Document:

Exhibit 10.13

  

 

 

 

 

Current Fund Loan Contract

 

(Applicable to 531)

  

 

 

 

 

 

 

 

 

 

 

Bank
of Communications Co., Ltd.

 

 

 

 

 

 

 

 

     

     

    

 

No.

 

Current Fund Loan Contract

 

 

	
        Important Notes

         

        Please read the full text of this contract
        carefully, especially those articles marked with ▲▲. Please inquire the loaner in case of any question.

         

 

Whereas, the borrower
applies to the loaner for the line of credit of current fund, both parties hereby enter into this contract through negotiations
to clarify the obligations of each party.

 

Article
1. Definition

 

“Line of credit”
refers to the maximum amount of balance of loan (under the revolving line of credit) or total loan (under the one-time line of
credit) that the loaner may issue to the borrower according to this contract. Such line of credit may be revolving or one-time
(to be used for one or several times) in accordance with this contract.

 

“Revolving line
of credit” refers to the line of credit within which the borrower may apply for the loan for several times according to this
contract.

 

“Balance of loan”
refers to the sum of principal of the outstanding loan that the borrower obtains under this contract.

 

“Balance of line
of credit” refers to the balance of the line of credit deducted with the balance of loan (under the revolving line of credit)
or total loan (under the one-time line of credit).

 

“Period of line
of credit” refers to the period for the loaner to issue the loan to the borrower according to the application by the borrower
and this contract that it is in relation to the occurrence of loan but not the loan itself.

 

“Period of loan”
refers to the period of each loan that both parties determine in the corresponding Application for Use of Line of Credit of
Bank of Communications (hereinafter referred to as Application for Use of Line of Credit).

 

“Business day
of bank” and “business day” refer to the day on which banks at the place of the loaner operate the corporation
business, excluding legal holidays and rest days (excluding those adjusted to be business days). If any issuance, repayment, interest
payment or maturity of loan lies at any non-business day, it should be postponed to the next business day.

 

Terms including affiliate,
affiliate transaction and major investor should contain the same meaning with those contained in the Accounting Standards for
Business Enterprises No.36 – Disclosure of Affiliates (CK [2006] No.3) published by the Ministry of Finance, as well
as its subsequent revisions.

 

     

     

    

 

Article
2. Use of Line of Credit

 

2.1 Each
time when needing to use the line of credit, the borrower should submit the application to the loaner at least 5 business days
in advance. The borrower should fill in the Application for Use of Line of Credit to obtain the approval by the loaner before
using the line of credit.

 

▲▲2.2Use
of the line of credit must meeting following conditions:

 

(1) Balance
of loan (under the revolving line of credit) or total loan (under the one-time line of credit) is within the line of credit;

 

(2) Amount
of applied loan is within the balance of line of credit;

 

(3) Application
date and issuance date are within the period of line of credit;

 

(4) Period
of loan and maturity date of loan comply with this contract;

 

(5) Guarantee
contract (if any) under this contract is effective and surviving, and while the guarantee contract is in the form of mortgage contract
and/or pledge contract, the secured real right is already set and surviving;

 

(6) The
borrower has handled procedures to obtain licenses, approvals and registrations from the government necessary for the application
for the loan, and such licenses, approvals or registrations are surviving;

 

(7) No
serious adverse change occurs in the operation status or financial status of the borrower after this contract takes effect;

 

(8) Application
by the borrower meets relevant rules and regulations of the loaner;

 

(9) The
borrower does not violate this contract;

 

(10) Payment
mode of the loan meets this contract and if the loaner is entrusted to make the payment, the loaner should agree with the payment;

 

(11) If
the loan is provided in any foreign currency, the borrower should provide the certificate providing that the loan meets relevant
policies on the management of foreign currency, including but not limited to the valid purpose certificate or registration document
of foreign currency;

 

(12) The
borrower has appointed the dedicated fund withdrawal account as required by the loaner and has signed the account management agreement.

 

▲▲2.3If
the loaner agrees to issue the loan, the final issuance information should be subject to the column of Application for Use of
Line of Credit printed by the bank. Application for Use of Line of Credit should be regarded as the Loan Certificate.

 

▲▲2.4If
the currency of the Application for Use of Line of Credit is different from that of the line of credit, it should be converted
at the exchange rate published by Bank of Communications Co., Ltd. in the beginning of each day only for the purpose of recognizing
the balance of line of credit. If there is no available exchange rate, it should be converted by the exchange rate reasonably determined
by Bank of Communications Co., Ltd.

 

    	 	2	 

     

    

 

▲▲2.5After
the borrower becomes the shareholder of the guarantor or the “actual controller” defined by the Company Law,
the loaner may suspend or cancel the line of credit not used by the borrower until the guarantor provides the resolution made by
its Board of Shareholders (General Meeting) about securing the borrower that is acceptable to the loaner.

 

Article
3. Interest Rate and Payment of Interest

 

3.1 Basic
regulations on determining the interest rate

 

3.1.1 The
interest rate should be agreed by both parties in the Application for Use of Line of Credit through negotiations in each
use of the line of credit. Unless any specific interest rate is agreed by both parties in the Application for Use of Line of
Credit, the specific interest rate of each loan should be determined in accordance with the type of benchmark interest rate,
applicable date of benchmark interest rate, fluctuation extent/increase (decrease) value of interest rate, interest rate fluctuation
rules, interest rate fluctuation cycle, interest rate fluctuation cycle unit and specific beginning date of fluctuation (if necessary)
agreed in the corresponding Application for Use of Line of Credit.

 

3.1.2 Type
and definition of “benchmark interest rate”: (1) “Benchmark interest rate of the People’s Bank” refers
to the benchmark interest rate of RMB loan of financial institutions published by the People’s Bank of China; (2) LPR quotation
of Bank of Communications refers to the quotation for benchmark interest rate of loan published by Bank of Communications Co.,
Ltd. on its official website; (3) LPR mean interest rate refers to the benchmark interest rate of loan published by the National
Inter-bank Funding Center.

 

3.1.3 If
the currency is RMB, daily interest rate = monthly interest rate/30, monthly interest rate = annual interest rate/12; if the currency
is HKD, GBP and AUD, daily interest rate = annual interest rate/365; if the currency is USD, Euro, JPN and other foreign currencies
accepted by the loaner, daily interest rate = annual interest rate/360.

 

▲▲3.2Interest
rate of loan

 

The interest rate of
each loan at the time of issuance should be determined in accordance with the fluctuation extent/increase (decrease) value on the
basis of the benchmark interest rate. If the “applicable date of benchmark interest rate” is set as T Day, then the
benchmark interest rate to calculate the specific interest rate of the loan at the time of issuance should be determined by following
rules:

 

If the benchmark interest
rate of the People’s Bank applies, the benchmark interest rate should be the benchmark interest rate of the People’s
Bank on T Day;

 

If LPR quotation of
Bank of Communications applies, the benchmark interest rate should be the LPR value published on the latest business day before
T Day, and, if no LPR is published on the latest business day before T Day, the benchmark interest rate should be the LPR value
published on the former business day before that day;

 

If LPR mean interest
rate applies, the benchmark interest rate should be the LPR value published on the latest business day before T Day, and, if no
LPR is published on the latest business day before T Day, the benchmark interest rate should be the LPR value published on the
former business day before that day.

 

    	 	3	 

     

    

 

3.3 Adjustment
of interest rate

 

3.3.1 Once
the interest rate is recorded in the Application for Use of Line of Credit as fixed, such interest rate should apply to
the loan within the period of loan.

