Document:

Exhibit 4.6

   

  
  

  

  

  

  
    BUNGE FINANCE EUROPE B.V.,

    as Issuer

    

    

    

    

    

    

    BUNGE LIMITED,

    as Guarantor

    

    

    

    

    

    

    AND

    

    

    

    

    

    

    U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

    

    

    [  ] [  ]% Senior Notes Due [  ]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    FORM OF INDENTURE

    

    

    Dated as of  [  ]

     

      

     

      

     

      

     

      

    
      
        

    

    

  

  

  TABLE OF CONTENTS

   

    	
            ARTICLE 1

          	 
	
            Definitions and Incorporation by Reference

          	 
	 	 
	
            Section 1.01.  Definitions

          	
            1

          
	 	 
	
            Section 1.02.  Incorporation by Reference of Trust Indenture Act

          	
            12

          
	 	 
	
            Section 1.03.  Rules of Construction

          	
            13

          
	 	 
	
            ARTICLE 2

          	 
	
            The Notes

          	 
	 	 
	
            Section 2.01.  Form, Dating and Terms

          	
            13

          
	 	 
	
            Section 2.02.  Execution, Authentication and Effectuation

          	
            17

          
	 	 
	
            Section 2.03.  Registrar and Paying Agent

          	
            18

          
	 	 
	
            Section 2.04.  Paying Agent to Hold Money in Trust

          	
            19

          
	 	 
	
            Section 2.05.  Additional Responsibilities of the Paying Agent Regarding the Global Notes

          	
            19

          
	 	 
	
            Section 2.06.  Certain Rights of the Paying Agent

          	
            20

          
	 	 
	
            Section 2.07.  Noteholder Lists

          	
            20

          
	 	 
	
            Section 2.08.  Transfer and Exchange

          	
            20

          
	 	 
	
            Section 2.09.  Mutilated, Destroyed, Lost or Stolen Notes

          	
            22

          
	 	 
	
            Section 2.10.  Outstanding Notes

          	
            23

          
	 	 
	
            Section 2.11.  Temporary Notes

          	
            24

          
	 	 
	
            Section 2.12.  Cancellation

          	
            24

          
	 	 
	
            Section 2.13.  Payment of Interest; Defaulted Interest

          	
            24

          
	 	 
	
            Section 2.14.  Computation of Interest

          	
            25

          
	 	 
	
            Section 2.15.  CUSIP, Common Code and ISIN Numbers

          	
            25

          
	 	 
	
            Section 2.16.  Tax Treatment

          	
            26

          
	 	 

    

    

    
      i

      
        

    

    

    

    	
            ARTICLE 3

          	 
	
            Covenants

          	 
	 	 
	
            Section 3.01.  Payment of Notes

          	
            26

          
	 	 
	
            Section 3.02.  Limitation and Restrictions on Activities of the Company

          	
            26

          
	 	 
	
            Section 3.03.  Limitation on Liens

          	
            27

          
	 	 
	
            Section 3.04.  Limitation on Sale-Leaseback Transactions

          	
            27

          
	 	 
	
            Section 3.05.  Exclusion from Limitations

          	
            28

          
	 	 
	
            Section 3.06.  Corporate Existence

          	
            28

          
	 	 
	
            Section 3.07.  Maintenance of Properties; Insurance

          	
            29

          
	 	 
	
            Section 3.08.  Payment of Taxes and Other Claims

          	
            29

          
	 	 
	
            Section 3.09.  Payments for Consent

          	
            29

          
	 	 
	
            Section 3.10.  Compliance Certificate

          	
            29

          
	 	 
	
            Section 3.11.  Further Instruments and Acts

          	
            29

          
	 	 
	
            Section 3.12.  Statement by Officers as to Default

          	
            29

          
	 	 
	
            Section 3.13.  Notice of Change in Bermuda Law, Debt Ratings

          	
            30

          
	 	 
	
            Section 3.14.  Offer to Repurchase Upon Change of Control

          	
            30

          
	 	 
	
            ARTICLE 4

          	 
	
            Successor Guarantor

          	 
	 	 
	
            Section 4.01.  Consolidation, Merger, Amalgamation and Sale of Assets by the Guarantor

          	
            32

          
	 	 
	
            ARTICLE 5

          	 
	
            Optional Redemption of Notes

          	 
	 	 
	
            Section 5.01.  Optional Redemption by the Company

          	
            34

          
	 	 
	
            Section 5.02.  Redemption for Changes in Tax

          	
            34

          
	 	 
	
            Section 5.03.  Applicability of Article

          	
            34

          
	 	 
	
            Section 5.04.  Election to Redeem; Notice to Trustee

          	
            35

          
	 	 
	
            Section 5.05.  Selection by Trustee of Notes to Be Redeemed

          	
            35

          
	 	 
	
            Section 5.06.  Notice of Redemption

          	
            35

          
	 	 
	
            Section 5.07.  Deposit of Redemption Price

          	
            36

          

    

    

    
      ii

      
        

    

    

    

    	
            Section 5.08.  Notes Payable on Redemption Date

          	
            36

          
	 	 
	
            Section 5.09.  Notes Redeemed in Part

          	
            37

          
	 	 
	
            ARTICLE 6

          	 
	
            Defaults and Remedies

          	 
	 	 
	
            Section 6.01.  Events of Default

          	
            37

          
	 	 
	
            Section 6.02.  Acceleration

          	
            38

          
	 	 
	
            Section 6.03.  Other Remedies

          	
            39

          
	 	 
	
            Section 6.04.  Waiver of Past Defaults

          	
            39

          
	 	 
	
            Section 6.05.  Control by Majority

          	
            39

          
	 	 
	
            Section 6.06.  Limitation on Suits

          	
            40

          
	 	 
	
            Section 6.07.  Rights of Holders to Receive Payment

          	
            40

          
	 	 
	
            Section 6.08.  Collection Suit by Trustee

          	
            40

          
	 	 
	
            Section 6.09.  Trustee May File Proofs of Claim

          	
            40

          
	 	 
	
            Section 6.10.  Priorities

          	
            41

          
	 	 
	
            Section 6.11.  Undertaking for Costs

          	
            41

          
	 	 
	
            ARTICLE 7

          	 
	
            Trustee

          	 
	 	 
	
            Section 7.01.  Duties of Trustee

          	
            41

          
	 	 
	
            Section 7.02.  Rights of Trustee

          	
            43

          
	 	 
	
            Section 7.03.  Individual Rights of Trustee

          	
            44

          
	 	 
	
            Section 7.04.  Trustee’s Disclaimer

          	
            45

          
	 	 
	
            Section 7.05.  Notice of Defaults

          	
            45

          
	 	 
	
            Section 7.06.  Report by Trustee to Holders

          	
            45

          
	 	 
	
            Section 7.07.  Compensation and Indemnity

          	
            46

          
	 	 
	
            Section 7.08.  Replacement of Trustee

          	
            47

          
	 	 
	
            Section 7.09.  Successor Trustee by Merger

          	
            47

          
	 	 

    

    

    
      iii

      
        

    

    

    

    	
            Section 7.10.  Eligibility; Disqualification

          	
            48

          
	 	 
	
            Section 7.11.  Preferential Collection of Claims Against Company

          	
            48

          
	 	 
	
            Section 7.12.  Trustee’s Application for Instruction from the Company

          	
            48

          
	 	 
	
            ARTICLE 8

          	 
	
            Discharge of Indenture; Defeasance

          	 
	 	 
	
            Section 8.01.  Discharge of Liability on Notes; Defeasance

          	
            48

          
	 	 
	
            Section 8.02.  Conditions to Defeasance

          	
            49

          
	 	 
	
            Section 8.03.  Application of Trust Money

          	
            51

          
	 	 
	
            Section 8.04.  Repayment to Company

          	
            51

          
	 	 
	
            Section 8.05.  Reinstatement

          	
            51

          
	 	 
	
            ARTICLE 9

          	 
	
            Amendments

          	 
	 	 
	
            Section 9.01.  Without Consent of Holders

          	
            51

          
	 	 
	
            Section 9.02.  With Consent of Holders

          	
            52

          
	 	 
	
            Section 9.03.  Compliance with Trust Indenture Act

          	
            53

          
	 	 
	
            Section 9.04.  Revocation and Effect of Consents and Waivers

          	
            53

          
	 	 
	
            Section 9.05.  Notation on or Exchange of Notes

          	
            53

          
	 	 
	
            Section 9.06.  Trustee to Sign Amendments

          	
            54

          
	 	 
	
            ARTICLE 10

          	 
	
            Guarantee

          	 
	 	 
	
            Section 10.01.  Guarantee

          	
            54

          
	 	 
	
            Section 10.02.  No Subrogation

          	
            56

          
	 	 
	
            Section 10.03.  Consideration

          	
            56

          
	 	 
	
            ARTICLE 11

          	 
	
            Miscellaneous

          	 
	 	 
	
            Section 11.01.  Trust Indenture Act Controls

          	
            56

          
	 	 
	
            Section 11.02.  Notices

          	
            56

          
	 	 

    

    

    
      iv

      
        

    

    

    

    	
            Section 11.03.  Communication by Holders with Other Holders

          	
            57

          
	 	 
	
            Section 11.04.  Certificate and Opinion as to Conditions Precedent

          	
            57

          
	 	 
	
            Section 11.05.  Statements Required in Certificate or Opinion

          	
            57

          
	 	 
	
            Section 11.06.  When Notes Disregarded

          	
            58

          
	 	 
	
            Section 11.07.  Rules by Trustee, Paying Agent and Registrar

          	
            58

          
	 	 
	
            Section 11.08.  Legal Holidays

          	
            58

          
	 	 
	
            Section 11.09.  Governing Law

          	
            58

          
	 	 
	
            Section 11.10.  No Recourse Against Others

          	
            58

          
	 	 
	
            Section 11.11.  Successors

          	
            58

          
	 	 
	
            Section 11.12.  Consent to Jurisdiction

          	
            59

          
	 	 
	
            Section 11.13.  Appointment for Agent for Service of Process

          	
            59

          
	 	 
	
            Section 11.14.  Waiver of Immunities

          	
            59

          
	 	 
	
            Section 11.15.  Additional Amounts

          	
            59

          
	 	 
	
            Section 11.16.  Judgment Currency

          	
            60

          
	 	 
	
            Section 11.17.  No Bankruptcy Petition Against the Company; Liability of the Company

          	
            60

          
	 	 
	
            Section 11.18.  Multiple Originals

          	
            61

          
	 	 
	
            Section 11.19.  Qualification of Indenture

          	
            61

          
	 	 
	
            Section 11.20.  Table of Contents; Headings

          	
            61

          
	 	 
	
            Section 11.21.  Force Majeure

          	
            61

          
	 	 
	
            Section 11.22.  U.S.A. Patriot Act

          	
            61

          

  

   

    

   
     

    	
            EXHIBIT A

          	
            Form of Face of Initial Notes and Subsequent Notes

          
	
            SCHEDULE 1.1

          	
            Designated Obligors and Material Subsidiaries

          
	
            SCHEDULE 3.4

          	
            Existing Liens

          

    

    

    
      v

      
        

    

    CROSS-REFERENCE TABLE

    

    

    	
            Trust Indenture

            Act Section

          	 	
            Indenture

          
	
            310(a)(1)

          	 	
            Section 7.10.

          
	
            (a)(2)

          	 	
            Section 7.10.

          
	
            (a)(3)

          	 	
            N.A.

          
	
            (a)(4)

          	 	
            N.A.

          
	
            (b)

          	 	
            Section 7.08., Section 7.10.

          
	
            (c)

          	 	
            N.A.

          
	
            311(a)

          	 	
            Section 7.11.

          
	
            (b)

          	 	
            Section 7.11.

          
	
            (c)

          	 	
            N.A.

          
	
            312(a)

          	 	
            Section 2.07.

          
	
            (b)

          	 	
            Section 11.03.

          
	
            (c)

          	 	
            Section 11.03.

          
	
            313(a)

          	 	
            Section 7.06.

          
	
            (b)(1)

          	 	
            N.A.

          
	
            (b)(2)

          	 	
            Section 7.06.

          
	
            (c)

          	 	
            Section 7.06.

          
	
            (d)

          	 	
            Section 7.06.

          
	
            314(a)

          	 	
            Section 3.10.

          
	
            (b)

          	 	
            N.A.

          
	
            (c)(1)

          	 	
            Section 11.04.

          
	
            (c)(2)

          	 	
            Section 11.04.

          
	
            (c)(3)

          	 	
            N.A.

          
	
            (d)

          	 	
            N.A.

          
	
            (e)

          	 	
            Section 11.05.

          
	
            315(a)

          	 	
            Section 7.01.

          
	
            (b)

          	 	
            Section 7.05., Section 11.02.

          
	
            (c)

          	 	
            Section 7.01.

          
	
            (d)

          	 	
            Section 7.01.

          
	
            (e)

          	 	
            Section 6.11.

          
	
            316(a)(last sentence)

          	 	
            Section 11.06.

          
	
            (a)(1)(A)

          	 	
            Section 6.05.

          
	
            (a)(1)(B)

          	 	
            Section 6.04.

          
	
            (a)(2)

          	 	
            N.A.

          
	
            (b)

          	 	
            Section 6.07.

          
	
            317(a)(1)

          	 	
            Section 6.08.

          
	
            (a)(2)

          	 	
            Section 6.09.

          
	
            (b)

          	 	
            Section 2.04.

          
	
            318(a)

          	 	
            Section 11.01.

          

    

    

    N.A. means Not Applicable.

    Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

    

    

  

  
    

    

    
      i

      
        

    

    INDENTURE dated as of [  ], among BUNGE FINANCE EUROPE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands having its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and its registered office at 1391 Timberlake Manor Parkway Chesterfield, Missouri 63017, United States of America and registered with the commercial register (handelsregister)  (the “Company”), as issuer, BUNGE LIMITED, an exempted
      company incorporated under the laws of Bermuda with limited liability (the “Guarantor”), as guarantor, and U.S. BANK NATIONAL ASSOCIATION, a national banking
      association (the “Trustee”), as trustee.

     

    Each party agrees as follows for the benefit of the other
          parties and for the equal and ratable benefit of the Holders of (i) the Company’s [  ]% Senior Notes Due [  ] issued on the date hereof and the guarantees thereof by the Guarantor (the “Initial Notes”) and (ii) if and when issued, additional [  ]% Senior Notes Due [  ] which may be
          offered subsequent to the Issue Date and the guarantees thereof by the Guarantor (the “Subsequent Notes” and together with the Initial Notes, the “Notes”).

     

    ARTICLE 1

        Definitions and Incorporation by Reference

     

    Section 1.01.  Definitions.

     

    “Affiliate” means, with respect
        to any specified Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any
        Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
        correlative to the foregoing; provided, however, that the existence of a management contract
        by the Company or an Affiliate of the Company to manage another entity shall not be deemed to be control.

     

    “Agent Member” has the meaning
        ascribed to it in Section 2.01(d)(ii) hereof.

     

    “Attributable Indebtedness”
        means, when used with respect to any Sale-Leaseback Transaction, as at the time of determination, the present value (discounted at the rate of interest set forth in or implicit in the terms of the lease) of the total obligations of the lessee for
        rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the
        remaining term of the lease included in such Sale-Leaseback Transaction (including any period for which such lease has been extended).

     

    “Authenticating Agent” has the
        meaning ascribed to it in Section 2.02 hereof.

     

    “Below Investment Grade Rating Event”
        means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an event that would, if consummated, result in a Change of Control until the end of the sixty (60) day
        period following public notice of the occurrence of the Change of Control, which sixty (60) day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by each of the Rating
        Agencies.

     

    
      1

      
        

    

    “Board of Directors” means,
        with respect to any Person, the board of directors of such Person or any duly authorized committee thereof.

     

    “Bunge Master Trust” means the
        trust created pursuant to the Pooling Agreement, a beneficial interest in the assets of which the Company has acquired through the Series 2003-1 VFC.

     

    “Business Day” means each day
        that is not a Legal Holiday.

     

    “Capital Stock” means, with
        respect to any Person, any and all shares, interests, rights to purchase, warrants, options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) the equity (which includes, but is not
        limited to, common stock or shares, preferred stock or shares and partnership and joint venture interests) of such Person (excluding any debt securities convertible into, or exchangeable for, such equity).

     

    “Change of Control” means the
        occurrence of any of the following:

     

    (1) the Guarantor becomes aware (by way of report or any other filing pursuant to Section 13(d) of the Exchange Act or written notice) of the acquisition by any Person or group
        (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under
        the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination, of 50% or more of the total voting power of the Voting Stock of the Guarantor then outstanding;

     

    (2) the sale, lease or transfer of all or substantially all of the assets of the Guarantor and its Subsidiaries, taken as a whole, to any Person that is not a Subsidiary of the
        Guarantor; or

     

    (3) the first day on which a majority of the members of the Guarantor’s Board of Directors are not Continuing Directors.

     

    “Change of Control Offer” has
        the meaning ascribed to it in Section 3.14 hereof.

     

    “Change of Control Payment” has
        the meaning ascribed to it in Section 3.14 hereof.

     

    “Change of Control Payment Date”
        has the meaning ascribed to it in Section 3.14 hereof.

     

    “Change of Control Triggering Event”
        means the occurrence of a Change of Control that results in a Below Investment Grade Rating Event.

     

    “Clearing System” means
        Euroclear or Clearstream, as the case may be and/or any additional or alternative clearing system approved by the Company, the Trustee and the Paying Agent (provided that
        such additional or alternative clearing system must also be authorized to hold the Notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations) collectively.

     

    
      2

      
        

    

    “Clearstream” means Clearstream
        Banking, société anonyme and its successors.

     

    “Code” means the U.S. Internal
        Revenue Code of 1986, as amended.

     

    “Company” means Bunge Finance Europe B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands having its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and its registered office at 1391 Timberlake Manor Parkway Chesterfield, Missouri 63017, United States of America and registered with the
        commercial register (handelsregister), or its successor.

     

    “Company Order” has the meaning
        ascribed to it in Section 2.02 hereof.

     

    “Company Permitted Lien” means:

     

    (1) Liens for current taxes, assessments or other governmental charges which are not delinquent or remain payable
        without any penalty, or the validity of which is contested in good faith by appropriate proceedings upon stay of execution of the enforcement thereof or upon posting a bond in connection therewith;

     

    (2) any Lien pursuant to any order or attachment or similar legal process arising in connection with court proceedings;
        provided that the execution or other enforcement thereof is effectively stayed or a sufficient bond had been posted and the claims secured thereby are being contested at
        the time in good faith by appropriate proceedings;

     

    (3) any Liens securing bonds posted with respect to and in compliance with clauses (1) and (2) above;

     

    (4) Liens to secure bonds posted in order to obtain stays of judgments, attachments or orders, the existence of which
        bonds would not otherwise constitute an Event of Default; and

     

    (5) Liens securing obligations under a Hedge Agreement.

     

    “Consolidated Net Tangible Assets”
        means, at any date of determination, the total amount of assets of the Guarantor and its consolidated Subsidiaries after deducting therefrom:

     

    (1) all current liabilities (excluding any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months
        after the time as of which the amount thereof is being computed);

     

    (2) total prepaid expenses and deferred charges; and

     

    (3) all goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets, all as set forth, or on a pro forma basis would be set forth, on the
        consolidated balance sheet of the Guarantor and its consolidated Subsidiaries for its most recently completed fiscal quarter, prepared in accordance with U.S. GAAP.

     

    
      3

      
        

    

    “Continuing Directors” means,
        as of any date of determination, any member of the Board of Directors of the Guarantor who (1) was a member of such Board of Directors on the date of the issuance of the Initial Notes; or (2) was nominated for election, appointed or elected to such
        Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Guarantor’s proxy statement in
        which such member was named as a nominee for election as a director).

     

    “covenant defeasance option”
        has the meaning ascribed to it in Section 8.01(b) hereof.

     

    “CSK” means Euroclear or
        Clearstream acting in the capacity of common safe-keeper of the Global Note for the Clearing Systems or a person nominated by the Clearing Systems to perform the role of common safe-keeper.

     

    “Default” means any event which
        is, or after notice or passage of time or both would be, an Event of Default.

     

    “Defaulted Interest” has the
        meaning ascribed to it in Section 2.13 hereof.

     

    “Definitive Notes” means
        certificated Notes.

     

    “Designated Obligor” means the
        Guarantor and the Subsidiaries of the Guarantor set forth on Schedule 1.1 hereto and any other Subsidiary designated by the Guarantor from time to time as eligible to be an obligor with respect to any intercompany loan sold to the master trust
        under the Master Trust Transaction Documents, and each of their successors.

     

    “Equity Interests” means
        Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

     

    “Euro” or “€” means the single currency introduced at the third stage of the European Monetary Union pursuant to the treaty establishing the European Community, as amended
        from time to time.

     

    “Euroclear” means Euroclear
        Bank S.A./N.V., and its successors, as operator of the Euroclear System.

     

    “Event of Default” has the
        meaning ascribed to it in Section 6.01 hereof.

     

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

     

    “Fair Market Value” means, with
        respect to any property, the sale value of such property that would be realized in an arms-length sale at such time between an informed and willing buyer, and an informed and willing seller, under no compulsion to buy or sell, respectively.

     

    “Fiscal Year” means the fiscal
        year of the Company ending on December 31 of each year.

     

    “Fitch” means Fitch Ratings
        Limited

     

    
      4

      
        

    

    “Global Note” has the meaning
        ascribed to it in Section 2.01(a) hereof.

     

    “guarantee” means any
        obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

     

    (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements,
        or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or

     

    (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof
        (in whole or in part);

     

    provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee,” when used as a verb, has a corresponding meaning.

    

    

    “Guarantee” means any guarantee
        of payment of the Notes and any other obligations of the Company by the Guarantor pursuant to the terms of this Indenture.

     

    “Guarantor” has the meaning
        ascribed to it in the introductory paragraph of this Indenture.

     

    “Guaranty” means the Eighth
        Amended and Restated Guaranty, dated as of November 20, 2014, by the Guarantor to Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank International,” New York Branch, JPMorgan Chase Bank, N.A. and the Master Trust Trustee, as the same
        may be amended, supplemented or otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

     

    “Hedge Agreements” means all
        swaps, caps or collar agreements or similar arrangements dealing with interest rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies.

     

    “Holder” or “Noteholder” means the Person in whose name a Note is registered in the Note Register.

     

    “Indebtedness” means, as to any
        Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred
        purchase price of property, except trade accounts payable arising in the ordinary course of business, (d) all obligations of such Person as lessee which are capitalized in accordance with U.S. GAAP, (e) all obligations of such Person created or
        arising under any conditional sales or other title retention agreement with respect to any property acquired by such Person (including without limitation, obligations under any such agreement which provides that the rights and remedies of the
        seller or lender thereunder in the event of default are limited to repossession or sale of such property), (f) all obligations of such Person with respect to letters of credit and similar instruments, including without limitation obligations under
        reimbursement agreements, (g) all Indebtedness of others secured by (or for which the holder of such Indebtedness has existing right, contingent or otherwise, to be secured by) a Lien on any asset of such Person, whether or not such Indebtedness is
        assumed by such Person and (h) all guarantees of such Person (other than guarantees of obligations of direct or indirect Subsidiaries of such Person).

     

    
      5

      
        

    

    “Indenture” means this
        Indenture, as amended or supplemented from time to time in accordance with its terms.

     

    “Initial Notes” has the meaning
        ascribed to it in the second introductory paragraph of this Indenture.

     

    “Investment Grade Rating” means
        a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P, BBB- (or the equivalent) by Fitch, or an equivalent rating by any other Rating Agency.

     

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

     

    “legal defeasance option” has
        the meaning ascribed to it in Section 8.01(b) hereof.

     

    “Legal Holiday” has the meaning
        ascribed to it in Section 11.08 hereof.

     

    “Lien” means any mortgage,
        lien, security interest, pledge, charge or other encumbrance.

     

    “Market Exchange Rate” means
        the noon buying rate in the City of New York, New York for cable transfers of Euros as certified for customs purposes (or, if not so certified, as otherwise determined) by the United States Federal Reserve Board.

     

    “Master Trust Transaction Documents”
        means the collective reference to the Pooling Agreement, the Series 2003-1 Supplement, the Series 2003-1 VFC, the Sale Agreement, the Servicing Agreement and the Guaranty.

     

    “Master Trust Trustee” means
        The Bank of New York Mellon, as trustee under, and for the purposes of, the Master Trust Transaction Documents, and any successor thereto.

     

    “Material Adverse Effect” means
        a material adverse effect, or any development involving a prospective material adverse effect, in the condition, financial or otherwise, or in the earnings, business or operations of the Guarantor and its consolidated Subsidiaries taken as a whole.

     

    “Material Subsidiary” means, at
        any time, any Subsidiary of the Guarantor which at such time is a “significant subsidiary” within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC.  The Material Subsidiaries as of the date hereof are set forth on Schedule 1.1
        hereto.

     

    “Moody’s” means Moody’s
        Investors Service Limited and any successor to its rating agency business.

     

    “Note Register” means the
        register of Notes, maintained by the Registrar, pursuant to Section 2.03 hereof.

     

    
      6

      
        

    

    “Notes” means the collective
        reference to the Initial Notes and the Subsequent Notes.

     

    “Obligations” has the meaning
        ascribed to it in Section 10.01 hereof.

     

    “Officer” means the Chairman of
        the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller or the Secretary of the Company or the Guarantor, as applicable.

     

    “Officer’s Certificate” means a
        certificate signed by an Officer or attorney-in-fact of the Company or the Guarantor, as applicable.

     

    “Opinion of Counsel” means a
        written opinion from legal counsel, which counsel may be an employee of or counsel to the Company in a form and substance acceptable to the Trustee.

     

    “Pari Passu Indebtedness” means
        Indebtedness for borrowed money, the proceeds of which are used to either purchase interests in the Series 2003-1 VFC, refinance Indebtedness originally used for such purpose and/or pay expenses incurred in connection with this Indenture or any
        such other Indebtedness, and indebtedness incurred in connection with Hedge Agreements, in each case which ranks not greater than pari passu (in priority of payment) with the Notes.

     

    “Paying Agent” means the Person
        (including the Company, the Guarantor or any Subsidiary) authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Notes on behalf of the Company.

     

    “Permitted Indebtedness” means
        (a) Indebtedness of the Company under the Notes and (b) Pari Passu Indebtedness.

     

    “Permitted Liens” means:

     

    (1) Liens for current taxes, assessments or other governmental charges which are not delinquent or remain payable without any penalty, or the validity of which is contested in
        good faith by appropriate proceedings upon stay of execution of the enforcement thereof or upon posting a bond in connection therewith;

     

    (2) any Lien pursuant to any order or attachment or similar legal process arising in connection with court proceedings; provided that the execution or other enforcement thereof is effectively stayed or a sufficient bond had been posted and the claims secured thereby are being contested at the time in good faith by appropriate proceedings;

     

    (3) any Liens securing bonds posted with respect to and in compliance with clauses (1) and (2) above;

     

    (4) any Liens securing the claims of mechanics, laborers, workmen, repairmen, materialmen, suppliers, carriers, warehousemen, landlords, or vendors or other claims provided for by
        mandatory provisions of law which are not yet due and delinquent, or are being contested in good faith by appropriate proceedings;

     

    
      7

      
        

    

    (5) any Lien on any Restricted Property securing Indebtedness incurred or assumed solely for the purpose of financing all or any part of the cost of constructing or acquiring such
        Restricted Property, which Lien attaches to such Restricted Property concurrently with or within 120 days after construction, acquisition or completion of a series of related acquisitions thereof;

     

    (6) Liens existing immediately prior to the execution and delivery of this Indenture (and listed on Schedule 3.4 hereto);

     

    (7) Liens to secure bonds posted in order to obtain stays of judgments, attachments or orders, the existence of which bonds would not otherwise constitute an Event of Default;

     

    (8) Liens on Restricted Property or with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, that either (i) existed prior to the acquisition of (A) such
        Restricted Property, (B) any Subsidiary that is the owner of such Restricted Property or (C) with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, any such Restricted Subsidiary, or (ii) arise as a result of contractual
        commitments to grant a Lien relating to (A) such Restricted Property, (B) any Subsidiary that is the owner of such Restricted Subsidiary or (C) with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, any such Restricted
        Subsidiary, in each of (A), (B) and (C) existing prior to such acquisition;

     

    (9) Liens created by a Restricted Subsidiary in favor of the Company, the Guarantor or a Subsidiary;

     

    (10) Liens on any accounts receivable from or invoices to export customers (including, but not limited to, Subsidiaries) and the proceeds thereof;

     

    (11) Liens on rights under contracts to sell, purchase or receive commodities to or from export customers (including, but not limited to, Subsidiaries) and the proceeds thereof;

     

    (12) Liens on cash deposited as collateral in connection with financings where Liens are permitted under clause (10) and (11) of this definition;

     

    (13) Liens extending, renewing or replacing, in whole or in part Liens permitted pursuant to (i) clauses (1) through (5) and (7) through (12), so long as the principal amount of
        the Indebtedness secured by such Lien does not exceed its original principal amount and (ii) in the case of clause (6), so long as the principal amount of the Indebtedness secured by such Lien does not exceed the principal amount thereof
        outstanding immediately prior to the execution and delivery of the Indenture;

     

    (14) minor survey exceptions or minor encumbrances, easements or reservations, or rights of others for rights-of-way, utilities and other similar purposes, or zoning or other
        restrictions as to the use of real properties that constitute Restricted Property, which are necessary for the conduct of the activities of the Guarantor or any Restricted Subsidiary or which customarily exist on properties of corporations engaged
        in similar activities and similarly situated and which do not in any event materially impair their use in the operation of the business of the Guarantor or any Restricted Subsidiary;

     

    
      8

      
        

    

    (15) Liens on accounts receivable and other related assets arising in connection with transfers thereof to the
        extent such transfers are treated as true sales of financial assets under FASB Statement No. 166, and such accounts receivable and related assets are not consolidated on the consolidated financial statements of the Guarantor and its Subsidiaries
        under FASB Statement No. 167;

     

    (16) Liens on intercompany loans made to the Guarantor or its Subsidiaries or on any notes or other instruments representing an interest in such intercompany loans in each case as
        set forth in the Master Trust Transaction Documents;

     

    (17) Liens securing obligations under a Hedge Agreement or swap, cap or collar agreement or similar arrangement related to equities or commodities;

     

    (18) Liens on any checking account, saving account, clearing account, futures account, deposit account,
        securities account, brokerage account, custody account or other account (or on any assets held in such account), securing obligations under any agreement or arrangement related to the opening of or provision of clearing, pooling, zero-balancing,
        brokerage, settlement, margin or other services related to such account (or on any assets held in such account), which customarily exist on similar accounts (or on any assets held in such accounts) of corporations in connection with the opening of,
        or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related, to such accounts; and

     

    (19) Liens securing any obligations related to the issuance of a letter of credit or any similar instrument, including without limitation, obligations under reimbursement agreements.

     

    For purposes of this definition above, (A) the phrases “accounts receivable from or invoices to export customers” and
        “contracts to sell, purchase or receive commodities to (from) export customers” shall refer to invoices or accounts receivable derived from the sale of, or contracts to sell, purchase or receive wheat, soybeans or other commodities or products
        derived from the processing of wheat, soybeans or other commodities, by or to the Guarantor or a Restricted Subsidiary that have been or are to be exported from the country of origin whether or not such sale is made by a Restricted Subsidiary or to
        any of its Subsidiaries; and (B) property of a party to a corporate reorganization which is not the Guarantor or a Restricted Subsidiary shall be deemed to be or have been “acquired” by the Guarantor or such Restricted Subsidiary as part of such
        corporate reorganization even if the Guarantor or such Restricted Subsidiary, as the case may be, is not the surviving or continuing entity.

     

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

     

    “Pooling Agreement” means the
        Fifth Amended and Restated Pooling Agreement, dated as of June 28, 2004, among Bunge Funding, Inc., Bunge Management Services, Inc., as servicer, and the Master Trust Trustee, as amended, modified or supplemented from time to time in accordance
        with its terms, subject to Section 3.02(f) hereof.

     

    
      9

      
        

    

    “Principal Trust Office” means
        such trust office or agency as may be designated by the Trustee in writing to the Company from time to time, or the designated corporate trust office of any successor Trustee.  The initial Principal Trust Office shall be the office of the Trustee
        to which notices are to be sent as set forth in Section 11.02 hereof.

     

    “Property” means any property,
        whether presently owned or hereafter acquired, including any asset, revenue or right to receive income or any other property, whether tangible or intangible, real or personal.

     

    “Rating Agencies” means (1)
        Moody’s, S&P and Fitch; and (2) if Moody’s, S&P or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by
        Bunge Limited which shall be substituted for any of Moody’s, S&P or Fitch, or all of them, as the case may be.

     

    “Redemption Date” means, with
        respect to any redemption of Notes, the date of redemption with respect thereto.

     

    “Redemption Price” has the
        meaning ascribed to it under the section entitled “Optional Redemption by the Company” on the reverse side of the Notes, the forms of which are attached as Exhibits A and B hereto.

     

    “Registrar” has the meaning
        ascribed to it in Section 2.03 hereof.

     

    “Representatives to the Underwriters”
        means [  ].

     

    “Relevant Jurisdiction” means
        any jurisdiction in which the Company or the Guarantor (or a successor to either entity as Company or Guarantor) is incorporated or resident for tax purposes or any department or political subdivision thereof or therein.

     

    “Restricted Property” means any
        building, mine, structure or other facility (together with the land on which it is erected and fixtures comprising a part thereof) and inventories now owned or hereafter acquired by the Guarantor or any Subsidiary and used for oilseed or grain
        origination, processing, transportation or storage, mining or fertilizer refining or storage.

     

    “Restricted Subsidiary” means
        (a) any Designated Obligor or (b) any Material Subsidiary.

     

    “Sale-Leaseback Transaction”
        means the sale or transfer by the Guarantor or any Restricted Subsidiary of any Restricted Property to a Person (other than the Guarantor or a Restricted Subsidiary) and the taking back by the Guarantor or any Restricted Subsidiary, as the case may
        be, of a lease of such Restricted Property.

     

    “S&P” means Standard &
        Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor to its rating agency business.

     

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

     

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

     

    
      10

      
        

    

    “Series 2003-1 Supplement”
        means the Third Amended and Restated Series 2003-1 Supplement to the Pooling Agreement, dated as of May 13, 2016, among the Company, Bunge Funding, Inc., Bunge Management Services, Inc. and the Master Trust Trustee, as the same may be amended,
        supplemented or otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

     

    “Series 2003-1 VFC Certificate”
        means the interest in the Bunge Master Trust created and authorized pursuant to a supplement to the Pooling Agreement that is designated as the “Series 2003-1 VFC Certificate” in which the Company will acquire a beneficial interest with the net
        proceeds of the Notes and other Permitted Indebtedness.

