Document:

exv10w5

 

EXHIBIT 10.5

SHAREHOLDERS AGREEMENT

dated as of

October 4, 2006

by and among

TOSHIBA CORPORATION

TSB NUCLEAR ENERGY INVESTMENT UK LIMITED,

NUCLEAR ENERGY HOLDINGS, L.L.C.,

ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO., LTD.

and

TOSHIBA NUCLEAR ENERGY HOLDINGS (UK) LIMITED

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE
	ARTICLE 1
	 
	 	 	 	 	 	 
	Definitions
	 
	 	 	 	 	 	 
	SECTION 1.01

	 	Definitions
	 	 	2	 
	 
	 	 	 	 	 	 
	ARTICLE 2
	 
	 	 	 	 	 	 
	Formation and Purpose of Joint Venture
	 
	 	 	 	 	 	 
	SECTION 2.01

	 	Formation of the Company
	 	 	6	 
	SECTION 2.02

	 	Purpose and Scope of the Company
	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE 3
	 
	 	 	 	 	 	 
	Corporate Governance; Management
	 
	 	 	 	 	 	 
	SECTION 3.01

	 	The Board
	 	 	7	 
	SECTION 3.02

	 	The Owner Board
	 	 	9	 
	SECTION 3.03

	 	Principal Officers
	 	 	11	 
	SECTION 3.04

	 	Organizational Documents
	 	 	12	 
	SECTION 3.05

	 	Shareholder Actions
	 	 	12	 
	SECTION 3.06

	 	Dividend Policy
	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE 4
	 
	 	 	 	 	 	 
	Certain Operational Matters
	 
	 	 	 	 	 	 
	SECTION 4.01

	 	Acquisition of Westinghouse Group
	 	 	13	 
	SECTION 4.02

	 	Repayment of Loans
	 	 	14	 
	SECTION 4.03

	 	Annual Budget and Business Plan
	 	 	14	 
	SECTION 4.04

	 	Shareholder Support of the Westinghouse Group Business
	 	 	15	 
	SECTION 4.05

	 	Personnel Matters
	 	 	15	 
	SECTION 4.06

	 	Coordination Office
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE 5
	 
	 	 	 	 	 	 
	Certain Agreements among the Company and the Shareholders
	 
	 	 	 	 	 	 
	SECTION 5.01

	 	Confidentiality
	 	 	16	 
	SECTION 5.02

	 	Access
	 	 	17	 
	SECTION 5.03

	 	Financial Statements
	 	 	18	 
	SECTION 5.04

	 	Public Announcements
	 	 	19	 
	SECTION 5.05

	 	No Inconsistent Actions
	 	 	19	 

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	 	 	 	 	PAGE
	SECTION 5.06

	 	No Apparent Authority
	 	 	19	 
	SECTION 5.07

	 	Undertaking by Shaw Sub
	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE 6
	 
	 	 	 	 	 	 
	Representations and Warranties
	 
	 	 	 	 	 	 
	SECTION 6.01

	 	Organization
	 	 	19	 
	SECTION 6.02

	 	Authorization, Validity and Enforceability of This Agreement
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE 7
	 
	 	 	 	 	 	 
	Transfer of Shares
	 
	 	 	 	 	 	 
	SECTION 7.01

	 	General Restrictions
	 	 	20	 
	SECTION 7.02

	 	Permissible Transfers
	 	 	20	 
	SECTION 7.03

	 	Legend on Share Certificates
	 	 	21	 
	SECTION 7.04

	 	Rights of First Offer
	 	 	21	 
	SECTION 7.05

	 	Tag-Along Rights
	 	 	22	 
	SECTION 7.06

	 	Call Rights
	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE 8
	 
	 	 	 	 	 	 
	Arbitration
	 
	 	 	 	 	 	 
	SECTION 8.01

	 	Arbitration
	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE 9
	 
	 	 	 	 	 	 
	Liquidation
	 
	 	 	 	 	 	 
	SECTION 9.01

	 	Liquidation Events
	 	 	26	 
	SECTION 9.02

	 	Liquidation Procedures
	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE 10
	 
	 	 	 	 	 	 
	Miscellaneous
	SECTION 10.01

	 	Amendments; Waivers; Termination
	 	 	26	 
	SECTION 10.02

	 	Expenses
	 	 	27	 
	SECTION 10.03

	 	Notices
	 	 	27	 
	SECTION 10.04

	 	Governing Law; Severability
	 	 	28	 
	SECTION 10.05

	 	Counterparts
	 	 	29	 
	SECTION 10.06

	 	Entire Agreement
	 	 	29	 
	SECTION 10.07

	 	Effectiveness
	 	 	29	 
	SECTION 10.08

	 	Binding Effect; Benefit
	 	 	29	 
	SECTION 10.09

	 	Assignability
	 	 	29	 
	SECTION 10.10

	 	Headings
	 	 	30	 

ii 

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE
	SECTION 10.11

	 	Survival
	 	 	30	 
	SECTION 10.12

	 	Further Assurances
	 	 	30	 
	SECTION 10.13

	 	No Third-Party Beneficiaries
	 	 	30	 
	SECTION 10.14

	 	Specific Performance
	 	 	30	 
	SECTION 10.15

	 	Preemptive Rights
	 	 	30	 
	SECTION 10.16

	 	No fetter on Company’s powers
	 	 	31	 

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SHAREHOLDERS AGREEMENT

     AGREEMENT, dated as of October 4, 2006, among Toshiba Corporation, a corporation organized
under the laws of Japan (“Toshiba”), TSB Nuclear Energy Investment UK Limited, a company registered
in England with registered number 5929658 and a wholly owned Subsidiary (as defined below) of
Toshiba (“Toshiba UK”), Nuclear Energy Holdings, L.L.C., a Delaware limited liability company and a
wholly owned Subsidiary (“Shaw Sub”) of The Shaw Group Inc., a Louisiana corporation (“Shaw”),
Ishikawajima-Harima Heavy Industries Co., Ltd., a corporation organized under the laws of Japan
(“IHI”), and Toshiba Nuclear Energy Holdings (UK) Limited, a company registered in England with
registration number 5929672 (the “Company”).

     WHEREAS, Toshiba, on one part, and British Nuclear Fuels PLC and BNFL (Investments US) Ltd.,
on the other part (the “Sellers”), have entered into that certain Purchase and Sale Agreement,
dated as of February 6, 2006 (the “PSA”), pursuant to which Toshiba has agreed to purchase all of
the issued and outstanding shares of BNFL USA Group Inc. and Westinghouse Electric UK Limited
(together with their respective Subsidiaries, the “Westinghouse Group”); and

     WHEREAS, Toshiba plans to cause the Company to acquire all of the issued and outstanding
shares of Westinghouse Electric UK Limited and to cause Toshiba Nuclear Energy Holdings (US) Inc.
(“US Acquisition Co.”) to acquire all of the issued and outstanding shares of BNFL USA Group Inc.,
respectively; and

     WHEREAS, Toshiba has entered into an Agreement Regarding Participation in an Investment
Program with each of Shaw and IHI (each, the “Participation Agreement”) pursuant to which (i)
Toshiba has agreed to enter into investment agreements with Shaw and Shaw Sub, and with IHI,
respectively (each, the “Investment Agreement”) governing the terms of subscriptions for shares of
the Company and the US Acquisition Co., respectively, (ii) Toshiba, Shaw and IHI have agreed to
enter, and/or cause certain of their Subsidiaries to enter, into this Agreement and a similar
shareholders agreement governing the US Acquisition Co. (the “US Shareholders Agreement”), (iii)
Toshiba and Shaw have agreed to enter into a Commercial Relationship Agreement (the “Commercial
Relationship Agreement”) affording a preferential status to Shaw when the Westinghouse Group
chooses a supplier, and (iv) Toshiba and each of Shaw and IHI have agreed to enter into Put Option
Agreements (each, a “Put Option Agreement”), subject to agreement of final documentation of all the
terms and conditions hereof; and

     WHEREAS, following the Closing (as defined herein) under the Investment Agreement: (i) Toshiba
UK will own 364 Ordinary “A” shares of £1 each in the capital the Company, (the “Class A Shares”)
(representing approximately 53% of the Class A Shares), and 714 Ordinary “B” shares of £1 each in
the capital of the Company (the “Class B Shares” and, together with the Class A Shares, the “
Shares”) (representing 100% of the Class B Shares) which will represent 77% of the aggregate number
of the Shares then outstanding; (ii) Shaw Sub will own 280 Class A Shares (representing
approximately 41% of the Class A Shares and 20% of the aggregate number of the Shares then
outstanding); and (iii) IHI will own 42 Class A Shares (representing

 

 

approximately 6% of the Class A Shares and 3% of the aggregate number of the Shares then
outstanding); and

     WHEREAS, the parties hereto desire to set forth in this Agreement certain agreements with
respect to the capitalization, management, control, shareholding and certain other matters relating
to the Company;

     NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS

          SECTION 1.01 Definitions

     The following terms, as used herein, have the following meanings:

     “Act” means the UK Companies Act 1985 (as amended).

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
Controlling, Controlled by, or under common Control with, such Person. It is acknowledged that
after the date of this Agreement, Persons who are not presently Affiliates of a Party may become
Affiliates of such Party, and Persons who are presently Affiliates of a Party may cease to be
Affiliates of such Party.

     “Agreement” means this Shareholders Agreement.

     “Annual Budget” has the meaning set forth in Section 4.03(a).

     “Authorized Representative” has the meaning set forth in Section 5.01(a).

     “Big Four Accounting Firm” means any of (i) Deloitte & Touche LLP, (ii) Ernst & Young LLP,
(iii) KPMG or (iv) PricewaterhouseCoopers LLP or, in each case, any successor thereto.

     “Board” means the board of directors of the Company.

     “Business Day” means, with respect to any place, any day except a Saturday, Sunday or other
day on which commercial banks in that place are authorized by law to close.

     “Business Plan” has the meaning set forth in Section 4.03(b).

     “Chairman” means the Chairman of the Board, who shall have the authority and responsibilities
set forth in this Agreement.

     “CIC Event” has the meaning set forth in Section 7.06(b).

     “CIC Shareholder” has the meaning set forth in Section 7.06(b).

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     “Class A Shares” has the meaning set forth in the recitals.

     “Class B Shares” has the meaning set forth in the recitals.

     “Closing” means the closing of the transactions contemplated by the Investment Agreements.

     “Closing Date” means the date on which the Closing occurs.

     “Commercial Relationship Agreement” has the meaning set forth in the recitals.

     “Company” has the meaning set forth in the recitals.

     “Company Value” has the meaning set forth in Section 7.06(c).

     “Competitor” means any Person who, by itself or through or together with any of its
Subsidiaries, is substantially engaged in the provision of nuclear power plant technology and/or
nuclear fuel supply.

     “Confidential Information” has the meaning set forth in Section 5.01(a).

     “Control” of any Person (including the terms “Controlling,” “Controlled by” and “under common
Control with”) means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of a
majority of the voting securities, by contract or otherwise; provided, however, that when
securities representing at least one-third of the voting rights at a shareholders meeting of any
Person are acquired by a Competitor, Control of such Person shall be deemed changed for the purpose
of this Agreement, unless such Person effectively proves such acquirer doesn’t have the power
described herein.

     “Coordination Manager” has the meaning set forth in Section 4.06(b).

     “Coordination Office” has the meaning set forth in Section 4.06(a).

     “Director” means a member of the Board.

     “Equity Security” means, with respect to any Person, any stock or other ownership interest
having ordinary voting power to elect directors of, or other persons performing similar functions
with respect to, such Person, or any security convertible into, exercisable for or exchangeable for
such stock or other ownership interest.

     “Exercise Period End Date” has the meaning set forth in Section 7.01(b).

     “Extended First Offer Acceptance Period” has the meaning set forth in Section 7.04(b).

     “First Offer” has the meaning set forth in Section 7.04(a).

     “First Offer Acceptance Period” has the meaning set forth in Section 7.04(a).

3

 

     “First Offer Shares” has the meaning set forth in Section 7.04(a).

     “GAAP” has the meaning set forth in Section 5.03(a).

     “IB Firm” has the meaning set forth in Section 7.06(c).

     “IHI” has the meaning set forth in the recitals.

     “Insolvency Event” has the meaning set forth in Section 7.06(a).

     “Insolvent Shareholder” has the meaning set forth in Section 7.06(a).

     “Investment Agreement” has the meaning set forth in the recitals.

     “Liquidation Event” has the meaning set forth in Section 9.01.

     “Material Adverse Effect” means, with respect to a Party, a material adverse effect on the
condition (financial or otherwise), business, assets, results of operations or prospects
(considered on a consolidated basis) of such Party.

     “Organizational Documents” means, collectively, the Memorandum and Articles of Association of
the Company in effect on the Closing Date, as each may be amended, modified or supplemented from
time to time.

     “Owner Board” has the meaning set forth in Section 3.02(a).

     “Owner Board Chairman” has the meaning set forth in Section 3.02(b).

     “Owner Board Members” has the meaning set forth in Section 3.02(b).

     “Ownership Percentage” means, with respect to any Shareholder at any time, the percentage
derived by multiplying 100 times a fraction, the numerator of which is the total number of Shares
directly or indirectly beneficially owned by such Shareholder at such time and the denominator of
which is the aggregate number of Shares outstanding at such time.

     “PSA ” has the meaning set forth in the recitals.

     “PSA Closing” means the closing of the transactions contemplated by the PSA.

     “Participation Agreement” has the meaning set forth in the recitals.

     “Party” means each of Toshiba, Toshiba UK, Shaw Sub, IHI and the Company, and any other Person
who becomes a party to this Agreement as amended, supplemented or otherwise modified from time to
time.

     “Permitted Transfer” means (i) a pledge of Shares by Shaw Sub in connection with financing
arrangements for the purchase of its Shares (provided, however, that the key terms
of such arrangements shall be disclosed to Toshiba in advance and reasonably acceptable to

4

 

Toshiba), (ii) the Transfer of Shares by Shaw Sub pursuant to the provisions of its Put
Agreement, (iii) the Transfer of Shares by IHI pursuant to the provisions of its Put Agreement, and
(iv) any Transfer of Shares pursuant to Sections 7.02, 7.04, 7.05 or 7.06.

     “Person” means an individual, corporation, partnership, limited liability company,
association, trust or other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

     “President” has the meaning set forth in Section 3.03(a).

     “Principal Officer” means each of the President, the Treasurer and the Secretary.

     “Put Option Agreement” has the meaning set forth in the recitals.

     “Put Period” means the period commencing on the Closing Date and ending on the date that is
thirty days after the receipt by the Shareholders of the consolidated financial statements
(prepared in accordance with GAAP) of the Company and US Acquisition Co. for the period ending
September 30, 2012.

     “Secretary” has the meaning set forth in Section 3.03(a).

     “Sellers” has the meaning set forth in the recitals.

     “Shareholder” means each Person (other than the Company, Toshiba and Shaw) who shall be a
Party, whether pursuant to the execution and delivery hereof as of the date hereof, or pursuant to
Article 7 or Section 10.09, so long as such Person shall directly or indirectly beneficially own
any Shares.

     “Shares” has the meaning set forth in the recitals.

     “Shaw” has the meaning set forth in the recitals.

     “Shaw Sub” has the meaning set forth in the recitals.

     “Subsidiary” means, with respect to any Person, (i) any corporation of which the outstanding
stock having at least a majority of votes entitled to be cast in the election of directors under
ordinary circumstances shall at the time be owned, directly or indirectly, by such Person or by
such Person and a Subsidiary or Subsidiaries of such Person or by a Subsidiary or Subsidiaries of
such Person or (ii) any other Person (other than a corporation) of which at least a majority of
voting interests under ordinary circumstances shall at the time be owned or Controlled, directly or
indirectly, by such Person or by such Person and a Subsidiary or Subsidiaries of such Person or by
a Subsidiary or Subsidiaries of such Person.

     “Tag-Along Exercise Notice” has the meaning set forth in Section 7.05(a).

     “Tag-Along Notice” has the meaning set forth in Section 7.05(a).

     “Tag-Along Notice Period” has the meaning set forth in Section 7.05(a).

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     “Tag-Along Offer” has the meaning set forth in Section 7.05(a).

     “Tagging Shareholders” has the meaning set forth in Section 7.05(a).

     “Toshiba” has the meaning set forth in the recitals.

     “Toshiba Budget Calendar” has the meaning set forth in Section 4.03(a).

     “Toshiba UK” has the meaning set forth in the recitals.

     “Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber,
hypothecate or otherwise dispose of Shares, either voluntarily or involuntarily and with or without
consideration.

     “Transferring Shareholder” has the meaning set forth in Section 7.04(a).

     “Treasurer” has the meaning set forth in Section 3.03(a).

     “US Acquisition Co.” has the meaning set forth in the recitals.

     “US Shareholders Agreement” has the meaning set forth in the recitals.

     “U.S. Dollars,” “US$” and “$” means the lawful currency of the United States of America.

     “WEC” has the meaning set forth in Section 4.06(a).

     “Westinghouse Group” has the meaning set forth in the recitals.

ARTICLE 2

FORMATION AND PURPOSE OF JOINT VENTURE

          SECTION 2.01 Formation of the Company

     The Company has been formed by Toshiba through Toshiba UK in connection with its agreement to
acquire the Westinghouse Group pursuant to the PSA.

          SECTION 2.02 Purpose and Scope of the Company

     (a) The purpose and scope of the Company is to, together with the US Acquisition Co., own the
entities comprising, and oversee the activities of, the Westinghouse Group.

     (b) The Shareholders understand and acknowledge that the entities comprising the Westinghouse
Group will be consolidated Subsidiaries of Toshiba following the PSA Closing.

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ARTICLE 3

CORPORATE GOVERNANCE; MANAGEMENT

          SECTION 3.01 The Board

     (a) In accordance with the provisions of the Organizational Documents, the business and
affairs of the Company shall be managed by and corporate powers shall be exercised by or under the
direction of the Board solely to the extent required by applicable law or as set forth herein. To
the extent not so required, the business and affairs of the Company shall be managed by and
corporate powers shall, insofar as possible by applicable law, be exercised by or under the
direction of the President.

     (b) The initial Board shall consist of three members, two of whom shall be nominated by
Toshiba UK, and one of whom shall be nominated by Shaw Sub. In the event that a Person acquires
Shares and such Person’s Ownership Percentage exceeds 10%, then such Person shall be entitled to
nominate one Director and the total number of the Directors shall increase by such number (subject
to the Organizational Documents); provided, however, that Toshiba UK shall have the right to
nominate such number of the Directors as represents at least a majority of the members of the Board
so long as Toshiba UK’s Ownership Percentage is 51% or more. If at any time the Ownership
Percentage of Shaw Sub is less than 10%, Shaw Sub shall lose the right to nominate one Director and
promptly cause the Director nominated by it to resign from the Board and waive any claims that he
would otherwise have against the Company as a result of such resignation and the number of
Directors will be immediately reduced by such number. Each Shareholder agrees that it will vote
its Shares or execute consents, as the case may be, and take all other necessary action (including,
if necessary, causing the Company to call a meeting of Shareholders) in order to ensure that the
composition of the Board is at all times as set forth in this Section 3.01 and that the nominees
provided herein are elected to the Board. The members of the Board shall be the same as those of
the US Acquisition Co.’s Board.

     (c) Each Shareholder agrees that it will not vote, or grant any consent with respect to, any
of its Shares in favor of the removal from the Board of any Director elected at the request of the
other Shareholders unless the Shareholder entitled to nominate such Director shall have consented
to such removal in writing. Each Shareholder agrees to cause to be called, if necessary, a meeting
of the Shareholders of the Company and to vote all of the Shares directly or indirectly
beneficially owned by such Shareholder for, or to take all actions by written consent in lieu of
any such meeting necessary to cause, the removal of any Director from the Board if the Shareholder
which nominated such Director requests in a writing, signed by such Shareholder, such Director’s
removal for any reason.

     (d) If, as a result of death, disability, retirement, resignation, removal or otherwise, there
shall exist or occur any vacancy on the Board with respect to any Director, the Shareholder who
nominated such Director in accordance with Section 3.01(b) shall within 30 days of such event
notify the Board in writing of a replacement Director, and upon any such nomination (whether before
or after such 30-day period) all Shareholders shall promptly take all actions necessary to ensure
the election to the Board of such replacement Director to fill the unexpired term of the Director
whom such new Director is replacing, including, if necessary, calling a

7

 

meeting of Shareholders and voting their Shares thereat, or executing any written consent in
lieu thereof, in favor of the election of such Director.

     (e) Meetings of the Board and general Shareholder meetings shall be presided over by the
President. One of the two Directors nominated by Toshiba UK shall be the President. One-third of
the members of the Board then in office, provided such number includes at least one Director
nominated by Toshiba UK, shall constitute a quorum for the transaction of business at any meeting
of the Board, and all actions of the Board shall require the affirmative approval of at least a
majority of the votes of the Board to be cast at the relevant Board meeting. Each Director present
at a meeting of the Board or any committee thereof shall have a number of votes at such a meeting
equal to (a) the Ownership Percentage of all classes of stock of the Company, considered as a
single class, owned by the Shareholder which nominated such Director for election to the Board,
divided by (b) the number of Directors so nominated by such Shareholder who are present at such
meeting. (By way of illustration, based on the Ownership Percentages as of the Closing Date, the
Director nominated by Shaw would have 20 votes while the Directors nominated by Toshiba UK who
actually attend the meeting would collectively have 77 votes in the aggregate. As for Toshiba UK
nominated Directors, if two of them attend, then each would have 38.5 votes; if only one attends,
he would have 77 votes.) In the event there is a vacancy on the Board and an individual has been
nominated to fill such vacancy, the first order of business at any meeting held during such time
shall be to fill such vacancy.

     (f) Any one or more members of the Board may participate in a meeting of the Board by means of
a conference telephone, video conference or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation by such means
shall constitute presence in person at a meeting and directors so participating shall count towards
a quorum for such meeting.