 

▲▲3.3.2Once
the interest rate is recorded in the Application for Use of Line of Credit as fluctuating, the interest rate adjustment
date should be determined according to the interest rate fluctuation rules, interest rate fluctuation cycle, interest rate fluctuation
cycle unit and specific beginning date of fluctuation (if necessary) agreed in the Application for Use of Line of Credit,
and the adjusted interest rate should apply since the interest rate adjustment date.

 

3.3.2.1 If
the benchmark interest rate is adjusted within the period of loan, the adjustment cycle of interest rate should be calculated by
choosing “fluctuating at bookkeeping date” or “fluctuating at specific date” in the “interest rate
fluctuation rules” since the “bookkeeping date” or “specific date”. The column of interest rate fluctuation
cycle should be filled with the quantity of interest rate fluctuation cycles, the column of interest rate fluctuation cycle unit
may be filled with day or month. If the quantity of interest rate fluctuation cycle is “1” while the interest rate
fluctuation unit is “day”, then the adjustment date of benchmark interest rate should be the adjustment date of loan
interest rate; if the quantity of interest rate fluctuation cycle is “3” while the interest rate fluctuation unit is
“day”, then the adjustment date of loan interest rate should be every third day since the “bookkeeping date”
or “specific date”; if the quantity of interest rate fluctuation cycle is “1” while the interest rate fluctuation
unit is “month”, then the adjustment date of loan interest rate should be the end of every month since the “bookkeeping
date” or “specific date”; if the quantity of interest rate fluctuation cycle is “3” while the interest
rate fluctuation unit is “month”, then the adjustment date of loan interest rate should be the end of every third month
since the “bookkeeping date” or “specific date”, the same below.

 

3.3.2.2 Loan
interest rate at the adjustment date of loan interest rate should be determined according to the benchmark interest rate at the
adjustment date of loan interest while the interest rate fluctuation/increase (decrease) value is kept unchanged (unless negotiated
by both parties to be adjusted). If the “adjustment date of loan interest rate” is set as T Day, then the benchmark
interest rate of adjusted loan interest rate should be determined by following rules:

 

If the benchmark interest
rate of the People’s Bank applies, the benchmark interest rate should be the benchmark interest rate of the People’s
Bank on T Day;

 

If LPR quotation of
Bank of Communications applies, the benchmark interest rate should be the LPR value published on the latest business day before
T Day, and, if no LPR is published on the latest business day before T Day, the benchmark interest rate should be the LPR value
published on the former business day before that day;

 

If LPR mean interest
rate applies, the benchmark interest rate should be the LPR value published on the latest business day before T Day, and, if no
LPR is published on the latest business day before T Day, the benchmark interest rate should be the LPR value published on the
former business day before that day.

 

    	 	4	 

     

    

 

▲▲3.3.3If
the “benchmark interest rate of the People’s Bank” is applied as the benchmark interest rate and the benchmark
interest rate of the People’s Bank is adjusted to be fluctuating interest rate or cancelled, both parties should adjust the
interest rate of the loan through separate negotiations but the adjusted interest rate should be no lower than the prevailing interest
rate; if both parties fail to reach a common sense on the adjustment of interest rate within one month since the adjustment date
of the People’s Bank, the loaner may announce the earlier maturity of the loan.

 

If the “LPR quotation
of Bank of Communications” or “LPR mean interest rate” is applied as the benchmark interest rate and the relevant
benchmark interest rate is cancelled according to the regulation requirement or suspended by the issuer according to the regulation
requirement, both parties should adjust the interest rate of the loan through separate negotiations but the adjusted interest rate
should be no lower than the prevailing interest rate; if both parties fail to reach a common sense on the adjustment of interest
rate within one month since the relevant benchmark interest rate is cancelled or suspended, the loaner may announce the earlier
maturity of the loan.

 

▲▲3.3.4Both
parties may adjust the fluctuation extent or increase (decrease) value of the corresponding loan interest rate through negotiation
at each adjustment date of loan interest rate.

 

3.4 If
the currency is RMB, default interest of the overdue loan should be fluctuated upwards by 50% on the basis of the interest rate
specified in this contract, and that of the embezzled loan should be fluctuated upwards by 100% on the basis of the interest rate
specified in this contract. If the benchmark interest rate is adjusted, the loaner may adjust the rate of default interest of each
loan and apply the new rate of default interest since the adjustment date of loan interest rate specified in the Application
for Use of Line of Credit.

 

3.5 Calculation
of interest

 

3.5.1 Normal
interest = interest rate specified in this contract X issued loan X days of occupation.

 

Days of occupation begins
from the issuance date (included) and ends at the maturity date (excluded), and may be postponed if the maturity date is not a
business day while the postponed period should be accounted into the occupation and charged with the interest according to this
contract.

 

3.5.2 The
default interest of overdue loan and embezzled loan should be calculated according to the overdue or embezzled amount and the actual
days (since the date of overdue or embezzlement (included) to the repayment date of principal and interest (excluded)).

 

3.5.3 If
there are too many numbers after the decimal point of the calculated interest/default interest, the loaner may round off the result
to two numbers after the decimal point.

 

▲▲3.6If
the borrower repays the loan in advance or the loaner withdraws the loan in advance according to this contract, the corresponding
interest rate shall still be subject to that specified in this contract.

 

    	 	5	 

     

    

 

3.7 If
the loan is in any foreign currency, the determination of interest rate, adjustment of interest rate, default interest rate of
overdue and embezzlement should be subject to Article 17 of this contract.

 

Article 4. Payment of Loan

 

4.1 If
the issuance account appointed by the borrower is the dedicated loan issuance account opened at the loaner, the issuance and payment
of loan should be handled through the account, which may only be used to issue and externally pay the loan fund and only sell the
certificate of “Application for Settlement Business” but may not be used to handle any check, draft, bank acceptance
or any other settlement. When handling the allocation of loan fund independently, the borrower must handle procedures at the counter
of the bank of deposit. The deposit interest of the account should be accounted into the repayment account of the borrower.

 

4.2 When
drawing the loan according to this contract, the borrower should clarify the payment mode (entrusted payment by loaner or independent
payment by borrower) and only one mode is applicable in each time of drawing.

 

4.3 In
the mode of entrusted payment by loaner, the loaner will, after receiving the payment entrustment from the borrower and issuing
the loan according to this contract, pay the loan fund directly to the counterparty of the borrower meeting the purpose specified
in this contract through the account of the borrower.

 

If the amount of a single
payment is beyond the limit of the independent payment or any condition specified in Article 19.3, the mode of entrusted payment
should apply.

 

When choosing the mode
of entrusted payment by the loaner, the borrower should submit the loaner with the Application for Use of Line of Credit,
corresponding payment entrustment and other materials required by the loaner (including but not limited to the commercial contract,
invoice and receipt) to clarify the amount of loan and the receiver and amount of payment, while the amount of drawn loan should
equal to that of the payment.

 

▲▲If
the payment planned by the borrower does not comply with this contract or the corresponding commercial contract, or contains any
other defect, the loaner may refuse to make the payment and return the payment entrustment submitted by the borrower.

 

▲▲If
the loaner agrees but fails to make the payment or the payment is returned due to any incorrect information provided by the borrower,
the borrower should submit relevant documents and materials containing the correct information within the period regulated by the
loaner, and the loaner should be expected from any liability for any delay or failure of payment.

 

4.4 In
the mode of independent payment by the borrower, after the loaner issues the loan fund to the account of the loaner according to
this contract, the borrower pays the fund to the counterparty of the borrower meeting the purpose specified in this contract independently.

