Document:

Exhibit 10.3

    

     

    

    LEASE AGREEMENT

    

    

    between

    

    

    BH MEDIA GROUP, INC.

    

    

    “Landlord”

    

    

    and

    

    

    LEE ENTERPRISES, INCORPORATED

    

    

    “Tenant”

    

    

    [__________], 2020

     

      

    
      
        

    

    TABLE OF CONTENTS

     

    

    	
            1.

          	
            Lease of Properties

          	
            1

          
	 	 	 
	
            2.

          	
            Term

          	
            1

          
	 	 	 
	
            3.

          	
            Rent

          	
            1

          
	 	 	 
	
            4.

          	
            Net Lease

          	
            2

          
	 	 	 
	
            5.

          	
            Taxes

          	3
	 	 	 
	
            6.

          	
            Use.

          	
            3

          
	 	 	 
	
            7.

          	
            Marketing and Sale of Properties

          	
            4

          
	 	 	 
	
            8.

          	
            Maintenance

          	
            5

          
	 	 	 
	
            9.

          	
            Landlord’s Entry

          	
            5

          
	 	 	 
	
            10.

          	
            Condition of Properties

          	
            5

          
	 	 	 
	
            11.

          	
            Alterations

          	
            6

          
	 	 	 
	
            12.

          	
            Assignment/Subletting

          	
            6

          
	 	 	 
	
            13.

          	
            Tenant’s Failure to Perform

          	
            7

          
	 	 	 
	
            14.

          	
            Events of Default

          	
            7

          
	 	 	 
	
            15.

          	
            Landlord’s Remedies

          	
            9

          
	 	 	 
	
            16.

          	
            Casualty Events

          	
            10

          
	 	 	 
	
            17.

          	
            Condemnation

          	
            10

          
	 	 	 
	
            18.

          	
            Termination

          	
            11

          
	 	 	 
	
            19.

          	
            Tenant Indemnification and Insurance

          	
            11

          
	 	 	 
	
            20.

          	
            Subordination

          	
            11

          
	 	 	 
	
            21.

          	
            Holding Over

          	
            12

          
	 	 	 
	
            22.

          	
            Removal of Property Upon Termination

          	
            12

          
	 	 	 
	
            23.

          	
            Notices

          	
            12

          
	 	 	 
	
            24.

          	
            No Waiver

          	
            13

          
	 	 	 
	
            25.

          	
            No Partnership

          	
            13

          
	 	 	 
	
            26.

          	
            Governing Law

          	
            13

          
	 	 	 
	
            27.

          	
            Counterparts

          	
            13

          
	 	 	 
	
            28.

          	
            Entire Agreement-Modification-Partial Invalidity

          	
            13

          
	 	 	 
	
            29.

          	
            Landlord Transfer

          	
            13

          
	 	 	 
	
            30.

          	
            Brokers

          	
            13

          
	 	 	 
	
            31.

          	
            Time of Essence

          	
            13

          
	 	 	 
	
            32.

          	
            Headings

          	
            14

          
	 	 	 
	
            33.

          	
            Palace Building

          	
            14

          

    

    

    	
            EXHIBIT A:

          	
            Properties List

          	 

     

    

    
      
        

    

    
    LEASE AGREEMENT

    

    

    THIS LEASE AGREEMENT (this “Lease”) is dated this [__________], 2020 (the “Effective Date”), by and between BH Media Group,
      Inc., a Delaware corporation (“Landlord”), and Lee Enterprises, Incorporated, a Delaware corporation (“Tenant”).

    

    

    1.              Lease of Properties.  Landlord, in
        consideration of the rents and of the covenants hereafter contained, does hereby lease to Tenant, and Tenant does hereby lease from Landlord, upon the terms contained herein, those certain properties listed on the attached Exhibit A (each such property listed on Exhibit A is referred to herein as a “Property” and collectively, as the “Properties”).  Tenant’s rights and obligations with respect to each Property shall
        include the right to use and enjoy, and the obligations applicable to the Properties also shall include, all buildings, structures, fixtures (including, without limitation, all printing presses, inserters, ink tabs, and conveying equipment) and
        other improvements located thereon, and all easements, rights and appurtenances belonging or appertaining thereto, but shall be subject to all tenancies, covenants, restrictions, reservations, liens, conditions, encroachments, easements and other
        matters of title.  Landlord shall deliver possession of the Properties to Tenant on the Effective Date.  Landlord hereby assigns to Tenant, and Tenant hereby assumes from Landlord, to the fullest extent allowed under applicable law or the agreement
        at issue, all rights and obligations Landlord maintains in and to the Properties, including without limitation, all lease agreements and rights to collect rent related to the Properties.  Upon the expiration or earlier termination of this Lease,
        all such rights and obligations, including without limitation, all lease agreements and rights to collect rent related to the Properties, shall immediately revert to Landlord.

    

    

    2.             Term. The term of this Lease shall be for a
        period of ten (10) years (“Term”), unless terminated in accordance with the terms set forth in this Lease, commencing on the Effective Date and continuing until the last day of the month that is ten (10) years after the Effective Date. 
        Tenant shall have no option to renew the Term of this Lease; provided however, that prior to the expiration of the Lease, Landlord and Tenant will negotiate in good faith the terms of a lease for each
        Property that has not been sold and is necessary for the continued operation of Tenant’s business.

    

    

    3.               Rent.

    

    

    (a)            Tenant shall pay rent to Landlord
        for the use and occupancy of the Properties the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 67/100 Dollars ($666,666.67) per month for each month of the Term (“Basic Rent”).  The Basic Rent shall be payable in advance
        on the first business day of each month of the Term of this Lease.  Basic Rent is payable to Landlord in cash, check, or ACH payment at the office of the Landlord at the address set forth in this Lease.  The first payment of Basic Rent
        (representing Basic Rent prorated for the month of March and all of April), shall be due upon the Effective Date.

    

    

    (b)            If any installment of Basic Rent
        is not paid on the date due, Tenant shall pay Landlord interest on such overdue payment at the lesser of: a) 10% per annum or b) the maximum rate permitted by applicable law (the “Default Rate”), accruing from the due date of such payment
        until the same is paid.  If any installment of Basic Rent is not paid for a period of three (3) business days after notice of default thereof by Landlord, Tenant shall pay Landlord a late charge in an amount equal to the lesser of five (5%) percent
        of the unpaid installment of Basic Rent or the highest late charge permitted by applicable law.

    

    

    (c)           Tenant shall pay and discharge
        before the imposition of any fine, lien, interest or penalty which may be added thereto for late payment thereof any amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease (“Additional Rent”),
        together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof.  In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall
        have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent.  Any Additional Rent payable to Landlord shall be paid, within fifteen (15) days after demand therefor.

    

    

  

  
    
      

  

  

    4.              Net Lease.

    

    

    (a)            It is the intention of Landlord
        and Tenant that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, and that Basic Rent, Additional Rent and all other sums payable by Tenant hereunder shall continue to be payable in all events, and that
        the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been terminated pursuant to an express provision of this Lease.  This is an absolute net lease and Basic Rent, Additional
        Rent and all other sums payable hereunder by Tenant shall be paid without notice or demand, and without setoff, counterclaim, recoupment, abatement, suspension, deferment, diminution, deduction, reduction or defense, except as otherwise
        specifically set forth herein.  This Lease shall not terminate and Tenant shall not have any right to terminate this Lease, during the Term.  Tenant agrees that, except as otherwise expressly provided in this Lease, it shall not take any action to
        terminate, rescind or avoid this Lease notwithstanding (i) the bankruptcy, insolvency, reorganization, composition, readjustment, liquidation, dissolution, winding-up or other proceeding affecting Landlord, (ii) any action with respect to this
        Lease (including the disaffirmance hereof) which may be taken by Landlord under the Federal Bankruptcy Code or by any trustee, receiver or liquidator of Landlord or by any court under the Federal Bankruptcy Code or otherwise, (iii) the taking of
        the Property or any portion thereof pursuant to eminent domain (subject to Section 7 below), (iv) the prohibition or restriction of Tenant’s use of the any or all of the Properties under any legal requirement or otherwise, (v) the destruction of or
        damage or casualty to any Property or any portion thereof (subject to Section 7 below), (vi) default by Landlord hereunder or under any other agreement between Landlord and/or any of its affiliates and Tenant.  Tenant waives all rights which are
        not expressly stated herein but which may now or hereafter otherwise be conferred by law to quit, terminate or surrender this Lease or any of the Properties; to any setoff, counterclaim, recoupment, abatement, suspension, deferment, diminution,
        deduction, reduction or defense of or to Basic Rent, Additional Rent or any other sums payable under this Lease, and for any statutory lien or offset right against Landlord or its property.

    

    

    (b)            All costs and expenses (other than
        depreciation, interest on and amortization of debt incurred by Landlord, and costs incurred by Landlord in financing or refinancing Properties) and other obligations of every kind and nature whatsoever relating to the Properties and the
        appurtenances thereto and the use and occupancy thereof that may arise or become due and payable or accrue during the Term shall be paid and performed by Tenant.  Notwithstanding the foregoing, Tenant shall have no liability or obligation relating
        to the investigation, remediation, or management of any hazardous materials or substances on any Property except for claims or obligations arising from or relating to Tenant’s occupancy and use of the Property.

    

    

    (c)           Landlord is providing no services
        to Tenant under this Lease.  Tenant shall pay directly to the proper authorities charged with the collection thereof all charges for water, sewer, gas, oil, electricity, telephone and other utilities or services used or consumed on the Properties
        during the Term, whether designated as a charge, tax, assessment, fee or otherwise, including, without limitation, water and sewer use charges, impact fees and taxes, if any, all such charges, fees and taxes to be paid as the same from time to time
        become due. It is understood and agreed that Tenant shall make its own arrangements for the installation or provision of all such utilities and that Landlord shall be under no obligation to furnish any utilities to the Properties and shall not be
        liable for any interruption or failure in the supply of any such utilities to the Properties.

    

    

    
      2

      
        

    

    5.              Taxes.  Tenant

        shall no later than fifteen (15) days before interest or penalties are due thereon, pay and discharge or cause to be paid and discharged all taxes of every kind and nature (including real, ad valorem and
        personal property, income, franchise, withholding, profits and gross receipts taxes); all charges and/or taxes for any easement or agreement maintained for the benefit of any of the Properties; all general and special assessments, levies, permits,
        inspection and license fees; all ground rents, and all other public charges and/or taxes whether of a like or different nature, even if unforeseen or extraordinary, imposed upon or assessed, during the Term, against Landlord, Tenant or any of the
        Properties, including without limitation, any gross income tax, sales tax, use tax, occupancy tax or excise tax levied by any governmental body on or with respect to such Basic Rent or Additional Rent (collectively, “Taxes”) which are
        imposed on or relate to the Properties for the period of time prior to or that become due during the Term, regardless of whether such Taxes are levied or assessed prior to the Term.  For the avoidance of doubt, it is the intention of the parties
        that Tenant pay such Taxes in the manner that is consistent with Landlord’s past practices. In the event that any assessment against any of the Properties may be paid in installments, Tenant shall have the option to pay such assessment in
        installments.  Tenant shall have the right to appeal or challenge any assessment of Taxes in accordance with applicable law.  Tenant shall prepare and file all tax reports required by governmental authorities which relate to the Taxes.  If Tenant
        is not permitted to file any tax reports or pay any Taxes directly to the applicable governmental authorities, Tenant shall remit such Taxes, no later than fifteen (15) business days prior to the date when due, to Landlord and, at Landlord’s
        request, shall cooperate with Landlord in the preparation of such tax reports.  Landlord, at Tenant’s expense, shall prepare and file such tax reports and pay such Taxes to the applicable governmental authorities until Tenant has obtained
        permission to do so.  Promptly after the date hereof, Tenant shall endeavor to obtain permission to file all tax reports and pay Taxes directly to the applicable governmental authorities.  Tenant shall deliver to Landlord, upon receipt, copies of
        all settlements and notices pertaining to the Taxes which may be issued by any governmental authority and, prior to delinquency, receipts for payments of all Taxes made during each calendar year of the Term. Tenant’s obligation to pay Taxes in
        respect of a Property shall terminate upon sale or other disposition by Landlord of such Property resulting in a termination of this Lease with respect to such Property.  Notwithstanding the foregoing, upon a sale or disposition of a Property, the
        Taxes for the Property being sold shall be prorated to the date of closing of such sale, and Tenant shall be responsible for the Taxes attributable to the period prior to such closing.

    

    

    6.               Use.

    

    

    (a)            Tenant may use the Properties for
        any lawful purpose other than any use that will (i) have a material adverse effect on the value of any Property, (ii) cause Tenant or Landlord to incur liability due to a violation of any provision of applicable law, or (iii) result in or give rise
        to any environmental deterioration or degradation of the Properties.  In no event shall any Property be used for any purpose that would violate any of the provisions of any covenant, restriction, reservation, condition, or easement applicable to
        such Property either specifically or through broader application to any planned development, commercial center or industrial park of which such Property may be a part.  Tenant shall observe, perform and comply with and carry out the provisions of
        any covenant, restriction, reservation, condition, easement or other condition affecting the Properties required therein to be observed and performed by Landlord.  If under applicable zoning laws, the use of all or any portion of a Property is or
        shall become a non-conforming right, Tenant shall not cause or permit such non-conforming right to be discontinued or abandoned.

    

    

    (b)            Tenant shall not permit any
        unlawful occupation, business or trade to be conducted on any of the Properties or any use to be made thereof contrary to applicable law.  Tenant shall not use, occupy or permit any of the Properties to be used or occupied, nor do or permit
        anything to be done in or on any of the Properties, in a manner that would (i) violate any certificate of occupancy or equivalent certificate affecting any of the Properties, (ii) make void or voidable any insurance that Tenant is required
        hereunder to maintain then in force with respect to any of the Properties, (iii) affect in any manner the ability of Tenant to obtain any insurance that Tenant is required to furnish hereunder, (iv) cause any injury or damage to any or all of the
        Properties unless pursuant to Alterations (as defined in this Agreement) permitted under this Lease, or (v) constitute a public or private nuisance or waste.