     

    “Servicing Agreement” means the
        Third Amended and Restated Servicing Agreement, dated as of December 23, 2003 among Bunge Funding, Inc., Bunge Management Services, Inc., as the servicer, and the Master Trust Trustee, as the same may be amended, supplemented or otherwise modified
        from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

     

    “Special Interest Payment Date”
        has the meaning ascribed to it in Section 2.13 hereof.

     

    “Special Record Date” has the
        meaning ascribed to it in Section 2.13 hereof.

     

    “Stated Maturity” means, with
        respect to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent
        obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.

     

    “Subsequent Notes” has the
        meaning ascribed to it in the second introductory paragraph of this Indenture.

     

    “Subsidiary” means any
        corporation, limited liability company or other business entity of which the requisite number of shares of stock or other equity ownership interests having ordinary voting power (without regard to the occurrence of any contingency) to elect a
        majority of the directors, managers or trustees thereof, or any partnership of which more than 50% of the partners’ equity interests (considering all partners’ equity interests as a single class) is, in each case, at the time owned or controlled,
        directly or indirectly, by a Person, one or more of the Subsidiaries of such Person, or combination thereof.

     

    “Successor Guarantor” has the
        meaning ascribed to it in Section 4.01 hereof.

     

    “TARGET 2” means the
        Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007.

     

    “TARGET Settlement Date” means
        any day on which TARGET 2 is open for the settlement of payments in Euro.

     

    
      11

      
        

    

    “Trust Indenture Act” means the
        U.S. Trust Indenture Act of 1939, as in effect on the date of this Indenture, except as provided in Section 9.03 hereof.

     

    “Trust Officer” means, with
        respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Trustee who
        customarily performs functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such individual’s knowledge of and familiarity with the
        particular subject and who shall have direct responsibility for the administration of this Indenture.

     

    “Trustee” means the party named
        as such in this Indenture until a successor replaces it and, thereafter, such successor.

     

    “Underwriters” means,
        collectively, [  ].

     

    “U.S. GAAP” means generally
        accepted accounting principles in the United States, as in effect on the Issue Date.

     

    “Voting Stock” of any 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.  Incorporation by
          Reference of Trust Indenture Act.  This Indenture is subject to the mandatory provisions of the Trust Indenture Act which are incorporated by reference in and made a part of this Indenture.  The following Trust Indenture Act terms have
        the following meanings:

     

    “Commission” means the SEC.

     

    “indenture securities” means the Notes.

     

    “indenture security holder” means a Noteholder.

     

    “indenture to be qualified” means this Indenture.

     

    “indenture trustee” or “institutional trustee” means the Trustee.

     

    “obligor” on the indenture securities means the Company and any other obligor on the indenture securities.

     

    All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined in the
        Trust Indenture Act by reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions.

     

    Section 1.03.  Rules of
          Construction.  Unless the context otherwise requires:

     

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

     

    
      12

      
        

    

    (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with U.S. GAAP as in effect on the Issue Date;

     

    (3) “or” is not exclusive;

     

    (4) “including” means including without limitation;

     

    (5) words in the singular include the plural and words in the plural include the singular; and

     

    (6) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the
        issuer dated such date and prepared in accordance with U.S. GAAP.

     

    ARTICLE 2

        The Notes

     

    Section 2.01.  Form, Dating and
          Terms.  (a)  The Initial Notes are being offered and sold by the Company pursuant to an Underwriting Agreement, dated [  ] among the Company, the Guarantor and the Representatives to the Underwriters.

     

    The Initial Notes offered and sold to the Underwriters will be issued on the Issue Date in the form of a permanent
        global Note, without interest coupons, substantially in the form of Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture,
        including appropriate legends as set forth in Section 2.01(c) hereof (the “Global Note”), safekept by the CSK, as common safe-keeper for the Clearing Systems,
        duly executed by the Company, authenticated by the Registrar and effectuated by the CSK as hereinafter provided.  The aggregate principal amount of the Global Note may from time to time be increased or decreased by adjustments made on the Note
        Register.

     

    Except as described in the succeeding two sentences, the principal of and premium, if any, and interest on the Notes
        shall be payable at the office or agency of the Company maintained for such purpose in London, United Kingdom, or at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.03 hereof; provided, however, that, at the option of the Company, each installment of interest may be paid
        by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register.

     

    Whilst any Notes are represented by a Global Note, all payments due in respect of the Notes shall be made to, or to the
        order of, the holder of the Global Note, subject to and in accordance with the provisions of the Global Note.  On the occasion of each payment, the Paying Agent shall instruct Euroclear and Clearstream to make the appropriate entries in their
        records to reflect such payment.  Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least [  ] aggregate principal amount of Notes represented by Definitive
        Notes will be made by wire transfer to a Euro account maintained by the payee with a branch of a designated bank in the European Union 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).

     

    
      13

      
        

    

    Any Subsequent Notes shall be in the form of Exhibit
            A hereto.

     

    The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage, in addition to
        those set forth on Exhibit A hereto and in Section 2.01(c) hereof.  The Company and Trustee shall approve the forms of the Notes and any notation, endorsement or legend
        on them.  Each Note shall be dated the date of its authentication or, if later (in the case of a Global Note), effectuation.  The terms of the Notes set forth in Exhibit A
        hereto are part of the terms of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms.

     

    All payments of interest and principal on the Notes, including payments made upon any redemption of the Notes, will be
        made in Euros.  If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Euro is no longer being used by the then member states of the European Economic and
        Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes shall be made in U.S. dollars until
        the Euro is again available to the Company or so used.  The amount payable on any date in Euros shall be converted into U.S. dollars on the basis of the most recently available Market Exchange Rate for Euros.  The Market Exchange Rate most recently
        available on, or prior to, the second Business Day before the relevant determination date will be the basis for determining the equivalent of Euro in the currency of the United States of America for any purposes under the Indenture.  Any payment in
        respect of such Notes so made in U.S. dollars shall not constitute an Event of Default under the Notes or this Indenture.  Neither the Trustee nor the Paying Agent shall have any responsibility for obtaining exchange rates, effecting conversions or
        otherwise handling redenominations.

     

    The Notes shall be subject to repurchase by the Company pursuant to a Change of Control Offer as provided in Section
        3.14 hereof.  The Notes shall not be redeemable, other than as provided in Article 5.

     

    It is intended that the Notes, whilst represented by one or more Global Notes, will be recognized as eligible collateral
        for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue, or at any or all times during their life.

     

    (b) Denominations.  The Notes shall be issuable only in fully registered form, without coupons, and
        only in denominations of [  ] and any integral multiple of [  ] in excess thereof.

     

    (c) Legends.  Each of the Global Notes, whether or not an Initial Note, shall bear the following
        legend on the face thereof:

     

    “THIS CERTIFICATE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
        REGISTERED IN THE NAME OF THE NOMINEE OF THE ENTITY APPOINTED AS COMMON SAFE-KEEPER (THE “CSK”) FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM”) AND EUROCLEAR BANK S.A./N.V. (“EUROCLEAR” AND, TOGETHER WITH CLEARSTREAM, THE “CLEARING
        SYSTEMS”).

     

    
      14

      
        

    

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK, TO THE COMPANY OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE CSK OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK (AND ANY PAYMENT IS MADE TO THE CSK OR TO
        SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CSK), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE CLEARING SYSTEMS, HAS AN
        INTEREST HEREIN.

     

    TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE CSK OR TO A
        SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.”

     

    (d) Book-Entry Provisions.  (i) This Section 2.01(d) shall apply only to Global Notes deposited with the CSK, as common safe-keeper for the Clearing Systems.

     

    (i) Each Global Note initially shall (A) be registered in the name of a nominee of the CSK for and in respect of interests held through, the
        Clearing Systems, (B) be delivered to the CSK as the common safe-keeper for the Clearing Systems and (C) bear legends as set forth in Section 2.01(c) hereof.

     

    (ii) Members of, or participants in, the Clearing Systems (“Agent

          Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Clearing Systems or by the CSK as common safe-keeper for the Clearing Systems or under such Global Note, and the nominee of the
        CSK may be treated by the Company, the Trustee, the Registrar and any agent of the Company, the Trustee or the Registrar as the absolute owner of such Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall
        prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Clearing Systems or impair, as between the CSK, the Clearing Systems and its
        Agent Members, the operation of customary practices of the Clearing Systems governing the exercise of the rights of a Holder of a beneficial interest in any Global Note.

     

    (iii) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to Section 2.01(e) hereof to beneficial
        owners who are required to hold Definitive Notes, the Registrar and, pursuant to Section 2.05 hereof, the Paying Agent shall procure that the Clearing Systems reflect in their books and records the date and a decrease in the principal amount of
        such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Notes of like tenor
        and amount.

     

    
      15

      
        

    

    (iv) In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.01(e) hereof, such Global Note shall be deemed to be
        surrendered to the Registrar for cancellation, and the Paying Agent will inform the CSK and procure that the relevant amendments are made in the records of the Clearing
          Systems and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Clearing Systems in
        exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

     

    (v) The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may
        hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.

     

    (e) Definitive Notes.

     

    (i) Except as provided below, owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes.  If required to do so pursuant
        to any applicable law or regulation, beneficial owners may obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with the Clearing Systems’ and the Registrar’s procedures.  In addition, Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note within 60 days if (a) the Company has been notified that the Clearing Systems (or any additional or alternative clearing system approved by the Company, the Trustee and the Paying Agent on
          behalf of which the Global Note may be held) has been closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or has announced an intention permanently to cease business or does in fact do
          so; or (b) an Event of Default has occurred and is continuing and the Registrar has received a request from the Clearing Systems.

     

    (ii) In connection with the exchange of a portion of a Definitive Note for a beneficial interest in a Global Note, the Trustee shall cancel such
        Definitive Note, and the Company shall execute, and the Trustee shall authenticate and deliver, to the transferring Holder a new Definitive Note representing the principal amount not so transferred.

     

    Section 2.02.  Execution,
          Authentication and Effectuation.  One Officer shall execute the Notes, on behalf of the Company, by manual or facsimile signature.  If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
        authenticates the Definitive Note or the Registrar authenticates the Global Note and, in the case of a Global Note, the CSK effectuates the Global Notes, the Note shall be valid nevertheless.

     

    A Note shall not be valid until an authorized signatory of the Trustee (with respect to Definitive Notes and the
        Registrar with respect to a Global Note) manually authenticates the Note and, in the case of the Global Note, the Global Note is effectuated by the CSK by the manual or facsimile signature of one of its authorized signatories.  The signature of the
        Trustee or the Registrar on a Note and, in the case of a Global Note, evidence via facsimile transmission, electronic means or such other evidence in writing as may be acceptable to the Registrar of the execution by the CSK of the certificate of
        effectuation on such Note shall be conclusive evidence that such Note has been duly and validly authenticated, effectuated and issued under this Indenture.  A Note shall be dated the date of its authentication or, if later (in the case of a Global
        Note), effectuation.

     

    
      16

      
        

    

    The Company authorizes and instructs the Registrar to (i) authenticate the Global Notes, (ii) transmit such Global Notes
        electronically to the CSK and to give effectuation instructions in respect of the Global Notes following its authentication thereof and (iii) instruct the Clearing Systems to make appropriate entries in their records to reflect the initial
        oustanding aggregate principal amount of the Notes.

     

    The Registrar shall authenticate and make available for delivery and the CSK shall effectuate: (1) at any time after the execution and
        delivery of this Indenture, a Global Note representing the Initial Notes for issue on the Issue Date in an aggregate principal amount of [  ]; (2) if and when
        issued (subject to Section 2.01(e)), a Global Note or Global Notes representing each tranche of the Subsequent Notes for issue on the issue date thereof, in each case upon a written order of the Company signed by two Officers or by an Officer and
        an Assistant Treasurer or an Assistant Secretary of the Company (the “Company Order”); and (3) if and when issued in accordance with Section 2.01(e), a
        Definitive Note or Definitive Notes.  Such Company Order shall specify the amount of the Notes to be authenticated and (in the case of a Global Note) effectuated, the date on which the issue of Notes is to be authenticated and (in the case of a
        Global Note) effectuated and whether the Notes are to be Initial Notes or Subsequent Notes.  The aggregate principal amount of Notes which may be authenticated and delivered and (in the case of a Global Note) effectuated under this Indenture is
        initially limited to [  ] outstanding (plus any Subsequent Notes), except for Notes authenticated and delivered and (in the case of a Global Note) effectuated
        upon registration or transfer of, or in exchange for, or in lieu of, other Notes of the same class pursuant to Section 2.08, Section 2.09, Section 2.11, Section 5.09 or Section 9.05 hereof.  All Notes issued on the Issue Date and all Subsequent
        Notes shall be identical in all respects other than issue date, issue price and the date from which interest accrues and any changes relating thereto; provided that if the Subsequent Notes are not fungible with the Initial Notes for United States federal income tax purposes, the Subsequent Notes will have a separate
        CUSIP number, Common Code, and ISIN number and/or any other identifying number.  Notwithstanding anything to the contrary contained in this Indenture, the Initial Notes and any Subsequent Notes of the same class will be treated as a single class of
        securities under this Indenture.  Without limiting the generality of the foregoing sentence, unless otherwise provided in this Indenture, all Notes issued under this Indenture shall vote and consent together on all matters as one class and no Notes
        will have the right to vote or consent as a separate class on any matter.

    

    

    The Trustee may appoint an agent reasonably acceptable to the Company to authenticate the Definitive Notes and the
        Registrar may appoint an agent reasonably acceptable to the Company to authenticate the Global Notes, as applicable (the “Authenticating Agent”).  Unless
        limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee or Registrar may do so.  Each reference in this Indenture to authentication by the Trustee or Registrar includes authentication by
        the Authenticating Agent.  An Authenticating Agent has the same rights as a Paying Agent to deal with Holders or an Affiliate of the Company.

     

    
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    Where the Registrar delivers any authenticated Global Note to a CSK for effectuation using electronic means, it is
        authorized and instructed to destroy the Global Note retained by it following its receipt of confirmation from the CSK that the relevant Global Note has been effectuated.

     

    Section 2.03.  Registrar and Paying Agent.  The Company shall cause to be kept a register for the Notes (the “Note
          Register”) in which, subject to such reasonable regulations as the Company may prescribe, the Company shall provide for the registration of the Notes and of all transfers and exchanges with respect thereto.  The Note Register shall be
        maintained by the Trustee or such other Person (including the Company or the Guarantor) appointed by the Company as the registrar (the “Registrar”).  The
        Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange and an office or agency where Notes may be presented for payment (the “Place of Payment”).  The Company shall cause the Paying Agent to maintain an office or agency in the City of London, United Kingdom and the Registrar to maintain an office or agency in Ireland.  The Place of
        Payment will initially be the office of the Paying Agent at 5th Floor, 125 Old Broad Street, London EC2N, 1AR, United Kingdom (or such other office of the Paying Agent in London, United Kingdom as
        agreed to by the Company and the Paying Agent).  The Company may have one or more co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any additional paying agent.

     

    The Company shall enter into an appropriate agency agreement with any Registrar and Paying Agent that is not a party to
        this Indenture.  The agreement shall implement the provisions of this Indenture that relate to such agent.  The Company shall notify the Trustee of the name and address of each such agent.  If the Company fails to maintain a Registrar or Paying
        Agent, the Trustee or a Subsidiary of the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07 hereof.  The Company, the Guarantor or any Subsidiary of the Company or the Guarantor may act as
        Paying Agent, Registrar, co registrar or transfer agent.

     

    The Company will initially appoint the CSK to act as common safe-keeper for the Clearing Systems with respect to the
        Global Note.  The Company has entered or will enter into an Issuer – ICSD Agreement in the form mandated by the Clearing Systems in connection with the servicing of the Notes by the Clearing Systems.

     

    The Company shall undertake, to the extent permitted by law, to maintain a paying agent that will not be required to
        withhold or deduct tax pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Council Directive. The Company has, pursuant
        to that certain Agency Agreement, dated as of [  ], initially appointed Elavon Financial Services Limited, UK Branch, as the Paying Agent and Elavon Financial Services Limited as the Registrar for the Notes.

     

    Section 2.04.  Paying Agent to Hold
          Money in Trust.  By at least 10:00 a.m. (London time) on the date on which any principal of and premium, if any, or interest on any Note is due and payable, the Company shall deposit with the Paying Agent a sum in Euros sufficient to pay
        such principal, premium, if any, or interest when due.  The Company shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held
        by such Paying Agent for the payment of principal of and premium, if any, or interest on the Notes and shall notify the Trustee in writing of any default by the Company or the Guarantor in making any such payment.  

     

      

    
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    If the Company, the Guarantor or a Subsidiary of the Company or the Guarantor acts as Paying Agent, it shall segregate the
        money held by it as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying
        Agent.  Upon complying with this Section 2.04, the Paying Agent (if other than the Company or a Subsidiary of the Company or the Guarantor) shall have no further liability for the money delivered to the Trustee.  Upon any bankruptcy, reorganization
        or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Notes.

     

    Section 2.05.  Additional Responsibilities of the Paying Agent Regarding the Global Notes.

     

    (a) The Paying Agent will inform the Clearing Systems (through the common service provider (the “CSP”) appointed by the Clearing Systems to service the Global Notes) of the
        initial issue outstanding amount (“IOA”) for the Notes on or prior to the applicable closing date.

     

    (b) If any event occurs that requires a mark-up or mark-down of the records that Euroclear or Clearstream holds for its customers to reflect such customers’ interest in any Global Note, the
        Paying Agent will promptly provide details of the amount of such mark-up or mark-down, together with a description of the event that requires it, to the Clearing
          Systems (through the CSP) to ensure that the records of the Clearing Systems reflecting the IOA of the Notes remain at all times accurate.

     

    (c) The Paying Agent will at least once every month perform a reconciliation process with the Clearing Systems (through the CSP) with respect to the IOA for the Notes and will promptly inform the Clearing Systems (through the CSP) of any discrepancies.

     

    (d) The Paying Agent will promptly assist the Clearing Systems (through the CSP) in resolving any
        discrepancy identified in the records reflecting the IOA of the Notes.

     

    (e) The Paying Agent will promptly provide to the Clearing Systems (through the CSP) details of all amounts
        paid under the Notes.

     

    (f) The Paying Agent will promptly provide to the Clearing Systems (through the CSP) notice of any changes
        to the Notes that will affect the amount of, or date for, any payment due under the Notes.

     

    (g) The Paying Agent will promptly provide to the Clearing Systems (through the CSP) copies of all notices
        in its possession that are given by or on behalf of the Company to the holders of the Notes.

     

    (h) The Paying Agent will promptly pass on to the Company all communications it receives from the Clearing Systems
        directly or through the CSP relating to the Notes.  Any such notice shall be deemed to have been conclusively given by being sent by facsimile to the Company in accordance with the provision of Section 11.02 hereof.

     

    
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    (i) The Paying Agent will promptly notify the Clearing Systems (through the CSP) of any failure by the
        Company to make any payment or delivery due under the Notes when due.

     

    Section 2.06.  Certain Rights of the Paying Agent.  For avoidance of doubt, the rights, protections and exculpations available to the Trustee under the Indenture shall also be available to the Trustee
        in each of its capacities thereunder, including as Paying Agent.

     

    Section 2.07.  Noteholder Lists.  The

        Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders and shall otherwise comply with Trust Indenture Act, Section 312(a).  If the Trustee is not the
        Registrar, or to the extent otherwise required under the Trust Indenture Act, the Company, on its own behalf and on behalf of the Guarantor, shall furnish to the Trustee, in writing at least seven 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 Noteholders and the Company shall otherwise comply with Trust Indenture Act,
        Section 312(a).

     

    Section 2.08.  Transfer and
          Exchange.

     

    (a) The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.01 hereof or this Section 2.08.  The Company shall
        have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar.

     

    (b) Obligations with Respect to Transfers and Exchanges of Notes.

     

    (i) To permit registrations of transfers and exchanges, the Company shall, subject to the other terms and conditions of this Article 2, execute
        and the Trustee shall authenticate Definitive Notes and the Registrar shall authenticate Global Notes at the Registrar’s or co-registrar’s request; provided that the Registrar shall instruct, or shall cause the Paying Agent to instruct, the CSK to effectuate any such Global Notes and such Global Notes shall have been effectuated
        by (or on behalf of) the CSK on the proposed issue date thereof.

     

    (ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company or the Guarantor may require from
        a Holder payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or
        transfer pursuant to Section 3.14 and Section 9.05 hereof).

     

    (iii) The Registrar or co-registrar shall not be required to register the transfer of, or exchange of, any Note for a period beginning (1) 15
        days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such interest payment date.

     

    
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    (iv) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the Registrar or any
        co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and premium, if any, and interest on such Note and for all other purposes
        whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co registrar shall be affected by notice to the contrary.

     

    (v) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt, and shall be entitled
        to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange.

     

    (vi) All Global Notes shall be registered in the name of a nominee of the CSK, for, and in respect of interests held through the Clearing
        Systems and all transfers of beneficial ownership interests therein will be made in accordance with the rules of the Clearing Systems.  The Paying Agent will instruct Euroclear and Clearstream to make the appropriate entries in their records in
        respect of all Global Notes.  No investor or other party purchasing, selling or otherwise transferring beneficial ownership interests in Global Notes shall receive, hold or deliver any certificate representing the same.  The Company, the Guarantor
        and the Trustee shall have no responsibility or liability for transfers of beneficial ownership interests in any Global Note.

     

    (vii) Each Holder of a Note agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of
        such Holder’s Note in violation of any provision of this Indenture and/or applicable United States Federal or state securities law.

     

    (c) No Obligation of the Trustee.

     

    (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, an Agent Member or any other Person with
        respect to (A) the accuracy of the records of the CSK, the Clearing Systems or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes, (B) the delivery to any participant, member, beneficial owner
        or other Person (other than the Clearing Systems) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes, or (C) the selection of
        the particular Notes or portions thereof to be redeemed or refunded in the event of a partial redemption or refunding of the Notes.  All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the
        Notes shall be given or made only to or upon the order of the registered Holders (which shall be the CSK or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall be exercised only through the CSK
        subject to the applicable rules and procedures of the Clearing Systems.  The Trustee may rely and shall be fully protected in relying upon information furnished by the Clearing Systems with respect to its members, participants and any beneficial
        owners.

     

    
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    (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
        under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among the Clearing Systems, their Agent Members or beneficial owners in any Global Note) other than to require
        delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture with respect to transfers between Holders, and to examine the same to
        determine substantial compliance as to form with the express requirements hereof.

     

    (iii) None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any actions taken or not taken by the CSK or the Clearing Systems, as the case may be.

     

    Section 2.09.  Mutilated, Destroyed,
          Lost or Stolen Notes.  If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a
        replacement Note if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee.  Such Holder shall furnish an indemnity bond sufficient in the judgment
        of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is replaced, and, in the absence of notice to the Company, the Guarantor
        or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and upon Company Order the Trustee (in the case of Definitive Notes) and the Registrar (in the case of Global Notes) shall authenticate and make
        available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding; provided, that in the case of any Global Notes, the Registrar shall instruct, or shall cause the Paying Agent to
        instruct, the CSK to effectuate such Note and such Global Note shall have been effectuated by the CSK.

     

    In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company
        in its discretion may, instead of issuing a new Note, pay such Note.

     

    Upon the issuance of any new Note under this Section 2.09, the Company may require the payment of a sum sufficient to
        cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith.

     

    Every new Note issued pursuant to this Section 2.09 in lieu of any mutilated, destroyed, lost or stolen Note shall
        constitute an original additional contractual obligation of the Company, the Guarantor (if applicable) and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone,
        and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

     

    
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    The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) all other rights and
        remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

     

    Section 2.10.  Outstanding Notes.  Notes

        outstanding at any time are all Definitive Notes authenticated by the Trustee and, in the case of the Global Notes, all Global Notes authenticated by the Registrar and effectuated by the CSK except for those canceled by it, those delivered to it
        for cancellation and those described in this Section 2.10 as not outstanding.  A Note ceases to be outstanding in the event the Company holds the Note; provided, however, that (i) for purposes of determining which are outstanding for consent or voting purposes hereunder, Notes shall cease to be outstanding in the event the Company or
        an Affiliate of the Company holds the Note and (ii) in determining whether the Trustee shall be protected in making a determination whether the Holders of the requisite principal amount of outstanding Notes are present at a meeting of Holders of
        Notes for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying upon any such quorum, consent or vote, only Notes which a
        Trust Officer of the Trustee actually knows to be held by the Company or an Affiliate of the Company shall not be considered outstanding.  In the case of a Global Note, save for the purposes of clause (i) of the preceding sentence, the Trustee
        shall rely on the records of the Clearing Systems, Luxembourg in relation to any determination of the principal amount outstanding of such Global Note.  For this purpose, “records” means the records that each of the Clearing Systems, Luxembourg
        holds for its customers which reflect the amount of such customer’s interest in the Notes.

     

    If a Note is replaced pursuant to Section 2.09 hereof, it ceases to be outstanding unless the Trustee and the Company
        receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser.

     

    If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity
        date money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such
        money to the Noteholders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

     

    Section 2.11.  Temporary Notes.  Until

        Definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes.  Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers
        appropriate for temporary Notes.  Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes.  After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
        upon surrender of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the Holder.  Upon surrender for cancellation of any one or more temporary Notes, the Company shall
        execute, and the Trustee shall authenticate and make available for delivery in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes.  Until so exchanged, the Holder of temporary Notes shall in all respects
        be entitled to the same benefits under this Indenture as a holder of Definitive Notes.

     

    
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    Section 2.12.  Cancellation.  The Company at any time may deliver Notes to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them
        for registration of transfer, exchange or payment.  The Trustee, and no one else, shall cancel and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation, in its customary manner.  The Company may not issue
        new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other than in connection with a transfer or exchange.  In the case of
          the cancellation of Notes represented by a Global Note, the Paying Agent shall instruct the Clearing Systems to make the appropriate entries in their records.

     

    Section 2.13.  Payment of Interest;
          Defaulted Interest.  Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more predecessor Notes) is registered at
        the close of business on the regular record date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 2.03 hereof.

     

    Any interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment
        continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular record date by virtue of having been such Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the
        rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Company, at its
        election in each case, as provided in clause (a) or (b) below:

     

    (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of
        business (London time) on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest
        proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at
        the same time the Company shall deposit with the Trustee or the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
        deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a record date for the
        payment of such Defaulted Interest, which shall be as of the close of the Business Day immediately prior to the Special Interest Payment Date (the “Special Record
          Date”).  The Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and
        Special Interest Payment Date therefor to be given in the manner provided for in Section 11.02 hereof, not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such Defaulted Interest and the Special Record Date
        and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close
        of business (London time) on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

     

    
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    (b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be
        listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

     

    Subject to the foregoing provisions of this Section 2.13, each Note delivered under this Indenture upon registration of,
        transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

     

    Section 2.14.  Computation of
          Interest.  Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid or
        duly provided for (or from and including the original issue date of the Notes, if no interest has been paid or duly provided for with respect to the Notes) on the Notes, to, but excluding the next scheduled interest payment date, Redemption Date or
        Stated Maturity, as the case may be.  This payment convention is referred to as ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association).

     

    Section 2.15.  CUSIP, Common Code
          and ISIN Numbers.  The Company in issuing the Notes may use “CUSIP,” “Common Code” and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “Common Code” and “ISIN” numbers in notices of redemption as a
        convenience to Holders; provided, however, that the Trustee shall have no liability for any
        defect in the “CUSIP,” “Common Code” or “ISIN” numbers as they appear on any Notes, notice or elsewhere, and provided further, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed
        only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such CUSIP, Common Code or ISIN numbers.  The Company shall promptly notify the Trustee in writing of any
        change in the CUSIP, Common Code and ISIN numbers.

     

    Section 2.16.  Tax Treatment. 
        The Company and each holder and beneficial owner intend, and will take all actions consistent with the intention, that the Notes be treated as indebtedness for all federal, state, local, and foreign income and franchise tax purposes.  The Company,
        by entering into this Indenture, and each holder and beneficial owner, by its acceptance of its Note, agree to treat the Notes as indebtedness for federal, state, local and foreign income and franchise tax purposes.

     

    ARTICLE 3

        Covenants

     

    Section 3.01.  Payment of Notes.  The

        Company shall promptly pay the principal of and premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture.  Principal and interest shall be considered paid on the date due if on such date
        the Trustee or the Paying Agent in any Place of Payment holds in accordance with this Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such
        money to the Noteholders on that date.

     

    
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    The Company shall pay interest on overdue principal and premium, if any, at the rate specified therefor in the Notes,
        and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

     

    Notwithstanding anything to the contrary contained in this Indenture and subject to Section 11.15, the Company may, to
        the extent it is required to do so by law, deduct or withhold income or other taxes imposed by the United States of America (or any political subdivision thereof) from principal or interest payments hereunder.

     

    Section 3.02.  Limitation and
          Restrictions on Activities of the Company.  (a) The Company shall not engage in any business or enterprise or enter into or be a party to any transaction or agreement other than in connection with (i) the issuance and sale of the Notes,
        (ii) the incurrence of other Permitted Indebtedness, (iii) the entering into of Hedge Agreements relating to the Notes or the other Permitted Indebtedness having a notional amount not exceeding the aggregate principal amount of the Notes and such
        other Permitted Indebtedness then outstanding and (iv) the use of the net proceeds from the issuance of the Notes or the other Permitted Indebtedness to either increase its investment in the Series 2003-1 VFC, repay the Notes or other Permitted
        Indebtedness outstanding from time to time or pay expenses incurred in connection with such Permitted Indebtedness.

     

    (b) The Company shall not acquire or own any subsidiary or other assets or property (either real or personal), except for (i) the Series 2003-1 VFC, (ii) Hedge Agreements, and
        (iii) instruments evidencing the interests in the foregoing.

     

    (c) The Company shall not create, incur, assume or suffer to exist any Indebtedness other than Permitted Indebtedness.

     

    (d) The Company shall not create, assume, incur or suffer to exist any Lien (other than Company Permitted Liens) upon or with respect to any of its Property; provided, however, it being understood, for the avoidance of doubt, that the Company shall not
        create, incur, assume or suffer to exist any Lien, including any Lien which would otherwise constitute a Permitted Lien in the case of the Guarantor or any Restricted Subsidiary, other than Company Permitted Liens.

     

    (e) The Company shall not enter into any consolidation, merger, amalgamation, joint venture, syndicate or other form of combination with any Person, and shall not sell, lease,
        convey or otherwise dispose of any of its assets or receivables, including, without limitation, the Series 2003-1 VFC or any interest in the Series 2003-1 VFC.

     

    (f) The Company shall not amend, supplement, waive or modify, or consent to any amendment, supplement, waiver or modification of, any Master Trust Transaction Document except in
        accordance with the provisions of this Section 3.02(f).  Any provision of any Master Trust Transaction Document may be amended, waived, supplemented, restated, discharged or terminated without the consent of the Holders so long as in each case, the
        Trustee shall have received prior notice thereof together with copies of any documentation related thereto; provided that such amendment, waiver, supplement or
        restatement does not (i) render the Series 2003-1 VFC subordinate in payment to any other Series under the Bunge Master Trust or otherwise adversely discriminate against the Series 2003-1 VFC relative to any other Series under the Bunge Master
        Trust, 

     

      

    
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    (ii) reduce in any manner the amount of, or delay the timing of, distributions which are required to be made on or in
        respect of the Series 2003-1 VFC, (iii) change the definition of, the manner of calculating, or in any way the amount of, the interest of the Company in the assets of the Bunge Master Trust, (iv) change the definition of “Eligible Loans” or, to the
        extent used in such definition, other defined terms used in such definition, (v) result in a Default or Event of Default, or (vi) terminate the Bunge Master Trust with respect to less than all of the then outstanding Series issued by the Bunge
        Master Trust; and provided, further, that, the
        Bunge Master Trust may be terminated at any time with respect to all Series then outstanding without the consent of the Holders.  Any amendment, waiver, supplement or restatement of a Master Trust Transaction Document (including any exhibit
        thereto) of the type described in clauses (i), (ii), (iii), (iv), (v) or (vi) of this Section 3.02(f) shall require the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding, including, without
        limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes.

     

    Section 3.03.  Limitation on Liens.
         The Guarantor shall not, and shall not permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien, other than a Permitted Lien, upon or with respect to any Restricted Property or upon any shares of stock or
        Indebtedness of any Restricted Subsidiary, to secure any Indebtedness incurred or guaranteed by the Guarantor or any Restricted Subsidiary (other than the Notes), unless all of the outstanding Notes and the Guarantee are secured equally and ratably
        with, or prior to, such Indebtedness for so long as such Indebtedness shall be so secured.

     

    Section 3.04.  Limitation on
          Sale-Leaseback Transactions.  The Guarantor shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale-Leaseback Transaction unless:

     

    (a) the Sale-Leaseback Transaction occurs within six months from the date of the acquisition of the Restricted Property subject thereto or the date of the completion of
        construction or commencement of full operations of such Restricted Property, whichever is later; or

     

    (b) the Sale-Leaseback Transaction is between the Guarantor and a Restricted Subsidiary of the Guarantor, or between Restricted Subsidiaries of the Guarantor; or

     

    (c) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; or

     

    (d) the Sale-Leaseback Transaction constitutes a Permitted Lien for the purposes of Section 3.03 hereof; or

     

    (e) the Guarantor or such Restricted Subsidiary, within a one year period after such Sale-Leaseback Transaction, (i) applies or causes to be applied an amount not less than the
        Attributable Indebtedness from such Sale-Leaseback Transaction to the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Guarantor or any Subsidiary having a maturity of more than one year that is not subordinated
        to the Notes or the Guarantee or (ii) enters into a bona fide commitment to expend an amount not less than the Attributable Indebtedness for such Sale-Leaseback Transaction during such one-year period to the acquisition, construction or development
        of other similar Property.

     

    
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    Section 3.05.  Exclusion from
          Limitations.  Notwithstanding Sections 3.03 and 3.04 hereof, the Guarantor may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien (other than a Permitted Lien) upon any Restricted Property or
        the shares of stock or Indebtedness of any Restricted Subsidiary to secure Indebtedness incurred or guaranteed by the Guarantor or any Restricted Subsidiary (other than the Notes) or effect any Sale-Leaseback Transaction of a Restricted Property
        that is not excepted by Section 3.04(a), (b), (c), (d) or (e) hereof, without equally and ratably securing the Notes or the Guarantee; provided that, after giving effect
        thereto, the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by Liens (other than Permitted Liens) upon Restricted Property and the shares of stock or Indebtedness of any Restricted Subsidiary plus the
        Attributable Indebtedness from Sale-Leaseback Transactions of Restricted Property not so excepted, do not exceed 20% of the Consolidated Net Tangible Assets.