 

When choosing the mode
of independent payment by the borrower, the borrower should submit the loaner with the Application for Use of Line of Credit,
description of fund usage and other materials required by the loaner. The borrower should report the payment situation of the loan
fund to the loaner. The loaner may check whether the loan is paid for the regulated purpose by analyzing the account, verifying
the certificate and conducting the on-site survey, and the borrower shall cooperate with such verification by the loaner.

 

    	 	6	 

     

    

 

Article 5. Repayment of Loan

 

5.1 The
borrower should make the repayment according to the date and amount specified in the corresponding Application for Use of Line
of Credit.

 

▲▲5.2Without
the written consent from the loaner, the borrower may not repay the loan in advance.

 

▲▲5.3The
repayment schedule of principal and interest agreed by the borrower and the loaner in the Application for Use of Line of Credit
is the true intention of both parties through negotiations on a voluntary basis. Under the repayment arrangement chosen by both
parties, the principal should prior to the interest in the repayment without influencing the repayment liability of the borrower
for the payable interest, and the borrower may not set up any plea against the repayment of payable interest. The borrower should
be responsible for repaying all the principal and interest under any repayment arrangement.

 

▲▲5.4When
the amount repaid by the borrower is insufficient to cover all the debt of the borrower:

 

(1) It
should be firstly used to repay the overdue amount. If the principal and interest are overdue for less than 90 days, the balance
after such repayment should be firstly used to repay the outstanding interest, default interest or compound interest before any
overdue principal; if the principal and interest are overdue for more than 90 days, the balance after such repayment should be
firstly used to repay the outstanding principal and then the overdue interest, default interest or compound interest;

 

(2) If
there are several debts of the borrower (including debts of the borrower owed to the loaner under any other contract), the loaner
may determine the repayment sequence of each debt, only if such sequence does not violate any applicable law, rule, regulation,
system or any compulsory regulatory provision of the loaner. The loaner should inform the borrower of the repayment result, unless
otherwise regulated.

 

Article 6. Representation and Guarantee
of Borrower

 

6.1 The
borrower is legally incorporated and surviving, possesses all the necessary capacities, perform obligations under this contract
it its own name and assumes civil liabilities.

 

6.2 Signing
and performing this contract are the true intention of the borrower that they must obtain all the necessary approvals, permissions
and authorizations to contain no legal defect.

 

6.3 The
borrower conducts production and operation in compliance with laws and regulations, possesses the constant operation capability
and legal repayment source, involves no serious environmental or social risk, possesses no serious adverse credit record and no
officer of the borrower possesses any adverse record.

 

    	 	7	 

     

    

 

6.4 All
the documents, statements, materials and information provided by the borrower to the loaner when signing and performing this contract
are authentic, accurate, complete and valid. The borrower does not conceal any information that may affect its financial status
and solvency, and there is no serious adverse change to the financial status of the borrower since the issuance of the latest financial
statement.

 

▲▲6.5Neither
the borrower nor any of its affiliate belongs to the enterprise or individual sanctioned by the UN, EU or US, or is located in
any country or area sanctioned by the UN, EU or US.

 

Article 7. Rights and Obligations of Loaner

 

7.1 The
loaner may withdraw the principal and interest (including compound interest and default interest of overdue and embezzled loan)
of the loan according to this contract, collect the payable expense from the borrower, withdraw the loan in advance at its own
discretion depending on the fund status of the borrower, and may exercise other rights under laws, regulations or this contract.

 

▲▲7.2The
loaner only conducts the formal examination of materials provided by the borrower during the performance of this contract that
the loaner should be exempted from any liability for the failure to complete entrusted payment if the borrower provides any false,
inaccurate or uncomplete material or the borrower makes the payment in violation to this contract.

 

▲▲7.3The
loaner should issue the loan and make the payment according to this contract. The loaner should be exempted from the liability
if the loaner fails to issue the loan or make the payment due to any cause below, but the loaner should send a notice to the borrower
in time: the issuance account appointed by the borrower is frozen, the account of the receiver is frozen, there is any force majeure,
communicaiton or network fault, or the system fault of the loaner, unless otherwise regulated in this contract.

 

Article 8. Obligations of Borrower

 

8.1 The
borrower should repay the principal and interest of loan under this contract according to the time, amount, currency and interest
rate specified in this contract and the corresponding Application for Use of Line of Credit.

 

The fund collection
account appointed by the borrower should be used to collect the corresponding sales income or planned repayment fund. If the corresponding
sales income is not settled in cash, the borrower should ensure to allocate it to the fund collection account upon receiving it.
The borrower should provide the cash flow of the fund collection upon the request from the loaner.

 

8.2 The
borrower should use the line of credit for the purpose specified in this contract and use the loan for the purpose specified in
the corresponding Application for Use of Line of Credit but may not embezzle the loan for any other purpose, or the investment
in fixed assets, equity or any production or operation prohibited by the government.

 

The borrower should
draw the loan fund in the mode agreed by both parties but not avoid the entrusted payment by the loaner by breaking up the whole
into parts; in the mode of independent payment by the borrower, the borrower should use the loan within the reasonable period required
by the regulatory authority of the loaner, and the payment of loan fund should meeting this contract.

 

    	 	8	 

     

    

 

▲▲8.3The
borrower should assume the settlement expense (if any) of the payment of loan fund (including entrusted payment by the loaner and
independent payment by the borrower), and the special charge standard is subject to laws, rules, regulations, regulatory provisions
and the prevailing Charge List of Services of Bank of Communications published by the loaner.

 

If the issuance account
is dedicated for the issuance of loan and the collection account is not opened at Bank of Communications in the payment of loan
fund (including entrusted payment by the loaner and independent payment by the borrower), the fund may be processed by the payment
system or local clearing system of the People’s Bank.

 

If the issuance account
is not dedicated for the issuance of loan and the collection account is not local or opened at Bank of Communications in the payment
of loan fund (including entrusted payment by the loaner and independent payment by the borrower), the fund should be processed
by the payment system of the People’s Bank.

 

▲▲8.4The
borrower should cooperate with the loaner in the management of loan payment and the supervision and inspection of the use of loan
and operation situation of the borrower, provide the financial statement, use record and material of the loan fund, information
of affiliate and affiliate transaction, environmental and social risk report, other materials and information necessary for the
after-loan risk management required by the loaner, and shall ensure the authenticity, integrity and accuracy of such documents,
materials and information.

 

▲▲8.5Under
either circumstance below, the borrower should send a written notice to the loaner at least 30 days in advance and take no action
before repaying the principal and interest under this contract or providing the repayment plan or guarantee recognized by the loaner:

 

(1) The
borrower sells, presents, leases, lends, transfers, mortgages, pledges or disposes in any other manner all or a large part of the
assets or important assets;

 

(2) The
operation mechanism or ownership organization of the borrower suffers from any great change, including but not limited to the contracting,
lease, association, corporate system transformation, joint stock cooperation system transformation, sales, combination (merger),
joint venture (cooperation), separation of enterprise, establishing of subsidiary, equity transfer, ownership transfer, and decrease
of capital.

 

(3) The
external investment or increase of debt financing of the borrower exceeds the agreed limit.