    

    

    
      3

      
        

    

    (c)             Landlord represents and warrants
        that the Properties in the aggregate are in material compliance with all laws, statutes, and ordinances applicable to their use upon commencement of this Lease.   Tenant shall comply with all present and future laws, whether statutory or common
        law, codes, ordinances, orders, judgments, decrees, injunctions, rules, regulations and requirements, even if unforeseen or extraordinary, of every duly constituted governmental authority or agency (but excluding those which by their terms are not
        applicable to and do not impose any obligation on Tenant, Landlord or any of the Properties) and all covenants, restrictions and conditions now or hereafter of record which may be applicable to Tenant, to Landlord or to any of the Properties, or
        any portion thereof, or to the use, manner of use, occupancy, possession, operation, maintenance, Alteration, repair or reconstruction of any of the Properties, or any portion thereof, even if compliance therewith necessitates structural changes or
        improvements (including changes required to comply with the “Americans with Disabilities Act”) or results in interference with the use or enjoyment of any of the Properties.  Without limitation to the foregoing, Tenant shall comply with all legal
        requirements (along with common law or strict liability provisions, and any judicial or administrative interpretations thereof, including any applicable judicial or administrative orders or judgments) relating to health, safety, industrial hygiene,
        pollution, the environment, or related matters including, but not limited to, each of the following, as enacted as of the date hereof or as hereafter amended; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42
        U.S.C. §9601 et seq.; the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §2601 et seq.; the Water Pollution Control Act (also known as the Clean Water Act), 33 U.S.C. §1251 et
        seq.; the Clean Air act, 42 U.S.C. §7401 et seq.; and the Hazardous Materials Transportation Act, 49 U.S.C. §1801 et seq.

    

    

    7.               Marketing and Sale of Properties.

    

    

    (a)            Landlord may sell any Property in
        Landlord’s sole discretion, provided however, that (i) any such sale shall not interfere with Tenant’s quiet enjoyment of the subject Property and (ii) Tenant approves the arrangements for Tenant’s rent
        payments, which approval shall not be unreasonably withheld or delayed. The parties also acknowledge and agree that Tenant may actively market for sale any or all of the Properties.  If Tenant receives a bona fide offer to purchase one or more
        Properties that Tenant would like Landlord to accept, Tenant shall present such offer(s) to Landlord for approval.  Landlord shall have the sole discretion to determine whether it will accept such offer and to subsequently close on the sale of any
        Property.  Tenant shall have no authority to obligate Landlord to sell any Property without Landlord’s prior written approval.  If Landlord decides, in Landlord’s sole discretion, to accept an offer to purchase one or more Properties, Landlord and
        Tenant shall thereafter cooperate to complete the closing of the sale of such Property(ies).  From the after the closing of a sale of a Property, the definition of Properties under this Lease shall automatically be revised to exclude all sold
        Property(ies).

    

    

    (b)            Upon (i) the completion of a sale
        of a Property approved by Landlord (including a transfer of title pursuant to condemnation or (ii) the occurrence of a loss of a Property which is not repaired or rebuilt and in respect of which Landlord is compensated by property or casualty
        insurance), that occurs during the Term, so long as Tenant is not then in default beyond any applicable notice and cure period, Landlord shall provide Tenant a monthly credit against subsequent payments of Basic Rent in the manner set forth in this
        Section.  In addition, if Landlord completes the sale of the Properties located at 120 Salem Ave. SW, Roanoke, Virginia, 24011 and/or 200 E. Market Street, Greensboro, North Carolina, 27401, at any time after January 1, 2020, Landlord shall provide
        Tenant a credit against subsequent payments of Basic Rent in the manner set forth in this Section.

    

    

    
      4

      
        

    

    (c)           The amount of such credit shall
        equal 8.0% of the net consideration Landlord receives at closing for the sale of the applicable Property, less any actual expenses Landlord incurs in completing such sale, including, without limitation, all closing costs, fees, cost of fixture and
        equipment removal (as referenced in Section 7(d)) and commissions, divided by 12 (such credit is referred to herein as a “Rent Credit”).  Commencing on the first month after a sale of a Property approved by Landlord, Tenant’s remaining
        obligations to pay Basic Rent for each month remaining of the Term after the closing of a sale of a Property shall be reduced by the Rent Credit applicable to such sale.  For example (for illustration purposes only), if at a closing, Landlord
        receives $1,000,000 (after appropriate reduction for expenses) for a Property sold with Landlord’s approval, then the Rent Credit would be $6,666.67 (i.e., [$1,000,000 x .08] ÷ 12 = $6,666.67) and after application of such Rent Credit, the Basic
        Rent for the remainder of the Term would be $660,000.00 per month for each month remaining in the Term.  In the event the Basic Rent, after application of Rent Credits obtained by Tenant, is reduced to $0.00 per month, Tenant shall no longer be
        entitled to any further Rent Credit for subsequent sales of Property(ies).

    

    

    (d)           Tenant shall not have any duty or
        obligation to remove any fixtures (including printing presses, inserters, ink tanks, and conveying equipment) or other improvements from any Property in connection with the sale thereof. Tenant shall grant Landlord and its contractor reasonable
        access to the Property for the purpose of removing such equipment. Removal of equipment shall be completed in a manner that minimizes damage to the Property and interruption of Tenant’s business.  The cost of removal shall be paid by Landlord and
        shall be deducted from the net consideration of such sale for purposes of calculating the corresponding Rent Credit.

    

    

    8.             Maintenance.  Tenant, at its expense, shall
        promptly make all repairs and replacements and perform all maintenance in and to the Properties and all equipment, property and fixtures therein or appurtenant thereto, that is necessary or desirable to keep the Properties in good order, condition
        and repair.  Tenant shall maintain the Properties, and all equipment, property and fixtures located at the Properties, in a clean, safe, and operable condition, and shall not permit or allow to remain any waste or damage to any portion of the
        Properties.  Tenant shall repair or replace any damage to any portion of any Property, and all equipment, property and fixtures located at the Properties, regardless of the cause of such damage.  If Tenant fails to make such repairs or replacements
        promptly after the occurrence of such damage, then Landlord may make the same at Tenant’s cost. The cost of all repair or replacement work performed by Landlord under this Section shall be paid by Tenant to Landlord within fifteen (15) days after
        Landlord has invoiced Tenant therefor.

    

    

    9.            Landlord’s Entry.  Landlord, its agents and
        employees may, at any reasonable time or times, upon prior notice to Tenant (except in the event of an emergency, in which event no notice shall be required), enter upon any Property, any portion thereof and any appurtenance thereto (with persons
        and materials, if required) for the purpose of: (a) inspecting the same; (b) making such repairs, replacements or Alterations which Landlord may be allowed to perform as herein provided; and (c) showing the Property to prospective purchasers,
        lenders or lessees. In the exercise of its rights under this Section, Landlord shall use reasonable efforts to avoid material interference with the operation of Tenant’s business within the Properties.

    

    

    10.          Condition of Properties.  Tenant agrees to
        accept the Properties, and all buildings, fixtures, equipment, or any other improvement located on the Properties, in their “as is” and “where is” condition and without any agreements, representations, understandings or obligations on the part of
        Landlord to perform any Alterations, repairs or improvements.  Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation as to the condition of the Properties or the suitability of the Properties for Tenant’s
        intended use.

    

    

    
      5

      
        

    

    11.           Alterations.

    

    

    (a)             Tenant may make any or all
        changes, additions, improvements, reconstructions or replacements of any of the improvement located on the Properties (each, an “Alterations” and collectively, the “Alterations”), both interior or exterior, without the prior written
        consent of the Landlord provided such Alterations comply with all of the following provisions:  (i) the fair market value of the Property upon which an Alteration is performed shall not be lessened in any material respect as a result of any such
        Alteration, nor shall the structural integrity of such Property be impaired; (ii) the Alteration and any Alteration theretofore made or thereafter to be made shall not in the aggregate reduce the gross floor area of the applicable Property, nor
        shall any such Alteration materially adversely affect access to such Property; (iii) the Alteration shall be performed in a good and workmanlike manner, and shall be promptly completed in compliance with all applicable laws, (iv) all work done in
        connection with any such Alteration shall comply with all policies of insurance applicable to the Property upon which the Alteration is performed, (v) Tenant shall promptly pay all costs and expenses of any such Alteration, and shall promptly
        discharge all liens filed against any of such Property arising out of the same, (vi) Tenant shall procure and pay for all permits and licenses required in connection with any such Alteration, and (vii) all such Alterations shall be the property of
        Landlord and shall be subject to this Lease.  Tenant shall maintain and upon request provide to Landlord all as-built plans and specifications or record drawings that Tenant obtains in performing Alterations.

    

    

    (b)            All Alterations shall be performed
        only by qualified contractors and subcontractors.  Tenant shall cause all contractors and subcontractors to procure and maintain “Builder’s All Risk” insurance coverage naming Landlord as an additional insured against such risks, in such amounts,
        and with such companies as Landlord may reasonably require. All Alterations shall be performed in accordance with all applicable laws and in a good and workmanlike manner so as not to damage the Properties, or any improvements, fixtures or
        equipment located thereon.

    

    

    (c)            Tenant shall not permit any
        construction or mechanic’s liens to be filed against any Property for any Alterations, materials furnished for Alterations, or obligation incurred by or at the request of Tenant. If such a lien is filed, then Tenant shall, within ten (10) days
        after such filing, either pay the amount of the lien or diligently contest such lien and deliver to Landlord a bond or other security satisfactory to Landlord, in Landlord’s sole discretion. If Tenant fails to timely take either such action, then
        Landlord may pay the lien claim, and any amounts so paid, including expenses and interest, shall be paid by Tenant to Landlord within ten (10) days after Landlord has invoiced Tenant therefor.

    

    

    12.           Assignment/Subletting.

    

    

    (a)          Tenant may assign its interest in
        all or any portion of this Lease or sublease all or any portion(s) of the Properties without the prior written consent of Landlord.  Unless Landlord consents to releasing Tenant in writing in advance, which consent Landlord may withhold in its sole
        and absolute discretion, no sublease under, or assignment of this Lease shall relieve Tenant of its obligations hereunder, and all such obligations shall continue as the obligations of a principal and not as the obligations of a surety or a
        guarantor.  Notwithstanding any merger, consolidation or sale (i) of the Tenant, (ii) of any parent, subsidiary or affiliate of the Tenant or (iii) of any or all of the assets of the Tenant or any parent, subsidiary or affiliate of the Tenant, the
        original Tenant (and any successor of the original Tenant by such merger, sale or consolidation) shall continue to be obligated for all of the Tenant’s obligations hereunder without any abatement, diminution, set-off, reduction, rebate,
        termination, or decrease.  The joint and several liability of Tenant named herein and any immediate and remote successor in interest of Tenant (by assignment or otherwise), and the due performance of the obligations of this Lease on Tenant’s part
        to be performed or observed, shall not in any way be discharged, released or impaired by any (i) agreement which modifies any of the rights or obligations of the parties under this Lease, (ii) stipulation which extends the time within which an
        obligation under this Lease is to be performed, (iii) waiver of the performance of an obligation required under this Lease, or (iv) failure to enforce any of the obligations set forth in this Lease, unless in each case, the same has been consented
        to by Landlord in writing.

    

    

    
      6

      
        

    

    (b)            Each sublease of any Property or
        any part thereof shall be subject and subordinate to the provisions of this Lease, and a copy thereof shall be delivered to Landlord within fifteen (15) days after the execution and delivery of such sublease.  Actions affecting a Property by the
        subtenant (including, but not limited to, a holding over by a subtenant after the expiration or sooner termination of this Lease) shall also be deemed actions taken by Tenant.  Tenant shall, within a minimum of ten (10) days prior to the execution
        and delivery of any such assignment as described in this Section, give notice of such assignment to Landlord.  Tenant further agrees that in the case of such assignment, Tenant shall, within fifteen (15) days after the execution and delivery of any
        such assignment, deliver to Landlord (i) a duplicate original of such assignment in recordable form and (ii) an agreement executed and acknowledged by the assignee in recordable form wherein the assignee shall agree to assume and agree to observe
        and perform all of the terms and provisions of this Lease on the part of the Tenant to be observed and performed, and, in the case of a sublease, Tenant shall, within fifteen (15) days after the execution and delivery of such sublease, deliver to
        Landlord a duplicate original of such sublease.

    

    

    (c)            Upon the occurrence of an Event of
        Default under this Lease, Landlord shall have the right to collect and enjoy all rents and other sums of money payable under any sublease of any of the Properties, and Tenant hereby irrevocably and unconditionally assigns such rents and money to
        Landlord, which assignment may be exercised upon and after (but not before) the occurrence of an Event of Default.  All subleases shall provide that upon notice from Landlord of an Event of Default, all rent due under such sublease shall be paid as
        so directed.

    

    

    (d)            In the event of a termination of
        this Lease, any subtenant of the Properties shall, at the option of Landlord, exercisable within thirty (30) days after such termination, attorn to Landlord.  Each subtenant who hereafter takes an interest in any Property shall be deemed to have
        agreed to the provisions of this Section.  Tenant covenants that each sublease of any Property hereafter executed shall contain a clause expressly providing that the subtenant thereunder shall attorn to Landlord, upon request of Landlord, in the
        event of a termination of this Lease, but the absence of such a clause from any sublease shall not relieve the subtenant from the provisions of this Section.  In the event Landlord expressly waives such right of attornment or does not timely
        exercise the option to have a subtenant attorn as aforesaid, such sublease shall automatically terminate.

    

    

    13.          Tenant’s Failure to Perform.  In the event
        Tenant fails or neglect to perform all Tenant’s obligations required hereunder, Landlord shall have the right, but not the duty, to perform said obligation of Tenant, after giving Tenant written notice, and the sum or sums of money paid by
        Landlord, together with all other costs and expenses Landlord incurs, for the purposes aforesaid, plus interest thereon at the then maximum legal contract rate from date of each such payment or performance, shall be deemed to be Additional Rent and
        shall become due and payable by Tenant to Landlord with the next monthly installment of Basic Rent becoming due and payable thereafter.  All Basic Rent and Additional Rent that is not paid when due shall accrue interest from and after such due date
        at the maximum legal contract rate until it is paid in full.

    

    

    14.           Events of Default.  The occurrence of any one
        or more of the following events shall constitute an Event of Default under this Lease (each an “Event of Default”):

    

    

    
      7

      
        

    

    (a)             Tenant’s failure to make any
        payment of Basic Rent when due which continues unremedied for a period of three (3) business days.

    

    

    (b)             Tenant’s failure to make payment
        of Additional Rent or other sum herein required to be paid by Tenant and such default shall continue for a period of fifteen (15) business days after written notice by Landlord to Tenant.

    

    

    (c)            Tenant’s failure to duly perform
        and observe, or Tenant’s violation or breach of, any other material provision hereof if such failure shall continue for a period of thirty (30) days after notice thereof from Landlord, or if such failure cannot be cured within such period of thirty
        (30) days, such period shall be extended for such longer time as reasonably necessary (not to exceed a total of one ninety (90) days) provided that Tenant has commenced to cure such default within said period of thirty (30) days and is actively,
        diligently and in good faith proceeding with continuity to remedy such failure.  Tenant agrees that after receiving any such notice of default referred to above in this subsection (c), Tenant shall, upon request of Landlord, advise the requesting
        party of Tenant’s progress in curing such default.