     

    Section 3.06.  Corporate Existence. 
        Subject to Article 4 hereof, each of the Company and the Guarantor will do or cause to be done all things necessary to preserve, renew and keep in full force and effect its corporate existence and take all reasonable action to maintain its
        corporate rights (charter and statutory), licenses, privileges and franchises; provided, however,
        that the Company and the Guarantor shall not be required to preserve any such right, license, privilege or franchise if the Board of Directors of the Company  or the Guarantor, as applicable, shall determine that the preservation thereof is no
        longer desirable in the conduct of its business and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders; and provided further, the Guarantor may amalgamate or merge in accordance with Section 4.01 hereof.

     

    Section 3.07.  Maintenance of
          Properties; Insurance.  The Guarantor shall, and shall cause each of its Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, except where failure to do so would not have a Material
        Adverse Effect; and the Guarantor shall maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are customary for the Guarantor’s type of business.

     

    Section 3.08.  Payment of Taxes and
          Other Claims.  Each of the Company and the Guarantor shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all federal income and other material taxes, assessments and
        similar governmental charges imposed on it, except where (i) the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves to the extent required by U.S. GAAP with respect thereto have been
        provided on the books of the Company or the Guarantor or (ii) the nonpayment of such federal income and other material taxes, assessments and claims in the aggregate could not reasonably be expected to have a Material Adverse Effect.

     

    Section 3.09.  Payments for
          Consent.  Neither the Company, the Guarantor nor any Subsidiaries of the Company or the Guarantor will, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fees or otherwise, to any Holder of any
        Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive or agree
        to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

     

    
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    Section 3.10.  Compliance
          Certificate.  The Company and the Guarantor shall deliver to the Trustee within 120 days after the end of each Fiscal Year of the Company and the Guarantor a certificate signed by the principal executive officer, principal financial
        officer or principal accounting officer of the Company and the Guarantor, respectively, stating that in the course of the performance by the signer of his or her duties as an officer of the Company and the Guarantor he or she would normally have
        knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during such period.  If he or she does, the certificate shall describe the Default or Event of Default, its status and
        what action the Company is taking or proposes to take with respect thereto.  The Company also shall comply with Trust Indenture Act, Section 314(a)(4).

     

    Section 3.11.  Further Instruments
          and Acts.  Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

     

    Section 3.12.  Statement by Officers
          as to Default.  The Company shall deliver to the Trustee, as soon as possible and in any event within 10 days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or
        both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto.

     

    Section 3.13.  Notice of Change in
          Bermuda Law, Debt Ratings.  The Guarantor shall give written notice to the Trustee promptly after becoming aware of (i) any changes in taxes, duties or other fees of Bermuda or any political subdivision or taxing authority thereof or any
        change in any laws of Bermuda, in each case, that may affect any payment due under this Indenture, (ii) any change in such Guarantor’s public or private debt ratings by a “nationally recognized statistical rating organization,” as such term is
        defined by the SEC for purposes of Rule 436(g)(2) under the Securities Act, and (iii) any development or event which has had, or which the Guarantor in its good faith judgment believes will have, a Material Adverse Effect; provided that the Trustee shall have no responsibilities or duties with respect to any such notice.  Delivery of any such notice to the Trustee is for informational purposes only and the
        Trustee’s receipt of such notice 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 is entitled to rely exclusively on Officer’s Certificates).

     

    Section 3.14.  Offer to Repurchase
          Upon Change of Control.  (a)  If a Change of Control Triggering Event occurs, unless the Company has previously or concurrently irrevocably exercised its right to redeem all the outstanding Notes as described under Section 5.06 hereof
        without such redemption being subject to any conditions precedent, the Company shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus
        accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of the Notes of record on the relevant record date to receive interest due on the relevant interest payment date.  Within 60 days
        following any Change of Control Triggering Event, the Company shall send notice of such Change of Control Offer by first-class mail, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the security
        register or otherwise in accordance with the procedures of the Clearing Systems with a copy to the Trustee, with the following information:

     

    
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    (i) that a Change of Control Offer is being made pursuant to this Section 3.14 and that all Notes properly tendered pursuant to such Change of
        Control Offer will be accepted for payment by the Company;

     

    (ii) the date of the Change of Control Triggering Event;

     

    (iii) the date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed, by which the Company must
        purchase the Notes (the “Change of Control Payment Date”);

     

    (iv) the price that the Company must pay for the Notes it is obligated to purchase;

     

    (v) the name and address of the Trustee;

     

    (vi) that any Note not properly tendered will remain outstanding and continue to accrue interest;

     

    (vii) that unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
        Control Offer will cease to accrue interest on the Change of Control Payment Date;

     

    (viii) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the
        form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the
        Change of Control Payment Date;

     

    (ix) that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the paying agent receives, not later than the close of business on the 30th day following the date of the Change of Control notice, a facsimile transmission or
        letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

     

    (x) that if the Company is repurchasing less than all of the Notes, the Holders of the remaining Notes will be issued new Notes and such new
        Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered.  The unpurchased portion of the Notes must be equal to [  ] or an integral multiple of [  ] in excess thereof; and

     

    (xi) the other instructions, as determined by the Company, consistent with this Section 3.14, that a Holder must follow.

     

    
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    The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the
        Holder or the Trustee receives such notice.  If (a) the notice is mailed in a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s failure to receive such notice
        or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect.  The Company shall comply with all federal and state securities laws,
        including, specifically, Rule 13e-4, if applicable, under the Exchange Act, and any related Schedule 13E-4 required to be submitted under that rule, to the extent such laws or regulations are applicable in connection with the repurchase of Notes
        pursuant to a Change of Control Offer.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 3.14, the Company shall comply with the applicable securities laws and regulations and
        shall not be deemed to have breached its obligations under this Section 3.14 by virtue thereof.

     

    (b) On the Change of Control Payment Date, the Company shall, to the extent permitted by law:

     

    (i) accept for payment all Notes issued by it or portions thereof properly tendered (subject to minimum denomination requirements) pursuant to
        the Change of Control Offer as provided in Section 3.14(a)(x),

     

    (ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so
        tendered, and

     

    (iii) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the
        Trustee stating the aggregate principal amount of such Notes or portions thereof that have been tendered to, and purchased by, the Company.

     

    (c) The Company shall not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party makes the Change of Control Offer in the
        manner, at the times and otherwise in compliance with the requirements set forth in this Section 3.14 applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of
        Control Offer.  Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in
        place for the Change of Control at the time of making of the Change of Control Offer.

     

    (d) Other than as specifically provided in this Section 3.14, any purchase pursuant to this Section 3.14 shall be made pursuant to the provisions of Section 5.05, 5.07 and 5.09
        hereof.

     

    (e) Notwithstanding any provision to the contrary in this Indenture, the Company shall not purchase any Notes if there has occurred and is continuing an Event of Default, unless
        such Event of Default results from the Company’s failure to pay the Change of Control Payment following the occurrence of a Change of Control Triggering Event.

     

    
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    ARTICLE 4

        Successor Guarantor

     

    Section 4.01.  Consolidation,
          Merger, Amalgamation and Sale of Assets by the Guarantor.  The Guarantor shall not, and shall not cause or permit any Subsidiary to, consolidate with or merge or amalgamate with or into, or sell, lease, or convey all or substantially all
        its assets to, any Person, unless:

     

    (a) in the case of the Guarantor:

     

    (i) the resulting, surviving or transferee Person (the “Successor

          Guarantor”) shall be either the Guarantor or a Person organized under the laws of Bermuda, the United States of America, any State thereof or the District of Columbia, any full member state of the European Union, Canada, Australia or
        Switzerland, and the Successor Guarantor (if not the Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, all the obligations of the Guarantor under the Guarantee and this Indenture; and

     

    (ii) immediately after giving effect to such transaction, no Event of Default or event which with notice or lapse of time would be an Event of
        Default has occurred and is continuing; or

     

    (b) in the case of any Subsidiary of the Guarantor (other than the Company):

     

    (i) such transaction is a merger or amalgamation of such Subsidiary with or into, or a consolidation of such Subsidiary with, the Guarantor (so
        long as the Guarantor is the surviving, continuing or resulting entity) or another Subsidiary or the sale, lease or conveyance by such Subsidiary of all or substantially all of its property to the Guarantor or another Subsidiary; or

     

    (ii) such transaction is the merger or amalgamation of such Subsidiary with or into, the consolidation of such Subsidiary with, or the sale,
        lease or conveyance by such Subsidiary of all or substantially all of its property to, another Person (provided that such Person is not an Affiliate of such Subsidiary), so long as immediately prior to, and after giving effect to such transaction,
        no Default or Event of Default exists or would exist.

     

    For purposes of this Section 4.01, the sale, lease, conveyance, assignment, transfer, or other disposition of all or
        substantially all of the properties and assets of one or more Subsidiaries of the Guarantor, which properties and assets, if held by the Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties and assets
        of the Guarantor on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Guarantor.

     

    If the Guarantor engages in one of the transactions described above and complies with the conditions listed above, the
        Successor Guarantor will succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture, but, in the case of a lease of all or substantially all its assets, the Guarantor will not be released from
        the obligation to pay the principal of and premium, if any, and interest on the Notes (including additional amounts).

     

    
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    In the event that the Guarantor consolidates with or merges or amalgamates with or into, or sells, leases or conveys all
        or substantially all of its assets to, another Person subject to the terms of this Section 4.01 (a “Transfer”) and the Successor Guarantor is a Person
        organized under the laws of a member state of the European Union, Canada, Australia or Switzerland, then the Guarantor and the Successor Guarantor shall, as a condition to such Transfer, (A) enter into a supplemental indenture with the Trustee
        providing for full, unconditional and irrevocable indemnification of the holders and beneficial owners of the Notes and the Trustee against any tax or duty of whatever nature (other than any tax imposed by reason of the holders or beneficial owners
        of the Notes having some connection with any such jurisdiction, other than their participation as holders or beneficial owners of the Notes under this Indenture) which is incurred or otherwise suffered by such holders and beneficial owners and the
        Trustee with respect to the Notes and which would not have been incurred or otherwise suffered in the absence of such Transfer; and (B) deliver to the Trustee, for the benefit of the Holders of the Notes, legal opinions of independent legal counsel
        in New York and the applicable member state of the European Union, Canada, Australia or Switzerland the laws of which the Successor Guarantor is organized under, as applicable, to the effect that the Obligations of the Successor Guarantor with
        respect to the Guarantee, as the case may be, are legal, valid, binding and enforceable in accordance with their terms.

     

    ARTICLE 5

        Optional Redemption of Notes

     

    Section 5.01.  Optional Redemption
          by the Company.  The Notes may be redeemed at any time 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 set forth in Exhibit A hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the Redemption Date.

     

    Section 5.02.  Redemption for
          Changes in Tax.  The Notes may be redeemed as a whole but not in part, at the option of the Company at any time prior to maturity, upon the giving of a notice of tax redemption to the Noteholders, if the Company determines that, as a
        result of:

     

    (a) any change in or amendment to the laws, or any regulations or rulings promulgated under the laws of a Relevant
        Jurisdiction, or of any political subdivision or taxing authority of or in a Relevant Jurisdiction affecting taxation, or

     

    (b) any change in official position regarding the application, interpretation or administration of the laws, regulations
        or rulings referred to above,

     

    which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the Issue Date or on
        or after the date a successor assumes the obligation under the Note or the Guarantee, the Company or the Guarantor is or will become obligated to pay additional amounts with respect to the Notes or the Guarantee, as the case may be, as contemplated
        under Section 11.15; provided such obligation cannot be avoided by the Company or the Guarantor, as the case may be, taking reasonable measures available to it.

     

    The redemption price will be equal to 100% of the principal amount of the Notes plus accrued and unpaid interest to the
        date fixed for redemption.  

     

      

    
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    The notice of tax redemption will be given in accordance with Section 5.06 and not earlier than 90 days prior to the
        earliest date on which the Company or as the case may be, the Guarantor, would be obligated to pay such additional amounts if a payment in respect of the Notes were actually due on such date and, at the time such notification of redemption is
        given, such obligation to pay such additional amounts remains in effect.

     

    Prior to giving the notice of a tax redemption, the Company will deliver to the Trustee, with a copy to the Paying
        Agent, a certificate signed by a duly authorized officer stating that the conditions precedent to the right of the Company to so redeem have occurred; and an opinion of independent legal counsel of recognized standing to the effect that the Company
        or the Guarantor is or would be obligated to pay additional amounts as a result of a change in tax law.  The Trustee will accept such certificate and opinion as sufficient evidence of the conditions precedent as described in this Section 5.02
        absent manifest error, in which event it will be conclusive and binding on all Holders of the Notes.

     

    Section 5.03.  Applicability of
          Article.  Redemption of Notes at the election of the Company or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article 5.

     

    Section 5.04.  Election to Redeem;
          Notice to Trustee.  The election of the Company to redeem any Notes pursuant to Section 5.01 hereof shall be evidenced by a resolution of the Board of Directors of the Company.  In case of any redemption at the election of the Company,
        the Company shall, upon not later than the earlier of the date that is 15 days prior to the Redemption Date fixed by the Company or the date on which notice is given to the Holders (except as provided in Section 5.06 hereof or unless a shorter
        notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Notes to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the
        Notes to be redeemed pursuant to Section 5.05 hereof.

     

    Section 5.05.  Selection by Trustee
          of Notes to Be Redeemed.  If less than all the Notes are to be redeemed at any time pursuant to an optional redemption, the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
        Trustee, from the outstanding Notes not previously called for redemption, in compliance with the requirements of the principal securities exchange, if any, on which such Notes are listed, or, if such Notes are not so listed, on a pro rata basis or
        by lot, which shall comply with the procedures of the Clearing Systems and which may provide for the selection for redemption of portions of the principal of the Notes; provided,
        however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than €100,000.

     

    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 thereof to be redeemed.

     

    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 such Note which has been or is to be redeemed.

     

    
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    Section 5.06.  Notice of Redemption. 
        Notice of redemption shall be given in the manner provided for in Section 11.02 hereof not less than 15 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed.  The Trustee shall give notice of redemption in the
        Company’s name and at the Company’s expense; provided, however, that the Company shall
        deliver to the Trustee, at least 15 days prior to the date the notice of redemption is to be given (unless a shorter period shall be acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth
        the information to be stated in such notice as provided in the following items.

     

    All notices of redemption shall state:

     

    (1) the Redemption Date,

     

    (2) the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 5.08 hereof, if any,

     

    (3) if less than all outstanding Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as well as the aggregate principal
        amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption,

     

    (4) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender of such Note, the
        Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed,

     

    (5) that on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption Date payable as provided in Section 5.08 hereof) will become due and payable
        upon each such Note, or the portion thereof, to be redeemed, and, unless the Company defaults in making the redemption payment, that interest on Notes called for redemption (or the portion thereof) will cease to accrue on and after said date,

     

    (6) the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest, if any,

     

    (7) the name and address of the Paying Agent,

     

    (8) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

     

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

     

    (10) any conditions applicable to such redemption.

     

    
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    Section 5.07.  Deposit of Redemption
          Price.  Prior to 10:00 A.M. (London time) on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section
        2.04 hereof) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Notes which are to be redeemed on that date.

     

    Section 5.08.  Notes Payable on
          Redemption Date.  Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified (together with accrued interest, if any, to the
        Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest.  Upon surrender of any such Note for redemption in accordance
        with said notice, such Note shall be paid by the Company 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 any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium,
        if any, shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes.

     

    Section 5.09.  Notes Redeemed in
          Part.  Any Note which is to be redeemed only in part (pursuant to the provisions of this Article 5) shall be surrendered at the office or agency of the Company maintained for such purpose pursuant to Section 2.03 hereof (with, if the
        Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the
        Company shall execute, and the Trustee (in the case of Definitive Notes) and the Registrar (in the case of Global Notes) shall authenticate and make available for delivery to the Holder of such Note at the expense of the Company, and in the case of
        any Global Note, instruct or cause the Paying Agent or Registrar to instruct the CSK to effectuate, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the
        unredeemed portion of the principal of the Note so surrendered, provided that each such new Note will be in a principal amount of [  ] or an integral multiple of [  ] in excess thereof.  Notwithstanding the foregoing, in the case of a redemption of
        Notes represented by a Global Note, the Clearing Systems shall select the Notes for redemption according to the Clearing Systems’ stated procedures therefor, the Registrar shall record such redemption in the Note Register and the Paying Agent will
        provide details of such redemption to the Clearing Systems in accordance with Section 2.05 hereof.  In the case of a redemption of Notes represented by a Global Note, the Paying Agent shall instruct the Clearing Systems to make such appropriate
        entries in their records in respect of all Notes redeemed by the Company to reflect such redemptions.

     

    ARTICLE 6

        Defaults and Remedies

     

    Section 6.01.  Events of Default.  With

        respect to the Notes, an “Event of Default” occurs if:

     

    
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    (1) the Company defaults in any payment of interest on any Note when the same becomes due and payable, and such default continues for a period of 30 days;

     

    (2) the Company defaults in the payment of the principal or premium, if any, on any Note when the same becomes due and payable at its Stated Maturity, upon optional redemption,
        upon declaration of acceleration or otherwise;

     

    (3) the Company or the Guarantor defaults in the performance of or a breach by the Company or the Guarantor of any other covenant or agreement in this Indenture or under any Note
        (other than those referred to in (1) or (2) above) and such default continues for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes;

     

    (4) the Company, the Guarantor, a Designated Obligor or a Material Subsidiary shall (i) default in making any payment of any principal of any  indebtedness for borrowed money,
        including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee or other similar instruments to which it is a party on the scheduled or original due date with respect thereto; or (ii) default in making any payment of
        any interest on any such indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition
        relating to any such indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, the effect of which default or condition is to cause, or to permit the holder or beneficiary of such indebtedness (or a trustee
        or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such indebtedness to become due prior to its stated maturity or (in the case of any such indebtedness constituting a guarantee) to become payable and
        such acceleration has not been cured within 15 days after notice of acceleration; provided, that a default, event or condition described in clause (i), (ii) or (iii) of
        this paragraph (4) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (4) shall have occurred and be
        continuing with respect to such indebtedness in an amount exceeding U.S.$100,000,000; or

     

    (5) (i) the Company, the Guarantor, a Designated Obligor or a Material Subsidiary shall commence any case, proceeding or other action (A) under any existing or future law of any
        jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking
        reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it
        or for all or any substantial part of its assets, or the Company, the Guarantor, a Designated Obligor or any Material Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Company,
        the Guarantor, a Designated Obligor or any Material Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B)
        remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Company, the Guarantor, a Designated Obligor or any Material Subsidiary any case, proceeding or other action seeking issuance of a
        warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending
        appeal within 60 days from the entry thereof; or (iv) the Company, the Guarantor, a Designated Obligor or any Material Subsidiary shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
        acts set forth in clause (i), (ii), or (iii) above; or (v) the Company, the Guarantor, a Designated Obligor or any Material Subsidiary shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they
        become due.

     

    
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    The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is
        voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

     

    The Company shall deliver to the Trustee, within 10 days after becoming aware of the occurrence thereof, written notice
        in the form of an Officer’s Certificate of any Default or Event of Default under clauses (3), (4) or (5) of this Section 6.01, which such notice shall contain the status thereof and a description of the action being taken or proposed to be taken by
        the Company in respect thereof.

     

    Section 6.02.  Acceleration.  (a)

        If an Event of Default occurs and is continuing with respect to the Notes, the Trustee by written notice to the Company, or the Holders of at least 25% in outstanding principal amount of the Notes by written notice to the Company and the Trustee,
        may, and the Trustee at the written request of such Holders shall, declare the principal of and premium, if any, and accrued and unpaid interest on all the Notes to be due and payable.  Upon such a declaration, such principal, premium, if any, and
        accrued and unpaid interest shall be immediately due and payable.  If an Event of Default described in paragraph (5) of Section 6.01 hereof occurs and is continuing with respect to the Notes, then in each and every such case, the principal amount
        of the Notes, the premium, if any, and all accrued and unpaid interest on all the Notes shall be immediately due and payable without any declaration or other act on the part of the Trustee or the Holders.

     

    (b) In the event the principal of and premium, if any, and accrued and unpaid interest on the Notes becomes due and payable pursuant to Section 6.02(a) hereof, the Trustee shall
        instruct the Company, and the Company shall instruct the Master Trust Trustee, to declare due and payable the principal and accrued interest in respect of the intercompany loans that had been made using the net proceeds from the sale of such Notes
        invested in the Series 2003-1 VFC.

     

    Section 6.03.  Other Remedies.  If

        an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and premium, if any, or interest on the Notes or to enforce the performance of any provision of the Notes or this
        Indenture.

     

    The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in
        the proceeding.  A delay or omission by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.  No
        remedy is exclusive of any other remedy.  All available remedies are cumulative.

     

    Section 6.04.  Waiver of Past
          Defaults.  The Holders of a majority in aggregate principal amount of the outstanding Notes that have been accelerated (voting as a single class) by notice to the Trustee may (a) waive, by their consent (including, without limitation
        consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), 

     

      

    
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    an existing Default or Event of Default and its consequences with respect to the Notes except (i) a Default or Event of
        Default in the payment of the principal of and premium, if any, or interest on a Note or (ii) a Default or Event of Default in respect of a provision that under Section 9.02 hereof cannot be amended without the consent of each Noteholder affected
        and (b) rescind any such acceleration with respect to the Notes and its consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the
        nonpayment of the principal of and premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived.  When a Default or Event of Default is waived, it is deemed cured, but no such
        waiver shall extend to any subsequent or other Default or Event of Default or impair any consequent right.

     

    Section 6.05.  Control by Majority. 
        The Holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. 
        However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01 and Section 7.02 hereof, that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would
        involve the Trustee in personal liability; provided, however, that the Trustee may take any
        other action deemed proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and
        expenses caused by taking or not taking such action.

     

    Section 6.06.  Limitation on Suits.
         Subject to Section 6.07 hereof, a Noteholder may not pursue any remedy with respect to this Indenture or any of the Notes unless:

     

    (1) the Holder gives to the Trustee written notice stating that an Event of Default is continuing;

     

    (2) the Holders of at least 25% in outstanding principal amount of the Notes make a request to the Trustee to pursue the remedy;

     

    (3) such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense;

     

    (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

     

    (5) the Holders of a majority in principal amount of the Notes do not give the Trustee a direction that, in the opinion of the Trustee, is inconsistent with such request during
        such 60-day period.

     

    A Noteholder may not use this Indenture to prejudice the
          rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
        prejudicial to such Noteholders).

     

    
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    Section 6.07.  Rights of Holders to
          Receive Payment.  Notwithstanding any other provision of this Indenture (including, without limitation, Section 6.06 hereof), the right of any Holder to receive payment of principal of and  premium, if any, or interest on the Notes held
        by such Holder, on or after the respective due dates expressed in the Notes (including in connection with a Change of Control Offer), 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 6.08.  Collection Suit by
          Trustee.  If an Event of Default specified in Section 6.01 (1) or (2) hereof occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due
        and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 6.07 hereof.

     

    Section 6.09.  Trustee May File
          Proofs of Claim.  The Trustee may 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 Noteholders allowed in any judicial proceedings relative to the Company, the Guarantor, any of the Subsidiaries or their respective creditors or properties and, unless
        prohibited by law or applicable regulations, may be entitled and empowered to participate as a member of any official committee of creditors appointed in such matter and, may vote on behalf of the Holders in any election of a trustee in bankruptcy
        or other Person performing similar functions, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make 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 it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07 hereof.

     

    Section 6.10.  Priorities.  If

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

     

    FIRST:  to the Trustee for amounts due under Section 7.07 hereof;

     

    SECOND:  to Noteholders for amounts due and unpaid on the Notes for principal  and 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 and interest, respectively; and

     

    THIRD:  to the Company.

     

    The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10.  At
        least 15 days before such record date, the Company shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid.

     

    Section 6.11.  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 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 and expenses, 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 6.11 does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.07 hereof or a suit by Holders of more than 10% in
        outstanding principal amount of the Notes.

     

    
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    ARTICLE 7

        Trustee

     

    Section 7.01.  Duties of Trustee.  (a)

        If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the
        circumstances in the conduct of such Person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to
        exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against loss, liability or expense.

     

    Except during the continuance of an Event of Default:

     

    (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture 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.  However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the
        Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
        therein).

     

    (b) The Trustee may not be relieved from liability 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 the second paragraph of Section 7.01(a);

     

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

     

    (3) the Trustee shall 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 6.05
        hereof.

     

    (c) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs Section 7.01(a) and (b) hereof.

     

    (d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

     

    (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

     

    
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    (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
        hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

     

    (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
        Section 7.01 and to the provisions of the Trust Indenture Act.

     

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

     

    (i) The Trustee shall 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 shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such
        request or direction.

     

    Section 7.02.  Rights of Trustee. 
        Subject to Section 7.01 hereof:

     

    (a) The Trustee may conclusively rely on any document (whether in its original or facsimile form) reasonably 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.  The Trustee shall receive and retain financial reports and statements of the Company as provided herein, but shall have no duty to review or analyze such reports
        or statements to determine compliance under covenants or other obligations of the Company, and the receipt of such reports or statements shall not constitute
          constructive notice of any information contained therein or determinable from information contained therein;

     

    (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and/or an Opinion of Counsel.  The Trustee shall not be liable for any action it takes
        or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel;

     

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

     

    (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or
        negligence;

     

    (e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be
        full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel;

     

    
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    (f) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice
        of any event which is in fact such a default is received by the Trustee at the Principal Trust Office of the Trustee, and such notice references the Notes and this Indenture;

     

    (g) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be
        enforceable by, the Trustee in each of its capacities hereunder (including Registrar and Paying Agent), and each agent, custodian and other Person employed to act hereunder;

     

    (h) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take
        specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not
        superseded;

     

    (i) The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture;

     

    (j) The Trustee’s rights, powers, indemnities, immunities and protections from liability and its rights to compensation and indemnification in connection with the performance of
        its duties under this Indenture shall extend to (1) the Trustee, whether serving in any other capacity hereunder, including, without limitation, in the capacity of Paying Agent or Registrar and (2) the Trustee’s officers, directors, agents, counsel
        and employees.  Such immunities and protections and rights to indemnification, together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the discharge of this Indenture and final payment of the Notes;

     

    (k) The Trustee shall have no responsibility for any information in any offering document or other disclosure material distributed with respect to the Notes, and the Trustee shall
        have no responsibility for compliance with any state or federal securities laws in connection with the Notes, other than the filing of any documents required to be filed by an indenture trustee pursuant to the Trust Indenture Act or otherwise
        required in this Indenture;

     

    (l) Notwithstanding anything else herein contained, whenever any provision of this Indenture indicates that any confirmation of a condition or event is qualified by the words “to
        the knowledge of” or “known to” the Trustee or other words of similar meaning, said words shall mean and refer to the current awareness of one or more Trust Officers who are located at the Principal Trust Office of the Trustee or who are otherwise
        responsible for administering the trusts created under this Indenture;

     

    (m) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
        consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
        shall determine to make such further inquiry or investigation, it shall be entitled, during regular business hours and upon providing reasonable advance notice to the Company, to examine the books, records and premises of the Company, personally or
        by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; and

     

    
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    (n) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential
        loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether 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 its Affiliates with the same rights it would have if it were not Trustee.  Any Paying Agent,
        Registrar, co-registrar or co-paying agent may do the same with like rights.  However, the Trustee must comply with Section 7.10 and Section 7.11 hereof.  In addition, the Trustee shall be permitted to engage in transactions with the Company; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i)
        eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the Commission for permission to continue acting as Trustee or (iii) resign.

     

    Section 7.04.  Trustee’s
          Disclaimer.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Company’s use of the proceeds from the Notes, shall not be
        responsible for the use or application of any money received by any Paying Agent other than the Trustee and shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the
        Notes or in the Notes other than the Trustee’s certificate of authentication.

     

    None of the Trustee, the Registrar or any Paying Agent shall be liable for any failure on the part of the CSK to effectuate any Global
        Note or for any failure on the part of the CSK to do so in a timely manner, unless it shall be proved that the Trustee, Registrar or Paying Agent was negligent in instructing the CSK to effectuate any such Global Note in accordance with the
        applicable provision hereof; provided, that the Trustee, Registrar or Paying Agent shall not
        be deemed to have acted with negligence if it shall have given such instructions in the manner and by the time prescribed by the CSK, provided further that in the absence of any such prescribed manner or timing, the Trustee, Registrar or Paying
        Agent shall be entitled to give, and shall incur no liability hereunder if it shall give, such instructions by facsimile transmission (without any requirement for telephonic confirmation) to a telephone number provided by the CSK for such purpose
        or by email to an email address provided by the CSK for such purpose and shall be protected in giving and shall incur no liability hereunder in giving such instructions no later than one Business Day after the applicable Global Note shall have been
        delivered to the Registrar for authentication.

     

    Section 7.05.  Notice of Defaults. 
        If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall send to each Noteholder at the address set forth in the Note Register notice of the Default or Event of Default
        within 90 days after it occurs.  Except in the case of a Default or Event of Default in payment of principal of and premium, if any, or interest on any Note (including payments pursuant to the optional redemption or required repurchase provisions
        of such Note, if any), the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of Noteholders.

     

    
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    Section 7.06.  Report by Trustee to
          Holders.  Within 60 days after each [  ] beginning with the [  ] following the date of this Indenture, and in any event prior to [  ] in each year, the Trustee shall transmit to each Noteholder a brief report dated as of such [  ] that
        complies with Trust Indenture Act, Section 313(a), but only if required under such Section.  The Trustee also shall comply with Trust Indenture Act, Section 313(b).  The Trustee shall also transmit all reports required by Trust Indenture Act,
        Section 313(c).

     

    A copy of each report at the time of its mailing to Noteholders shall be filed with the SEC and each stock exchange (if
        any) on which the Notes are listed.  The Company agrees to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof.

     

    Section 7.07.  Compensation and
          Indemnity.  The Company shall pay to the Trustee such compensation for its acceptance of this Indenture and for its services hereunder as Trustee, Paying Agent, Registrar and in all other capacities in which it is serving hereunder as the
        Company and the Trustee shall from time to time agree in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable
        out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of notices to Noteholders and reasonable costs of counsel
        retained by the Trustee, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts.  The Company
        shall indemnify the Trustee, and any predecessor Trustee and their respective officers, directors, employees, counsel and agents, against any and all loss, liability, damages, claims or expense (including reasonable attorneys’ fees and expenses)
        incurred by it without negligence or willful misconduct on its part in connection with the administration of this trust or the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture (including this Section
        7.07) and of defending itself against any claims (whether asserted by any Noteholder, the Company or otherwise).  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the
        Company shall not relieve the Company of its obligations hereunder.  The Company shall defend the claim and the Trustee may have separate counsel, and the Company shall pay the fees and expenses of such counsel, provided that the Company shall not be required to pay such fees and expenses if it assumes the obligation for defending the Trustee, and, in the reasonable judgment of the Trustee, there is no
        conflict of interest between the Company and the Trustee in connection with such action, and there is no defense that could not be adequately raised if the Company assumes such obligation.  The Company need not reimburse any expense or indemnify
        against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence.

     

    To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on
        all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and premium, if any, and interest on particular Notes.  Such lien shall survive the satisfaction and discharge of this Indenture. 
        The Trustee’s right to receive payment of any amounts due under this Section 7.07 shall not be subordinate to any other liability or Indebtedness of the Company.

     

    
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    The Company’s payment obligations pursuant to this Section 7.07 shall survive the discharge of this Indenture.  When the
        Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) hereof with respect to the Company, the expenses are intended to constitute expenses of administration under any bankruptcy law.

     

    The provisions of this Section shall survive the termination of this Indenture and the resignation and removal of the
        Trustee.

     

    Section 7.08.  Replacement of
          Trustee.  The Trustee may resign at any time by so notifying the Company.  The Holders of a majority in principal amount of the Notes (voting as a single class) may remove the Trustee by so notifying the Trustee and may appoint a
        successor Trustee.  The Company shall remove the Trustee if:

     

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

     

    (2) the Trustee is adjudged bankrupt or insolvent;

     

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

     

    (4) the Trustee otherwise becomes incapable of acting.

     

    If the Trustee resigns or is removed by the Company or by the Holders of a majority in principal amount of the Notes
        (voting as a single class) and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
        Company shall promptly appoint a successor Trustee.

     

    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. 
        Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its
        succession to Noteholders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07 hereof.

     

    If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
        retiring Trustee or the Holders of 10% in principal amount of the Notes may petition, at the Company’s expense, any court of competent jurisdiction for the appointment of a successor Trustee.

     

    If the Trustee fails to comply with Section 7.10 hereof, any Noteholder may petition any court of competent jurisdiction
        for the removal of the Trustee and the appointment of a successor Trustee.

     

    
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    Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section
        7.07 hereof shall continue for the benefit of the retiring Trustee.

     

    Section 7.09.  Successor Trustee by
          Merger.  If the Trustee consolidates with, merges or converts into or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
        corporation without any further act shall be the successor Trustee.

     

    In case at the time such successor or successors by merger, conversion, consolidation or transfer of assets to the
        Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver
        such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to
        the Trustee.

     

    Section 7.10.  Eligibility;
          Disqualification.  The Trustee shall at all times satisfy the requirements of Trust Indenture Act, Section 310(a).  The Trustee shall have a combined capital and surplus of at least U.S. $50,000,000 as set forth in its most recent filed
        annual report of condition.  The Trustee shall comply with Trust Indenture Act, Section 310(b); provided, however,
        that there shall be excluded from the operation of Trust Indenture Act, Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if
        the requirements for such exclusion set forth in Trust Indenture Act, Section 310(b)(1) are met.

     

    Section 7.11.  Preferential
          Collection of Claims Against Company.  The Trustee shall comply with Trust Indenture Act, Section 311(a), excluding any creditor relationship listed in Trust Indenture Act, Section 311(b).  A Trustee who has resigned or been removed shall
        be subject to Trust Indenture Act, Section 311(a) to the extent indicated.

     

    Section 7.12.  Trustee’s Application
          for Instruction from the Company.  Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this
        Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.  The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such
        application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in
        writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or
        omitted.