 

▲▲8.6The
borrower should send a written notice to the loaner within 7 days since the occurrence or possible occurrence of any circumstance
below:

 

(1) The
borrower or its affiliate revises the Memorandum of Association, changes the name, legal representative (responsible person), domicile,
mailing address or business scope of the enterprise, or makes any decision that affects the finance or human resource greatly;

 

    	 	9	 

     

    

 

(2) The
borrower, its affiliate or guarantor plans to apply for bankruptcy or may be or has been applied by the creditor for bankruptcy;

 

(3) The
borrower or its affiliate is involved in any serious lawsuit, arbitration or administrative measure, or its major assets or the
guarantee under this contract is executed with the property preservation or any other compulsory measure, or the security of its
major assets or the guarantee under this contract is or may be affected or the value is or may be decreased;

 

(4) The
borrower or its affiliate provides any guarantee to any third party to affect its economic status, financial status or capability
in performing obligations under this contract significantly;

 

(5) The
borrower or its affiliate enters into any contract with significant influence on its operation and financial status;

 

(6) The
borrower repays the immature debt in advance or repay other mature debt firstly, or increases any form of guarantee for any other
existing debt, or makes any arrangement with the similar effect or enters into any relevant document;

 

(7) The
borrower, its affiliate or guarantor is shut down, closed, dissolved, suspended, cancelled, or the business license is withdrawn;

 

(8) The
borrower or its affiliate, major investor of the borrower or its affiliate, legal representative (responsible person), director
or officer of the borrower or its affiliate is missing or involved in any violation, to any law, regulation or rule of stock exchange,
or suffers from any abnormal change;

 

(9) The
borrower or its affiliate suffers from serious difficulty or deterioration of financial status in the operation, or there is any
other event with adverse influence on the operation, financial status, solvency or economic status of the borrower or its affiliate;

 

(10) There
is any affiliated transaction and its amount reaches or exceeds 10% of the latest audited net assets;

 

(11) Before
repaying all the debts under this contract, the borrower becomes or may become the shareholder or the “actual controller”
defined by the Company Law of the guarantor;

 

(12) The
borrower or its affiliate causes any liability accident or is made public by the media by violating any law, rule, regulation,
national policy or industrial standard;

 

(13) The
borrower or its affiliate encounters any safety or environment protection accident;

 

(14) The
relationship between the affiliate and the borrower is changed;

 

(15) The
borrower or its affiliate encounters any significant equity change;

 

(16) The
opinion issued by the external audit of the borrower on its financial statements is not the standard unreserved opinion;

 

    	 	10	 

     

    

 

(17) The
borrower is or may be investigated, punished or taken with other similar measures by the competent authority as it violates the
law or rule and/or regulatory requirement;

 

(18) The
borrower or its affiliate is listed to be sanctioned by the UN, EU or US, or the country or area where the borrower or its affiliate
resides in is listed to be sanctioned by the UN, EU or US;

 

(19) There
is any other event with serious adverse influence on the solvency of the borrower or its affiliate.

 

▲▲8.7In
case of any change of guarantee under this contract that is adverse to the creditor’s right of the loaner, the borrower should
provide other guarantee recognized by the loaner in time.

 

The “change”
specified here includes but not limited to: merger, separation, shutdown, dissolution, suspension, cancellation, withdrawal of
business license, and applying or being applied for bankruptcy of the guarantor; significant change of the operation or financial
status of the guarantor; the guarantor is involved in any serious lawsuit, arbitration or administrative measures, or the major
assets is taken with property preservation or other compulsory measure; the security of the guarantee is or may be affected; the
value of the guarantee is or may be decreased, or taken with measures of property preservation, such as sealing; the guarantor
or its legal representative (responsible person) or officer violates any law, regulation or applicable rules of stock exchange;
the guarantor (when it is an individual) is missing or dead (announced to be dead); the guarantor breaches the guarantee contract;
there is any dispute between the guarantor and the borrower; the guarantor requires cancelling the guarantee contract; the guarantee
contract does not take effect, or is invalid or cancelled; the secured real right is not set up or take effect; any other event
affecting the security of the creditor’s right of the loaner.

 

▲▲8.8The
borrower promises: during the period since the signing date of this contract to the date at which the principal, interest and relevant
expenses of the loan under this contract are paid off, the financial index, external rating, as well as production and operation
qualification/license of the borrower will always comply with this contract, and such production and operation qualification/license
will pass the annual inspection if necessary.

 

8.9 The
borrower guarantees to obey laws, rules and relevant policies about the anti-money laundering of the government that it will not
conduct any activity involving money laundering or terrorism financing, cooperate with the loaner in identifying the customer,
keeping the transaction record, and reporting the large-amount and suspected transaction.

 

8.10 The
borrower guarantees that the borrower, together with any of its employee or agent will not offer, present, require or receive any
form of material interest not included in this contract to or from the loaner or its employee (including but not limited to cash,
physical card, tour, etc.) or any other non-material interest; or use the fund or service provided by the loaner to any activity
in relation to the corruption or bribery in any manner, whether directly or indirectly; once becoming aware of any circumstance
breaching this article, the borrower should provide clues and relevant information to the loaner on an authentic, complete and
accurate basis and offer the cooperation required by the loaner.

 

    	 	11	 

     

    

 

▲▲Article
9. Adjustment of Line of Credit, Acceleration of Maturity and Repricing of Risk

 

9.1 Any
event below should be deemed as the “early maturity event” of this contract:

 

(1) The
borrower does not repay the principal or interest of the loan according to the Application for Use of Line of Credit under
this contract;

 

(2) The
borrower makes any false representation or guarantee under this contract;

 

(3) Any
event that should be notified as specified in Article 8.6 occurs and influences or may influence the security of the creditor’s
right of the loaner;

 

(4) Any
law, rule or regulatory policy is changed to the extent that the loaner will or may violate the law or rule if it issues the loan
according to this contract;

 

(5) While
performing the contract with the loaner or any third party, the borrower conducts any breach or the debt may be or has been announced
to be mature in advance;

 

(6) The
borrower breaches any other article of this contract.

 

9.2 In
case of any “early maturity event”, the loaner may take any one, several or all measures below:

 

(1) To
lower, suspend or cancel the line of credit under this contract;

 

(2) To
stop issuing the loan unused by the borrower;

 

(3) To
stop paying the loan unused but already withdrawn by the borrower;

 

(4) To
require the borrower to supplement the issuance and payment conditions of loan to the loaner with the regulated period;

 

(5) To
require the borrower to change the payment mode as required by the loaner;

 

(6) To
reprice against the risk in executing the loan according to Article 9.3;

 

(7) To
announce that the principal of loan already issued under this contract becomes mature and require the borrower to repay the principal
and interest of all the mature loan immediately.

 

9.3 In
view of the production and operation situation of the borrower when signing this contract, both parties have determined the interest
rate and its adjustment through negotiations. The borrower agrees that in case of any “early maturity event”, the loaner
may reprice against the risk in executing the loan according to this article.

 

9.3.1 The
repricing mentioned above consists of two modes, including repricing and directly raising the loan interest rate. The specific
mode is agreed by both parties in Article 21.

 

9.3.2 “Negotiated
reprice” means that the loaner may require the borrower to negotiate with the loaner within the regulated period to raise
the loan interest rate and both parties will determine the “repricing date” and relevant interest rate in the form
of supplemental agreement.

 

    	 	12	 

     

    

 

9.3.3 “Direct
raise of loan interest rate” means that the loaner may directly raise the loan interest rate according to this article and
Article 21.

 

9.3.3.1 Since
the loan sends a notice of “repricing date” to the borrower, the loan interest rate should be applied to each loan
that the borrower has not repaid by the “repricing date”.

 

9.3.3.2 If
the loan currency is RMB and the type of benchmark interest rate of each loan is kept unchanged, then the raised loan interest
rate should be determined by the fluctuating extent/increase (decrease) value specified in Article 21 on the basis of the benchmark
interest rate of “repricing date”.

