stock shall be delivered to the holders of the Securities (the “Securityholders”) in accordance with the terms of the
indenture governing the Securities. 
Capitalized terms used and not otherwise defined herein shall have the
meaning assigned to such terms in the Forward Documentation.  For purposes of this Issuer Acknowledgment, “Settlement Shares” means any shares of Class A Common Stock
delivered by the Selling Stockholder to the Buyer upon settlement of the
Transaction.

 

The Selling Stockholder is
the record holder of certain shares of Class B Common Stock.  The shares of Class B Common Stock are
convertible into shares of Class A Common Stock pursuant to the terms of the
Issuer’s restated certificate of incorporation, as amended (the “Certificate of Incorporation”).

 

The Buyer and the Selling
Stockholder wish to set forth certain understandings with the Issuer regarding
the Transaction and the Pledged Shares. 
Therefore, for good and valuable consideration, the adequacy of which is
hereby acknowledged, and intending to be legally bound, the Issuer acknowledges
and agrees with the Buyer that:

 

A-1

 

(a)                                  none of the transactions contemplated in the
Forward Documentation shall violate any corporate policy of the Issuer or other
rules or regulations of the Issuer applicable to the Selling Stockholder,
including, but not limited to, the Issuer’s policies relating to trading in the
Class A Common Stock or the Class B Common Stock;

 

(b)                                 each share of Class B Common Stock is
convertible into one fully paid and non-assessable share of Class A Common
Stock;

 

(c)                                  the shares of Class A Common Stock issuable
upon conversion of all outstanding shares of Class B Common Stock have been
duly authorized and reserved for issuance upon such conversion, and the
issuance of such shares of Class A Common Stock are not subject to any
preemptive or other similar rights;

 

(d)                                 to the extent that the Collateral Agent or
the Buyer is permitted under the terms of the Forward Documentation to exercise
any of its rights under the Pledge, as promptly as practicable upon delivery to
the Issuer or the transfer agent for the shares of Class A Common Stock or
Class B Common Stock, as the case may be, (the “Transfer
Agent”) of:

 

(i)                                     any required tax stamps;

 

(ii)                                  a stock power executed in blank; and

 

(iii)                               a duly executed conversion notice
substantially in the form attached hereto as Exhibit A hereto (the “Conversion Notice”), together with the certificate or
certificates evidencing such shares of Class B Common Stock,

 

the
Issuer shall, without any further action or delivery of any documents or
instruments on the part of the Collateral Agent or the Buyer or the Selling
Stockholder, and shall instruct the Transfer Agent to, convert any shares of
Class B Common Stock held by the Collateral Agent or the Buyer as Pledged
Shares into a number of fully paid and non-assessable shares of Class A Common
Stock equal to the number of shares of Class B Common Stock indicated in the
Conversion Notice and issue shares of Class A Common Stock or otherwise
register in such name or names as the Collateral Agent or the Buyer shall
request and deliver such shares of Class A Common Stock directly to the
Collateral Agent or the Buyer or its designee without the return thereof to the
Selling Stockholder;

 

(e)                                  (i) not more than two years after the date of
delivery of the Settlement Shares by the Selling Stockholder to the Buyer
(assuming the Buyer is not, at such time, an “affiliate” of the Issuer as such
term is used in Rule 144 of the Securities Act), or such earlier date as the
Issuer and the Buyer shall agree, (ii) in connection with any delivery of the
Settlement Shares to the Securityholders upon exchange of the Securities
pursuant to the terms thereof (assuming any such Securityholder is not, at such
time, an “affiliate” of the Issuer as such term is used in Rule 144 of the
Securities Act), (iii) if the Collateral Agent or the Buyer forecloses on the
Pledged Shares pursuant to the terms of the Pledge, in conjunction with the
delivery of an opinion from reputable national securities counsel that such
Pledged Shares are not required to bear a legend relating to restrictions on
the disposition thereof under the Securities Act, upon the Buyer’s request
(assuming the Buyer is not, at such time, an “affiliate” of the Issuer as such
term is used in Rule 144 of the Securities Act), the Issuer shall reissue the
Settlement Shares (or the Pledge Shares in the case of clause (iii) above)
without any legends thereon that relate to restrictions on the disposition
thereof under the Securities Act; and

 

(f)                                    it hereby waives any requirement, whether
contractual or otherwise, that the Selling Stockholder, the Collateral Agent or
the Buyer provide prior written conversion notice to the Issuer or the Board of
Directors of the Issuer (other than the Conversion Notice) in connection with
the conversion by the Selling Stockholder, the Collateral Agent or the Buyer
(on behalf of the Selling Stockholder or for the Buyer’s account) of any
Pledged Shares into shares of Class A Common Stock.

 

In
addition, the Issuer understands that the execution and delivery of this Issuer
Acknowledgment by the Selling Stockholder constitutes the irrevocable
instruction of the Selling Stockholder to the Issuer to pay to the Collateral
Agent in its capacity as Collateral Agent, all distributions on the Pledged
Shares (to the extent such Pledged Shares are in the form of Class B Common
Stock), and to deliver to the Collateral Agent in its capacity as

 

A-2

 

Collateral Agent, shares of
Class A Common Stock issued upon conversion of the Pledged Shares, in each
case, represented by Certificate Numbers 18, 20 and 23 (Registered Owner: The
St. Paul Travelers Companies, Inc.) until such time that the Issuer has been
informed by the Collateral Agent or the Buyer that the Collateral Agent no
longer holds such Pledged Shares as Collateral (as such term is defined in the
Pledge).

 

In addition, the Buyer and
the Collateral Agent wish to set forth certain understandings with the Selling
Stockholder regarding the Transaction and the Pledged Shares.  Therefore, for good and valuable
consideration, the adequacy of which is hereby acknowledged, and intending to
be legally bound, the Selling Stockholder acknowledges and agrees with the
Buyer and the Collateral Agent and represents and warrants to the Buyer and the
Collateral Agent that:

 

(a)                                  each share of Class B Common Stock is
convertible into one fully paid and non-assessable share of Class A Common
Stock;

 

(b)                                 the shares of Class A Common Stock issuable
upon conversion of all outstanding shares of Class B Common Stock have been
duly authorized and reserved for issuance upon such conversion, and the
issuance of such shares of Class A Common Stock are not subject to any
preemptive or other similar rights;

 

(c)                                  in the event that the Collateral Agent or the
Buyer is permitted under the terms of the Forward Documentation, and wishes, to
exercise any of its rights under the Pledge with respect to the voting or the
delivery, sale or transfer to any person of any Pledged Shares, the Selling
Stockholder hereby agrees that the Pledged Shares shall first be converted into
shares of Class A Common Stock in accordance with the provisions of the
Certificate of Incorporation as described above in sub-section (d);

 

(d)                                 any Settlement Shares delivered by the
Selling Stockholder to the Buyer shall be free from (i) any lien, charge, claim
or other encumbrance and any other contractual restrictions whatsoever or any
restrictions under United States federal securities laws, without any
obligation on the part of the receiver of such Class A Common Stock in
connection with that party’s subsequent sale of such Class A Common Stock to
deliver an offering document, or comply with any volume or manner of sale
restrictions, (ii) any and all restrictions that any sale, assignment or other
transfer of such Class A Common Stock be consented to or approved by any person
or entity, including without limitation, us or any other obligor thereon, (iii)
any limitations on the type or status, financial or otherwise, of any
purchaser, pledgee, assignee or transferee of such Class A Common Stock, (iv)
any requirement of the delivery of any certificate, approval, consent,
agreement, opinion of counsel, notice or any other document of any person or
entity to us of, any other obligor on or any registrar or transfer agent for,
such Class A Common Stock, prior to the sale, pledge, assignment or other
transfer of such Class A Common Stock, and (v) any registration or
qualification requirement or prospectus delivery requirement for such Class A
Common Stock pursuant to United States federal securities laws (each of clauses
(i) through (iv) above, “Transfer Restrictions”)
(A) in the hands of the Buyer no later than two years after the date of
delivery of the Settlement Shares by the Selling Stockholder to the Buyer
(assuming the Buyer is not, at such time, an “affiliate” of the Issuer as such
term is used in Rule 144 of the Securities Act), or such earlier date as the
Issuer and the Buyer shall agree, or (B) in the hands of the Securityholders
upon delivery of the Settlement Shares to the Securityholders upon exchange of
the Securities pursuant to the terms thereof (assuming any such Securityholder
is not, at such time, an “affiliate” of the Issuer as such term is used in Rule
144 of the Securities Act);

 

(e)                                  if the Collateral Agent or the Buyer
forecloses on the Pledged Shares pursuant to the terms of the Pledge, the
Pledged Shares shall be free from any Transfer Restrictions (assuming the Buyer
is not, at such time, an “affiliate” of the Issuer as such term is used in Rule
144 of the Securities Act);

 

(f)                                    it shall use reasonable efforts to do and
perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the Buyer may reasonably request in order to make
the Settlement Shares (or the Pledged Shares in the case of clause (iii) below)
free from any Transfer Restrictions (i) in the hands of the Buyer upon the
occurrence of the second anniversary from the date of delivery of the
Settlement Shares by the Selling Stockholder to the Buyer (assuming the Buyer
is not, at such time, an “affiliate” of the Issuer as such term is used in Rule
144 of the Securities Act), (ii) in the hands of the Securityholders upon the
delivery of the Settlement Shares to the

 

A-3

 

Securityholders
upon conversion of the Securities pursuant to the terms thereof (assuming any
such Securityholder is not, at such time, an “affiliate” of the Issuer as such
term is used in Rule 144 of the Securities Act) or (iii) if the Collateral
Agent or the Buyer forecloses on the Pledged Shares pursuant to the terms of
the Pledge (assuming the Buyer is not, at such time, an “affiliate” of the
Issuer as such term is used in Rule 144 of the Securities Act);

 

(g)                                 the execution and delivery of this Issuer
Acknowledgment by the Selling Stockholder constitutes the irrevocable
instruction of the Selling Stockholder to the Issuer to pay to the Collateral
Agent in its capacity as Collateral Agent, all distributions on the Pledged
Shares (to the extent such Pledged Shares are in the form of Class B Common
Stock), and to deliver to the Collateral Agent in its capacity as Collateral
Agent, shares of Class A Common Stock issued upon conversion of the Pledged
Shares, in each case, represented by Certificate Numbers 18, 20 and 23
(Registered Owner: The St. Paul Travelers Companies, Inc.) until such time that
the Issuer has been informed by the Collateral Agent or the Buyer that the
Collateral Agent no longer holds such Pledged Shares as Collateral (as such
term is defined in the Pledge); and

 

(h)                                 the Issuer may rely upon a Conversion Notice
delivered by the Collateral Agent or the Buyer in accordance with sub-section (d)
on the second page of this Issuer Acknowledgment.

 

For purposes of this Issuer
Acknowledgment, “Business Day” means any day on
which commercial banks are open for business in New York City.

 

This Issuer Acknowledgement
shall be construed in accordance with and governed by the laws of the State of
New York (without reference to choice of law doctrine).

 

A-4

 

Please indicate your receipt
of, and agreement with, this Issuer Acknowledgment by signing in the space
provided below.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUVEEN INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

	
  Acknowledged and Agreed:

  
	
   

  
	
   

  
	
  MORGAN STANLEY & CO.
  INTERNATIONAL

  LIMITED

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  MORGAN STANLEY & CO. INCORPORATED, as Agent

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  THE ST. PAUL TRAVELERS COMPANIES, INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

EXHIBIT A

 

[FORM
OF CONVERSION NOTICE]

 

[Date]

 

Nuveen Investments, Inc.