     

    ARTICLE 8

        Discharge of Indenture; Defeasance

     

    Section 8.01.  Discharge of
          Liability on Notes; Defeasance.  (a) Subject to Section 8.01(b) hereof, when (i)(x) the Company delivers to the Trustee all outstanding Notes (other than Notes replaced pursuant to Section 2.09 hereof) for cancellation or (y) all
        outstanding Notes not theretofore delivered for cancellation have become due and payable, 

     

      

    
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    whether at maturity or upon redemption or will become due and payable within one year or are to be called for redemption
        within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name and at the expense of the Company and the Company or the Guarantor irrevocably deposits or causes to be deposited with
        the Trustee as trust funds in trust solely for the benefit of the Holders cash in Euros, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not
        theretofore delivered to the Trustee for cancellation for principal and premium, if any, and accrued interest to the date of maturity or redemption, (ii) no Default or Event of Default shall have occurred and be continuing on the date of such
        deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or the Guarantor is a party or by which the Company or the
        Guarantor is bound; (iii) the Company or the Guarantor has paid or caused to be paid all sums payable by it under this Indenture and the Notes; and (iv) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply
        the deposited money toward the payment of such Notes at maturity or the Redemption Date, as the case may be, then the Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company (accompanied by an Officer’s
        Certificate and an Opinion of Counsel stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture have been complied with) and at the cost and expense of the Company.

     

    (b) Subject to Section 8.01(c) and Section 8.02 hereof, the Company at any time may terminate (i) all its obligations under the Notes and this Indenture (“legal defeasance option”), and after giving effect to such legal defeasance, any omission to comply with such obligations shall no longer constitute a Default or Event of Default or
        (ii) its obligations under, Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 3.07, Section 3.08 and Section 3.14 hereof, and the Company may omit to comply with and shall have no liability in respect of any term, condition or
        limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document,
        and the operation of Section 6.01(3) (only with respect to the covenants terminated pursuant to this Section 8.01(b)(ii)), Section 6.01(4) and Section 6.01(5) hereof, and the events specified in such Sections shall no longer constitute an Event of
        Default (clause (ii) being referred to as the “covenant defeasance option”), but except as specified above, the remainder of this Indenture and the Notes shall
        be unaffected thereby.  The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. If the Company exercises its covenant defeasance option, the Company may elect to have the Guarantee
        terminate.

     

    If the Company exercises its legal defeasance option with respect to the Notes, payment of the Notes may not be
        accelerated because of an Event of Default, and the Guarantee shall terminate.  If the Company exercises its covenant defeasance option with respect to the Notes, payment of the Notes may not be accelerated because of an Event of Default specified
        in Section 6.01(3) (only with respect to the covenants terminated pursuant to Section 8.01(b)(ii) above), Section 6.01(4) and Section 6.01(5) hereof.

     

    
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    Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in
        writing the discharge of those obligations that the Company terminates.

     

    (c) Notwithstanding the provisions of Section 8.01(a) and (b) hereof, the Company’s obligations in Section 2.02, Section 2.03, Section 2.04, Section 2.07, Section 2.08, Section
        2.09, Section 2.10, Section 2.11, Section 2.12, Section 3.01, Section 3.06, Section 3.09, Section 3.10, Section 3.11, Section 3.12, Section 3.13, Section 3.14, Section 6.07, Section 7.07, Section 7.08 hereof and in this Article 8 shall survive
        until the Notes have been paid in full.  Thereafter, the Company’s obligations in Section 7.07 and Section 8.04 hereof shall survive.

     

    Section 8.02.  Conditions to
          Defeasance.  The Company may exercise its legal defeasance option or its covenant defeasance option with respect to the Notes only if:

     

    (1) the Company irrevocably deposits in trust with the Trustee for the benefit of the Holders cash in Euros for the payment of principal of and premium, if any, and interest on
        the Notes to maturity or redemption, as the case may be;

     

    (2) the Company delivers to the Trustee a certificate from a firm of independent accountants expressing their opinion that the payments of principal and interest when due and
        without reinvestment on the deposited cash in Euros will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Notes to maturity;

     

    (3) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or, with respect to certain bankruptcy or insolvency Events of Default, on the
        91st day after such date of deposit;

     

    (4) such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a Default under, this Indenture or any other material agreement or
        instrument to which the Company, the Guarantor or any of its Subsidiaries is a party or by which the Company, the Guarantor or any of its Subsidiaries is bound;

     

    (5) the Company shall have delivered to the Trustee an Opinion of Counsel (subject to customary assumptions and exclusions) to the effect that (A) the Notes and (B) assuming no
        intervening bankruptcy of the Company between the date of deposit and the 91st day following the deposit and that no Holder of the Notes is an insider of the Company, after the 91st day following the deposit, the trust funds will not be subject to
        the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ right generally;

     

    (6) the deposit does not constitute a default under any other agreement binding on the Company;

     

    (7) the Company delivers to the Trustee an Opinion of Counsel (subject to customary assumptions and exclusions) to the effect that the trust resulting from the deposit does not
        constitute, or is qualified as, a regulated investment company under the U.S. Investment Company Act of 1940, as amended;

     

    
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    (8) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States stating that (i) the Company has
        received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based
        thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same
        amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred;

     

    (9) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States to the effect that the beneficial
        owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amount, in the same manner and at the same times
        as would have been the case if such deposit and covenant defeasance had not occurred; and

     

    (10) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes
        and this Indenture as contemplated by this Article 8 have been complied with.

     

    Section 8.03.  Application of Trust
          Money.  The Trustee shall hold cash in Euros deposited with it pursuant to this Article 8.  It shall apply the deposited cash in Euros through the Paying Agent and in accordance with this Indenture to the payment of principal of and
        premium, if any, and interest on the Notes.

     

    Section 8.04.  Repayment to Company. 
        The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess cash in Euros held by them upon payment of all the obligations under this Indenture.

     

    Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request
        any cash in Euros held by them for the payment of principal of and premium, if any, or interest on the Notes that remains unclaimed for two years, and, thereafter, Noteholders entitled to the money must look to the Company for payment as general
        creditors.

     

    Section 8.05.  Reinstatement.  If

        the Trustee or Paying Agent is unable to apply any cash in Euros in accordance with this Article 8 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 obligations of the Company under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted
        to apply all such cash in Euros in accordance with this Article 8; provided, however, that,
        if the Company has made any payment of interest on or principal of 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 cash in Euros
        held by the Trustee or Paying Agent.

     

    The Trustee’s rights under this Article 8 shall survive termination of this Indenture and the resignation or removal of
        the Trustee.

     

    
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    ARTICLE 9

        Amendments

     

    Section 9.01.  Without Consent of
          Holders.  The Company, the Guarantor and the Trustee may amend this Indenture or the Notes without notice to or consent of any Noteholder:

     

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

     

    (2) to comply with Article 4 in respect of the assumption by a Successor Guarantor or Successor Issuer of the respective obligation of the Guarantor or the Company under this
        Indenture;

     

    (3) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described
        in Section 163(f)(2)(B) of the Code;

     

    (4) to add guarantees with respect to the Notes;

     

    (5) to secure the Notes;

     

    (6) to add to the covenants of the Company or the Guarantor for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or the Guarantor;

     

    (7) to make any change that does not adversely affect the interests of any Noteholder;

     

    (8) to provide for the issuance of any Subsequent Notes; or

     

    (9) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act.

     

    After an amendment under this Section 9.01 becomes effective, the Company shall mail to Noteholders a notice briefly
        describing such amendment.  The failure to give such notice to all Noteholders at the address set forth in the Note Register, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

     

    Section 9.02.  With Consent of
          Holders.  The Company, the Guarantor and the Trustee may amend this Indenture or the Notes without notice to any Noteholder but with the written consent of the Holders of at least a majority in principal amount of the Notes then
        outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes.  However, without the consent of each Noteholder affected, an amendment may not:

     

    (1) reduce the percentage in principal amount of outstanding Notes whose Holders must consent to an amendment of this Indenture or the Notes;

     

    
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    (2) reduce the percentage in principal amount of outstanding Notes whose Holders must consent to an amendment of provisions of the Master Trust Transaction Documents pursuant to
        Section 3.02(f) hereof;

     

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

     

    (4) reduce the principal of, or extend the Stated Maturity of, any Note;

     

    (5) reduce the premium payable upon the redemption of any Note as described above under Article 5 hereof or any similar provision, whether through an amendment to or waiver of
        Article 5 hereof, a definition or otherwise;

     

    (6) make any Note payable in money other than that stated in the Note;

     

    (7) impair the right of any Holder to receive payment of principal of and premium, if any, and interest on such Holder’s Notes on or after the due dates therefor or to institute
        suit for the enforcement of any payment on or with respect to such Holder’s Notes;

     

    (8) make any change to the amendment provisions which require each Holder’s consent or to the waiver provisions; or

     

    (9) release the Guarantor or modify the Guarantee other than in accordance with the provisions of this Indenture.

     

    It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any
        proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

     

    After an amendment under this Section 9.02 becomes effective, the Company shall mail to Noteholders a notice briefly
        describing such amendment.  The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

     

    Section 9.03.  Compliance with Trust
          Indenture Act.  Every amendment to this Indenture or the Notes shall comply with the Trust Indenture Act as then in effect.

     

    Section 9.04.  Revocation and Effect
          of Consents and Waivers.  A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even
        if notation of the consent or waiver is not made on the Note.  However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before
        the date the amendment or waiver becomes effective or otherwise in accordance with any related solicitation documents.  After an amendment or waiver becomes effective, it shall bind every Noteholder.  An amendment or waiver shall become effective
        upon receipt by the Trustee of the requisite number of written consents under Section 9.01 or 9.02 hereof, as applicable.

     

    
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    The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Noteholders
        entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.  If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were
        Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
        Holders after such record date.  No such consent shall become valid or effective more than 120 days after such record date.

     

    Section 9.05.  Notation on or
          Exchange of Notes.  If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee.  The Trustee may place an appropriate notation on the Note regarding the changed terms and
        return it to the Holder.  Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee (in the case of Definitive Notes) and the Registrar (in the case of Global Notes) shall
        authenticate, and, in the case of any Global Note, instruct or cause the Paying Agent to instruct the CSK to effectuate, a new Note that reflects the changed terms.  Failure to make the appropriate notation or to issue a new Note shall not affect
        the validity of such amendment.

     

    Section 9.06.  Trustee to Sign
          Amendments.  The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not in the opinion of the Trustee affect the rights, duties, protections, privileges, indemnities, powers, liabilities or
        immunities of the Trustee.  If it does, the Trustee may but need not sign it.  In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Sections 7.01 and
        7.02 hereof), shall be fully protected in conclusively relying upon an Officer’s Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture, that it conforms to the applicable requirements of the
        Trust Indenture Act and that such amendment is the legal, valid and binding obligation of the Company and any Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions and complies with the provisions hereof
        (including Section 9.03 hereof).

     

    ARTICLE 10

        Guarantee

     

    Section 10.01.  Guarantee. 
        The Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, to each Holder of the Notes and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by
        redemption or otherwise, of the principal of and premium, if any, and interest on the Notes and all other obligations of the Company under this Indenture, including, without limitation, the obligations of the Company under Section 7.07 hereof (all
        the foregoing being hereinafter collectively called the “Obligations”).  The Guarantor further agrees (to the extent permitted by law) that the Obligations may
        be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article 10 notwithstanding any extension or renewal of any Obligation.

     

    The Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Obligations and
        also waives notice of protest for nonpayment.  The Guarantor waives notice of any default under the Notes or the Obligations.  

     

      

    
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    The obligations of the Guarantor hereunder shall not be affected by (a) the failure of the Trustee or any Holder to assert
        any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or
        modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Obligations or any of them; or (e) any change in the ownership of the
        Company.

     

    The Guarantor further agrees that the Guarantee herein constitutes a guarantee of payment when due (and not a guarantee
        of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Obligations.

     

    The obligations of the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination
        for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by
        reason of the invalidity, illegality or unenforceability of the Obligations or otherwise.  Without limiting the generality of the foregoing, the obligations of the Guarantor herein shall not be discharged or impaired or otherwise affected by the
        failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the
        performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Guarantor or would otherwise operate as a discharge of the
        Guarantor as a matter of law or equity.

     

    The Guarantor further agrees that the Guarantee herein shall continue to be effective or be reinstated, as the case may
        be, if at any time payment, or any part thereof, of principal of and premium, if any, or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise.

     

    In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity
        against the Guarantor by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, the Guarantor hereby promises to and
        will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid amount of such Obligations then due and owing and (ii) accrued and unpaid interest on such
        Obligations then due and owing (but only to the extent not prohibited by law).

     

    The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders, on the other hand, (x)
        the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
        Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of this
        Guarantee.

     

    
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    The Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees)
        incurred by the Trustee or the Holders in enforcing any rights under this Section.

     

    Section 10.02.  No Subrogation. 
        Notwithstanding any payment or payments made by the Guarantor hereunder, the Guarantor shall not be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Company or any collateral security or guarantee or right of
        offset held by the Trustee or any Holder for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Company in respect of payments made by the Guarantor hereunder, until all
        amounts owing to the Trustee and the Holders, as well as the holders of any other Permitted Indebtedness, by the Company on account of the Obligations are paid in full.  If any amount shall be paid to the Guarantor on account of such subrogation
        rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Trustee and the Holders, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by
        the Guarantor, be turned over to the Trustee in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be applied against the Obligations.

     

    Section 10.03.  Consideration. 
        The Guarantor has received, or will receive, direct or indirect benefits from the making of the Guarantee.

     

    ARTICLE 11

        Miscellaneous

     

    Section 11.01.  Trust Indenture Act
          Controls.  If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust Indenture Act shall
        control.  The Guarantor in addition to performing its obligations under the Guarantee shall perform such other obligations as may be imposed upon it with respect to this Indenture under the Trust Indenture Act.

     

    Section 11.02.  Notices.  Any

        notice or communication shall be in writing and (a) delivered in person, (b) sent by a recognized overnight delivery service (with charges prepaid), or (c) sent by telecopy if the sender on the same day sends a confirming copy of such notice by a
        recognized overnight delivery service (charges prepaid), addressed as follows:

     

    If to the Company:

    Bunge Finance Europe B.V.

    1391 Timberlake Manor Parkway

    Chesterfield, Missouri 63017

    Attention: Treasurer

    Telephone No:  (314) 292-2908

    Telecopy:  (314) 292-4908

    

    

    with a copy to:

     

    Rajat Gupta

    Telecopy:  (914) 684-3283

    

    

    
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    If to the Guarantor:

    

    

    Bunge Limited

    50 Main Street

    White Plains, New York 10606

    Attention:  Treasurer

    Telephone:  (914) 684-2800

    Telecopy:  (914) 684-3283

    

    

    if to the Trustee:

    

    

    U.S. Bank National Association

    Global Corporate Trust Services

    Two Midtown Plaza

    1349 West Peachtree Street, Suite 1050

    Atlanta, Georgia 30309

    Attention:  David Ferrell

    Phone:  (404) 898-8821

    Email:  david.ferrell@usbank.com

    

    

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

     

    Any notice or communication mailed to a registered Noteholder shall be mailed to the Noteholder at the Noteholder’s
        address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

     

    Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with
        respect to other Noteholders.  If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee shall be effective only upon receipt.

     

    Section 11.03.  Communication by
          Holders with Other Holders.  Noteholders may communicate pursuant to Trust Indenture Act, Section 312(b) with other Noteholders 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 Trust Indenture Act, Section 312(c).

     

    Section 11.04.  Certificate and
          Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

     

    (1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signer, all conditions precedent, if any, provided
        for in this Indenture relating to the proposed action have been complied with; and

     

    
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    (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been
        complied with.

     

    Notwithstanding the foregoing, it is understood that an opinion under this Section will not be required in connection with the initial
        issuance of Notes.

     

    Section 11.05.  Statements Required
          in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

     

    (1) a statement that the individual 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 individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether
        or not such covenant or condition has been complied with; and

     

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

     

    In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates
        of public officials.

     

    Section 11.06.  When Notes
          Disregarded.  In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or by an Affiliate of the Company shall be disregarded and deemed
        not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so
        disregarded.  Also, subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination.

     

    Section 11.07.  Rules by Trustee,
          Paying Agent and Registrar.  The Trustee may make reasonable rules for action by, or a meeting of, Noteholders.  The Registrar and the Paying Agent may make reasonable rules for their functions.

     

    Section 11.08.  Legal Holidays.  A
        “Legal Holiday” is (a) a day that is not a TARGET Settlement Date and (b) a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in Bermuda, New York, New York or London, United Kingdom
        and, for any place of payment outside of Bermuda, New York, New York, or London, United Kingdom, in such place of payment.  If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no
        interest shall accrue for the intervening period.

     

    Section 11.09.  GOVERNING LAW. 
        THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

     

    
      57

      
        

    

    Section 11.10.  No Recourse Against
          Others.  An incorporator, director, officer, employee, affiliate or stockholder of the Company or the Guarantor, solely by reason of this status, shall not have any liability for any obligations of the Company under the Notes, this
        Indenture or the Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Note, each Noteholder shall waive and release all such liability.  The waiver and release shall be part of the
        consideration for the issue of the Notes.

     

    Section 11.11.  Successors.  All

        agreements of the Company in this Indenture and the Notes shall bind their respective successors.  All agreements of the Trustee in this Indenture shall bind its successors.

     

    Section 11.12.  Consent to
          Jurisdiction.  The Company and the Guarantor irrevocably submit to the non-exclusive jurisdiction of any New York state or U.S. federal court sitting in the Borough of Manhattan, The City of New York, in any action or proceeding relating
        to its obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes.  The Company and the Guarantor hereby irrevocably agree that all claims in respect of any such action or proceeding may be heard
        and determined in such New York state or U.S. federal court.  The Company and the Guarantor also hereby irrevocably waive, to the fullest extent permitted by law, any objection to venue or the defense of an inconvenient forum to the maintenance of
        any such action or proceeding in any such court.  The Company and the Guarantor agree that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company or the Guarantor,
        respectively, and may be enforced in any courts to the jurisdiction of which the Company or the Guarantor, respectively, is subject by a suit upon such judgment.

     

    Section 11.13.  Appointment for
          Agent for Service of Process.  The Company and the Guarantor each hereby (i) irrevocably designates and appoints its Chief Financial Officer (from time to time) at its principal executive offices at 50 Main Street, White Plains, New York
        10606 (the “Authorized Agent”), as its agent upon which process may be served in any suit, action or proceeding described in the first sentence of Section
        11.12 hereof and represents and warrants that the Authorized Agent has accepted such designation and (ii) agrees that service of process upon the Authorized Agent and written notice of said service to the Company mailed or delivered to its
        Treasurer at Timberlake Manor Parkway, Chesterfield, Missouri 63017 or the Guarantor mailed or delivered to its Secretary at its registered office at 2 Church Street, Hamilton, Bermuda, shall be deemed in every respect effective service of process
        upon the Company or the Guarantor, respectively, in any such suit or proceeding.  The Company and the Guarantor each further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may
        be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as any of the Notes shall be outstanding.

     

    Section 11.14.  Waiver of
          Immunities.  To the extent that the Company or the Guarantor, respectively, or any of their properties, assets or revenues may have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of
        sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, 

     

      

    
      58

      
        

    

    from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of
        judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to their respective obligations, liabilities or
        any other matter under or arising out of or in connection with this Indenture or the Notes, the Company and the Guarantor hereby irrevocably and unconditionally, to the extent permitted by applicable law, waive and agree not to plead or claim any
        such immunity and consent to such relief and enforcement.

     

    Section 11.15.  Additional Amounts.  The Company will and, in the event that payments are required to be made by the Guarantor pursuant to its obligations under the Guarantee, the Guarantor will pay to
        the Holder of any Note such additional amounts as may be necessary so that the net amounts received in respect of such payments, after deducting or withholding for or on account of any present or future tax, duty, assessment or other similar
        governmental charge duly imposed by The Netherlands or Bermuda, as applicable, will equal the amount that would have been received in respect of such payments in the absence of such deduction or withholding.  The Company or the Guarantor will not
        be required, however, to make any payment of additional amounts for or on account of any such tax imposed by reason of (i) the Holder or beneficial owner of a Note having some present or former connection with The Netherlands or Bermuda, as
        applicable, other than solely its participation as Holder or beneficial owner of a Note, (ii) any tax, assessment or other governmental charge that is payable other than by withholding or deduction from payments on or in respect of any Note, (iii)
        the failure of the Holder or beneficial owner of a Note, following written request by the Company or the Guarantor to the Holder or beneficial owner, to comply with any
          certification, identification, information or other reporting requirements, but only to the extent the Holder or beneficial owner is legally entitled to do so, (iv) sections 1471 through 1474 of the Code, any regulations promulgated thereunder,
          any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. Holder’s jurisdiction and the United States with respect to the foregoing or any agreements entered into
          pursuant to Section 1471(b)(1) of the Code; or (v) any combination of items (i) through (iv) above.

     

    Section 11.16.  Judgment Currency. 
        If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than Euros, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall
        be the rate at which in accordance with normal banking procedures the Trustee or any Holder, as the case may be, could purchase Euros with such other currency in London, United Kingdom on the Business Day preceding that on which final judgment is
        given.  The obligation of the Guarantor or the Company with respect to any sum due from it to the Trustee or any Holder shall, notwithstanding any judgment in a currency other than Euros, be discharged only if and to the extent that on the first
        Business Day following receipt by the Trustee or such Holder, as the case may be, of any sum adjudged to be so due in such other currency, the Trustee or such Holder may in accordance with normal banking procedures purchase Euros with such other
        currency.  If the Euros so purchased are less than the sum originally due to the Trustee or such Holder hereunder, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Trustee or such Holder against
        such loss.  If the Euros so purchased are greater than the sum originally due to the Trustee or such Holder hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the Guarantor an amount equal to the excess of the Euros so
        purchased over the sum originally due to the Trustee or such Holder hereunder.

     

    
      59

      
        

    

    Section 11.17.  No Bankruptcy
          Petition Against the Company; Liability of the Company.  Each of the Noteholders and the Trustee hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the last maturing Note and all
        other Indebtedness of the Company ranking equal with or junior to the Notes in right of payment, it will not institute against, or join with or assist any other Person in instituting against, the Company, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings, or other proceedings under any applicable insolvency laws.

     

    Notwithstanding any other provision hereof, the sole remedy of any Noteholder, the Trustee or any other Person against
        the Company in respect of any obligation, covenant, representation, warranty or agreement of the Company under or related to this Indenture or the Notes shall be against the assets of the Company.  Neither the Trustee, nor any Noteholder nor any
        other Person shall have any claim against the Company to the extent that such assets are insufficient to meet such obligations, covenant, representation, warranty or agreement (the difference being referred to herein as a “shortfall”) and all claims in respect of the shortfall shall be extinguished; provided, however, that the provisions of this Section 11.17 apply solely to the obligations of the Company and shall not extinguish such shortfall or otherwise restrict such Person’s
        rights or remedies against the Guarantor for purposes of the obligations of the Guarantor to any Person under the Guarantee.

     

    The provisions of this Section 11.17 shall survive the termination of this Indenture and the resignation or removal of
        the Trustee.

     

    Section 11.18.  Multiple Originals.  The parties may sign any number of copies of this Indenture.  Each
          signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.  The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
        shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
        their original signatures for all purposes.

     

    Section 11.19.  Qualification of
          Indenture.  The Company shall qualify this Indenture under the Trust Indenture Act and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Trustee and the Holders) incurred in connection
        therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes.  The Trustee shall be entitled to receive from the Company any such Officer’s Certificates,
        Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act.

     

    Section 11.20.  Table of Contents;
          Headings.  The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify
        or restrict any of the terms or provisions hereof.

     

    
      60

      
        

    

    Section 11.21   Force Majeure.  In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or
        caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and also
        including interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services resulting therefrom; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
        practices in the banking industry to resume performance as soon as practicable under the circumstances.

     

    Section 11.22    U.S.A. Patriot Act.  The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
        and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The
        parties to this Indenture agree that they will provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

     

    

    

    

    

    

    

    

  

  

  
    61

    
      

  

  IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date first written
      above.

   

  	 	
          BUNGE FINANCE EUROPE B.V., as

        
	 	
          Issuer

        
	 	 
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 

  

  

  

  

  	 	
          BUNGE LIMITED, as Guarantor

        
	 	 
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 
	 	 	 	 
	 	 	 	 
	 	
          By:

        	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 

  

  

  

  

  	 	
          U.S. BANK NATIONAL ASSOCIATION,

        
	 	
          as Trustee

        
	 	 
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        	 
	 	 	
          Title:

        	 

  

  

  

  

  
    62

    
      

  

  

  

  
    EXHIBIT A

     

    [FORM OF FACE OF INITIAL NOTE AND SUBSEQUENT NOTE]

     

    [Depositary Legend, if applicable]

     

    	
            No. [_____]

          	 	
            Principal Amount € [_________], as revised by the Schedule of Increases and Decreases in Global Note attached hereto

             

              

            CUSIP No.              [_________]

            ISIN No:                  [_________]

                Common Code No.: [_________]

          

    

    

     

    Bunge Finance Europe B.V.

        [  ]% Senior Notes Due [  ]

     

    [Bunge Finance Europe B.V., a private company with
          limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands having its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and its registered office at 1391 Timberlake Manor Parkway Chesterfield, Missouri 63017, United States of America and registered with the commercial register (handelsregister) of the Chamber of Commerce (Kamer van Koophandel) under number 24347428, promises to pay to the
          bearer hereof, the principal sum of €[_________], as revised by the Schedule of Increases and Decreases in Note attached hereto, on [  ].1

     

    [This certifies that the person whose name is entered in the register maintained by the Registrar in relation to the
        Notes (the “Register”) is the duly registered holder (the “Holder”) of
        Notes in the aggregate principal amount of €[_________] or such other amount as is shown on Register as being represented by this Global Note and is duly endorsed (for information purposes only) in the fourth column of the Schedule of Increases and
        Decreases in Note attached to this Global Note.

     

    Bunge Finance Europe B.V. (a private company with
          limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands having its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and registered with the commercial register (handelsregister) of the Chamber of Commerce (Kamer van Koophandel) under number 24347428) promises to pay to [each Holder] the aggregate principal amount shown on the Register as being represented by this Global Note on [  ].]2

    

    

    Interest Payment Date:  [  ]

     

    

    

    

    1 For Definitive Notes.

    2 For NSS Global Notes.

    

    

    

    

    
      
        

    

    
      Record Date:  the Business Day immediately prior to the Interest Payment Date

       

      Maturity Date:  [  ]

       

      

      

       

      [This Note shall not be valid for any purposes until an authorized signatory of the Registrar (or an authenticating
          agent acting on its behalf) has manually signed the certificate of authentication appearing on this Note and until it has been effectuated for or on behalf of the entity appointed as common safe-keeper by the relevant Clearing Systems.]3

       

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

       

      

      

      

      

      

      

      

        

        

        

      

      

      

      

      3 For NSS Global Notes.

    

    

    

    

  

  
    
      

  

  

  

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

   

  	 	
          BUNGE FINANCE EUROPE B.V.

        
	 	 
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  

  

  

  

  

  

  [TRUSTEE’S CERTIFICATE OF

      AUTHENTICATION

   

  U.S. BANK NATIONAL ASSOCIATION,

      as Trustee, certifies that this is one of

      the Notes referred to in the Indenture.

   

   

  

  	
          By:

        	 	 
	 	
          Authorized Signatory

        	 

  

  

  
    Date:  ___________ ____, 20___]4

    

    

    

    

    REGISTRAR’S CERTIFICATE OF

    AUTHENTICATION

    

    

    ELAVON FINANCIAL SERVICES LIMITED, as

    Registrar, certifies that this is one of the Notes

    referred to in the Indenture.

    

    

    
      	
              By:

            	 	 
	 	
              Authorized Signatory

            	 

      

     

      

    Date:  ___________ ____, 20___]

    

    

    EFFECTUATED for and on behalf of

    [EUROCLEAR BANK S.A./N.V.]

    [CLEARSTREAM BANKING,

    SOCIETE ANONYME]

    as common safe-keeper, without recourse,

    warranty or liability

    

    

    

    4 For Definitive Notes.

  

  

  

  
    
      

  

  

  

  
    	
            By:

          	 	 
	 	
            Authorized Signatory

          	 

  

  

  

  

  

  
    Date:  ___________ ____, 20___]5

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    5 For NSS Global Notes.

  

  

  

  

  

  
    
      

  

  
     

    

    [FORM OF REVERSE SIDE OF INITIAL NOTE AND SUBSEQUENT NOTE]

    

    

    [  ]% Senior Note Due [  ]

     

    1. General

    

    

    Bunge Finance Europe B.V., a private company with limited
          liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands having its corporate seat (statutaire zetel) in Rotterdam, The Netherlands and its registered office at 1391 Timberlake Manor Parkway Chesterfield, Missouri 63017, United States of America and registered with the commercial register (handelsregister) (such company, and its successors and assigns
          under the Indenture hereinafter referred to, being herein called the “Company”), issued the Notes under an Indenture, dated as of [  ], among the Company, the Guarantor and U.S. Bank National Association (the “Trustee”) (as such Indenture may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”).  The terms of the Notes include those stated in the
          Indenture and those made part of the Indenture by reference to the U.S. Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust Indenture Act”).  Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture.  The Notes are
          subject to all such terms, and Noteholders are referred to the Indenture and the Trust Indenture Act for a statement of those terms.

     

    The Notes are general unsecured senior obligations of the Company, including (a) [  ] in aggregate principal amount of
        [  ]% Notes being offered on the Issue Date (subject to Section 2.09 of the Indenture) and (b) any Subsequent Notes.  The Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company.  This Note is one of the [Initial
        Notes] [Subsequent Notes] referred to in the Indenture.

     

    The Company may from time to time, without the consent of existing Holders, create and issue Subsequent Notes having the
        same terms and conditions as the Initial Notes in all respects, except for the Issue Date, issue price and first payment of interest thereon.  Subsequent Notes issued in this manner will be consolidated with and will form a single class with the
        previously outstanding Notes; provided, that if the Subsequent Notes are not fungible with the Initial Notes for United States federal income tax purposes, the Subsequent
        Notes will have a separate CUSIP, Common Code and ISIN number and/or any other identifying number.  If this Note is represented by a Global Note, details of such Subsequent Notes may be entered in the records of the relevant Clearing Systems such
        that the nominal amount of Notes represented by this Global Note may be increased by the amount of such Subsequent Notes so issued.

     

    Except as otherwise provided in the Indenture, the Initial Notes and any Subsequent Notes will be treated as a single
        class of securities under the Indenture.  The Indenture includes various covenants that limit the ability of the Company, among other things, to engage in any business or transaction, acquire assets or subsidiaries, incur Indebtedness or Liens or
        enter into any consolidations, mergers, amalgamations or sales of assets. In addition, the Indenture imposes certain limitations on, among other things, (i) the incurrence of Liens by the Guarantor or any Restricted Subsidiary, (ii) Sale-Leaseback
        Transactions by the Guarantor or any Restricted Subsidiary and (iii) consolidations, mergers, amalgamations and sales of assets of the Guarantor, the Company or any Subsidiary.

     

    
      
        

    

    To guarantee the due and punctual payment of the principal of and premium, if any, and interest on the Notes and all
        other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantor has
        unconditionally guaranteed such obligations pursuant to the terms of the Indenture.  The Guarantee is an unsecured and unsubordinated obligation of the Guarantor and ranks equally with all other unsecured and unsubordinated indebtedness and
        obligations of the Guarantor.

     

    2. Interest

    

    

    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 annually in arrears on [  ] of each year commencing [  ].  Interest on the Notes will
        accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from [  ].  The Company shall pay interest on overdue principal or premium, if any, plus interest on such interest to the extent lawful,
        at the rate borne by the Notes to the extent lawful.  Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which
        interest was paid or duly provided for (or from and including the original issue date of the Notes, if no interest has been paid or duly provided for with respect to the Notes) on the Notes, to, but excluding the next scheduled interest payment
        date, Redemption Date or Stated Maturity, as the case may be. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association).  In the event that any date on which interest
        is payable on this Note is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the
        same force and effect as if made on the date the payment was originally payable. If the Stated Maturity or any Redemption Date with respect to this Note falls on a day that is not a Business Day, the payment of principal, premium, if any, and
        interest, will be made on the next succeeding Business Day as if it were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the next succeeding Business Day. The
        rights of Holders of beneficial interests in this Note to receive the payments of interest on such Note are subject to the applicable procedures of the Clearing Systems.

     

    3. Method of Payment

    

    

    By at least 10:00 a.m. local time in any Place of Payment on the date on which any principal of and premium, if any, or
        interest on any Note is due and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest.  The Company will pay interest (except Defaulted Interest)
        to the Persons who are registered Holders of Notes at the close of business on the Record Date next preceding the interest payment date even if Notes are cancelled, repurchased or redeemed after the Record Date and on or before the interest payment
        date.  Holders must surrender Notes to a Paying Agent to collect principal payments.  The Company will pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and
        private debts.  Except as described in the succeeding two sentences, the principal of and premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose in London, United Kingdom, or
        at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.03 of the Indenture; provided, however, that, at the option of the Company, each installment of interest may be paid by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register.

     

    
      
        

    

    Whilst any Notes are represented by a Global Note, all payments due in respect of the Notes shall be made to, or to the
        order of, the holder of the Global Note, subject to and in accordance with the provisions of the Global Note, and each payment so made will discharge the Company’s obligations in respect thereof.  On the occasion of each payment, the Paying Agent
        shall procure that the amount so paid shall be entered pro rata in the records of the relevant Clearing Systems but any failure to make such entries shall not affect the discharge referred to in the previous sentence.  Payments in respect of Notes
        represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least [  ] aggregate principal amount of Notes will be made by wire transfer to a Euro account maintained by the payee with a branch of a
        designated bank in the European Union 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).

     

    All payments of interest and principal on the Notes, including payments made upon any redemption of the Notes, will be
        made in Euros.  If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Euro is no longer being used by the then member states of the European Economic and
        Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes shall be made in U.S. dollars until
        the Euro is again available to the Company or so used.  The amount payable on any date in Euros shall be converted into U.S. dollars on the basis of the most recently available Market Exchange Rate for Euros.  The Market Exchange Rate most recently
        available on, or prior to, the second Business Day before the relevant determination date will be the basis for determining the equivalent of Euro in the currency of the United States of America for any purpose under the Indenture. Any payment in
        respect of such Notes so made in U.S. dollars shall not constitute an Event of Default under the Notes or the Indenture.  Neither the Trustee nor the Paying Agent shall have any responsibility for obtaining exchange rates, effecting conversions or
        otherwise handling redenominations.

     

    4. Paying Agent and Registrar

    

    

    Initially, Elavon Financial Services Limited, UK Branch, will act as Paying Agent and Elavon Financial Services Limited
        will act as Registrar.  The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Noteholder.  The Company, the Guarantor or any Subsidiary may act as Paying Agent, Registrar or co-registrar.