    

    

    (d)           Tenant becomes insolvent within
        the meaning of the United States Bankruptcy Code, as amended (the “Code”), files or notifies Landlord that it intends to file a petition under the Code, initiates a proceeding under any similar law or statute relating to bankruptcy,
        insolvency, reorganization, winding up or adjustment of debts (any of the foregoing hereinafter referred to as, an “Action”), becomes the subject of either a petition under the Code or an Action which continues undischarged or unstayed for a
        period of ninety (90) days, or is not generally paying its debts as the same become due.

    

    

    (e)            A court shall enter an order,
        judgment or decree appointing a receiver or trustee for it or for any of the Properties or approving a petition filed against Tenant that seeks relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction,
        and such order, judgment or decree shall remain in force, undischarged or unstayed, ninety (90) days after it is entered.

    

    

    (f)             Tenant shall be liquidated or
        dissolved or shall begin proceedings towards its liquidation or dissolution, or shall, in any manner, permit the divestiture of all or substantially all of its assets other than in connection with a merger or consolidation of Tenant, as the case
        may be, into, or a sale of all or substantially all of Tenant’s assets to, another corporation provided that the survivor of such merger or consolidation, or the purchaser of such assets, shall assume all of Tenant’s obligations under this Lease by
        a written instrument, in form and substance reasonably satisfactory to Landlord, accompanied by an opinion of counsel, reasonably satisfactory to Landlord, stating that such instrument of assumption is valid, binding and enforceable against the
        parties thereto in accordance with its terms, and provided further that, immediately after giving effect to any such merger or consolidation or sale of such assets, the survivor of such merger or consolidation, or the purchaser of such assets, as
        the case may be, shall have a consolidated tangible net worth equal or greater than that of Tenant immediately prior to such merger or consolidation or sale of such assets, as the case may be.

    

    

    (g)          The estate or interest of Tenant in
        any of the Properties shall be levied upon or attached in any proceeding and such estate or interest is about to be sold or transferred or such process shall not be vacated or discharged within ninety (90) days after such levy or attachment.

    

    

    (h)           Any representation or warranty
        made in writing by or on behalf of the Tenant or by any officer of the Tenant in this Lease or in any estoppel certificate furnished to Landlord or in any other writing furnished in connection with the transactions contemplated by this Lease proves
        to be false or incorrect in any material respect on the date as of when made.

    

    

    
      8

      
        

    

    (i)              Tenant acknowledges and agrees
        that all notice periods provided in this Section are in lieu of, and not in addition to any notice periods provided by law.

    

    

    15.            Landlord’s Remedies.  After the occurrence of
        an Event of Default by Tenant, Landlord shall have the right to exercise the following remedies:

    

    

    (a)           Landlord may, at its option,
        continue this Lease in full force and effect, without terminating Tenant’s right to possession of the Properties, in which event Landlord shall have the right to collect Basic Rent, Additional Rent and all other charges when due.  In the
        alternative, Landlord shall have the right to peaceably re-enter any Property on the terms set forth in subsection (b) below, but without such re-entry being deemed a termination of the Lease or an acceptance by Landlord of a surrender thereof. 
        Landlord shall also have the right, at its option, from time to time, without terminating this Lease, to relet any Property, or any part thereof, with or without legal process, as the agent, and for the account, of Tenant upon such terms and
        conditions as Landlord may deem advisable (which terms may be materially different from the terms of this Lease), in which event the rents received on such reletting shall be applied (i) first to the reasonable and actual expenses of such reletting
        and collection, including without limitation necessary renovation and Alterations of such Property, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (ii) thereafter toward payment of all sums due
        or to become due Landlord hereunder.  If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly
        deficiency shall arise.  Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of a Property in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future
        obligations of Tenant hereunder.  Landlord’s re-entry and reletting of a Property without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth below.

    

    

    (b)            Landlord may terminate this Lease
        by written notice to Tenant specifying a date therefor, which shall be no sooner than ten (10) business days following notice to Tenant, and this Lease shall then terminate on the date so specified as if such date had been originally fixed as the
        expiration date of the Term.  In the event of such termination, Landlord shall be entitled to recover from Tenant the worth at the time of the payment by Tenant of all of the following:

    

    

    (i)              Any obligation which has accrued prior to the date of termination,
        plus,

    

    

    (ii)            The amount of unpaid Basic Rent, Additional Rent and all other charges
        have accrued after termination until the time of payment by Tenant, plus,

    

    

    (iii)          The amount by which the unpaid Basic Rent and Additional Rent for the
        balance of the Term (excluding any option periods or portions thereof not previously exercised) exceeds the fair and reasonable rental value of the Properties for such period (taking into account, among other factors, the anticipated duration that
        the Properties would be unoccupied prior to reletting and the anticipated costs of reletting the Properties.

    

    

    (c)             Tenant agrees that Landlord
        shall have no obligation to mitigate damages hereunder following a termination of this Lease due to an Event of Default, and in any action or claim by Landlord against Tenant due to breach of this Lease following an Event of Default the amount of
        damages to which Landlord may be entitled shall not be reduced to reflect any loss which Landlord may be able to recover by reletting of the Properties or other efforts at mitigation.  To the extent that applicable law requires Landlord to mitigate
        damages, Tenant agrees that it shall have the burden of proving the amount of damages which Landlord may be able to recover by mitigation and that Landlord shall have no obligation to subdivide any Property or to lease any Property other than on a
        triple net basis (substantially consistent with the terms of this Lease) to a tenant whose long term debt is rated at least investment grade by Standard & Poor’s Corporation.

    

    

    
      9

      
        

    

    (d)            Landlord may recover from Tenant,
        and Tenant shall pay to Landlord upon demand, as Additional Rent, such reasonable and actual expenses as Landlord may incur in recovering possession of any Property, placing the same in good order and condition and repairing the same for reletting,
        and all other reasonable and actual expenses, commissions and charges incurred by Landlord in exercising any remedy provided herein or as a result of any Event of Default by Tenant hereunder (including without limitation attorneys’ fees).

    

    

    (e)            At any time upon prior notice to
        Tenant, Landlord shall have the right, but shall not be required, to pay such sums or do any act that requires the expenditure of monies that may be necessary or appropriate by reason of the failure or neglect of Tenant to comply with any of its
        obligations under this Lease, and in the event of the exercise of such right by Landlord, Tenant shall pay to Landlord promptly upon demand, as Additional Rent, all such sums including reasonable attorneys’ fees, together with interest thereon at
        the Default Rate.

    

    

    (f)              The various rights and remedies
        reserved to Landlord herein are cumulative and shall survive termination of this Lease, and Landlord may pursue any and all such rights and remedies and any other available to Landlord under applicable law or equity, whether at the same time or
        otherwise (to the extent not inconsistent with specific provisions of this Lease).  To the extent permitted under applicable law, Landlord expressly reserves its right to forcibly dispossess Tenant from the any Property, whether peaceably or
        otherwise, without judicial process.

    

    

    16.         Casualty Events. 

        In the event of any casualty (whether or not insured against) resulting in damage to any Property or any part thereof, the Term shall nevertheless continue and there shall be no abatement or reduction of Basic Rent, Additional Rent or any
        other sums payable by Tenant hereunder.  Promptly after such casualty, Tenant shall commence and diligently continue to perform the restoration to the Properties to completion.  Tenant shall, regardless of whether or not it obtains sufficient
        insurance proceeds, promptly repair or replace the improvements, fixtures and equipment on the damaged Property as nearly as possible to their value and condition and character immediately prior to such event and in accordance with this Lease. 
        Tenant shall adjust and compromise any and all casualty claims related to any or all of the Properties.  In the event of any casualty loss in excess of $2,000,000.00, Tenant shall give Landlord immediate notice thereof, and Landlord shall have the
        right, but not the obligation, to join with Tenant in adjusting and compromising such casualty claim.  If Landlord and Tenant elect not to repair or rebuild a Property, and Landlord receives insurance proceeds, then the casualty loss will be
        treated like a sale of Property, and subject to the Rent Credit described in Section 7(c).

    

    

    17.          Condemnation. 
        In the event a Property, or any portion thereof, shall be taken or condemned by any governmental authority (including, for purposes of this Section, any purchase by such governmental authority in lieu of a taking), the Term shall
        nevertheless continue and there shall be no abatement or reduction of Basic Rent, Additional Rent or any other sums payable by Tenant hereunder, except as provided in this Section. In the case of any taking or condemnation, the entire award shall
        be the property of Landlord; provided, however, Tenant shall be entitled to make application for a separate award as may be made for trade fixtures and other equipment which under the terms of Section 18 of this Lease would not have become the
        property of Landlord; further provided, that any such separate award to Tenant shall not be in diminution of any award otherwise to be made to Landlord in the absence of such award to Tenant.  Notwithstanding the foregoing, upon a condemnation of a
        Property, or portion thereof, Landlord shall provide Tenant a Rent Credit in the manner provided in and in accordance with the terms and conditions of Section 7.

    

    

    
      10

      
        

    

    18.          Termination.  Upon termination of this Lease or
        any extension thereof by passage of time or for any cause, Tenant shall peaceably surrender to Landlord the Properties in broom clean, good repair and condition, subject only to reasonable wear and tear; free and clear of all liens, leases, and
        other encumbrances made or suffered by Tenant.  Tenant shall thereupon have the right to promptly remove from the Properties only such equipment, appliances and other trade fixtures and trade equipment installed and maintained by Tenant in the
        Properties that Tenant purchased under the Asset and Stock Purchase Agreement dated January 29, 2020 by and among Tenant, Landlord and Berkshire Hathaway Inc. or Landlord shall have given written consent to removal prior to its installation by
        Tenant.  All damages to the Properties caused by such removal shall be repaired by the Tenant at its sole cost and expense concurrently with such removal.  Any personal property of Tenant not removed within ten (10) days following the expiration or
        earlier termination of this Lease shall be deemed to have been abandoned by Tenant and shall, at Landlord’s option, become the property of Landlord, and may be retained, appropriated, sold, stored, destroyed, or otherwise disposed of by Landlord,
        at Tenant’s sole cost, as Landlord shall desire without notice to Tenant and without any obligation to account for such items. Tenant’s obligation to observe or perform the covenants set forth in this Section shall survive the termination of this
        Lease.  The acceptance of keys or access cards to any Property by Landlord, its agents, employees, contractors, or any other person on Landlord’s behalf shall not be deemed or constitute an early termination of this Lease unless such early
        termination is evidenced in writing and signed by Landlord.

    

    

    19.         Tenant Indemnification and Insurance.  Tenant
        covenants and agrees to indemnify, protect, and at Landlord’s option defend (with counsel satisfactory to Landlord) and hold harmless the Landlord, its agents, and their parents, affiliates and employees from and against any and all claims, costs,
        charges, liability or attorneys’ fees arising from damage or injury, actual or claimed, of whatsoever kind or character, to property or person, occurring on or arising in connection with the Properties during the Term or any time in which Tenant is
        in occupancy of the Properties, except for damage or injury caused solely by the intentional misconduct of Landlord.  Tenant’s indemnification obligations provided in this Lease shall survive the expiration or sooner termination of this Lease. 
        Tenant further covenants and agrees to procure, pay for and maintain at all times during the Term policies of insurance on such forms, in such amounts, and from such company(ies) as Landlord may require, in Landlord’s reasonable discretion.  Such
        insurance shall include, without limitation, insurance against loss or damage by fire, earthquake, flood and such other perils as are covered under the broadest form of the “extended coverage” or “all risk” endorsement available in the state in
        which the applicable Property is located including, but not limited to, damage by wind storm, hurricane, lightning, explosion, smoke, sprinkler leakage, vandalism, malicious mischief and such other risks as are normally covered by such
        endorsements.  All liability insurance shall name Landlord, Landlord’s managing agent, if any, and their parents and affiliates shall be additional insureds, insuring and indemnifying such parties from injuries or damages arising out of the use of
        or related to the Properties.  All deductibles and/or retentions shall be paid by, assumed by, for the account of and at Tenant’s risk.  Tenant’s coverage of Landlord shall be primary and noncontributory with respect to any policies carried by
        Landlord; any coverage carried by Landlord will be excess insurance.  Prior to the commencement of the Term, and any time upon request of Landlord, Tenant shall furnish Landlord with binders, policies, and/or certificates of insurance evidencing
        said insurance so maintained by the Tenant.  Tenant waives all rights against Landlord for casualty loss and all policies of every type of insurance procured by Tenant shall contain a waiver of subrogation rights against Landlord.

    

    

    20.        Subordination.  Nothing herein shall empower
        Tenant to do any act that can, may or shall cloud or encumber the Landlord’s interest in any Property, or any improvements, equipment or fixtures on any Property including, without limitation, recordation of a Uniform Commercial Code (UCC)
        Financing Statement in the land records office in the county where the Properties are situated.  Tenant’s rights are and shall always be subordinate to the lien of any encumbrances or mortgages now or hereafter placed by Landlord, its affiliated
        entities, or assigns, upon the land and building in which the Properties are located or any underlying leasehold estate and to all advances made or hereafter to be made upon the security thereof.  In the event that Landlord is in default under its
        financing with its lender, and if such loan documentation provides for a security interest in the Lease or the rents payable thereunder, Tenant agrees to attorn to Landlord’s lender, upon such lender’s request.  Tenant shall execute such further
        instruments subordinating this Lease to the lien or liens of any such mortgage or mortgages or encumbrances or to any such underlying lease or leases, and such estoppel certificates, as shall be requested by the Landlord.  Tenant grants to Landlord
        a power of attorney for the limited purpose of executing any such subordination or estoppel instruments on behalf of Tenant in the event that Tenant does not do so within thirty (30) days of Landlord’s request.

    

    

    
      11

      
        

    

    21.         Holding Over. 
        If Tenant shall hold over beyond the expiration of the Term with the written consent of Landlord, then Tenant shall be a tenant at sufferance and, in addition to all other damages and remedies which Landlord may be entitled for such holding
        over, Tenant shall be construed to be occupying the Properties at a Basic Rent of one hundred twenty-five percent (125%) of the rate as the Term that just ended for the first ninety (90) days and one hundred fifty percent (150%) for any period
        thereafter.  If Tenant fails to surrender the Properties upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from
        all loss, costs (including reasonable attorneys’ fees) and liability resulting from such failure, including any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits to Landlord resulting therefrom.  No
        extension or renewal of this Lease shall be deemed to have occurred by any holding over.

    

    

    22.           Removal of Property Upon Termination.  Tenant agrees that if Tenant fails to remove all of Tenant’s property from the Properties within ten (10) days after termination of this Agreement, Landlord shall have the right to immediately remove all of
        Tenant’s property from the Properties and to destroy it or store it elsewhere at Tenant’s sole expense. In addition, Tenant shall indemnify and hold Landlord harmless from any liability, loss, cost, or obligation on account of or arising out of any
        such removal and destruction or other storage of property from the Properties.