333 West Wacker Drive

Chicago, Illinois 60606

 

Attention:  General Counsel

 

Reference is made to the
letter agreement among Nuveen Investments, Inc. (the “Issuer”),
The St. Paul Travelers Companies, Inc. (the “Selling Stockholder”)
and Morgan Stanley & Co. International Limited (the “Buyer”),
dated as of April 6, 2005 (the “Issuer Acknowledgement”),
in connection with that certain prepaid forward sale and purchase transaction
of shares of Class A Common Stock of the Issuer (the “Transaction”)
entered into among the Selling
Stockholder, the Buyer and Morgan Stanley & Co. Incorporated, as collateral
agent.  Capitalized terms used and not
otherwise defined herein shall have the meaning assigned to such terms in the
Issuer Acknowledgment.

 

This letter constitutes
written conversion notice (the “Conversion Notice”)
as required by Section 6.5 of the Issuer’s restated certificate of
incorporation (the “Certificate of
Incorporation”).  In
connection with the exercise of the Collateral Agent’s and the Buyer’s rights
under the Pledge with respect to the Pledged Shares, the Collateral Agent, as
agent for and for the benefit of, the Buyer, hereby gives notice of its
election to convert [number of shares of Class
B Common Stock to be converted] shares of Class B Common Stock into
an equal number of shares of Class A Common Stock on the date hereof, as
contemplated by Section 6.5(a)(iii) of the Certificate of
Incorporation.  The Collateral Agent, as
agent for and for the benefit of, the Buyer, hereby certifies that this
Conversion Notice is being delivered in compliance in all respects with the
Pledge.  Simultaneously with the delivery
to you of this Conversion Notice, we have delivered to the Transfer Agent and
surrendered for conversion certificates evidencing the shares of Class B Common
Stock subject to conversion duly endorsed by the Selling Stockholder or in
blank or accompanied by a duly executed proper instrument of transfer.

 

Pursuant to this Conversion
Notice, please convert, or instruct the Transfer Agent to convert, [number of shares of Class B Common Stock to be converted]
shares of Class B Common Stock into [number of shares of Class
A Common Stock to be issued upon conversion] shares of Class A
Common Stock, issue such shares of Class A Common Stock in the name of [the Collateral Agent/the Buyer] and deliver the
certificates evidencing such shares of Class A Common Stock directly to the following address:

 

Morgan Stanley & Co. International
Limited

c/o Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036-8293

 

Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036-8293

 

Attention:
Angela Proske

 

Please do not
deliver the certificates representing such shares of Class A Common Stock to
the Selling Stockholder under any circumstances pursuant to the terms of this
Conversion Notice.

 

AA-1

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INTERNATIONAL

  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INCORPORATED,

  as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO. INCORPORATED,

  as Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

AA-2

 

ANNEX B

 

	
  Morgan Stanley

  	
   

  	
  1585 Broadway

  
	
   

  	
   

  	
  New York, NY 10036-8293

  

 

 

April 6,
2005

 

To:                              The
St. Paul Travelers Companies, Inc.

 

Ladies and Gentlemen:

 

In consideration of that
certain share forward transaction with respect to Class A common stock, par
value $0.01, of Nuveen Investments, Inc. dated as of April 7, 2005,
Confirm Number CDBPB4 by and among Morgan Stanley & Co. International
Limited (hereinafter “MSIL”), Morgan Stanley & Co. Incorporated, as agent,
Morgan Stanley & Co. Incorporated, a s collateral agent, and The St. Paul
Travelers Companies, Inc. (hereinafter “Counterparty”) (such confirmation
exchanged between the parties hereinafter the “Confirmation”), Morgan Stanley,
a Delaware corporation (hereinafter “MS”), hereby irrevocably and
unconditionally guarantees to Counterparty, with effect from the date of the
Confirmation, the due and punctual payment of all amounts payable by MSIL under
the Confirmation when the same shall become due and payable, whether on
scheduled payment dates, upon demand, upon declaration of termination or
otherwise, in accordance with the terms of the Confirmation and giving effect
to any applicable grace period. Upon failure of MSIL punctually to pay any such
amounts, and upon written demand by Counterparty to MS at its address set forth
in the signature block of this Guarantee (or to such other address as MS may
specify in writing), MS agrees to pay or cause to be paid such amounts;
provided that delay by Counterparty in giving such demand shall in no event
affect MS’s obligations under this Guarantee.

 

MS hereby agrees that its
obligations hereunder shall be unconditional and will not be discharged except
by complete payment of the amounts payable under the Confirmation, irrespective
of any claim as to the Confirmation’s validity, regularity or enforceability or
the lack of authority of MSIL to execute or deliver the Confirmation; or any
change in or amendment to the Confirmation; or any waiver or consent by
Counterparty with respect to any provisions thereof; or the absence of any
action to enforce the Confirmation, or the recovery of any judgment against
MSIL or of any action to enforce a judgment against MSIL under the
Confirmation; any similar circumstance which might otherwise constitute a legal
or equitable discharge or defense of a guarantor generally.

 

MS hereby waives diligence,
presentment, demand on MSIL for payment or otherwise (except as provided
hereinabove), filing of claims, requirement of a prior proceeding against MSIL
and protest or notice, except as provided for in the Confirmation with respect
to amounts payable by MSIL. If at any time payment under the Confirmation is
rescinded or must be otherwise restored or returned by Counterparty upon the
insolvency, bankruptcy or reorganization of MSIL or MS or otherwise, MS’s
obligations hereunder with respect to such payment shall be reinstated upon
such restoration or return being made by Counterparty.

 

MS represents to
Counterparty as of the date hereof:

 

1.                                       it
is duly organized and validly existing under the laws of the jurisdiction of
its incorporation and has full power and legal right to execute and deliver
this Guarantee and to perform the provisions of this Guarantee on its part to
be performed;

 

2.                                       its
execution, delivery and performance of this Guarantee have been and remain duly
authorized by all necessary corporate action and do not contravene any
provision of its certificate of incorporation or by-laws or any law, regulation
or contractual restriction binding on it or its assets;

 

3.                                       all
consents, authorizations, approvals and clearances (including, without
limitation, any necessary exchange control approval) and notifications, reports
and registrations requisite for its due execution, delivery and performance of
this Guarantee have been obtained from or, as the case may be, filed with the
relevant governmental authorities having jurisdiction and remain in full force
and effect and

 

B-1

 

all conditions thereof have been duly
complied with and no other action by, and no notice to or filing with, any
governmental authority having jurisdiction is required for such execution,
delivery or performance; and

 

4.                                       this
Guarantee is its legal, valid and binding obligation enforceable against it in
accordance with its terms except as enforcement hereof may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ right or by general equity principles.

 

By accepting
this Guarantee and executing the Confirmation, Counterparty agrees that MS
shall be subrogated to all rights of Counterparty against MSIL in respect of
any amounts paid by MS pursuant to this Guarantee, provided that MS shall be
entitled to enforce or to receive any payment arising out of or based upon such
right of subrogation only to the extent that it has paid all amounts payable by
MSIL under the Confirmation.

 

This Guarantee
shall expire on March 31, 2006; however, this guarantee may be terminated
upon 15 days prior written notice to that effect actually received by
Counterparty. Such expiration or termination shall not, however, affect or
reduce MS’s obligation hereunder for any liability of MSIL incurred with
respect to transactions entered into by MSIL prior to such expiration.

 

This Guarantee
shall be governed by and construed in accordance with the laws of the State of
New York. All capitalized terms not otherwise defined herein shall have the
respective meanings assigned to them in the Confirmation.

 

 

MORGAN STANLEY

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Address:

  	
  1585 Broadway

  	
   

  
	
   

  	
  New York, NY 10036

  	
   

  

 

B-2Exhibit 10.4

 

MERRILL LYNCH MANDATORILY EXCHANGEABLE
INDEMNITY

AGREEMENT

 

 

among

 

 

MERRILL LYNCH & CO., INC.,

as Issuer of 6.75% Mandatorily Exchangeable
Securities due October 15, 2007,

 

NUVEEN INVESTMENTS, INC.,

as Issuer of shares of Class A common
stock, par value $0.01 per share,

 

THE ST. PAUL TRAVELERS COMPANIES, INC.,

as Selling Stockholder,

 

MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED 

 

and 

 

MORGAN STANLEY & CO. INCORPORATED,

as Underwriters,

 

and 

 

MERRILL LYNCH INTERNATIONAL,

as Forward Counterparty

 

 

dated as of April 6,
2005

 

 

MERRILL LYNCH MANDATORILY EXCHANGEABLE
INDEMNITY AGREEMENT

 

Merrill Lynch Mandatorily Exchangeable Indemnity Agreement (this “Agreement”), dated as of April 6,
2005, among Merrill Lynch & Co., Inc., a Delaware corporation
(the “Mandatory  Issuer”), Nuveen Investments, Inc., a
Delaware corporation (“Nuveen”),
The St. Paul Travelers Companies, Inc., a Minnesota corporation (“St. Paul Travelers”), Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co.
Incorporated (each, an “Underwriter”
and together, the “Underwriters”),
and Merrill Lynch International (the “Forward
Counterparty”).

 

WHEREAS, the Mandatory Issuer has entered into an underwriting
agreement (the “ML Securities Underwriting
Agreement”), pursuant to which the Mandatory Issuer has agreed to
issue and sell to the Underwriters $275,060,000 aggregate principal amount of
6.75% Mandatorily Exchangeable Securities due October 15, 2007 (the “Securities”), mandatorily exchangeable for
shares of the Class A common stock, par value $0.01 per share, of Nuveen
(the “Nuveen Class A Shares”)
or the cash value thereof;

 

WHEREAS, the Securities are to be issued pursuant to the provisions of
an indenture dated as of April 1, 1983, as amended and restated, between
the Mandatory Issuer and JPMorgan Chase Bank, N.A.;

 

WHEREAS, the Mandatory Issuer has filed with the Securities and
Exchange Commission (the “Commission”)
a registration statement, including a prospectus, relating to the Securities,
dated March 25, 2005 (the “Mandatory
Issuer Basic Prospectus”), and has
filed with, or transmitted for filing to, or shall promptly hereafter file with
or transmit for filing to, the Commission a prospectus supplement (the “Securities Prospectus Supplement”)
specifically relating to the Securities pursuant to Rule 424 under the
Securities Act of 1933, as amended (the “Securities
Act”);

 

WHEREAS, St. Paul Travelers has entered on the date hereof into a
prepaid forward sale transaction with the Forward Counterparty, pursuant to
which St. Paul Travelers will deliver to the Forward Counterparty 5,824,800
Nuveen Class A Shares (subject to St. Paul Travelers’ right to cash settle
such transaction) (the “ML Forward Agreement”);

 

WHEREAS, Nuveen has filed with the Commission a registration statement,
including a prospectus, relating to the Nuveen Class A Shares, dated March 18,
2005 (the “Nuveen Basic Prospectus”),
and has filed with, or transmitted for filing to, or shall promptly hereafter
file with or transmit for filing to, the Commission a final prospectus
supplement (the “Nuveen Prospectus Supplement”)
pursuant to Rule 424 under the Securities Act specifically relating 

 

2

 

to
the Nuveen Class A Shares to be delivered pursuant to the ML Forward
Agreement;

 

WHEREAS, the Mandatory Issuer and the Underwriters are willing to carry
out the transactions contemplated by the ML Securities Underwriting Agreement,
and the Forward Counterparty is willing to enter into the ML Forward Agreement,
on the condition that Nuveen and St. Paul Travelers enter into, and perform
their respective obligations under, this Agreement;

 

THEREFORE, the parties hereto agree as follows:

 

1.                                       Definitions.  (a)  The following terms, as used
herein, have the following meanings:

 

“1940 Act” has the meaning
set forth in Section 2(aa).

 

“Advisers Act” has the
meaning set forth in Section 2(bb).

 

“Agreement” has the
meaning set forth in the preamble of this Agreement.

 

“Basic  Prospectus” means the Nuveen Basic Prospectus
or the Mandatory Issuer Basic Prospectus, as the case may be.

 

“Bridge Facility” means
the bridge loan facility, dated April 1, 2005 between Nuveen and Citicorp
North America, Inc., as administrative agent, and the other lenders
thereto.