     (g) Unless otherwise prohibited by law, any action required or permitted to be taken by the
Board may be taken without a meeting if all members of the Board consent in writing to the adoption
of a resolution authorizing the action. The resolution and the written consents thereto by the
members of the Board shall be filed with the minutes of proceedings of the Board.

     (h) The languages for all meetings of the Board shall be English. Translation and
interpretation shall be provided as necessary or appropriate. All minutes and other documents to
be presented to the Board shall be prepared (or, in the case of exhibits, summarized) in English.

     (i) Notice of any meetings of the Board stating the place, date and hour of the meeting shall
be given not less than five (5) business days before the date of the meeting unless otherwise
agreed by all directors.

     (j) Any Shareholder who does not have a right under this Agreement to nominate a member of the
Board shall have the right to designate an observer who may attend and monitor meetings of the
Board, but who shall have no voting rights.

     (k) Without prejudice to Section 3.02, the Board may establish any sub-committee and delegate
decision-making authority thereto as it shall in its absolute discretion determine.

8

 

          SECTION 3.02 The Owner Board

     (a) There shall be constituted an advisory committee for the Board and the President
(the “Owner Board”) which shall, pursuant to authorization by the Board and to the extent
permitted by the Act, have the following functions and responsibilities:

     (i) to advise as to the administration and supervision of matters regarding the
Westinghouse Group;

     (ii) to advise as to the resolution of any matters relating to the Company and
brought to it which may have a Material Adverse Effect on any Shareholder;

     (iii) to provide the Board and/or the President with general and universal
advice and supervision for the business supervision of the Westinghouse Group; and

     (iv) to do such other functions and responsibilities as may be assigned by the
Board.

          The Board and the President shall duly consider any opinion or recommendation made by
the Owner Board.

     (b) All costs and expenses associated with the administration of the Owner Board shall be
borne by the Company.

     (c) The Owner Board shall initially consist of three voting members (the “Owner Board
Members”) and the Chairman of the Owner Board (the “Owner Board Chairman”), provided,
however, that the number of the voting members shall increase on a one-by-one basis if the
number of Shareholders increases. Each Shareholder (for the avoidance of doubt, including Toshiba
UK) shall be entitled to appoint one Owner Board Member (who need not be a Director) by notifying
the Board in writing, and the President (as nominated by Toshiba UK in accordance with Section
3.03(a)) shall serve as the Owner Board Chairman.

     (d) If, as a result of death, disability, retirement, resignation, removal or otherwise, there
shall exist or occur any vacancy on the Owner Board, the Shareholder who appointed such Owner Board
Member shall within 30 days of such event notify the Board in writing of a replacement Owner Board
Member.

     (e) Meetings of the Owner Board shall be presided over by the Owner Board Chairman or, in the
absence of the Owner Board Chairman, the Owner Board Member nominated by Toshiba UK, in which case
the Owner Board Member appointed by Toshiba UK shall still be entitled to exercise his votes
notwithstanding that he presides over such meeting. Members of the Owner Board representing a
majority of votes to be cast, plus at least attendance of two Owner Board Members, one of whom
shall be an Owner Board Member nominated by a Party other than Toshiba UK, shall constitute a
quorum for the transaction of business at any meeting of the Owner Board. Notice of any meetings
of the Owner Board stating the place, date

9

 

and hour of the meeting shall be given not less than five (5) business days before the date of
the meeting unless all of the Owner Board Members agree otherwise.

     (f) Each Owner Board Member present at a meeting or acting by written consent (other than the
Owner Board Chairman) (shall have a number of votes corresponding to the Ownership Percentage of
the Shareholder appointing such Owner Board Member; provided, however, that the
Owner Board Chairman shall have no voting rights. Except as provided in the immediately following
sentence, all actions of the Owner Board shall require the affirmative approval of at least a
majority of the votes entitled to be cast at meetings of the Owner Board. Notwithstanding the
foregoing, none of the following specified actions may be taken by the Company, the Board, the
Owner Board or any member of the Westinghouse Group without the vote of Owner Board Members holding
voting rights at least 1% in excess of the Ownership Percentage of Toshiba UK and any Affiliate
thereof at the time the vote is taken (i.e., initially, seventy-eight percent (78%)):

     (i) the issuance of any Equity Securities of the Company to any Person, other
than pro rata issuances of Equity Securities to the Shareholders;

     (ii) the issuance by the Company of any Class A Shares, Class B Shares or any
other Equity Securities which have dividend preferences;

     (iii) the issuance of any Equity Securities in any member of the Westinghouse
Group to any Person other than to members of the Westinghouse Group, which will
result in the change of Control of such member;

     (iv) the acquisition or disposition by any member of the Westinghouse Group of
assets or property with a value in excess of ten million dollars ($10 million),
other than in the ordinary course of business or the one already described in
Schedule A attached hereto or the relevant Annual Budget;

     (v) the incurrence by any member of the Westinghouse Group of indebtedness for
borrowed money in the amount of ten million dollars ($10 million) or more, other
than in the ordinary course of business or the one guaranteed by Toshiba or the one
already described in the relevant Annual Budget;

     (vi) any dissolution, liquidation or petition for voluntary bankruptcy of the
Company or any member of the Westinghouse Group;

     (vii) any merger, consolidation, restructuring, acquisition, disposition or
similar transaction involving the Company or any member of the Westinghouse Group
whose total value exceeds twenty percent (20%) of the then fair market value of the
Westinghouse Group’s total consolidated assets;

     (viii) the settlement of any Dispute or litigation or assumption of any
obligation or liability with a value in excess of ten million dollars ($10 million)
or more, other than in the ordinary course of business; and

10

 

     (ix) any material changes to the tax or accounting policies of the Company or
the Westinghouse Group.

     (g) The Shareholders shall, and shall cause their respective Owner Board Members to, use their
reasonable efforts to provide that ordinary meetings of the Owner Board are held at least once
during each fiscal quarter. In addition, extraordinary meetings of the Owner Board may be held as
necessary. In-person meetings of the Owner Board shall be held in the United States or any such
other places as may be determined by the Owner Board.

     (h) Any one or more members of the Owner Board may participate in a meeting of the Owner Board
by means of a conference telephone, video conference or similar communications equipment allowing
all persons participating in the meeting to hear each other at the same time. Participation by
such means shall constitute presence in person at a meeting and persons so participating shall
count towards a quorum.

     (i) The Owner Board may have an office. The office will serve as the point of contact for
requests related to the Owner Board and notification made by the Owner Board Chairman and will
handle any and all related administrative matters. The office also will serve as the point of
contact for communications or coordination with the Shareholders and for related procedures.

     (j) Toshiba UK or one or more of its Affiliates may second up to two employees to serve in the
administration of the Owner Board’s functions. Each seconded employee will be subject to the
supervision of, and required to comply with the rules of conduct of, the Company and/or the entity
from which he or she was seconded.

     (k) The languages for all meetings of the Owner Board shall be English. Translation and
interpretation shall be provided as necessary or appropriate. All minutes and other documents to
be presented to the Owner Board shall be prepared (or, in the case of exhibits, summarized) in
English.

          SECTION 3.03 Principal Officers

     (a) There shall be a president of the Company as provided for in Section 3.01(e) (the
“President”) who, as provided in Section 3.01(a), shall, to the extent permitted by the Act, manage
the business and affairs of the Company and shall otherwise have the powers and perform such duties
of management usually vesting in the Chief Executive Officer and/or President of a company. In
addition to the President, there shall be a treasurer of the Company (the “Treasurer”), who may or
may not be a Director, and a secretary of the Company (the “Secretary” and, together with the
President and the Treasurer, the “Principal Officers”) who shall each have the powers and perform
such duties usually vesting in a treasurer or secretary, respectively, of a company.

     (b) Toshiba UK shall be entitled to nominate the Principal Officers after consulting with
other Shareholders, and each Shareholder agrees that it will (i) cause the Directors nominated by
it to vote in favor of the appointment of such nominees, (ii) cause the Directors nominated by it
not to vote in favor of the removal of any Principal Officer unless Toshiba UK

11

 

shall have consented to such removal in writing and (iii) cause the Directors nominated by it
to vote in favor of the removal of any Principal Officer if Toshiba UK requests it to do so for any
reason in a signed, written request. If, as a result of death, disability, retirement,
resignation, removal or otherwise, the office of any Principal Officer shall be vacant, Toshiba UK
shall within 30 days of such event notify the Board in writing of its nomination for a replacement,
and upon such receipt of such notice (whether before or after such 30-day period) each Shareholder
shall cause the Directors nominated by it to promptly take all actions necessary to ensure the
appointment of such replacement.

     (c) The Company may also have, upon appointment by the Board at the request of the President,
such other officers, including, but not limited to, vice presidents, assistant secretaries,
assistant treasurers and other officers, as may be appointed in accordance with the Organizational
Documents and the Act.

          SECTION 3.04 Organizational Documents

     Each Shareholder shall vote its Shares or execute any consents necessary, and shall take all
other actions necessary, to ensure that the Organizational Documents facilitate, and do not at any
time conflict with any provision of, this Agreement or any applicable law, and to ensure that the
provisions hereof are implemented notwithstanding any inconsistent provision in the Organizational
Documents.

          SECTION 3.05 Shareholder Actions

     (a) Each Shareholder agrees that in the event of any duly called annual or extraordinary
meeting of the holders of Shares called for the purpose of voting on the election of directors or
any other matter required to be taken by the holders of Shares, such Shareholder shall appear in
person or by proxy at such meeting for the purpose of obtaining a quorum, and shall vote or cause
to be voted all Shares directly or indirectly beneficially owned by such Shareholder, either in
person or by proxy, at any such meeting in the manner provided pursuant to this Agreement.

     (b) Any one or more holders of Shares may participate in a meeting of the holders of Shares by
means of a conference telephone, video conference or similar communications equipment allowing all
persons participating in the meeting to hear each other at the same time. Participation by such
means shall constitute presence in person at a meeting.

     (c) The languages for all meetings of the holders of Shares shall be English. Translation and
interpretation shall be provided by the Company at its cost as necessary or appropriate. All
minutes and other documents to be presented to the holders of Shares shall be prepared (or, in the
case of exhibits, summarized) in English.

          SECTION 3.06 Dividend Policy.

     (a) Dividends shall be paid if, when and in the amount declared by the Board, subject to the
Organizational Documents and applicable law.

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     (b) The Shareholders intend that the Company will pay dividends in cash (unless otherwise
agreed among the Shareholders) in an amount such that each Shareholder shall receive at least
$22,222 for each Share per fiscal year (or a corresponding fraction thereof for the first and last
partial fiscal year) as dividends, and a total of $133,332 per each Share over the first twenty
four fiscal quarters from the PSA Closing, subject to applicable law.

     (c) To implement the objective of Section 3.06(b), it is the policy of the Company to
distribute as dividends with respect to each fiscal year of the Company a certain percentage (up
to, but in no event, including dividend target shortfall of the US Acquisition Co. set forth herein
below, exceeding, 100%) of the consolidated net income of the Company and its consolidated
Subsidiaries, as determined in accordance with GAAP as reflected in the consolidated financial
statements of Toshiba for such period, which is available for distribution to Shareholders in
accordance with applicable law (the “Distribution Ratio”) to satisfy the expectation set forth in
Section 3.06(b) above. In any fiscal year, the Distribution Ratio may be reduced to no lower than
65% (subject to applicable law) if no A Accrual (as defined in the Memorandum and Articles of
Association of the Company) and B Accrual (as defined in the Memorandum and Articles of Association
of the Company) will exist after distributions for such fiscal year are made. The relative
preferences of the Class A Shares and the Class B Shares shall be as set forth in the
Organizational Documents. It is further the policy of the Company (i) to pay additional dividends
to the holders of Class A Shares (other than Toshiba UK or any successor owner of Shares owned by
Toshiba UK) to the extent US Acquisition Co. does not pay dividends in accordance with its dividend
policy with respect to Class A Shares of the US Acquisition Co. and (ii) to reduce the amount to be
paid in dividends to the holders of Class A Shares (except Toshiba UK or any successor owner of
Shares owned by Toshiba UK) to the extent US Acquisition Co. pays dividends in excess of its policy
with respect to Class A Shares of the US Acquisition Co., all as described in the Organizational
Documents.

     (d) The parties expect that such dividends will be paid on a quarterly basis.

     (e) All per share amounts in this Section 3.06 shall be adjusted as appropriate for any stock
splits, reorganization or recapitalization with respect to the Shares of the Company.

     (f) The Shareholders will initiate discussion in a timely manner after the Closing and
collectively determine a policy for the distribution of net income in excess of that required to
satisfy the provisions hereof and of the Organizational Documents.

     (g) Should any former Shareholder be entitled to receive an unpaid A Accrual (as defined in
the Memorandum and Articles of Association of the Company) under Article IV. B. 3.(c) of the
Memorandum and Articles of the Company, any other Shareholder which receives distributions from the
Company in violation of that provision shall return such distributions to the former Shareholder.

ARTICLE 4

CERTAIN OPERATIONAL MATTERS

          SECTION 4.01 Acquisition of Westinghouse Group

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     (a) The Shareholders agree that the Company will acquire all the issued and outstanding shares
of Westinghouse Electric UK Limited. in accordance with the PSA, and will cooperate, and cause the
respective Directors nominated by them to cooperate, in all respects reasonably necessary to
consummate such transactions.

     (b) Toshiba will act as an agent for the Company with respect to its rights under the PSA;
provided, however, if conflicts arise between Toshiba and any Shareholder regarding
the exercise of any such right, such right will be exercised only after consultation with the Owner
Board (if such conflict involves all Shareholders) or with each affected Shareholder (if such
conflict involves a limited number of Shareholders).

     (c) Toshiba will act as an agent for the Company with respect to its obligations under the
PSA; provided, however, if conflicts arise regarding such obligations, the
obligations will be performed only with the consent of the Owner Board (if such conflict involves
all Shareholders) or of each affected Shareholder (if such conflict involves a limited number of
Shareholders).

     (d) Benefits received by the Company with respect to the PSA (net of administration fees)
will, to the extent received in cash, be distributed among the Shareholders according to their
respective Ownership Percentage.

          SECTION 4.02 Repayment of Loans

     The Company will repay in full all loans and advances that were extended by the Sellers (but
not by any member of the Westinghouse Group) to any member of the Westinghouse Group, together with
accrued interest thereon as of PSA Closing, without deduction for any set-off or counterclaim. The
Company will account for such funds as loans to the respective members of the Westinghouse Group,
to be documented with a loan agreement substantially similar to those currently in place between
the members of the Westinghouse Group and their Affiliates.

          SECTION 4.03 Annual Budget and Business Plan

     (a) The Board, together with the board of the US Acquisition Co. shall cause the Westinghouse
Group to prepare an annual budget (the “Annual Budget”) in accordance with a calendar to be set by
Toshiba from time to time to schedule the preparation of an annual budget of Toshiba and its
Affiliates (the “Toshiba Budget Calendar”). The initial Annual Budget shall be prepared, as soon
as practicable after the PSA Closing and shall be promptly delivered thereafter to the
Shareholders. The Owner Board shall be responsible for monitoring the implementation of the Annual
Budget at least once every fiscal quarter.

     (b) The Board shall cause the Westinghouse Group to prepare a mid-term business plan (the
“Business Plan”), which is expected to cover a period of 5 years, in a manner similar to the
preparation of the Annual Budget. The Business Plan shall be promptly delivered to the
Shareholders after it is prepared. The first Business Plan will be based upon the business plan
submitted by Toshiba to Shaw and IHI for their consideration in making their investments in the
Company. The Business Plan will be reviewed and revised, to the extent necessary, not less often
than every three years; provided, that, the Business Plan will be revised promptly
upon changes in the Company or the business environment that have a material impact on the

14

 

Westinghouse Group or the Business Plan. The Owner Board shall be responsible for monitoring
the implementation of the Business Plan not less often than annually.

          SECTION 4.04 Shareholder Support of the Westinghouse Group Business

     (a) The Shareholders shall (i) cooperate and discuss how to introduce to the Westinghouse
Group business opportunities that will assist it in achieving its goals as reflected in the Annual
Budget and the Business Plan and (ii) reasonably make available to the Company and the Westinghouse
Group employees and/or materials that will enable the Westinghouse Group to achieve such goals.

     (b) The Parties intend that the Company and the Westinghouse Group will provide for their own
capital, and no additional capital will be required from the Company or the Shareholders. In the
event that the Company or the Westinghouse Group cannot provide its own capital, the Shareholders
will negotiate in good faith concerning the provision of capital and will provide such necessary
financial support as the Shareholders deem appropriate.

     (c) If customers, regulatory agencies, financial institutions or other relevant parties
require any guarantees from the Westinghouse Group’s parent company in the ordinary course of
Westinghouse Group business such as those set forth in Schedule B hereto, Toshiba will provide such
guarantees; provided, however, that Toshiba may refuse to provide such guarantee if
and to the extent the scope of guarantee coverage includes the business of any Shareholder (or in
case of Shaw Sub, Shaw) other than Toshiba and its Affiliates. If Toshiba is required to expend
any cash or otherwise incur a liability in connection with its performance of such guarantee, the
Company or the Westinghouse Group shall reimburse Toshiba for such cash or liability, and Toshiba
shall have no claim against any other Shareholder in respect of any such cash or liability.

     (d) The Westinghouse Group will use their own insurance provider; provided,
that Toshiba will use its reasonable efforts to cause its insurance providers to insure the
Westinghouse Group, at the Westinghouse Group’s expense, if it would result in a cost saving to the
Westinghouse Group.

     (e) Each Shareholder may provide to the Westinghouse Group staff support and other support not
in the ordinary course of business; provided, however, each Shareholder must
execute a separate contract with the Westinghouse Group for such services; provided further that
such services will be performed for reasonable consideration.

          SECTION 4.05 Personnel Matters

     Except as set forth in Article 3, all decisions as to staffing and personnel matters relating
to the Company, including recruiting sources, appropriate levels of staffing, the appropriate mix
of professionals and training shall be made by the President.

          SECTION 4.06 Coordination Office

     (a) Toshiba shall cause Westinghouse Electric Company LLC (“WEC”) to have a department or
division called the “Coordination Office”. The functions of the Coordination

15

 

Office will be: (i) supporting the creation of synergy between the Shareholders businesses and
the Westinghouse Group business; (ii) identifying and developing business opportunities for the
Shareholders in the Westinghouse Group; and (iii) managing day-to-day communication with the
Shareholders. The actual scope of the operation of the Coordination Office shall be determined by
Toshiba after the consultation with the other Shareholders.

     (b) The Coordination Office will have a manager (the “Coordination Manager”) who is appointed
or caused to resign by the WEC board of directors based on the request by the President of the
Company.

     (c) The Coordination Office will be properly staffed, so that the Coordination Manager may
communicate on a day-to-day basis with the Shareholders. Necessary staff will be sent from WEC
and/or each Shareholder.

ARTICLE 5

CERTAIN AGREEMENTS AMONG THE COMPANY AND THE SHAREHOLDERS

          SECTION 5.01 Confidentiality

     (a) Each Shareholder other than Toshiba UK agrees to keep confidential, and not to make any
use of nor to disclose to any Person any business, economic, financial or marketing information or
other confidential or proprietary information of the Company, the Westinghouse Group or of the
other Shareholders or any Affiliate thereof, including, without limitation, intellectual property
of a confidential nature (collectively, the “Confidential Information”) (other than disclosure to
such Shareholder’s Affiliates or such Shareholder’s or any Affiliate’s employees, agents, advisors,
or representatives responsible for matters relating to the Company (such Affiliates and each such
Person (but not including any Affiliate of such Shareholder or any other such Person who is an
employee, director, Affiliate or agent of a Competitor of Toshiba or the Westinghouse Group,
regardless of his position with, or relationship to, such Shareholder) being hereinafter referred
to as an “Authorized Representative”) or, in the case of Shaw Sub, disclosure to its actual or
prospective finance parties (provided that Shaw Sub shall not provide any Confidential Information
to any finance party, or any other Person, who is a Competitor of the Westinghouse Group) in
accordance with the terms of (or the implementation of) its financing arrangements for the purchase
of its Shares; provided, that, prior to any such disclosure to any Authorized
Representative or finance party, each Shareholder other than Toshiba UK shall advise such
Authorized Representative or finance party of the obligations set forth in this Section 5.01 and
direct such Authorized Representative or finance party to treat such Confidential Information
confidentially). Notwithstanding the foregoing, the following will not constitute “Confidential
Information” for purposes of this Section 5.01: (i) information that is publicly known at the time
of proposed disclosure by such Shareholder, Authorized Representative, or finance party (ii)
information that is obtained by a Shareholder, an Authorized Representative, or a finance party
from a third party other than the Company, members of the Westinghouse Group or another Shareholder
who, to the knowledge of the Shareholder or the Authorized Representative, is not disclosing such
information in breach of a duty of confidentiality; (iii) information that is developed by such
Shareholder or Authorized Representative independent of any Confidential Information of the
Company, any member of the Westinghouse Group or

16

 

another Shareholder or (iv) financial statements and other information required to be
disclosed by Shaw pursuant to the Securities Exchange Act of 1934 and the rules thereunder or
required to be disclosed by Toshiba or IHI under the Securities and Exchange Law of Japan.