     

    
      
        

    

    5. Optional Redemption by the Company

    

    

    Prior to the Par Call Date, the Notes will be redeemable at the option of the Company, at any time in whole or from time
        to time in part, on at least 15 days but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to (a) the greater of (i) 100% of their principal amount to be
        redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the redemption price) thereon from the date of redemption to the Par Call Date
        (except for currently accrued but unpaid interest) discounted to the date of redemption, on an annual, ACTUAL/ACTUAL (ICMA) basis (as defined in the rulebook of the International Capital Market Association)), at the applicable Comparable Government
        Bond Rate (as defined below), plus 35 basis points (such greater amount, the “Make-Whole Redemption Price”), plus (b) accrued and unpaid interest, if any, to the date of redemption.

     

    On and after the Par Call Date, the Notes will be redeemable at the option of the Company, in whole at any time or in
        part from time to time, on at least 15 days but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed
        (the “Par Call Redemption Price” and, together with the Make-Whole Redemption Price, the “Redemption Price”) plus accrued and unpaid interest on the Notes to be redeemed to the date of redemption.

     

    For purposes of determining the Redemption Price, the following definitions are applicable:

     

    “Comparable Government Bond”
        means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent Investment Banker selected by the Company, a German government bond (Bundesanieihe) whose maturity is closest to the maturity of the Notes
        being redeemed, calculated as if the Stated Maturity of such Notes were the Par Call Date, or if such Independent Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such
        Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond
        Rate.

     

    “Comparable Government Bond Rate”
        means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such price on the third (3rd) Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market
        price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an Independent Investment Banker selected by the Company.

     

    “Independent Investment Banker”
        means any of BNP Paribas, Citigroup Global Markets Limited, ING Bank N.V. and J.P. Morgan Securities plc or, if none of such firms are willing or able to select the applicable Comparable Government Bond, a leading independent investment banking
        institution appointed by the Company.

     

    
      
        

    

    Notes called for redemption will become due on the date fixed for redemption, but such redemption may be subject to one
        or more conditions precedent.  Notices of redemption will be mailed by first-class mail at least 15 days but not more than 60 days before the date fixed for redemption to each Holder at its registered address.  The notice will state any conditions
        applicable to a redemption and the amount of Notes to be redeemed.  On and after the date fixed for redemption, interest will cease to accrue on any redeemed Notes.  If less than all the Notes are redeemed at any time, the Trustee will select the
        Notes to be redeemed on a pro rata basis or by any other method the Trustee deems fair and appropriate in accordance with the depositary’s procedures.

     

    In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance
        with the requirements of the principal stock exchange, if any, on which the Notes are listed or, if the Notes are not listed, then on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and
        appropriate, although no Notes of €100,000 in original principal amount or less will be redeemed in part.  If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount
        thereof to be redeemed.  A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note.  On and after the Redemption Date, interest will cease to
        accrue on Notes or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable Redemption Price pursuant to the Indenture.

     

    [For so long as the Notes are represented by this Global Note, the Company shall procure that the details of such
        redemption, payment or purchase and cancellation (as the case may be) be entered pro rata in the records of the relevant Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the relevant
        Clearing Systems and represented by this Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased and cancelled or by the aggregate amount of such installment so paid.]6

     

    “Par Call Date” means [  ]
        (three months prior to the Stated Maturity).

     

    6. Offers to Repurchase

    

    

    Upon the occurrence of a Change of Control Triggering Event, the Company shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to [  ] or an integral multiple of [  ] thereof) of each Holder’s Notes at a purchase price equal to
        101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change of Control
          Payment”).  The Change of Control Offer shall be made in accordance with Section 3.14 of the Indenture.

     

    7. Additional Amounts

    

    

    The Company will and, in the event that payments are
          required to be made by the Guarantor pursuant to its obligations under the Guarantee, the Guarantor will pay to the Holder of any Note such additional amounts as may be necessary so that every net payment to a Holder or beneficial owner of
          principal of and premium, if any, and interest on such Note, after deducting or withholding for or on account of any present or future tax, duty, fee, assessment or other similar governmental charge duly imposed by The Netherlands or Bermuda, as
          applicable, will not be less than the amount provided in such Note to be then due and payable.  

     

        

    

    
    

    6 For Global Notes only.

     
    
      
        

    

    The Company or the Guarantor will not be required,
          however, to make any payment of additional amounts for or on account of any such tax imposed by reason of (i) the Holder or beneficial owner of a Note having some connection with The Netherlands or Bermuda, as applicable, other than its
          participation as a Holder or beneficial owner of a Note or (ii) any tax, assessment or other governmental charge that is payable other than by withholding or deduction from payments on or in respect of any Note, (iii) the failure of the Holder or beneficial owner of a Note, following written request by the Company or the Guarantor to the Holder or beneficial owner, to
          comply with any certification, identification, information or other reporting requirements, but only to the extent the Holder or beneficial owner is legally entitled to do so, (iv) sections 1471 through 1474 of the Code, any regulations
          promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. Holder’s jurisdiction and the United States with respect to the foregoing or any
          agreements entered into pursuant to Section 1471(b)(1) of the Code; or (v) any combination of items (i) through (iv) above.

     

    8. Notices

     

    Notwithstanding Section 11.02 of the Indenture, so long as this Global Note is held on behalf of the Clearing Systems,
        or any other clearing system (an “Alternative Clearing System”), notices to Holders of Notes represented by this Global Note may be given by delivery of the
        relevant notice to the Clearing Systems or (as the case may be) such Alternative Clearing System.

     

    9. Denominations; Transfer; Exchange

    

    

    The Notes are in registered form without coupons in denominations of principal amount of [  ] and whole multiples of [ 
        ] in excess thereof.  A Holder may transfer or exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
        required by law or permitted by the Indenture.  The Registrar need not register the transfer of or exchange (i) any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) for
        a period beginning 15 days before the mailing of a notice of Notes to be redeemed and ending on the date of such mailing or (ii) any Notes for a period beginning 15 days before an interest payment date and ending on such interest payment date.

     

    10. Persons Deemed Owners

    

    

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

     

    11. 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 unless an abandoned property law designates another Person.  After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment.

     

    
      
        

    

    12. Defeasance

    

    

    Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its
        obligations under the Notes and the Indenture if the Company deposits with the Trustee cash in Euros for the payment of principal and interest on such Notes to redemption or maturity, as the case may be.

     

    13. Amendment, Waiver

    

    

    The Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in principal
        amount of the then outstanding Notes; provided, however, that the consent of each Noteholder
        affected is required to (i) reduce the amount of Notes whose Holders must consent to an amendment of the Indenture, the Notes or specified provisions of the Master Trust Transaction Documents, (ii) reduce the stated rate or extend the stated time
        for payment of interest on a Note, (iii) reduce the principal of or extend the Stated Maturity of a Note, (iv) reduce the premium payable upon redemption of a Note, (v) make any Note payable in money other than that stated herein, (vi) impair the
        right of a Holder to receive payment under the Note or institute suit for the enforcement of such payment, (vii) make any change to the amendment provisions which require each Holder’s consent or the waiver provisions, or (viii) release the
        Guarantor or modify the Guarantee.

     

    Subject to certain exceptions set forth in the Indenture, without the consent of any Noteholder, the Company and the
        Trustee may amend the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4 of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add
        guarantees with respect to the Notes, or to secure the Notes, or to add additional covenants of the Company, the Guarantor or any Subsidiary, or surrender rights and powers conferred on the Company, the Guarantor or any Subsidiary, issue Subsequent
        Notes, or to comply with any requirement of the SEC in connection with qualifying the Indenture under the Trust Indenture Act, or to make any change that does not adversely affect the rights of any Noteholder.

     

    Subject to certain exceptions set forth in the Indenture, any default (other than with respect to nonpayment or in
        respect of a provision that cannot be amended without the written consent of each Noteholder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the then
        outstanding Notes, on behalf of all Holders of the Notes.

     

    14. Defaults and Remedies

    

    

    Under the Indenture, Events of Default include (1) default for 30 days in payment of interest or additional interest
        when due on the Notes; (2) default in payment of principal of or premium, if any, on the Notes at Stated Maturity, upon optional redemption, upon declaration or otherwise; (3) the failure by the Company or the Guarantor to comply for 60 days after
        written notice with its other agreements contained in the Indenture or under the Notes (other than those referred to in (1) or (2) above); 

     

      

    
      
        

    

    (4) the failure of the Company, the Guarantor, a Designated Obligor or a Material Subsidiary (a) to pay the principal of any
        indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee or other similar instruments, on the scheduled or original date due; (b) to pay interest on any such indebtedness beyond
        any provided grace period; or (c) to observe or perform any agreement or condition relating to such indebtedness, the effect of which is to cause such indebtedness to become due prior to its stated maturity and such acceleration has not been cured
        within 15 days after notice of acceleration; provided that an event described in clause (a), (b) or (c) above shall not constitute an Event of Default unless,
        at such time, one or more events of the type described in clauses (a), (b) or (c) shall have occurred or be continuing with respect to indebtedness in an amount exceeding U.S. $100,000,000; or (5) certain events of bankruptcy, insolvency or
        reorganization of the Company, the Guarantor, a Designated Obligor or a Material Subsidiary (the “bankruptcy events”).  However, a default under
        clause (3) with respect to the Notes will not constitute an Event of Default with respect to the Notes until the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes notify the Company or the Guarantor, as the case
        may be, of the default and the Company or the Guarantor, as the case may be, does not cure such default within the time specified in clause (3) hereof after receipt of such notice.

     

    If an Event of Default other than a bankruptcy event occurs and is continuing with respect to the Notes, the Trustee or
        the Holders of at least 25% in principal amount of the Notes may declare all the Notes by written notice to the Company to be due and payable immediately.  If an Event of Default in connection with a bankruptcy event occurs and is continuing, the
        principal amount of the Notes, the premium, if any, and all accrued and unpaid interest shall be immediately due and payable without any action or other act on the part of the Trustee or the Holders.

     

    Noteholders 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.  Subject to certain limitations, Holders of a majority in principal amount of the Notes (voting as a single class) may direct the Trustee in its exercise of any
        trust or power.  The Trustee may withhold from Noteholders 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.

     

    15. Trustee Dealings with the Company

    

    

    Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any
        other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if
        it were not Trustee.

     

    16. No Recourse Against Others

    

    

    An incorporator, director, officer, employee, affiliate, stockholder or shareholder of each of the Company or the
        Guarantor, solely by reason of this status, shall not have any liability for any obligations of the Company under the Notes, the Indenture or the Guarantee or for any claim based on, in respect of or by reason of such obligations or their
        creation.  By accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Notes.

     

    
      
        

    

    17. No Petition

    

    

    By its acquisition of this Note, each Holder hereof agrees that neither it nor the Trustee on its behalf may commence,
        or join with any other person in the commencement of, a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding with respect to the Company under any applicable insolvency laws until one year and one date after the Notes and
        all other Indebtedness of the Company ranking equal with or junior to the Notes in right of payment, including all interest and premium thereon, if any, are paid in full.

     

    18. Authentication

    

    

    This Note shall not be valid for any purposes until an authorized signatory of the [Trustee]7 [Registrar]8 (or an authenticating agent acting on its behalf) has manually signed the certificate of
        authentication appearing on this Note.

     

    19. [Effectuation

    

    

    This Note shall not be valid for any purposes until it has been effectuated for or on behalf of the entity appointed as
        common safe-keeper by the relevant Clearing Systems.]9

     

    20. Abbreviations

    

    

    Customary abbreviations may be used in the name of a Noteholder 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).

     

    21. CUSIP Numbers and ISIN Numbers

    

    

    Pursuant to recommendations promulgated by the Committee on Uniform Security Identification Procedures and the
        International Securities Identification Numbers Organization, the Company has caused CUSIP numbers and/or ISIN numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers and/or ISIN numbers in notices of redemption as a
        convenience to Noteholders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

     

    

      

      7 For Definitive Notes.

      8 For Global Notes.

      9 For Global Notes only.

    

    
      
        

    

    22. Governing Law

    

    

    This Note shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to
        conflicts of law principles thereof.

     

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

     

    Bunge Finance Europe B.V.

    1391 Timberlake Manor Parkway

    Chesterfield, Missouri 63017

    Attention: Treasurer

    Telephone No:  (314) 292-2908

    Telecopy:  (314) 292-4908

    

    

    

    

    

    

    

    

    

    

  

   

  

  
    
      

  

  ASSIGNMENT FORM

   

  To assign this Note, fill in the form below:

   

  I or we assign and transfer this Note to

  

  

  

  

  	 	 	 
	
          (Print or type assignee’s name, address and zip code)

        

  

  

  	 	 	 
	
          (Insert assignee’s soc. sec. or tax I.D. No.)

        

  

  

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

     

  

  	 	 
	  
	
          Date:

        	  	
          Your Signature

        	 

  

  

  	
          Signature Guarantee:

        	 
	 	
          (Signature must be guaranteed)

        
	 	 
	 
	
          Sign exactly as your name appears on the other side of this Note.

        

  

  

  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
      and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

   

  
    
      

  

  

  

  

  

  [TO BE ATTACHED TO NOTES]

      SCHEDULE OF INCREASES OR DECREASES IN NOTE

   

  The following increases or decreases in this Note have been made:

   

  	
          Date of Exchange

        	 	
          Amount of decrease in Principal Amount of this Note

        	 	
          Amount of increase in Principal Amount of this Note

        	 	
          Principal Amount of this Note following such decrease or increase

        	 	
          Signature of authorized signatory of [Trustee /Common Service Provider to the Clearing Systems]

        
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

  

  

  

  

  

  
    
      

  

  

  

  OPTION OF HOLDER TO ELECT PURCHASE

   

  
    If you want to elect to have this Note purchased by the Company pursuant to Section 3.14 of the Indenture, check the box below:

     

    [   ] Section 3.14

     

    If you want to elect to have only part of this Note purchased by the Company

        pursuant to Section 3.14 of the Indenture, state the amount you elect to have purchased:

     

    

  	
          €

        	 	 
	 	 	 

  

  

  	
          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).

   

  

  

  
    
      

  

  

  

  SCHEDULE 1.1

   

  

  Designated Obligors and Material Subsidiaries

   

  The following Subsidiaries constitute all of the Designated Obligors as of the date hereof:

   

  
    
      	

            	•	
              [  ]

            

    

  

   

  

  

   

  The following Subsidiaries constitute all of the Material Subsidiaries as of the date hereof:

   

  
    
      	

            	•	
              [  ]

            

    

  

   

   

  

  
    
      

  

  SCHEDULE 3.4

   

  Existing Liens

   

   

  

  	
          Subsidiary/Joint

          Ventures

        	 	
          Facility

        	 	
          Amount

          Outstanding

        	 	
          Description of Collateral

        
	 	 	 	 	  	 	 
	
          
            [  ]

          

        	 	
          
            [  ]

          

        	 	
          
            [  ]

          

        	 	
          
            [  ]Exhibit

Aflac Incorporated 1st Quarter 2019 10-Q
EXHIBIT 10.50

SHAREHOLDERS AGREEMENT
by and among
AFLAC INCORPORATED,
JAPAN POST HOLDINGS CO., LTD.,
J&A ALLIANCE HOLDINGS CORPORATION, in its capacity as trustee of J&A ALLIANCE TRUST
and
GENERAL INCORPORATED ASSOCIATION J&A ALLIANCE
Dated as of February 28, 2019

	
		
	Table of Contents

	 
	 

	Page

	 
	 

	 
	 

	Article I DEFINITIONS
	1

	Section 1.1    Definitions
	1

	Section 1.2    Additional Defined Terms
	5

	Section 1.3    Interpretation and Construction
	6

	 
	 

	Article II PURCHASE OF COMPANY COMMON STOCK
	7

	Section 2.1    Purchase of Company Common Stock
	7

	Section 2.2    Ownership of Company Common Stock
	8

	Section 2.3    Securities Laws
	9

	Section 2.4    Acquisition Notice
	9

	Section 2.5    Preemptive Rights
	9

	 
	 

	Article III STANDSTILL
	12

	Section 3.1    Standstill
	12

	Section 3.2    Standstill Fall-Away
	14

	 
	 

	Article IV TRANSFERS
	14

	Section 4.1    Transfer Restrictions
	14

	Section 4.2    Volume Limitation
	15

	Section 4.3    Mandatory Transfers
	15

	Section 4.4    Optional Sale Right
	16

	 
	 

	Article V REGISTRATION RIGHTS
	17

	Section 5.1    Registration Rights
	17

	 
	 

	Article VI GOVERNANCE AND INVESTOR RIGHTS
	17

	Section 6.1    Voting Agreement
	17

	Section 6.2    Voting Agreement Fall-Away
	18

	Section 6.3    Information Rights
	18

	 
	 

	Article VII REPRESENTATIONS AND WARRANTIES
	19

	Section 7.1    Representations and Warranties of the Company
	19

	Section 7.2    Representations and Warranties of the Japan Post Parties
	20

	 
	 

	Article VIII COVENANTS; COMMITMENTS
	21

	Section 8.1    Regulatory Matters
	21

	Section 8.2    Further Assurances
	24

	Section 8.3    Public Announcements
	26

	Section 8.4    Material Non-Public Information
	26

	Section 8.5    Trust Agreement
	27

	Section 8.6    Confidentiality
	27

	 
	 

i

	
		
	 
	 

	Article IX TERMINATION
	28

	Section 9.1    Termination
	28

	Section 9.2    Effect of Termination
	28

	 
	 

	Article X MISCELLANEOUS
	28

	Section 10.1    Notices
	28

	Section 10.2    Amendment and Waiver
	31

	Section 10.3    Specific Performance
	32

	Section 10.4    Section 14-2-732 Agreement
	32

	Section 10.5    Headings
	32

	Section 10.6    Severability
	32

	Section 10.7    Entire Agreement; No Third Party Beneficiaries
	32

	Section 10.8    Governing Law; Arbitration
	32

	Section 10.9    Waiver of Sovereign Immunity
	35

	Section 10.10    Successors and Assigns
	36

	Section 10.11    Counterparts
	36

	 
	 

	Schedules
	 

	 
	 

	Schedule A    Authorized Individuals
	 

	 
	 

	Exhibits
	 

	 
	 

	Exhibit A    Trust Agreement
	 

	 
	 

	Exhibit B    Basic Agreement
	 

ii

SHAREHOLDERS AGREEMENT
This Shareholders Agreement, dated as of February 28, 2019 (this “Agreement”), by and among Aflac Incorporated, a Georgia corporation (the “Company”), Japan Post Holdings Co., Ltd., a Japanese corporation (“Japan Post”), J&A Alliance Holdings Corporation, a Delaware corporation, solely in its capacity as trustee (the “Trustee”) of J&A Alliance Trust, a New York voting trust (“J&A Alliance Trust”) and General Incorporated Association J&A Alliance, a Japanese general incorporated association and the sole shareholder of the Trustee (the “Trustee Owner”, and together with Japan Post and the Trustee, the “Japan Post Parties”). The Company, Japan Post, the Trustee and the Trustee Owner each may be referred to in this Agreement individually as a “Party” and collectively as the “Parties”. 
WHEREAS, immediately prior to the execution of this Agreement, Japan Post and the Trustee have entered into that certain Trust Agreement, in the form set forth as Exhibit A attached hereto, whereby J&A Alliance Trust was established;
WHEREAS, prior to the execution of this Agreement, the Company, Aflac Life Insurance Japan Ltd., a Japanese corporation and an indirect wholly owned subsidiary of the Company (“Aflac Japan”), and Japan Post entered into that certain Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship” (the “Basic Agreement”), in the form set forth as Exhibit B attached hereto (with the English translation thereof);
WHEREAS, in furtherance of the strategic alliance contemplated by the Basic Agreement, and subject to the terms and conditions of this Agreement, J&A Alliance Trust desires to acquire ownership of approximately 7% of the outstanding common stock, par value $0.10 per share, of the Company (the “Company Common Stock”) through open market or private block purchases by the Trustee or J&A Alliance Trust; and
WHEREAS, in consideration of the benefits to be obtained by the Company by virtue of the arrangements described above, and in light of the undertakings made by the Japan Post Parties herein, the Company is willing to cooperate as contemplated by Section 8.1 with J&A Alliance Trust’s acquisition of record ownership of shares of Company Common Stock in accordance with and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and premises of this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:
ARTICLE I

DEFINITIONS

Section 1.1Definitions. For purposes of this Agreement:

“Activist Hedge Fund” means any Person set forth on a list provided by the Company to Japan Post prior to the date hereof, which may be periodically updated by the 

1

Company on a reasonable and good faith basis from time to time using substantially the same criteria.
“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling” have correlative meanings.
“Beneficial Ownership” shall be defined consistent with such term’s meaning under Rule 13d-3 or 13d-5 under the Exchange Act and shall include securities that are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person’s Affiliates is a Benefiting Party; provided, however, that the number of shares of Company Common Stock that a Person is deemed to be the beneficial owner of, or to beneficially own, in connection with a particular Derivatives Contract shall not exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of securities beneficially owned by each Counterparty (including its Affiliates) under a Derivatives Contract shall be deemed to include all securities that are beneficially owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates) is a Benefiting Party, with this provision being applied to successive Counterparties as appropriate. Other terms of similar import shall have comparable meanings. 
“Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in the State of New York) on which banks are open for business in New York, New York and Tokyo, Japan.
“Company Board” means the board of directors of the Company.
“Company Securities” means (i) any shares of capital stock or other equity interests of the Company or of any of its Subsidiaries; (ii) any other securities of the Company or of any of its Subsidiaries granting voting rights; (iii) any warrants, options, convertible or exchangeable securities, subscriptions, calls or other rights (including any preemptive or similar rights, but excluding any such rights granted pursuant to this Agreement) to subscribe for or purchase or acquire any of the securities described in the foregoing clauses (i) and (ii); or (iv) any security, instrument or agreement granting economic rights based upon the value of, or the value of which is determined by reference to any of the securities described in the foregoing clauses (i) through (iii), regardless of whether such security, instrument or agreement is or may be settled in securities, cash or other assets.
“Derivatives Contract” means a contract between two parties (the “Benefiting Party” and the “Counterparty”) that is designed to produce economic benefits and risks to the Benefiting Party that correspond substantially to the ownership by the Benefiting Party of a number of shares of Company Common Stock specified or referenced in such contract (the 

2

number corresponding to such economic benefits and risks, the “Notional Common Shares”), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares of Company Common Stock or other property, without regard to any short position under the same or any other Derivative Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate Governmental Authority shall not be deemed to be Derivatives Contracts. 
“Domiciliary Regulators” means (i) the Director of the Nebraska Department of Insurance, (ii) the Superintendent of the New York State Department of Financial Services, and (iii) the Commissioner of the Oklahoma Insurance Department; provided, if all United States insurance company Subsidiaries of the Company domiciled in any one of the foregoing states redomesticate, merge or otherwise cease to exist as domestic insurers in such state, then the Commissioner, Superintendent or other insurance regulatory authority in such state shall no longer be a Domiciliary Regulator.
“Emergency Arbitrator” means an emergency arbitrator appointed by the SIAC in accordance with the SIAC Rules, as specified in Section 10.8.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Transferee” means (i) any Person who is a competitor of the Company or any of its Subsidiaries with respect to the sale of cancer insurance or supplemental health care insurance, as set forth on a list provided by the Company to Japan Post prior to the date hereof, which may be periodically updated by the Company on a reasonable and good faith basis from time to time using substantially the same criteria, or any of such Person’s Affiliates or (ii) any Activist Hedge Fund. 
“Governmental Authority” means any supranational, national, federal, state, provincial or local government, foreign or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry or other similar body exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government, including any authority or other quasi-governmental entity established by any of the foregoing to perform any of such functions (including any national securities exchange or the equivalent) with relevant jurisdiction.
“HSR Act” means the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
“Japan-US Tax Treaty” means the Convention Between the Government of the United States of America and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income as in effect on the date hereof and any successor convention.
“Japan Post Investment Funds” means any investment funds, trusts (not including J&A Alliance Trust), pension or other similar investment vehicles or accounts affiliated with, but not controlled by, Japan Post, or for the benefit or account of Affiliates of Japan Post but not controlled by Japan Post, solely to the extent that such investments are made in the ordinary 

3

course and Japan Post does not have investment discretion to determine which securities or assets to purchase or sell on behalf of such vehicle or account or voting discretion with respect to voting securities held by such vehicles or accounts.
“Law” means any federal, state, provincial, local, domestic or foreign law, common law, ordinance, code, statute, rule or regulation of any Governmental Authority.
“Order” means any order, decision, judgment, writ, injunction, decree, award or other determination of any Governmental Authority.
“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, Governmental Authority or any agency, instrumentality or political subdivision thereof or any other form of entity.
“PII” means any information possessed by the Company, any of its Subsidiaries or any of its Affiliates with respect to any customer, policyholder, employee or independent contractor of the Company's U.S. business, which specifically identifies such individual Person, including any contact information (e.g., address, electronic mail address, phone number(s)), Social Security Number, and financial account information of such Person; provided, however, that such Person’s name alone, without being presented, associated, or stored with any other identifying data element, shall not be deemed PII.
“Pre-Issuance Ownership Percentage“ means J&A Alliance Trust’s Beneficial Ownership, expressed as a percentage, of the outstanding shares of Company Common Stock as of immediately prior to the applicable issuance of New Securities.
“Required Regulatory Approvals” means (i) the expiration of any applicable waiting period under the HSR Act, (ii) the approval of the applicable Domiciliary Regulator of each respective Form A Filing, (iii) the approval of or confirmation or nondisapproval by the Japan Fair Trade Commission, (iv) notice to the Japanese Financial Services Agency and (v) confirmation or nondisapproval by the Japanese Kanto Local Finance Bureau in connection with the transactions contemplated by this Agreement.
“Restricted Period” means the period beginning on the date on which J&A Alliance Trust first acquires any shares of Company Common Stock and ending on the earlier of (i) the date that is the fourth anniversary of the date on which J&A Alliance Trust first acquires 7% of the outstanding shares of Company Common Stock, (ii) the date that is the fifth anniversary of the date on which J&A Alliance Trust first acquires 5% of the outstanding shares of Company Common Stock and (iii) the date that is the tenth anniversary of the date on which J&A Alliance Trust first acquires any shares of Company Common Stock.
“Securities Act” means the Securities Act of 1933, as amended.
“Standstill Period” means the period commencing on the date J&A Alliance Trust first acquires any shares of Company Common Stock and ending on the date that the Standstill Restrictions terminate pursuant to Section 3.2.

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“Subsidiary” means, as to any Person, any corporation or other entity of which: (i) such Person, or a Subsidiary of such Person, is a general partner (if a limited partnership) or managing member (if an LLC) or; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries.
Section 1.2Additional Defined Terms. The following terms have the meanings set forth in the Sections set forth below:
	
			
	Term
	Section
	

	$
	1.3(a)
	

	10-for-1 Voting
	6.3(b)
	

	Acceptance Notice
	2.5(b)
	

	Affiliate
	1.1
	

	Aflac Japan
	Recitals
	

	Agreement
	Preamble
	

	Approved Tender Offer
	4.1(a)
	

	Arbitral Tribunal
	10.8(b)
	

	Basic Agreement
	Recitals
	

	Beneficial Ownership
	1.1
	

	Benefiting Party
	1.1
	

	Board Change of Control
	3.2(e)
	

	Business Combination
	4.1(a)
	

	Business Day
	1.1
	

	Change of Control
	3.2(e)
	

	Company
	Preamble
	

	Company Board
	1.1
	

	Company Common Stock
	Recitals
	

	Company SEC Documents
	7.1(f)
	

	Company Securities
	1.1
	

	Counterparty
	1.1
	

	Daily Volume Limitation
	2.1(b)
	

	Decision on Interim Relief
	10.8(b)
	

	Domiciliary Regulatory
	1.1
	

	Exchange Act
	1.1
	

	Excluded Transferee
	1.1
	

	Form A Filings
	8.1(b)
	

	Fundamental Transaction
	3.2(b)
	

	Governmental Authority
	1.1
	

	HSR Act
	1.1
	

	Interim Relief
	10.8(b)
	

	J&A Alliance Trust
	Preamble
	

	Japan-US Tax Treaty
	1.1
	

	Japan Post
	Preamble
	

	Japan Post Investment Funds
	1.1
	

	Japan Post Parties
	Preamble
	

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	Law
	1.3(a), 1.1
	

	Laws
	1.3(a)
	

	New Securities
	2.5(a)
	

	NYSE Rule
	2.5(a)
	

	Optional Sale Exercise Notice
	4.4(b)(i)
	

	Optional Sale Right
	4.4(a)
	

	Optional Sale Shares
	4.4(a)
	

	Order
	1.1
	

	Outside Date
	8.1(a)
	

	Ownership Cap
	2.2(a)
	

	Parties
	Preamble
	

	Party
	Preamble
	

	Permitted Non-Public Transfer
	4.1(b)(i)
	

	Permitted Public Transfer
	4.1(b)(ii)
	

	Person
	1.1
	

	PII
	1.1
	

	Preemptive Rights Notice
	2.5(b)
	

	Preemptive Rights Shares
	2.5(a)
	

	Preferential Rate
	8.1(g)
	

	Pre-Issuance Ownership Percentage
	1.1
	

	Pre-Notice
	2.5(b)
	

	Receiving Party
	8.6
	

	Registration Statement
	5.1
	

	Representatives
	8.6
	

	Required Regulatory Approvals
	1.1
	

	Restricted Period
	1.1
	

	Rules
	10.8(b)
	

	SEC
	2.2(b)
	

	Securities Act
	1.1
	

	SIAC
	10.8(b)
	

	Standstill Restrictions
	3.1(l)
	

	Subsequent Offering
	4.1(a)
	

	Subsidiary
	1.1
	

	Transfer
	4.1(a)
	

	Trustee
	Preamble
	

	Trustee Owner
	Preamble
	

	U.S.
	1.3(a)
	

	Voting Rights Cap
	2.2(a)
	

Section 1.3    Interpretation and Construction.

(a)    In this Agreement, except to the extent otherwise provided or that the context otherwise requires: (i) when a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference is to an Article or Section of, or a Schedule or Exhibit to, this Agreement; (ii) the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; (iii) whenever the words “include,” “includes” or “including” are used in this Agreement, they 

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are deemed to be followed by the words “without limitation”; (iv) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) the words “exceed”, “exceeding” and “excess” and words of similar import, when used in this Agreement with respect to a number of shares of Company Common Stock, shall mean such number plus one additional share of Company Common Stock; (vi) terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto; (vii) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; (viii) references to a Person are also to its successors and permitted assigns; (ix) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and (x) “$” refers to United States (“U.S.”) dollars. References to “Law”, “Laws” or to a particular statute or Law shall be deemed also to include such Laws or statutes as such Laws or statutes are from time to time amended, modified or supplemented, including by succession of comparable successor Laws.

(b)Unless otherwise expressly stated herein, any reference to the Trustee in this Agreement shall be deemed to refer to the Trustee acting in its capacity as trustee of J&A Alliance Trust and on behalf of J&A Alliance Trust.

(c)The Parties have participated jointly in the negotiation and drafting of this Agreement and the other agreements, documents and instruments executed and delivered in connection herewith with counsel sophisticated in investment transactions. If an ambiguity or question of intent or interpretation arises, this Agreement and the agreements, documents and instruments executed and delivered in connection herewith shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement and the agreements, documents and instruments executed and delivered in connection herewith.

ARTICLE II

PURCHASE OF COMPANY COMMON STOCK

Section 2.1    Purchase of Company Common Stock.

(a)Subject to the receipt of all of the Required Regulatory Approvals, the Trustee shall use commercially reasonable efforts to acquire on behalf of J&A Alliance Trust, through open market or private block purchases in the U.S., within a period of twelve (12) months following the date on which J&A Alliance Trust first acquires any shares of Company Common Stock, Beneficial Ownership of shares of Company Common Stock representing, in the aggregate, approximately 7% of the outstanding shares of Company Common Stock; provided, that, for the avoidance of doubt, the Trustee and/or J&A Alliance Trust may, prior to obtaining all of the Required Regulatory Approvals, begin to purchase shares of Company Common Stock in an amount up to, but not exceeding, the amount of such shares J&A Alliance Trust may Beneficially Own under applicable Law prior to receipt of the relevant Required Regulatory Approvals.  

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(b)Notwithstanding the foregoing, the Trustee shall not, on any single day, purchase or otherwise acquire through open market purchases Beneficial Ownership of a number of shares of Company Common Stock that, in the aggregate, exceeds 15% of the average daily trading volume of shares of Company Common Stock on the U.S. open markets during a period of thirty (30) trading days immediately preceding the date of such acquisition of shares of Company Common Stock, as reported by Bloomberg, L.P. on screen page “AFL US<Equity>HP” (or any successor screen page thereto) (the “Daily Volume Limitation”).  

Section 2.2    Ownership of Company Common Stock. 

(a)Subject to Section 4.3, J&A Alliance Trust shall not Beneficially Own shares of Company Common Stock in excess of (i) 10% of the outstanding shares of Company Common Stock during the Restricted Period and (ii) after the expiration of the Restricted Period, the greater of (A) 10% of the outstanding shares of Company Common Stock and (B) shares of Company Common Stock representing 22.5% of the aggregate voting rights of the outstanding shares of Company Common Stock as of the record date of the most recent annual or special meeting of the shareholders of the Company (the “Voting Rights Cap” and, in each case of Clauses (i) and (ii), the “Ownership Cap”); provided, however, that, if, following the expiration of the Restricted Period, J&A Alliance Trust Transfers a number of shares of Company Common Stock resulting in its Beneficial Ownership of shares of Company Common Stock being less than 6% of the outstanding shares of Company Common Stock, then the Ownership Cap shall thereafter be 10% of the outstanding shares of Company Common Stock; provided, further, that, for the avoidance of doubt, the foregoing proviso shall not apply in the event that J&A Alliance Trust’s Beneficial Ownership of shares of Company Common Stock falls below 6% of the outstanding shares of Company Common Stock as a result of dilutive issuances of shares of Company Common Stock by the Company.  

(b)For purposes of this Agreement, unless otherwise expressly stated herein, all determinations of the amount of outstanding shares of Company Common Stock shall be based on information set forth in the most recent quarterly or annual report, or the most recent applicable current report subsequent thereto, filed by the Company with, or furnished by the Company to, the U.S. Securities and Exchange Commission (the “SEC”), unless the Company shall have updated such information by delivery of written notice to Japan Post, the Trustee or J&A Alliance Trust.

(c)For purposes of this Agreement, unless otherwise expressly stated herein, all determinations of the amount or percentage of J&A Alliance Trust’s voting rights with respect to the Company Common Stock shall be based on the information provided pursuant to Section 6.3(b)(ii) in the Company’s most recent Form 8-K.