    

    

    23.        Notices.  All notices and other communications
        required or permitted to be given hereunder shall be in writing and shall be mailed by certified or registered mail, postage prepaid, or by Federal Express or similar overnight delivery service, addressed to the following addresses, as applicable:

    

    

    If to Landlord, at:

    

    

    If to BH Media Group, Inc.:

    

    

    BH Media Group

    Attn: Mr. Ted Weschler

    c/o Berkshire Hathaway Inc.

    3555 Farnam St, Ste 1440

    Omaha, NE 68131

    

    

    With a copy to:

    Baird Holm LLP

    Attn: J. Scott Searl and Brian R. Schumacher

    1700 Farnam Street, Suite 1500

    Omaha, NE 68102-2068

    

    

    If to Tenant:

    

    

    Lee Enterprises, Incorporated

    Attn: Mr. Kevin D. Mowbray

    4600 E. 53rd St.

    Davenport, Iowa 52807

    

    

    With a copy to:

    Lane & Waterman LLP

    Attn: C.D. Waterman III and T.F. Olt III

    220 N. Main Street, Suite 600

    Davenport, Iowa 52801

    

    

    
      12

      
        

    

    Notices shall be effective upon receipt or refusal. Any party shall be entitled to change its address for notice by providing notice of such change in accordance herewith. Until such time as the notice
      of change is effective pursuant to the terms of this Section, the last address of said party shall be deemed to be the proper address of said party.

    

    

    24.           No Waiver.  No

        waiver of any covenant or condition by a part to this Lease shall be deemed to imply or constitute a further waiver of the same covenant or condition or of any other covenant or condition of this Lease.

    

    

    25.           No Partnership.  Nothing contained in this
        Lease shall be construed or deemed to create a partnership or joint venture for or between Landlord and Tenant, or to create any other relationship between the parties other than that of landlord (Landlord) and tenant (Tenant).

    

    

    26.           Governing Law.  This Lease shall be governed
        by and construed in accordance with the laws of, or applicable to, the State of Delaware, without application of its conflict of laws principles.

    

    

    27.           Counterparts. 

        This Lease may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf
        or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
        for all purposes.

    

    

    28.           Entire Agreement-Modification-Partial Invalidity. 

        This Lease constitutes the entire agreement between Landlord and Tenant relating to the subject matter of this Lease.  It is understood that there are no oral agreements between the parties hereto affecting this Lease and this Lease supersedes and
        cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed by the Landlord to Tenant with respect to the subject matter thereof, and none shall be used to
        interpret or construe this Lease.  It is further agreed by and between the parties hereto that there shall be no modification or amendment of this Lease, except as may be executed in writing between the parties to this Lease.  Landlord and Tenant
        agree that this Lease is a product of their joint efforts, that it expresses their agreement and that it should not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant because of their efforts in its
        preparation, and each party has had an opportunity to be represented by legal counsel.  If any provision of this Lease, or the application thereof to any person or circumstance, shall, to any extent, be invalid or unenforceable, the remainder of
        this Lease and the application of such provision to all other persons and circumstances shall not be affected and shall be valid and enforceable to the fullest extent of the law.

    

    

    29.          Landlord Transfer.  Landlord may transfer any or all of the Properties, and any improvements located thereon, and any of its rights under this Lease. Landlord shall thereby be released from any further obligations hereunder, provided that the
        assignee assumes Landlord’s obligations hereunder in writing.

    

    

    30.           Brokers. 
        Each party represents and warrants that it has caused or incurred no claims for brokerage commissions or finder’s fees in connection with the execution of this Lease payable to any party and each party shall indemnify and hold the other harmless
        against and from all liabilities arising from any such claims caused or incurred by it (including without limitation, the cost of attorneys’ fees in connection therewith) other than fees payable to Tenant Broker and Landlord Broker, which shall be
        paid by Landlord pursuant to the terms of a separate written agreement.

    

    

    31.           Time of Essence.  Time is of the essence with
        respect to the performance of every covenant and condition of this Lease.

    

    

    
      13

      
        

    

    32.          Headings.  The captions, section numbers,
        article numbers and index appearing in this Lease are inserted only as a matter of convenience and in no way define, limit, construe, or describe the scope or intent of such sections or articles of this Lease nor in any way affect this Lease.

    

    

    33.         Palace Building.  In addition to performing its
        obligations as Tenant of the Properties, Tenant shall perform all accounting, book keeping, reporting, property management and/or operational matters related to that certain building and underlying land located at 324 South Main Avenue West, and 23
        West 4th Street South, Tulsa, Oklahoma 74103 (collectively, the “Palace Building”).  Tenant shall perform its obligations related to the Palace Building to
        Landlord’s reasonable satisfaction and in such amounts as Landlord may reasonably request, provided however, that Tenant shall have no duty to incur out-of-pocket expenses relating to the management of the
        Palace Building, The parties specifically acknowledge and agree that the Palace Building is not included in the definition of Properties under this Lease and Tenant shall have no right to any net revenues related to the Palace Building,  provided however, in consideration for Tenant providing property management services hereunder,  Landlord shall give Tenant the Rent Credit described in Section 7(c) above upon sale or other disposition of the
        Palace Building.

    

    

    [SIGNATURE PAGE FOLLOWS]

    

    

    
      14

      
        

    

    IN WITNESS WHEREOF, Landlord has signed this Lease as of the day and year first above written.

     

    

    	
            LANDLORD:

          	
            BH Media Group, Inc.

          
	 	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	
            Ted Weschler

          	 
	 	
            Title:

          	
            Authorized Representative

          	 

    

    

    

    

    

    

    

    

    

    

    [Landlord’s Signature Page to BH Media Group, Inc. / Lee Enterprises, Incorporated Lease]

    

    

    
      
        

    

    IN WITNESS WHEREOF, Tenant has signed this Lease as of the day and year first above written.

     

    

    	
            TENANT:

          	
            Lee Enterprises, Incorporated

          
	 	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 

    

    

    

    

    

    

    

    

    [Tenant’s Signature Page to BH Media Group, Inc. / Lee Enterprises, Incorporated Lease]Exhibit 4.11 

 

Execution
Version

 

 

BANCOLOMBIA
S.A.

 

3.000%
SENIOR NOTES DUE 2025

 

 

 

INDENTURE

 

Dated
as of January 29, 2020

 

 

 

The
Bank of New York Mellon,

as
Trustee

 

 

 

     

     

    

 

CROSS-REFERENCE
TABLE*

 

	Trust
    Indenture

    Act Section	Indenture
    Section

	310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(5)	7.10
	 	(b)	7.10
	311	(a)	7.11
	 	(b)	7.11
	312	(a)	2.05
	 	(b)	10.03
	 	(c)	10.03
	313	(a)	7.06
	 	(b)(2)	7.06;
    7.07
	 	(c)	7.06;
    10.02
	 	(d)	7.06
	314	(a)	4.03;10.02;
    10.05
	 	(c)(1)	10.04
	 	(c)(2)	10.04
	 	(e)	10.05
	315	(a)	7.01
	 	(b)	7.05;
    10.02
	 	(c)	7.01
	 	(d)	7.01
	 	(e)	6.10
	316	(a)
    (last sentence)	2.11
	 	(a)(1)(A)	6.04
	 	(a)(1)(B)	6.03
	 	(b)	6.06
	 	(c)	2.14
	317	(a)(1)	6.07
	 	(a)(2)	6.08
	 	(b)	2.04
	318	(a)	10.01
	 	(c)	10.01

 

*
This Cross Reference Table is not part of the Indenture.

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE
    1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE
	Section
    1.01   Definitions	1
	Section
1.02   Other Definitions	5
	Section
1.03   Incorporation by Reference of Trust Indenture Act	5
	Section
1.04   Rules of Construction	6
	 	 
	ARTICLE
    2 

THE NOTES
	Section
    2.01   Form and Dating	6
	Section
2.02   Execution and Authentication	7
	Section
2.03   Registrar and Paying Agent	7
	Section
2.04   Paying Agent to Hold Money in Trust	8
	Section
2.05   Holder Lists	8
	Section
2.06   Transfer and Exchange	8
	Section
2.07   Replacement Notes	12
	Section
2.08   Outstanding Notes	12
	Section
2.09   Treasury Notes	13
	Section
2.10   Temporary Notes	13
	Section
2.11   Cancellation	13
	Section
2.12   Interest	13
	Section
2.13   Defaulted Interest	14
	Section
2.14   Additional Amounts	14
	Section
    2.15   Purchase of Notes	15
	Section
2.16   Unclaimed Amounts	15
	 	 
	ARTICLE
    3 

OPTIONAL REDEMPTION
	Section
3.01   Optional redemption	16
	Section
    3.02   Election to Redeem	16
	Section
3.03   Notice of Redemption	16
	Section
3.04   Selection of Notes to be Redeemed in Part	17
	Section
3.05   Deposit of Redemption Price	17
	Section
3.06   Notes Payable on Redemption Date	18
	Section
3.07   Unredeemed Portions of Partially Redeemed Note	18
	 	 
	ARTICLE
    4 

COVENANTS
	Section
4.01   Payment of Notes	18
	Section
4.02   Maintenance of Office or Agency	18
	Section
4.03   Provision of Financial Statements and Reports	19
	Section
4.04   Stay, Extension and Usury Laws	19
	Section
4.05   Further Actions	19
	Section
    4.06   Compliance Certificate	20

 

    i

     

    

 

Page

 

	ARTICLE
    5 

SUCCESSORS
	Section
    5.01   Merger, Consolidation, or Sale of Assets	20
	Section
5.02   Successor Corporation Substituted	20
	 	 
	ARTICLE
    6 

DEFAULTS AND REMEDIES
	Section
6.01   Events of Default	21
	Section
6.02   Acceleration	22
	Section
    6.03   Waiver of Past Defaults	22
	Section
6.04   Control by Majority	22
	Section
6.05   Limitation on Suits	22
	Section
6.06   Rights of Holders of Notes to Receive Payment	23
	Section
6.07   Collection Suit by Trustee	23
	Section
6.08   Trustee May File Proofs of Claim	23
	Section
6.09   Priorities	24
	Section
6.10   Undertaking for Costs	24
	 	 
	ARTICLE
    7 

TRUSTEE
	Section
7.01   Duties of Trustee	24
	Section
7.02   Rights of Trustee	25
	Section
7.03   Individual Rights of Trustee	26
	Section
7.04   Trustee’s Disclaimer	27
	Section
7.05   Notice of Defaults	27
	Section
7.06   Reports by Trustee to Holders of the Notes	27
	Section
7.07   Compensation and Indemnity	27
	Section
7.08   Replacement of Trustee	28
	Section
    7.09   Successor Trustee by Merger, etc.	29
	Section
7.10   Eligibility; Disqualification	29
	Section
7.11   Preferential Collection of Claims Against Company	29
	 	 
	ARTICLE
    8 

AMENDMENT, SUPPLEMENT AND WAIVER
	Section
8.01   Without Consent of Holders of Notes	29
	Section
8.02   With Consent of Holders of Notes	30
	Section
8.03   Compliance with Trust Indenture Act	31
	Section
8.04   Revocation and Effect of Consents	31
	Section
8.05   Notation on or Exchange of Notes	31
	Section
    8.06   Trustee to Sign Amendments, etc.	32
	 	 
	ARTICLE
    9 

satisfaction and discharge
	Section
9.01   Satisfaction and Discharge	32
	Section
9.02   Application of Trust Money	33
	 	 
	ARTICLE
    10 

MISCELLANEOUS
	Section
10.01   Trust Indenture Act Controls	33
	Section
10.02   Notices	33

 

    ii

     

    

 

Page

 

	Section
    10.03   Communication by Holders of Notes with Other Holders of Notes	34
	Section
10.04   Certificate and Opinion as to Conditions Precedent	34
	Section
10.05   Statements Required in Certificate or Opinion	35
	Section
    10.06   Rules by Trustee and Agents	35
	Section
10.07   Currency Rate Indemnity	35
	Section
10.08   No Personal Liability of Directors, Officers, Employees and Stockholders	36
	Section
10.09   Governing Law, Jurisdiction	36
	Section
    10.10   Maintenance of Office or Agent for Service of Process	36
	Section
10.11   No Adverse Interpretation of Other Agreements	37
	Section
10.12   USA Patriot Act	37
	Section
    10.13   FATCA	37
	Section
10.14   Successors	37
	Section
10.15   Severability	37
	Section
10.16   Counterpart Originals	37
	Section
    10.17   Table of Contents, Headings, etc.	38

 

EXHIBIT
A    FORM OF NOTE

 

    iii

     

    

 

INDENTURE dated as of January 29, 2020
between Bancolombia S.A., a financial institution incorporated under the laws of Colombia (sociedad anόnima) (the “Company”),
and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”).

 

The Company and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 3.000% Senior Notes due
2025 (the “Notes”):

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01           
Definitions.

 

“Additional Amounts” has
the meaning assigned to it in Section 2.14(a) hereof.

 

“Additional Notes” means
additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Section 2.02 hereof, as part
of the same series as the Initial Notes.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms “controlling,”
 “controlled by” and “under common control with” have correlative meanings.

 

“Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent.

 

“amend” means to amend,
supplement, restate, amend and restate or otherwise modify; and “amendment” shall have a correlative meaning.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of
the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset” means any asset
or property.

 

“Bankruptcy Law” means
the provisions of the Financial Statute concerning bankruptcy of financial institutions, the Decree 2555 of 2010, as amended, and
any other Colombian law or regulation regulating the insolvency of financial entities from time to time.

 

“Board of Directors”
shall mean, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the
case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the board of
directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

“Business Day” means
any day other than a Saturday, Sunday or other day on which banking institutions in New York or Colombia are authorized or required
by law to close.

 

“Clearstream” means
Clearstream Banking, S.A.

 

     

     

    

 

“Code” has the meaning
assigned to it in Section 2.14(d) hereof.

 

“Colombian Banking GAAP”
means generally accepted accounting principles as prescribed by the SFC for banks licensed to operate in Colombia, consistently
applied, as in effect from time to time.

 

“Company” means Bancolombia
S.A., and any and all successors thereto.

 

“Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 10.02 hereof or such other address as to which the
Trustee may give notice to the Company.

 

“Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Decree 2555” means
Decree 2555 of 2010, as amended from time to time.

 

“Default” means (1)
any Event of Default or (2) any event, act or condition that, after notice or the passage of time or both, would be an Event of
Default.

 

“Definitive Note” means
a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially
in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the
 “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Equity Interests” of
any Person means (a) any and all shares or other equity interests (including common stock, preferred stock, limited liability company
interests and partnership interests) in such Person and (b) all rights to purchase, warrants or options (whether or not currently
exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests in such
Person.