     (b) In the event that any Shareholder (or any of its Authorized Representatives or any finance
party) other than Toshiba UK receives a request to disclose all or any part of the Confidential
Information (by oral questions, interrogatories, requests for information or other processes) or if
any Shareholder (or any public company which Controls such Shareholder) is required to disclose all
or any part of the Confidential Information pursuant to any rule or requirement of the Securities
Exchange Commission, or a similar governmental agency or listing authority, such Shareholder agrees
to (i) immediately notify the Company in writing of the existence, terms and circumstances
surrounding such request, (ii) consult with the Company on the advisability of taking legally
available steps to resist or narrow such request and, upon the request of and at expense of the
Company provide reasonable cooperation with respect to any efforts by the Company to obtain a
protective order or other appropriate remedy, and (iii) if disclosure of such Confidential
Information is required, exercise its reasonable best efforts, at the Company’s request and
expense, to obtain an order or other reliable assurance that confidential treatment will be
accorded to any portion (or all) of the disclosed portion of the Confidential Information as the
Company so designates. Notwithstanding the foregoing, after compliance with the immediately
preceding sentence, a Shareholder (or any of its Authorized Representatives or any finance party)
may disclose Confidential Information as required by any such governmental authority to which it is
subject, provided that it will (i) inform such authority that the Confidential Information is
subject to this Agreement, (ii) furnish a copy of this Agreement to such authority if required to
do so, (iii) furnish only that portion of the Confidential Information which the Shareholder
believes in good faith, after receiving advice from counsel, it is legally required to disclose,
(iv) exercise its reasonable efforts to obtain reliable assurance that confidential treatment will
be accorded to such Confidential Information, and (v) advise the Company in writing prior to making
such disclosures.

     (c) The provisions of Section 5.01 (a) and (b) above shall apply mutatis mutandis to Toshiba
UK if the Confidential Information of Shareholders other than Toshiba UK and its Affiliates is
concerned.

     (d) Each Shareholder will take adequate security and precautionary measures to effect
compliance with this Section 5.01 by its Authorized Representatives who shall be given access to
Confidential Information as permitted herein and will be responsible for such compliance by such
Persons.

          SECTION 5.02 Access

     Subject to the confidentiality obligations of each Shareholder and its Authorized
Representatives under Section 5.01, each Shareholder shall have the right, during usual business
hours upon reasonable notice and at such Shareholder’s expense, to (i) visit the offices of the
Company in order to inspect the books and records of the Company, (ii) inspect the books and
records of the Westinghouse Group, but not at the offices of the Westinghouse Group; and (iii)
discuss the affairs of the Company and Westinghouse Group with the officers of the Company and
Westinghouse Group. The Company shall not be required to maintain any books and

17

 

records for a period in excess of five years from the date of the making or receipt thereof,
unless a Shareholder reasonably requests that they be maintained for a longer period, except for
those books and records, if any, required by applicable law to be kept for a longer period.

          SECTION 5.03 Financial Statements

     (a) The Company’s fiscal year shall begin on April 1 and end on March 31 of the following
year. In addition to the Company’s obligations pursuant to applicable law, as soon as practicable
following the end of each fiscal year of the Company, but in any event within 75 days after the end
of each fiscal year (unless the Company obtains an extension from the Shareholders, which shall not
be unreasonably delayed or withheld), the Company shall cause to be prepared and furnished to each
Shareholder, at the Company’s expense, consolidated financial statements consisting of a balance
sheet, profit and loss account and cash flow statement of the Company and its subsidiaries
including financial notes thereto, for such fiscal year, in each case setting forth comparative
figures for the preceding fiscal year (except with respect to the initial such financial
statements, for which a prior period comparison will not be required), and certified by independent
certified public accountants of a Big Four Accounting Firm as to fairness of presentation,
consistency and preparation in accordance with US generally accepted accounting principles (“GAAP”)
audited in accordance with US generally accepted auditing standards.

     (b) No later than 40 days following the end of each fiscal quarter (unless the Company obtains
an extension from the Shareholders, which shall not be unreasonably delayed or withheld), the
Company shall cause to be prepared and furnished to each Shareholder, at the Company’s expense,
unaudited consolidated financial statements of the Company and its subsidiaries including financial
notes thereto, in each case setting forth comparative figures for the related periods in the prior
fiscal year (except with respect to financial statements provided for the initial four quarters,
for which prior period comparisons will not be required) and certified by the Company as to
preparation in accordance with GAAP (except for the absence of notes thereto).

     (c) As soon as practicable following the end of each month, the Company shall cause to be
prepared and furnished to each Shareholder, at the Company’s expense, financial statements and
other reports of the Company as and in the format reasonably requested by Toshiba UK.

     (d) Subject to Section 5.01, at the reasonable request of any Shareholder and at such
Shareholder’s expense, the Company shall prepare and deliver to each Shareholder, as soon as
reasonably practicable following such request, any additional financial information and statements
as such Shareholder shall from time to time reasonably request in order to prepare such
Shareholder’s consolidated financial statements and/or exercise its rights and obligations under
this Agreement. The Company shall have no obligation to deliver such information if, and to the
extent that, the collection and/or production of such information would adversely impact the
Company’s day-to-day operations; provided, however, that the Company shall have the obligation to
prepare and deliver three years of historical audited and interim unaudited financial information
of the Westinghouse Group prepared in accordance with GAAP and such other financial information as
required to be filed by Shaw with the Securities Exchange Commission. The requesting Shareholder
shall be responsible for any incremental costs or expenses incurred

18

 

by the Westinghouse Group in connection with additional information it requests pursuant to
this Section 5.03(d).

          SECTION 5.04 Public Announcements

     The Parties agree to consult with each other before issuing any press release or making any
public statement with respect to the Company or its affairs, except for such releases and
statements issued or made by the Company in the ordinary course of business and, except as may be
required by applicable law, rule or regulation or any listing agreement with any securities
exchange, no Party will issue any such press release or make any such public statement without the
prior approval of the other Parties hereto, which shall not be unreasonably withheld or delayed.

          SECTION 5.05 No Inconsistent Actions

     Each Shareholder agrees that, except as expressly permitted in or required by this Agreement,
it shall not (a) grant any proxy, or enter into or agree to be bound by any voting trust, with
respect to any Shares, (b) enter into any shareholder agreements or arrangements of any kind with
any Person with respect to any Shares or (c) take any other action which is inconsistent with the
provisions of this Agreement, including, but not limited to, agreements or arrangements with
respect to the acquisition, disposition or voting of Shares (but except for any financing
activities of Shaw (provided, however, that the key terms of such activities shall
be disclosed to Toshiba in advance and reasonably acceptable to Toshiba) and the Put Option
Agreement), or act, for any reason, as a member of a group or in concert with any other Persons in
connection with the acquisition, disposition or voting of Shares in any manner which is
inconsistent with the provisions of this Agreement.

          SECTION 5.06 No Apparent Authority

     Neither the Company nor any Director, officer or employee thereof shall, in such capacity,
have the authority to bind, commit or otherwise obligate any Shareholder (whether in its capacity
as Shareholder or otherwise) or its Affiliates (other than the Company and its Subsidiaries) in any
manner whatsoever.

          SECTION 5.07 Undertaking by Shaw Sub

     Shaw Sub will not conduct any activities other than activities related to its ownership of the
Class A Shares and the shares of Class A Stock of the US Acquisition Co. and any financing
activities related thereto.

ARTICLE 6

REPRESENTATIONS AND WARRANTIES

     Each of the Parties hereby, severally and not jointly, represents and warrants to the other
Parties as follows:

          SECTION 6.01 Organization

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     Such Party is duly organized, validly existing and (where such concept is recognized) in good
standing under the laws of its jurisdiction of organization with all requisite power and authority
to own, operate and lease its properties and to carry on its business as now being conducted.

          SECTION 6.02 Authorization, Validity and Enforceability of This Agreement

     Such Party has the power and authority to execute, deliver and perform this Agreement, has
taken all necessary action to authorize its execution and delivery of this Agreement and has taken
all necessary corporate action to perform this Agreement and to consummate the transactions
contemplated herein. This Agreement has been duly executed and delivered by such Party and,
assuming valid execution and delivery by the other Parties, constitutes the legal, valid and
binding agreement of such Party, enforceable against it in accordance with its terms.

ARTICLE 7

TRANSFER OF SHARES

          SECTION 7.01 General Restrictions

     (a) Except with the prior written consent of the other Shareholders, in the case of a Transfer
by Toshiba UK, or of Toshiba UK, in the case of a Transfer by any other Shareholders, no
Shareholder shall Transfer any of its Shares prior to October 1, 2012, except for Permitted
Transfers.

     (b) In addition to the restriction on Transfers set forth in Section 7.01(a), no Shareholder
shall Transfer any of its Shares without the prior approval of the Board and the Owner Board,
whether or not such Transfer occurs before, on or after the Exercise Period End Date (as defined in
the Put Option Agreement), except for Permitted Transfers.

     (c) As a condition to the effectiveness of any Transfer permitted by this Agreement, the
transferee must deliver a certificate to the Company and the other Shareholders stating that it
agrees to be bound by the terms and conditions of this Agreement in accordance with Section 10.09,
unless the transferee is already a Party.

     (d) Subject to applicable law and where applicable, subject to receipt by the Company of a
duly executed and stamped stock transfer form, all Transfers of Shares, including, without
limitation, Transfers by encumbrance of Shares, shall be recorded or noted in the Company’s
register of members.

     (e) Upon any Transfer made in accordance with this Article 7, the Shareholders shall make such
amendments to this Agreement as shall be necessary to reflect the addition of a transferee, if
applicable.

          SECTION 7.02 Permissible Transfers

     (a) Each Shareholder may Transfer, upon receipt of the prior written consent of the other
Shareholders, which consent shall not be unreasonably withheld, all (but not less than all)

20

 

of its Shares to any of its Affiliates that such Shareholder Controls; provided,
however, (i) such Shareholder shall pay all costs, taxes and fees associated with such
transfer, (ii) any Affiliate to whom Shares are transferred, prior to such transfer, shall deliver
an certificate to the Company and the other Shareholders stating that it agrees to be bound by the
terms and conditions of this Agreement in accordance with Section 10.09 and the transferring
Shareholder shall be and remain jointly and severally liable with its transferee Affiliates with
respect to such Affiliates’ performance of this Agreement, (iii) all necessary third party consents
and regulatory approvals with respect to such proposed transfer shall have been obtained and (iv)
prior to such time as such Shareholder no longer Controls such Affiliate, such Shareholder will
reacquire the Shares from such Affiliate.

     (b) Notwithstanding the restrictions on Transfer set forth in this Article 7, for so long as
Toshiba UK’s Ownership Percentage exceeds fifty-one percent (51%), Toshiba shall be entitled to
freely transfer its Shares to one or more additional investors; provided, however,
that (i) such Transfer shall be subject to the restrictions of this Agreement if, immediately
following such Transfer, Toshiba’s Ownership Percentage would be less than fifty-one percent (51%)
and (ii) all such Transfers shall comply with the provision of Sections 7.01(c) and 7.01(d). For
so long as Shaw Sub’s Ownership Percentage exceeds fifteen percent (15%), Toshiba UK shall not
transfer any Shares pursuant to this Section 7.02(b) to a Person whose scope of business is
substantially similar to that of Shaw, without Shaw Sub’s prior written consent; provided that
Toshiba UK shall not transfer any Shares pursuant to this Section 7.02(b) to such a Person without
Shaw Sub’s prior written consent if Shaw Sub’s Ownership Percentage falls below fifteen percent
(15%) solely due to dilution caused by equity offerings of the Company.

     (c) Notwithstanding the restrictions on Transfer set forth in this Article 7, Shaw Sub and IHI
shall be entitled to freely transfer their Shares pursuant to the Put Option Agreements.

          SECTION 7.03 Legend on Share Certificates

In addition to any other legend that may be required, each certificate for Shares that is issued to
any holder thereof shall bear a legend in substantially the following form:

“THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER AS SET FORTH IN THE SHAREHOLDERS AGREEMENT
DATED AS OF OCTOBER 4, 2006, AS THE SAME MAY BE AMENDED FROM TIME TO
TIME, COPIES OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE ISSUER
HEREOF.”

          SECTION 7.04 Rights of First Offer

     (a) If, but always subject to the provisions of Section 7.01, any Shareholder proposes to
Transfer any Shares (a “Transferring Shareholder”) other than pursuant to Section 7.02, the
Transferring Shareholder shall, at least 60 days prior to such Transfer, deliver to the other
Shareholders an offer (the “First Offer”) to Transfer such Shares upon the terms referred to in
this Section 7.04. The First Offer shall state (i) the number and type of Shares the Transferring
Shareholder proposes to Transfer (the “First Offer Shares”) and the name of the Transferring

21

 

Shareholder, (ii) the name and address of the proposed offeree (if determined) and (iii) the
proposed amount and type of consideration (including, if the consideration consists in whole or in
part of non-cash consideration, such information available to the Transferring Shareholder as may
be reasonably necessary for the other Shareholders to properly analyze the economic value and
investment risk of such non-cash consideration) and the terms and conditions of payment of the
proposed Transfer, and shall be accompanied by a written offer from the proposed offeree (if
determined) confirming the terms of the First Offer. The First Offer shall remain open and
irrevocable for a period of sixty (60) days (the “First Offer Acceptance Period”) from the date of
its receipt by the other Shareholders.

     (b) Any Shareholder may accept the First Offer and purchase its pro rata portion of the First
Offer Shares (based on the ratio such Shareholder’s Ownership Percentage bears to the Ownership
Percentages of all Shareholders to which a First Offer Notice was delivered) by delivering to the
Transferring Shareholder a notice of such acceptance in writing within the First Offer Acceptance
Period. If any of the other Shareholders (other than Toshiba UK) fails to accept the First Offer,
then Toshiba UK shall have the right to accept such portion of the First Offer as is not accepted
by such other Shareholder within 14 days after the expiry of the First Offer Acceptance Period (the
“Extended First Offer Acceptance Period”). As promptly as practicable after any Shareholder’s
acceptance of the First Offer, such Shareholder and the Transferring Shareholder shall enter into a
customary purchase agreement for the Transfer of such shares reflecting the terms and conditions
set forth in the First Offer Notice.

     (c) If the other Shareholders do not, in the aggregate, purchase all of the First Offered
Shares, then the Transferring Shareholder may, within sixty (60) days after the expiration of the
First Offer Acceptance Period or the Extended First Offer Acceptance Period, as the case may be,
Transfer to the original offeree thereof any or all of the First Offered Shares not purchased by
the other Shareholders on terms and conditions no more favorable to the original offeree thereof
than are described in the First Offer, subject to Sections 7.01 and 7.05, if applicable.

     (d) The provisions of this Section 7.04 shall not apply to Transfers contemplated by Section
7.05, Section 7.06 and any Permitted Transfer.

          SECTION 7.05 Tag-Along Rights

     (a) Toshiba UK or any transferee thereof hereby agrees that if it wishes to Transfer, in one
transaction or in a series of related transactions, to any third party Shares constituting a
majority of the Shares held by it as of the Closing Date, then the terms and conditions of such
Transfer shall include an offer by the transferee to the other Shareholders (the “Tagging
Shareholders”) to include, at the option of each Tagging Shareholder, in the Transfer to the third
party, all of the Shares beneficially owned by such Tagging Shareholder. If Toshiba UK receives a
bona fide offer to Transfer from a third party (a “Tag-Along Offer”), in one transaction or in a
series of related transactions, a majority of the Shares held by it as of the Closing Date which it
desires to accept, Toshiba UK shall then cause the Tag-Along Offer to be reduced to writing and
shall provide written notice (the “Tag-Along Notice”) of such Tag-Along Offer to the Tagging
Shareholders in the manner set forth in this Section 7.05. The Tag-Along Notice shall contain an
offer by such third party to purchase or otherwise acquire, in addition to the Shares being
acquired from Toshiba UK, all of the Shares from the Tagging Shareholders at

22

 

the same price and on the same terms and conditions as contained in the Tag-Along Offer and
shall be accompanied by a true and correct copy of the Tag-Along Offer (which shall identify the
third party purchaser, the number of Shares which the third party is seeking to purchase or
otherwise acquire with respect to which the Shareholders other than Toshiba UK have not exercised
rights of First Offer under Section 7.04, the price contained in the Tag-Along Offer and all the
other terms and conditions of the Tag-Along Offer). Each of the Tagging Shareholders desiring to
accept the Tag-Along Offer shall, within sixty (60) days after the date the Tag-Along Notice is
received by such Tagging Shareholder (the “Tag-Along Notice Period”), deliver a written notice to
Toshiba UK (the “Tag-Along Exercise Notice”). In the event such third party purchaser shall modify
the Tag-Along Offer in any way, Toshiba UK shall send an amended Tag-Along Notice to the Tagging
Shareholders reflecting such modifications and each Tagging Shareholder shall have until the later
of thirty (30) days after the date such amended Tag-Along Notice is received by the it or the end
of the original Tag-Along Notice Period, to deliver an amended Tag-Along Exercise Notice.

     (b) If as of the termination of the Tag-Along Notice Period, any Tagging Shareholder shall not
have accepted the Tag-Along Offer, such Tagging Shareholder shall be deemed to have waived any and
all of its rights under this Section 7.05; provided, that, such sale or disposition
is completed on the terms set forth in the Tag-Along Notice within thirty (30) days after the
termination of the Tag-Along Notice Period.

          SECTION 7.06 Call Rights

     (a) In the event that any Shareholder other than Toshiba UK is or becomes (or there are
reasonable grounds for believing any Shareholder other than Toshiba UK is or has become) insolvent,
in liquidation or in voluntary or involuntary reorganization (each, an “Insolvency Event”), any of
the other Shareholders may request valuation of the Company in accordance with Section 7.06(c).
Within ninety (90) days after the determination of the Company Value pursuant to Section 7.06(c),
each Shareholder shall have the right to purchase some or all its pro rata portion of the Shares
owned by the Shareholder triggering the Insolvency Event (the “Insolvent Shareholder”) (such pro
rata portion to be equal to the ratio of such purchasing Shareholder’s Ownership Percentages to the
Ownership Percentages of all Shareholders other than the Insolvent Shareholder) by delivering to
the Insolvent Shareholder a notice of such acceptance in writing within such period. Each
Shareholder may also exercise the right before the determination of the Company Value pursuant to
Section 7.06(c), and if so such Shareholder may cancel the exercise within thirty (30) days after
such determination. As promptly as practicable after any Shareholder’s exercise of such right (or
if a Shareholder exercises such right before such determination of the Company Value, after such
determination), such Shareholder and the Insolvent Shareholder shall enter into a customary
purchase agreement for the purchase of such Shares. If one or more of the Shareholders has not
indicated a desire to purchase all of the Shares permitted to be purchased by it pursuant to this
Section 7.06(a), then the other Shareholders who have indicated a desire to purchase Shares in
excess of the amounts otherwise permitted to be purchased by such Shareholder pursuant to this
Section 7.06(a) shall be allocated the right to purchase an additional number of Shares until the
entire number of Shares owned by the Insolvent Shareholder and desired to be so purchased shall
have been allocated among the participating Shareholders.

23

 

     (b) In the event that Control of any Shareholder (in case of Shaw Sub, including Control of
Shaw) other than Toshiba UK is directly or indirectly transferred or conveyed to, or is acquired by
(or there are reasonable grounds for believing it has been), (i) a Competitor of Toshiba or (ii)
any other Person and Toshiba UK or any other Person has not consented to such change in Control
(which consent will not be unreasonably withheld in the case of an acquisition by any Person other
than a Competitor) (a “CIC Event”), Toshiba UK may request valuation of the Company in accordance
with Section 7.06(c). Within ninety (90) days of the determination of the Company Value pursuant
to Section 7.06(c), Toshiba UK shall have the right to purchase all (but not less than all) of the
Shares owned by the Shareholder triggering the CIC Event (the “CIC Shareholder”) by delivering to
the CIC Shareholder a notice of such acceptance in writing within such period. Toshiba UK may also
exercise the right before the determination of the Company Value pursuant to Section 7.06(c), and
if so Toshiba UK may cancel the exercise within thirty (30) days after such determination. As
promptly as practicable after Toshiba UK’s exercise of such right (or, if Toshiba UK exercises such
right before such determination of Company Value, after such determination), Toshiba UK and the CIC
Shareholder shall enter into a customary purchase agreement for the purchase of such Shares. The
CIC Shareholder agree not to exercise any of its rights hereunder as well as those as a shareholder
pending the completion of the acquisition by Toshiba of the Shares owned by the CIC Shareholder.
For the avoidance of doubt, the CIC Shareholder may not disclose any Confidential Information of
the Company, the Westinghouse Group, and other Shareholders or their respective Affiliates to any
third party including a Person Controlling the CIC Shareholder, except in compliance with this
Agreement.

     (c) Upon the occurrence of an Insolvency Event or a CIC Event, the Shareholders shall seek to
agree upon the fair market value of the Company as of the date of such event determined on a going
concern basis, without minority discount, marketability discount or premium for change of control,
taking into account such considerations as would customarily affect the price at which a willing
seller would sell and a willing buyer would buy in an arm’s-length transaction (the “Company
Value”). If the Shareholders are unable to agree upon the Company Value within 60 days after the
Insolvency Event or CIC Event, as applicable, then Shareholders holding 1% over the Ownership
Percentage of Toshiba UK and its Affiliates at the time of the Insolvency Event or CIC Event (i.e.,
initially Shareholders holding seventy-eight percent (78%)) of the Shares shall appoint an
independent investment banking firm of recognized international standing (the “IB Firm”) reasonably
acceptable to each of them to make a determination of the Company Value. When the IB Firm has been
selected, each of the Shareholders shall be permitted to submit a written submission within 20 days
as to the matters such Shareholder believes are relevant to determination of the Company Value by
the IB Firm; copies of the written submissions of each Shareholder shall be sent to the other
Shareholders. The IB Firm shall allow each Shareholder 10 days in which to comment in writing on
the written submissions of the other Shareholders. Within 45 days thereafter, the IB Firm shall
determine the Company Value.

     (d) In the event that any Shareholder exercises the put rights set forth in its Put Option
Agreement and the call rights set forth in this Section 7.06 have been, or subsequently are,
exercised with respect to the same Shares, the provisions of such Put Option Agreement shall have
priority.