(d)The shares of Company Common Stock acquired by or on behalf of J&A Alliance Trust shall be recorded as directly registered shares held by the Trustee in its capacity as trustee of J&A Alliance Trust on the share register of the Company. Neither Japan Post nor any of its controlled Affiliates, other than Japan Post Investment Funds, shall at any time Beneficially Own any shares of Company Common Stock other than as the settlor or beneficiary of J&A Alliance Trust in accordance with the terms of the Trust Agreement; provided that, for the 

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avoidance of doubt, for purposes of this Section 2.2(d), none of J&A Alliance Trust, the Trustee and the Trustee Owner shall be deemed controlled “Affiliates” of Japan Post.

(e)The Japan Post Parties shall cause any shares of Company Common Stock acquired by or on behalf of J&A Alliance Trust through a broker to be transferred into the Trustee’s name, in its capacity as trustee of the J&A Alliance Trust, and recorded as directly registered shares held by the Trustee in its capacity as trustee of the J&A Alliance Trust on the books of the Company within ten (10) Business Days of such acquisition and the Trustee shall maintain such direct registration until any such shares are Transferred in accordance with this Agreement.  The Company shall take all action necessary to cause the Company’s transfer agent to accept such Company Common Stock and register them in the name of the Trustee, in its capacity as trustee of the J&A Alliance Trust and to facilitate any Transfer through facilities of The Depository Trust Company.

Section 2.3    Securities Laws. Each of the Japan Post Parties shall, in the course of the Trustee’s or J&A Alliance Trust’s acquisition of any shares of Company Common Stock, comply with all applicable Laws, including pursuant to Section 13(d) of the Exchange Act and the Financial Instruments and Exchange Act of Japan; provided, that the Japan Post Parties shall use their reasonable best efforts to provide drafts to the Company, in the case of United States filings and submissions, and to Aflac Japan, in the case of Japanese filings and submissions, of any filing to be made with, or written materials to be submitted to, any Governmental Authority in compliance with such applicable Laws in connection with the Trustee’s or J&A Alliance Trust’s acquisition of any shares of Company Common Stock, and the Japan Post Parties shall consider in good faith any comments or views of the Company thereon; provided, however, that such obligation shall not extend to communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily related to other matters, or (ii) reasonably expected in the course of ordinary regulatory interaction or required by such Japanese Governmental Authority to remain confidential.

Section 2.4    Acquisition Notice. As promptly as reasonably practicable following the end of each calendar month during which J&A Alliance Trust acquires Beneficial Ownership of any shares of Company Common Stock, Japan Post shall notify the Company in writing of the number of shares of Company Common Stock so acquired during such month.

Section 2.5    Preemptive Rights.

(a)    If the Company proposes to issue any shares of Company Common Stock (including issuances of shares of Company Common Stock pursuant to exchangeable or convertible securities of the Company or other securities exercisable for shares of Company Common Stock (upon exercise or in accordance with the terms thereof)) or any other Company Securities carrying voting rights that are entitled to vote together with Company Common Stock (collectively, “New Securities”), the Trustee shall have the right to purchase, and J&A Alliance Trust shall have the right to acquire, up to such number of shares of Company Common Stock that would allow J&A Alliance Trust to maintain Beneficial Ownership of the issued and outstanding shares of Company Common Stock, after giving effect to the issuance of the applicable New Securities, that is no less than J&A Alliance Trust’s Pre-Issuance Ownership Percentage (such shares, the “Preemptive Rights Shares”); provided, however, that (subject to 

9

Section 2.5(g), below) the Trustee shall not have this purchase right, and J&A Alliance Trust shall not have this acquisition right, to the extent that an issuance of the Preemptive Rights Shares to J&A Alliance Trust would require approval of the shareholders of the Company pursuant to Rule 312 of the New York Stock Exchange Listed Company Manual or any successor rule thereof (the “NYSE Rule”), unless such shareholder approval is obtained. Notwithstanding the foregoing, to the extent the Company issues securities, other than Company Common Stock, that are exchangeable for, or convertible into, or otherwise exercisable for, shares of Company Common Stock, the Trustee shall only be entitled to exercise its right to purchase Preemptive Rights Shares pursuant to this Section 2.5 concurrently with, or as promptly as practicable following, the issuance of the shares of Company Common Stock underlying such securities.

(b)    In the case of an issuance of New Securities which are exchangeable for, or convertible into, or otherwise exercisable for, shares of Company Common Stock, the Company shall, prior to or concurrently with such issuance of New Securities, deliver a written notice to the Trustee (the “Pre-Notice”) (i) stating the Company’s intention to issue such securities, (ii) stating the amount of such securities that the Company proposes to issue in the aggregate and, correspondingly, the number of Preemptive Rights Shares that the Trustee could be entitled to purchase and J&A Alliance Trust could be entitled to acquire in the future, (iii) informing the Trustee that it may have a future right to elect to purchase such Preemptive Rights Shares, which right shall be exercisable upon delivery of a Preemptive Rights Notice (defined below) and (iv) stating the price of such Preemptive Rights Shares based on the issuance price of such New Securities (or if such prices are not clearly identifiable, the formula for determining the price upon exchange, conversion or exercise or, if no such formula is available, such effective price per share as is reasonably determined by the Company in good faith).  The Company shall provide the right contemplated by Section 2.5(a) to the Trustee and J&A Alliance Trust by delivering a written notice to the Trustee (the “Preemptive Rights Notice”) stating (i) in the case of an issuance of Company Common Shares, (x) the Company’s intention to issue New Securities, (y) the amount of such New Securities that the Company proposes to issue in the aggregate and, correspondingly, the number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire and (z) the price of such New Securities (or (1) if such prices are not clearly identifiable, such effective price per share as is reasonably determined by the Company in good faith or (2) in the case of issuances of restricted stock, the fair market value of such restricted stock as determined by the Company in the ordinary course in connection with such issuance) and (ii) in the case of an issuance of Company Common Stock upon the exchange, conversion, or exercise of New Securities described in a Pre-Notice, the amount of such securities that will or have been exchanged, converted or exercised for Company Common Stock and the resulting number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire.  Within ten (10) Business Days following the delivery of the Preemptive Rights Notice by the Company to the Trustee, the Trustee may, by delivery of a written notice of acceptance to the Company (the “Acceptance Notice”), elect to purchase all, or any portion, of the Preemptive Rights Shares that the Trustee is then entitled to purchase and J&A Alliance Trust is then entitled to acquire pursuant to this Section 2.5 for the price (or the price determined by application of any applicable formula) indicated in the Pre-Notice or the Preemptive Rights Notice, as applicable. The delivery of the Acceptance Notice shall be evidence of the Trustee’s irrevocable commitment to purchase the number of Preemptive Rights Shares indicated in the Acceptance 

10

Notice for the price indicated in the Pre-Notice or the Preemptive Rights Notice, as applicable, and the consummation of the sale and purchase of the Preemptive Rights Shares shall occur concurrently with or as promptly as practicable following the Company’s issuance of the corresponding New Securities.

(c)Notwithstanding anything in this Section 2.5 to the contrary, if the amount of New Securities to be issued is for any reason less than the amount that was initially proposed to be issued as indicated in the Preemptive Rights Notice, the Company may (whether before or after the Trustee has delivered an Acceptance Notice to the Company) decrease the number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire pursuant to this Section 2.5 to an amount not less than the amount necessary to allow J&A Alliance Trust to maintain (but not exceed) its Pre-Issuance Ownership Percentage after giving effect to the issuance of the applicable New Securities.

(d)Notwithstanding anything in this Section 2.5 to the contrary, if the amount of New Securities to be issued is for any reason greater than the amount that was initially proposed to be issued as indicated in the Preemptive Rights Notice, the Trustee may, by delivery of an Acceptance Notice (whether or not the Trustee has previously delivered an Acceptance Notice to the Company), increase the number of Preemptive Rights Shares it elects to purchase and J&A Alliance Trust elects to acquire pursuant to this Section 2.5 to an amount not less than the amount necessary to allow J&A Alliance Trust to maintain (but not exceed) its Pre-Issuance Ownership Percentage after giving effect to the issuance of the applicable New Securities.

(e)Notwithstanding anything in this Section 2.5 to the contrary, Section 2.5(a) shall not apply, and the Company shall have no obligation to sell, and the Trustee shall have no right to purchase from the Company and J&A Alliance Trust shall have no right to acquire, any shares of Company Common Stock or any other securities of the Company, if the Company proposes to issue New Securities:

(i)pursuant to any employee benefits or other compensation plan approved by the Board and the shareholders of the Company;

(ii)in connection with any acquisition by the Company, whether by merger, consolidation, acquisition of assets, sale or exchange of stock, other business combination or otherwise, in each case, pursuant to which any such New Securities are being issued as consideration therefor;

(iii)upon any stock dividend, stock split or other pro rata distribution, subdivision or combination of securities or other recapitalization of the Company; 

(iv)pursuant to any direct stock purchase and dividend reinvestment plan (or any similar successor plan) of the Company; or

(v)pursuant to the terms of a “poison pill” or other similar shareholder rights plan approved by the Board. 

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(f)    Upon the Company’s issuance of any Preemptive Rights Shares, such Preemptive Rights Shares shall be (i) validly issued, fully paid and nonassessable and (ii) duly authorized by all necessary corporate action of the Company.

(g)    In the event that the Company proposes an issuance of New Securities and the full number of Preemptive Rights Shares that would be issued to the Trustee and J&A Alliance Trust pursuant to Section 2.5(a) in connection with such issuance of New Securities would exceed the amount that the Company could issue to the Trustee and J&A Alliance Trust without shareholder approval pursuant to the NYSE Rule (a “Shareholder Approval Issuance”), the Company shall use its reasonable best efforts to obtain approval for such Preemptive Rights Shares by the shareholders of the Company for the issuance to J&A Alliance Trust of the Preemptive Rights Shares (it being understood that no Shareholder Approval Issuance will be conditioned on the receipt of approval for issuance to J&A Alliance Trust of the applicable Preemptive Rights Shares); provided, that, if shareholder approval of the issuance to J&A Alliance Trust is not obtained, the applicable number of Preemptive Rights Shares shall automatically be decreased to one share of Company Common Stock less than as would require shareholder approval pursuant to the NYSE Rule.

ARTICLE III

STANDSTILL

Section 3.1    Standstill. During the Standstill Period, except with the prior written consent of, or waiver by, the Company or otherwise pursuant to approval by the Company Board, none of the Japan Post Parties shall, or shall permit any of its controlled Affiliates, other than Japan Post Investment Funds, to, directly or indirectly, alone or in concert with any Person, solicit, encourage, participate in or facilitate, or enter into any agreement, arrangement or understanding with, any Person in connection with, or engage in:

(a)the acquisition of, or the obtaining (other than as a result of acts or omissions taken solely by (i) the Company, such as share repurchases, or (ii) any third party, such as Transfers of shares resulting in the loss of voting rights) of any economic interest in, any right to direct the voting or disposition of, or any other right with respect to, any securities of the Company (including shares of Company Common Stock or other Company Securities) in excess of the Ownership Cap or other obligations or any assets of the Company or any of its Subsidiaries;

(b)any tender or exchange offer for securities of the Company (including shares of Company Common Stock or other Company Securities) or any of its Subsidiaries, or any merger, consolidation, business combination or acquisition or disposition of all or substantially all assets of the Company or any of its Subsidiaries, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1;

(c)solicit or support any offers to acquire the Company, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1;

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(d)any other actions that would, or would reasonably be expected to, result in, or lead to, a Change of Control, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1;

(e)any recapitalization, restructuring, liquidation, dissolution or other similar extraordinary transaction with respect to the Company or any of its Subsidiaries;

(f)forming, joining or in any way participating in a “partnership, limited partnership, syndicate, or other group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) for purposes of acquiring, holding, voting or disposing of any securities of the Company;

(g)disposition of any shares of Company Common Stock in response to an unsolicited tender or exchange offer for securities of the Company or other proposed offer or business combination, except as otherwise permitted by Section 4.1;

(h)the nomination for election, or election, of any individual as a director of the Company or any Affiliate of the Company, or the proposal, formally or informally, of any individual as a director of the Company or any Affiliate of the Company, other than by (i) the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1 or (ii) recommending to the Corporate Governance Committee of the Company Board a candidate for nomination as a director of the Company in accordance with the procedures set forth in the Company’s most recent proxy statement on Schedule 14A filed with the SEC related to an annual meeting of the Company’s shareholders;

(i)any other action or activity in support of controlling or changing the Company Board, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1;

(j)any proposal or action in respect of the Company by any Activist Hedge Fund to change or influence the business, operations, governance, plans or direction of the Company, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1;

(k)a public announcement regarding any of the types of matters set forth in this Section 3.1 or any action (including any public announcement or communication with or to the Company) that would reasonably be expected to require the Company to make a public announcement regarding any of the types of matters set forth in this Section 3.1; or

(l)any act or proposal to seek to amend or obtain a waiver of any of the foregoing (the restrictions set forth in the foregoing clauses (a) through (l), the “Standstill Restrictions”);

provided, that none of the Standstill Restrictions shall prevent, restrict, encumber or limit in any manner the Japan Post Parties or any of their controlled Affiliates from exercising their respective rights, performing their respective obligations or otherwise consummating the transactions contemplated by this Agreement (including the right of J&A Alliance Trust to 

13

acquire, vote, Beneficially Own or Transfer shares of Company Common Stock) or the Basic Agreement, in each case, in accordance with the terms and provisions hereof and thereof.
Section 3.2    Standstill Fall-Away. The Standstill Restrictions shall terminate upon the occurrence of any of the following events:

(a)any Person is or becomes the Beneficial Owner, directly or indirectly, of voting securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities;

(b)the Company consummates a merger, consolidation, share exchange or other similar transaction (a “Fundamental Transaction”) with any other Person, other than a Fundamental Transaction in which the voting securities of the Company that are outstanding immediately prior to such Fundamental Transaction continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) at least a majority of the combined voting power immediately after such Fundamental Transaction of (i) the Company’s outstanding securities or (ii) the surviving or parent entity’s outstanding securities;

(c)the security holders of the Company approve a plan of complete liquidation or winding-up of the Company;

(d)the sale or disposition (in one transaction or a series of related transactions) of all or substantially all of the Company’s assets is consummated; or

(e)a change of a majority of the membership of the Company Board (excluding any change approved by a majority of the directors serving on the Company Board prior to such change) (a “Board Change of Control”) (each event set forth in the foregoing clauses (a) through (e) occurring after the date of this Agreement, with respect to the Company, shall constitute a “Change of Control”).

ARTICLE IV

TRANSFERS

Section 4.1    Transfer Restrictions.

(a)    Without the Company’s prior written consent, which consent shall not be unreasonably withheld, the Trustee shall not, and shall cause J&A Alliance Trust not to, directly or indirectly, sell, transfer, assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of (whether by operation of law or otherwise) (each, a “Transfer”) any Company Securities or any right, title or interest therein or thereto; provided, however, that the Trustee and J&A Alliance Trust may, subject to Section 4.1(b), without the Company’s prior written consent, Transfer Company Securities (i) at any time during the Restricted Period to the extent that J&A Alliance Trust would, after giving effect to such Transfer, maintain Beneficial Ownership and record ownership of at least 7% of the outstanding shares of Company Common Stock, (ii) at any time during the Restricted Period if the Basic Agreement has been previously terminated in accordance with its terms (unless the Basic Agreement was terminated pursuant to 

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Section 1(2) of Article 9 thereof as a result of Japan Post’s non-performance thereunder), (iii) at any time after the Restricted Period, (iv) at any time pursuant to an Approved Tender Offer or a Subsequent Offering (each as hereinafter defined) or (v) at any time following a Change of Control; provided, further, that, for the avoidance of doubt, a merger, amalgamation, plan of arrangement or consolidation or similar business combination transaction (“Business Combination” in which Japan Post is a constituent corporation (or otherwise a party including, for the avoidance of doubt, a transaction pursuant to which a Person acquires all or a portion of Japan Post, whether by tender or exchange offer, by share exchange, or otherwise) shall not be deemed to be a “Transfer” of any Company Securities or any right, title or interest therein or thereto. For purposes of this Agreement: “Approved Tender Offer” shall mean a tender offer or Business Combination relating to outstanding shares of Company Common Stock that has been approved or recommended by the Company Board; and “Subsequent Offering” shall mean any subsequent offering period of a completed tender offer for at least a majority of the outstanding shares of Company Common Stock by any third party so long as a majority of the outstanding shares of Company Common Stock have been previously tendered to such third party and are not subject to withdrawal.  For the avoidance of doubt, Japan Post shall have the right to pledge its beneficial interest in J&A Alliance Trust to a controlled Affiliate in connection with any financing related to the purchase of Company Common Stock, subject to any applicable regulatory requirements and such pledgee agreeing to be fully bound by all of the terms and conditions of this Agreement and the Trust Agreement in the event that such pledgee forecloses on its lien on such beneficial interest in J&A Alliance Trust.

(b)In respect of any Transfer permitted by clauses (i), (ii) or (iii) of Section 4.1(a), such Transfer shall:
(i)not involve any block trade to an Excluded Transferee or that would result in a Transfer by the Trustee or J&A Alliance Trust of Company Securities (on a fully-diluted basis) representing more than 4% of the outstanding shares of Company Common Stock to any Person and its Affiliates or any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) (a “Permitted Non-Public Transfer”); or

(ii)subject to Section 4.2, be to the general public that is effected through a public stock exchange or electronic market based within the U.S. pursuant to (A) Rule 144 (if then applicable) or under any successor rule thereof under the Securities Act or (B) the Registration Statement (a “Permitted Public Transfer”).

Section 4.2    Volume Limitation. Notwithstanding anything in this Article IV to the contrary, J&A Alliance Trust shall not, without the Company’s prior written consent, Transfer pursuant to a Permitted Public Transfer, on any single day, a number of shares of Company Common Stock that, in the aggregate, exceeds the Daily Volume Limitation.

Section 4.3    Mandatory Transfers. If, at any time, including as a result of any share repurchase program or self-tender or otherwise, J&A Alliance Trust Beneficially Owns shares of Company Common Stock in excess of the Ownership Cap, then the Trustee shall use its reasonable best efforts, or use its reasonable best efforts to cause J&A Alliance Trust, to within ninety (90) days of first obtaining knowledge that J&A Alliance Trust’s Beneficial Ownership of shares of Company Common Stock exceeds the Ownership Cap, Transfer such number of shares 

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of Company Common Stock pursuant to Permitted Non-Public Transfers or Permitted Public Transfers as shall be necessary to reduce J&A Alliance Trust’s Beneficial Ownership and the Trustee’s (in its capacity as trustee of J&A Alliance Trust) record ownership of shares of Company Common Stock to the Ownership Cap, subject to all of the terms and conditions of this Article IV; provided that the provision in Section 4.2 shall not apply to any such Transfer.  Notwithstanding the foregoing, from and after the Restricted Period and in the event that the Voting Rights Cap is applicable, any Transfer required pursuant to this Section 4.3 shall be subject to the Company’s first providing written notice to J&A Alliance Trust setting forth, to the knowledge of the Company, J&A Alliance Trust’s Beneficial Ownership of shares of Company Common Stock in excess of the Ownership Cap, including the basis of such determination, and a ten (10) Business Day period following the date of such notice during which the Trustee and J&A Alliance Trust may dispute the Company’s assertion that the Ownership Cap has been exceeded by presenting evidence to the Company to the contrary, which the Company shall consider in good faith, and if at the end of such ten (10) Business Day period, the Trustee and J&A Alliance Trust have not presented any such evidence or after the presentation of any such evidence, the Company reaffirms by written notice to the Trustee that J&A Alliance Trust Beneficially Owns shares of Company Common Stock in excess of the Ownership Cap, the Trustee shall, and shall cause J&A Alliance Trust to, Transfer such shares of Company Common Stock as required by this Section 4.3 (provided, that the ninety (90)-day Transfer period set forth in this Section 4.3 shall begin on the date of such subsequent written notice).

Section 4.4    Optional Sale Right.

(a)    In the event that the Basic Agreement has been terminated in accordance with its terms (unless the Basic Agreement was terminated pursuant to Section 1(2) of Article 9 thereof as a result of the Company’s or Aflac Japan’s non-performance thereunder), the Company shall have the right, but not the obligation (the “Optional Sale Right”), to require the Trustee to Transfer all of J&A Alliance Trust’s shares of Company Common Stock in excess of 4% of the outstanding shares of Company Common Stock (such number of shares of Company Common Stock, the “Optional Sale Shares”) in accordance with Section 4.4(b) and subject to all of the terms and conditions of Article IV.  

(b)Optional Sale Procedures.
 
(i)If the Company desires to require the Trustee to Transfer J&A Alliance Trust’s Optional Sale Shares pursuant to the Optional Sale Right, the Company shall deliver to the Trustee a written notice (the “Optional Sale Exercise Notice”) within ten (10) Business Days following the termination of the Basic Agreement exercising the Optional Sale Right and specifying the number of Optional Sale Shares.  Delivery of the Optional Sale Exercise Notice shall be deemed a waiver of the provisions of Section 4.2 with respect to the Optional Sale Shares.

(ii)The Japan Post Parties shall use their reasonable best efforts to cause all of the Optional Sale Shares to be Transferred within a period of twelve (12) months following receipt by the Trustee of the Optional Sale Exercise Notice pursuant to Permitted Public Transfers or Permitted Non-Public Transfers.  

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ARTICLE V

REGISTRATION RIGHTS

Section 5.1    Registration Rights.  Not later than the Outside Date, the Company shall file a shelf registration statement on Form S-3 (the “Registration Statement”) registering the resale of Company Common Stock held by J&A Alliance Trust and cause it to become effective and remain effective, including through the filing of a subsequent Form S-3 if such initial filing has expired, until such time as J&A Alliance Trust no longer holds any shares of Company Common Stock.  Sales under the Registration Statement will be subject to the Company’s blackout periods set forth in the Company’s insider trading policy or otherwise implemented by the Company with respect to all persons subject to the Company’s insider trading policy by written notice to the Japan Post Parties.  For the avoidance of doubt, (i) the Company will not be required to cooperate or otherwise facilitate an underwritten offering by Japan Post unless requested by Japan Post in order to comply with the provisions of Section 4.4 and Section 8.1(a) hereof and (ii) the Registration Statement shall be in the form determined by the Company; provided that the Company shall provide Japan Post with a draft of such Registration Statement and any amendment thereto prior to the filing thereof, and shall include in such Registration Statement a “Plan of Distribution” section as provided by Japan Post.  Any filing fees or reasonable and documented out-of-pocket expenses (excluding legal and accounting fees incurred in connection with the initial filing of the Registration Statement) incurred by the Company in connection with the Registration Statement and reasonably attributable to the Japan Post Parties will be reimbursed by Japan Post.

ARTICLE VI

GOVERNANCE AND INVESTOR RIGHTS

Section 6.1    Voting Agreement. 

(a)The Trustee shall cause each of the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust to be present in person or represented by proxy at any meeting of the shareholders of the Company for the purpose of determining the presence of a quorum at such meeting.

(b)The Trustee shall at all times vote the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust with respect to any action, proposal or matter to be voted on by the shareholders of the Company (including through action by written consent), including the election or removal of any director of the Company Board, in a manner consistent with the spirit of the strategic alliance contemplated by the Basic Agreement and with due regard to the views and recommendations of the Company Board.

(c)    Notwithstanding Section 6.1(b), the Trustee shall (i) with respect to any shares of Company Common Stock Beneficially Owned by J&A Alliance Trust representing voting rights exceeding 20% of the aggregate voting rights represented by the outstanding shares of Company Common Stock, vote such excess shares of Company Common Stock, in connection with any action, proposal or matter to be voted on by the shareholders of the 

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Company (including through action by written consent), and (ii) solely in connection with any Change of Control transaction other than a Board Change of Control, vote all of the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust, in each case of clauses (i) and (ii), in a manner proportionally equal to the vote of shares of Company Common Stock not Beneficially Owned by J&A Alliance Trust; provided, that, for the avoidance of doubt, the Trustee shall have the right to vote all of the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust representing up to, but not exceeding, 20% of the aggregate voting rights represented by the outstanding shares of Company Common Stock with respect to the election or removal of any director of the Company Board (including pursuant to a Board Change of Control), in its sole discretion. 

(d)Without the prior written consent of the Company, none of J&A Alliance Trust, the Trustee, Japan Post or any Subsidiary of Japan Post, other than Japan Post Investment Funds, shall participate in any contested solicitation by a third party of any proxy or other authority to vote shares of Company Common Stock in support of a resolution seeking the removal or election of any director of the Company Board or the governing bodies of any of its Subsidiaries.

(e)Notwithstanding the foregoing and for the avoidance of doubt, nothing in this Section 6.1 shall be interpreted so as to limit the Trustee’s right to vote at least the lesser of the (i) number of shares of Company Common Stock representing 10% of the aggregate voting rights represented by the outstanding shares of Company Common Stock and (ii) number of shares of Company Common Stock then Beneficially Owned by J&A Alliance Trust, in each case, with respect to the election or removal of any director of the Company Board.

Section 6.2    Voting Agreement Fall-Away.  The voting agreement provisions set forth in Section 6.1 shall terminate upon the termination of the Standstill Restrictions pursuant to Section 3.2.

Section 6.3        Information Rights.  

(a)If, at any time on or after the record date for the first annual or special meeting of the Company’s shareholders that is at least 48 months after the date on which J&A Alliance Trust first acquires Beneficial Ownership of more than 7% of the outstanding shares of Company Common Stock, based on information reasonably available to the Company, the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust are reasonably expected to represent voting rights of less than 20% of the aggregate voting rights represented by the outstanding shares of Company Common Stock, then the Company shall promptly inform Japan Post by written notice.

(b)In furtherance of and without limiting the foregoing, the Company shall (i) following the written request of Japan Post (which request shall not be made more frequently than quarterly), promptly provide Japan Post the total number of outstanding shares of Company Common Stock entitled to vote, the number of shares of Company Common Stock directly registered with the Company under the name of the Trustee (in its capacity as trustee of J&A Alliance Trust), and the total number of direct registered shares of Company Common Stock that would be entitled to ten (10) votes per share pursuant to the Company’s articles of incorporation 

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(“10-for-1 Voting”) on such date, and (ii) include within the Company’s Form 8-K announcing the results of any matter submitted to a vote of holders of Company Common Stock after any annual or special meeting of the Company’s shareholders, the total number of shares of Company Common Stock entitled to vote, the total number of votes cast at such meeting by the shareholders of the Company (including pursuant to 10-for-1 Voting), the total number of direct registered shares of Company Common Stock that were entitled to 10-for-1 Voting at such meeting, and the total number of shares of Company Common Stock that were not directly registered with the Company and that claimed 10-for-1 Voting in connection with such meeting; provided, that, for the avoidance of doubt, any information provided by the Company to Japan Post pursuant to Section 6.3(b)(i) shall be subject to Section 8.6.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

Section 7.1    Representations and Warranties of the Company. The Company represents and warrants to the Japan Post Parties that as of the date of this Agreement (except as otherwise expressly set forth below):

(a)The Company (i) is duly organized, validly existing and in good standing under the Laws of the State of Georgia, (ii) has all requisite corporate power and authority and the legal right to make, deliver and perform this Agreement and (iii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(b)This Agreement has been duly executed and delivered by or on behalf of the Company. This Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Law relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law).

(c)As of December 19, 2018, no consent, approval or authorization of, filing with, notice to, or other act by or in respect of any Governmental Authority was required by or on behalf of the Company or any of its Affiliates in connection with the execution, delivery and performance of this Agreement, except for any consents, approvals, authorizations, filings or notices in connection with the Required Regulatory Approvals. 

(d)The execution and delivery of this Agreement, and, assuming all Required Regulatory Approvals have been obtained, the performance by the Company of this Agreement and the consummation of the transactions contemplated by this Agreement, do not and will not (i) violate, conflict with or result in the breach of the articles of incorporation or bylaws of the Company, (ii) as of December 19, 2018, in any material respect conflict with or violate any Law or Order applicable to the Company or its business or (iii) conflict with, result in any violation or breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent, approval, authorization or other action by, or notification to, any third party under, or give to others any rights of termination, amendment, withdrawal, first refusal, first offer, acceleration, suspension, revocation or cancellation of, any 

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material note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which the Company is a party.

(e)As of December 19, 2018, no action, suit, proceeding or governmental investigation was pending or, to the knowledge of the Company, threatened against the Company at law or in equity or before any Governmental Authority that seeks to delay or prevent the execution, delivery or performance of this Agreement.

(f)None of the reports, schedules, forms, statements and other documents required to be filed or furnished by the Company with the SEC since January 1, 2016 (collectively, together with any exhibits and schedules thereto and other information incorporated therein, the “Company SEC Documents”), at the time filed or, if amended or superseded by a subsequent filing, as of the date of the last such amendment or superseding filing, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(g)All of the information contained in the Company management presentation held on November 28, 2018 (EST) is true and correct in all material respects.

(h)Except for the representations and warranties contained in this Section 7.1, neither the Company nor any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Company, including any representation or warranty as to the future revenue, profitability or success of the Company, or any representation or warranty arising from statute or otherwise in Law.

Section 7.2    Representations and Warranties of the Japan Post Parties
. The Japan Post Parties jointly and severally represent and warrant to the Company as of the date of this Agreement (except as otherwise expressly set forth below):
(a)Each Japan Post Party and the J&A Alliance Trust (i) is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization (to the extent such concepts are applicable to the relevant Japan Post Party in the relevant jurisdiction or organization), (ii) has all requisite corporate, trust or association power and authority and the legal right to make, deliver and perform this Agreement and (iii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(b)This Agreement has been duly executed and delivered by or on behalf of each Japan Post Party. This Agreement constitutes a legal, valid and binding obligation of each Japan Post Party enforceable against such Japan Post Party in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Law relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law).

(c)As of December 19, 2018, no consent, approval or authorization of, filing with, notice to, or other act by or in respect of any Governmental Authority was required by or on behalf of J&A Alliance Trust, any Japan Post Party or any of its Affiliates in connection with 

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the execution, delivery and performance of this Agreement, except for any consents, approvals, authorizations, filings or notices in connection with the Required Regulatory Approvals. 

(d)The execution and delivery of this Agreement and, assuming all Required Regulatory Approvals have been obtained, the performance by each Japan Post Party of this Agreement and the consummation of the transactions contemplated by this Agreement, do not and will not (i) violate, conflict with or result in the breach of the certificate of incorporation or bylaws or similar organizational or constitutional documents of such Japan Post Party or J&A Alliance Trust, (ii) as of December 19, 2018, in any material respect conflict with or violate any Law or Order applicable to such Japan Post Party, J&A Alliance Trust or the Japan Post Parties’ business or (iii) conflict with, result in any violation or breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent, approval, authorization or other action by, or notification to, any third party under, or give to others any rights of termination, amendment, withdrawal, first refusal, first offer, acceleration, suspension, revocation or cancellation of, any material note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which such Japan Post Party or J&A Alliance Trust is a party.

(e)As of December 19, 2018, no action, suit, proceeding or governmental investigation was pending or, to the knowledge of any Japan Post Party, threatened against any Japan Post Party or J&A Alliance Trust at law or in equity or before any Governmental Authority that seeks to delay or prevent the execution, delivery or performance of this Agreement.

(f)Other than Company Securities held by Japan Post Investment Funds, none of J&A Alliance Trust, the Japan Post Parties or any of their respective Affiliates Beneficially Own any shares of Company Common Stock or other Company Securities, or is a party to any contract, other arrangement or understanding (whether written or oral) (other than this Agreement and the Trust Agreement) for the purpose of acquiring, holding, voting or disposing of any shares of Company Common Stock or other Company Securities.

ARTICLE VIII

COVENANTS; COMMITMENTS

Section 8.1    Regulatory Matters.

(a)    Subject to the terms and conditions of this Agreement, each Party agrees to use, and shall cause each of its controlled Affiliates to use, its reasonable best efforts to exercise all such powers and take, or cause to be taken, all such steps and actions and do, or cause to be done, all such things, and to assist and cooperate with the other Parties in doing all such things, in each case, reasonably necessary, proper or advisable, in order to (i) obtain, or cause to be obtained, the Required Regulatory Approvals and any other consents, approvals, confirmations or authorizations required by any Governmental Authority, as soon as reasonably practicable and in any event by the one year anniversary of the date on which J&A Alliance Trust first acquires any shares of Company Common Stock (such date, the “Outside Date”)and (ii) ensure that neither Japan Post nor the Government of Japan, directly or indirectly, owns or 

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controls the Company or any of its U.S. insurance company Subsidiaries for U.S. insurance Law purposes. For the avoidance of doubt, no Party shall be considered to be in breach of this provision as a result of the failure to take any action with respect to any regulatory requirement, condition, request or approval that would be reasonably likely to (i) conflict with the requirements of another applicable insurance regulator of the Company or any of its U.S. insurance company Subsidiaries or (ii) cause the Company or any of its U.S. insurance company Subsidiaries to be in breach of any applicable U.S. insurance law, including with respect to government ownership or control. For the avoidance of doubt, if any Governmental Authority determines at any time that the license or certificate of authority to conduct an insurance business of any insurance company Subsidiary of the Company must be surrendered or will be suspended or revoked as a result of any of the Company’s U.S. insurance company Subsidiaries being deemed to be under direct or indirect government ownership or control as a result of the transactions contemplated by this Agreement, the efforts required by this Section 8.1(a) shall include, as a last resort after exhaustion of all other available remedies, and after the Parties have, in cooperation with each other, used their respective reasonable best efforts to cause the applicable Governmental Authority to agree to alternate remedies, causing J&A Alliance Trust to sell, transfer or otherwise dispose of its shares of Company Common Stock or other Company Securities to the extent necessary to achieve compliance with any applicable Law or Order in an orderly manner as mutually agreed in good faith by the Parties.  Each Party agrees to use its reasonable best efforts to promptly provide, or cause to be provided, all agreements, documents, instruments, affidavits or information, including biographical information and fingerprints of individuals, that may be required or requested by any Governmental Authority relating to any Party or its or their structure, ownership, businesses, operations, regulatory and legal compliance, assets, liabilities, financing, financial condition or results of operations, or any of its or their directors, officers, employees, partners, members or shareholders to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement.

(b)In furtherance of and without limiting the foregoing, the Trustee shall, and Japan Post and the Trustee shall cause J&A Alliance Trust to, file applications regarding the acquisition of control of or merger with a domestic insurer, together with all agreements, documents, instruments, affidavits, or information, including biographical information and fingerprints of individuals, that may be required or requested in connection with such applications with the Domiciliary Regulators (collectively, the “Form A Filings”) within thirty (30) Business Days after the date of this Agreement and supply as promptly as practicable to the appropriate Governmental Authority any additional information and documentary material that may be requested in connection with the Form A Filings.