 

“Broker-Dealer Subsidiary”
has the meaning set forth in Section 2(cc).

 

“Closing Date” means the
date on which the Mandatory Issuer shall deliver the Securities and the
Underwriters shall pay the purchase price for the Securities, as set forth in
the ML Securities Underwriting Agreement.

 

“Commission” has the
meaning set forth in the recitals of this Agreement.

 

“Common Stock Underwriting Agreement”
means the Underwriting Agreement, dated the date hereof, among Nuveen, the
Selling Stockholders, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated, acting severally
on behalf of themselves and the several underwriters named in Schedule I
thereto.

 

“Environmental Laws” has
the meaning set forth in Section 2(z).

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

3

 

“Forward Counterparty” has
the meaning set forth in the preamble of this Agreement.

 

“indemnified party” has
the meaning set forth in Section 9(d).

 

“indemnifying party” has
the meaning set forth in Section 9(d).

 

“Investment Advisory Subsidiaries”
has the meaning set forth in Section 2(bb).

 

“Mandatory  Issuer” has the meaning set forth in the
preamble of this Agreement.

 

“Mandatory  Issuer Basic Prospectus” has the meaning
set forth in the recitals of this Agreement.

 

“Mandatory  Issuer Registration Statement” means the
registration statement of the Mandatory Issuer that contains the Securities
Prospectus, including the exhibits thereto, as amended to the date of this
Agreement.

 

“Material Adverse Effect”
has the meaning set forth in Section 2(d).

 

“ML Forward Agreement” has
the meaning set forth in the recitals of this Agreement.

 

“ML Securities Underwriting Agreement”
has the meaning set forth in the recitals of this Agreement.

 

“MS Forward Agreement”
means the prepaid forward sale transaction entered into between St. Paul
Travelers and Morgan Stanley International Limited, pursuant to which St. Paul
Travelers will deliver to Morgan Stanley International Limited 6,067,500 Nuveen
Class A Shares (subject to St. Paul Travelers’ right to cash settle such
transaction).

 

“Nuveen” has the meaning
set forth in the preamble of this Agreement.

 

“Nuveen Basic Prospectus”
has the meaning set forth in the recitals to this Agreement.

 

“Nuveen Class A
Shares” has the meaning set forth in the recitals of this
Agreement.

 

“Nuveen Class B Shares”
means shares of Nuveen Class B common stock, par value $0.01 per share.

 

“Nuveen  Common Stock” means the Nuveen Class A
Shares and Nuveen Class B Shares.

 

4

 

“Nuveen preliminary prospectus”
means a preliminary Nuveen Prospectus Supplement specifically relating to the
Nuveen Class A Shares to be delivered pursuant to the ML Forward
Agreement, together with the Nuveen Basic Prospectus.

 

“Nuveen Prospectus” means
the Nuveen Basic Prospectus together with the Nuveen Prospectus Supplement.

 

“Nuveen  Prospectus Supplement” has the meaning set
forth in the recitals of this Agreement.

 

“Nuveen Registration Statement”
means the registration statement on Form S-3 of Nuveen that contains
the Nuveen Prospectus, including the exhibits thereto, as amended to the date
of this Agreement.

 

“Nuveen Repurchase Agreement”
means the agreement, dated as of March 29, 2005, between Nuveen and St.
Paul Travelers pursuant to which St. Paul Travelers will sell to Nuveen $200
million of shares of Nuveen Common Stock on the Closing Date and $400 million
of shares of Nuveen Common Stock on a forward basis no later than December 23,
2005.

 

“preliminary prospectus”
means any Nuveen preliminary prospectus or any Securities preliminary
prospectus.

 

“Prospectus” means the
Nuveen Prospectus or the Securities Prospectus.

 

“Public Offering Price of the
Securities” means the price to the public set forth in the table on
the cover of the Securities Prospectus Supplement.

 

“Securities” has the
meaning set forth in the recitals of this Agreement.

 

“Securities Act” has the
meaning set forth in the recitals of this Agreement.

 

“Securities preliminary prospectus”
means a preliminary Prospectus Supplement specifically relating to the
Securities, together with the Mandatory Issuer Basic Prospectus.

 

“Securities Prospectus”
means the Mandatory Issuer Basic Prospectus together with the Securities
Prospectus Supplement.

 

“Securities Prospectus Supplement”
has the meaning set forth in the recitals of this Agreement.

 

“Selling Stockholders”
means St. Paul Travelers and St. Paul Fire and Marine Insurance Company, a
Minnesota corporation.

 

5

 

“Selling Stockholder Forward
Agreements” means the ML Forward Agreement and the MS Forward
Agreement.

 

“Selling Stockholder Information”
means, collectively, all statements or omissions based upon information
relating to the Selling Stockholders furnished to Nuveen in writing by the
Selling Stockholders expressly for use in the Nuveen Registration Statement or
the Nuveen Prospectus or any amendments or supplements thereto.

 

“Separation Agreement”
means the separation agreement dated as of April 1, 2005 between Nuveen
and St. Paul Travelers.

 

“Significant Subsidiaries”
has the meaning set forth in Section 2(d).

 

“St. Paul Travelers” has
the meaning set forth in the preamble of this Agreement.

 

“UCC” has the meaning set
forth in Section 3(f).

 

“Underwriter” or “Underwriters” has the meaning set forth in
the preamble.

 

(b)                                 Incorporation
by Reference.  As used herein:

 

(i)                                     The
terms “Basic Prospectus,” “Prospectus” and “preliminary prospectus” shall include in each case the documents
incorporated by reference therein.

 

(ii)                                  The
terms “supplement” and “amendment” or “amend” as used in this Agreement shall include, without
limitation, all documents deemed to be incorporated by reference in the
relevant Prospectus that are filed subsequent to the date of the Basic
Prospectus by the respective registrant with the Commission pursuant to the
Exchange Act.

 

(c)                                  All references in
this Agreement to sections and subsections are to sections and subsections in
this Agreement unless otherwise specified.

 

2.                                       Representations
and Warranties of Nuveen.  Nuveen
represents and warrants to and agrees with the Mandatory Issuer and each of the
Underwriters that:

 

(a)                                  The
Nuveen Registration Statement has been declared effective by the Commission; no
stop order suspending the effectiveness of the Nuveen Registration Statement
has been issued, and no notice has been received from the 

 

6

 

Commission by
Nuveen that any proceedings for such purpose are pending or, to the knowledge
of Nuveen, threatened by the Commission.

 

(b)                                 (i) Each
document filed or to be filed pursuant to the Exchange Act and incorporated by
reference in the Nuveen Prospectus complied or will comply when so filed in all
material respects with the Exchange Act and the applicable rules and
regulations of the Commission thereunder, (ii) the Nuveen Registration
Statement, when it became effective, did not contain and, as amended or
supplemented, if applicable, will not contain any 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, (iii) the Nuveen
Registration Statement and the Nuveen Prospectus comply and, as amended or
supplemented, if applicable, will comply in all material respects with the
Securities Act and the applicable rules and regulations of the Commission
thereunder and (iv) the Nuveen Prospectus does not contain and, as amended
or supplemented, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, except that the representations and warranties set forth in this
paragraph do not apply to statements or omissions based upon (x) information
relating to any Underwriter (or any “Underwriter” as such term is defined in
the Common Stock Underwriting Agreement) furnished to Nuveen in writing by such
Underwriter (or any “Underwriter” as such term is defined in the Common Stock
Underwriting Agreement) expressly for use therein, or (y) the Selling
Stockholder Information.

 

(c)                                  Nuveen
has been duly incorporated, is validly existing as a corporation in good
standing under the laws of the State of Delaware, has the corporate power and
authority to own its property and to conduct its business as described in the
Nuveen Prospectus and is duly qualified to transact business and is in good
standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not
have a material adverse effect on the financial condition, earnings or results
of operations of Nuveen and its subsidiaries, taken as a whole (a “Material Adverse Effect”).

 

(d)                                 Each
Investment Advisory Subsidiary (as defined below) and each significant
subsidiary (as that term is defined under Regulation S-X promulgated under the
Exchange Act) of Nuveen (together with the Investment Advisory Subsidiaries,
each, a “Significant Subsidiary”,
and collectively, the “Significant
Subsidiaries”) has been duly incorporated or formed, is validly
existing in good standing under the laws of the jurisdiction of its
incorporation or formation, has the requisite power and authority to own its
property and to conduct its business as described in the Nuveen Prospectus and
is duly qualified to transact business and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be so
qualified or be in good standing would not have a 

 

7

 

Material
Adverse Effect; all of the issued shares of capital stock or interests of each
Significant Subsidiary of Nuveen have been duly and validly authorized and
issued, are fully paid and non-assessable, or the substantive equivalent
thereto, and (except for directors’ qualifying shares) are owned directly or
indirectly by Nuveen, free and clear of all liens, encumbrances, equities or
claims, except in each case as would not cause a Material Adverse Effect.

 

(e)                                  This
Agreement has been duly authorized, executed and delivered by Nuveen.

 

(f)                                    The
Nuveen Repurchase Agreement has been duly authorized, executed and delivered by
Nuveen and is a valid and binding agreement of Nuveen, enforceable against
Nuveen in accordance with its terms except as (A) the enforceability
thereof may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting creditors’ rights
generally, (B) the availability of equitable remedies may be limited by
equitable principles of general applicability and (C) may be limited by an
implied covenant of good faith and fair dealing;

 

(g)                                 The
Bridge Facility has been duly authorized, executed and delivered by Nuveen and
is a valid and binding agreement of Nuveen, enforceable against Nuveen in
accordance with its terms except as (A) the enforceability thereof may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws affecting creditors’ rights generally, (B) the
availability of equitable remedies may be limited by equitable principles of
general applicability and (C) may be limited by an implied covenant of
good faith and fair dealing;

 

(h)                                 The
Separation Agreement has been duly authorized, executed and delivered by Nuveen
and is a valid and binding agreement of Nuveen, enforceable against Nuveen in
accordance with its terms except as (A) the enforceability thereof may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws affecting creditors’ rights generally, (B) the
availability of equitable remedies may be limited by equitable principles of
general applicability and (C) may be limited by an implied covenant of
good faith and fair dealing;

 

(i)                                     The
authorized capital stock of Nuveen conforms as to legal matters to the
description thereof contained in the Nuveen Prospectus.

 

(j)                                     The
outstanding Nuveen Class B Shares held by the Selling Stockholders to be
converted into Nuveen Class A Shares and sold by the Selling Stockholders
under the Common Stock Underwriting Agreement and the outstanding Nuveen Class B
Shares held by St. Paul Travelers to be converted into Nuveen Class A
Shares and sold by St. Paul Travelers under the Selling Stockholder Forward
Agreements and the outstanding Nuveen Class B Shares to 

 

8

 

be sold by St.
Paul Travelers under the Nuveen Repurchase Agreement have been duly authorized
and are validly issued, fully paid and non-assessable.

 

(k)                                  Except
as disclosed in the Nuveen Prospectus, the execution and delivery by Nuveen of,
and the performance by Nuveen of its obligations under, this Agreement, the
Common Stock Underwriting Agreement, the Nuveen Repurchase Agreement, the
Bridge Facility and the Separation Agreement will not contravene (i) any
provision of applicable law, (ii) the certificate of incorporation or
by-laws of Nuveen, (iii) any agreement or other instrument binding upon
Nuveen or any of its subsidiaries that is material to Nuveen and its
subsidiaries, taken as a whole, or (iv) any judgment, order or decree of
any governmental body, agency or court having jurisdiction over Nuveen or any
subsidiary of Nuveen, except in the case of (i), (iii), and (iv) as would
not have a Material Adverse Effect, and no consent, approval, authorization or
order of, or qualification with, any governmental body or agency is required
for the performance by Nuveen of its obligations under this Agreement, the
Common Stock Underwriting Agreement, the Nuveen Repurchase Agreement, the Bridge
Facility and the Separation Agreement, except those which have been obtained
and made and except such as may be required by the securities or Blue Sky laws
of the various states in connection with the offer and sale of the Nuveen Class A
Shares and except for those which the failure to obtain, individually or in the
aggregate, would not have a Material Adverse Effect.