24

 

     (e) In no event shall a holder of Class A Shares have any obligation to sell any Class A
Shares under this Section 7.06 unless all its Class A Shares are purchased hereunder and all of
such Shareholder’s (or its Affiliate’s) Class A Shares of the US Acquisition Co. are also purchased
concurrently.

ARTICLE 8

ARBITRATION

          SECTION 8.01 Arbitration

     (a) All disputes, controversies or claims (“Disputes”) arising out of or relating to this
Agreement shall first be settled as far as possible by negotiations between the Parties to the
Dispute, in the form of meetings between senior-management level representatives of such Parties
from their respective nuclear energy businesses, upon the written request (a “Request”) by any such
Party to the other such Parties.

     (b) If the Parties to the Dispute are unable to resolve a Dispute within two weeks after
receipt by a Party of a Request, then such Dispute shall be settled as far as possible by
negotiations between the Parties to the Dispute, in the form of meetings of representative officers
(senior vice president or equivalent or above) of such Parties from their respective nuclear energy
business.

     (c) If the Parties to the Dispute are unable to resolve a Dispute within four (4) weeks after
receipt by any Party of a Request, then any Party may submit the Dispute to arbitration to be
finally and exclusively resolved under the Arbitration Rules of the International Chamber of
Commerce (“ICC”) then in effect (the “Rules”), except as modified herein. Except as otherwise
agreed by the Parties to any such arbitration, any such arbitration shall be conducted by a number
of arbitrators equal to the number of Parties to the Dispute plus one and each of the Parties to
the Dispute shall each select one arbitrator in accordance with the Rules, provided,
however, that if both Toshiba and Toshiba UK are the Parties to the Dispute, they should be
considered as one Party for these purposes and they shall be entitled to select only one
arbitrator. The arbitrators so nominated, once confirmed by the International Court of Arbitration
of the ICC (“ICC Court”), shall nominate an additional arbitrator to serve as chairman, such
nomination to be made within 30 days of the confirmation by the ICC Court of the second arbitrator.
If the initial arbitrators shall fail to nominate an additional arbitrator within said 30-day
period, such additional arbitrator shall be appointed by the ICC Court. The arbitrators shall be
required to submit a written statement of their findings and conclusions. Except as otherwise
agreed by the Parties to such Dispute, exclusive venue of arbitration shall be New York, New York,
and the language of the arbitration shall be English and each of the Parties hereby submits to the
non-exclusive jurisdiction of the state and federal courts located in New York, New York for such
purpose and for the enforcement of any arbitral award. By agreeing to arbitration, the Parties do
not intend to deprive any court of its jurisdiction to issue any pre-arbitral injunction,
pre-arbitral attachment or other order in aid of arbitration proceedings.

25

 

     (d) None of the Parties or the arbitrators shall select any Arbitrator for the arbitral
tribunal who has any interest in the Dispute or who has, or within the immediately preceding five
years has had, any economic or other relationship with any Party to the Dispute.

     (e) The award of the arbitrators shall be final and binding upon the Parties, and shall be the
sole and exclusive remedy between and among the Parties regarding any claims, counterclaims,
issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered
in any court having jurisdiction thereof.

ARTICLE 9

LIQUIDATION

          SECTION 9.01 Liquidation Events

     The Shareholders shall seek to commence the winding up of the Company upon the first to occur of
any of the following (each a “Liquidation Event”):

     (i) the sale of all or substantially all of the Company’s assets; and

     (ii) an affirmative approval of the Board to liquidate or otherwise dissolve or
wind up the Company.

          SECTION 9.02 Liquidation Procedures

     (a) Upon the occurrence of a Liquidation Event, the Directors shall make or cause to be made
all appropriate filings, notifications and certifications and take all other actions necessary or
desirable in order to effectuate the orderly liquidation of the Company in accordance with the
terms of this Agreement and all statutory requirements.

     (b) To the extent that there are surplus proceeds of the liquidation of the Company after the
debts of the Company have been paid off in accordance with the statutory order of priority, such
proceeds shall be distributed to the holders of the Shares in compliance with the provisions and
preferences set forth in the Memorandum and Articles of Association of the Company.

ARTICLE 10

MISCELLANEOUS

          SECTION 10.01 Amendments; Waivers; Termination

     (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by Shareholders representing 1%
over the Ownership Percentage of Toshiba UK and its Affiliates at the time of such amendment (i.e.,
initially seventy-eight percent (78%)) of the Ownership Percentages of all Shareholders, or in the
case of a waiver, by the Party against whom the waiver is to be effective. Notwithstanding the
foregoing, if any amendment to this Agreement would adversely affect the

26

 

rights of a Shareholder hereunder, such amendment shall require the express written consent of
such Shareholder.

     (b) No failure or delay by any Party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     (c) This Agreement shall terminate with respect to Shareholders who no longer hold any Shares
of the Company and such Shareholders shall no longer be party to this Agreement.

          SECTION 10.02 Expenses

     Except as otherwise specifically provided herein, all costs and expenses incurred by a Party
in connection with the execution and delivery of this Agreement shall be paid by the Party
incurring such costs or expenses.

          SECTION 10.03 Notices

     Any notices and other communications required to be given pursuant to this Agreement shall be
in writing in English and shall be effective upon delivery by hand or upon receipt if sent by mail
(registered or certified mail, postage prepaid) or upon transmission if sent by facsimile (with
request for confirmation of receipt in a manner customary for communications of such respective
type), except that if notice is received after 5:00 p.m., local time, on a Business Day at the
place of receipt, it shall be effective as of the following Business Day. Notices are to be
addressed as follows:

          If to Toshiba or Toshiba UK or the Company, to:

Toshiba Corporation

Toshiba Building 31B

1-1-1, Shibaura, Minato-ku, Tokyo 105-8001, Japan

Attention: General Manager Legal Affairs Department, Power Systems and Services Company

Facsimile No.: + 81-3-5444-9183

Email: ushio.kawaguchi@toshiba.co.jp

          with a copy, which shall not constitute notice, to:

Skadden, Arps, Slate, Meagher & Flom LLP

Izumi Garden Tower 21st Floor

1-6-1 Roppongi Minato-ku, Tokyo, 106-6021, Japan

Attention: Mitsuhiro Kamiya, Partner

Facsimile No.: + 81-3-3568-2626

Email: mkamiya@skadden.com

          If to Nuclear Energy Holdings, L.L.C. to:

27

 

The Shaw Group, Inc.

4171 Essen Lane

Baton Rouge, Louisiana 70809

Attention: Gary Graphia, Secretary and General Counsel

Facsimile No.: + 1-225-925-9146

Email: gary.graphia@shawgrp.com

          with a copy, which shall not constitute notice, to:

Vinson & Elkins LLP

1001 Fannin Street, Suite 2300

Houston, TX 77002

Attention: David Stone, Partner

Facsimile No.: + 1-713-615-5141

Email: dstone@velaw.com

          If to IHI, to:

Ishikawajima-Harima Heavy Industries Co., Ltd.

1, Shin-Nakahara-cho,

Isogo-ku, Yokohama 235-8501, Japan

Attention: Kazuo Watanabe, Associate Director & Division Director,

Nuclear Power Division

Facsimile No.: +81-45-759-2524

Email: kazuo_watanabe@ihi.co.jp

          with a copy, which shall no constitute notice, to

White & Case LLP/Tokyo Office

19-1, Kandanishiki-cho 1-chome

Chiyoda-ku, Tokyo 101-0054, Japan

Attention: Robert F. Grondine

Facsimile No.: +81-3-3259-0155

Email: rgrondine@whitecase.com

or to such other respective addresses as any Party shall designate to the others by notice in
writing, provided that notice of a change of address shall be effective only upon receipt. Any
Person who becomes a Party shall provide its address and fax number to the Company, which shall
promptly provide such information to each other Shareholder.

          SECTION 10.04 Governing Law; Severability

     This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York, without giving effect to the principles of conflicts of law thereof (other than
Sections 5-1401 and 5-1402 of the New York General Obligation Law) but except to the extent the
internal laws of the State of Delaware are required to apply. If it shall be determined by an
arbitration tribunal or a court of competent jurisdiction that any provision or wording of this

28

 

Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall not
invalidate the entire Agreement, in which case this Agreement shall be construed so as to limit any
term or provision so as to make it enforceable or valid within the requirements of New York and
English law, and, in the event such term or provision cannot be so limited, this Agreement shall be
construed to omit such invalid or unenforceable provisions.

          SECTION 10.05 Counterparts

     This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. Executed counterparts delivered by facsimile or electronically will be considered for
all purposes to be equivalent to the executed original for binding effect.

          SECTION 10.06 Entire Agreement

     This Agreement contains the entire agreement among the Parties with respect to the subject
matter of this Agreement and supersedes all prior agreements and understandings, both oral and
written, among the Parties with respect to such subject matter, including the Participation
Agreements. No representation, inducement, promise, understanding, condition or warranty not set
forth in this Agreement has been made or relied upon by any Party.

          SECTION 10.07 Effectiveness

     This Agreement shall become effective subject to and effective upon the Closing and only upon
the execution and delivery hereof by all of the Parties and shall continue in full force and effect
until the dissolution of the Company, except as may be terminated earlier by the Parties; provided,
however, that if the Investment Agreement is terminated prior to the Closing this Agreement shall
also terminate as to such terminated Parties, without any further action by the Parties.

          SECTION 10.08 Binding Effect; Benefit

     This Agreement shall inure to the benefit of and, subject to Section 10.07, be binding upon
the Parties and their respective heirs, successors, legal representatives and permitted assigns.
Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the
Parties and their respective heirs, successors, legal representatives and permitted assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement.

          SECTION 10.09 Assignability

     (a) Except as otherwise expressly provided herein, neither this Agreement nor any right or
obligation hereunder may be assigned or delegated in whole or in part by any Party without the
prior written consent of the other Parties, and any such attempted assignment or delegation without
such consent shall be null, void ab initio and without effect. Any permitted assignment of this
Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. Any Person acquiring Shares who is required by the terms of this
Agreement to become a Party hereto shall execute and deliver to the

29

 

Company and the other Shareholders an agreement to be bound by this Agreement and shall
thenceforth be a “Shareholder,” and any Shareholder who ceases to beneficially own any Shares at
all shall cease to have any rights or obligations hereunder (other than as provided in Sections
3.06, (but only with respect to the A Accruals, as such term is defined in the Memorandum and
Articles of Association of the Company), 5.01, 8.01, Article 9 (but only with respect to the A
Accruals) and 10.02).

     (b) The restrictions in paragraph (a) above shall not apply to collateral assignment by Shaw
Sub in connection with its financing arrangements for the purchase of its Shares; provided that (i)
the terms of any such collateral assignment require that any enforcement thereof shall only be
carried out in conjunction with a transfer to such assignee of the Shares owned by Shaw Sub and
(ii) such assignee must execute an acknowledgement that it shall be bound by the obligations of
Shaw Sub pursuant to this Agreement as a condition to enforcing any rights hereunder.

          SECTION 10.10 Headings

     Section headings contained in this Agreement are for reference only and are not intended to
describe, interpret, define or limit the scope or intent of this Agreement or any provision hereof.

          SECTION 10.11 Survival

     The provisions of Sections 5.01, 7.02, 8.01, 10.02, 10.03, 10.04 and 10.13 and of this Section
10.11 shall survive any termination of this Agreement and any dissolution of the Company, together
with the liability of any Party with respect to a breach of any agreement or covenant contained
herein.

          SECTION 10.12 Further Assurances

     Each Party hereby agrees to execute and deliver all such other and additional instruments and
documents and to do all such other acts and things as may be reasonably necessary more fully to
effectuate this Agreement and carry on the business of the Company contemplated herein.

          SECTION 10.13 No Third-Party Beneficiaries

     This Agreement is for the benefit of the Parties and is not intended to confer upon any other
Person any rights or remedies hereunder.

          SECTION 10.14 Specific Performance

     Each of the Parties acknowledges and agrees that any breach by it of any provision of this
Agreement would irreparably injure another Party and that money damages would be an inadequate
remedy therefor. Accordingly, each of the Parties agrees that, in addition to any money damages,
the other Parties shall be entitled to one or more injunctions enjoining any such breach and
requiring specific performance of this Agreement and consents to the entry thereof.

          SECTION 10.15 Preemptive Rights

30

 

     (a) With respect to the issuance by the Company of additional Shares (“New Shares”), all
Shareholders may elect to subscribe for and purchase for the issuance price offered by the Company
a portion of such New Shares sufficient to maintain its current Ownership Percentage.

     (b) The Company shall give each Shareholder thirty (30) days written notice before making any
sale or offering of New Shares and shall advise the Shareholder of its rights under this Section
10.15 to participate in such offering. The notice shall describe the price and the terms on which
the Company proposes to sell, transfer or otherwise sell or distribute such New Shares together
with a calculation of the Shareholder’s Ownership Percentage and the number of shares it would be
allowed to purchase under this section to maintain its Ownership Percentage after such sale was
complete. Each Shareholder then shall have thirty (30) days after the date of the notice to advise
the Company in writing whether the Shareholder will exercise its rights hereunder and to deliver
payment in full for the New Shares it elects to purchase. If a Shareholder fails to deliver
payment for its portion of the New Shares within the requisite time period, the Company shall
proceed with the offering of such New Shares according to the plan described in the notice
delivered to the Shareholder and any Shareholder failing to exercise such rights shall have no
further preemptive purchase rights under this section in connection with the offering.

          SECTION 10.16 No fetter on Company’s powers

     Nothing in this Agreement shall operate to limit or negate in any way the Company’s ability to
exercise any right or power afforded to it by any applicable law. Any provision purporting to so
fetter the Company shall be severed from this Agreement, which severance shall not affect the
validity, legality or enforceability of the remaining provisions of this Agreement.

          SECTION 10.17 Limited Recourse to Shaw Sub

     (a) Notwithstanding any other provision of this Agreement, the obligations of Shaw Sub
hereunder are limited recourse obligations of Shaw Sub, payable solely from its own assets and only
to the extent of funds available after repayment in full of the Bonds and all other Secured
Obligations. No recourse shall be had to any of the members, shareholders, subscribers, directors,
officers, partners, employees or agents of Shaw Sub or any of their respective successors and
assigns in respect to the obligations of Shaw Sub hereunder or arising in connection herewith.

     (b) Each Shareholder agrees not to institute against, or join any other Person in instituting
against, Shaw Sub any bankruptcy, reorganization, arrangement, insolvency, moratorium or
liquidation proceedings or other proceedings under U.S. federal or state bankruptcy or similar laws
until at least one year and one day or, if longer, the applicable preference period then in effect
plus one day, after the repayment in full of the Bonds and all other Secured Obligations.

For the purposes of this Section 10.17:

31

 

“Bonds” means the bonds issued by Shaw Sub on or about the date hereof. Immediately after the
issuance of the Bonds, Shaw Sub shall notify to Toshiba and the Company the amount and interest
rate of the Bonds, provided that Shaw Sub shall be responsible for making the foreign exchange
conversion to yen value transparent to Toshiba and the Company.

“Secured Obligations” means all amounts owed by Shaw Sub to the secured parties under and in
connection with the Bonds.

32

 

     IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	TOSHIBA CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Masao Niwano
	 	 
	 

	 	 	 	Title: Director, Corporate Senior Executive

Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	TSB NUCLEAR ENERGY INVESTMENT UK LIMITED.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Shigenori Shiga
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	NUCLEAR ENERGY HOLDINGS, L.L.C.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Gary P. Graphia
	 	 
	 

	 	 	 	Title: Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO., LTD.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Yasuo Shinohara
	 	 
	 

	 	 	 	Title: Board Director and Managing Executive
Officer, President of Energy & Plant Operations	 	 
	 
	 	 	 	 	 	 
	 	 	TOSHIBA NUCLEAR ENERGY HOLDINGS (UK) LIMITED
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name: Shigenori Shiga
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

SCHEDULE A

List of Permitted Acquisitions or Disposals

1. Fuel

     Investment for cost reduction in the fuel operation.

(M$)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investment Item	 	FY2008	 	FY2009	 	FY2010
	Re-conversion facility
	 	 	35.8	 	 	 	35.8	 	 	 	35.8	 
	For regulatory compliance
	 	 	22.7	 	 	 	4.7	 	 	 	2.5	 
	Handling and inspection equipment
	 	 	25.4	 	 	 	13.8	 	 	 	5.7	 
	Sum
	 	 	83.9	 	 	 	54.3	 	 	 	44.0	 

Note: These investments are not included the investment amount ordinarily made in the fuel
business.

2. PBMR

     Fulfillment of the condition precedent in the new Shareholders Agreement of PEBBLE BED MODULAR
REACTOR (PROPRIETARY) LIMITED which has been assumed by Westinghouse Electric Company LLC. The
balance of obligation is $10 million as of the date of this Agreement.

3. PaR

     Acquisition of the balance of shares of PaR Nuclear Holding Inc. The cost of acquisition is
expected to be $17.2 million in fiscal year 2007.

A-1

 

 

SCHEDULE B

BNFL COMMITMENTS

I. Financial Guarantees

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Underlying	 	 	 	 
	 	 	Type and Date	 	Governing	 	Contract/	 	Term of	 	 
	Beneficiary	 	of Guarantee	 	Law	 	Obligations	 	Guarantee	 	Amount *
	Bank One, NA

	 	Payment Guarantee

Date TBD
	 	England
	 	Credit Line for FX
	 	Unspecified
	 	USD 50,000,000
	 
	 	 	 	 	 	 	 	 	 	 
	Federal Insurance 

Company (Chubb)

	 	General Agreement
of Indemnity
3/8/99
	 	Unspecified
	 	Surety Bonds
	 	Unspecified
	 	USD 31,077,838
	 
	 	 	 	 	 	 	 	 	 	 
	JPMorgan Chase
Bank, N.A. as
Administrative Agent

	 	Payment Guarantee

4/1/05
	 	New York
	 	Revolving Credit

Facility
	 	Facility Expiry

9/08
	 	USD 600,000,000
	 
	 	 	 	 	 	 	 	 	 	 
	American Insurance 

Group

	 	Deed of Counter-
Indemnity
5/5/03
	 	England
	 	Surety Bonds
	 	Expiry of Last
Bond
	 	USD 64,891,203
	 
	 	 	 	 	 	 	 	 	 	 
	Bank Brussels 

Lambert

	 	Letter of Undertaking
12/22/00
	 	Unspecified
	 	Credit Facility for
Overdrafts,
Advances and
Bank Guarantees
	 	Unspecified
	 	EUR 9,915,742
	 
	 	 	 	 	 	 	 	 	 	 
	Commerzbank AG

	 	Payment Guarantee

3/22/00
	 	Germany
	 	Credit Facility for
Overdrafts, FX and
Bank Guarantees
	 	Facility Expiry
	 	EUR 16,000,000**
	 
	 	 	 	 	 	 	 	 	 	 
	Deutsche Bank AG

	 	Payment Guarantee

7/11/03
	 	Germany
	 	Credit Facility for
Overdrafts, FX and
Bank Guarantees
	 	6/30/08
	 	EUR 16,000,000**
	 
	 	 	 	 	 	 	 	 	 	 
	Skandinaviska 

Enskilda Banken AB

	 	Payment Guarantee

12/4/02
	 	England
	 	Credit Line for
Bank Guarantees
Issued to support
Swedish Pension
Plan
	 	10/31/07
	 	SEK 25,000,000
	 
	 	 	 	 	 	 	 	 	 	 
	BNP Paribas

	 	Payment Guarantee

11/26/02
	 	England
	 	FX Facility for EdF

Contract
	 	Unspecified
	 	EUR 40,000,000
	 
	 	 	 	 	 	 	 	 	 	 
	Bayerische Hypo-

Und Veriensbank 

AG

	 	2/25/05
	 	England
	 	FX Facility
	 	Unspecified
	 	USD 15,000,000

 

			
	*	 	Note: The Amount does not necessarily reflect the current size of BNFL’s contingent
liability pursuant to each guarantee. This is difficult to ascertain and is subject to
variation as underlying obligations change. For credit lines, surety bonds and FX and credit
facilities, the Amount is the total amount of such instrument (whether drawn or undrawn).
	 
	**	 	Amount to be verified.

B-1

 

II. Transactional Guarantees

	 	 	 
	Beneficiary	 	Type and Date of Guarantee
	United States Department of Energy

	 	Performance

6/15/99
	 
	 	 
	CBS Corporation (Viacom)

	 	Amended and Restated ESBU Guarantee 3/22/99 of all
performance obligations
under the ESBU Asset Purchase Agreements 3/22/99
(Joint and Several Obligation with Washington Group
International, Westinghouse Government Services LLC,
Westinghouse Government Environmental Services LLC,
Magnox Electric Ltd., BNFL USA Group Inc., BNFL Nuclear
Services Inc., and BNFL Inc.)
	 
	 	 
	Ameren Services Company

	 	Novation of CBS Contracts

8/20/99
	 
	 	 
	Carolina Power & Light

	 	Novation of CBS Contracts

2/10/00
	 
	 	 
	CEZ

	 	Novation of CBS Contracts

6/28/99
	 
	 	 
	Duke Energy Corporation

	 	Novation of CBS Contracts

6/30/00
	 
	 	 
	Entergy Operations, Inc.

	 	Novation of CBS Contracts

9/21/99
	 
	 	 
	Korea Electric Power Corporation

	 	Novation of CBS Contracts

1 /30/00
	 
	 	 
	New York Power Authority

	 	Novation of CBS Contracts

1/19/00
	 
	 	 
	Rochester Gas & Electric

	 	Novation of CBS Contracts

2/22/00
	 
	 	 
	South Carolina Electric & Gas Company

	 	Novation of CBS Contracts

2/11/00
	 
	 	 
	Tennessee Valley Authority

	 	Novation of CBS Contracts

7/7/00
	 
	 	 
	Barseback Kraft Aktiebolag

	 	Performance Guarantee in connection with ABB Acquisition

10/27/00
	 
	 	 
	OKG Aktiebolag

	 	1. Transfer of ABB contract

10/27/00

2. Transfer of ABB contract

11/5/01

B-2exv10w6

 

EXHIBIT
10.6

Dated 13 October 2006

NUCLEAR ENERGY HOLDINGS, L.L.C.