(c)Each Party shall reasonably cooperate with the other Parties with respect to obtaining the Required Regulatory Approvals and each Party shall keep the other Parties apprised on a prompt basis of the status of matters relating to the Required Regulatory Approvals; provided, however, that the foregoing shall not require the Company to cooperate in obtaining any Required Regulatory Approval if such approval would be reasonably likely to cause the Company or any of its U.S. insurance company Subsidiaries to be in breach of any applicable U.S. insurance law, including with respect to government ownership or control. Each Party shall give to the other Parties prompt written notice if it receives any notice or other communication from any Governmental Authority in connection with the Required Regulatory 

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Approvals or otherwise in connection with the transactions contemplated by this Agreement, and, in the case of any such notice or communication which is in writing, shall promptly furnish the other Party with a copy thereof; provided, however, that such obligation to disclose shall not extend to communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily related to other matters or (ii) reasonably expected in the course of ordinary regulatory interaction or required by such Japanese Governmental Authority to remain confidential. Except for each Party’s initial filing pursuant to the HSR Act, each of the Parties shall have the right to review in advance and, to the extent practicable, and subject to any restrictions under applicable Law, each Party shall consult with the other Parties in advance on, any filing to be made with, or written materials to be submitted to, any Governmental Authority in connection with the Required Regulatory Approvals or otherwise in connection with the transactions contemplated by this Agreement and each Party agrees to in good faith consider any comments or views of the other Parties thereon; provided, however, that such obligation to review and consult with the other Parties shall not extend to communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily related to other matters or (ii) reasonably expected in the course of ordinary regulatory interaction or required by such Japanese Governmental Authority to remain confidential. Subject to the proviso in the preceding sentence, each Party shall (i) promptly furnish to the other Parties copies of all such filings and written materials after their filing or submission, in each case, subject to applicable Law and (ii) give to the other Parties reasonable prior written notice of the time and place when any meetings, telephone calls or other conferences may be held by it with any Governmental Authority in connection with the Required Regulatory Approvals or otherwise in connection with the transactions contemplated by this Agreement, and, to the extent practicable and permitted by applicable Law and such Governmental Authority, the other Party shall have the right to have a representative or representatives attend or otherwise participate in any such meeting, telephone call or other conference.

(d)Each Party shall use its reasonable best efforts to take any action to avoid or eliminate each and every impediment that may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement so as to enable J&A Alliance Trust to Beneficially Own shares of Company Common Stock in accordance with this Agreement. For the avoidance of doubt, the efforts required by this Section 8.1(d) shall not include any efforts that result in a license or certificate of authority to conduct an insurance business of any insurance company Subsidiary of the Company being suspended or revoked.

(e)    Each Party shall use its reasonable best efforts to cooperate with the other Parties to exercise all such powers and take, or cause to be taken, all such steps and actions and to do, or cause to be done, all such things, and to assist and cooperate with the other Parties in doing all such things, in each case, reasonably necessary, proper or advisable in connection with any ongoing regulatory matters related to or arising from J&A Alliance Trust’s acquisition or ownership or control of the shares of Company Common Stock that may arise from time to time, including using reasonable best efforts to (i) make changes to J&A Alliance Trust or the Trust Agreement that may be required by a Governmental Authority, (ii) promptly respond to requests from any Governmental Authority and prepare and submit regulatory filings or documents required to be prepared under applicable Laws or by a Governmental Authority, including any applications or filings required in connection with a direct or indirect acquisition of control of or merger with an insurer by the Company or its Affiliates and (iii) respond to inquiries for and 

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make any regulatory filings or submit any documents as may be necessary to enable the Company’s current or prospective insurance company Subsidiaries to conduct business in any jurisdiction from time to time; provided that, in the case of clauses (ii) and (iii), such actions shall be at the sole cost and expense of the Company.

(f)Each of the Japan Post Parties shall, and shall cause each of its controlled Affiliates to, use its reasonable best efforts to comply in all material respects with all applicable U.S. insurance Laws and any other applicable Laws related to foreign ownership or government control.  

(g)Notwithstanding anything herein to the contrary, subject to the third sentence of Section 8.1(a), none of the Japan Post Parties shall be obligated to take or refrain from taking or to agree to it, or any of their respective Affiliates taking or refraining from taking, any action, or to permit or suffer to exist any restriction, condition, limitation or requirement which, individually or together with all such other actions, restrictions, conditions, limitations or requirements imposed by Governmental Authorities in connection with the transactions contemplated by this Agreement, the Trust Agreement or the Basic Agreement would or would reasonably be expected to result in Japan Post’s inability to apply equity method accounting under Japanese regulations or generally accepted accounting principles (in each case, as in effect from time to time) in respect of J&A Alliance Trust’s investment in the Company.

(h)In the event that any Required Regulatory Approval has not been obtained prior to the Outside Date and J&A Alliance Trust then Beneficially Owns any shares of Company Common Stock, the Trustee shall, and shall cause J&A Alliance Trust to, use commercially reasonable efforts to Transfer such number of shares of Company Common Stock in excess of the lesser of (i) 4% of the outstanding shares of Company Common Stock and (ii) the percentage of outstanding shares of Company Common Stock necessary for J&A Alliance Trust to be in compliance with all applicable Laws, within one hundred eighty (180) days following the Outside Date pursuant to Permitted Non-Public Transfers or Permitted Public Transfers, subject to all of the terms and conditions of Article IV, other than the provisions of Section 4.2; provided, however, that, in the event that any outstanding Required Regulatory Approval as of the Outside Date is reasonably expected by Japan Post or the Company to be obtained, then Japan Post and the Company shall negotiate in good faith a reasonable extension of the Outside Date. 

Section 8.2    Further Assurances.

(a)Each of the Parties shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as may be reasonably required or desirable in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated by this Agreement.

(b)The Parties agree that, if any of the arrangements contemplated by this Agreement, the Trust Agreement or the Basic Agreement could reasonably be expected to result in Japan Post’s inability to use equity method accounting under Japanese regulations and/or generally accepted accounting principles (as in effect from time to time) for J&A Alliance 

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Trust’s investment in the Company, each of the Parties shall use its reasonable best efforts, as applicable, in each case, subject to any regulatory requirements, to adjust such arrangements to the extent necessary so as to permit Japan Post to equity account for J&A Alliance Trust’s investment in the Company; provided, that the economic and legal substance of such adjusted arrangements shall be substantially equivalent to that of the arrangements contemplated initially by this Agreement, the Trust Agreement and/or the Basic Agreement, as applicable.  Japan Post agrees to use reasonable best efforts to (i) promptly notify the Company if at any time the arrangements contemplated by any of this Agreement, the Trust Agreement or the Basic Agreement would result in Japan Post’s inability to use equity method accounting for J&A Alliance Trust’s investment in the Company, which notice shall set forth in reasonable detail the basis upon which Japan Post believes it would be unable to use equity method accounting for J&A Alliance Trust’s investment in the Company, as the case may be, and (ii) make it and its representatives available to discuss such matters with the Company and its representatives. Notwithstanding the foregoing, the Parties agree that, if Japan Post is unable to use equity method accounting under Japanese regulations and/or generally accepted accounting principles (as may be in effect from time to time) for J&A Alliance Trust’s investment in the Company, the obligations of the Company shall be limited to those set forth in this Agreement and the Company shall have no liability with respect to Japan Post’s inability to use equity method accounting under Japanese regulations and/or generally accepted accounting principles (as may be in effect from time to time) for J&A Alliance Trust’s investment in the Company, other than for breach of its obligations under this Agreement.

(c)The Company shall use reasonable best efforts to provide, and to cause its Affiliates to provide, to Japan Post and its external auditor, in a timely manner and as reasonably requested, such that the request does not unduly interfere with the Company’s business or quarterly regulatory reporting timelines, all documents and information (prepared with due care and in good faith) that Japan Post and its external auditor reasonably believe are necessary for Japan Post’s preparation of its consolidated financial statements and to comply with applicable Law following adoption of the equity accounting method; provided, that (i) the Company reasonably believes such documents or information does not constitute material non-public information with respect to the Company within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act, (ii) such request would not require the application by the Company of any accounting standard other than United States GAAP to any such documents or information, (iii) such information supports financial statements of the Company that have been reviewed or audited by an independent auditor and (iv) Japan Post shall bear the reasonable and documented cost of preparing such documents and information (which costs shall be calculated in good faith and, for the avoidance of doubt, shall not be limited to out-of-pocket costs). Subject to and without limiting the foregoing, the Company and its Affiliates shall use reasonable best efforts to provide information (i) that reasonably assists Japan Post in understanding the contents of the accounts on the Company’s financial statements, including the trial balances, (ii) necessary for Japan Post to convert financial information prepared in accordance with United Sates GAAP to those prepared in accordance with Japanese GAAP (PITF No.24 Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method), applying Japanese GAAP (PITF No.18 Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for Consolidated Financial Statements), including information related to amortization of goodwill, retirement benefit accounting, research and development fee and fair value of investment 

25

property, (iii) related to any material subsequent events and (iv) required for Japan Post’s impairment accounting as necessary. None of the Company or its Affiliates shall have any liability for any inaccuracies in any documents or information specifically provided pursuant to this Section 8.2(c), other than as a result of the Company’s gross negligence or willful misconduct; provided, that, for the avoidance of doubt, this limitation on liability does not cover the Company’s financial statements and other information filed with the SEC. 

(d)All requests for information to the Company by the Japan Post Parties shall be made to the authorized individuals set forth on Schedule A hereto.  

(e)The Company shall not provide PII to the Japan Post Parties, any of their Affiliates or any of their representatives, and none of the Japan Post Parties, any of their Affiliates nor any of their representatives shall seek, either directly or through a third party, to obtain any PII held by the Company. 

Section 8.3    Public Announcements. No Party shall issue or cause the publication of any press release or other public announcement with respect to this Agreement or any of the transactions contemplated by this Agreement without the prior written consent of, respectively, Japan Post and the Company; provided, however, that nothing in this Agreement shall prohibit any Party from complying with applicable Law (including, for the avoidance of doubt, any disclosure requirements under the Exchange Act) or the rules of a securities exchange on which a Party’s securities are listed. 

Section 8.4    Material Non-Public Information.  None of the Japan Post Parties will request, and the Company will use reasonable best efforts not to provide to any of the Japan Post Parties, any information that would constitute material non-public information with respect to the Company within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act (other than information requested by Japan Post as contemplated by Section 6.3(b) or in connection with the transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates). In the event that any such material non-public information (other than information requested by Japan Post as contemplated by Section 6.3(b) or in connection with the transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates) is provided to any of the Japan Post Parties, the Company will make available to the public generally any such material non-public information by no later than 5:00 p.m. Eastern Time on the first Business Day following the provision of such material non-public information. In the event that any commercial arrangements between the Japan Post Parties or their respective Affiliates, on the one hand, and the Company or its Affiliates, on the other hand, is material non-public information with respect to the Company, the Company shall make available to the public generally any such material non-public information by no later than the next Form 10-Q or Form 10-K filing of the Company, as applicable. In the event that the Japan Post Parties believe that any of the information provided by the Company is material non-public information within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act (other than information requested by Japan Post as contemplated by Section 6.3(b) or in connection with the transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates), the Japan Post Parties shall promptly notify the Company in writing, 

26

provided, that the Company acknowledges that none of the Japan Post Parties has any responsibility for determining whether any information of the Company is material non-public information. 
Section 8.5    Trust Agreement. 

(a)The Trustee and the Trustee Owner shall comply in all material respects with the terms and conditions of the Trust Agreement.  

(b)Japan Post and the Trustee shall not enter into or agree to any amendment, supplement or modification of or to any provision of the Trust Agreement, or waive any of its rights or obligations thereunder, in each case, if such amendment supplement, modification or waiver would adversely affect the Company, without the prior written consent of the Company, not to be unreasonably withheld, and receipt of all applicable required regulatory approvals.

(c)If, within ninety (90) days prior to the expiration of the initial or any subsequent term of the Trust Agreement, J&A Alliance Trust then Beneficially Owns any shares of Company Common Stock, Japan Post and the Trustee shall cause the Trust Agreement to be renewed in accordance with the terms and conditions thereof for an additional ten (10) year period.  

Section 8.6    Confidentiality. No non-public information received by or provided to any Party (the “Receiving Party”) in connection with this Agreement, whether prior to or following the date of this Agreement, including the information contemplated by Section 6.3(b) or any non-public information concerning the Company, Japan Post, J&A Alliance Trust, the Trustee, the Trustee Owner or their respective businesses, operations, plans and prospects, may be directly or indirectly (a) disclosed, in whole or in part, or summarized, excerpted from or otherwise referred to, by the Receiving Party or (b) used by the Receiving Party for purposes not contemplated by this Agreement, in each case, without the disclosing Party’s prior written consent. Notwithstanding anything in this Section 8.6 to the contrary: (i) to the extent required by applicable Law or otherwise requested or required by any Governmental Authority, a Receiving Party may disclose such non-public information without the disclosing Party’s prior written consent; provided, that, to the extent permitted by applicable Law, such Receiving Party shall (A) give such other Party prompt prior written notice of such requirement and (B) reasonably cooperate with such other Party to seek a protective order or other appropriate remedies to obtain assurance that confidential treatment will be accorded such non-public information; and (ii) a Receiving Party may disclose such nonpublic information to its Affiliates (including the Japan Post Parties in the case of any Japan Post Party) and its and their directors, officers, employees, accountants, counsel, other advisors, financing providers and representatives (collectively, “Representatives”) to the extent any such Person needs to know such information in connection with the Receiving Party’s rights and obligations under this Agreement; provided, that (A) such Receiving Party shall inform any such Representatives of the confidentiality obligations contained in this Section 8.6, and (B) such Receiving Party shall be responsible for any breach of any such obligations by any such Representative. Except as required by applicable Law, the term “non-public information” as used in this Section 8.6 shall not include information that: (1) at the time of disclosure is, or thereafter becomes, generally available and known to the public other than as a result of, directly or indirectly, any violation of this Section 8.6 by the Receiving Party 

27

or any of its Representatives; (2) at the time of disclosure is, or thereafter becomes, available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such non-public information to the Receiving Party by a legal, fiduciary or contractual obligation to the disclosing Party; (3) was known by or in the possession of the Receiving Party or its Representatives, as established by documentary evidence, prior to being disclosed by or on behalf of the disclosing Party; or (4) was or is independently developed by the Receiving Party, as established by documentary evidence, without reference to or use of, in whole or in part, any of the disclosing Party’s non-public information. The obligations of any Receiving Party under this Section 8.6 shall survive any termination of this Agreement until the third anniversary of the date of termination.

ARTICLE IX

TERMINATION

Section 9.1    Termination. This Agreement shall terminate only:

(a)by the mutual written consent of Japan Post and the Company; or

(b)upon J&A Alliance Trust disposing of all of its shares of Company Common Stock, or otherwise ceasing to Beneficially Own any shares of Company Common Stock, without any further action required by any of the Parties.

Section 9.2    Effect of Termination. If this Agreement is validly terminated in accordance with Section 9.1, this Agreement shall thereafter become void and have no effect, and no Party shall have any liability to the other Parties or any of their respective Affiliates, directors, officers, employees, equityholders, partners, members, agents or representatives in connection with this Agreement, except that such termination will not relieve any Party from liability for any willful and material breach of this Agreement prior to such termination or any breach of Section 8.6 or actual fraud. 

ARTICLE X

MISCELLANEOUS

Section 10.1    Notices. All notices, demands or other communications provided for or permitted hereunder shall be (a) made in writing to all Parties and (b) sent by registered or certified first class mail, return receipt requested, e-mail, facsimile, courier service, overnight mail or personal delivery:

To the Company:

Aflac Incorporated
1932 Wynnton Road
Columbus, GA 31999
Attn:     

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Email:     
Fax:    
With a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP
1440 New York Avenue, NW
Washington, D.C. 20005
Attn:     
Email:     
Fax:    

Eversheds Sutherland (US) LLP
1114 Avenue of the Americas
The Grace Building, 40th Floor
New York, NY 10036-7703
Attn:     
    
Email:     
    
Fax:    

Sidley Austin LLP
One South Dearborn
Chicago, IL 60603
Attn:    
Email:    
Fax:    
To Japan Post:
Japan Post Holdings Co., Ltd.
2-3-1, Otemachi, Chiyoda-ku 
Tokyo 100-8791, Japan
Attn:     
    
Email:    
Fax:    
With a copy (which shall not constitute notice) to:

Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attn:     

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Email:    
    
Fax:    
Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 
Tokyo 100-8124, Japan
Attn:     
    
Email:    
    
Fax:    
To the Trustee:
J&A Alliance Holdings Corporation
c/o J&A Alliance Trust
1007 Fukoku Seimei Building, 2-2-2 Uchisaiwai-cho, Chiyoda-ku
Tokyo 100-0011, Japan
Attn:     
Fax:    
With a copy (which shall not constitute notice) to:

Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attn:     
    
Email:    
    
Fax:    

Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 
Tokyo 100-8124, Japan
Attn:     
    
Email:    
    
Fax:    
To the Trustee Owner:

General Incorporated Association J&A Alliance 
Tokyo Kyodo Accounting Office

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3-1-1 Marunouchi, Chiyoda-ku
Tokyo 100-0005, Japan
Attn: 
Email:    
Fax:    
With a copy (which shall not constitute notice) to:

Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attn:     
    
Email:    
    
Fax:    

Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 
Tokyo 100-8124, Japan
Attn:     
    
Email:    
    
Fax:    
Any Party may by notice given in accordance with this Section 10.1 designate another address or Person for receipt of notices hereunder.  All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by commercial courier or overnight mail, if delivered by commercial courier or overnight mail service; and on the date sent, if sent by e-mail (which is confirmed by the recipient) or facsimile (which is confirmed by the recipient).
Section 10.2    Amendment and Waiver.

(a)Any amendment, supplement or modification of or to any provision of this Agreement shall be effective (i) only if it is made or given in writing and signed by all Parties and (ii) only in the specific instance and for the specific purpose for which made or given. No waiver of any provision of this Agreement or consent in respect of any departure from the terms of any provision of this Agreement shall be effective unless evidenced in writing and executed by the Party providing such waiver or consent.

(b)No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the Parties at law, in equity or otherwise.

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Section 10.3    Specific Performance. The Parties agree that irreparable damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached, including if the Parties fail to take any action required of them hereunder to consummate the transactions contemplated by this Agreement, subject to the terms and conditions of this Agreement. The Parties acknowledge and agree that the Parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, and such right shall be cumulative and in addition to any other remedy to which they are entitled under this Agreement.

Section 10.4    Section 14-2-732 Agreement. For the avoidance of doubt, this Agreement is not intended to be, and shall not be deemed, an agreement authorized by Section 14-2-732 of the Georgia Business Corporation Code.  

Section 10.5    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

Section 10.6    Severability. If any one or more of the provisions contained in this Agreement, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions of this Agreement shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

Section 10.7    Entire Agreement; No Third Party Beneficiaries. This Agreement and the Basic Agreement are intended by the Parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein. This Agreement and the Basic Agreement supersede all prior agreements and understandings between the Parties with respect to such subject matter. Nothing in this Agreement or the Basic Agreement, expressed or implied, is intended to confer upon any Person, other than the Parties, any rights or remedies hereunder.

Section 10.8    Governing Law; Arbitration.

(a)Governing Law. This Agreement, and any dispute, controversy or claims arising out of, relating to or in connection with this Agreement, or for the breach or alleged breach thereof, whether in contract, tort or otherwise, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would apply the laws of any other jurisdiction.

(b)Arbitration.

(i)Any dispute, controversy or claim between or among the Parties and arising under, relating to or in connection with, this Agreement, in any manner whatsoever, whether in contract, in tort, or otherwise, and including any dispute or 

32

controversy regarding the existence, validity or enforceability of this Agreement, or the arbitrability of any dispute, controversy or claim (each a “Dispute”), shall be submitted to final and binding arbitration administered in accordance with the Singapore International Arbitration Centre (“SIAC”) Arbitration Rules then in effect (the “Rules”), except as modified herein. 

(ii)Arbitral Tribunal. The arbitration shall be conducted by a three-member arbitral tribunal (the “Arbitral Tribunal”). The claimant shall appoint one arbitrator at the same time it files its Notice of Arbitration and the respondent shall appoint one arbitrator at the same time it files its Answer to the Notice of Arbitration. The third arbitrator, who shall serve as chair of the Arbitral Tribunal, shall be jointly appointed by the two party-nominated arbitrators within twenty-one (21) days of the appointment of the second arbitrator. If there are more than two Parties to the arbitration (with any Parties that are affiliates of each other being deemed for this purpose only to be a single Party), such Parties shall have twenty-one (21) days to agree on a panel of three arbitrators. If any arbitrator is not timely appointed within the time prescribed above, then the SIAC shall appoint that arbitrator in accordance with the Rules.

(iii)Arbitration under this Section 10.8 shall be the sole and exclusive remedy for any Dispute, and any award rendered by the Arbitral Tribunal shall be final and binding on the Parties and judgment thereupon may be entered in any court of competent jurisdiction having jurisdiction thereof, including any court having jurisdiction over the relevant Party or its assets.

(iv)The Arbitral Tribunal shall have power to award any remedy, including monetary damages, specific performance and all other forms of legal and equitable relief that is in accordance with the terms of this Agreement; provided, however, that the Arbitral Tribunal shall have no authority or power to limit, expand, alter, modify, revoke or suspend any condition or provision of this Agreement, nor any right or power to award punitive, exemplary, or treble damages, even when such damages are provided for by law.

(v)The Arbitral Tribunal shall have the power to award attorney’s fees, costs and related expenses to such extent and to such Parties as it sees fit.

(vi)The seat of the arbitration shall be Singapore and it shall be conducted in the English language.

(vii)The Arbitral Tribunal may consolidate an arbitration with respect to a dispute (including a Dispute with respect to this Agreement) with any other arbitration with respect to any other dispute, if the subject matter of the disputes is substantially similar or otherwise arises out of or relates essentially to the same or substantially similar facts. Such consolidated arbitration shall be determined by the Arbitral Tribunal appointed for the arbitration proceeding that was commenced first in time.

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(viii)The parties agree that, to the extent a court of competent jurisdiction has issued a final ruling interpreting or applying the Basic Agreement, that ruling shall be binding in any arbitration under this Section 10.8.  For purposes of the foregoing sentence, a ruling shall be deemed final notwithstanding the fact that it may be subject to review and reversal by an appellate court.  The Arbitral Tribunal shall be empowered to address any issues involving the interpretation or application of the Basic Agreement that are not the subject of a final ruling by a court of competent jurisdiction, but solely to the extent such issues affect the Parties’ rights and obligations under this Agreement.

(ix)The Arbitral Tribunal (and, if applicable, Emergency Arbitrator) shall have the full authority to grant any pre-arbitral injunction, pre-arbitral attachment, interim or conservatory measure or other order in aid of arbitration proceedings (“Interim Relief”). Any Interim Relief so issued shall, to the extent permitted by applicable law, be deemed a final arbitration award for purposes of enforceability.  Subject to the following sentence, the Parties shall exclusively submit any application for Interim Relief to only: (A) the Arbitral Tribunal; or (B) prior to the constitution of the Arbitral Tribunal, an Emergency Arbitrator appointed in the manner provided for in the Rules. The foregoing procedures shall constitute the exclusive means of seeking Interim Relief, provided, however, that (i) the Arbitral Tribunal shall have the power to continue, review, vacate or modify any Interim Relief granted by an Emergency Arbitrator; (ii) in the event an Emergency Arbitrator or the Arbitral Tribunal issues an order granting, denying or otherwise addressing Interim Relief (a “Decision on Interim Relief”), any Party may apply to enforce or require specific performance of such Decision on Interim Relief in any court of competent jurisdiction; and (iii) either Party shall retain the right to apply to a court of competent jurisdiction for freezing orders to prevent the improper dissipation of transfer of assets.

(x)In the event any proceeding is brought in any court of competent jurisdiction to enforce the dispute resolution provisions in this Section 10.8, to obtain relief as described in this Section 10.8, or to enforce any award, relief or decision issued by an Arbitral Tribunal, each Party irrevocably consents to the service of process in any action by the mailing of copies of the process to the Parties hereto as provided in Section 10.1. Service effected as provided in this manner will become effective ten (10) calendar days after the mailing of the process.

(xi)Without prejudice to the foregoing, each of the Japan Post Parties and the Company hereby irrevocably appoints Corporation Service Company, with offices at the date of this Agreement at Corporation Service Company, c/o Luther LLP, 4 Battery Road, Bank of China Building, #25-01 Singapore 049908, as its authorized agent on which any and all legal process may be served in any action, suit or proceeding referred to in this Agreement that may be brought in the Republic of Singapore.  Each Party agrees that service of process in respect of it upon its respective agent, together with notice of such service to the other party, shall be deemed to be effective service of process upon it in any such action, suit or proceeding.  Each Party agrees that the failure of its respective agent to give notice to it of any such service shall not impair or affect the validity of such service or any judgment rendered in any action, suit or proceeding based 

34

thereon.  If for any reason such agent shall cease to be available to act as such, each Party agrees to designate a new agent in the Republic of Singapore, on the terms and for the purposes of this Section 10.8(b) and each Party shall, as soon as practicable, give notice to the other Parties of such new agent.  Nothing herein shall be deemed to limit the ability of any other Party to serve any such legal process in any other manner permitted by applicable Law or to obtain jurisdiction over any such party or bring actions, suits or proceedings against it in such other jurisdictions, and in such manner, as may be permitted by applicable Law.

(xii)EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.8.

(xiii)Without limiting the provisions of the Rules, unless otherwise agreed in writing by or among the relevant Parties or permitted by this Agreement, the relevant Parties shall keep confidential all matters relating to the arbitration (including the existence of the proceeding and all of its elements and including any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions) or the award; provided, that such matters may be disclosed (i) to the extent reasonably necessary in any proceeding brought to enforce the award or for entry of a judgment upon the award and (ii) to the extent otherwise required by law. In the event any Party makes application to any court in connection with this Section 10.8(b)(xiii) (including any proceedings to enforce a final award or any Interim Relief), that party shall take all steps reasonably within its power to cause such application, and any exhibits (including copies of any award or decisions of the Arbitral Tribunal or Emergency Arbitrator) to be filed under seal, shall oppose any challenge by any third party to such sealing, and shall give the other Party immediate notice of such challenge. 

Section 10.9    Waiver of Sovereign Immunity. To the extent that any Party hereto has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to himself or itself or its property, such Party:

(a)agrees that the execution, delivery and performance by it of this Agreement constitute private and commercial acts done for private and commercial purposes;

35

(b)agrees that, should any proceedings be brought against it or its assets in any jurisdiction in relation to this Agreement or any transaction contemplated hereby, such Party is not entitled to sovereign immunity in respect of its obligations under this Agreement, and no sovereign immunity from such proceedings (including, without limitation, immunity from service of process from suit, from the jurisdiction of any court, from an order or injunction of such court or the enforcement of same against its assets) shall be claimed by or on behalf of such Party or with respect to its assets;

(c)agrees that the provisions of Section 10.1 and Section 10.8 of this Agreement concerning service of notices, including as they relate to service of legal and arbitral process, shall apply to such Party;

(d)waives, in any such proceedings, to the fullest extent permitted by law, any right of sovereign immunity that it or any of its assets now has or may acquire in the future in any jurisdiction;

(e)waives, to the extent permitted by applicable law, the defense of sovereign immunity with respect to the enforcement of any judgment or award against it in any such proceedings (including, without limitation, pre-judgment attachment, post-judgment attachment, the making, enforcement or execution against or in respect of any assets whatsoever irrespective of their use or intended use of any order or judgment that may be made or given in connection therewith); and

(f)specifies that, for the purposes of this provision, “assets” shall be taken as excluding "premises of the mission" as defined in the Vienna Convention on Diplomatic Relations signed at Vienna, April 18, 1961, “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, and military property or military assets or property of such Party.

Section 10.10    Successors and Assigns. Except as otherwise provided in this Agreement, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, assigns, heirs, legatees and legal representatives. This Agreement shall not be assignable by any Party without the prior written consent of the other Parties hereto.  Any purported assignment without such prior written consent shall be null and void.

Section 10.11    Counterparts. This Agreement may be executed in one or more counterparts (by facsimile or otherwise), each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument.

[Signature Page Follows]

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by each Party or a duly authorized officer of each Party as of the date first above written.
	
		
	AFLAC INCORPORATED

	 
	 

	By:
	 /s/ Daniel P. Amos

	 
	Name: Daniel P. Amos

	 
	Title:   Chairman, Chief Executive

	 
	Officer and President

[Signature Page to Shareholders Agreement]

	
		
	JAPAN POST HOLDINGS CO., LTD.

	 
	 

	By:
	 /s/ Masatsugu Nagato

	 
	Name: Masatsugu Nagato

	 
	Title:   President & CEO, Director and 

	 
	Representative Executive Officer 

[Signature Page to Shareholders Agreement]

	
		
	J&A ALLIANCE HOLDINGS  

	CORPORATION, in its capacity as

	trustee of J&A ALLIANCE TRUST

	 
	 

	By:
	/s/ Hiroki Moriyama

	 
	Name: Hiroki Moriyama

	 
	Title:   President and Secretary

	 
	 

[Signature Page to Shareholders Agreement]

	
		
	GENERAL INCORPORATED 

	ASSOCIATION J&A ALLIANCE

	 
	 

	By:
	/s/ Yoshiyuki Koiwa

	 
	Name: Yoshiyuki Koiwa

	 
	Title:   Representative Director

	 
	 

[Signature Page to Shareholders Agreement]

Schedule A
Authorized Individuals

Exhibit A
Trust Agreement
See attached.

J&A ALLIANCE TRUST
VOTING TRUST AGREEMENT
THIS VOTING TRUST AGREEMENT is made as of the 28th day of February, 2019
BETWEEN:
JAPAN POST HOLDINGS CO., LTD., a company organized under the laws of Japan
(hereinafter referred to as both the “Settlor” and the “Beneficiary”, as applicable)
-AND- 
J&A Alliance Holdings Corporation, a corporation organized under the laws of the State of Delaware
(hereinafter referred to as the “Trustee”)
RECITALS:
		
	A.
	The Settlor desires to settle a grantor trust to be known as the “J&A Alliance Trust”.

		
	B.
	Aflac Incorporated (the “Company”), a Georgia corporation, the Settlor, the Trustee, in its capacity as trustee of the Trust, and General Incorporated Association J&A Alliance (“ISH”), a Japanese general incorporated association and sole record owner of the Trustee, intend to enter into a shareholders agreement (the “Shareholders Agreement”) in the form attached to that certain letter agreement, dated as of December 19, 2018, by and between the Settlor and the Company.

		
	C.
	For the purpose of settling the trust, the Settlor will transfer to the Trustee from time to time cash to purchase Company Common Stock in accordance with the Shareholders Agreement to be held in trust in accordance with this Agreement (the “Aflac Shares”).

		
	D.
	The Trustee has agreed to hold the Aflac Shares together with all other amounts and properties subsequently received by it in trust for the benefit of the Beneficiary in accordance with the provisions hereinafter set forth.

NOW THEREFORE the Settlor and the Trustee hereby agree as follows:

ARTICLE 1
INTERPRETATION
1.1    Definitions
In this Agreement and in the recitals, unless there is something in the subject matter or context inconsistent therewith:
		
	(a)  
	“Aflac Shares” has the meaning set forth in the recitals above;

		
	(b)  
	“Basic Agreement” means that certain Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship” dated as of December 19, 2018 by and among, the Company, Aflac Life Insurance Japan Ltd., a Japanese corporation and wholly owned subsidiary of the Company, and the Settlor;

		
	(c)  
	“Beneficiary” has the meaning set forth in the recitals above;

		
	(d)  
	“Company” has the meaning set forth in the recitals above;

		
	(e)  
	“Company Common Stock” means the outstanding and issued common stock, par value $0.10 per share, of the Company;

		
	(f)  
	“Domiciliary Regulators” means (i) the Director of the Nebraska Department of Insurance, (ii) the Superintendent of the New York State Department of Financial Services, (iii) the Commissioner of the Oklahoma Insurance Department, and (iv) any other insurance regulator in a state where a United States insurance company Subsidiary of the Company is domiciled; provided, if all United States insurance company Subsidiaries of the Company domiciled in any one of the foregoing states redomesticates, merges or otherwise cease to exist as domestic insurers in such state, then the Director, Commissioner, Superintendent or other insurance regulatory authority in such state shall no longer be a Domiciliary Regulator;

		
	(g)  
	“Expiration Date” means the date upon which the Initial Term or a Renewal Term, as the case may be, expires without renewal in accordance with section 2.5 hereof;

		
	(h)  
	“Independence Criteria” has the meaning set forth in section 5.3 hereof;

		
	(i)  
	“Initial Term” has the meaning set forth in section 2.5 hereof;

2

		
	(j)  
	“In-Kind Distributions” means any distribution of Company Common Stock or other equity securities or interests of the Company having voting rights in the Company or any of its United States insurance company Subsidiaries (whether directly or indirectly through one or more other entities) that is paid by the Company upon the Subject Shares;

		
	(k)  
	“ISH” has the meaning set forth in the recitals above;

		
	(l)  
	“Losses” means any and all liabilities, obligations, losses, damages, penalties, taxes, claims, suits, costs, expenses or disbursements (including without limitation legal fees and expenses) of any kind and nature; 

		
	(m)  
	“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, governmental authority or any agency, instrumentality or political subdivision thereof or any other form of entity;

		
	(n)  
	“Renewal Term” has the meaning set forth in section 2.5 hereof;

		
	(o)  
	“Settlor” has the meaning set forth in the recitals above;

		
	(p)  
	“Shareholders Agreement” has the meaning set forth in the recitals above;

		
	(q)  
	“Subject Shares” means, collectively, the Aflac Shares and any other Company Common Stock held by the Trust.

		
	(r)  
	“Subsidiary” means, as to any Person, any corporation or other entity of which: (i) such Person, or a Subsidiary of such Person, is a general partner (if a limited partnership) or managing member (if a limited liability company) or (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries;

		
	(s)  
	“Termination Date” means the earlier of:

		
	(i)  
	the Expiration Date; and

		
	(ii)  
	the Voluntary Termination Date;

		
	(t)  
	“this Agreement”, “hereto”, “hereunder”, “hereof”, “herein”, “herewith” and similar expressions refer to this Voting Trust Agreement and not to any particular Article, section, subsection, paragraph, clause, subdivision or other portion hereof;

3

		
	(u)  
	“Trust” means the trust set out in this Agreement;

		
	(v)  
	“Trustee” has the meaning set forth in the recitals above;

		
	(w)  
	“Trustee Director Qualifications” has the meaning set forth in section 5.3 hereof;

		
	(x)  
	“Trustee Directors” means the individuals selected as the directors of the board of directors of the Trustee and meeting the Trustee Director Qualifications set forth in section 5.3;

		
	(y)  
	“Trust Fund” means:

		
	(i)  
	the Subject Shares;

		
	(ii)  
	all other moneys, securities, property and assets paid or transferred to and accepted by or in any manner acquired by the Trustee and held by the Trustee on the trust herein declared; and

		
	(iii)  
	all moneys, securities, property or assets substituted for or representing all or any part of the foregoing; and

		
	(z)  
	“Voluntary Termination Date” has the meaning set forth in section 2.5 hereof.    