 

“Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system.

 

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

 

“External Liabilities”
means any liabilities to third parties that constitute external debt of the Company (pasivo externo) under Colombian banking
laws and accounting principles, whether outstanding on the Issue Date or thereafter created, incurred or assumed. Under Colombian
banking laws and accounting principles, “external debt” (pasivo externo) means, in the case of the Company,
any and all liabilities to third parties, as reflected in the financial statements of the Bank from time to time or any and all
liabilities to third parties in the event of liquidation.

 

“FATCA Withholding Tax”
has the meaning assigned to it in Section 2.14(d) hereof.

 

“Financial Statute”
means Decree 663 of 1993, as amended, of the Republic of Colombia.

 

“Global Note Legend”
means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global Notes issued under this
Indenture.

 

    2 

     

    

 

“Global Note” means
any Note deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form
of Exhibit A hereto and that bears the Global Note Legend.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Holder” means any registered
holder, from time to time, of the Notes.

 

“Indebtedness” means,
with respect to any Person, any obligation, for the payment or repayment of money borrowed or otherwise evidenced by debentures,
Notes, bonds, or similar instruments or any other obligation (including all trade payables and other accounts payable and including
payments relating to bank deposits) that would appear or be treated as indebtedness upon a balance sheet if such Person prepared
it in accordance with Colombian Banking GAAP.

 

“Indenture” means this
Indenture, as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Intervention Measures”
means any of the measures described in article 114 of the Financial Statute, as amended from time to time, that allow the SFC to
take possession of a financial institution, Decree 2555 as amended, and any other Colombian law or regulation regulating the administrative
takeover of a financial institution.

 

“Initial Notes” means
the U.S.$950,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Interest” means, with
respect to the Notes, interest on the Notes.

 

“Interest Payment Date” means
the stated due date of an installment of interest on the Notes as specified in the Form of Face of Note contained in Exhibit A.

 

“Issue Date” means the
date on which the Initial Notes are originally issued.

 

“Note Custodian” means
the custodian with respect to any Global Note appointed by DTC, or any successor Person thereto, and shall initially be the Trustee.

 

“Note Register” has
the meaning assigned to it in Section 2.03 hereof.

 

“Notes” has the meaning
assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes, if any, shall be treated as a single
class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include
the Initial Notes and the Additional Notes, if any.

 

“Obligation” means any
principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities payable under
any Indebtedness.

 

“Officer” means any
of the following of the Company: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer,
the President, any Vice President, the Treasurer or the Secretary.

 

    3 

     

    

 

“Officers’ Certificate”
means a certificate signed by two Officers.

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 10.04
hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.

 

“Participant” means,
with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Person” means any individual,
corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company,
trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.

 

“Preventive Measures”
means the measures described in article 113 of the Financial Statute, as amended from time to time, that the SFC can take with
respect to a financial institution prior to and in order to avoid having to take an Intervention Measure, Decree 2555 as amended,
and any other Colombian law or regulation regulating such type of measures.

 

“Principal” means, with
respect to the Notes, as of any date, the principal of, and premium, if any, on the Notes.

 

“Redemption Date” means,
with respect to any redemption of Notes, the date fixed for such redemption pursuant to this Indenture and the Notes.

 

“Relevant Taxing Jurisdiction”
has the meaning assigned to it in Section 2.14(a) hereof.

 

“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee) having direct responsibility for the administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended.

 

“SFC” means the Colombian Superintendency
of Finance (Superintendencia Financiera de Colombia) or any other successor governmental entity in charge of the surveillance
of financial institutions in Colombia.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture, and will
not include any contingent obligations to repay or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof.

 

    4 

     

    

 

“Subsidiary” means,
with respect to any Person:

 

(1)                any
corporation, limited liability company, association or other business entity of which more than 50% of the total voting power
of the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board
of Directors thereof are at the time owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)               
any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of
such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination
thereof).

 

Unless otherwise specified, “Subsidiary”
refers to a Subsidiary of the Company.

 

“Tax” shall mean any
tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any other liabilities related
thereto).

 

“Taxing Authority” shall
mean any government or political subdivision or territory or possession of any government or any authority or agency therein or
thereof having power to tax.

 

“TIA” or “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee” means The
Bank of New York Mellon until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.

 

“Voting Stock” of any
specified Person as of any date means the capital stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.

 

Section
1.02           
Other Definitions.

 

	 	 	Defined in	 
	Term	 	Section	 
	“Authentication Order”	 	 	2.02	 
	“DTC”	 	 	2.03	 
	“Event of Default”	 	 	6.01	 
	“Paying Agent”	 	 	2.03	 
	“Registrar”	 	 	2.03	 

 

Section
1.03           
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms have the following
meanings when used in this Indenture:

 

“indenture securities”
means the Notes;

 

“indenture security Holder”
means a Holder of a Note;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the Trustee; and

 

“obligor” on the Notes
means the Company and any successor obligor upon the Notes.

 

All other terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings
so assigned to them.

 

    5 

     

    

 

Section
1.04           
Rules of Construction.

 

Unless the context otherwise requires:

 

(1)               
a term has the meaning assigned to it;

 

(2)               
an accounting term not otherwise defined has the meaning assigned to it in accordance with Colombian Banking GAAP;

 

(3)               
“or” is not exclusive;

 

(4)               
words in the singular include the plural, and in the plural include the singular;

 

(5)               
“will” shall be interpreted to express a command;

 

(6)               
provisions apply to successive events and transactions; and

 

(7)               
references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time.

 

ARTICLE
2

THE NOTES

 

Section
2.01           
Form and Dating.

 

(a)               
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be
dated the date of its authentication. The Notes will be issued in registered form, without coupons, and in minimum denominations
of U.S.$200,000 and integral multiples of U.S.$1,000.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

 

(b)                Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).
Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).
Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the Trustee or the Note Custodian, at the direction
of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

 

    6 

     

    

 

Section
2.02        
Execution and Authentication.

 

At least one Officer
must sign the Notes for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company
pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

The Company may, from
time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the Holders,
create and issue pursuant to this Indenture additional notes (“Additional Notes”) that shall have terms and
conditions identical to those of the other outstanding Notes, except with respect to: (1) the issue date; (2) the first Interest
Payment Date; (3) the issue price and (4) any adjustments necessary in order to conform to and ensure compliance with the Securities
Act (or other applicable securities laws).

 

The Trustee shall not
be required to authenticate any Additional Notes, nor will it be liable for its refusal to authenticate any Additional Notes, if
(i) the issue of such Additional Notes will affect the Trustee’s own rights, duties or immunities under the Notes and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee, (ii) the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or may expose the Trustee to personal liability to existing Holders or others
or (iii) the Company fails to deliver to the Trustee an Opinion of Counsel stating that such Additional Notes will be fungible
with, and constitute a single issuance with, the Initial Notes for U.S. federal income tax purposes.

 

Section
2.03        
Registrar and Paying Agent.

 

The Company will
maintain an office or agency in the Borough of Manhattan, City of New York, where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and where Notes may be presented for payment (“Paying
Agent”) and for the service of notices and demands to or upon the Company in respect of the Notes and this
Indenture. The Registrar will keep a register of the Notes and of their transfer and exchange (the “Note
Register”). The Company may appoint one or more co-registrars and one or more additional paying agents. The term
 “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying
agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee
in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as
Paying Agent or Registrar.

 

    7 

     

    

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Note Custodian with respect to the Global Notes.

 

Section
2.04        
Paying Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and
will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary)
will have no further liability for such money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold
in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any Intervention Measure or
Preventive Measure relating to the Company, the Trustee will serve as Paying Agent for the Notes, to the extent permitted by applicable
Colombian laws.

 

Section
2.05        
Holder Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee
at least seven (7) Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders and the
Company shall otherwise comply with TIA § 312(a).

 

Section
2.06        
Transfer and Exchange.

 

(a)               
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

 

(1)               
the Company delivers to the Trustee notice in writing from the Depositary that it is unwilling or unable to continue to
act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within ninety (90) days after the date of such notice from the Depositary;

 

(2)               
the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee; or

 

(3)               
there has occurred and is continuing a Default or Event of Default with respect to the Global Notes.

 

    8 

     

    

 

Upon the occurrence
of any of the preceding events above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee.
Neither the Company nor the Trustee shall be liable for any delay by the Depositary or any Participant or Indirect Participant
in identifying the beneficial owners of the related Notes and the Company and the Trustee may conclusively rely on, and shall be
protected in relying on, instructions from the Depositary for all purposes (including with respect to the registration and delivery,
and respective principal amounts, of the Notes to be issued).

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and ‎2.10 hereof. Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section
2.07 or ‎Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global
Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof and shall bear any
legend required by Section 2.06(f) hereof.

 

(b)               
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1)
or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)               
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)               
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either:

 

(A)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and

 

(ii)              
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or

 

(B)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged; and

 

(ii)              
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above;

 

    9 

     

    

 

(c)               
Transfer or Exchange of Beneficial Interests for Definitive Notes.

 

(1)               
Beneficial Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest in a Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)
hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(1) will be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary
and the Participant or Indirect Participant.

 

(d)               
Transfer and Exchange of Definitive Notes for Beneficial Interests.

 

(1)               
Definitive Notes to Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for
a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of
a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will
cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global
Notes.

 

(e)               
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to
the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must
provide any additional certifications, documents and information, as applicable, requested by the Registrar. A Holder of Definitive
Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note.

 

(f)                
Legends. The legend in substantially the following form will appear on the face of all Global Notes issued under
this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:

 

“THIS GLOBAL NOTE IS HELD BY
THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

    10 

     

    

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE 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.”

 

(g)               
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been repurchased or canceled in whole and not in part,
each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof.
At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note
by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or
by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)               
General Provisions Relating to Transfers and Exchanges.

 

(1)               
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s
request.

 

(2)               
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company or the Registrar may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 0 and 8.05 hereof).

 

(3)               
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

    11 

     

    

 

(4)               
Neither the Registrar nor the Company will be required to register the transfer of or to exchange a Note between a record
date and the next succeeding Interest Payment Date.

 

(5)               
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall
be affected by notice to the contrary.

 

(6)               
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof.

 

(7)               
All certifications, certificates and Opinions of Counsel, if any, required to be submitted to the Registrar pursuant to
this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

 

(8)               
The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Article
2. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications
at any reasonable time, during the Registrar’s regular business hours, upon the giving of reasonable written notice to the
Registrar.

 

Section
2.07        
Replacement Notes.

 

If any mutilated Note
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent
and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge
for its expenses in replacing a Note.

 

Every replacement Note
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section
2.08        
Outstanding Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Note.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the Stated Maturity, money sufficient to pay Notes
payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue
interest.

 

    12 

     

    

 

Section
2.09        
Treasury Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, including, for the avoidance
of doubt, for purposes of declaring an acceleration of the Stated Maturity of the Notes pursuant to Section 6.02, Notes owned
by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows
are so owned will be so disregarded. 

 

Section
2.10        
Temporary Notes.

 

Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of Definitive Notes but may have variations that
the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable
delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary
Notes will be entitled to all of the benefits of this Indenture.

 

Section
2.11        
Cancellation.

 

The Company at any
time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Upon written request, certification of the destruction of all canceled Notes will be delivered to the Company.
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation
for any reason other than in connection with a transfer or exchange.

 

Section
2.12        
Interest.

 

The Notes will bear
interest at 3.000% per year on the outstanding principal amount thereof from and including the closing date of the Notes offering
to, but excluding, the date of maturity or earlier redemption date of the Notes.

 

Interest on the Notes
will be payable semi-annually, in arrears, on January 29 and July 29 of each year (each, an “Interest Payment Date”),
commencing on July 29, 2020, to Holders of record at the close of business on the Business Day immediately prior to each such Interest
Payment Date, as the case may be, immediately preceding the relevant Interest Payment Date. Interest on the Notes will be computed
on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or final maturity date is a day that is not
a Business Day, the related payment of the principal and interest will be made on the next succeeding Business Day as if it were
made on the date the payment was due.

  

    13 

     

    

 

 

 

Section
2.13        
Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each
such special record date and payment date; provided that no such special record date may be less than ten (10) days prior
to the related payment date for such defaulted interest. At least fifteen (15) days before the special record date, the Company
(or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to
be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to
be paid.

 

Section
2.14        
Additional Amounts.

 

(a)               
All payments made by the Company under or with respect to the Notes will be made free and clear of and without withholding
or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of any Taxing Authority in any
jurisdiction in which the Company is organized or is otherwise resident for tax purposes or any jurisdiction from or through which
payment is made (each a “Relevant Taxing Jurisdiction”), unless the Company or the Paying Agent is required
to withhold or deduct Taxes by law or by the interpretation or administration thereof. If the Company or the Paying Agent is required
to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction, from any payment made under
or with respect to the Notes, the Company will pay such additional amounts (“Additional Amounts”) as may be
necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding or deduction will
equal the amount the Holder would have received if such Taxes had not been withheld or deducted; provided, however, that
no Additional Amounts will be payable with respect to any Tax that would not have been imposed, payable or due:

 

(1)               
but for the existence of any present or former connection between the Holder (or the beneficial owner of, or Person ultimately
entitled to obtain an interest in, such Notes) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national
of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing
Jurisdiction) other than the mere holding of the Notes or enforcement of rights thereunder or the receipt of payments in respect
thereof;

 

(2)               
but for the failure to satisfy any certification, identification or other reporting requirements whether imposed by statute,
treaty, regulation or administrative practice, provided, however, that the Company has delivered a request to the
Holder to comply with such requirements at least thirty (30) days prior to the date by which such compliance is required; or

 

(3)               
if the presentation of Notes (where presentation is required) for payment had occurred within thirty (30) days after the
date such payment was due and payable or was duly provided for, whichever is later.

 

(b)               
Additional Amounts will not be payable if the beneficial owner of, or Person ultimately entitled to obtain an interest in,
such Notes had been the Holder and such beneficial owner would not be entitled to the payment of Additional Amounts by reason of
clause (1), (2) or (3) of subsection (a) above. In addition, Additional Amounts will not be payable
with respect to any Tax which is payable otherwise than by withholding from payments of, or in respect of principal of, or any
interest on, the Notes.

 

    14 

     

    

 

(c)               
Whenever in this Indenture there is mentioned, in any context, the payment of amounts based upon the principal amount of
the Notes or of principal, interest or any other amount payable under or with respect to any of the Notes, such mention shall be
deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof.

 

(d)               
Notwithstanding the foregoing, all payments shall be made net of any deduction or withholding imposed or collected pursuant
to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code,
or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code (or any law implementing such an intergovernmental agreement) (any
such withholding is defined as a “FATCA Withholding Tax”), and no additional amounts will be payable as a result
of any such FATCA Withholding Tax.