(the Issuer)

and

THE BANK OF NEW YORK

(the Trustee)

BOND TRUST DEED

Linklaters

Ref: 01/210/E.Hickman/ANXJ

 

 

Table of Contents

	 	 	 	 	 
	 	 
	Contents
	 	Page
	 

	1 Definitions
	 	 	1	 
	 
	 	 	 	 
	2 Covenant to repay and to pay Interest on Bonds
	 	 	4	 
	 
	 	 	 	 
	3 Trustee’s Requirements Regarding Paying Agents 
	 	 	5	 
	 
	 	 	 	 
	4 Form and Issue of Bonds
	 	 	6	 
	 
	 	 	 	 
	5 Fees, Duties and Taxes 
	 	 	7	 
	 
	 	 	 	 
	6 Trust 
	 	 	7	 
	 
	 	 	 	 
	7 Cancellation of Bonds and Records
	 	 	7	 
	 
	 	 	 	 
	8 Enforcement 
	 	 	7	 
	 
	 	 	 	 
	9 Action, Proceedings and Indemnification 
	 	 	8	 
	 
	 	 	 	 
	10 Application of Moneys 
	 	 	8	 
	 
	 	 	 	 
	11 Notice of Payments 
	 	 	9	 
	 
	 	 	 	 
	12 Investment by Trustee 
	 	 	9	 
	 
	 	 	 	 
	13 Partial Payments 
	 	 	9	 
	 
	 	 	 	 
	14 Covenants and Warranties by the Issuer
	 	 	9	 
	 
	 	 	 	 
	15 Remuneration and Indemnification of Trustee
	 	 	20	 
	 
	 	 	 	 
	16 Supplement to Trustee Acts 
	 	 	21	 
	 
	 	 	 	 
	17 Trustee’s Liability
	 	 	27	 
	 
	 	 	 	 
	18 Trustee Contracting with the Issuer and Others
	 	 	28	 
	 
	 	 	 	 
	19 Waiver,
Authorisation and Determination
	 	 	28	 
	 
	 	 	 	 
	20 Entitlement to Treat Bondholder as Absolute Owner
	 	 	29	 
	 
	 	 	 	 
	21 Currency Indemnity
	 	 	30	 
	 
	 	 	 	 
	22 New Trustee
	 	 	30	 
	 
	 	 	 	 
	23 Trustee’s Retirement and Removal
	 	 	31	 
	 
	 	 	 	 
	24 Trustee’s Powers to be Additional 
	 	 	31	 
	 
	 	 	 	 
	25 Notices
	 	 	32	 
	 
	 	 	 	 
	26 Limited Recourse and Non-Petition
	 	 	32	 
	 
	 	 	 	 
	27 Governing Law 
	 	 	32	 

- i -

 

 

	 	 	 	 	 
	Contents
	 	Page
	 

	28 Submission to Jurisdiction 
	 	 	32	 
	 
	 	 	 	 
	29 Counterparts
	 	 	33	 
	 
	 	 	 	 
	30 Contracts (Rights of Third Parties) Act 1999
	 	 	33	 
	 
	 	 	 	 
	Schedule 1 Certificate of Compliance
	 	 	34	 
	 
	 	 	 	 
	Schedule 2 Form of Global Bonds 
	 	 	35	 
	 
	 	 	 	 
	Part 1A Form of Temporary Global Bond
	 	 	35	 
	 
	 	 	 	 
	The
Schedule Part I Payments of Principal and Interest
	 	 	40	 
	 
	 	 	 	 
	Schedule 2 Form of Global Bonds
	 	 	46	 
	 
	 	 	 	 
	Part 1B Form of Temporary Global Bond
	 	 	46	 
	 
	 	 	 	 
	The Schedule Part I Payments of Principal and Interest
	 	 	51	 
	 
	 	 	 	 
	Part 2A Form of Permanent Global Bond
	 	 	57	 
	 
	 	 	 	 
	Part 2B Form of Permanent Global Bond
	 	 	64	 
	 
	 	 	 	 
	Schedule 3 Form of Definitive Bond and Coupons and Conditions of the Bonds 
	 	 	70	 
	 
	 	 	 	 
	Part 1 Form of Definitive Fixed Rate Bond
	 	 	70	 
	 
	 	 	 	 
	Part 2 Form of Coupon
	 	 	72	 
	 
	 	 	 	 
	Part 3 Form of Talon
	 	 	73	 
	 
	 	 	 	 
	Part 4 Form of Definitive Floating Rate Bond
	 	 	74	 
	 
	 	 	 	 
	Part 5 Form of Coupon
	 	 	76	 
	 
	 	 	 	 
	Part 6 Form of Talon 
	 	 	77	 
	 
	 	 	 	 
	Schedule 4 Terms and Conditions of the Bonds
	 	 	78	 
	 
	 	 	 	 
	Schedule 5 Provisions for Meetings of Bondholders
	 	 	101	 
	 
	 	 	 	 
	Schedule 6 Notices 
	 	 	110	 

- ii -

 

 

This Bond Trust Deed is made on 13 October 2006 between:

	(1)	 	NUCLEAR ENERGY HOLDINGS, L.L.C., a company with limited liability organised under the
laws of the State of Delaware, United States of America, whose registered office is c/o Corporation
Trust Center, 1209 Orange Street, Wilmington, Delaware 19801-1120
(the “Issuer”); and
	 
	(2)	 	THE BANK OF NEW YORK, whose principal office is at One Canada Square, London E14 5AL
(the “Trustee”, which expression shall, wherever the context so admits, include such company and
all other persons or companies for the time being the trustee or trustees of these presents) as
trustee for the Bondholders.

Whereas:

	(A)	 	By a unanimous written consent of the members of the Issuer passed on 2 October
2006, the Issuer has resolved to issue the Bonds, to be constituted by this Bond Trust Deed.
	 
	(B)	 	The Trustee has agreed to act as trustee of these presents for the benefit of the
Bondholders upon and subject to the terms and conditions of these presents.

Now this Bond Trust Deed witnesses and it is agreed and declared as follows:

	1	 	Definitions
	 
	1.1	 	Unless otherwise defined in these presents words and expressions defined in
the Conditions, in the deed of charge signed on or about the date of this Bond Trust Deed by, among
others, the parties to this Bond Trust Deed (the “Deed of Charge”) and/or the agency agreement
signed on or about the date of this Bond Trust Deed by, among others, the parties to this Bond
Trust Deed (the “Agency Agreement”) have the same meaning when used in these presents.
	 
	1.2	 	The rules of interpretation set out in Clause 1.2 of the Deed of Charge apply to
this Bond Trust Deed.
	 
	1.3	 	In these presents unless there is anything in the subject or context inconsistent
therewith the expressions listed below shall have the following meanings:
	 
	 	 	“Balance” means, where the Issuer is obliged by the Conditions to exercise the
Put Right in respect of its HoldCo Shares and the Issuer decides to either (i) exercise the Put
Right in part only or (ii) not to exercise the Put Right at all, an amount equal to the aggregate
of the Principal Amount Outstanding under the Bonds and the Call Premium (if applicable) less
amounts available to be drawn under the Principal Letter of Credit (and, in the case of a partial
exercise only, the aggregate Put Price for such partial exercise);
	 
	 	 	“Bondholders” means the persons who for the time being are holders of the
Bonds;
	 
	 	 	“Bonds” means the Fixed Rate Bonds and the Floating Rate Bonds constituted by this Bond
Trust Deed and for the time being outstanding or, as the context may require, a specific number of
them and includes any replacement Bonds issued pursuant to the Conditions and (except for the
purposes of Clause 4.1) the Global Bonds;
	 
	 	 	“Bond Documents” mean all of the Transaction Documents but shall exclude the Shareholders
Agreements, the Investment Agreements and the Put Option Agreements;
	 
	 	 	“Conditions” means in respect of the Bonds, the terms and conditions applicable to them
which shall be substantially in the form set out in Schedule 4 as modified, with respect to

- 1 -

 

	 	 	any Bonds represented by a Global Bond, by the provisions of such Global Bond, shall
incorporate any additional provisions forming part of such terms and conditions set out in this
Bond Trust Deed and shall be endorsed on the Definitive Bonds and any reference to a particularly
numbered Condition shall be construed accordingly;
	 
	 	 	“Definitive Bonds” means a Bond in definitive form having, where appropriate, Coupons
attached on issue and, unless the context requires otherwise, includes any replacement Bond in
definitive form issued pursuant to the Conditions;
	 
	 	 	“Event of Default” means the events specified as such in Condition 9;
	 
	 	 	“Exercise Period” has the meaning given to it in the Put Option Agreements;
	 
	 	 	“Fixed Rate Bonds” means the JPY50,980,000,000 2.20 per cent. Fixed Rate Bonds due
2013;
	 
	 	 	“Floating Rate Bonds” means the JPY78,000,000,000 Floating Rate Bonds due 2013;
	 
	 	 	“Global Bonds” means the Permanent Global Bonds and the Temporary Global Bonds;
	 
	 	 	“HoldCo Shares” has the meaning ascribed to it in the Put Option Agreements;
	 
	 	 	“Officers” means the officers for the time being of the Issuer;
	 
	 	 	“outstanding” means in relation to the Bonds all the Bonds issued other than:

	 	(a)	 	those Bonds which have been redeemed pursuant to these presents;
	 
	 	(b)	 	those Bonds in respect of which the date for redemption in accordance
with the Conditions has occurred and the redemption moneys (including and all interest payable
thereon) have been duly paid to the Trustee or to the Principal Paying Agent in the manner provided
in the Agency Agreement (and where appropriate notice to that effect has been given to the relative
Bondholders in accordance with Condition 15) and remain available for payment against presentation
of the relevant Bonds and/or coupons;
	 
	 	(c)	 	those Bonds which have become void under Condition 10;
	 
	 	(d)	 	those mutilated or defaced Bonds which have been surrendered and cancelled and in
respect of which replacements have been issued pursuant to Condition 11;
	 
	 	(e)	 	(for the purpose only of ascertaining the aggregate Principal Amount Outstanding of the
Bonds and without prejudice to the status for any other purpose of the Bonds) those Bonds which are
alleged to have been lost, stolen or destroyed and in respect of which replacements have been
issued pursuant to Condition 11;
	 
	 	(f)	 	any Global Bond to the extent that it shall have been exchanged for another
Global Bond in respect of the Bonds or for the Bonds in definitive form pursuant to its provisions;
and
	 
	 	PROVIDED THAT for each of the following purposes, namely:

	 	(i)	 	the right to attend and vote at any meeting of the Bondholders, the passing of any
resolution in writing, the passing of any Extraordinary Resolution or Written Resolution and any
direction or request by the Bondholders;

- 2 -

 

	 	(ii)	 	the determination of how many and which Bonds are for the time being outstanding for the
purposes of Clause 8.1, Conditions 9 and 13 and paragraphs 4, 7 and 9 of Schedule 5;
	 
	 	(iii)	 	any discretion, power or authority (whether contained in these presents or vested by
operation of law) which the Trustee is required, expressly or impliedly, to exercise in or by
reference to the interests of the Bondholders or any of them; and
	 
	 	(iv)	 	the determination by the Trustee whether any event, circumstance, matter or thing is,
in its opinion, materially prejudicial to the interests of the Bondholders or any of them,

those Bonds (if any) which are for the time being held by or on behalf of or for the benefit of the
Issuer, any holding company or any other subsidiary of such holding company as beneficial owner and
all Toshiba Bonds, shall (unless and until ceasing to be so held) be deemed not to remain
outstanding;

“Permanent Global Bonds” means the permanent global bonds representing the Bonds
substantially in the form set out in Part 2A and 2B of Schedule 2 to this Bond Trust Deed, and
“Permanent Global Bond” shall mean any one of them;

“Potential Event of Default” means an event or circumstance that could with the giving of notice,
lapse of time, issue of a certificate and/or fulfilment of any other requirement provided for in
Condition 9 become an Event of Default;

“Put Option Agreements” means the US Put Option Agreement and the UK Put Option
Agreement;

“Put Substitution Letter of Credit” means a direct pay irrevocable letter of credit to the
Trustee, in form and substance satisfactory to the Trustee issued by a Put Substitution Letter of
Credit Bank for an amount equal to the Balance and in circumstances where the Issuer is obliged by
the Conditions to exercise the Put Right in respect of its HoldCo Shares and the Issuer decides to
either (i) exercise the Put Right in part only or (ii) not to exercise the Put Right at all;

“Put Substitution Letter of Credit Bank” means a bank with a senior-unsecured long-term credit
rating of at least Aa3 by Moody’s and AA- or equivalent by
R&I acting as the put substitution
letter of credit bank pursuant to the Put Substitution Letter of Credit;

“Shareholders Agreements” means the US Shareholders Agreement and the UK Shareholders
Agreement;

“Shaw Group” means The Shaw Group Inc. and all of its affiliates (other than the
Issuer);

“Toshiba” means Toshiba Corporation;

“Toshiba Bonds” means Bonds held, legally or beneficially, by or on behalf of Toshiba or any
of its affiliates (or in respect of which the relevant Bondholder or any other person has made a
declaration of trust in respect of, entered into a sub-participation arrangement with or entered
into any other arrangement having substantially the same economic effect (or granting voting
control over the relevant Bonds to) with Toshiba or any of its affiliates);

“Toshiba Event” has the meaning given to it in the Put Option Agreements;

“these presents” means this Bond Trust Deed and the Schedules and any deed supplemental hereto and
the Schedules (if any) thereto, the Deed of Charge and the

- 3 -

 

Bonds and the Conditions,
all as from time to time modified in accordance with the provisions herein or therein
contained;

“Temporary Global Bonds” means the temporary global bonds representing the Bonds
substantially in the form set out in Part 1A and 1B of Schedule 2 to this Bond Trust Deed and

“Temporary Global Bond” shall mean any one of them;

“Trust Corporation” means (i) a corporation appointed by court to be a trustee or (ii) a
corporation entitled to act as a trustee pursuant to the Public Trustee Act 1906 or (iii) otherwise
entitled pursuant to relevant legislation to carry on the functions of a trustee;

“UK Put Option Agreement” means the put option agreement dated on or about the date of this Bond Trust
Deed between the Issuer and Toshiba related to the UK Shares;

“UK Shareholders Agreement” means the shareholders agreement dated 4 October 2006 between Toshiba, UK
HoldCo and the other shareholders of UK HoldCo;

“Underlying Acquisition” means the acquisition by the HoldCos of, in the case of
US HoldCo, BNFL USA Group Inc. and, in the case of UK HoldCo, Westinghouse Electric UK Limited,
which together constitute the Westinghouse Group to be purchased by Toshiba pursuant to its
previously announced acquisition of the Westinghouse Group from BNFL Ltd. and its affiliates;

“US Put Option Agreement” means the put option agreement dated on or about the date of this
Bond Trust Deed between the Issuer and Toshiba related to the US Shares; and

“US Shareholders Agreement” means the shareholders agreement dated 4 October 2006 between
Toshiba, US HoldCo and the other shareholders of US HoldCo.

	2	 	Covenant to repay and to pay Interest on Bonds
	 
	2.1	 	The aggregate principal amount of the Fixed Rate Bonds is limited to
JPY50,980,000,000, and the aggregate principal amount of the Floating Rate Bonds
is limited to JPY78,000,000,000.
	 
	2.2	 	The Issuer covenants with the Trustee that it will, in accordance with these
presents, on any date on which any of the Bonds becomes due to be redeemed in whole or in part in
accordance with the Conditions, pay or procure to be paid unconditionally to or to the order of the
Trustee in Yen in London in immediately available funds the principal amount of the Bonds repayable
on that date, together with the Call Premium (if any), as consideration for the advance of the
principal and any other provisions from which the Issuer benefits in respect of the Bonds (other
than the use of the principal secured from time to time) and shall
in the meantime and until such date (both before and after any judgment or other order of a court
of competent jurisdiction) pay or procure to be paid unconditionally to or to the order of the
Trustee as aforesaid interest as the sole consideration for the use of the principal secured from
time to time (which shall accrue from day to day) on the Principal Amount Outstanding of the Bonds
at rates specified in, or calculated from time to time in accordance with, the Conditions and on
the dates provided for in the Conditions PROVIDED THAT:

	 	(a)	 	every payment of principal, Call Premium or interest in respect of the Bonds to or to the
account of the Principal Paying Agent in the manner provided in the Agency Agreement shall operate
in satisfaction pro tanto of the relative covenant by the

- 4 -

 

	 	 	 	Issuer in this Clause except
to the extent that there is default in the subsequent payment thereof in accordance with the
Conditions to the relevant Bondholders;
	 
	 	(b)	 	in any case where payment of principal or Call Premium in respect of the Bonds is not
made to the Trustee or the Principal Paying Agent on or before the due date interest shall continue
to accrue on the aggregate Principal Amount Outstanding of the Bonds and any Call Premium (both
before and after any judgment or other order of a court of competent jurisdiction) at the rate or
rates aforesaid (or, if higher, the rate of interest on judgment debts for the time being provided
by English law) up to and including the date which the Trustee determines to be the date on and
after which payment is to be made to the Bondholders in respect thereof as stated in a notice given
to the Bondholders in accordance with Condition 15 (such date to be not later than 30 days after
the day on which the whole of such principal amount and any Call Premium, together with an amount
equal to the interest which has accrued and is to accrue pursuant to this proviso up to and
including that date, has been received by the Trustee or the Principal Paying Agent); and
	 
	 	(c)	 	in any case where payment of any principal or Call Premium in respect of any Bond is
improperly withheld or refused upon due presentation thereof (other than in circumstances
contemplated by proviso (b) above) interest shall accrue on such principal or Call Premium which
has been so withheld or refused (both before and after any judgment or other order of a court of
competent jurisdiction) at the rate or rates aforesaid (or, if higher, the rate of interest on
judgment debts for the time being provided by English law) from and including the date of such
withholding or refusal up to and including the date on which, upon further presentation of the
relevant Bond, payment of the full amount (including interest as aforesaid) payable in respect of
such Bond is made or (if earlier) the seventh day after notice is given to the relevant Bondholder
(either individually or in accordance with the Conditions) that the full amount (including interest
as aforesaid) payable in respect of such Bond is available for payment, provided that, upon further
presentation thereof being duly made, such payment is made.

	3	 	Trustee’s Requirements Regarding Paying Agents
	 
	 	 	At any time after an Event of Default or a Potential Event of Default shall have occurred or
if there is a failure to make payment of any amount in respect of any Bond when due or the Trustee
shall have received any money which it proposes to pay under Clause 10 to the Bondholders, the
Trustee may:

	 	(a)	 	by notice in writing to the Issuer, the Principal Paying Agent and the other Paying
Agents require the Principal Paying Agent and the other Paying Agents pursuant to the Agency
Agreement:

	 	(i)	 	to act thereafter as Principal Paying Agent and Paying Agents of the Trustee in relation to
payments to be made by or on behalf of the Trustee under the provisions of these presents
mutatis mutandis on the terms provided in the Agency Agreement (save that the Trustee’s liability
under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket
expenses of the Principal Paying Agent and the other Paying Agents shall be limited to the amounts
for the time being held by the Trustee on the trusts of these presents relating to the relative
Bonds and available for such purpose) and thereafter to hold all Bonds and all sums,

- 5 -

 

documents and records held by them in respect of the Bonds on behalf of the Trustee; or

	 	(ii)	 	to deliver up all Bonds and all sums, documents and records held by them in respect of Bonds
to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be
deemed not to apply to any documents or records which any Paying Agent is obliged not to release by
any law or regulation; and/or

	 	  (b)	 	by notice in writing to the Issuer require it to make
all subsequent payments in respect of the Bonds to or to the order of the Trustee and not to the
Principal Paying Agent; and with effect from the issue of any such notice to the Issuer and until
such notice is withdrawn Clause 3(a) shall cease to have effect.

	4	 	Form and Issue of Bonds
	 
	4.1	 	The Bonds shall be represented initially by the Temporary Global Bonds which the
Issuer shall issue to a bank depositary common to both Euroclear and Clearstream, Luxembourg.
	 
	4.2	 	Each Temporary Global Bond shall be printed or typed in the form or substantially in the
form set out in Part 1A and Part 1B (as the case may be) of Schedule 2 and may be a facsimile. The
Temporary Global Bond in respect of the Fixed Rate Bonds shall be in the aggregate principal amount
of JPY50,980,000,000 and the Temporary Global Bond in respect of the Floating Rate Bonds shall be
in the aggregate principal amount of JPY78,000,000,000 and each of them shall be signed manually or
in facsimile by two Officers of the Issuer on behalf of the Issuer and shall be authenticated by or
on behalf of the Principal Paying Agent. Each Temporary Global Bond so executed and authenticated
shall be a binding and valid obligation of the Issuer and title thereto shall pass by
delivery.
	 
	4.3	 	The Issuer shall issue a Permanent Global Bond in exchange for each Temporary
Global Bond in accordance with the provisions thereof. Each Permanent Global Bond shall be printed
or typed in the form or substantially in the form set out in Part 2A and Part 2B (as the case may
be) of Schedule 2 and may be facsimiles. The Permanent Global Bond in respect of the Fixed Rate
Bonds shall be in the aggregate principal amount of JPY50,980,000,000 and the Permanent
Global Bond in respect of the Floating Rate Bonds shall be in the aggregate principal amount of
JPYT78,000,000,000, and each of them shall be signed manually or in facsimile by two Officers of
the Issuer on behalf of the Issuer and shall be authenticated by or on behalf of the Principal
Paying Agent. Each Permanent Global Bond so executed and authenticated shall be a binding and valid
obligation of the Issuer and title thereto shall pass by delivery.
	 