 

(l)                                     There
has not occurred any material adverse change, or any development involving a
prospective material adverse change, in the financial condition or in the
earnings, business or operations of Nuveen and its subsidiaries, taken as a
whole, from that set forth in the Nuveen Prospectus (exclusive of any
amendments or supplements thereto subsequent to the date of this Agreement).

 

(m)                               There
are no legal or governmental proceedings pending or, to the knowledge of
Nuveen, threatened to which Nuveen or any of its subsidiaries is a party or to
which any of the properties of Nuveen or any of its subsidiaries is subject
that are required to be described in the Nuveen Registration Statement or the
Nuveen Prospectus and are not so described or any statutes, regulations,
contracts or other documents that are required to be described in the Nuveen
Registration Statement or the Nuveen Prospectus or to be filed as exhibits to
the Nuveen Registration Statement that are not described or filed as required.

 

(n)                                 Each
preliminary prospectus filed as part of the Nuveen Registration Statement as
originally filed or as part of any amendment thereto, or filed pursuant to Rule 424
under the Securities Act, complied as to form when so filed in all material
respects with the Securities Act and the applicable rules and regulations
of the Commission thereunder.

 

(o)                                 Except
as disclosed in the Nuveen Prospectus, there are no contracts, agreements or
understandings between Nuveen and any person granting 

 

9

 

such person
the right to require Nuveen to file a registration statement under the
Securities Act with respect to any securities of Nuveen or to require Nuveen to
include such securities with the Nuveen Class A Shares registered pursuant
to the Nuveen Registration Statement.

 

(p)                                 Neither
Nuveen nor any of its subsidiaries is in violation of its certificate of
incorporation, by-laws or other constituent documents; neither Nuveen nor any
of its subsidiaries is in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any agreement or
other instrument binding upon Nuveen or any of its subsidiaries, except to the
extent any such violation or default would not, individually or in the
aggregate, have a Material Adverse Effect.

 

(q)                                 Subsequent
to the respective dates as of which information is given in the Nuveen
Registration Statement and the Nuveen Prospectus, (i) Nuveen and its
subsidiaries have not incurred any material liability or obligation, direct or
contingent, nor entered into any material transaction; (ii) Nuveen has not
purchased any of its outstanding capital stock (other than open market
repurchases pursuant to its open market repurchase program), nor declared, paid
or otherwise made any dividend or distribution of any kind on its capital stock
other than ordinary and customary dividends; and (iii) there has not been
any material change in the capital stock or any increase in short-term debt or
long-term debt of Nuveen and its subsidiaries, except in each case as described
in the Nuveen Prospectus or as contemplated by the offerings and transactions
that are described therein.

 

(r)                                    Nuveen
and its Significant Subsidiaries have good and marketable title in fee simple
to all real property and good and marketable title to all personal property
owned by them which is material to the business of Nuveen and its subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such
as are described in the Nuveen Prospectus or such as do not materially affect
the value of such property and do not interfere with the use made and proposed
to be made of such property by Nuveen and its subsidiaries; and any real
property and buildings held under lease by Nuveen and its subsidiaries are held
by them under valid, subsisting and enforceable leases with such exceptions as
are not material and do not interfere with the use made and proposed to be made
of such property and buildings by Nuveen and its subsidiaries, in each case
except as described in the Nuveen Prospectus.

 

(s)                                  Nuveen
and its subsidiaries, either directly or through a subsidiary or subsidiaries,
own or possess, or can acquire on reasonable terms, all material patents,
patent rights, licenses, inventions, copyrights, know-how (including trade
secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks and trade names
necessary for the conduct of the business now operated by them, except where
the failure to so own, possess or be able to acquire on reasonable terms would
not, 

 

10

 

individually
or in the aggregate, have a Material Adverse Effect, and neither Nuveen nor any
of its subsidiaries has received any notice of infringement of or conflict with
asserted rights of others with respect to any of the foregoing which,
individually or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect.

 

(t)                                    No
labor dispute with the employees of Nuveen or any of its subsidiaries exists
or, to the knowledge of Nuveen, is imminent, that would have a Material Adverse
Effect; and Nuveen is not aware of any existing, threatened or imminent labor
disturbance by the employees of any of its principal suppliers, manufacturers
or contractors that would have a Material Adverse Effect.

 

(u)                                 Nuveen
and its subsidiaries possess all material certificates, authorizations and
permits issued by the appropriate federal, state or foreign regulatory
authorities necessary to conduct their respective businesses, and neither
Nuveen nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization or permit which, individually or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a Material Adverse
Effect, except as described in the Nuveen Prospectus.

 

(v)                                 Nuveen
and each of its subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance
with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

 

(w)                               The
Nuveen Class A Shares to be sold pursuant to the ML Forward Agreement have
been authorized for listing on the New York Stock Exchange, subject only to
official notice of issuance and have been registered under the Exchange Act.

 

(x)                                   Except
as described in the Nuveen Prospectus (exclusive of any amendments or
supplements thereto subsequent to the date of this Agreement), Nuveen has not
sold, issued or distributed any shares of Nuveen Common Stock during the
six-month period preceding the date hereof, including any sales pursuant to Rule 144A
under, or Regulation D or S of, the Securities Act, other than shares
issued pursuant to employee benefit plans, qualified stock option plans or
other employee compensation plans or pursuant to outstanding options, rights or
warrants.

 

11

 

(y)                                 KPMG
LLP, whose report is included in the Nuveen Prospectus, has notified Nuveen
that it is an independent registered public accounting firm with respect to
Nuveen and its combined subsidiaries within the meaning of the Securities Act
and the rules and regulations adopted by the Commission thereunder.  The financial statements of Nuveen and its
combined subsidiaries (including the related notes) included in the Nuveen
Registration Statement and the Nuveen Prospectus present fairly in all material
respects the financial condition, results of operations and cash flows of the
entities purported to be shown thereby at the dates and for the periods
indicated and have been prepared in accordance with United States generally
accepted accounting principles applied on a consistent basis throughout the
periods indicated and conform in all material respects with the rules and
regulations adopted by the Commission under the Securities Act.

 

(z)                                   Nuveen
and its subsidiaries (i) are in compliance with any and all applicable
foreign, federal, state and local laws and regulations relating to the
protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits,
licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses and (iii) are in compliance
with all terms and conditions of any such permit, license or approval, except
where such noncompliance with Environmental Laws, failure to receive required
permits, licenses or other approvals or failure to comply with the terms and
conditions of such permits, licenses or approvals would not, individually or in
the aggregate, have a Material Adverse Effect.

 

(aa)                            Nuveen
is not, and after giving effect to the offering and sale of the Nuveen Class A
Shares pursuant to the ML Forward Agreement and the application of the proceeds
thereof as described in the Nuveen Prospectus will not be, required to register
as an “investment company” as such term is defined in the Investment Company
Act of 1940, as amended (the “1940 Act”).

 

(bb)                          Except
in each case as would not reasonably be expected to have a Material Adverse
Effect:  Each of Rittenhouse Asset
Management Inc., NWQ Investment Management Company LLC, Symphony Asset
Management Inc., Nuveen Asset Management, Inc., Nuveen Investments
Advisers and Nuveen Investments Institutional Services Group LLC (together, the
“Investment Advisory Subsidiaries”)
is duly registered as an investment adviser under the Investment Advisers Act
of 1940, as amended (the “Advisers Act”)
and none of the Investment Advisory Subsidiaries is prohibited by any provision
of the Advisers Act or the 1940 Act, or the respective rules and
regulations thereunder, from acting as an investment adviser.  The Investment Advisory Subsidiaries are the
only direct or indirect subsidiaries of Nuveen required to be registered as
investment advisers under the Advisers Act. 
Each of the Investment Advisory Subsidiaries is duly registered,
licensed or qualified as an investment adviser in each jurisdiction where the
conduct of its business requires such registration and

 

12

 

is in
compliance with all federal, state and foreign laws requiring any such
registration, licensing or qualification or is subject to no material liability
or disability by reason of the failure to be so registered, licensed or qualified
in any such jurisdiction or to be in such compliance.  None of Nuveen or its other direct or
indirect subsidiaries is required to be registered, licensed or qualified as an
investment adviser under the laws requiring any such registration, licensing or
qualification in any jurisdiction in which it or such other subsidiaries
conduct business or is subject to material liability or disability by reason of
the failure to be so registered, licensed or qualified.

 

(cc)                            Nuveen
Investments, LLC (the “Broker-Dealer
Subsidiary”) is duly registered, licensed or qualified as a
broker-dealer under the Exchange Act, and under the securities laws of each
jurisdiction where the conduct of its business requires such registration and
is in compliance with all federal, state and foreign laws requiring such
registration, licensing or qualification or is subject to no material liability
or disability by reason of the failure to be so registered, licensed or
qualified in any such jurisdiction or to be in such compliance.  The Broker-Dealer Subsidiary is a member in
good standing of National Association of Securities Dealers, Inc. and each
other self regulatory organization where the conduct of its business requires
such membership.  Neither Nuveen nor any
of Nuveen’s other direct or indirect subsidiaries is required to be registered,
licensed or qualified as a broker-dealer under the laws requiring any such
registration, licensing or qualification in any jurisdiction in which it or
such other subsidiaries conduct business or is subject to any material
liability or disability by reason of the failure to be so registered, licensed
or qualified except where the failure to be so registered, licensed or
qualified would not have a Material Adverse Effect.

 

(dd)                          Each
of the Investment Advisory Subsidiaries and the Broker-Dealer Subsidiary is,
has been and will upon consummation of the transactions contemplated herein be,
in compliance with, and each such entity has received no notice of any kind of
any violation of, (A) all laws, regulations, ordinances and rules (including
those of any non-governmental self-regulatory agencies) applicable to it or its
operations relating to investment advisory or broker-dealer activities, as the
case may be, and (B) all other laws, regulations, ordinances and rules applicable
to it and its operations, except, in either case, where any failure to comply
with any such law, regulation, ordinance or rule would not have,
individually or in the aggregate, a Material Adverse Effect.

 

(ee)                            Each
investment advisory agreement between Nuveen and any Investment Advisory
Subsidiary on the one hand and any advisory client on the other hand is a legal
and valid obligation of Nuveen and, to the knowledge of Nuveen, the other
parties thereto, and neither Nuveen nor any Investment Advisory Subsidiary is,
to the knowledge of Nuveen, in breach or violation of or in default under any
such agreement which breach, violation or default would individually or in the
aggregate have a Material Adverse Effect.

 

13

 

3.                                       Representations
and Warranties of St. Paul Travelers. 
St. Paul Travelers represents and warrants to and agrees with the
Mandatory Issuer and each of the Underwriters that:

 

(a)                                  This
Agreement has been duly authorized, executed and delivered by or on behalf of
St. Paul Travelers.