 

(e)               
The Company will provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of Additional
Amounts.

 

(f)                
The Company will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges
or similar levies which arise in any jurisdiction from the execution, delivery or registration of the Notes or any other document
or instrument referred to therein, or the receipt of any payments with respect to the Notes, excluding any such taxes, charges
or similar levies imposed by any jurisdiction other than a jurisdiction in which the Company is organized or is otherwise resident
for tax purposes, the United States of America or any jurisdiction in which a Paying Agent is located, but not excluding those
resulting from, or required to be paid in connection with, the enforcement of the Notes or any other such document or instrument
following the occurrence of any Event of Default with respect to the Notes.

 

Section
2.15        
Purchase of Notes.

 

The Company may purchase
Notes at any price in the open market, in privately negotiated transactions or otherwise, subject to the applicable laws and regulations
then in effect. Notes so purchased by the Company may be held, resold in accordance with the Securities Act or any exemption therefrom,
or surrendered to the Trustee for cancellation.

 

Section
2.16        
Unclaimed Amounts.

 

Any money deposited
with the Trustee or Paying Agent or held by the Company, in trust, for the payment of principal, premium, interest or any Additional
Amounts, that remains unclaimed for two (2) years after such amount becomes due and payable shall be paid to the Company upon its
request or, if held by the Company, shall be discharged from such trust. The Holder will look only to the Company for payment thereof,
and all liability of the Trustee or any Paying Agent shall thereupon cease. However, the Trustee or Paying Agent may at the expense
of the Company cause to be mailed to Holders at the last address of record, notice that the money remains unclaimed and any unclaimed
balance of such money remaining, after a specified date, will be repaid to the Company.

 

    15 

     

    

 

ARTICLE
3

 OPTIONAL
REDEMPTION

 

Section
3.01           
Optional redemption.

 

The Company may redeem
the Notes, as a whole or from time to time in part, subject to the conditions and at the redemption prices specified in the form
of Notes in Exhibit A.

 

Section
3.02           
Election to Redeem.

 

The Company shall evidence
its election to redeem any Notes pursuant to Section 3.01 hereof by a resolution of its Board of Directors. The Company
shall provide the Trustee an Officers’ Certificate and an opinion of independent legal counsel of nationally recognized standing
each stating that the conditions set forth in this Indenture for the exercise of such redemption pursuant to Section 3.01 hereof
have been met.

 

Section
3.03           
Notice of Redemption.

 

(a)               
The Company shall prepare and mail or cause to be mailed a notice of redemption, in the manner provided for in Section
10.02, not less than ten (10) nor more than sixty (60) days prior to the Redemption Date (with notice to the Trustee at least
three (3) Business Days prior to the date on which notice is given to the Holders, along with a copy of the notice to be delivered),
to each Holder of Notes to be redeemed.

 

(b)               
All notices of redemption shall state:

 

(1)               
the Redemption Date,

 

(2)               
 the redemption price and the amount of any accrued interest payable as provided in Section 3.06 hereof,

 

(3)               
whether or not the Company is redeeming all outstanding Notes,

 

(4)               
if the Company is not redeeming all outstanding Notes, the aggregate principal amount of Notes that the Company is redeeming,
as well as the identification of the particular Notes, or portions of the particular Notes, that the Company is redeeming or the
method by which the Notes will be selected,

 

(5)               
if the Company is redeeming only part of a Note, the notice that relates to that Note shall state that on and after the
Redemption Date, upon surrender of that Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations
for the principal amount of the Note remaining unredeemed,

 

(6)               
any conditions to which the redemption of the Notes may be subject (which may include the consummation of a refinancing
or other transaction),

 

    16 

     

    

 

(7)                that
on the Redemption Date, subject to the satisfaction or waiver of any condition included in a notice of redemption pursuant to
clause (6), the redemption price and any accrued and unpaid interest payable up to
(but excluding) the Redemption Date as provided in Section 3.06 hereof will become due
and payable in respect of each Note, or the portion of each Note, to be redeemed, and, unless the Company defaults in making
the redemption payment, that interest on each Note, or the portion of each Note, to be
redeemed, will cease to accrue on and after the Redemption Date,

 

(8)               
the place or places where a Holder must surrender Notes for payment of the redemption price and any accrued interest payable
on the Redemption Date, and

 

(9)               
the CUSIP or ISIN number, if any, listed in the notice or printed on the Notes, and that no representation is made as to
the accuracy or correctness of such CUSIP or ISIN number.

 

(c)               
At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense;
provided, however, that the Company shall have delivered to the Trustee, at least three (3) Business Days prior to the Redemption
Date, an Officers’ Certificate directing the Trustee to give such notice and setting forth the information to be stated in
such notice as provided in the preceding paragraph, along with a copy of the notice to be delivered.

 

Section
3.04           
Selection of Notes to be Redeemed in Part.

 

(a)               
If the Company is not redeeming all outstanding Notes, the Trustee shall select the Notes to be redeemed in compliance with
the requirements of the principal national securities exchange, if any, on which the Notes are listed as instructed by the Company
in writing or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or in another fair
and reasonable manner chosen at the discretion of the Trustee, subject to the Applicable Procedures. The Trustee shall make the
selection from the outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Company in writing
of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount of the
Notes to be redeemed. In the event of a partial redemption by lot, the Trustee shall select the particular Notes to be redeemed
not less than thirty (30) days nor more than sixty (60) days prior to the relevant Redemption
Date from the outstanding Notes not previously called for redemption. The Company may redeem Notes in denominations of U.S.$200,000
only in whole. The Trustee may select for redemption portions (equal to U.S.$200,000 or any integral multiple of U.S.$1,000) of
the principal of Notes that have denominations larger than U.S.$200,000.

 

(b)               
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes
shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note
which has been or is to be redeemed.

 

Section
3.05           
Deposit of Redemption Price.

 

By 10:00 a.m. (New
York City time), at least one (1) Business Day prior to the relevant Redemption Date, the Company shall deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as the Paying Agent, segregate and hold in trust as provided in Section
2.04) an amount of money in immediately available funds sufficient to pay the redemption price of, and accrued interest on,
all the Notes that the Company is redeeming on that date.

 

    17 

     

    

 

Section
3.06           
Notes Payable on Redemption Date.

 

If the Company,
or the Trustee on behalf of the Company, gives notice of redemption in accordance with this Article 3, the Notes, or
the portions of Notes, called for redemption, shall, on the Redemption Date, subject to the satisfaction or waiver of any
condition included in a notice of redemption pursuant to Section 3.03(b)(6), become due and payable at the redemption price
specified in the notice (together with accrued and unpaid interest, if any, up to the Redemption Date), and from and after
the Redemption Date (unless the Company shall default in the payment of the redemption price and accrued interest) the Notes
or the portions of Notes shall cease to bear interest. Upon surrender of any Note for redemption in accordance with the
notice, the Company shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption
Date (subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest
Payment Date). If the Company shall fail to pay any Note called for redemption upon its surrender for redemption, the
principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes.

 

Section
3.07           
Unredeemed Portions of Partially Redeemed Note.

 

Upon surrender of a
Note that is to be redeemed in part, the Company shall execute, and the Trustee shall authenticate and make available for delivery
to the Holder of the Note, at the expense of the Company, a new Note or Notes, of any authorized denomination as requested by the
Holder, in an aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered,
provided that each new Note will be in a principal amount of U.S.$200,000 or integral multiple of U.S.$1,000.

 

ARTICLE
4

COVENANTS

 

Section
4.01           
Payment of Notes.

 

The Company will pay
or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the
Company or a Subsidiary thereof, holds as of 10:00 a.m. (New York City time) on the Business Day prior to the due date money deposited
by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due.

 

The Company will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal or premium, if any,
at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace period) at the same rate to the extent lawful.

 

Section
4.02           
Maintenance of Office or Agency.

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

Initially this agent
will be CT Corporation System, 111 Eighth Avenue, New York, New York, and the Company agrees not to change the designation of such
agent without prior notice to the Trustee and designation of a replacement agent in the Borough of Manhattan, The City of New York.

 

    18 

     

    

 

Section
4.03           
Provision of Financial Statements and Reports.

 

At all times when the
Company is required to file any financial statements or reports with the SEC, the Company shall use its best efforts to file all
required statements or reports in a timely manner in accordance with the rules and regulations of the SEC. In addition, at any
time when the Company is not subject to or is not current in its reporting obligations under Section 13 or Section 15(d) of the
Exchange Act and is not exempt from the registration requirements of Section 12(g) of the Exchange Act pursuant to Rule 12g3-2(b)
thereunder and any Note remain outstanding, the Company will make available, upon request, to any Holder or any prospective purchaser
of the Notes, who so requests in writing, substantially the same financial and other information that the Company would be required
to include and file in an annual report on Form 20-F and reports on Form 6-K.

 

Delivery of such reports,
information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt of such reports,
information and documents shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee will be
entitled to conclusively rely upon an Officers’ Certificate).

 

The Company will at
all times comply with TIA § 314(a).

 

Section
4.04           
Stay, Extension and Usury Laws.

 

The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of this Indenture; and the Company hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section
4.05           
Further Actions.

 

The Company will, at
its own cost and expense, satisfy any condition or take any action (including the obtaining or effecting of any necessary consent,
approval, authorization, exemption, filing, license, order, recording or registration) at any time required, as may be necessary
or as the Trustee may reasonably request, in accordance with applicable laws and/or regulations, to be taken, fulfilled or done
in order to (i) enable the Company to lawfully enter into, exercise its rights and perform and comply with its obligations under
this Indenture and the Notes, as the case may be; (ii) ensure that its obligations under this Indenture and the Notes are legally
binding and enforceable; (iii) make this Indenture and the Notes admissible in evidence in the courts of the State of New York
and Colombia; (iv) preserve the enforceability of, and maintain the Trustee’s rights under, this Indenture; and (v) respond
to any reasonable requests received from the Trustee to facilitate the Trustee’s exercise of its rights and performance of
its obligations under this Indenture and the Notes, including exercising and enforcing its rights under and carrying out the terms,
provisions and purposes of this Indenture and the Notes.

 

    19 

     

    

 

Section
4.06           
Compliance Certificate.

 

The Company shall
deliver to the Trustee, within one hundred twenty (120) days after the end of each fiscal year of the Company, a certificate
signed by either the principal executive officer, principal financial officer or principal accounting officer of the Company,
stating whether or not to the best knowledge of the signer thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the
nature and the status thereof of which the signer may have knowledge.

 

ARTICLE
5

SUCCESSORS

 

Section
5.01           
Merger, Consolidation, or Sale of Assets.

 

The Company will not consolidate with or
merge into, or sell, lease, convey or transfer, in one transaction or a series of transactions, all or substantially all of the
Company’s properties and assets to any Person, unless:

 

(1)               
the surviving entity, if other than the Company, is organized and existing under the laws of Colombia or the United States
and assumes via a supplemental indenture all of the Obligations under the Notes and this Indenture,

 

(2)               
the Company, or the surviving entity, as the case may be, is not immediately after such transaction in Default under the
Notes and this Indenture, and

 

(3)               
the Company, or the surviving entity, has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each in form and substance satisfactory to the Trustee, stating that (i) such consolidation, merger, or sale, lease, conveyance
or transfer of assets, and any supplemental indenture executed in connection with such transaction, complies with the terms of
this Section 5.01, (ii) all conditions precedent provided for in this Indenture relating to the merger, consolidation or
sale of assets have been satisfied and (iii) the Notes constitute legal, valid and binding obligations of the surviving entity,
enforceable in accordance with their terms.

 

Section
5.02           
Successor Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof,
the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every
right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of
and interest on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to,
and that complies with the provisions of, Section 5.01 hereof.

 

    20 

     

    

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section
6.01           
Events of Default.

 

(a)               
Each of the following is an “Event of Default”:

 

(1)               
failure by the Company to pay interest on any of the Notes when it becomes due and payable and the continuance of any such
failure for thirty (30) days;

 

(2)               
failure by the Company to pay the principal on any of the Notes when it becomes due and payable whether at Stated Maturity
or otherwise;

 

(3)               
the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(A)             
commences a voluntary case;

 

(B)             
consents to the entry of an order for relief against it in an involuntary case;

 

(C)             
consents to the appointment of a Custodian of it or for all or substantially all of its assets;

 

(D)             
makes a general assignment for the benefit of its creditors;

 

(E)              
is subject to any other Intervention Measure or Preventive Measure; or

 

(4)               
the SFC enters an order or decree under any Bankruptcy Law that:

 

(A)             
is for relief against the Company as debtor in an involuntary case;

 

(B)             
appoints a Custodian of the Company or a Custodian for all or substantially all of the assets of the Company; or

 

(C)             
orders the liquidation of the Company and the order or decree remains unstayed and in effect for sixty (60) days.

 

(b)               
The Company will deliver to the Trustee, within ten (10) Business Days after obtaining actual knowledge thereof, written
notice of any Default or Event of Default that has occurred and is still continuing, its status and what action the Company is
taking or proposing to take in respect thereof. The Trustee may withhold notice to the Holders of any Default or Event of Default
(except in payment of principal of, or interest or premium (and Additional Amounts), if any, on the Notes) if the Trustee in good
faith determines that it is in the interest of the Holders.

 

(c)               
Subject to the provision in this Indenture, if the Company fails to make payment of principal of or interest or Additional
Amounts, if any, on the Notes (and in the case of payment of interest or Additional Amounts, such failure to pay continues for
thirty (30) days), each Holder has the right to demand and collect under this Indenture and the Company will pay to the Holders
the applicable amount of such due and payable principal, accrued and unpaid interest and Additional Amounts, if any, on the Notes.

 

    21 

     

    

 

Section
6.02           
Acceleration.

 

If an Event of Default
(other than an Event of Default described in paragraphs (3) and (4) of Section 6.01(a) hereof) shall have
occurred and be continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes, by written
notice to the Company (and to the Trustee if notice is given by the Holders), may declare the principal amount of (and interest
on) all the Notes to be due and payable immediately. If an Event of Default described in paragraphs (3) and (4) of
Section 6.01(a) hereof shall have occurred, the principal of all outstanding Notes, the accrued interest and Additional
Amounts, if any, shall become and be immediately due and payable without any declaration or other act on the part of the Trustee
or any Holder.

 

Section
6.03           
Waiver of Past Defaults

 

Holders of not less
than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders
of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an
offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration;
provided, further, the Company has paid or deposited with the Trustee all amounts due to the Trustee under Section
7.07 hereof and reimbursed any and all fees, expenses, disbursements and advances of the Trustee, its agents and counsel incurred
in connection with such Default or Event of Default. Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.

 

Section
6.04           
Control by Majority.

 

Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it; provided, however,
the Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction
of any of the Holders, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it. Subject
to such provision for indemnification, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture
or that the Trustee determines may be prejudicial to the rights of other Holders or that may involve the Trustee in personal liability.