	4.4	 	If the Issuer becomes obliged to do so in accordance with the provisions of the Permanent
Global Bonds, the Issuer shall issue Definitive Bonds (together with unmatured coupons attached) in
exchange for the relevant Permanent Global Bond, in accordance with the provisions thereof.
	 
	4.5	 	If the Issuer has become obliged to issue Definitive Bonds, these presents and the
other Transaction Documents will be amended in such manner as the Trustee requires to take account
of the issue of Definitive Bonds.

- 6 -

 

	5	 	Fees, Duties and Taxes
	 
	 	 	The Issuer will pay any stamp, issue, registration, documentary and other fees, duties and
taxes, including interest and penalties, payable on or in connection with (i) the execution and
delivery of these presents and the other Transaction Documents to which the Issuer is party, (ii)
the constitution and original issue of the Bonds and (iii) any action taken by or on behalf of the
Trustee or (where permitted under these presents so to do) any Bondholder to enforce, or to resolve
any doubt concerning, or for any other purpose in relation to, these presents or any of the other
Transaction Documents.
	 
	6	 	Trust
	 
	6.1	 	The Trustee will hold the benefit of the covenants in its favour contained in
these presents and the other Transaction Documents upon trust for itself and the Bondholders,
according to its and their respective interests, upon and subject to the terms and conditions of
these presents.
	 
	6.2	 	The provisions contained in Schedule 4 and Schedule 5 shall have effect as if set out
herein.
	 
	7	 	Cancellation of Bonds and Records
	 
	7.1	 	The Issuer shall procure that all Bonds (i) redeemed in full or (ii) which, being
mutilated or defaced, have been surrendered and replaced pursuant to Condition 11 shall forthwith
be cancelled by or on behalf of the Issuer and a certificate stating:

	 	(a)	 	the
aggregate Principal Amount Outstanding of Bonds which have been redeemed (and the due date of such
redemptions);
	 
	 	(b)	 	the aggregate amount of interest paid (and the due dates of
such payments) in respect of Bonds; and
	 
	 	(c)	 	the aggregate Principal Amount
Outstanding of Bonds which have been surrendered and replaced,

shall be given
to the Trustee by or on behalf of the Issuer as soon as possible and in any event within one month
after the end of each calendar quarter during which any such redemption, payment and interest or
replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive
evidence of any such redemption, payment of interest or replacement of or in respect of the Bonds
and, where applicable, of cancellation of the relevant Bonds.

	7.2	 	The Issuer shall procure (i) that the Principal Paying Agent shall keep a full and
complete record of the Bonds and of their redemption in whole or in part, cancellation and payment
of interest and of all replacement Bonds issued in substitution for lost, stolen, mutilated,
defaced or destroyed Bonds and (ii) that such records shall be made available to the Trustee at all
reasonable times.
	 
	8	 	Enforcement
	 
	8.1	 	The Trustee may at any time, at its discretion and without notice, take such proceedings
and/or other steps as it may think fit against or in relation to the Issuer or any other person to
enforce its obligations under these presents or any other Bond Document and exercise

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	 	 	any of its rights under, or in connection with, these presents or any other Bond Document in
such manner as it thinks fit.
	 
	8.2	 	Proof that as regards any specified Bond the Issuer
has made default in paying any amount due in respect of such Bond shall (unless the contrary be
proved) be sufficient evidence that the same default has been made as regards all other Bonds (as
the case may be) in respect of which the relevant amount is due and payable.
	 
	9	 	Action, Proceedings and Indemnification
	 
	9.1	 	The Trustee shall not be bound to take any action in relation to these presents or
any other Bond Documents (including, but not limited to, the giving of a Bond Enforcement Notice or
the taking of any proceedings and/or steps and/or action mentioned in Clause 8.1) unless:

	 	(a)	 	directed to do so by an Extraordinary Resolution of the holders of the Bonds
outstanding, or requested to do so in writing by the holders of at least 75 per cent in aggregate
Principal Amount Outstanding of the outstanding; and
	 
	 	(b)	 	then only if it shall be indemnified and/or secured to its satisfaction against
all Liabilities to which it may render itself liable or which it may incur by so doing and, for
this purpose, the Trustee may demand prior to taking any such action, that there be paid to it in
advance such sums as it considers (without prejudice to any further demand) shall be sufficient so
to indemnify it.

	9.2	 	As between the Trustee and the Bondholders, only the Trustee may enforce the provisions
of these presents and the other Bond Documents. No Bondholder shall be entitled to proceed directly
against the Issuer or any other person to enforce the performance of any of the provisions of these
presents or any other Bond Documents unless the Trustee having become bound as aforesaid to take
proceedings fails to do so.
	 
	10	 	Application of Moneys
	 
	 	 	All moneys received by the Trustee under this Deed shall be held by the Trustee upon trust
for itself and the Bondholders to apply them (subject to Clause 13):

	 	(a)	 	first, in payment or satisfaction of all costs, charges, expenses and liabilities
properly incurred by the Trustee (including remuneration payable to it in carrying out its
functions under this Bond Trust Deed);
	 
	 	(b)	 	second, in or towards payment pari passu and rateably of all principal, Call Premium and
interest then due and unpaid in respect of the Bonds in the order of priority set out in clauses
6.3 and 7.2 of the Deed of Charge (for the avoidance of doubt ignoring any liabilities other than
in respect of the Bonds); and
	 
	 	(c)	 	third, in payment of the balance (if any) to the Issuer (without prejudice to, or
liability in respect of, any question as to how such payment to the Issuer shall be dealt with as
between the Issuer and any other person).

Without prejudice to this Clause 10, if the
Trustee holds any moneys which represent principal, Call Premium or interest in respect of Bonds
which have become void or in respect of which claims have been prescribed under Condition 10, the
Trustee will hold such moneys on the above trusts.

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	11	 	Notice of Payments
	 
	 	 	The Trustee shall give notice to the relevant
Bondholders in accordance with the Conditions of the day fixed for any payment to them under Clause
10. Such payment may be made in accordance with the Conditions and any payment so made shall be a
good discharge to the Trustee.
	 
	12	 	Investment by Trustee
	 
	12.1	 	The Trustee may at its discretion and pending payment invest moneys at any time
available for the payment of principal and interest on the Bonds in some or one of the investments
hereinafter authorised for such periods as it may consider expedient with power from time to time
at its discretion to vary such investments and to accumulate such investments and the resulting
interest and other income derived therefrom. The
accumulated investments shall be applied under Clause 10. All interest and other income deriving
from such investments shall be applied first in payment or satisfaction of all amounts then due and
unpaid under Clause 15 to the Trustee and otherwise held for the benefit of and paid to the
Bondholders.
	 
	12.2	 	Any moneys which under the trusts of these presents ought to or may be invested by
the Trustee may be invested in the name or under the control of the Trustee in any investments or
other assets in any part of the world whether or not they produce income or by placing the same on
deposit in the name or under the control of the Trustee at such bank or other financial institution
and in such currency as the Trustee may think fit. If that bank or institution is the Trustee or a
subsidiary, holding or associated company of the Trustee, it need only account for an amount of
interest equal to the standard amount of interest which would, at the then current rates, be
payable by it on such a deposit to an independent customer. The Trustee may at any time vary any
such investments for or into other investments or convert any moneys so deposited into any other
currency and shall not be responsible for any loss resulting from any such investments or deposits,
whether due to depreciation in value, fluctuations in exchange rates or otherwise.
	 
	13	 	Partial Payments
	 
	 	 	Upon any payment under Clause 10 (other than payment in full against surrender of a Bond),
the Bond in respect of which such payment is made shall be produced to the Trustee or the Paying
Agent by or through whom such payment is made, and the Trustee shall or shall cause such Paying
Agent to enface thereon a memorandum of the amount and the date of payment but the Trustee may
dispense with such production and enfacement upon such indemnity being given as it shall think
sufficient.
	 
	14	 	Covenants and Warranties by the Issuer
	 
	14.1	 	Covenants of the Issuer
	 
	 	 	So long as any of the Bonds remains outstanding the
Issuer covenants with the Trustee that it shall:

	 	(a)	 	at all times carry on and conduct its affairs in a proper and efficient
manner;
	 
	 	(b)	 	give or procure to be given to the Trustee such opinions, certificates,
information and evidence as it shall require and in such form as it shall require (including
without limitation the procurement by the Issuer of all such certificates called for by

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the Trustee pursuant to Clause 16(c)) for the purpose of the discharge or exercise of the
duties, trusts, powers, authorities and discretions vested in it under these presents or any other
Bond Document or by operation of law;

	 	(c)	 	cause to be prepared and certified by its auditors in respect of each financial
accounting period accounts in such form as will comply with all relevant legal and accounting
requirements;
	 
	 	(d)	 	send to the Trustee (in addition to any copies to which it may be entitled as a
holder of any securities of the Issuer) two copies in English of every balance sheet, profit and
loss account, report, circular and notice of general meeting and every other document issued or
sent to its members together with any of the foregoing, and every document issued or sent to
holders of securities other than its members (including the Bondholders) at the time of the issue
or publication thereof;
	 
	 	(e)	 	immediately give notice in writing to the Trustee of the occurrence of any Event of
Default or any Potential Event of Default;
	 
	 	(f)	 	give to the Trustee (a) within seven days after demand by the Trustee therefor and (b)
(without the necessity for any such demand) promptly after the publication of its audited accounts
in respect of each financial period commencing with the financial period ending 31 December 2006
and in any event not later than 180 days after the end of each such financial period a certificate
signed by two Officers of the Issuer to the effect that as at a date not more than seven days
before delivering such certificate (the “certification
date”) there did not exist and had not
existed since the certification date of the previous certificate (or in the case of the first such
certificate the date hereof) any Event of Default or any Potential Event of Default (or if such
Event of Default or Potential Event of Default exists or existed specifying the same) and that
during the period from and including the certification date of the last such certificate (or in the
case of the first such certificate the date hereof) to and including the certification date of such
certificate the Issuer has complied with all its obligations contained in these presents and the
other Transaction Documents or (if such is not the case) specifying the respects in which it has
not complied;
	 
	 	(g)	 	at all times execute and do all such further documents, acts and things as may be
necessary at any time or times in the opinion of the Trustee to give effect to these presents;
	 
	 	(h)	 	at all times maintain Paying Agents in accordance with the Conditions;
	 
	 	(i)	 	procure the Principal Paying Agent to notify the Trustee forthwith in the event that the
Principal Paying Agent does not, by the time specified in the Agency Agreement for any payment to
it in respect of the Bonds, receive unconditionally pursuant to and in accordance with the Agency
Agreement payment of the full amount in Yen of the moneys payable on such due date on the
Bonds;
	 
	 	(j)	 	in the event of the unconditional payment to the Principal Paying Agent or the Trustee
of any sum due in respect of the Bonds being made after the time specified in the Agency Agreement,
for such payment forthwith give or procure to be given notice to the relevant Bondholders in
accordance with the Conditions that such payment has been made;
	 
	 	(k)	 	give notice to the Bondholders in accordance with the Conditions, of any appointment,
resignation or removal of any Paying Agents or Principal Paying

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	 	 	 	Agent (other than the
appointment of the initial Principal Paying Agent) after having obtained the prior written approval
of the Trustee thereto or any change of the Paying Agent’s specified office and (except as provided
by the Agency Agreement or the Conditions) at least 30 days prior to such event taking effect;
provided always that so long as any of the Bonds remains liable to prescription in the case of
termination of the appointment of the Principal Paying Agent no such termination shall take effect
until a new Principal Paying Agent (as the case may be) has been appointed on terms previously
approved in writing by the Trustee;
	 
	 	(l)	 	send to the Trustee, not less than 14 days prior to the date on which any such notice is
to be given, the form of every notice to be given to the Bondholders in accordance with the
Conditions and obtain the prior written approval of the Trustee to, and promptly give to the
Trustee two copies of, the final form of every notice to be given to the Bondholders in accordance
with the Conditions (such approval, unless so expressed, not to constitute approval for the
purposes of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom of a
communication within the meaning thereof);
	 
	 	(m)	 	comply with and perform all its obligations under the Agency Agreement and use its best
endeavours to procure that the Paying Agents comply with and perform all their respective
obligations thereunder and any notice given by the Trustee pursuant to Clause 3(a) and not make any
amendment or modification to such Agreement without the prior written approval of the Trustee and
use all reasonable endeavours to make such amendments to such Agreement as the Trustee may
require;
	 
	 	(n)	 	in order to enable the Trustee to ascertain the principal amount of Bonds for the time
being outstanding for any of the purposes referred to in the proviso to the definition of
outstanding in Clause 1, deliver to the Trustee forthwith upon being so requested in writing by the
Trustee a certificate in writing signed by two Officers of the Issuer setting out the total number
and aggregate principal amount of Bonds (if any) which are at the date of such certificate held by,
for the benefit of, or on behalf of, the Issuer, any holding company or any other subsidiary of
such holding company and setting out the total number of Toshiba Bonds;
	 
	 	(o)	 	procure that each of the Paying Agents makes available for inspection by Bondholders at
its specified office copies of these presents, the Agency Agreement, any other Transaction
Documents and any other document as provided in clause 24 of the Agency Agreement and the then
latest audited balance sheets and profit and loss account (consolidated if applicable) of the
Issuer;
	 
	 	(p)	 	give notice to the Trustee of the proposed redemption of the Bonds at least five
Business Days prior to the giving of any notice of redemption in respect of such Bonds in
accordance with the Conditions;
	 
	 	(q)	 	at all times use all reasonable endeavours to minimise taxes and any other costs arising
in connection with its payment obligations in respect of the Bonds;
	 
	 	(r)	 	prior to making any modification or amendment or supplement to these presents, procure
the delivery of (a) legal opinion(s) as to English and any other relevant law, addressed to the
Trustee, dated the date of such modification or amendment or supplement, as the case may be, and in
a form acceptable to the Trustee from legal advisers acceptable to the Trustee;

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	 	(s)	 	give notice to the Trustee of the proposed exercise of a Put Right (as defined in the Put
Option Agreements);
	 
	 	(t)	 	not redeem or, as the case may be, give notice of redemption to Bondholders of all or
any part of the Bonds pursuant to Condition 6(b) unless it shall first have provided to the Trustee
such certificates and opinions as may be required to be given to the Trustee pursuant to and in
accordance with Condition 6(b);
	 
	 	(u)	 	ensure that, save as permitted in these presents and any other Transaction Document, no person
other than the Trustee shall have any equitable interest in the Charged Property;
	 
	 	(v)	 	ensure that there is at all times a Cash Manager appointed in accordance with the
provisions of the Cash Management Agreement;
	 
	 	(w)	 	prior to any enforcement of the Security, ensure that all relevant funds are applied in or
towards satisfaction of such of the obligations set out in the Pre-Enforcement Priority of Payments
then due and payable (in each case only if and to the extent that payments or provisions of a
higher order of priority which are also due and payable or, where relevant, are likely to fall due
at that time or prior to the next succeeding Interest Payment Date or Early Redemption Date (as the
case may be) have been made or provided for in full);
	 
	 	(x)	 	furnish, or procure that there is furnished, from time to time, any and all documents,
instruments, information and undertakings that may be necessary in order to maintain the
current ratings of the Bonds by the Rating Agencies (save that when any such document, instrument,
information and/or undertaking is not within the possession or control of the Issuer, the Issuer
agrees to use all reasonable efforts to furnish, or procure that there is furnished, from time to
time any such documents, instruments, information and undertakings as may be necessary in order to
maintain the current ratings of the Bonds by the Rating Agencies);
	 
	 	(y)	 	procure that there are done on its behalf, all calculations required pursuant to the
Conditions;
	 
	 	(z)	 	duly notify the Trustee if it is required to withhold or deduct any amount for or on account of
tax from payments it is liable to make in respect of the Bonds;
	 
	 	(aa)	 	conduct its membership meetings and other central management activities solely within
the United States of America;
	 
	 	(bb)	 	take (to the extent it is directed to do so by the Trustee) such steps as are reasonable to
enforce all its rights:

	 	(i)	 	as required by the terms of the Bond Trust Deed;
	 
	 	(ii)	 	in respect of the Security; and
	 
	 	(iii)	 	under the Transaction Documents;

	(cc)	 	comply with its obligations under the Bonds, the Bond Trust Deed and each other Transaction
Document to which it is a party;
	 
	(dd)	 	keep proper books of account in accordance with its obligations under applicable laws (such
books to be maintained at the Issuer’s registered office) and allow the Trustee and any person
appointed by the Trustee access to the books of account

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	 		 	of the Issuer at all reasonable
times during normal business hours and shall send to any such person on request or, if so
stipulated, at specified intervals, copies thereof and other supporting documents relating thereto
as such person may specify;
	 
	 	(ee)	 	at all times maintain its tax residence in the United States of America and will not establish
a branch, agency, permanent establishment or place of business or register as a company outside the
United States of America;
	 
	 	(ff)	 	ensure that it is not treated as being resident or having a permanent establishment in the
United Kingdom for United Kingdom tax purposes and will not establish a place of business in the
United Kingdom or appoint an agent who will have and habitually exercise in the United Kingdom an
authority to do business on behalf of the Issuer;
	 
	 	(gg)	 	pay its debts generally as they fall due;
	 
	 	(hh)	 	do all such things as are necessary to maintain its corporate existence;
	 
	 	(ii)	 	to the extent the Issuer is able to, supply such information to the rating agencies as
they may reasonably request in connection with the rating of the Bonds;
	 
	 	(jj)	 	at all times use all reasonable efforts to minimise taxes and any other costs arising
in connection with its activities;
	 
	 	(kk)	 	have at least one independent director from
Lord Securities
Corporation (or such other replacement independent director whose appointment will not negatively
impact the rating of the Bonds), who is not a director, employee or shareholder of any member of
the Shaw Group;
	 
	 	(ll)	 	notify the Trustee and the Bondholders promptly (and in any event within five days) upon
completion of the Underlying Acquisition;
	 
	 	(mm)	 	notify the Trustee and the Bondholders promptly upon becoming aware that a Toshiba Event has
occurred;
	 
	 	(nn)	 	where it is exercising the Put Right (which it shall only do in accordance with these
Conditions) under one of the Put Option Agreements, exercise the Put Right under the other Put
Option Agreement at the same time;
	 
	 	(oo)	 	exercise the Put Rights on the date (the “Automatic
Put Option Date”) that is 160 days prior
to the Maturity Date by sending an Exercise Notice (as defined in the Put Option Agreements) to
Toshiba in accordance with each Put Option Agreement;
	 
	 	(pp)	 	exercise the Put Rights within one Business Day after the commencement of the Exercise
Period if, as of 31 March 2010, the Interest Letter of Credit has not been increased to such amount
(or a new Interest Letter of Credit has not been issued in such amount) as the Cash Manager
estimates will be required to meet all payments for which the Interest Letter of Credit may be
drawn (in accordance with the terms of these Conditions and the Bond Trust Deed) in the period from
the end of the Initial Period to the Maturity Date;
	 
	 	(qq)	 	if at any time during the Exercise Period Toshiba’s senior-unsecured long-term credit
rating is rated Ba3 or lower by Moody’s, exercise the Put Rights within five

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	 	 	 	Business
Days of the later of (i) the occurrence of such rating downgrade, and (ii) the commencement of the
Exercise Period;
	 
	 	(rr)	 	(i) notify the Trustee as soon as reasonably practicable, and in any event within five
Business Days, following receipt of a request by any shareholder for a valuation of either HoldCo
in accordance with section 7.06 of the applicable Shareholders Agreement and (ii) exercise the Put
Rights within 5 Business Days after the receipt by the Issuer of a Call Option Exercise Notice (as
defined in the Shareholders Agreements) (which has not been withdrawn within the relevant time
period permitted under the applicable Shareholders Agreement) with respect to which the specified
Call Price (as defined in the Shareholders Agreements) of the HoldCo Shares is less than or equal
to the Principal Amount Outstanding under the Bonds (provided that, for the avoidance of doubt, if
the issuer receives multiple Call Option Exercise Notices, the aggregate Call Price for all HoldCo
Shares subject to such Call Option Exercise Notices shall be used for the purposes of the foregoing
calculation);
	 
	 	(ss)	 	after the end of the Initial Period, exercise the Put Rights within 5 Business Days of
receipt of notification from the Cash Manager that there is a shortfall, which has not been
remedied by the Issuer within the period permitted in the Cash Management Agreement, between the
amounts anticipated to be required to be drawn under the Interest Letter of Credit on or prior to
the next two interest Payment Dates and the amounts available under the Interest Letter of Credit,
as calculated in accordance with the terms of the Cash Management Agreement;
	 
	 	(tt)	 	in the event of the liquidation of a HoldCo in which no securities or other assets are
distributed, exercise the Put Rights immediately upon commencement of the Exercise Period;
	 
	 	(uu)	 	if directed by the Trustee (who must be directed by an Extraordinary Resolution or
Written Resolution of the Bondholders), exercise the Put Rights during the Exercise Period if a
Toshiba Event (other than receipt of a Call Option Exercise Notice for which the specified Call
Price of the HoldCo Shares is greater than the Principal Amount Outstanding under the Bonds
(provided that, for the avoidance of doubt, if the Issuer receives multiple Call Option Exercise
Notices, the aggregate Call Price for all HoldCo Shares subject to such Call Option Exercise
Notices shall be used for the purposes of the foregoing calculation)) has occurred, within five
Business Days of being directed to do so by the Trustee;

	 
	 	(vv)	 	exercise the Put Rights
during the Exercise Period if Toshiba or any of the other parties to the Shareholders Agreements
takes any action which has a Material Adverse Effect (as defined below);
	 