 

If the “repricing
date” is set as T Day, then the benchmark interest rate to calculate the raised loan interest rate should be determined by
following rules

 

1If
the benchmark interest rate of the People’s Bank applies, the benchmark interest rate should be the benchmark interest rate
of the People’s Bank on T Day;

 

2If
LPR quotation of Bank of Communications applies, the benchmark interest rate should be the LPR value published on the latest business
day before T Day, and, if no LPR is published on the latest business day before T Day, the benchmark interest rate should be the
LPR value published on the former business day before that day;

 

3
If LPR mean interest rate applies, the benchmark interest rate should be the LPR value published on the latest business day before
T Day, and, if no LPR is published on the latest business day before T Day, the benchmark interest rate should be the LPR value
published on the former business day before that day.

 

9.3.3.3 If
the loan is in any foreign currency, the raised loan interest rate should be determined according to Article 21.

 

9.3.4 After
the loaner reprices against the risk according to the article mentioned above, the new interest rate should be applied since the
“repricing date”. Regulations on the fluctuation is still subject to that mentioned in Article 3 of this contract,
and if both parties negotiate to change the relevant regulation, the changed regulation shall be applied. If the loan becomes overdue
(including the circumstance that the borrower fails to make the repayment in time or the loan is announced by the loaner to be
mature in advance) or embezzled, the overdue and embezzlement default interest rate should be determined on the basis of the new
interest rate (including the interest rate adjusted according to regulations on fluctuation of this contract) while the compound
interest rate should also be correspondingly adjusted.

 

9.3.5 Execution
of the “repricing against risk” should not be deemed or construed as that the loaner waives any other right under any
law, rule or this contract. The loaner may take other protective measures for the creditor’s right according to laws, rules
and this contract, including but not limited to measures specified in Article 9.2 of this contract.

 

    	 	13	 

     

    

 

▲▲Article
10. Breach

 

10.1 If
the borrower does not repay the principle or interest of the loan in time or uses the loan for any purpose not included in this
contract, the loaner will collect the interest at the default interest rate of overdue or embezzled loan, and collect the compound
interest of the outstanding interest. If the default interest rate is adjusted according to this contract, the compound interest
rate should also be adjusted correspondingly.

 

10.2 If
the borrower does not repay the principle or interest of the loan in time, it should assume the calling expense, lawsuit expense
(or arbitration expense), preservation expense, announcement expense, execution expense, attorney’s fee, travel expense and
other expenses of the loaner in realizing the creditor’s right.

 

▲▲Article
11. Deduction

 

11.1 The
borrower authorizes that in case of any payable principal, interest, default interest, compound interest or any other expense of
the loan, the loaner may deduct the fund in any account of the borrower opened at any branch of Bank of Communications Co., Ltd.
to repay the amount mentioned above.

 

11.2 After
such deduction, the loaner should inform the borrower of relevant account number, contract number, number of Application for
Use of Line of Credit, deduction amount and remaining debt.

 

11.3 If
the deducted fund is insufficient to repay all the debt of the borrower, the debt to be repaid by such fund should be determined
according to this contract.

 

11.4 If
the currency of the deducted fund is different from that of the debt to be repaid, the deducted fund should be converted at the
exchange rate published by Bank of Communications Co., Ltd. at the time of deduction. If any settlement, sales or exchange procedure
of foreign currency is necessary, the borrower is obliged to assist the loaner and assume the risk in exchange rate.

 

Article 12. Notice

 

12.1 Contact
details provided by the borrower in this contract (including mailing address, telephone number and fax number) are all authentic
and valid. In case of any change of any contact detail, the borrower should send/deliver such change to the mailing address offered
by the loaner in this contract immediately. Such change should take effect when the loaner receives the notice of change.

 

12.2 Unless
otherwise specified in this contract, the loaner may send a notice to the borrower in any manner below. The loaner may choose the
manner it thinks fit but is relieved from any liability for the error, omission or delay caused by the postal service, fax, telephone
or any other communication system. If the loaner chooses several manners, the one delivering the notice to the borrower, the fastest
should prevail.

 

(1) If
the loaner chooses the announcement, the date at which the loaner publishes the announcement on its website, online bank, telephone
bank or outlet should be deemed as the delivery date;

 

(2) If
the loaner chooses the personal delivery, the date at which the borrower signs to confirm the reception should be deemed as the
delivery date;

 

(3) If
the loaner chooses the postal service (including express delivery, ordinary mail and registered mail) to send the notice to the
latest mailing address of the borrower that the loaner knows, the third day (in the same city)/the fifth day (in different cities)
since the sending date should be deemed as the delivery date;

 

    	 	14	 

     

    

 

(4) If
the loaner chooses the fax, SMS or other electronic communication means to deliver the notice to the latest fax number of the borrower
that the loaner knows, the mobile telephone number or e-mail appointed by the borrower, the sending date should be deemed as the
delivery date.

 

12.3 The
borrower agrees that unless the loaner receives the written notice about changing the mailing address from the borrower, the mailing
address provided by the borrower in this contract is the address for the court to send the judicial instrument and other written
documents. During the process of dispute solution, if the court sends the judicial instrument or other written documents to the
latest mailing address of the borrower that the loaner knows through the postal service (including express delivery, ordinary mail
and registered mail), the date at which the borrower signs on the receipt should be regarded as the delivery date; if the borrower
does not sign on the receipt, the third day (in the same city)/the fifth day (in different cities) since the sending date should
be deemed as the delivery date;

 

Except for the written
judgment, written verdict or mediation agreement, the court may send any notice to the borrower by any communication means specified
in Article 12.2. The court may choose the communication means it thinks fit but is relieved from any liability for the error, omission
or delay caused by the postal service, fax, telephone or any other communication system. If the court chooses several manners,
the one delivering the notice to the borrower, the fastest should prevail.

 

▲▲Article
13. Disclosure and Confidentiality

 

13.1 With respect to
the information and materials of the borrower obtained in the signing and performance of this contract, the loaner may not violate
any law, rule or regulatory requirement to use such information and materials. It should assume the confidentiality liability but
not disclose such information and materials to any third party, except for under following circumstances:

 

(1) The
law or rule requires such disclosure;

 

(2) The
judicial department or regulatory authority requires such disclosure;

 

(3) When
the borrower does not repay the principal and/or interest of the loan in time, the loaner has to make the disclosure to the external
professional advisor for the purpose of realizing the creditor’s right under this contract but such external professional
advisor must assume the confidentiality obligation;

 

(4) The
borrower agrees or authorizes the loaner to make the disclosure.

 

13.2 The
borrower confirms that it has signed the Credit Information Inquiry and Provision Authorization. The loaner may inquire,
use and keep the credit information of the borrower within the scope regulated by the authorization.

 

13.3 Besides
the circumstance specified in Article 13.1 and Article 13.2, the borrower further agrees Bank of Communications Co., Ltd. to use
or disclose the information and materials of the borrower under following circumstances, including but not limited to the basic
information, credit transaction information, adverse information and other relevant information and materials of the borrower,
and is willing to assume all the consequences thereof:

 

Bank of Communications
Co., Ltd. may disclose such information and materials on a confidentiality basis to the business outsourcing institution, third
party service provider, other financial institutions and other institutions or individuals that the loaner deems necessary, including
but not limited to other branches or wholly-owned subsidiaries of Bank of Communications Co., Ltd. for the purpose below: 1
It conducts the line of credit business or any relevant business, such as promoting the line of credit business of Bank of Communications
Co., Ltd., calling for the debt from the borrower and transferring the creditor’s right of the line of credit business; 2
The loaner provides or may provide the borrower with the new product or service, or further provides the service.