 

(b)                                 The
ML Forward Agreement has been duly authorized, executed and delivered by St.
Paul Travelers and is a valid and binding agreement of St. Paul Travelers,
enforceable against St. Paul Travelers in accordance with its terms except as (A) the
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting creditors’
rights generally, (B) the availability of equitable remedies may be
limited by equitable principles of general applicability and (C) may be
limited by an implied covenant of good faith and fair dealing;

 

(c)                                  The
Nuveen Repurchase Agreement has been duly authorized, executed and delivered by
St. Paul Travelers and is a valid and binding agreement of St. Paul Travelers,
enforceable against St. Paul Travelers in accordance with its terms except as (A) the
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting creditors’
rights generally, (B) the availability of equitable remedies may be
limited by equitable principles of general applicability and (C) may be
limited by an implied covenant of good faith and fair dealing;

 

(d)                                 The
Separation Agreement has been duly authorized, executed and delivered by St.
Paul Travelers and is a valid and binding agreement of St. Paul Travelers,
enforceable against St. Paul Travelers in accordance with its terms except as (A) the
enforceability thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting creditors’
rights generally, (B) the availability of equitable remedies may be
limited by equitable principles of general applicability and (C) may be
limited by an implied covenant of good faith and fair dealing;

 

(e)                                  The
execution and delivery by St. Paul Travelers of, and the performance by St.
Paul Travelers of its obligations under, this Agreement, the ML Forward
Agreement, the Nuveen Repurchase Agreement and the Separation Agreement will
not contravene (i) any provision of applicable law, (ii) the
certificate of incorporation or by-laws of St. Paul Travelers, (iii) any
agreement or other instrument binding upon St. Paul Travelers that is material
to St. Paul Travelers and its subsidiaries taken as a whole, or (iv) any
judgment, order or decree of any governmental body, agency or court having
jurisdiction over St. Paul Travelers, except in the case of (i), (iii) and
(iv) as would not have a material adverse effect on St. Paul Travelers and
its subsidiaries taken as a whole, and no consent, approval, authorization or
order of, or qualification with, any governmental body or agency is required
for the performance by St. Paul 

14

 

Travelers of
its obligations under this Agreement, the ML Forward Agreement, the Nuveen
Repurchase Agreement and the Separation Agreement, except those which have been
obtained and made, and as may be required by rules of the National
Association of Securities Dealers, Inc., or by the securities or Blue Sky
laws of the various states in connection with the offer and sale of the Nuveen Class A
Shares, and except for those the failure of which to obtain would not have a
material adverse effect on St. Paul Travelers and its subsidiaries taken as a
whole.

 

(f)                                    St.
Paul Travelers has (with respect to the Nuveen Class B Shares owned by St.
Paul Travelers prior to the conversion of such Nuveen Class B Shares to
Nuveen Class A Shares), and on the Closing Date and on each date of
settlement under the ML Forward Agreement will have (with respect to the Nuveen
Common Stock) valid title to, or a valid “security entitlement” within the
meaning of Section 8-501 of the New York Uniform Commercial Code
(the “UCC”) in respect of, the
Nuveen Common Stock to be sold by St. Paul Travelers pursuant to such ML
Forward Agreement on such settlement date, free and clear of all security
interests, claims, liens, equities or other encumbrances (other than any such
encumbrances arising under the ML Forward Agreement) and the legal right and
power, and all authorization and approval required by law, to enter into such
ML Forward Agreement and to sell, transfer and deliver the Nuveen Common Stock to
be sold by St. Paul Travelers pursuant to such ML Forward Agreement or a
security entitlement in respect of such Nuveen Common Stock.

 

(g)                                 Upon
payment for the Nuveen Class A Shares to be sold by St. Paul Travelers
pursuant to the ML Forward Agreement, delivery of such Nuveen Class A
Shares to the Forward Counterparty, registration of such Nuveen Class A
Shares in the name of the Forward Counterparty (assuming that the Forward
Counterparty does not have notice of any adverse claim (within the meaning of Section 8-105
of the UCC) to such Nuveen Class A Shares), (A) the Forward
Counterparty shall be a “protected purchaser” of such Nuveen Class A
Shares within the meaning of Section 8-303 of the UCC and (B) no
action based on any “adverse claim”, within the meaning of Section 8-102
of the UCC, to such Nuveen Class A Shares may be validly asserted against
the Forward Counterparty; for purposes of this representation, St. Paul
Travelers may assume that when such payment, delivery and crediting occur, such
Nuveen Class A Shares will have been registered in the name of the Forward
Counterparty on Nuveen’s share registry in accordance with its certificate of
incorporation, bylaws and applicable law.

 

(h)                                 St.
Paul Travelers is not prompted by any information concerning Nuveen or its
subsidiaries which is not set forth in the Nuveen Prospectus or otherwise has
been publicly disclosed by St. Paul Travelers to sell Nuveen Class A
Shares pursuant to the Selling Stockholder Forward Agreements.

 

15

 

(i)                                     (i) 
The Nuveen Registration Statement, when it became effective, did not contain
and, as amended or supplemented, if applicable, will not contain any 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, and (ii) the
Nuveen Prospectus does not contain and, as amended or supplemented, if
applicable, will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, provided that the representations and
warranties set forth in this paragraph 3(i) are limited to the Selling
Stockholder Information.

 

4.                                       “Lock-Up”
Agreement of Nuveen and St. Paul Travelers. 
Each of Nuveen and St. Paul Travelers hereby agrees that, without the
prior written consent of the Underwriters, it will not, during the period
ending 90 days after the date of the Nuveen Prospectus, (1) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any shares
of Nuveen Common Stock or any securities convertible into or exercisable or
exchangeable for Nuveen Common Stock; or (2) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Nuveen Common Stock, whether any such
transaction described in clause (1) or (2) above is to be
settled by delivery of Nuveen Common Stock or such other securities, in cash or
otherwise; or (3) file any registration statement with the Commission
relating to the offering of any shares of Nuveen Common Stock or any securities
convertible into or exercisable or exchangeable for Nuveen Common Stock.

 

The restrictions contained in the preceding paragraph shall not apply
to (a) the Nuveen Class A Shares to be sold under the Common Stock
Underwriting Agreement, (b)  the sale of Nuveen Class A Shares by St.
Paul Travelers in connection with the Selling Stockholder Forward Agreements, (c) the
sale of Nuveen Class A Shares by St. Paul Travelers underlying the
Securities and underlying the 5.875% Mandatorily Exchangeable Securities due October 15,
2008 of Morgan Stanley, (d) the sale of shares of Nuveen Common Stock by
St. Paul Travelers pursuant to the Nuveen Repurchase Agreement, (e) the
issuance by Nuveen of shares of Nuveen Common Stock upon the exercise of an
option or warrant or the conversion of a security outstanding on the date
hereof of which the Underwriters have been advised in writing, (f) the
grant by Nuveen of stock options, restricted stock or other awards pursuant to
Nuveen’s benefit plans in existence on the date hereof or proposed to be
approved by Nuveen’s stockholders at their 2005 annual meeting; provided that such options, restricted
stock or awards do not become exercisable or vest during such 90-day
period, or (g) transactions by St. Paul Travelers relating to shares of
Nuveen Common Stock or other securities acquired in open market transactions
after the completion of the offering of the Securities, provided that for purposes of this clause (g) no
filing under Section 16(a) of the Exchange Act shall be required or
shall be voluntarily

 

16

 

made in
connection with subsequent sales of Nuveen Common Stock or other securities
acquired in such open market transactions. 
In addition, St. Paul Travelers, agrees that, without the prior written
consent of the Underwriters, it will not, during the period ending 90 days
after the date of the Nuveen Prospectus, make any demand for, or exercise any
right with respect to, the registration of any shares of Nuveen Common Stock or
any security convertible into or exercisable or exchangeable for Nuveen Common
Stock.  St. Paul Travelers consents to
the entry of stop transfer instructions with Nuveen’s transfer agent and
registrar against the transfer of any shares of Nuveen Common Stock held by St.
Paul Travelers except in compliance with the foregoing restrictions.

 

5.                                      Payment
of Commission of Underwriters. 
Concurrent with the payment by the Forward Counterparty to St. Paul
Travelers of the purchase price payable pursuant to the ML Forward Agreement,
St. Paul Travelers shall pay to the Underwriters, not later than 10:00 a.m.
on the Closing Date, a commission in the amount of $8,251,800 delivered in immediately
available funds to account number 930-4-019012, ABA # 021000021
(care of Merrill Lynch, Pierce, Fenner & Smith Incorporated);
Reference: ML&Co. Mandatorily Exchangeable Securities due October 15,
2007 for Nuveen A/C 045-03014.

 

6.                                      Conditions
to the Mandatory Issuer’s and the Underwriters’ Obligations.  The several obligations of the Mandatory
Issuer and the Underwriters under the ML Securities Underwriting Agreement are
subject to the following further conditions:

 

(a)                                  Subsequent
to the execution and delivery of this Agreement and the ML Securities
Underwriting Agreement and prior to the Closing Date:

 

(i)                                     there shall not
have occurred any downgrading, nor shall any notice have been given of any
intended or potential downgrading or of any review for a possible change that
does not indicate the direction of the possible change, in the rating accorded
any of the securities of Nuveen or any of its subsidiaries by any “nationally
recognized statistical rating organization,” as such term is defined for purposes
of Rule 436(g)(2) under the Securities Act;
and

 

(ii)                                  there shall not have
occurred any change, or any development involving a prospective change, in the
financial condition or in the earnings, business or operations of Nuveen and
its subsidiaries, taken as a whole, from that set forth in the Nuveen
Prospectus (exclusive of any amendments or supplements thereto subsequent to
the date of this Agreement) that, in the judgment of the Underwriters, is
material and adverse and that makes it, in the judgment of the Underwriters,
impracticable to market the Securities on the terms and in the manner
contemplated in the Securities Prospectus.

 

17

 

(b)                                 The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received on the Closing Date a certificate, dated the Closing Date and signed
by an executive officer of Nuveen, to the effect set forth in Section 6(a)(i) above
and to the effect that the representations and warranties of Nuveen contained
in this Agreement are true and correct as of the Closing Date and that Nuveen
has complied in all material respects with all of the agreements and satisfied
in all material respects all of the conditions on its part to be performed or
satisfied hereunder on or before the Closing Date.

 

The officer
signing and delivering such certificate may rely upon the best of his or her
knowledge as to proceedings threatened.

 

(c)                                  The
Mandatory Issuer and the Underwriters shall have received on the Closing Date a
certificate, dated the Closing Date and signed by an executive officer of St.
Paul Travelers, to the effect that the representations and warranties of St.
Paul Travelers contained in this Agreement are true and correct as of the
Closing Date and that St. Paul Travelers has complied in all material respects
with all of the agreements and satisfied in all material respects all of the
conditions on its part to be performed or satisfied hereunder on or before the
Closing Date.

 

(d)                                 The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received on the Closing Date an opinion of Wachtell, Lipton, Rosen &
Katz, special counsel for Nuveen, dated the Closing Date, to the effect that:

 

(i)                                     the authorized
capital stock of Nuveen conforms as to legal matters to the description under
the caption “Capital Stock” contained in the Nuveen Prospectus;

 

(ii)                                  the shares of Nuveen
Common Stock owned by St. Paul Travelers have been duly authorized and are
validly issued, fully paid and non-assessable;

 

(iii)                               this Agreement has been
duly authorized, executed and delivered by Nuveen;

 

(iv)                              the Nuveen Repurchase
Agreement has been duly authorized, executed and delivered by Nuveen and is a
valid and binding agreement of Nuveen, enforceable in accordance with its terms
except as (A) the enforceability thereof may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or similar laws
affecting creditors’ rights generally, (B) the availability of equitable
remedies may be limited by equitable principles of general applicability and (C) may
be limited by an implied covenant of good faith and fair dealing;

 

18

 

(v)                                 the Bridge Facility
has been duly authorized, executed and delivered by Nuveen and is a valid and
binding agreement of Nuveen, enforceable in accordance with its terms except as
(A) the enforceability thereof may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or similar laws affecting
creditors’ rights generally, (B) the availability of equitable remedies
may be limited by equitable principles of general applicability and (C) may
be limited by an implied covenant of good faith and fair dealing;

 

(vi)                              the Separation Agreement
has been duly authorized, executed and delivered by Nuveen and is a valid and
binding agreement of Nuveen, enforceable in accordance with its terms except as
(A) the enforceability thereof may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or similar laws affecting
creditors’ rights generally, (B) the availability of equitable remedies
may be limited by equitable principles of general applicability and (C) may
be limited by an implied covenant of good faith and fair dealing;

 

(vii)                           Nuveen is not, and after
giving effect to the offering and sale of the Nuveen Class A Shares and
the application of the proceeds thereof as described in the Nuveen Prospectus
will not be, required to register as an “investment company” as such term is
defined in the 1940 Act; and

 

(viii)                        the Nuveen Registration
Statement and the Nuveen Prospectus (except for the financial statements and
related notes and other financial or statistical data included therein or
omitted therefrom, as to which such counsel need not comment) appear on their
face to be responsive as to form in all material respects to the requirements
of the Securities Act and the applicable rules and regulations of the
Commission thereunder.