	 	(ww)	 	draw on the available Letters of Credit in sufficient time to enable the Issuer to use the
proceeds of the Letters of Credit to pay (A) the Principal Amount Outstanding, (B) any accrued
interest, (C) any amounts due to the Swap Counterparty under the Swap Agreement (including any Swap
Termination Payments and gross-up payments to the Swap Counterparty), (D) ongoing fees and expenses
incurred by the Issuer, (E) amounts due to the Servicer under the Administrative Services
Agreement, (F) Default Interest, (G) payments due to the Bondholders under Condition 8, (H) the
Call Premium (if any) in accordance with the Pre-Enforcement

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	 	 	 	Priority of Payments and
the Post-Enforcement Priority of Payments (as the case may be);
	 
	 	(xx)	 	if, in any of the situations described in paragraphs (oo) to (vv) above, it decides to either
(i) exercise the Put Rights in part only or (ii) not to exercise the Put Rights at all, on or prior
to (x) the date on which it exercises the Put Rights in part or (y) the date on which it would
otherwise have been obliged to exercise the Put Rights, it shall be obliged to procure that a Put
Substitution Letter of Credit Bank issues a direct pay irrevocable letter of credit to the Trustee,
in form and substance satisfactory to the Trustee, for an amount equal to the aggregate of the
Principal Amount Outstanding under the Bonds and the Call Premium (if applicable) less amounts
available to be drawn under the Principal Letter of Credit (and, in the case of a partial exercise
only, the aggregate Put Price (as defined in the Put Option Agreements) for the HoldCo Shares
subject to such partial exercise);
	 
	 	(yy)	 	in the event that the Swap Agreement is terminated, unless all the Rating Agencies
confirm in writing that such termination will not result in a downgrade in the ratings of any
Bonds, use reasonable endeavours to enter into a replacement swap agreement with a new counterparty
on substantially the same terms as the Swap Agreement;
	 
	 	(zz)	 	file or procure a filing with the Registrar of Companies pursuant to Chapter I of Part XII of
the Companies Act 1985 of duly completed Forms 395 together with an executed original of the Deed
of Charge within the applicable time limit and file or procure a filing of the UCC-1 financing
statements with the Secretary of State of the State of Delaware;
	 
	 	(aaa)	 	following receipt of a Non-extension Notice (under the Interest Letter of Credit, the
Principal Letter of Credit or any Put Substitution Letter of Credit), the Issuer shall draw the
Maximum Amount under the relevant Letter of Credit at least 30 days prior to the Stated Expiration
Date and deposit such amount into the Issuer Revenue Account, unless it has replaced (or caused to
be replaced) the relevant Letter of Credit with a new Letter of Credit in form and substance
satisfactory to the Trustee and issued by a financial institution whose senior-unsecured long-term
credit rating is at least Aa3 by Moody’s and AA- or equivalent
by R&l (an “Eligible Bank”). Terms
used in this paragraph shall have the meaning given to such terms in the relevant Letter of
Credit;
	 
	 	(bbb)	 	if the bank that has issued the Interest Letter of Credit, the Principal Letter of
Credit or
the Put Substitution Letter of Credit (if any) ceases to be an Eligible Bank (including
circumstances where a required credit rating has been withdrawn), arrange that an Eligible Bank
issues an irrevocable standby letter of credit in form and substance satisfactory to the Trustee in
replacement of the Letter of Credit issued by the relevant bank within 30 days of it ceasing to be
an Eligible Bank or draw the Maximum Amount under the relevant Letter of Credit and deposit such
amount into the Issuer Revenue Account;
	 
	 	(ccc)	 	provide the Rating Agencies with notice of: (i) any termination, novation or assignment of,
or material amendment to, any of the Transaction Documents; (ii) any change in tax law referred to
in Condition 6(b); (iii) an Event of Default under the Bonds; or (iv) any resignation or
substitution of a party to any Transaction Document; and

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	 	(ddd)	 	promptly deposit any Acquisition Adjustment Amounts into a sub-account of the Issuer
Revenue Account and retain such amounts therein until the Bonds are redeemed whereupon such amounts
shall be applied in accordance with the Pre-Enforcement Priority of Payments or the
Post-Enforcement Priority of Payments (as the case may be) and the provisions of the Deed of
Charge.

	14.2	 	Restrictions on the Issuer
	 
	 	 	For so long as any of the Bonds remain outstanding, the Issuer covenants to the holders of such
Bonds that (to the extent applicable) it will not, without the prior
written consent of the Trustee:

	 	(a)	 	except as otherwise required or permitted by Clause 14.1, sell, factor, discount,
transfer, assign, lend or otherwise dispose of, nor create or permit to be outstanding any
mortgage, pledge, lien, charge, encumbrance or other security interest over, any of its property or
assets (including the HoldCo Shares) or any part thereof or interest therein;
	 
	 	(b)	 	agree to any share buyback, share repurchase, capital reduction or other
equivalent event in respect of a HoldCo, at a price per HoldCo Share less than the Put Price per
HoldCo Share under the terms of the Put Option Agreements where the Put Rights have been exercised
as a result of a Toshiba Event (as such price (being, as at the date hereof, JPY119,425,926
(equivalent) per HoldCo Share) may be adjusted from time to time under the terms of the Put Option
Agreements to take account of any stock dividend, split, reverse split, combination or
recapitalisation of the HoldCo Shares);
	 
	 	(c)	 	engage in any business other than:

	 	(i)	 	acquiring and holding any property, assets or rights that are capable of being effectively
charged in favour of the Trustee under the Security Documents;
	 
	 	(ii)	 	issuing and performing its obligations under the Bonds;
	 
	 	(iii)	 	entering into, exercising its rights and performing its obligations under or enforcing its
rights under the Bond Trust Deed and each other Transaction Document to which it is a party, as
applicable; or
	 
	 	(iv)	 	performing any act incidental to or necessary in connection with any of the above;

	 	(d)	 	to the extent it has a Material Adverse Effect, permit the validity or effectiveness of any of
the Transaction Documents, or the priority of the security interests created thereby, to be
amended, terminated, postponed or discharged, or consent to any variation of, or exercise any
powers of consent or waiver pursuant to the terms of, or amend any term or condition of the Bonds
(save in accordance with the Conditions and the Bond Trust Deed) or any of the Transaction
Documents or permit any party to any of the Transaction Documents or the Security or any other
person
whose obligations form part of the Security to be released from such obligations or dispose of all
or any part of the Security;
	 
	 	 	 	“Material Adverse Effect” means any effect which has or is reasonably likely to have a material
adverse effect on (a) the ability of the Issuer or Toshiba to perform and comply with any of its
obligations under the Transaction Documents to which it

- 16 -

 

	 	 	is a party, (b) the validity,
legality or enforceability of any Transaction Document; and/or (c) the interests of the Secured
Creditors or the Issuer under or in connection with the Put Option Agreements (or, prior to
completion of the Underlying Acquisition, the Investment Agreements);

	 	(e)	 	agree to any amendment to any provision of, or grant any waiver or consent or exercise
any voting right under the Bond Trust Deed or any other Transaction Document to which it is a party
in a manner which has a Material Adverse Effect or agree to extend the date by which the Underlying
Acquisition must be completed to a date later than 27 October 2006;
	 
	 	(f)	 	incur any indebtedness for borrowed money other than in respect of the Bonds or the
Swap Agreement or give any guarantee or indemnity in respect of any indebtedness or of any
obligation of any person;
	 
	 	(g)	 	amend its constitutive documents;
	 
	 	(h)	 	have any subsidiaries (other than the HoldCos and their subsidiaries) or establish any
offices, branches or other “establishments” (as that term is used in article 2(h) of Council
Regulation (EC) No. 1346/2000 on Insolvency Proceedings) anywhere in the world except in the United
States of America;
	 
	 	(i)	 	have any employees;
	 
	 	(j)	 	enter into any reconstruction, amalgamation, merger or consolidation;
	 
	 	(k)	 	except as otherwise required or permitted by Clause 14.1, convey or transfer all or a
substantial part of its properties or assets (in one or a series of transactions) to any
person;
	 
	 	(l)	 	issue any membership interests (other than such membership interests as are in issue as
at the Closing Date) nor redeem or purchase any of its issued membership interests capital, nor
declare or pay any dividends or distributions, save any dividends or similar amounts received from
the HoldCos in respect of the HoldCo Shares prior to the occurrence of an Event of Default
(“Eligible Dividends”) and paid by the Issuer prior to the occurrence of an Event of Default;
	 
	 	(m)	 	enter into any material agreement or contract with any person (other than the
Transaction Documents);
	 
	 	(n)	 	terminate the Swap Documents prior to (a) the redemption of the Bonds in full or (b) providing
for the replacement of the Swap Agreement with a swap agreement on substantially the same terms
(including as to pricing) and in form and substance satisfactory to the Trustee;
	 
	 	(o)	 	release from or terminate the appointment of the Trustee under the Bond Trust Deed, the
Accounts Bank under the Account Bank Agreement, the Servicer under the Administrative Services
Agreement, the Principal Paying Agent, a Paying Agent or the Calculation Agent under the Agency
Agreement or the Cash Manager under the Cash Management Agreement;
	 
	 	(p)	 	enter into any lease in respect of, or own, premises;
	 
	 	(q)	 	have an interest in any bank account other than the Issuer Accounts, unless such account or
interest therein is charged to the Trustee on terms acceptable to it;

- 17 -

 

	 	(r)	 	subscribe for new shares in the HoldCos, exercise any rights of first offer (in
accordance with section 7.04 of the Shareholders Agreements), exercise any call rights in respect
of the HoldCo Shares of another shareholder in either Holdco (in accordance with section 7.06 of
either Shareholders Agreement) or exercise any tag-along rights (in accordance with section 7.04 of
either Shareholders Agreement);
	 
	 	(s)	 	agree to the terms of any sale and purchase agreement with another shareholder of a
HoldCo which has served a Call Option Exercise Notice unless the provisions of Clause 14.1 (rr)
requiring exercise of the Put Rights do not apply;
	 
	 	(t)	 	serve an Exercise Notice other than as required in accordance with paragraphs (oo) to
(vv) of Clause 14.1;
	 
	 	(u)	 	apply the proceeds from the Interest Letter of Credit towards any payments other than those set
out in Condition 2 paragraphs (c) (i), (ii), (iii), (iv), (v) and (viii) and Condition 3 paragraphs
(i), (ii), (iii), (iv) and (vii);
	 
	 	(v)	 	make any election to choose or change its US federal income tax classification or take any
other action to cause it to be a corporation for US federal income tax purposes; or
	 
	 	(w)	 	on or prior to the service of a Bond Enforcement Notice, apply the proceeds from the
Principal Letter of Credit towards any payments other than those set out in Condition 2 paragraph
(c)(vi), and to the extent that the Principal Amount Outstanding under the Bonds and any Call
Premium have been paid in full, payments under Condition 2 paragraphs (c) (vii), (viii) and (ix).

	14.3	 	Separateness Covenants
	 
	 	 	The Issuer shall maintain its separate existence and, specifically, shall conduct its
affairs in accordance with the following:

	 	(a)	 	The Issuer shall: (1) maintain and prepare separate financial reports (if any) and
financial statements (if any) in accordance with US GAAP, showing its assets and liabilities
separate and apart from those of any other person, and will not have its assets listed on the
financial statement of any other person (provided, however, that the Issuer’s assets may be
included in a consolidated financial statement of the Parent if inclusion on such consolidated
financial statement is required to comply with the requirements of US GAAP, but only if (x) such
consolidated financial statement shall be appropriately footnoted to the effect that the Issuer’s
assets are owned by the Issuer, are not available to satisfy the debts and other obligations of the
Parent, affiliate or any other person or entity, and that they are being included on the
consolidated financial statement of the Parent to comply with the requirements of US GAAP, and (y)
such assets shall be listed on the Issuer’s own separate balance sheet); (2) maintain its books,
records and bank accounts separately from those of its affiliates and any other person; (3) not
permit any affiliate or any other Person independent access to its bank accounts, except as
specifically provided in the Transaction Documents; and (4) file its own tax returns separate from
those of any other person or entity, except to the extent that the Issuer is treated as a
“disregarded entity” for tax purposes or is not otherwise required to file tax returns under
applicable law.

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	 	(b)	 	The Issuer shall not commingle or pool any of its funds or assets with those of any
affiliate or any other person, and it shall hold all of its assets in its own name.
	 
	 	(c)	 	The Issuer shall conduct its own business in its own name and shall not operate, or
purport to operate, collectively as a single business entity with respect to any person.
	 
	 	(d)	 	The Issuer shall, insofar as is consistent with commercial and
business circumstances affecting its business and financial condition, remain solvent and pay its
own debts, liabilities and expenses (including overhead expenses, if any) only out of its own
assets as the same shall become due; provided that this covenant shall not constitute a guaranty or
“keep well” obligation of the Parent, affiliate, any administrator of or with respect to the Issuer
or any other person in respect of the Issuer or its debt, liabilities or expenses, or any financial
or balance sheet condition or ratio of or relating to the Issuer.
	 
	 	(e)	 	The Issuer has done, or causes to be done, and shall do, or cause to be done, all things
necessary to observe all Delaware limited liability company formalities and other organisational
formalities, and preserve its existence, and it shall not, nor shall it permit any affiliate or any
other person to, amend, modify or otherwise change the limited liability agreement in a manner
which would adversely affect the existence of the Issuer as a special
purpose entity.
	 
	 	(f)	 	The Issuer does not, and shall not, (i) guarantee, become obligated for, or hold itself
or its credit out to be responsible for or available to satisfy, the debts or obligations of any
other person or (ii) control the decisions or actions respecting the daily business or affairs of
any other person except as permitted by or pursuant to the Transaction Documents.
	 
	 	(g)	 	The Issuer shall, to the extent it utilizes stationery, invoices and checks,
maintain and utilize separate stationery, invoices and checks bearing its own name.
	 
	 	(h)	 	The Issuer shall, at all times, hold itself out to the public as a legal entity separate and
distinct from any other person and shall correct any known misunderstanding regarding its separate
identity.
	 
	 	(i)	 	The Issuer shall not identify itself as a division of any other person.
	 
	 	(j)	 	The Issuer shall maintain its assets in such a manner that it will not be costly or difficult
to segregate, ascertain or identify its individual assets from those of any affiliate or any other
person.
	 
	 	(k)	 	The Issuer shall not use its separate existence to abuse creditors or to perpetrate a
fraud, injury or injustice on creditors in violation of applicable law.
	 
	 	(l)	 	The Issuer shall not, in connection with the Transaction Documents, act with an intent
to hinder, delay or defraud any of its creditors in violation of applicable law.
	 
	 	(m)	 	The Issuer shall maintain an arm’s length relationship with its affiliates and the
Parent.
	 
	 	(n)	 	The Issuer shall not grant a security interest or otherwise pledge its assets for the
benefit of any other person, except as permitted by or pursuant to the Bond Documents.

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	 	(o)	 	The Issuer shall not acquire any securities or debt instruments of the Parent or
its affiliates other than the Issuer’s subsidiaries.
	 
	 	(p)	 	The Issuer shall not make loans or advances to any person, except as permitted by or
pursuant to the Bond Documents.
	 
	 	(q)	 	The Issuer shall make no transfer of its assets except as permitted by or
pursuant to the Transaction Documents.

	14.4	 	The Issuer warrants to the Trustee that:

	 	(a)	 	as of the Closing Date, it is not required to withhold or deduct any amount for or on
account of Delaware tax from payments it is liable to make in respect of the Bonds;
	 
	 	(b)	 	it is resident for tax purposes in the United States of America only;
	 
	 	(c)	 	it will not be subject to any tax imposed under the laws of any State of the
United States or any political subdivision thereof;
	 
	 	(d)	 	it is the legal and beneficial owner of all its assets charged, assigned or
otherwise secured pursuant to the Security Documents;
	 
	 	(e)	 	it has taken all necessary steps to enable it to charge or assign as security the
Charged Property in accordance with clause 3 of the Deed of Charge; and
	 
	 	(f)	 	it has taken no action or steps to prejudice its right, title and interest in
and to the Charged Property and the Security.

	15	 	Remuneration and Indemnification of Trustee
	 
	15.1	 	The Issuer shall pay to the Trustee remuneration for its services as trustee as
from the date of this Bond Trust Deed, such remuneration to be paid annually in advance on the
anniversary date of this Bond Trust Deed and at such rate and to be paid on such dates as may from
time to time be agreed between the Issuer and the Trustee. Such remuneration shall accrue from day
to day and be payable up to and including the date when, all the Bonds having become due for
redemption in full, the redemption moneys and interest thereon to the date of redemption have been
paid to the Principal Paying Agent or, as the case may be, the Trustee, provided that, if upon due
presentation of any Bond in accordance with the Conditions, payment of the moneys due in respect
thereof is improperly withheld or refused, remuneration will commence again to accrue.
	 
	15.2	 	In the event of the occurrence of an Event of Default or a Potential Event of
Default or the Trustee considering it expedient or necessary or being requested by the Issuer to
undertake duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise
outside the scope of the normal duties of the Trustee under these presents the Issuer shall pay to
the Trustee such additional remuneration as shall be agreed between them.
	 
	15.3	 	The Issuer shall in addition pay to the Trustee an amount equal to the amount of
any VAT or similar tax chargeable in respect of its remuneration under these presents.

	15.4	 	In the event of the Trustee and the Issuer failing to agree:

	 	(a)	 	(in a case to which Clause 15.1 above applies) upon the amount of the
remuneration; or

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	(b)	 	(in a case to which Clause 15.2 above applies) upon whether such duties shall be of an
exceptional nature or otherwise outside the scope of the normal duties of the Trustee under these
presents, or upon such additional remuneration,

such matters shall be determined by a merchant or investment bank (acting as an expert and
not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing such approval,
nominated (on the application of the Trustee) by the President for the time being of The Law
Society of England and Wales (the expenses involved in such nomination and the fees of such
merchant or investment bank being payable by the Issuer) and the determination of any such merchant
or investment bank shall be final and binding upon the Trustee and the Issuer.

	15.5	 	Indemnity: The Issuer will on demand by the Trustee indemnify it in respect of Amounts or
Claims paid or incurred by it in acting as trustee under this Trust Deed (including (1) any
Agent/Delegate Liabilities and (2) in respect of disputing or defending any Amounts or Claims made
against the Trustee or any Agent/Delegate Liabilities). The Issuer will on demand by such agent or
delegate indemnify it against such Agent/Delegate Liabilities. “Amounts or Claims” are losses,
liabilities, costs, claims, actions, demands or expenses and “Agent/Delegate Liabilities” are
Amounts or Claims which the Trustee is or would be obliged to pay or reimburse to any of its agents
or delegates appointed pursuant to this Trust Deed. The Contracts (Rights of Third Parties) Act
1999 applies to this sub-Clause 15.5.
	 
	15.6	 	All amounts payable pursuant to Clause 15.5 shall be payable by the Issuer on the
date specified in a demand by the Trustee and in the case of payments actually made by the Trustee
or an Indemnifying Party prior to such demand shall carry interest at the rate of three per cent
per annum above the base rate (on the date on which payment was made by the Trustee) of National
Westminster Bank plc from the date such demand is made, and in all other cases shall (if not paid
within 30 days after the date of such demand or, if such demand specifies that payment is to be
made on an earlier date, on such earlier date) carry interest at such rate from such 30th day or
such earlier date specified in such demand. All remuneration payable to the Trustee shall carry
interest at such rate from the due date therefor.

	 
	15.7	 	
Unless otherwise
specifically stated in any discharge of these presents the provisions of this Clause 15 shall
continue in full force and effect notwithstanding such discharge.
	 
	16	 	Supplement to Trustee Acts
	 
	 	 	The Trustee shall have all the powers conferred upon trustees by the Trustee Act 1925 and
the Trustee Act 2000 of England and Wales (together, the “Trustee Acts”). Where there are any
inconsistencies between the Trustee Acts and the provisions of these presents, the provisions of
these presents shall, to the extent allowed by law, prevail and, in the case of any such
inconsistency with the Trustee Act 2000 of England and Wales, the provisions of these presents
shall constitute a restriction or exclusion for the purposes of that
Act. The Trustee shall have
all the powers conferred upon trustees by the Trustee Acts and by way of supplement thereto it is
expressly declared as follows:

	 	(a)	 	The Trustee may in relation to these presents act on the advice or opinion of, or a certificate
or report from, or any information obtained from, any lawyer, valuer, accountant, surveyor, banker,
broker, auctioneer or other expert, whether obtained

- 21 -

 

	 	 	 	by the Issuer, the Trustee or
otherwise and whether addressed to the Trustee or not, and shall not be responsible for any
Liability occasioned by so acting.
	 
	 	(b)	 	Any such advice, opinion or information may be sent or obtained by letter, telex, telegram,
facsimile transmission, cable or e-mail and the Trustee shall not be liable for acting on any
advice, opinion or information purporting to be conveyed by any such letter, telex,
telegram, facsimile transmission, cable or e-mail although the same shall contain some error or
shall not be authentic.
	 
	 	(c)	 	The Trustee may call for and shall be at liberty to accept as sufficient evidence of any fact
or matter or the expediency of any transaction or thing which is prima facie within the knowledge
of a party to any of the Transaction Documents a certificate signed by two Officers or directors of
such party and the Trustee shall not be bound in any such case to call for further evidence or be
responsible for any Liability that may be occasioned by it or any other person acting on such
certificate.
	 
	 	(d)	 	The Trustee shall be at liberty to hold these presents and the other Transaction
Documents and any other documents relating thereto or to deposit them in any part of the world with
any banker or banking company or company whose business includes undertaking the safe custody of
documents or lawyer or firm of lawyers considered by the Trustee to be of good repute and the
Trustee shall not be responsible for or required to insure against any Liability incurred in
connection with any such holding or deposit and may pay all sums required to be paid on account of
or in respect of any such deposit.
	 
	 	(e)	 	The Trustee shall not be responsible for the receipt or application of the
proceeds of the issue of any of the Bonds by the Issuer, the exchange of any Global Bond for
another Global Bond or Definitive Bonds or the delivery of any Global Bond or Definitive Bonds to
the person(s) entitled to it or them.
	 