 

Section
6.05           
Limitation on Suits.

 

(a)               
No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for
the appointment of a receiver or trustee, or for any other remedy thereunder, unless:

 

(1)               
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 

(2)               
the Holders of not less than 25% in principal amount of the outstanding Notes shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee thereunder;

 

(3)               
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such request;

 

(4)               
the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute
any such proceeding; and

 

    22 

     

    

 

(5)               
the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction inconsistent
with such request within such 60-day period, it being understood and intended that no one or more of such Holders shall have any
right in any manner whatsoever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such Holders.

 

Section
6.06           
Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on the
Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder.

 

Section
6.07           
Collection Suit by Trustee.

 

If an Event of Default
specified in clause (1) of Section 6.01(a) hereof or clause (2) of Section 6.01(a) hereof occurs and
is continuing, the Trustee is authorized to recover judgment and pursue any other available remedy in its own name and as trustee
of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on,
the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

 

Section
6.08           
Trustee May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

    23 

     

    

 

 

Section
6.09           
Priorities.

 

If the Trustee collects any money pursuant
to this Article 6, it shall pay out the money in the following order:

 

First:              to the Trustee,
its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second:         to Holders
for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and

 

Third:            to the Company
or to such party as a court of competent jurisdiction or relevant entity shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.09.

 

Section
6.10           
Undertaking for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.10 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.06 hereof, or
a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE
7

TRUSTEE

 

Section
7.01           
Duties of Trustee.

 

(a)               
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(b)               
Except during the continuance of an Event of Default:

 

(1)               
the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(2)               
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture.

 

    24 

     

    

 

However, the Trustee will examine
the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

(c)               
The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that:

 

(1)               
this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)              
the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)              
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.06 hereof.

 

(d)               
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b), and (c) of this Section 7.01.

 

(e)               
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee
will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless
such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 

(f)                
The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)               
No provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any
action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under this Indenture, or to
exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be
taken or omitted would violate applicable law binding upon it.

 

(h)               
The Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default or knowledge of any cure
of any Default or Event of Default unless either (i) a Responsible Officer has actual knowledge thereof or (ii) written notice
of such Default, Event of Default or cure thereof has been given to the Trustee at its Corporate Trust Office by the Company or
any Holder.

 

Section
7.02           
Rights of Trustee.

 

(a)               
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of
Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon.

 

    25 

     

    

 

(c)               
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any
agent appointed with due care.

 

(d)               
The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture.

 

(e)               
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will
be sufficient if signed by an Officer of the Company.

 

(f)                
The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the
losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.

 

(g)               
The rights, privileges, protections, immunities and benefits provided to the Trustee hereunder (including its right to be
indemnified) are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and to each of its agents,
custodians and other Persons duly employed by the Trustee hereunder; provided, however, that, to the extent permitted by the Trust
Indenture Act, (i) an agent, custodian or any other Person duly employed by the Trustee hereunder shall only be liable to the extent
of its own gross negligence or willful misconduct; and (ii) in and during an Event of Default, only the Trustee, and not any agent,
custodian or other Person duly employed by the Trustee, shall be subject to the prudent person standard.

 

(h)               
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(i)                
The Trustee may request that the Company deliver an Officers’ Certificate setting forth the name of the individuals
and/or titles of officers authorized at such time to take specific actions pursuant to this Indenture, which Officers’ Certificate
may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized
in any such Officers’ Certificate previously delivered and not superseded.

 

(j)                
The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation,
acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil
or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance
as soon as practicable under the circumstances.

 

(k)               
In no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

 

Section
7.03           
Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate
of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within ninety (90) days, apply to the SEC for permission to continue as trustee (if this
Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also
subject to Section 7.10 and Section 7.11 hereof.

 

    26 

     

    

 

Section
7.04           
Trustee’s Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction
under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

Section
7.05           
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee will mail to Holders
a notice of the Default or Event of Default within ninety (90) days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders.

 

Section
7.06           
Reports by Trustee to Holders of the Notes.

 

(a)               
Within sixty (60) days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long
as Notes remain outstanding, the Trustee will mail to the Holders a brief report dated as of such reporting date that complies
with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA § 313(c).

 

(b)               
A copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to the Company and filed by
the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company
will promptly notify the Trustee when the Notes are listed on any stock exchange.

 

Section
7.07           
Compensation and Indemnity.

 

(a)               
The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services
hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The
Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and
expenses of the Trustee’s agents and counsel.

 

(b)                The
Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in
connection with the acceptance or administration of its duties under this Indenture, including, but not limited to, the costs
and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself
against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense
may be attributable to its negligence or willful misconduct. The Trustee will notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations
hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate
counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent will not be unreasonably withheld.

 

    27 

     

    

 

(c)               
The obligations of the Company under this Section 7.07 will survive the resignation or removal of the Trustee and
the satisfaction and discharge of this Indenture.

 

(d)               
To secure the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the
Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular
Notes. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)               
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(3) or
(4) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

(f)                
The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section
7.08           
Replacement of Trustee.

 

(a)               
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08.

 

(b)               
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and the Company in writing. The Company may remove the Trustee if:

 

(1)               
the Trustee fails to comply with Section 7.10 hereof;

 

(2)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

(3)               
a custodian or public officer takes charge of the Trustee or its property; or

 

(4)               
the Trustee becomes incapable of acting.

 

(c)               
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)               
If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may,
at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

    28 

     

    

 

(e)               
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(f)              
A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon,
the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement
of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue
for the benefit of the retiring Trustee.

 

Section
7.09           
Successor Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking
association, the transferee or resulting, surviving or successor corporation without any further act will be the successor Trustee.

 

Section
7.10           
Eligibility; Disqualification.

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least U.S.$100.0 million as set forth in its
most recent published annual report of condition.

 

This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

 

Section
7.11           
Preferential Collection of Claims Against Company.

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

ARTICLE
8

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
8.01           
Without Consent of Holders of Notes.

 

Notwithstanding Section 8.02 hereof,
the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder of the Note to:

 

(1)               
to cure any ambiguity, defect or inconsistency;

 

(2)               
to provide for uncertificated Notes in addition to or in place of Definitive Notes;

 

(3)               
to provide for the assumption of the Company’s obligations to the Holders by a successor to the Company pursuant to
Article 5 hereof;

 

    29 

     

    

 

(4)               
to add any applicable covenants;

 

(5)               
to surrender any right or power under this Indenture conferred to the Company, not for the benefit of any Holder;

 

(6)               
to conform the text of this Indenture or the Notes to any provision of the “Description of the notes” section
of the Company’s Prospectus Supplement dated January 23, 2020, relating to the sale of the Notes, to the extent that such
provision in that “Description of the Notes” section was intended to be a verbatim recitation of a provision of this
Indenture or the Notes;

 

(7)               
to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
date hereof;

 

(8)               
to provide for the acceptance of a successor trustee;

 

(9)               
to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect
the legal rights hereunder of any Holder in any material respect; or

 

(10)             
to comply with requirements of the SEC in connection with qualifying this Indenture under the TIA;

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with
the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and
to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated
to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise.

 

Section
8.02           
With Consent of Holders of Notes.

 

Except as provided
below in this Section 8.02, the Company and the Trustee may amend or supplement this Indenture and the Notes with the consent
of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender
offer or exchange offer for, or purchase of, the Notes), and, subject to Section 6.04 and Section 6.08 hereof, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if
any, or interest on, the Notes) or compliance with any provision of this Indenture or the Notes may be waived with the consent
of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes). However, without the consent of each Holder affected, an amendment, supplement
or waiver under this Section 8.02 may not:

 

(1)               
reduce, or change the Stated Maturity of, the principal of any Note;

 

(2)               
reduce the rate of or extend the time for payment of interest on any Note;

 

(3)               
change the currency or place of payment of principal of or interest on the Notes;

 

    30 

     

    

 

(4)               
reduce the redemption price of any Note;

 

(5)               
reduce the percentage of Holders necessary to consent to an amendment or waiver to this Indenture or the Notes;

 

(6)               
impair the rights of Holders to receive payments of principal of or interest on the Notes; or

 

(7)               
make any change in these amendment and waiver provisions.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company
in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not
be obligated to, enter into such amended or supplemental Indenture.

 

It is not be necessary
for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment,
supplement or waiver under this Section 8.02 becomes effective, the Company will mail to the Holders affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein,
will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Section
8.03           
Compliance with Trust Indenture Act.

 

Every amendment or
supplement to this Indenture or the Notes will be set forth in a amended or supplemental indenture that complies with the TIA as
then in effect.

 

Section
8.04           
Revocation and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

 

Section
8.05           
Notation on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the
amendment, supplement or waiver.

 

    31 

     

    

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section
8.06           
Trustee to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture
until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be
entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents
required by Section 10.04 hereof, an Officers’ Certificate and an Opinion of Counsel each stating that the execution
of such amended or supplemental indenture is authorized or permitted by this Indenture.

 

ARTICLE
9

satisfaction and discharge

 

Section
9.01           
Satisfaction and Discharge.

 

This Indenture will
be discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of Notes which
shall survive until all Notes have been canceled) as to all Notes issued hereunder, when:

 

(1)               
either:

 

(i)           
all Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from the trust, have been delivered to the Trustee for cancellation; or

 

(ii)           
all Notes that have not been delivered to the Trustee for cancellation have become due and payable and the Company has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness (including all principal and accrued interest) on
the Notes not delivered to the Trustee for cancellation,

 

(2)               
the Company has paid or caused to be paid all sums payable by it under this Indenture,

 

(3)               
the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity, and

 

(4)               
the Holders have a valid, perfected, exclusive security interest in this trust.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee each stating that all conditions precedent
to satisfaction and discharge have been satisfied.

 

    32 

     

    

 

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to clause (1) of this
Section 9.01, the provisions of Section 9.02 hereof will survive. In addition, nothing in this Section 9.01
will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and
discharge of this Indenture.

 

Section
9.02          
 Application of Trust Money.

 

All money deposited
with the Trustee pursuant to Section 9.01 hereof shall be held in trust and applied by it, in accordance with the provisions
of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 9.01 hereof; provided that if the Company has made any payment of principal of,
premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or
Paying Agent.

 

ARTICLE
10

MISCELLANEOUS

 

Section
10.01        
Trust Indenture Act Controls.

 

If any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control. If
any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter
provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

Section
10.02        
Notices.

 

Any notice or communication
to the Company or the Trustee is duly given if in writing and delivered in Person or by first class mail (registered or certified,
return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the applicable address:

 

 

Bancolombia S.A.

Carrera 48 No. 26-85, Avenida Los Industriales

Medellín, Colombia

Facsimile No.: (57)-4-404-2733

Attention:  Juan Manuel Uribe

 

    33 

     

    

 

If to the Trustee:

 

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

Facsimile No.: (212) 815-2830

Attention:  International Corporate Trust

 

The Company or the
Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted
by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also
be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

If the Company mails
a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

The Trustee may rely
upon and comply with instructions or directions sent via unsecured facsimile or email transmission, and the Trustee shall not be
liable for any loss, liability or expense of any kind incurred by the Company or the Holders due to the Trustee’s reliance
upon and compliance with instructions or directions given by unsecured facsimile or email transmission; provided, however,
that such losses have not arisen from the negligence or willful misconduct of the Trustee, it being understood that the failure
of the Trustee to verify or confirm that the person providing the instructions or directions, is, in fact, an authorized person
does not constitute negligence or willful misconduct.

 

Section
10.03        
Communication by Holders of Notes with Other Holders of Notes.

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section
10.04        
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)                an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements
set forth in Section 10.05 hereof) stating that, in the opinion of the signers, all conditions precedent and
covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 

    34 

     

    

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 10.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants
have been satisfied;

 

provided that in the
case of any such request or application as to which the furnishing of documents is specifically required by any provision of this
Indenture relating to such particular request or application, no additional certificate or opinion shall be required.

 

Section
10.05        
Statements Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include:

 

(1)               
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)               
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(4)               
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section
10.06         Rules
by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section
10.07         Currency
Rate Indemnity.

 

The Company has agreed
that, if a judgment or order made by any court for the payment of any amount in respect of any Notes is expressed in a currency
other than U.S. dollars, the Company will indemnify the relevant Holder against any deficiency arising from any variation in rates
of exchange between the date as of which the denomination currency is notionally converted into the judgment currency for the purposes
of the judgment or order and the date of actual payment. This indemnity will constitute a separate and independent obligation from
the Company’s other obligations under the Indenture, will give rise to a separate and independent cause of action, will apply
irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment
or order for a liquidated sum or sums in respect of amounts due under the Indenture or the Notes.

 

    35 

     

    

 

Section
10.08        No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or
future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations
of the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities
laws.

 

Section
10.09        Governing
Law, Jurisdiction.

 

THE LAW OF THE STATE
OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY; PROVIDED,
HOWEVER, THAT THE AUTHORIZATION AND EXECUTION OF THIS INDENTURE AND THE NOTES BY THE COMPANY WILL BE GOVERNED BY THE LAWS
OF COLOMBIA.

 

The Company hereby
irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court sitting in the Borough of Manhattan,
The City of New York, and any appellate court from any thereof, in any action or proceeding commenced by the Trustee or any Holder
arising out of or relating to this Indenture and the Notes, and the Company hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard and determined in such New York state or federal court.

 

To the extent that
the Company has or hereafter may acquire or have attributed to it any immunity under any law from jurisdiction of any court or
from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations
under this Indenture. In addition, the Company irrevocably waives, to the fullest extent permitted by law, any objection to any
suit, action or proceeding, that may be brought in connection with this Indenture or the Notes, including such actions, suits or
proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds
of venue, residence or domicile or on the grounds that any such action or proceeding has been brought in an inconvenient forum.
The Company hereby irrevocably waives, to the fullest extent permitted by law, any requirement or other provision of law, rule,
regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of
any action or proceeding (including appeals) arising out of or relating to this Indenture the posting of any bond or the furnishing,
directly or indirectly, of any other security.

 

Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this agreement, the notes or the transactions contemplated hereby.

 

Section
10.10        Maintenance
of Office or Agent for Service of Process

 

The Company shall maintain
an office or agent for service of process in the Borough of Manhattan, The City of New York, where notices to and demands upon
the Company in respect of the Notes and this Indenture may be served. Initially this agent will be CT Corporation System, 111 Eighth
Avenue, New York, New York, and the Company will agree not to change the designation of such agent without prior notice to the
Trustee and designation of a replacement agent in the Borough of Manhattan, The City of New York.

 

    36 

     

    

 

Section
10.11        No
Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
10.12        USA
Patriot Act.