 

In the course of such counsel’s participation in the preparation of the
Nuveen Registration Statement and Nuveen Prospectus and review and discussion
of the contents thereof, although such counsel has not independently checked or
verified, and is not passing upon and assumes no responsibility for, the
accuracy, completeness, or fairness thereof, or otherwise verified the
statements made therein, other than those mentioned in subclause (i) above,
as of the Closing Date no facts have come to the attention of such counsel that
cause such counsel to believe that (i) the Nuveen Registration Statement
or the Nuveen Prospectus included therein (except for the financial statements
and related notes and other financial or statistical data included therein or
omitted therefrom, as to which such counsel need not comment) on the date the
Nuveen Registration Statement became effective and as of the date of this
Agreement contained an untrue statement of a material fact or omitted to state
a material fact required to be stated

 

19

 

therein or
necessary to make the statements therein not misleading or (ii) the Nuveen
Prospectus (except for the financial statements and related notes and other
financial or statistical data included therein or omitted therefrom, as to
which such counsel need not comment) as of its date or as of the Closing Date
contained or contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

 

In rendering such opinion, such counsel may rely, without independent
verification, as to matters of fact, to the extent they deem appropriate, on
the representations of Nuveen contained herein and on certificates of responsible
officers of Nuveen and public officials. 
Such opinion will be limited to the laws of the State of New York, the
federal laws of the United States and the General Corporation Law of the State
of Delaware, and such counsel will express no opinion as to the effect on the
matters covered by such opinion of the laws of any other jurisdiction.  Such opinion may also state that such counsel
acted as special counsel to Nuveen in connection with the offering of the
Nuveen Class A Shares contemplated hereby and did not act, and has not
acted, as Nuveen’s regular outside counsel.

 

(e)                                  The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received on the Closing Date an opinion of Alan G. Berkshire, Esq.,
General Counsel to Nuveen, dated the Closing Date, to the effect that:

 

(i)                                     Nuveen has been
duly incorporated, is validly existing as a corporation in good standing under
the laws of the State of Delaware, has the corporate power and authority to own
its property and to conduct its business as described in the Nuveen Prospectus
and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing would not have a Material Adverse
Effect;

 

(ii)                                  each Significant
Subsidiary of Nuveen has been duly incorporated or formed, is validly existing
in good standing under the laws of the jurisdiction of its incorporation or
formation, has the requisite corporate power and authority to own its property
and to conduct its business as described in the Nuveen Prospectus and is duly
qualified to transact such business and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be so
qualified or be in good standing would not have a Material Adverse Effect;

 

20

 

(iii)                               the Nuveen Class A
Shares to be sold by the Selling Stockholders have been duly authorized and are
validly issued, fully paid and non-assessable;

 

(iv)                              to such counsel’s
knowledge and other than as set forth in the Nuveen Prospectus, there are no legal
or governmental proceedings pending or threatened to which Nuveen or any of its
subsidiaries is a party or to which any of the properties of Nuveen or any of
its subsidiaries is subject, which, if determined adversely to Nuveen or any of
its subsidiaries, would individually or in the aggregate have a Material
Adverse Effect;

 

(v)                                 each of the Investment
Advisory Subsidiaries is duly registered as an investment adviser under the
Advisers Act.  To the best of such
counsel’s knowledge, none of Nuveen or its subsidiaries other than the
Investment Advisory Subsidiaries is required to be registered, licensed, or
qualified as an investment adviser under the Advisers Act and the rules and
regulation of the Commission promulgated thereunder or under applicable state
laws, except where any failure to be so registered, licensed, or qualified
would not have a Material Adverse Effect. 
To such counsel’s knowledge, each of the Investment Advisory
Subsidiaries is in compliance with the Advisers Act and applicable state laws,
regulations, ordinances and rules applicable to it or its operations
relating to investment advisory activities except where any failure by any such
Investment Advisory Subsidiary to comply with any such law, regulation,
ordinance or rule would not have a Material Adverse Effect;

 

(vi)                              to the knowledge of such
counsel, neither Nuveen nor any Investment Advisory Subsidiary is in breach or
violation of or in default under any investment advisory contract which would
individually or in the aggregate have a Material Adverse Effect;

 

(vii)                           the Broker-Dealer Subsidiary
is duly registered, licensed or qualified as a broker-dealer under the Exchange
Act and in each jurisdiction where the conduct of its business requires
registration, licensing or qualification, except to the extent that the failure
to be so registered, licensed or qualified would not have a Material Adverse
Effect.  None of Nuveen or its
subsidiaries, other than the Broker-Dealer Subsidiary, is required to be
registered, licensed or qualified as a broker-dealer under the Exchange Act and
the rules and regulations of the Commission promulgated thereunder or
under the laws requiring any such registration, licensing or qualification in
any jurisdiction in which it conducts business except where any failure to be
so registered, licensed or qualified would not have a Material Adverse
Effect.  Each of Nuveen and the
Broker-Dealer Subsidiary is in compliance with all laws, regulations,
ordinances and rules (including those of any self regulatory organizations)

 

21

 

as applicable to it or its operations relating to broker-dealer
activities except where any failure to comply with any such law, regulation,
ordinance or rule would not have, individually or in the aggregate, a
Material Adverse Effect;

 

(viii)                        except as disclosed in the
Nuveen Prospectus, the execution and delivery by Nuveen of, and the performance
by Nuveen of its obligations under, this Agreement, the Common Stock
Underwriting Agreement, the Nuveen Repurchase Agreement, the Bridge Facility
and the Separation Agreement will not contravene (i) any provision of
applicable law or (ii) the certificate of incorporation or by-laws of
Nuveen or, (iii) to such counsel’s knowledge, any agreement or other
instrument binding upon Nuveen or any of its subsidiaries that is material to
Nuveen and its subsidiaries, taken as a whole, or, (iv) to such counsel’s
knowledge, any judgment, order or decree of any governmental body, agency or
court having jurisdiction over Nuveen or any subsidiary, and no consent,
approval, authorization or order of, or qualification with, any U.S. federal,
Illinois State or State of Delaware governmental body or agency is required for
the performance by Nuveen of its obligations under this Agreement, the Common
Stock Underwriting Agreement, the Nuveen Repurchase Agreement, the Bridge
Facility and the Separation Agreement except those which have been obtained and
made, and as may be required by the securities or Blue Sky laws of the various
states in connection with the offer and sale of the Nuveen Class A Shares
(it being understood that this opinion is limited to those consents, approvals,
authorizations, orders, and qualifications that, in such counsel’s experience,
are normally applicable to transactions of the type contemplated by this
Agreement and the Common Stock Underwriting Agreement); and

 

(ix)                                the Nuveen Registration
Statement and the Nuveen Prospectus (except for the financial statements and
related notes and other financial or statistical data included therein or
omitted therefrom, as to which such counsel need not comment) appear on their
face to be responsive as to form in all material respects to the requirements
of the Securities Act and the applicable rules and regulations of the
Commission thereunder.

 

In the course of such counsel’s participation in the preparation of the
Nuveen Registration Statement and Nuveen Prospectus and review and discussion
of the contents thereof, although such counsel has not independently checked or
verified, and is not passing upon and assumes no responsibility for, the
accuracy, completeness, or fairness thereof, or otherwise verified the
statements made therein (it being understood that such counsel has prepared and
reviewed the disclosures incorporated by reference in the Prospectus under the
captions “Business—Regulatory,” and “Legal Proceedings”), as of the Closing
Date no facts have come to the attention of such counsel that cause such
counsel to believe

 

22

 

that (i) the
Nuveen Registration Statement or the prospectus included therein (except for
the financial statements and related notes and other financial or statistical
data included therein or omitted therefrom, as to which such counsel need not
comment) on the date the Nuveen Registration Statement became effective and as
of the date of this Agreement contained an untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or (ii) the Nuveen
Prospectus (except for the financial statements and related notes and other
financial or statistical data included therein or omitted therefrom, as to
which such counsel need not comment) as of its date or as of the Closing Date
contained or contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

 

In rendering such opinion, such counsel may rely, without independent
verification, (x) as to matters of fact, to the extent he deems appropriate, on
certificates of responsible officers of Nuveen and public officials, and (y) as
to matters involving the application of any jurisdiction other than the State
of Illinois, the federal laws of the United States and the General Corporation
Law of the State of Delaware, to the extent he deems appropriate and specified
in such opinion, upon the opinion of other counsel of good standing whom he
reasonably believes to be reliable and who are reasonably satisfactory to
counsel for the Mandatory Issuer, the Underwriters and the Forward
Counterparty.

 

(f)                                    The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received on the Closing Date an opinion of Wachtell, Lipton, Rosen &
Katz, counsel for St. Paul Travelers, dated the Closing Date, to the effect
that:

 

(i)                                     this Agreement has
been duly authorized, executed and delivered by or on behalf of St. Paul
Travelers;

 

(ii)                                  the ML Forward
Agreement has been duly authorized, executed and delivered by St. Paul
Travelers and is a valid and binding agreement of St. Paul Travelers,
enforceable in accordance with its terms except as (A) the enforceability
thereof may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting creditors’ rights
generally, (B) the availability of equitable remedies may be limited by
equitable principles of general applicability and (C) may be limited by an
implied covenant of good faith and fair dealing;

 

(iii)                               the Nuveen Repurchase
Agreement has been duly authorized, executed and delivered by St. Paul
Travelers and is a valid and binding agreement of St. Paul Travelers,
enforceable against St. Paul Travelers in accordance with its terms except as (A) the
enforceability

 

23

 

thereof may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting creditors’
rights generally, (B) the availability of equitable remedies may be
limited by equitable principles of general applicability and (C) may be
limited by an implied covenant of good faith and fair dealing;

 

(iv)                              the Separation Agreement
has been duly authorized, executed and delivered by St. Paul Travelers and is a
valid and binding agreement of St. Paul Travelers, enforceable against St. Paul
Travelers in accordance with its terms except as (A) the enforceability
thereof may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting creditors’ rights
generally, (B) the availability of equitable remedies may be limited by
equitable principles of general applicability and (C) may be limited by an
implied covenant of good faith and fair dealing;

 

(v)                                 the execution and
delivery by St. Paul Travelers of, and the performance by St. Paul Travelers of
its obligations under, this Agreement, the ML Forward Agreement, the Nuveen Repurchase
Agreement and the Separation Agreement will not contravene any provision of
applicable law, or the certificate of incorporation or by-laws of St. Paul
Travelers, or, to such counsel’s knowledge, any agreement or other instrument
binding upon St. Paul Travelers that is material to St. Paul Travelers and its
subsidiaries taken as a whole, or, to such counsel’s knowledge, any judgment,
order or decree of any governmental body, agency or court having jurisdiction
over St. Paul Travelers, and no consent, approval, authorization or order of,
or qualification with, any U.S. federal, New York State or State of Delaware
governmental body or agency is required for the performance by St. Paul
Travelers of its obligations under this Agreement, the Selling Stockholder
Forward Agreements, the Nuveen Repurchase Agreement and the Separation
Agreement, except those which have been obtained and made, and as may be
required by the securities or Blue Sky laws of the various states in connection
with offer and sale of the Nuveen Class A Shares (it being understood that
this opinion is limited to the consents, approvals, authorizations, orders, and
qualifications that, in such counsel’s experience, are normally applicable to
transactions of the type contemplated by this Agreement and the Common Stock
Underwriting Agreement); and

 

(vi)                              upon payment for the
Nuveen Class A Shares to be sold by St. Paul Travelers pursuant to the ML
Forward Agreement, delivery of such Nuveen Class A Shares to the Forward
Counterparty, registration of such Nuveen Class A Shares in the name of
the Forward Counterparty (assuming that the Forward Counterparty does not have
notice of any adverse claim (within the meaning of Section 8-105 of
the UCC) to such Nuveen Class A Shares), (A) the Forward Counterparty
shall be a

 

24

 

“protected purchaser” of such Nuveen Class A Shares within the
meaning of Section 8-303 of the UCC, and (B) no action based on
any “adverse claim”, within the meaning of Section 8-102 of the UCC,
to such Nuveen Class A Shares may be validly asserted against the Forward
Counterparty; in giving this opinion, counsel for St. Paul Travelers may assume
that when such payment, delivery and crediting occur, such Nuveen Class A
Shares will have been registered in the name of the Forward Counterparty on
Nuveen’s share registry in accordance with its certificate of incorporation,
bylaws and applicable law.