 

Whether Article 13.3
is applicable should be subject to Article 24 of this contract.

 

    	 	15	 

     

    

 

Article 14. Applicable Laws and Dispute
Solution

 

Laws of the People’s
Republic of China (for the purpose of this contract, excluding laws of Hong Kong, Macau and Taiwan) apply to this contract. Any
dispute under this contact should be brought to the competent court at the place of the loaner, unless otherwise regulated in this
contract. Both parties should continue to perform those articles not involved in the dispute during the period of dispute solution.

 

Article 15. Effectiveness and Constitution
of Contract

 

15.1 This
contract takes effect with the signature of the legal representative (responsible person) or the authorized representative (or
seal) and the common seal of the borrower, as well as the signature of the responsible person or the authorized representative
(or seal) and the common seal of the loaner.

 

15.2 The
Application for Use of Line of Credit and other relevant documents and materials signed under this contract are indispensable
parts of this contract.

 

15.3 Application
for Use of Line of Credit is the supplement to this contract. Unless otherwise regulated in the Application for Use of Line
of Credit, rights, obligations and other matters of the borrower and the loaner should still be subject to this contract.

 

Article 16. Specific Content of Line
of Credit

 

16.1 Currency
of line of credit: RMB; Amount in words: five million yuan;  Available for √ RMB
☐ (foreign currency); Belonging to √ Revolving
line of credit ☐ One-time line of credit (used for several time) ☐ One-time line of credit (used for only
once).

 

16.2Purpose of line
of credit: operation turnover.

 

16.3 Period
of line of credit is October 9, 2017 to October 9, 2018.

 

Article 17. Interest Rate

 

If the loan is in any
foreign currency, the determination and adjustment of interest rate, and the default interest rate of overdue and embezzled loan
are regulated as follows:

 

________________________________/________________________________________

 

    	 	16	 

     

    

 

Article 18. Account

 

18.1 The borrower appoints
the following account to be the issuance account. The account □is √is
not the dedicated loan issuance account opened at the loaner. If both parties otherwise regulate in the Application for Use
of Line of Credit, such Application for Use of Line of Credit should prevail.

 

Article 19. Issuance, Payment and Repayment
of Loan

 

19.1 The period of
each loan withdrawn under this contract should be no longer than 12√ months ☐ days,
and the maturity date of all the loan should be no later than April 9, 2019.

 

19.2 The limit of independent
payment under this contract should be RMB0.

 

19.3 The entrusted payment
by loaner is compulsory once any condition below is met:

 

19.4 In the mode of
independent payment by the borrower, the borrower should report the payment of loan fund to the loaner within 15 days since the
issuance of loan.

 

Article 20. Financial Restriction, External
Rating, Production and Operation Qualification/License

 

20.1 Limit on the external
investment by the borrower is RMB10,000,000,000; limit on the increase of debt financing is RMB10,000,000,000.

 

20.2 Specific regulations
on the financial indexes of the borrower:

 

(1) ________________________________/_______________________________________________

 

(2) ________________________________________________________________________________

 

(3) ________________________________________________________________________________

 

20.3 Specific regulations
on the external rating:

 

(1) ________________________________/_______________________________________________

 

(2) ________________________________________________________________________________

 

20.4 Specific regulations
on the production and operation qualification/license of the borrower:

 

(1) ________________________________/_______________________________________________

 

(2) ________________________________________________________________________________

 

▲▲Article
21. Repricing of Risk

 

21.1 This contract adopts
the first repricing mode below: (1) Repricing through negotiations; (2) Direct raising the loan interest rate.

 

21.2 Once the “direct
raising the loan interest rate” is adopted:

 

    	 	17	 

     

    

 

21.2.1 If the loan currency
is RMB, the fluctuation extent/increase (decrease) value of the raised loan: ☐ Benchmark interest rate (without fluctuation/increase
or decrease) ☐ Fluctuated upwards by __/ % ☐ Fluctuated
downwards by      /    % ☐ Increased by / %   ☐ Decreased by /  %. If any specific regulation is reached in
a certain loan, the fluctuation extent/increase (decrease) value of the raised interest rate should be subject to the applicable
Application for Use of Line of Credit.

 

21.2.2 If the loan currency
is a foreign currency, interest rate of the raised loan is:

 

___/_____________

 

Article 22. Contact Details

 

Contact details of the
borrower to receive the notice specified in Article 12:

 

Article 23. Counterparts

 

This contract is made
with four copies. Both parties and the guarantor (if any) holds ____ copy(ies) respectively.

 

Article 24. Miscellaneous

 

24.1 Both parties
agree that Article 13.3 √ applies ☐ does not apply
to this contract.

 

24.2 The loaner will
issue the legal VAT invoice according to laws, rules and regulations, while the specific time and mode should be determined by
both parties through negotiations.

 

24.3 The payment mode
of loan under this contract should be subject to the Application for Use of Line of Credit signed by the loaner.

 

	The borrower has read this contract and the loaner has made detailed descriptions as required by the borrower. The borrower possesses no objection or doubt when signing this contract and understands all the articles, especially the meaning and legal consequence of those marked with ▲▲.

 

(No text below in this page)

 

     

     

    

 

	Borrower:
    (Seal)	 	Loaner:
    (Seal)
		 	
	(Seal:
    CLPS)	 	(Seal:
    Line of Credit Business Contract Seal of Shanghai Xinqu Sub-branch of Bank of Communications Co., Ltd.)
	 	 	 
	Legal
representative (responsible person) or authorized representative

         

         

        (Signature
or seal)
	 	Legal
representative (responsible person) or authorized representative 

         

        

        (Signature or seal)

	 	 	 
	Date:
    November 6, 2017	 	Date:
    November 6, 2017Exhibit 4.3

(Face of Security)

 

THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR
IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BANK OF MONTREAL,
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS SECURITY IS A MASTER NOTE WITHIN
THE MEANING SPECIFIED HEREIN AND REPRESENTS AN INVESTMENT SECURITY WITHIN THE MEANING OF ARTICLE EIGHT OF THE NEW YORK UNIFORM
COMMERCIAL CODE (“NY UCC”). THIS SECURITY IS GOVERNED AND SUBJECT TO SECTION 8-202 OF THE NY UCC. THE TERMS OF THE
SECURITIES OF ANY SERIES REPRESENTED HEREBY ARE INCORPORATED BY REFERENCE TO THE APPLICABLE PRICING SUPPLEMENT. BY ACCEPTANCE OF
THIS SECURITY, THE HOLDER IS DEEMED TO HAVE KNOWLEDGE OF SUCH TERMS AND TO HOLD SUCH SECURITIES SUBJECT TO AND IN ACCORDANCE WITH
SUCH TERMS. 