 

The parties hereto
acknowledge that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial
institutions, is required to obtain, verify, and record information that identifies each person or legal entity that opens an account.
To the extent permitted by Colombian or other applicable law, the Company agrees that it will provide the Trustee with such information
as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

Section
10.13        FATCA

 

The Trustee shall be
entitled to deduct or withhold from payments under this Indenture to the extent necessary to comply with an agreement described
in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements
thereunder or official interpretations thereof (“FATCA”). To the extent permitted under applicable privacy law and
if expressly authorized by any agreement between the Company and such Holder or beneficial owner or by the terms of any tax certification,
the Company hereby covenants with the Trustee that it will use commercially reasonable efforts to provide the Trustee with any
relevant tax certification in the possession of the Company or other information identified by the Company in its sole discretion
as relevant for FATCA withholding tax purposes that may be useful to assist the Trustee in determining whether or not the Trustee
is obliged, in respect of any payments to be made by it pursuant to this Indenture, to make any withholding or deduction pursuant
to FATCA.

 

Section
10.14        Successors.

 

All agreements of the
Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its
successors.

 

Section
10.15        Severability.

 

In case any provision
in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

 

Section
10.16        Counterpart
Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.
Delivery of an executed counterpart of a signature page of this Indenture by facsimile or by electronic (.pdf) format shall be
as effective as delivery of a manually executed counterpart of this Indenture.

 

    37 

     

    

 

Section
10.17        Table
of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

[Signatures on following page]

 

    38 

     

    

 

 

SIGNATURES

 

Dated as of January 29, 2020

 

	 	BANCOLOMBIA S.A.
	 	 
	 	By:	/s/ José Humberto Acosta
	 	 	Name: José Humberto Acosta
	 	 	Title: Chief Financial Officer

 

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By:	/s/ Wanda Camacho
	 	 	Name: Wanda Camacho
	 	 	Title: Vice President

 

[Signature page to the Indenture]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(A) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE COMPANY.

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

 

    A-1 

     

    

 

[FORM OF FACE OF NOTE]

 

3.000% Senior Notes
due 2025

 

	No. [1/2]	 Principal Amount U.S.$[______________]

 

CUSIP NO. 05968LAM4

ISIN NO. US05968LAM46

 

Bancolombia S.A., a financial
institution incorporated under the laws of Colombia (sociedad anόnima) (together with its successors and assigns, the
 “Company”) promises to pay to Cede & Co., or registered assigns, the principal sum of [●] DOLLARS
on January 29, 2025.

 

Interest Payment Dates:
January 29 and July 29

 

Record Date: Business Day
immediately preceding a related Interest Payment Date

 

Additional provisions of
this Note are set forth on the other side of this Note.

 

	 	BANCOLOMBIA S.A.
	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF

   AUTHENTICATION

 

THE BANK OF NEW YORK MELLON

as Trustee, certifies

that this is one of

the Notes referred

to in the Indenture.

 

	By: ______________________	Date: _____________________
	Authorized Signatory

 

    A-2 

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

3.000% Senior Notes due 2025

 

Capitalized terms used
but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

	1.	Interest

 

Bancolombia S.A., a financial
institution incorporated under the laws of Colombia (sociedad anόnima) (together with its successors and assigns, the
 “Company”) promises to pay interest on the principal amount of this Note at the rate per annum shown above.

 

The Company will pay
interest semi-annually in arrears on January 29 and July 29 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there
is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be July 29, 2020. The Company will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that
is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without
regard to any applicable grace periods, from time to time on demand at the same rate to the extent lawful. Interest will be computed
on the basis of a 360-day year of twelve 30-day months.

 

All payments made by
the Company under or with respect to the Notes will be made free and clear of and without withholding or deduction for or on account
of any present or future Taxes imposed or levied by or on behalf of any Taxing Authority in any jurisdiction in which the Company
is organized or is otherwise resident for tax purposes or any jurisdiction from or through which payment is made (each a “Relevant
Taxing Jurisdiction”), unless the Company or the Paying Agent is required to withhold or deduct Taxes by law or by the
interpretation or administration thereof. If the Company or the Paying Agent is required to withhold or deduct any amount for or
on account of Taxes imposed by a Relevant Taxing Jurisdiction, from any payment made under or with respect to the Notes, the Company
will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received
by each Holder of Notes (including Additional Amounts) after such withholding or deduction will equal the amount the Holder would
have received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will
be payable with respect to any Tax that would not have been imposed, payable or due: (1) but for the existence of any present or
former connection between the Holder (or the beneficial owner of, or Person ultimately entitled to obtain an interest in, such
notes) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or
maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than the mere
holding of the Notes or enforcement of rights thereunder or the receipt of payments in respect thereof; (2) but for the failure
to satisfy any certification, identification or other reporting requirements whether imposed by statute, treaty, regulation or
administrative practice, provided, however, that the Company has delivered a request to the Holder to comply with
such requirements at least thirty (30) days prior to the date by which such compliance is required; or (3) if the presentation
of notes (where presentation is required) for payment had occurred within thirty (30) after the date such payment was due and payable
or was duly provided for, whichever is later.

 

    A-3 

     

    

 

In addition, Additional
Amounts will not be payable if the beneficial owner of, or Person ultimately entitled to obtain an interest in, such Notes had
been the Holder and such beneficial owner would not be entitled to the payment of Additional Amounts by reason of clause (1), (2)
or (3) above. In addition, Additional Amounts will not be payable with respect to any Tax which is payable otherwise than by withholding
from payments of, or in respect of principal of, or any interest on, the Notes.

 

	2.	Method of Payment

 

The Company will pay
interest (except Defaulted Interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes
at the close of business on the Business Day immediately preceding the Interest Payment Date even if Notes are canceled, repurchased
or redeemed after the Record Date and on or before the relevant Interest Payment Date, except as provided in Section 2.13 of the
Indenture with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal and interest in U.S. dollars.

 

Payments in respect of Notes
represented by a Global Note (including principal and interest) will be made by wire transfer of immediately available funds to
the accounts specified by the DTC. The Company will make all payments in respect of a Definitive Note (including principal and
interest) by mailing a check to the registered address of each Holder thereof as set forth in the Note Register; provided,
however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account
no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in
its discretion).

 

	3.	Paying Agent and Registrar

 

Initially,
The Bank of New York Mellon, the Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar. The Company may
appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Company or any of its Subsidiaries
may act as Paying Agent, Registrar or co-Registrar.

 

	4.	Indenture

 

The Company issued the
Notes under an Indenture dated as of January 29, 2020 (as may be amended or supplemented from time to time in accordance with the
terms thereof, the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders
are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured
obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.

 

	5.	Ranking

 

The Notes will at all
times constitute general senior, unsecured and unsubordinated External Liabilities of the Company and will rank pari passu,
without any preferences among themselves, with all of the other present and future unsecured and unsubordinated External Liabilities
of the Company (other than External Liabilities preferred by statute or by operation of law).

 

    A-4 

     

    

 

	6.	Optional Redemption

 

The Notes may not be
redeemed prior to the Stated Maturity, except as set forth below, and subject to the procedures set forth in Article 3 of
the Indenture.

 

At any time on or prior
to December 29, 2024 (one month prior to the final maturity date of the Notes), the Company may, at its option, redeem the Notes,
in whole or in part, at any time or from time to time prior to their maturity, on at least ten (10) days’ but not more than
sixty (60) days’ written notice, at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes
and (2) the sum of the present values of each remaining scheduled payment of principal and interest thereon (exclusive of interest
accrued to the date of redemption), in each case calculated as if the Stated Maturity of the Notes were December 29, 2024 (one
month prior to the Stated Maturity of the Notes), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points (the “Make-Whole Amount”), plus
in each case accrued and unpaid interest to the Redemption Date on the Notes to be redeemed on such date.

 

At any time on or after
December 29, 2024 (one month prior to the Stated Maturity of the Notes), the Company may, at its option, redeem the Notes, in whole
or in part, at any time or from time to time, on at least ten (10) days’ but not more than sixty (60) days’ written
notice, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest
and Additional Amounts to the redemption date on the Notes to be redeemed on such date.

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Comparable
Treasury Issue” means the U.S. Treasury security or securities selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of such Notes.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Comparable
Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer Quotations
quoted to an entity selected by us for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotation or (2) if such entity is quoted fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Reference Treasury
Dealer” means Citigroup Global Markets Inc. or its respective affiliates which are primary U.S. government securities
dealers, or J.P. Morgan Securities LLC or its affiliates which are primary U.S. government securities dealers, and two other leading
primary U.S. government securities dealers in New York City reasonably designated by the Company; provided, however, that if any
of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will substitute therefor another Primary Treasury Dealer.

 

    A-5 

     

    

 

“Reference Treasury
Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by an entity selected by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to an Independent Investment Banker selected by the Company by such Reference
Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day in New York and Medellín, Colombia preceding
such Redemption Date.

 

In the case of any partial
redemption, selection of the Notes for redemption will be made in accordance with Section 3.04 of the Indenture.

 

The Company will also
have the right to redeem the Notes in whole, but not in part at a price equal to 100% of the principal amount thereof plus accrued
and unpaid interest and any Additional Amounts, to the date of redemption upon the occurrence of a Tax Event. In the case of a
redemption following the occurrence of a Tax Event, the Company shall provide the Trustee an Officers’ Certificate and an
opinion of an independent legal counsel of nationally recognized standing in such tax matters, stating that the conditions set
forth in this Indenture for the exercise of the optional redemption upon the occurrence of a Tax Event have been met.

 

“Tax Event”
shall occur if, as a result of any change in or amendment to the laws (or any rules or regulations thereunder) of a Relevant Taxing
Jurisdiction (as defined in Section 2.14), or any amendment to or change in an official interpretation, administration or application
of such laws, rules or regulations, or any treaties or related agreements to which the Relevant Taxing Jurisdiction is a party
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change
in official position, is announced on or after the issue date of the Notes or, if later, the date on which the applicable Relevant
Taxing Jurisdiction became a Relevant Taxing Jurisdiction, the Company has or will become obligated to pay additional amounts as
described in Section 2.14 and such obligation cannot be avoided by the Company taking reasonable measures available to it.

 

	7.	Mandatory Redemption

 

The Company is not required
to make mandatory redemption or sinking fund payments with respect to the Notes.

 

	8.	Denominations; Transfer; Exchange

 

The Notes are in registered
form without coupons in minimum denominations of U.S.$200,000 and integral multiples of U.S.$1,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture.

 

	9.	Persons Deemed Owners

 

The registered Holder
of this Note may be treated as the owner of it for all purposes.

 

	10.	Unclaimed Money

 

If money for the payment
of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at
its request. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment.

 

    A-6 

     

    

 

	11.	Amendment, Supplement and Waiver

 

The Indenture or the
Notes may be amended or supplemented as set forth in Article 8 of the Indenture.

 

	12.	Defaults and Remedies

 

If an Event of Default
(other than an Event of Default described in paragraphs (3) and (4) of Section 6.01(a) of the Indenture) shall
have occurred and be continuing, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes,
by written notice to the Company (and to the Trustee if notice is given by the Holders), may declare the principal amount of (and
interest on) all the Notes to be due and payable immediately. If an Event of Default described in paragraphs (3) and (4)
of Section 6.01(a) of the Indenture shall have occurred, the principal of all outstanding Notes, the accrued interest and
Additional Amounts, if any, shall become and be immediately due and payable without any declaration or other act on the part of
the Trustee or any Holder. The Notes owned by the Company or any of its Affiliates shall be deemed not to be outstanding for, among
other purposes, declaring the acceleration of the maturity of the Notes.

 

Holders may not enforce
the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless
it receives reasonable indemnity or security from the Holders. Subject to certain limitations as specified in the Indenture, Holders
of a majority in principal amount of the outstanding Notes may direct the Trustee in its exercise of any trust or power. Subject
to such provision for indemnification, the Trustee may withhold from Holders notice of any continuing Default or Event of Default
(except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their
interest.

 

	13.	Trustee Dealings with the Company

 

The Trustee, in its individual
or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may
otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

	14.	No Personal Liability of Directors, Officers, Employees and Stockholders

 

No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of
the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

	15.	Authentication

 

This Note will not be
valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

	16.	Abbreviations

 

Customary abbreviations
may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety),
JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift
to Minors Act).

 

    A-7 

     

    

 

 

 

 

		17.	CUSIP or ISIN Numbers

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP or ISIN numbers to be
printed on the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be
placed only on the other identification numbers placed thereon.

 

		18.	Governing Law

 

THE LAW OF THE STATE
OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY; PROVIDED,
HOWEVER, THAT THE AUTHORIZATION AND EXECUTION OF THIS INDENTURE AND THE NOTES BY THE COMPANY WILL BE GOVERNED BY THE LAWS
OF COLOMBIA.

 

		19.	Currency Rate Indemnity.

 

The Company has agreed
that, if a judgment or order made by any court for the payment of any amount in respect of any Notes is expressed in a currency
other than U.S. dollars, the Company will indemnify the relevant Holder against any deficiency arising from any variation in rates
of exchange between the date as of which the denomination currency is notionally converted into the judgment currency for the purposes
of the judgment or order and the date of actual payment. This indemnity will constitute a separate and independent obligation from
the Company’s other obligations under the Indenture, will give rise to a separate and independent cause of action, will apply
irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment
or order for a liquidated sum or sums in respect of amounts due under the Indenture or the Notes.

 

		20.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities.

 

The Company has irrevocably
submitted to the non-exclusive jurisdiction of any New York state or federal court sitting in The City of New York, and any appellate
court from any thereof, in any action or proceeding commenced by the Trustee or any Holder arising out of or relating to this Indenture,
and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in
such New York state or federal court.

 

To the extent that the
Company has or hereafter may acquire or have attributed to it any immunity under any law from jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations
under this Indenture.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Bancolombia S.A.

Carrera 48 No. 26-85, Avenida Los Industriales

Medellín, Colombia

 

Attention: Investor Relations

 

    A-8

     

    

 

Assignment
Form

 

To assign
this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

	 
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint	 

to
transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	             (Sign exactly as your name appears on the face of this Note)
	 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-9

     

    

 

Date: _______________

 

	 	Your Signature:	 
	 	            (Sign exactly as your name appears on the face of this Note)

 

	 	Tax Identification No.:	 

 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-10

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

 

 

	 
    Date of Exchange	 	Amount
                                                                                                                          of decrease in Principal

 Amount of this Global Note
	 	Amount
    of increase in Principal

 Amount of this Global Note	 	Principal
    Amount of this Global

 Note following such decrease or

 increase	 	Signature
    of authorized

 signatory of Trustee or Note

 Custodian	 
	 	 	 	 	 	 	 	 	 	]
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

*       This
schedule should be included only if the Note is issued in global form.

 

    A-11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]