 

In rendering such opinion, such counsel may rely, without independent
verification, (x) as to matters of fact, to the extent they deem appropriate,
upon the representations of each Selling Stockholder contained herein and in
other documents and instruments, provided that the Mandatory Issuer, the
Underwriters and the Forward Counterparty are provided copies of such other
documents and instruments and they are reasonably satisfactory to counsel for
the Mandatory Issuer, the Underwriters and the Forward Counterparty, and (y) as
to legal matters, to the extent they deem appropriate and specified in such
opinion, upon the opinion or opinions of other counsel of good standing whom
they reasonably believe to be reliable and who are reasonably satisfactory to
counsel for the Mandatory Issuer, the Underwriters and the Forward
Counterparty.

 

(g)                                 The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received on the Closing Date an opinion of Davis Polk & Wardwell,
counsel for the Underwriters, dated the Closing Date, covering the matters
referred to in Sections 6(d)(iii) and the penultimate paragraph of Section 6(d) above,
and further to the effect that the statements relating to legal matters or
documents included in the Nuveen Prospectus under the caption “Underwriting”
fairly summarize in all material respects such matters or documents.

 

With respect to the penultimate paragraph in Section 6(d) above,
Davis Polk & Wardwell may state that their opinions and beliefs are
based upon their participation in the preparation of the Nuveen Registration
Statement and the Nuveen Prospectus and any amendments or supplements thereto
(other than the documents incorporated by reference) and upon review and
discussion of the contents thereof (including documents incorporated by
reference), but are without independent check or verification, except as
specified.

 

The opinions of Wachtell, Lipton, Rosen & Katz described in
Sections 6(d) and 6(e) above (and any opinions of counsel for
St. Paul Travelers referred to in the immediately preceding paragraph) and the
opinion of Alan G. Berkshire in Section 6(e) above shall be rendered
to the Mandatory Issuer and the Underwriters at the request of Nuveen or St.
Paul Travelers, as the case may be, and shall so state therein.

 

25

 

(h)                                 The
Mandatory Issuer, the Underwriters and the Forward Counterparty shall have
received, on each of the date hereof and the Closing Date, a letter dated the
date hereof or the Closing Date, as the case may be, in form and substance
satisfactory to the Mandatory Issuer, the Underwriters and the Forward
Counterparty, from KPMG LLP, independent public accountants, containing
statements and information of the type ordinarily included in accountants’ “comfort
letters” to underwriters with respect to the financial statements and certain
financial information contained in or incorporated by reference into the Nuveen
Registration Statement and the Nuveen Prospectus; provided that the letter delivered on the Closing Date shall
use a “cut-off date” not earlier than the date hereof.

 

(i)                                     The
“lock-up” agreements, each substantially in the form of Exhibit A to the
Common Stock Underwriting Agreement, between the Underwriters under the Common
Stock Underwriting Agreement and certain officers and directors of Nuveen
relating to sales and certain other dispositions of shares of Nuveen Common
Stock or certain other securities, copies of which shall have been delivered to
the Mandatory Issuer and the Underwriters on or before the date hereof, shall
be in full force and effect on the Closing Date.

 

(j)                                     The
Underwriters shall have received at or prior to 10:00 a.m., New York City
time, on the Closing Date payment of the commission set forth in Section 5
hereof.

 

7.                                       Covenants
of Nuveen.  Nuveen covenants with the
Mandatory Issuer, the Underwriters and the Forward Counterparty as follows:

 

(a)                                  Nuveen
shall furnish to the Mandatory Issuer and each Underwriter, without charge,
three signed copies of the Nuveen Registration Statement (including exhibits
thereto and documents incorporated by reference) and furnish to the Mandatory
Issuer and each Underwriter in New York City, without charge, prior to 10:00 a.m.
New York City time on the business day next succeeding the date of this
Agreement and during the period mentioned in Section 7(c) below, as
many copies of the Nuveen Prospectus, any documents incorporated therein by
reference and any supplements and amendments thereto or to the Nuveen
Registration Statement as the Mandatory Issuer and the Underwriters may
reasonably request.

 

(b)                                 Before
amending or supplementing the Nuveen Registration Statement or the Nuveen
Prospectus, Nuveen shall furnish to the Mandatory Issuer and the Underwriters a
copy of each such proposed amendment or supplement and not to file any such
proposed amendment or supplement to which the Mandatory Issuer and the
Underwriters reasonably object, and to file with the Commission within the
applicable period specified in Rule 424(b) under the Securities Act
any prospectus required to be filed pursuant to such Rule.

 

26

 

(c)                                  If,
during such period after the first date of the public offering of the
Securities as in the opinion of counsel for the Underwriters the Nuveen
Prospectus is required by law to be delivered in connection with sales of
Securities by an Underwriter or dealer, any event shall occur or condition
exist as a result of which it is necessary to amend or supplement the Nuveen
Prospectus in order to make the statements therein, in the light of the
circumstances when the Nuveen Prospectus is delivered to a purchaser, not
misleading, or if, in the opinion of counsel for the Mandatory Issuer and the
Underwriters, it is necessary to amend or supplement the Nuveen Prospectus to
comply with applicable law, forthwith to prepare, file with the Commission and
furnish, at its own expense, to the Underwriters and to the dealers (whose
names and addresses the Mandatory Issuer and the Underwriters shall furnish to
Nuveen) to which Securities may have been sold by the Mandatory Issuer and the
Underwriters on behalf and to any other dealers upon request, either amendments
or supplements to the Nuveen Prospectus so that the statements in the Nuveen
Prospectus as so amended or supplemented will not, in the light of the
circumstances when the Nuveen Prospectus is delivered to a purchaser, be
misleading or so that the Nuveen Prospectus, as amended or supplemented, will
comply with law.

 

(d)                                 To
use reasonable efforts to qualify the Nuveen Class A Shares for offer and
sale under the securities or Blue Sky laws of such jurisdictions as the
Mandatory Issuer and the Underwriters shall reasonably request.

 

(e)                                  To
make generally available to Nuveen’s security holders and to the Mandatory
Issuer and the Underwriters as soon as practicable an earning statement
covering the twelve-month period ending June 30, 2006 that satisfies the
provisions of Section 11(a) of the Securities Act and the rules and
regulations of the Commission thereunder.

 

8.                                       Expenses.  Whether or not the transactions contemplated
in the ML Securities Underwriting Agreement are consummated or the ML
Securities Underwriting Agreement and this Agreement are terminated, St. Paul
Travelers agrees to pay or cause to be paid all expenses incident to the
performance of its and Nuveen’s obligations under this Agreement, including: (i) the
fees, disbursements and expenses of Nuveen’s counsel, Nuveen’s accountants and
counsel for the Selling Stockholders in connection with the registration and
delivery of the Nuveen Class A Shares under the Securities Act and all
other fees or expenses in connection with the preparation and filing of the
Nuveen Registration Statement, any Nuveen preliminary prospectus, the Nuveen
Prospectus and amendments and supplements to any of the foregoing, including
all printing costs associated therewith, and the mailing and delivering of
copies thereof to the Underwriters and dealers, in the quantities hereinabove
specified, (ii) the cost of printing or producing any Blue Sky memorandum
in connection with the offer and sale of the Nuveen Class A Shares under
state securities laws and all expenses in connection with the qualification of
the Nuveen Class A Shares to be sold under the ML Forward Agreement for
offer and sale under state

 

27

 

securities laws
as provided in Section 7(d) hereof, including filing fees and the
reasonable fees and disbursements of counsel for the Underwriters in connection
with such qualification and in connection with the Blue Sky memorandum, (iii) all
costs and expenses incident to listing the Nuveen Class A Shares on the
New York Stock Exchange, (iv) the cost of printing certificates
representing the Nuveen Class A Shares to be sold under the ML Forward
Agreement, (v) the costs and charges of any transfer agent, registrar or
depositary, (vi) the costs and expenses of Nuveen relating to investor
presentations on any “road show” undertaken in connection with the marketing of
the offering of the Securities, including, without limitation, expenses
associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show
presentations with the prior approval of Nuveen, travel and lodging expenses of
the representatives (who, for the avoidance of doubt, shall not include the
Underwriters) and officers of Nuveen and any such consultants, and the cost of
any aircraft chartered in connection with the road show, (vii) the
document production charges and expenses associated with printing this
Agreement and (viii) all other costs and expenses incident to the
performance of the obligations of Nuveen and St. Paul Travelers hereunder for
which provision is not otherwise made in this Section.  It is understood, however, that except as provided
in this Section, Section 9 entitled “Indemnity” and Section 10
entitled “Contribution”, the Mandatory Issuer, the Forward Counterparty and the
Underwriters will pay all of their costs and expenses, including fees and
disbursements of their counsel, stock transfer taxes payable on resale of any
of the Nuveen Class A Shares by them and any advertising expenses
connected with any offers they may make.

 

The provisions of this Section shall not supersede or otherwise
affect any agreement that Nuveen and St. Paul Travelers may otherwise have for
the allocation of such expenses among themselves.

 

9.                                       Indemnity.  (a) Nuveen agrees to indemnify and hold
harmless the Mandatory Issuer, each Underwriter, each person, if any, who
controls the Mandatory Issuer or any Underwriter within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act and each affiliate
of the Mandatory Issuer or any Underwriter within the meaning of Rule 405
under the Securities Act from and against any and all losses, claims, damages
and liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such
action or claim), as incurred, caused by any untrue statement or alleged untrue
statement of a material fact contained in the Nuveen Registration Statement or
any amendment thereof, any Nuveen preliminary prospectus or the Nuveen
Prospectus or any amendment or supplement thereto, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as
such losses, claims, damages or liabilities are caused by any such untrue
statement or omission or alleged untrue statement or omission based upon (i) information
relating to any Underwriter, the

 

28

 

Mandatory
Issuer or the Forward Counterparty furnished to Nuveen in writing by such
Underwriter, Mandatory Issuer or Forward Counterparty expressly for use
therein, or (ii) the Selling Stockholder Information; provided, however, that the foregoing
indemnity agreement with respect to any Nuveen preliminary prospectus shall not
inure to the benefit of either Underwriter from whom the person asserting any
such losses, claims, damages or liabilities purchased Securities or Nuveen Class A
Shares, or any person controlling such Underwriter or affiliate of such
Underwriter within the meaning of Rule 405 of the Securities Act, if a
copy of the Nuveen Prospectus (as then amended or supplemented if Nuveen shall
have furnished any amendments or supplements thereto) was not sent or given by
or on behalf of such Underwriter to such person, if required by law so to have
been delivered, at or prior to the written confirmation of the sale of the
Securities or Nuveen Class A Shares to such person, and if the Nuveen
Prospectus (as so amended or supplemented) would have cured the defect giving
rise to such losses, claims, damages or liabilities, unless such failure is the
result of noncompliance by Nuveen with Section 7(a) hereof.