 

    	 		 

    	 

    

 

BANK
OF MONTREAL

SENIOR MEDIUM-TERM NOTES, SERIES E

 

(Master Note)

 

This
Security will not constitute a deposit that is insured under 

the
Canada Deposit Insurance Corporation Act or by the 

United
States Federal Deposit Insurance Corporation

 

This Security is a Global
Security (as defined in Section 101 of the Indenture) and may represent one or more series of the Securities as contemplated therein.
Bank of Montreal is a Canadian chartered bank (hereinafter called the “Bank,” which term includes any successor
Person under the Indenture). The terms for each series of Securities are hereby reflected in this Security, the Bank’s prospectus
dated April 27, 2017, as it may be supplemented by the prospectus supplement specified from time to time in the Distribution Agreement,
dated September 23, 2018, as it may be supplemented or amended from time to time (the “Prospectus”), relating
to the Securities evidenced hereby, and in the pricing supplement(s) identified and noted by the Trustee on Annex A attached hereto
(each such pricing supplement, together with the Prospectus and any product supplement designated therein (if applicable), a “Pricing
Supplement”), which Pricing Supplement(s) are on file with the Trustee. With respect to each issuance of Securities,
the description and terms of such Securities contained in the applicable Pricing Supplement are hereby incorporated by reference
herein and are deemed to be a part of this Security as of the Original Issue Date specified on Annex A. Each reference to “this
Security” or a “Security of a series” includes and shall be deemed to refer to each Security of a series evidenced
hereby that is referenced in a Pricing Supplement. For the avoidance of doubt, a Pricing Supplement may bear a different name given
to a similar document filed by the Bank under the Securities Act of 1933 pursuant to Rule 424(b) thereof.

 

Every term of this Security
is subject to modification, amendment, supplementation or elimination through the incorporated terms of the applicable Pricing
Supplement, whether or not the phrase “unless otherwise provided in the Pricing Supplement” or language of similar
meaning precedes the term of this Security so modified, amended or eliminated. Without limiting the foregoing, in the case of each
Security of any series evidenced hereby, the Holder of this Security is directed to the applicable Pricing Supplement for a description
of certain terms of such series, including the manner of determining the amount of cash payable or (if applicable) securities or
other assets deliverable at maturity or at any other time and the method of determining, and the dates (if any) for the payment
and resetting of, interest or other interim payments, if any, on such series of the Securities (including, without limitation,
information relating to any applicable interest rate, relevant securities, currency, commodities, or other index or indices, any
single security, currency or commodity or basket thereof of any combination of the foregoing that may be relevant to such determination),
the dates, if any, on which the principal amount of and interest, if any, on such series of the Securities is determined and payable,
the amount payable upon any acceleration of such series of the Securities and the principal amount of such series of the Securities
and the principal amount of such series of the Securities deemed to be Outstanding for purposes of determining whether Holders
of the requisite principal amount of Securities have made or given any request, demand, authorization, direction, notice, consent,
waiver or other action under the Indenture, including any limitation on the ability of the Holder to seek to collect amounts due
hereunder.

 

    	 	2	 

    	 

    

 

Other terms used in this
Security that are not defined herein but that are defined in the Indenture referred to in Section 1 on the reverse of this
Security are used herein as defined therein.

 

This Security is a “Master
Note”, which term means a Security that provides for incorporation thereof the terms of each Series of Securities by
reference to the applicable Pricing Supplements, substantially as contemplated herein.

 

The Bank for value received,
hereby promises to pay to CEDE & CO., or registered assigns, on each principal payment date, including each amortization date,
redemption date, repayment date or maturity date, as applicable and specified in the applicable Pricing Supplement and on each
interest payment date and at maturity, the interest then due and payable, if any, as so specified in the applicable Pricing Supplement.
Unless otherwise set forth in the applicable Pricing Supplement, any premium and any such installment of interest that is overdue
at any time shall also bear interest at the rate per annum at which the principal then bears interest (to the extent that the payment
of such interest shall be legally enforceable), from the date any such overdue amount first becomes due until it is paid or made
available for payment. Notwithstanding the foregoing, interest on any principal, premium or installment of interest that is overdue
shall be payable on demand.

 

Unless otherwise set forth in the applicable
Pricing Supplement, any interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the 3rd business day next preceding such Interest Payment Date (a “Regular Record Date”).
Any interest not punctually so paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and such Defaulted Interest either may be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of the applicable series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the Indenture.

 

    	 	3	 

    	 

    

 

Manner of Payment
– U.S. Dollars

 

Payment of any amount payable on any
Security of any series represented hereby in U.S. dollars will be made at the office or agency of the Bank maintained for that
purpose in The City of New York (or at any other office or agency maintained by the Bank for that purpose) or by wire transfer
as described in the next paragraph, against surrender of this Security in the case of any payment due at Maturity (other than any
payment of interest that first becomes due on an Interest Payment Date); provided, however, that subject to the next
paragraph, payment of interest will be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

 

Payment of any amount payable on any
Security of any series represented hereby in U.S. dollars will be made by wire transfer of immediately available funds to an account
maintained by the payee with a bank located in the Borough of Manhattan, The City of New York, if (i) the principal of such
Security is at least $1,000,000 and (ii) the Holder entitled to receive such payment transmits a written request for such
payment to be made in such manner to the Trustee at its Corporate Trust Office, Attention: Corporate Trust Services, and it is
received on or before the fifth Business Day before the day on which such payment is to be made; provided that, in the case
of any such payment due at the Maturity of the principal hereof, other than any payment of interest that first becomes due on an
Interest Payment Date, subject to the section below entitled “Manner of Payment-Global Securities,” this Security must
be surrendered at the office or agency of the Trustee maintained for that purpose in The City of New York (or at any other office
or agency maintained by the Trustee for that purpose) in time for the Paying Agent to make such payment in such funds in accordance
with its normal procedures. Any such request made with respect to any payment on such Security of any series payable to a particular
Holder will remain in effect for all later payments on such Security payable to such Holder, unless such request is revoked on
or before the fifth Business Day before a payment is to be made, in which case such revocation shall be effective for such payment
and all later payments. In the case of any payment of interest payable on an Interest Payment Date, such written request must be
made by the Person who is the registered Holder of this Security on the relevant Regular Record Date. The Bank will pay any administrative
costs imposed by banks in connection with making payments by wire transfer with respect to this Security, but any present or future
tax, duty, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may
be deducted from the payment by the Bank or the Paying Agent.

 

Manner of Payment
– Global Securities

 

Notwithstanding any provision of this
Security or the Indenture, the Bank may make any and all payments of principal and any premium and interest on this Security pursuant
to the applicable procedures of the Depositary for this Security as permitted in Section 301 of the Indenture. Notwithstanding
the foregoing, whenever the provisions hereof require that this Security be surrendered against payment of the principal and any
premium and interest, such surrender may be effected by means of an appropriate adjustment to Annex A hereto to reflect the discharge
of such payment, such an adjustment shall be made by the Trustee in a manner not inconsistent with the procedures of the Depositary,
and in such circumstances this Security need not be surrendered.

 

    	 	4	 

    	 

    

 

Payments Due on
a Business Day

 

Notwithstanding any provision of this
Security or the Indenture, where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business
Day at any Place of Payment, then payment of interest or principal (and premium, if any) need not be made at such Place of Payment
on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if
made on the Interest Payment Date, Redemption Date, Repayment Date, or at the Stated Maturity; provided, however,
that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date, Repayment Date or Stated
Maturity, as the case may be, to the date of such payment.

_________________________

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

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

 

    	 	5	 

    	 

    

 

IN WITNESS WHEREOF, the Bank has caused
this instrument to be duly executed.

 

	 	BANK OF MONTREAL
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	By:  	                             
	 	 	 	Name:  Abid Chaudry
	 	 	 	Title:    Managing Director & Global      
	 	Head, Global Structured Products

 

 

This is one of the Securities of the
series designated herein and referred to in the Indenture.