1.2    Interpretation Not Affected by Headings, etc.
The division of this Agreement into Articles, sections, subsections and paragraphs, and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.  In this Agreement, words importing the masculine gender include the feminine and neuter genders and vice versa.
1.3    Invalidity of Provisions
Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision by an arbitral panel shall not affect the validity or enforceability of any other provision hereof.
1.4    Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws principles thereof, and the laws of the United States applicable therein; provided that any doctrine of sovereign immunity is expressly waived.  The courts of the United States and its political subdivisions shall have primary supervision over the administration of the Trust.

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1.5    Enurement
This Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors and assigns including, without limitation, a liquidator, receiver, trustee or debtor-in-possession of any party.
1.6    Counterparts
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

ARTICLE 2
CREATION OF THE TRUST

 2.1    Settlement of Trust

		
	(a)  
	The Settlor hereby establishes, pursuant to the provisions of this Agreement and the laws of the state of New York, a grantor trust to be known as the “J&A Alliance Trust.”

		
	(b)  
	The Trustee hereby accepts appointment as the Trustee under this Agreement and acknowledges that it is holding, and shall continue to hold, for the exclusive benefit of the Beneficiary, the Trust Fund upon the trust and subject to the powers and provisions contained in this Agreement until the Termination Date.

 2.2    Irrevocable Trust
The Trust is intended and is hereby declared to be irrevocable until it is terminated by the Beneficiary in accordance with section 2.5 hereof.
 2.3    Principal Office
The principal office of the Trust shall be located at such place or places as the Trustee may designate from time to time.  The principal office of the Trust is initially located at 1007 Fukoku Seimei Building, 2-2-2 Uchisaiwai-cho, Chiyoda-ku, Tokyo, 100-0011, Japan.
 2.4    Purpose of the Trust

		
	(a)  
	The purpose of the Trust is to conserve and protect the assets in the Trust Fund for the exclusive use and benefit of the Beneficiary.  So long as this Agreement remains in effect, the Trust (or the Trustee acting on behalf of 

5

the Trust) shall not undertake any business, activity or transaction except as expressly provided herein or contemplated hereby.

		
	(b)  
	Notwithstanding any other provision of this Agreement, the Trustee shall use the assets of the Trust deposited with the Trustee by the Settlor or for the benefit of the Beneficiary to purchase Company Common Stock as instructed by the Settlor from time to time in accordance with the Shareholders Agreement, and subject to any required regulatory approvals and applicable law.  The Trustee shall hold and shall not convert, sell, transfer, mortgage, pledge or in any manner dispose of the Subject Shares prior to the Termination Date, except as instructed, directly  or indirectly, by the Settlor from time to time in accordance with the Shareholders Agreement, and subject to any required regulatory approvals and applicable law.

		
	(c)  
	Notwithstanding the foregoing, each of the Settlor and the Trustee hereby agrees that it will not purchase, promise or threaten to purchase, dispose of, or promise or threaten to dispose of Subject Shares or Company Common Stock in any manner as a condition or inducement of specific action or non-action by the Company or any of its United States insurance company Subsidiaries. 

 2.5    Term and Termination of Trust

		
	(a)  
	This Agreement shall be effective as of the date hereof and shall expire on the ten (10) year anniversary of the date hereof (the “Initial Term”), unless earlier terminated pursuant to section 2.5(b) or renewed pursuant to this section 2.5(a).  This agreement may be renewed for successive ten (10) year terms (each a “Renewal Term”), unless earlier terminated pursuant to section 2.5(b), upon written notice by the Beneficiary to the Trustee not earlier than 90 days prior to the end of the Initial Term or a Renewal Term, as applicable. 

		
	(b)  
	The Beneficiary may, at any time, deliver a written instrument signed by the Beneficiary expressing its intent to terminate this Agreement as of a particular date (the “Voluntary Termination Date”); provided that as of such date, no Aflac Shares or any other Company Common Stock shall be held by the Trust.

		
	(c)  
	This Agreement and Trust shall terminate on the Termination Date.

6

 2.6    Standard of Care
The Trustee will exercise its powers and duties hereunder honestly, in good faith and in the best interest of the Beneficiary and in connection therewith will exercise that degree of care, diligence and skill that a reasonably prudent person would exercise in dealing with its own assets and affairs.
 2.7    Legal Title
Legal title to the assets in the Trust Fund shall be vested in the Trustee in its capacity as trustee of the Trust.
2.8    Tax Treatment
For U.S. federal income tax purposes, the Trust shall constitute a disregarded entity or a grantor trust.
2.9    No Trust Certificates
No trust certificates shall be issued for any reason.
ARTICLE 3
DISTRIBUTIONS OF INCOME AND CAPITAL
3.1    Distributions Prior to the Termination Date 
Prior to the Termination Date:
		
	(a)  
	The Trustee shall irrevocably instruct the Company to pay all dividends and distributions, other than In-Kind Distributions, upon the Subject Shares directly to the Beneficiary.  Upon such instructions being given by the Trustee to the Company, all liability of the Trustee with respect to such dividends and distributions shall cease, except that the Trustee shall be obligated to pay to the Beneficiary any dividend or distribution paid by the Company to the Trustee in contravention of the instructions given by the Trustee.  All such dividends and distributions shall be promptly paid to the Beneficiary and in no event shall the Trustee accumulate or reinvest any such dividends or distributions;

		
	(b)  
	The Trustee shall irrevocably instruct the Company to pay all In-Kind Distributions directly to the Trust for the sole benefit of the Beneficiary in accordance with this Agreement;

7

		
	(c)  
	The Trustee shall promptly pay to the Beneficiary all proceeds from the sale, exchange or other disposition of the Subject Shares or other property held by the Trustee or the Trust, and the Trustee shall irrevocably instruct the Company to pay such proceeds directly to the Beneficiary to the extent payable by Company; and

		
	(d)  
	The Trustee shall pay the whole of the annual net income from the Trust Fund (to the extent not otherwise paid to the Beneficiary pursuant to sections 3.1(a) and 3.1(c) hereof) to the Beneficiary.

		
	(e)  
	For the avoidance of doubt, the Trustee shall from time to time pay to the Beneficiary any cash that is contributed to the Trust Fund to purchase Aflac Shares to the extent that such funds exceed the amount necessary to purchase such Aflac Shares and all related expenses.

3.2    Distribution on the Termination Date
On the Termination Date, the Trustee shall pay or transfer the Trust Fund to the Beneficiary.
ARTICLE 4
POWERS AND DUTIES OF THE TRUSTEE
4.1    Actions Upon Instructions
The business and affairs of the Trust shall be managed by, and under the direction of, the Trustee.
4.2    Rights and Powers of Trustee with respect to the Subject Shares
		
	(a)  
	The Trustee shall execute and deliver the Shareholders Agreement prior to acquiring any Subject Shares and no later than February 28, 2019.

		
	(b)  
	The Trustee shall purchase Company Common Stock and hold as registered owner all Subject Shares pursuant to the provisions of section 2.4(b) of this Agreement.

		
	(c)  
	The Trustee shall possess and be entitled to exercise, subject to the provisions hereof, the Shareholders Agreement, the Company’s articles of incorporation and by-laws (as each may be amended from time to time) and applicable law, all the rights and powers of registered owners of the Subject Shares as long as they are subject to this Agreement, including, but without limitation, the right and power (i) to vote and exercise all other rights with respect to the Subject Shares on every matter for which the 

8

Subject Shares may be voted, or to give written consent in lieu of voting thereon, (ii) to waive notice of any regular or special meeting of stockholders of the Company, (iii) to call meetings of stockholders of the Company and (iv) to exercise all other voting rights and powers pertaining to ownership of the Subject Shares; it being expressly stipulated that, subject to section 4.4   no voting right shall pass to others under this Agreement or by or under any other agreement express or implied.

		
	(d)  
	The Trustee is authorized to sell Subject Shares as instructed, directly or indirectly, by the Settlor in accordance with the provisions of sections 2.4(b) and 2.4(c) of this Agreement, and subject to any required prior regulatory approval and applicable law.

		
	(e)  
	The Trustee is authorized to become a party to or prosecute or defend or intervene in any suits or legal proceedings in its capacity as stockholder of the Company.

4.3    Additions to Trust Fund
The Settlor, or any other person with the approval of the Trustee, may from time to time add to the Trust Fund assets or property acceptable to the Trustee; provided that assets deposited in the Trust Fund shall be limited to (i) the Subject Shares, (ii) cash transferred from time to time to purchase Company Common Stock and interest payments received thereon, (iii) In-Kind Distributions, and (iv) proceeds from the sale, exchange or other disposition of the Subject Shares and interest payments received thereon.  Trust Fund assets shall be used by the Trustee in accordance with this Agreement.
4.4    Shareholders Agreement
The Trustee shall enter into the Shareholders Agreement and shall act in accordance with the terms of the Shareholders Agreement including, without limitation, with respect to voting the Subject Shares.
4.5    No Interest in Trust
For the avoidance of doubt, in no event shall the Trustee hold any beneficial or economic interest in the corpus or income of the Trust, including in the Trust Fund.

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4.6    No Government Influence
The Trustee shall exercise all such powers, and take all such steps and actions, as the Trustee considers reasonably necessary or advisable to ensure that neither the Settlor, except as expressly provided herein, nor the Government of Japan, directly or indirectly, exercises any control under U.S. insurance laws over the manner in which the Trustee discharges its powers and duties under this Agreement.
4.7    Books and Records
The Trustee shall maintain records and books of account relating to the assets in the Trust Fund maintained on a basis to facilitate compliance with the tax reporting requirements of the Trust and shall, at all reasonable times, permit the Beneficiary to have access, during normal business hours and upon reasonable notice, to inspect and/or copy (at the Beneficiary’s own expense), the financial records relating to the Trust.
4.8    Information Requests; Other
Upon written request of the Beneficiary, the Trustee shall provide the Beneficiary with information within the control of the Trustee and reasonably requested by the Beneficiary to allow the Beneficiary to comply with any tax return filing, regulatory filing, reporting or record keeping requirements of applicable law or for the Beneficiary’s equity accounting method purposes, or required under the Shareholders Agreement.  The Trustee shall also file (or cause to be filed) any other applications, filings, statements, returns or disclosures relating to the Trust that are required by any governmental authority or required under the Shareholders Agreement.
4.9    Ancillary Powers
The Trustee shall possess and be entitled to exercise such ancillary and incidental powers as may be necessary or desirable to carry out and give effect to any of the foregoing powers, or any other provisions of this Agreement.
4.10    Powers and Discretions Absolute
Every discretion or power hereby conferred on the Trustee shall be an absolute and uncontrolled discretion or power, except as provided in this Agreement.

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ARTICLE 5
CONCERNING THE TRUSTEE AND TRUSTEE DIRECTORS
5.1    Number of Trustees
From the date hereof and at any given time thereafter, the number of Trustees shall be one (1).
5.2    Initial Trustee Directors
As of the date hereof and until such individual’s resignation, incapacity, disqualification or removal for cause pursuant to section 5.5 hereof, Hiroki Moriyama, Ryota Miura and Kotaro Okamura shall be the Trustee Directors of the Trustee.
5.3    Number of Trustee Directors
From the date hereof and at any given time thereafter, the number of Trustee Directors shall be three (3), subject to the requirements that (i) two (2) such Trustee Directors be individuals who qualify as independent from each of the Settlor, the Beneficiary and the Company under the criteria set forth in section 303A.02(b) of the New York Stock Exchange Listed Company Manual as in effect on the date hereof (the “Independence Criteria”) and (ii) one (1) such Trustee Director be an individual nominated by the Beneficiary who either (a) qualifies as independent from each of the Settlor, the Beneficiary and the Company under the Independence Criteria or (b) has given an undertaking, substantially in the form attached hereto as Exhibit A, to act independently (the requirements in (i) and (ii), collectively, the “Trustee Director Qualifications”).
5.4    Replacement of a Trustee Director
In the event of resignation, incapacity, disqualification or removal for cause pursuant to section 5.5 hereof, the Settlor shall promptly nominate after the vacancy arising, a substitute Trustee Director for election in accordance with the bylaws of the Trustee; provided that the successor Trustee Director must (i) meet the Trustee Director Qualifications set forth in section 5.3 and (ii) be approved by the Domiciliary Regulators as provided in section 5.7.
5.5    Removal of a Trustee Director
If at any time a Trustee Director (i) commits a material breach of this Agreement or the Shareholders Agreement, (ii) is disqualified due to conduct involving fraud or dishonesty or charges of the same by a government agency, (iii) is disqualified due to disqualification as a director, officer or controlling person of a U.S. or Japanese public 

11

company or a U.S. or Japanese domestic insurer or (iv) suffers incapacity, the Trustee Director shall be automatically and immediately removed as a Trustee Director in accordance with the bylaws of the Trustee without any further steps or formalities.
5.6    Director Trustee Ceasing to Meet the Trustee Director Qualifications
If a Trustee Director ceases for any reason to meet the Trustee Director Qualifications set forth in section 5.3, such Trustee Director shall be disqualified from serving as a Trustee Director and shall be deemed to have resigned (without further action) as a Trustee Director effective immediately upon so ceasing to meet the Trustee Director Qualifications.
5.7    Approval of the Domiciliary Regulators
All appointments of Trustee Directors under Article 5 shall be subject to the prior approval of the Domiciliary Regulators to the extent required by applicable law or by the Domiciliary Regulators.
5.8    Compensation of Trustee
The Trustee shall serve without compensation.  The Trustee will be entitled to reimbursement, to be paid by the Settlor, for:

		
	(a)  
	Reasonable out-of-pocket expenses incurred by the Trustee to register and hold the Subject Shares and make distributions or remit proceeds in accordance with this Agreement, including, without limitation, (i) fees paid to Trustee Directors for their time and expertise, (ii) fees paid for outsourcing tax, accounting, legal and other administrative services regarding the Trustee’s corporate affairs, (iii) payments of corporate tax and any other tax applicable to the Trustee and (iv) any other maintenance costs of the Trustee; and 

		
	(b)  
	Reasonable costs for securing professional advice as the Trustee reasonably determines to be necessary for the proper performance of its Trustee duties.

5.9    Action by Trustee
The Trustee may act by a written consent signed by a majority of the Trustee Directors or by the affirmative vote of a majority of the Trustee Directors at a meeting called by any Trustee Director where there is a quorum upon two (2) days’ notice to the other Trustee Directors, unless such notice is waived by each Trustee Director not receiving such notice.  For the avoidance of doubt, with respect to any removal under section 5.5, the Trustee Director who is being removed shall not be included in the 

12

calculation of a majority of the Trustee Directors.  Two (2) Trustee Directors shall constitute a quorum for the transaction of business at a meeting thereof.  The Trustee Directors shall have the power to designate one Trustee Director to execute certificates and other documents on behalf of all of them in furtherance of their collective decisions.  The Trustee Directors may, from time to time, adopt and/or amend their own rules of procedure, provided that such amended rules of procedure shall not be inconsistent with this Agreement, and shall record and keep records of all their proceedings at their office.
5.10    Designation with Domiciliary Regulators
The Trustee shall take such steps as are necessary to have itself designated as a controlling person of the Company’s United States insurance company Subsidiaries in the Form A or change of control applications to be filed with the Domiciliary Regulators and any similar filings with other Domiciliary Regulators for any United States insurance company Subsidiary formed or acquired by the Company after the date of this Agreement, and consistent with the terms of this Trust shall comport itself and the actions of the Trust consistent with the requirements of applicable law with respect thereto.
5.11    Notice to Domiciliary Regulators
The Trustee shall provide the Domiciliary Regulators with written notice promptly after, or if required by applicable law or by the Domiciliary Regulators, prior to the occurrence of (i) the appointment of a replacement Trustee Director pursuant to section 5.4 hereof, (ii) the termination of this Trust and (iii) any amendment to this Agreement pursuant to section 7.1 hereof.
5.12    Liability of Trustee and Directors
The Trustee and Trustee Directors shall retain no liability for actions under this Agreement other than for willful misconduct or gross negligence and, in the case of the Trustee Directors, individual willful misconduct or gross negligence.  No bond or other security is required.  The provisions of this section 5.12 shall survive termination of the Trust and this Agreement.
5.13    Indemnification
The Settlor hereby assumes liability for and agrees to indemnify, reimburse and hold harmless the Trustee and each Trustee Director from and against any and all Losses, liabilities or expenses that may be imposed on, incurred by or asserted against the Trustee or such Trustee Director, as the case may be, arising out of, in connection with or related to such Trustee’s or Trustee Director’s performance under this Agreement, except (i) with respect to the Trustee, in the case of gross negligence or willful misconduct on the part of the Trustee and (ii) with respect to a Trustee Director, in the case of individual 

13

gross negligence or willful misconduct on the part of such Trustee Director.  The provisions of this section 5.13 shall survive termination of the Trust and this Agreement.

ARTICLE 6
DISSOLUTION OR REORGANIZATION OF COMPANY 
6.1    Dissolution of the Company
In the event of the dissolution or total or partial liquidation of the Company, whether voluntary or involuntary, the Trustee shall instruct the Company to make any distribution of moneys, securities, rights or property in respect of the Subject Shares directly to the Beneficiary and the Trustee shall distribute to the Beneficiary any distribution received by the Trustee in contravention of such instructions.  In no event shall the Trustee accumulate or reinvest any such moneys, securities, rights or property.
6.2    Reorganization of the Company
In the event the Company is merged into or consolidated with another corporation, or all or substantially all of the assets of the Company are transferred to another corporation, then in connection with such merger, consolidation or transfer the term “Company” for all purposes of this Agreement shall be deemed to include such successor corporation, and the Trustee shall receive and hold under this Agreement any stock of such successor corporation having voting powers received on account of the ownership, as Trustee hereunder, of the shares held hereunder prior to such merger, consolidation or transfer.  Any other moneys, securities, rights or property received by the Trustee in connection with such merger, consolidation or transfer to which the Beneficiary is entitled shall be distributed promptly by the Trustee to the Beneficiary and in no event shall the Trustee accumulate or reinvest any such moneys, securities, rights or property.
ARTICLE 7
MISCELLANEOUS
7.1    Amendment and Waiver
The Settlor and the Trustee may, with the prior written consent of the Domiciliary Regulators, from time to time prior to the Termination Date by written instrument add to, remove, waive or otherwise vary all or any of the trusts, powers and provisions of this Agreement, other than the definitions of “Beneficiary”, “Domiciliary Regulators” and “Termination Date” in section 1.1 and sections 2.2, 2.6, 3.1, 3.2, 4.4, 4.6 and this section 7.1, in relation to all or any part of the Trust Fund in such manner as the Settlor and the Trustee consider is for the benefit of the Beneficiary.

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7.2    Notices
		
	(a)  
	Any notice hereunder shall be sent to all the parties by registered or certified mail, return receipt requested, as follows: 

The Settlor and the Beneficiary:
Japan Post Holdings Co., Ltd.
2-3-1, Otemachi, Chiyoda-ku
Tokyo 100-8791, Japan
Attn:     
Email:    
Fax:    

With a copy (which shall not constitute notice) to:

Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attn:     
Email:    
Fax:    

Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 
Tokyo 100-8124, Japan
Attn:     
Email:    
Fax:    

15

The Trustee:
J&A Alliance Holdings Corporation
1007 Fukoku Seimei Building, 2-2-2 Uchisaiwai-cho, Chiyoda-ku
Tokyo, 100-0011, Japan
Attn:     
Email:    
Fax:    

With a copy (which shall not constitute notice) to:
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Attn:     
Email:    
Fax:    

Nishimura & Asahi
Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 
Tokyo 100-8124, Japan
Attn:     
Email:    
Fax:    

		
	(b)
	All distributions of cash, securities or other property hereunder by the Trustee to the Beneficiary may be made in the same manner as hereinabove provided for the giving of notices to the Beneficiary or in such other manner as may be described in writing from time to time by notice from the Beneficiary to the Trustee.

		
	(c)
	All notices concerning amendments, extensions or the termination of this Agreement or concerning the resignation, disqualification, incapacity or removal of any of the Trustee Directors shall also be delivered to the Domiciliary Regulators.

16

IN WITNESS WHEREOF  Japan Post Holdings Co., Ltd., in its capacity as Settlor and in its capacity as Beneficiary, and the Trustee, have executed this Agreement as of the date first above written.
	
		
	JAPAN POST HOLDINGS CO., LTD., as

	Settlor and Beneficiary

	 
	 

	 /s/ Masatsugu Nagato

	By:
	Masatsugu Nagato

	Title:
	President & CEO, Director and 

	Representative Executive Officer

[Signature Page - Voting Trust Agreement]

	
		
	J&A ALLIANCE HOLDINGS

	CORPORATION

	 
	 

	 /s/ Hiroki Moriyama

	By:
	Hiroki Moriyama

	Title:
	President and Secretary

[Signature Page - Voting Trust Agreement]

EXHIBIT A
Form of Director Undertaking
See attached.

[FORM OF DIRECTOR UNDERTAKING]

The Honorable Linda Lacewell
Superintendent of Financial Services
New York State Department of Financial Services
One State Street
New York, NY 10004-1511

Special Commitment to the New York State Department of Financial Services

Dear Superintendent Lacewell:

I, [NAME], in my capacity as a director of the board of directors of J&A Alliance Holdings Corporation, a Delaware corporation (the “Trustee”), agree that I will take all such steps and actions as I consider necessary or advisable to ensure that neither Japan Post Holdings Co., Ltd. nor the Government of Japan, directly or indirectly, exercises any control or controlling influence over the manner in which I discharge my powers and duties as a director of the board of directors of the Trustee.

Very truly yours,

___________________________

Name:    
        
Title:    Director

Date:        

Exhibit B
Basic Agreement
See attached.

B-1

    
Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship”

Japan Post Holdings Co., Ltd. (hereinafter referred to as “JPH”), Aflac Incorporated, and Aflac Life Insurance Japan Ltd. (hereinafter referred to as “Aflac Japan”; hereinafter JPH, Aflac Incorporated and Aflac Japan shall be referred to as the “Parties”) hereby agree to the following and enter into this Agreement.

Article 1. Purpose of this Agreement
The purpose of this Agreement is for the Parties to further strengthen customer-centric business management and to deepen the strong relationship of trust that has formed among the Parties through a longstanding distribution and business relationship; generate synergy effects through cooperation; and aim for mutual, sustainable growth into the future via a Strategic Alliance Based on Capital Relationship (hereinafter the “Strategic Alliance”). This Strategic Alliance is comprised of the three pillars set forth below. 
		
	(1)
	Capital relationship

		
	(2)
	Reconfirmation of cancer insurance-related initiatives

		
	(3)
	Consideration of new joint initiatives

Article 2. Agreements Regarding the Strategic Alliance
The following two agreements relate to the Strategic Alliance, and the execution of the agreement set forth in (2) below shall be in accordance with this Agreement. 
		
	(1)
	This Agreement

		
	(2)
	The Shareholders Agreement (hereinafter referred to as the “Shareholders Agreement”) to be entered into among JPH, Aflac Incorporated, the trustee of the trust to be established by JPH under U.S. law for the purpose of the Strategic Alliance (hereinafter referred to as the “JPH Trust”), and the general incorporated association established under Japanese law that is the owner of the trustee.

Article 3. Capital Relationship Based on Shareholders Agreement 
Pursuant to the Shareholders Agreement and conditioned on the necessary regulatory approvals, authorizations, etc., JPH shall form a capital relationship with Aflac Incorporated, with the principal details being to acquire and hold approximately 7% of Aflac Incorporated outstanding common shares (for avoidance of doubt, these shares do not include treasury shares) via the JPH Trust; and after application of the “10-for-1 rule” (the rule adopted in 

1

the Aflac Incorporated Articles of Incorporation in which each share is entitled to ten votes after continuous holding of Aflac Incorporated common shares for 48 months by the same beneficial owners), to treat Aflac Incorporated as an equity-method affiliate. The purpose of this capital relationship is not for JPH to acquire rights to control, manage, or intervene in the management of Aflac Incorporated; the purpose is to establish a framework to generate synergy benefits via the Strategic Alliance with a capital relationship as its foundation and to further align the Parties’ interests in developing mutual shareholder value. 

Article 4. Reconfirmation of Cancer Insurance-related Initiatives by the three Japan Post Group companies 
JPH and Aflac Japan shall reconfirm the initiatives regarding cancer insurance that have been engaged in by Japan Post Co., Ltd. (hereinafter referred to as “Japan Post Company”) and Japan Post Insurance Co., Ltd. (hereinafter referred to as “JPI”; hereinafter JPH, JPI, and Japan Post Company shall be referred to collectively as “the three Japan Post Group companies”) and shall make reasonable efforts to further develop the initiatives set forth below. 
		
	(1)
	Demand for cancer insurance products and customer-centric business management

The three Japan Post Group companies and Aflac Japan are putting customer-centric business management into practice by providing peace of mind to more people through cancer insurance. 
		
	(2)
	Position as an important sales product, setting sales targets, etc.

The three Japan Post Group companies position Aflac Japan cancer insurance as a product as important as JPI products in the three Japan Post Group companies’ sales strategy, promoting cancer insurance sales and managing promotion based on established sales targets.
		
	(3)
	Agency services provided by Japan Post Company

Japan Post Company acts as a life insurance sales agent to sell Aflac Japan cancer insurance.
		
	(4)
	Agency and support services provided by JPI

JPI acts as a life insurance sales agent to sell Aflac Japan cancer insurance and provides training support services for sales of Aflac Japan cancer insurance by Japan Post Company.
		
	(5)
	Reinsurance underwritten by JPI

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JPI underwrites reinsurance for a certain percentage of underwriting risk for Aflac Japan cancer insurance sold by Japan Post Company and JPI.
		
	(6)
	Cancer insurance sales, agency commission payments, and claim and benefit payments

		
	a. 
	Japan Post Company and JPI have been generating results in annualized new premiums for cancer insurance exceeding 20 billion yen annually. 

		
	b.
	Japan Post Company and JPI have been receiving more than 15 billion yen in commissions annually from Aflac Japan. 

		
	c.
	Since 2008, claim and benefit payments to customers based on Aflac Japan cancer insurance sold by Japan Post Company and JPI have exceeded a total of 12,000 payments totaling more than 10 billion yen to the benefit of customers. 

		
	 (7)
	Cancer awareness and education promotion, etc.

The three Japan Post Group companies and Aflac Japan cooperate regarding cancer awareness and education promotion, cancer screening promotion, and sponsorship of and participation in cancer-related charity events.

Article 5. Consideration of New Joint Initiatives
JPH and Aflac Japan shall consider new joint initiatives, along with Japan Post Company, JPI, and/or Aflac Incorporated, as part of the Strategic Alliance. Such new initiatives shall include the items set forth below.

		
	(1)
	Strategic initiatives regarding customer-centric business management best practices

As a strategic initiative for best practices in customer-centric business management, JPH and Aflac Japan shall consider, along with Japan Post Company and/or JPI, leveraging digital technology in various processes. 
		
	(2)
	Cooperation in new product development to promote customer-centric business management

To meet customers’ diverse needs in a timely manner and to seek contribution to increased corporate value in each of the three Japan Post Group companies and Aflac Japan, JPH and Aflac Japan shall consider, along with Japan Post Company and/or JPI, new product development for Aflac Japan products to be sold by Japan Post Company and/or JPI.
In addition, to meet customers’ diverse needs, the three Japan Post Group companies 

3

and Aflac Japan shall consider mutual cooperation regarding new product joint development for JPI products or Aflac Japan products to be sold by Japan Post Company and/or JPI.
		
	(3)
	Cooperation in domestic and/or overseas business expansion and joint investment in third party entities

JPH and Aflac Japan shall consider, along with Aflac Incorporated, mutual cooperation regarding domestic and/or overseas business expansion and joint investment in third party entities.
		
	(4)
	Cooperation regarding asset management

The Parties shall consider creating opportunities to conduct asset management for JPH’s corporate group leveraging the global asset management platform of Aflac Incorporated group companies (Aflac Asset Management LLC (U.S. asset management subsidiary) and Aflac Asset Management Co., Ltd. (Japan asset management subsidiary)).

Article 6. Executive Management Meeting, etc.
		
	1.
	The Parties shall continue to leverage the regular meetings that have been held between the CEOs of JPH and Aflac Incorporated as the “Executive Management Meeting”, expanding the meeting agenda items to those related to the Strategic Alliance. The Executive Management Meeting will allow Aflac Incorporated to provide JPH as an investor/strategic partner with information, etc. that is reasonably necessary to appropriately protect its interests in a manner consistent with U.S. and Japanese securities laws and other applicable laws and regulations (including the rules and regulations of financial instruments exchanges and other self-regulatory institutions).

		
	2.
	The Parties shall continue leveraging the regular meetings that have been held among representative officers, representative directors, etc. of the three Japan Post Group companies and Aflac Japan as the “Strategic Alliance Committee”, expanding the meeting agenda items to those related to the Strategic Alliance. 

Article 7. Public Disclosure of the Strategic Alliance 
All matters of timing and methods of public disclosure of the Strategic Alliance shall be determined by agreement of the Parties in a manner consistent with U.S. and Japanese securities laws and other applicable laws and regulations (including the rules and regulations of financial instruments exchanges and other self-regulatory institutions). Such public disclosure shall include the details set forth below, using the wording agreed to in separate discussion. 

4

		
	(1)
	JPH, pursuant to the Shareholders Agreement, shall obtain and hold Aflac Incorporated common shares via the JPH Trust. The purpose of this capital relationship is not for JPH to acquire rights to control, manage, or intervene in the management of Aflac Incorporated.

		
	(2)
	The three Japan Post Group companies and Aflac Japan are engaged in the cancer insurance-related initiatives set forth in Article 4 and shall endeavor to further develop these initiatives going forward. 

(3)      It will be possible for JPH to recognize a portion of Aflac Incorporated’s earnings resulting from cancer insurance sales, etc. by the three Japan Post Group companies in its own earnings through the application of equity method accounting, thus creating a continuous growth cycle going forward for both companies.
		
	(4)
	The Parties shall consider new joint initiatives, etc. in new business areas that can generate synergy benefits. 

		
	(5)
	The Executive Management Meeting, the regular meetings held by the CEOs of JPH and Aflac Incorporated, shall be held and joint issues for consideration related to the Strategic Alliance shall be discussed.

Article 8. Holding companies’ responsibilities
JPH shall make reasonable efforts to obtain the agreement and assent of Japan Post Company and JPI regarding the contents of this Agreement as its responsibility as a holding company. Aflac Incorporated shall make reasonable efforts to obtain the agreement and assent of Aflac Japan as well as Aflac Asset Management LLC and Aflac Asset Management Co., Ltd., regarding the contents of this Agreement as its responsibility as a holding company. 

Article 9. Agreement Termination
1. This Agreement shall terminate only in the cases set forth below.
		
	(1)
	The Parties terminate this Agreement in writing.

		
	(2)
	Any of the Parties (hereinafter referred to as “the Non-Performing Party”) fails to perform a material part of the Non-Performing Party’s obligations pursuant to this Agreement and a Party other than the Non-Performing Party terminates this Agreement when, despite after making demands on the Non-Performing Party, the non-performance is not remedied within a considerable period of time.

		
	(3)
	Both Japan Post Company and JPI cease sales of Aflac Japan cancer insurance. 

5

		
	(4)
	The Shareholder Agreement terminates.

		
	(5)
	Any of the Parties terminates this Agreement pursuant to Paragraph 3 or Paragraph 4. 

		
	2.
	In the event that it is confirmed that it will be effectively impossible for JPH to treat Aflac Incorporated as a JPH equity-method affiliate, regardless of the percentage of Aflac Incorporated voting rights held by the JPH Trust, the Parties shall discuss in good faith in order to amend this Agreement to transform it into an agreement regarding a strategic alliance based on the capital relationship (premised on not treating Aflac Incorporated as a JPH equity-method affiliate). In addition, in the event that it is necessary to amend this Agreement to comply with Japanese or U.S. laws and regulations, the Parties shall discuss in good faith in order to amend this Agreement.

		
	3.
	If, despite discussing in good faith as per the preceding Paragraph, the Parties are unable to reach agreement, any Party may solely terminate this Agreement.

		
	4.
	In the event that Aflac Incorporated comes not to hold, directly or indirectly, a majority of the total Aflac Japan outstanding shares (excluding treasury shares) or a majority of the total Aflac Japan voting rights, JPH may terminate this Agreement.

		
	5. 
	Termination of this Agreement pursuant to the Items in Paragraph 1 shall be effective only going forward and shall not be effective retroactively. 

Article 10. Governing Law
This Agreement shall be governed by Japanese law and shall be interpreted in accordance therewith.

Article 11. Court of Jurisdiction
The Tokyo District Court shall be the exclusive court of first jurisdiction regarding any conflict arising out of or in connection with this Agreement.

Article 12. Good Faith Consultation 
The Parties shall make efforts to promptly resolve any questions that arise regarding the interpretation or operation of this Agreement through good faith discussions.

(Remainder of this page is intentionally left blank)

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In witness whereof, three original copies of this Agreement shall be made, and JPH, Aflac Incorporated, and Aflac Japan shall sign and keep one original copy each.

       [December 19], 2018

	
			
	Japan Post Holdings Co., Ltd.
	 
	Aflac Incorporated

	2-3-1 Otemachi, Chiyoda-ku, Toyko-to
	 
	1932 Wynnton Road

	 
	 
	Columbus, GA USA

	 
	 
	 

	 
	 
	 

	    /s/ M. Nagato
	 
	     /s/ Daniel P. Amos

	Name: Masatsugu Nagato
	 
	Name: Daniel P. Amos

	Position: Director and Representative Executive
	 
	Title:   Chairman, Chief Executive Officer and

	Officer, President & CEO
	 
	President

	 
	 
	 

	 
	 
	Aflac Life Insurance Japan Ltd.

	 
	 
	Shinjuku Mitsui Bldg. 

	 
	 
	2-1-1 Nishi-Shinjuku

	 
	 
	Shinjuku-ku, Tokyo-to

	 
	 
	 

	 
	 
	 /s/ Charles Ditmars Lake II 

	 
	 
	Name: Charles Ditmars Lake II

	 
	 
	Position: Chairman and Representative Director

	 
	 
	 

	 
	 
	 /s/ Masatoshi Koide 

	 
	 
	Name: Masatoshi Koide

	 
	 
	Position: President and Representative Director

	 
	 
	 

7

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