 

(b)                                 St.
Paul Travelers agrees to indemnify and hold harmless the Mandatory Issuer, each
Underwriter, each person, if any, who controls the Mandatory Issuer or any
Underwriter within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act and each affiliate of the Mandatory
Issuer or any Underwriter within the meaning of Rule 405 under the
Securities Act from and against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such
action or claim), as incurred, caused by any untrue statement or alleged untrue
statement of a material fact contained in the Nuveen Registration Statement or
any amendment thereof, any Nuveen preliminary prospectus or the Nuveen
Prospectus or any amendment or supplement thereto, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only with
reference to the Selling Stockholder Information; provided, however, that the foregoing indemnity agreement
shall not cover any such losses, claims, damages or liabilities as are caused
by any such untrue statement or omission or alleged untrue statement or
omission based upon information relating to any Underwriter, the Mandatory
Issuer or Forward Counterparty furnished to Nuveen in writing by such
Underwriter, the Mandatory Issuer or Forward Counterparty expressly for use
therein; and provided further, however, that the foregoing indemnity
agreement with respect to any Nuveen preliminary prospectus shall not inure to
the benefit of either Underwriter from whom the person asserting any such
losses, claims, damages or liabilities purchased Securities or Nuveen Class A
Shares, or any person controlling such Underwriter or affiliate of such
Underwriter within the meaning of Rule 405 of the Securities Act, if a
copy of the Nuveen Prospectus (as then amended or supplemented if Nuveen shall
have furnished any amendments or supplements thereto) was not sent or given by
or on behalf of such Underwriter to such person,

 

29

 

if required by
law so to have been delivered, at or prior to the written confirmation of the
sale of the Securities or Nuveen Class A Shares to such person, and if the
Nuveen Prospectus (as so amended or supplemented) would have cured the defect
giving rise to such losses, claims, damages or liabilities, unless such failure
is the result of noncompliance by Nuveen with Section 7(a) hereof.  The liability of St. Paul Travelers under the
indemnity agreement contained in this paragraph shall be limited to an amount
equal to the aggregate purchase price received or to be received by St. Paul
Travelers under the ML Forward Agreement less any commissions paid or payable
under this Agreement.

 

(c)                                  Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless
the Mandatory Issuer, Nuveen, St. Paul Travelers, the directors of Nuveen, the
officers of Nuveen who sign the Nuveen Registration Statement, and each person,
if any, who controls the Mandatory Issuer, Nuveen or St. Paul Travelers within
the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of
a material fact contained in the Nuveen Registration Statement or any amendment
thereof, any Nuveen preliminary prospectus or the Nuveen Prospectus (as amended
or supplemented if Nuveen shall have furnished any amendments or supplements
thereto), or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, but only with reference to information relating to such
Underwriter furnished to Nuveen in writing by such Underwriter expressly for
use in the Nuveen Registration Statement, any Nuveen preliminary prospectus,
the Nuveen Prospectus or any amendments or supplements thereto.

 

(d)                                 In
case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant to Section 9(a), 9(b) or 9(c) hereof, such person (the “indemnified party”) shall promptly notify
the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding
and shall pay the fees and disbursements of such counsel related to such
proceeding.  In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party
unless (i) the indemnifying party and the indemnified party shall have
mutually agreed to the retention of such counsel or (ii) the named parties
to any such proceeding (including any impleaded parties) include both the
indemnifying party and the indemnified party and representation of both parties
by the same counsel would be inappropriate due to actual or potential differing
interests between them.  It is understood
that the indemnifying party shall not, in

 

30

 

respect of the
legal expenses of any indemnified party in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for (i) the fees
and expenses of more than one separate firm (in addition to any local counsel)
for all Underwriters and all persons, if any, who control any Underwriter
within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act or who are affiliates of any Underwriter within the meaning
of Rule 405 under the Securities Act, (ii) the fees and expenses of
more than one separate firm (in addition to any local counsel) for the
Mandatory Issuer, its directors, and each person, if any, who controls the
Mandatory Issuer within the meaning of either such Section or who are
affiliates of the Mandatory Issuer within the meaning of Rule 405 under
the Securities Act, (iii) the fees and expenses of more than one separate
firm (in addition to any local counsel) for Nuveen, its directors, its officers
who sign the Nuveen Registration Statement and each person, if any, who
controls Nuveen within the meaning of either such Section and (iv) the
fees and expenses of more than one separate firm (in addition to any local
counsel) for St. Paul Travelers and all persons, if any, who control St. Paul
Travelers within the meaning of either such Section, and that all such fees and
expenses shall be reimbursed as they are incurred.  In the case of any such separate firm for the
Mandatory Issuer and such control persons and affiliates of the Mandatory
Issuer, such firm shall be designated in writing by the Mandatory Issuer.  In the case of any such separate firm for the
Underwriters and such control persons and affiliates of any Underwriters, such
firm shall be designated in writing by the Underwriters.  In the case of any such separate firm for
Nuveen, and such directors, officers and control persons of Nuveen, such firm
shall be designated in writing by Nuveen. 
In the case of any such separate firm for St. Paul Travelers and such
control persons of St. Paul Travelers, such firm shall be designated in writing
by St. Paul Travelers.  The indemnifying
party shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment.  No indemnifying
party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

 

10.                                 Contribution.  (a) To the extent the indemnification
provided for in Section 9 hereof is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect
the relative benefits received by

 

31

 

Nuveen, St.
Paul Travelers, the Mandatory Issuer and the Underwriters, respectively, as set
forth in Section 10(b) below, or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of Nuveen, St.
Paul Travelers, the Mandatory Issuer and the Underwriters, respectively, in connection
with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations.

 

(b)                                 For
purposes of determining the relative benefits of Nuveen, St. Paul Travelers,
the Mandatory Issuer and the Underwriters, respectively, the net proceeds from
the offering of the Securities (before deducting expenses) shall be deemed to
have been received by Nuveen and St. Paul Travelers, and the relative benefits
of Nuveen and St. Paul Travelers on the one hand and the Underwriters on the
other hand, shall be in the same respective proportions as the net proceeds
from the offering of the Securities (before deducting expenses) deemed received
by Nuveen and St. Paul Travelers and the total underwriting discounts and
commissions received by the Underwriters (including pursuant to this
Agreement), in each case as set forth in the table on the cover of the
Securities Prospectus Supplement (replacing Nuveen and St. Paul Travelers for
the Mandatory Issuer) and including any discounts received by affiliates of the
Underwriters under the Selling Stockholder Forward Agreements, bear to the
aggregate Public Offering Price of the Securities, and the Mandatory Issuer
shall be deemed not to have received any benefits.

 

(c)                                  The
relative fault of Nuveen, St. Paul Travelers, the Mandatory Issuer, the
Underwriters and the Forward Counterparty, respectively, shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by Nuveen, St. Paul Travelers,
the Mandatory Issuer, the Underwriters or the Forward Counterparty and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

 

(d)                                 The
Underwriters’ respective obligations to contribute pursuant to this Section 10
are several in proportion to the aggregate principal amount of Securities they
have purchased under the ML Securities Underwriting Agreement, and not joint.

 

(e)                                  The
liability of St. Paul Travelers under the contribution agreement contained in
this Section 10 shall be limited to an amount equal to the aggregate
purchase price received or to be received by St. Paul Travelers under the ML
Forward Agreement less any commissions paid or payable under this Agreement; provided that the liability of the
Mandatory Issuer, the Underwriters and the Forward Counterparty, collectively,
under the contribution agreement contained

 

32

 

in this Section 10
shall not be increased as a result of this limitation on the liability of St.
Paul Travelers.

 

(f)                                    Nuveen,
St. Paul Travelers, the Mandatory Issuer and the Underwriters agree that it
would not be just or equitable if contribution pursuant to this Section 10
were determined by pro rata
allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in this Section 10.  The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim.  Notwithstanding the
provisions of this Section 10, the Mandatory Issuer and the Underwriters,
collectively, shall not be required to contribute any amount in excess of the
amount by which the total price at which the Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any
damages that the Mandatory Issuer and the Underwriters, collectively, have
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. 
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

 

(g)                                 The
remedies provided for in Section 9 and this Section 10 are not exclusive
and shall not limit any rights or remedies which may otherwise be available to
any indemnified party at law or in equity.

 

11.                                 Survival.  The indemnity provisions contained in Section 9,
the contribution provisions contained in Section 10, and the representations,
warranties and other statements of Nuveen and St. Paul Travelers contained in
this Agreement shall remain operative and in full force and effect regardless
of (a) any termination of this Agreement, (b) any investigation made
by or on behalf of any Underwriter, any person controlling any Underwriter or
any affiliate of any Underwriter, the Mandatory Issuer, any person controlling
the Mandatory Issuer or any affiliate of the Mandatory Issuer, the Forward
Counterparty, any person controlling the Forward Counterparty or any affiliate
of the Forward Counterparty, St. Paul Travelers or any person controlling St.
Paul Travelers, or Nuveen, its officers or directors or any person controlling
Nuveen and (c) acceptance of and payment for any of the Securities.

 

12.                                 Termination.  This Agreement shall terminate, if after the
execution and delivery of this Agreement and prior to the Closing Date the ML
Securities Underwriting Agreement shall have terminated in accordance with the
termination provisions contained therein prior to the Closing Date.

 

33

 

13.                                 Effectiveness.
This Agreement shall become effective upon the effectiveness of the ML
Securities Underwriting Agreement.

 

14.                                 Counterparts.
This Agreement may be signed in two or more counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

 

15.                                 Applicable
Law. This Agreement shall be governed by and construed in accordance with
the internal laws of the State of New York.

 

16.                                 Headings.
The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.

 

17.                                 Notices.  All communications hereunder shall be in
writing and effective only upon receipt and if to the Mandatory Issuer shall be
delivered, mailed or sent to Merrill Lynch & Co., Inc., 4 World
Financial Center, New York, NY 10080, Attention:  Treasurer’s Office; if to the Underwriters
shall be delivered, mailed or sent to Merrill Lynch, Pierce, Fenner &
Smith Incorporated, 4 World Financial Center, New York, New York, 10080,
Attention:  Global Origination Counsel,
and Morgan Stanley & Co. Incorporated, 1585 Broadway, New
York, New York 10036, Attention: Syndicate Desk; if to the Forward
Counterparty shall be delivered, mailed or sent to Merrill Lynch & Co., Inc.,
4 World Financial Center, New York, NY 10080; if to Nuveen shall be delivered,
mailed or sent to Nuveen Investments, Inc., 333 West Wacker Drive,
Chicago, Illinois 60606 Attention: Alan G. Berkshire, Esq.; and if to St.
Paul Travelers shall be delivered, mailed or sent to The St. Paul Travelers
Companies, Inc., 385 Washington Street, Saint Paul, MN 55102,
Attention:  Kenneth F. Spence, III.

 

34

 

IN WITNESS WHEREOF, each of the Mandatory Issuer, Nuveen, St. Paul
Travelers, each Underwriter and the Forward Counterparty has caused this
Agreement to be duly executed on its behalf as of the date hereof.

 

 

	
   

  	
  MERRILL
  LYNCH & CO., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jens Berding

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jens Berding

  
	
   

  	
   

  	
  Title:

  	
  ML Treasury

  
					

 

 

	
   

  	
  NUVEEN
  INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan G. Berkshire

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Alan G.
  Berkshire

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  
					

 

 

	
   

  	
  THE ST. PAUL
  TRAVELERS

  COMPANIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Samuel G. Liss

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Samuel G.
  Liss

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  
					

 

35

 

	
   

  	
  MERRILL
  LYNCH, PIERCE, FENNER

  & SMITH INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael P. McCleary

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael P.
  McCleary

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

 

	
   

  	
  MORGAN
  STANLEY & CO.

  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Tyree

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John D. Tyree

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Director

  
					

 

 

	
   

  	
  MERRILL
  LYNCH INTERNATIONAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristen Chung

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kristen
  Chung

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

36

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