 

Dated: September 23, 2018

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		as Trustee
	 	 	 	 
	 	 	By:	 
	    		 	Authorized Signatory

 

    	 	6	 

    	 

    

 

(Reverse
of Security)

 

1.       Securities
and Indenture 

 

This Security is one of a duly authorized
issue of securities of the Bank (herein called the “Securities”) issued and to be issued in one or more series
under a Senior Indenture, dated as of January 25, 2010, as supplemented by the first Supplemental Indenture dated as of September
23, 2018 (herein called the “Indenture”), between the Bank and Wells Fargo Bank, National Association, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Bank, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. To the extent lawful, in the event of any conflict between the Indenture or this Security, and any Pricing Supplement,
the Pricing Supplement shall prevail.

 

2.       Denominations

 

The Securities of any series are issuable
only in registered form without coupons in “Authorized Denominations,” which term shall have the following meaning.
For each Security of any series having a principal amount payable in U.S. dollars, unless otherwise specified on the face of this
Security, the Authorized Denominations shall be $1,000 and multiples thereof.

 

3.       Redemption
at the Bank’s Option 

 

Unless otherwise set forth in the applicable
Pricing Supplement, a Security represented hereby shall not be redeemable at the option of the Bank before the Maturity Date. In
the event the Bank elects to redeem the Notes, notice will be given to registered holders in the manner specified in the applicable
Pricing Supplement.

 

In the event of redemption of this
Security in part only, appropriate annotation of such partial redemption shall be made on Annex A.

 

Unless otherwise set forth in the applicable
Pricing Supplement, a sinking fund provision will not be applicable.

 

4.       Transfer
and Exchange 

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of a Security of any Series is registrable in the Security Register, upon
surrender of a Security for registration of transfer at the office or agency of the Bank in any place where the principal of and
any premium and interest on any Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Bank and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized
in writing, and thereupon one or more new Securities of the same series and of like tenor, of Authorized Denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

    	 	7	 

    	 

    

 

As provided in the Indenture and subject
to certain limitations therein set forth, Securities of any Series are exchangeable for a like aggregate principal amount of Securities
of the same Series and of like tenor of a different Authorized Denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for
any such registration of transfer or exchange, but the Bank may require payment of a sum sufficient to cover any tax, duty, assessment
or other governmental charge payable in connection therewith.

 

Prior to due presentment of any Security
for registration of transfer, the Bank, the Trustee and any agent of the Bank or the Trustee may treat the Person in whose name
a Security is registered as the owner hereof for all purposes, whether or not the Security be overdue, and neither the Bank nor
the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be subject to the
provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges
of Global Securities. Any such exchange shall be recorded by the Trustee on Annex B hereto.

 

This Security is a Master Note and
may be exchanged at any time, solely upon the request of the Bank to the Trustee, for one or more Global Securities in the same
aggregate principal amount, each of which may or may not be a Master Note, as requested by the Bank. Any such exchange shall be
recorded by the Trustee on Annex B hereto. Each such replacement Global Security that is a Master Note shall reflect such series
of Securities that the Bank shall request. Each such replacement Global Security that is not a Master Note shall represent one
(and only one) Security as requested by the Bank, and such Global Security shall be appropriately modified so as to reflect the
terms of such Security.

 

5.       Defeasance

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of a Security or of any series of Securities or certain restrictive covenants and Events
of Default with respect to a Security or a series of Securities, in each case upon compliance with certain conditions set forth
in the Indenture. Such provisions are applicable to a particular Security or series of Securities only to the extent specified
in the applicable Pricing Supplement.

 

6.       Default

 

If an Event of Default with respect
to a Security of any series evidenced hereby shall occur and be continuing, the principal of such Securities plus any accrued and
unpaid interest may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment (i) of
the amount of principal and any accrued and unpaid interest so declared due and payable and (ii) of interest on any overdue principal
and overdue interest (in each case to the extent that payment of such interest shall be legally enforceable), all of the Bank’s
obligations in respect of the payment of the principal of and any interest on such Securities shall terminate.

 

    	 	8	 

    	 

    

 

7.       Remedies

 

If an Event of Default with respect
to Securities of any series evidenced hereby shall occur and be continuing, the principal of such Securities of a series may be
declared due and payable in the manner and with the effect provided in the Indenture.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities, the Holders of not less than 25% in
principal amount of the Securities of such applicable series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of such series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 90 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by a Holder of this Security
for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

 

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

 

8.       Disclosure
under the Interest Act (Canada)

 

For disclosure purposes under the Interest
Act (Canada), whenever in the Securities of any series or the Indenture interest at a specified rate is to be calculated on the
basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied
by the actual number of days in the relevant calendar year and divided by the number of days in such period.

 

9.       Modification
and Waiver 

 

The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Bank and the rights
of the Holders of the Securities of each series to be affected under the Indenture at any time by the Bank and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Bank
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

    	 	9	 

    	 

    

 

10.       Definitions

 

All terms used in this Security that
are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

11.       Governing
Law 

 

This Security and the Indenture shall
be governed by and construed in accordance with the laws of the State of New York.

 

    	 	10	 

    	 

    

 

ANNEX A

 

 

 

	Pricing

                                                           Supplement

                                                           (Name and/or

                                                           Accession

                                                           Number)
	CUSIP

                                                           Number and 

Title of 

Security 
	Initial 

Principal 

Amount of 

Security 	Original 

Issue Date 	Decrease in 

Principal 

Amount 	Increase in 

Principal 

Amount 	Effective

                                                           Date of 

Increase or 

Decrease 
	Trustee 

Notation 
	 	 	 	 	 	 	 	 

  

    		A-1	 

     

    

 

 ANNEX A

 

 

 

	Pricing

                                                           Supplement

                                                           (Name and/or 

Accession

                                                           Number)
	CUSIP

                                                           Number and 

Title of 

Security 
	Initial 

Principal 

Amount of 

Security 	Original 

Issue Date 	Decrease in 

Principal 

Amount 	Increase in 

Principal 

Amount 	Effective

                                                           Date of 

Increase or 

Decrease 
	Trustee 

Notation 
	 	 	 	 	 	 	 	 

 

    		A-2	 

     

    

 

ANNEX B

 

 

 

The
following exchanges of a part of this Global Security for physical certificates or part of another Global Security have been made:

 

 

	Date of Exchange	Amount of Decrease in 

Principal Amount of 

this Global Security 	Amount of Increase in 

Principal Amount of 

this Global Security 	Principal Amount of 

this Global Security 

following such 

Decrease (or Increase) 	Signature of 

Authorized Signatory 

of Trustee 
	 	 	 	 	 

  

    		B-1	 

     

    

 

ANNEX C

 

ABBREVIATIONS

 

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

 

TEN COM - as tenants in common

 

TEN ENT - as tenants by the entireties

 

JT TEN - as joint tenants with the
right of

survivorship and not as tenants

in common

 

UNIF GIFT MIN ACT - __________ Custodian
_________ 

	 	(Cust)	(Minor)	 

 

 

under Uniform Gifts to Minors Act

 

______________________________

(State)

 

Additional abbreviations may also be used

though not in the above list.

 

_____________________________

 

 

    		C-1	 

     

    

 

ANNEX C

 

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto

 

___________________________________________________________

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

_______________________

/______________________/

____________________________________________________________

 

____________________________________________________________

                    (Please Print or Typewrite Name and Address

                          Including Postal Zip Code of Assignee)

 

____________________________________________________________

the attached Security and all rights thereunder, and hereby
irrevocably constitutes and

 

appoints _______________________

 

____________________________________________________________

 

to transfer said Security on the books of the Bank, with full
power of substitution in

 

the premises.

 

Dated:______________

 

	
        Signature Guaranteed

_________________________

NOTICE: Signature must be guaranteed.

         
	

___________________________

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

 

 

C-2

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