	 	(f)	 	The Trustee shall not be bound to give notice to any person of the execution of
any documents comprised or referred to in these presents or any other Transaction Document or to
take any steps to ascertain whether any Event of Default or Potential Event of Default or any event
which causes or may cause a right on the part of the Trustee under or in relation to any
Transaction Document to become exercisable has happened and, until it shall have actual knowledge
or express notice pursuant to these presents to the contrary, the Trustee shall be entitled to
assume that no Event of Default or Potential Event of Default has happened and that the Issuer and
each of the other parties are observing and performing all their respective obligations under these
presents and, if it does have actual knowledge or express notice as aforesaid, the Trustee shall
not be bound to give notice thereof to the Bondholders.
	 
	 	(g)	 	Save as expressly otherwise provided in these presents, the Trustee shall have
absolute and uncontrolled discretion as to the exercise or non-exercise of its trusts, rights,
powers, authorities and discretions under these presents and the other Transaction Documents (the
exercise or non-exercise of which as between the Trustee and the Bondholders shall be conclusive
and binding on the Bondholders) and shall not be responsible for any Liability which may result
from their exercise or non-exercise and in particular the Trustee shall not be bound to act at the
request or direction of the Bondholders or otherwise under any provision of these presents or to
take at such request or direction or otherwise any other action under any

- 22 -

 

	 	 	 	provision of
these presents, without prejudice to the generality of Clause 9.1, unless it shall first be secured
and/or indemnified to its satisfaction against all liabilities to which it may render itself liable
or which it may incur by doing so.
	 
	 	(h)	 	The Trustee shall not be liable to any person by reason of having acted upon any Extraordinary
Resolution in writing or any Extraordinary or other resolution purporting to have been passed at
any meeting of Bondholders in respect whereof minutes have been made and signed or any direction of
Bondholders even though subsequent to its acting it may be found that there was some defect in the
constitution of the meeting or the passing of the resolution or that for any reason the resolution,
direction or request was not valid or binding
upon such Bondholders.
	 
	 	(i)	 	The Trustee shall not be liable to any person by reason of having accepted as valid or
not having rejected any Security purporting to be such and subsequently found to be forged or not
authentic.
	 
	 	(j)	 	The Trustee shall not (unless and to the extent ordered so to do by a court of competent
jurisdiction) be required to disclose to any Bondholder any information (including, without
limitation, information of a confidential, financial or price sensitive nature) made available to
the Trustee by the Issuer or any other person in connection with these presents and the other
Transaction Documents and no Bondholder shall be entitled to take any action to obtain from the
Trustee any such information.
	 
	 	(k)	 	Where it is necessary or desirable for any purpose in connection with these presents to
convert any sum from one currency to another it shall (unless otherwise provided by these presents
or required by law) be converted at such rate or rates, in accordance with such method and as at
such date for the determination of such rate of exchange, as may be agreed by the Trustee in
consultation with the Issuer and any rate, method and date so agreed shall be binding on the Issuer
and the Bondholders.
	 
	 	(l)	 	The Trustee may certify that any of the conditions, events and acts set out in
subparagraph (b) of Condition 9 (each of which conditions, events and acts shall, unless in any
case the Trustee in its absolute discretion shall otherwise determine, for all the purposes of
these presents be deemed to include the circumstances resulting therein and the consequences
resulting therefrom) is in its opinion incapable of remedy and/or materially prejudicial to the
interests of the Bondholders and any such certificate shall be conclusive and binding upon the
Issuer and the Bondholders. To the extent that the Trustee is instructed to take any action
pursuant to an Extraordinary Resolution of Bondholders, and any such action requires the
determination of whether an event or occurrence has had a Material Adverse Effect, the Trustee
shall have no duty to enquire or satisfy itself as to the existence of an event or occurrence
having a Material Adverse Effect, shall be entitled to rely conclusively upon such Extraordinary
Resolution of the Bondholders regarding the same and shall bear no liability of any nature
whatsoever to any person for acting upon such Extraordinary Resolution of the Bondholders.
	 
	 	(m)	 	The Trustee as between itself and the Bondholders may determine all questions and doubts
arising in relation to any of the provisions of these presents or any

- 23 -

 

	 	 	 	other Transaction Document. Every such determination, whether or not relating in
whole or in part to the acts or proceedings of the Trustee, shall be conclusive and shall
bind the Trustee and the Bondholders.
	 
	 	(n)	 	In connection with the exercise or performance by it of any right, power, trust, authority,
duty or discretion under or in relation to these presents or any other Transaction Documents:

	 	(i)	 	(including, without limitation, any consent, approval, modification, waiver,
authorisation or determination referred to in Clause 19), the Trustee shall have
regard to the general interests of the Bondholders and shall not have regard to any
interests arising from circumstances particular to individual Bondholders (whatever
their number) and, in particular but without limitation, shall not have regard to the
consequences of any such exercise for individual Bondholders (whatever their number)
resulting from their being for any purpose domiciled or resident in, or otherwise
connected with, or subject to the jurisdiction of, any particular territory or any
political sub-division thereof and the Trustee shall not be entitled to require, nor
shall any Bondholder be entitled to claim, from the Issuer, the Trustee or any other
person any indemnification or payment in respect of any tax consequence of any such
exercise upon individual Bondholders; and
	 
	 	(ii)	 	(excluding any consent, approval, modification, waiver, authorisation or
determination referred to in Clause 19), the Trustee shall have regard, except where
expressly provided otherwise, to the interests of the Bondholders equally; and
	 
	 	(iii)	 	except where expressly provided otherwise, and except in respect of the
Swap Counterparty, so long as any of the Bonds remain outstanding, the Trustee is not
required to have regard to the interests of any other persons entitled to the benefit
of the Security.

	 	(o)	 	Any trustee of these presents being a lawyer, accountant, broker or other person engaged in
any profession or business shall be entitled to charge and be paid all usual professional and
other charges for business transacted and acts done by him or his firm in connection with
these presents or any other Transaction Document and also his proper charges in addition to
disbursements for all other work and business done and all time spent by him or his firm in
connection with matters arising in connection with these presents or any other Transaction
Document.
	 
	 	(p)	 	The Trustee may whenever it thinks fit delegate by power of attorney or otherwise to any
person or persons or fluctuating body of persons (whether being a joint trustee of these
presents or not) all or any of its trusts, rights, powers, authorities and discretions under
these presents or any other Transaction Document. Such delegation may be made upon such terms
(including power to sub-delegate) and subject to such conditions and regulations as the
Trustee may in the interests of the Bondholders think fit. The Trustee shall not be under any
obligation to supervise the proceedings or acts of any such delegate or sub-delegate or be in
any way responsible for any Liability incurred by reason of any misconduct, omission or
default on the part of any such delegate or sub-delegate. The Trustee shall within a
reasonable time after any such delegation or any renewal, extension or termination thereof
give notice thereof to the Issuer.

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	 	(q)	 	The Trustee may in relation to these presents or any other Transaction Document instead
of acting personally employ and pay an agent (whether being a lawyer or other professional
person) to transact or conduct, or concur in transacting or conducting, any business and to
do, or concur in doing, all acts required to be done in connection with these presents or
any other Transaction Document (including the receipt and payment of money). The Trustee
shall not be under any obligation to supervise the proceedings or acts of any such agent or
be in any way responsible for any Liability incurred by reason of any misconduct, omission
or default on the part of any such agent.
	 
	 	(r)	 	The Trustee may appoint and pay any person to act as a custodian or nominee on any terms in
relation to such assets of the trusts constituted by these presents as the Trustee may
determine. The Trustee shall not be under any obligation to supervise the proceedings or acts
of any such person or be in any way responsible for any Liability incurred by reason of any
misconduct, omission or default on the part of any such person. The Trustee is not obliged to
appoint a custodian if the Trustee invests in securities payable to bearer.
	 
	 	(s)	 	The Trustee shall not have any responsibility for, or have any duty to make any
investigation in respect of, or in any way be liable whatsoever for:

	 	(i)	 	the nature, status, creditworthiness or solvency of the Issuer or any other
party to any Transaction Document;
	 
	 	(ii)	 	the execution, delivery, legality, validity, adequacy, admissibility in
evidence, enforceability, genuineness, effectiveness or suitability of any Transaction
Document or any other document entered into in connection therewith or of any
transfer, security or trust effected or constituted or purported to be effected or
constituted by any Transaction Document or any other document entered into in
connection therewith;
	 
	 	(iii)	 	the title to, or the ownership, value, sufficiency or existence of any
property comprised or intended to be comprised in the security constituted or
purported to be constituted by any Transaction Document;
	 
	 	(iv)	 	the registration, filing, protection or perfection of the security
constituted or purported to be constituted by any Transaction Document or the priority
of any such security, whether in respect of any initial advance or any subsequent
advance or any other sums or liabilities;
	 
	 	(v)	 	the scope or accuracy of any recital, representation, warranty or statement
made by or on behalf of any person in any Transaction Document or any other document
entered into in connection therewith;
	 
	 	(vi)	 	the failure by any person to obtain or comply with any licence, consent or
other authority in connection with any Transaction Document;
	 
	 	(vii)	 	the failure to call for delivery of documents of title to or require any
transfers, legal mortgages, charges or other further assurances pursuant to the
provisions of any Transaction Documents; or
	 
	 	(viii)	 	any accounts, books, records or files maintained by any person in connection with
or in respect of any property comprised or intended to be

- 25 -

 

	 	 	 	comprised in the security constituted or purported to be constituted by any
Transaction Documents.

	 	(t)	 	The Trustee may call for any certificate or other document to be issued by Euroclear or
Clearstream, Luxembourg as to the Principal Amount Outstanding of Bonds standing to the
account of any person. Any such certificate or other document shall, in the absence of
manifest error, be conclusive and binding for all purposes. Any such certificate or other
document may comprise any form of statement or print out of electronic records provided by the
relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s Cedcom
system) in accordance with its usual procedures and in which the holder of a particular
Principal Amount Outstanding of Bonds is clearly identified together with the amount of such
holding. The Trustee shall not be liable to any person by reason of having accepted as valid
or not having rejected any certificate or other document to such effect purporting to be
issued by Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not
authentic.
	 
	 	(u)	 	Except where the receipt of the same by the Trustee is expressly provided for in these
presents or any other Transaction Document, the Trustee shall not be responsible to any person
for failing to request, require or receive any legal opinion relating to the Bonds or any
Transaction Document or any search, report, certificate, advice, valuation, investigation or
information relating to any Transaction Document, any transaction contemplated by any
Transaction Document, any party to any Transaction Document or any of such party’s assets or
liabilities. The Trustee shall in no circumstances be responsible to any person for checking
or commenting upon the content of any such legal opinion, search, report, certificate, advice,
valuation, investigation or information or for ensuring disclosure to the Bondholders of such
content or any part of it or for determining the acceptability of such content or any part of
it to any Bondholder and shall not be responsible for any Liability incurred thereby.
	 
	 	(v)	 	Any corporation into which the Trustee shall be merged or with which it shall be
consolidated or any company resulting from any such merger or consolidation shall be a party
hereto and shall be the Trustee under these presents without executing or filing any paper or
document or any further act on the part of the parties hereto.
	 
	 	(w)	 	No provision of these presents or any other Transaction Document shall:

	 	(i)	 	require the Trustee to do anything which may be illegal or contrary to
applicable law or regulation or prevent the Trustee from doing anything which is
necessary or desirable to comply with any applicable law or regulation; or
	 
	 	(ii)	 	require the Trustee, and the Trustee shall not be bound, to do anything which
may cause it to expend or risk its own funds or otherwise incur any Liability in the
performance of any of its duties or in the exercise of any of its rights, powers,
authorities or discretions or otherwise in connection with these presents or any other
Transaction Document (including, without limitation, forming any opinion or employing
any such person as is referred to in Clause 16(a)), if it shall believe that repayment
of such funds is not assured to it or it is not indemnified to its satisfaction
against such Liability and, for this purpose, the Trustee may demand prior to taking
any such

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	 	 	 	action, that there be paid to it in advance such sums as it considers
(without prejudice to any further demand) shall be sufficient so to
indemnify it.

	 	(x)	 	Unless notified to the contrary, the Trustee shall be entitled to assume
without enquiry (other than requesting a certificate pursuant to Clause 14.1(n) that
no Bonds are held by, for the benefit of, or on behalf of, the Issuer, any holding
company or any other subsidiary of such holding company.
	 
	 	(y)	 	The Trustee shall have no responsibility whatsoever to the Issuer, any
Bondholder or any other person for the maintenance of or failure to maintain any
rating of any of the Bonds by any Rating Agency.
	 
	 	(z)	 	Any advice, opinion, certificate, report or information called for by or
provided to the Trustee (whether or not addressed to the Trustee) in accordance with
or for the purposes of these presents or any other Transaction Document may be relied
upon by the Trustee notwithstanding that such advice, opinion, certificate, report or
information and/or any engagement letter or other document entered into or accepted by
the Trustee in connection therewith contains a monetary or other limit on the
liability of the person providing the same in respect thereof and notwithstanding that
the scope and/or basis of such advice, opinion, certificate, report or information may
be limited by any such engagement letter or other document or by the terms of the
advice, opinion, certificate, report or information itself.
	 
	 	(aa)	 	The Trustee shall not be liable or responsible for any Liabilities or
inconvenience which may result from anything done or omitted to be done by it in
accordance with the provisions of these presents.
	 
	 	(bb)	 	The Trustee shall be entitled to take into account, for the purpose of
exercising or performing any right, power, trust, authority, duty or discretion under
or in relation to the Conditions or any of the Transaction Documents (including,
without limitation, any consent, approval, modification, waiver, authorisation or
determination referred to in Clause 19) in respect of the Bonds, among other things,
any confirmation by any of the Rating Agencies (if available) that the then current
ratings of any class of the Bonds would not be adversely affected by such exercise or
performance and, if the original rating of Bonds has been downgraded previously, that
such exercise or performance would not prevent the restoration of the original ratings.

	17	 	Trustee’s Liability
	 
	 	 	Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in
relation to the trusts constituted by these presents or any other Transaction Documents,
provided that nothing in these presents shall in any case in which the Trustee has failed to
show the degree of care and diligence required of it as trustee having regard to the
provisions of these presents and the other Transaction Documents conferring on it any
trusts, powers, authorities or discretions exempt the Trustee from or indemnify it against
any liability for breach of trust or any liability which by virtue of any rule of law would
otherwise attach to it in respect of any negligence, wilful default or breach of duty of
which it may be guilty in relation to its duties under these presents.

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	18	 	Trustee Contracting with the Issuer and Others
	 
	 	 	Neither the Trustee nor any director or officer or holding company, subsidiary or
associated company of a corporation acting as a trustee under these presents shall by reason
of its or his fiduciary position be in any way precluded from:

	 	(a)	 	entering into or being interested in any contract or financial or other
transaction or
arrangement with the Issuer or any other party to any Transaction Document (each
a “Relevant Company”) or any person or body corporate associated with a
Relevant Company (including without limitation any contract, transaction or
arrangement of a banking or insurance nature or any contract, transaction or
arrangement in relation to the making of loans or the provision of financial
facilities
or financial advice to, or the purchase, placing or underwriting of or the
subscribing
or procuring subscriptions for or otherwise acquiring, holding or dealing with, or
acting as paying agent in respect of, the Bonds or any other Bonds, bonds, stocks,
shares, debenture stock, debentures or other securities of, a Relevant Company or
any person or body corporate associated as aforesaid); or
	 
	 	(b)	 	accepting or holding the trusteeship of the Deed of Charge or any other Bond
Trust
Deed constituting or securing any other securities issued by or relating to, or any
other liabilities of, a Relevant Company or any person or body corporate
associated as aforesaid or any other office of profit under a Relevant Company or
any such person or body corporate associated as aforesaid,

	 	 	and shall be entitled to exercise and enforce its rights, comply with its obligations and
perform its duties under or in relation to any such contract, transaction or arrangement as
is referred to in (a) above or, as the case may be, any such trusteeship or office of profit
as is referred to in (b) above without regard to the interests of the Bondholders and
notwithstanding that the same may be contrary or prejudicial to the interests of the
Bondholders and shall not be responsible for any Liability occasioned to the Bondholders
thereby and shall be entitled to retain and shall not be in any way liable to account for
any profit made or share of brokerage or commission or remuneration or other amount or
benefit received thereby or in connection therewith.
	 
	 	 	Where any holding company, subsidiary or associated company of the Trustee or any director
or officer of the Trustee acting other than in his capacity as such a director or officer
has any information, the Trustee shall not thereby be deemed also to have knowledge of such
information and, unless it shall have actual knowledge of such information, shall not be
responsible for any loss suffered by Bondholders resulting from the Trustee’s failure to
take such information into account in acting or refraining from acting under or in relation
to these presents or any other Transaction Document.
	 
	19	 	Waiver, Authorisation and Determination
	 
	19.1	 	Determination
	 
	 	 	The Trustee may without the consent or sanction of the Bondholders and without
prejudice to its rights in respect of any subsequent breach, Event of Default or Potential
Event of Default at any time and from time to time but only if and in so far as in its
opinion the interests of the Bondholders shall not be materially prejudiced thereby waive or
authorise any breach or proposed breach by the Issuer or any other person of any of the
covenants or provisions contained in these presents or any other Transaction Document or
determine that any Event of Default or Potential Event of Default shall not be treated as
such for the

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	 	 	purposes of these presents, provided that the Trustee shall not exercise any powers
conferred on it by this Clause in contravention of any express direction given by
Extraordinary Resolution or by a direction under Condition 9 (Events of Default) but so
that no such direction or request shall affect any waiver, authorisation or determination
previously given or made. Any such waiver, authorisation or determination may be given or
made on such terms and subject to such conditions (if any) as the Trustee may determine,
shall be binding on the Bondholders and, if, but only if, the Trustee shall so require,
shall be notified by the Issuer to the Bondholders in accordance with the Conditions as
soon as practicable thereafter.
	 
	19.2	 	Modification
	 
	 	 	The Trustee may without the consent or sanction of the Bondholders at any time and
from time to time concur with the Issuer or any other person in making any modification (i)
to these presents (including any Basic Terms Modification) or any other Transaction
Document which in the opinion of the Trustee may be proper to make, provided that the
Trustee is of the opinion that such modification will not be materially prejudicial to the
interests of the Bondholders or (ii) to these presents (including any Basic Terms
Modification) or any other Transaction Document if in the opinion of the Trustee such
modification is of a formal, minor or technical nature or to correct a manifest error. Any
such modification may be made on such terms and subject to such conditions (if any) as the
Trustee may determine, shall be binding upon the Bondholders and shall be notified by the
Issuer to the Bondholders in accordance with the Conditions (unless the Trustee agrees
otherwise) and to the Rating Agencies, in each case as soon as practicable thereafter.
	 
	19.3	 	Consent
	 
	 	 	Any consent or approval given by the Trustee for the purposes of these presents or
any other Transaction Document may be given on such terms and subject to such conditions (if
any) as the Trustee thinks fit and notwithstanding anything to the contrary in these
presents or any other Transaction Document may be given retrospectively. The Trustee may
give any consent or approval if, in its opinion, the interests of the Bondholders will not
be materially prejudiced thereby. For the avoidance of doubt, the Trustee shall not have any
duty to the Bondholders in relation to such matters other than that which is contained in
the preceding sentence.
	 
	19.4	 	Breach
	 
	 	 	Any breach of or failure, on the part of the Issuer, to comply with any such terms
and conditions as are referred to in Clauses 19.1, 19.2 and 19.3 shall constitute a default
by the Issuer in the performance or observance of a covenant or provision binding on it
under or pursuant to these presents.
	 
	20	 	Entitlement to Treat Bondholder as Absolute Owner
	 
	 	 	The Issuer, the Trustee and the Paying Agents may (to the fullest extent permitted by
applicable laws) deem and treat the holder of a particular Principal Amount Outstanding of
the Bonds as the absolute owner of such Bond or, as the case may be, Principal Amount
Outstanding for all purposes (whether or not such Bond or, as the case may be, Principal
Amount Outstanding shall be overdue and notwithstanding any notice of ownership thereof or
of trust or other interest with regard thereto, any notice of loss or theft thereof or any
writing thereon) and the Issuer, the Trustee and the Paying Agents shall not be affected by

- 29 -

 

	 	 	any notice to the contrary. All payments made to, or to the order of, the common depository
for Euroclear and Clearstream, Luxembourg with which any Global Bond is deposited shall be
valid and, to the extent of the sums so paid, effective to satisfy and discharge the
liability for the moneys payable in respect of such Global Bond and the Bonds represented
thereby.
	 
	21	 	Currency Indemnity
	 
	 	 	The Issuer shall indemnify the Trustee and the Bondholders and keep them indemnified
against:

	 	(a)	 	any Liability incurred by any of them arising from the non-payment by the
Issuer of
any amount due to the Trustee or the Bondholders under these presents by reason
of any variation in the rates of exchange between those used for the purposes of
calculating the amount due under a judgment or order in respect thereof and those
prevailing at the date of actual payment by the Issuer; and
	 
	 	(b)	 	any deficiency arising or resulting from any variation in rates of exchange
between
(i) the date as of which the local currency equivalent of the amounts due or
contingently due under these presents (other than this Clause) is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Issuer and (ii) the
final
date for ascertaining the amount of claims in such bankruptcy, insolvency or
liquidation. The amount of such deficiency shall be deemed not to be reduced by
any variation in rates of exchange occurring between the said final date and the
date of any distribution of assets in connection with any such bankruptcy,
insolvency or liquidation.

	 	 	The above indemnity shall constitute an obligation of the Issuer separate and independent
from its obligations under the other provisions of these presents and shall apply
irrespective of any indulgence granted by the Trustee or the Bondholders from time to time
and shall continue in full force and effect notwithstanding the judgment or filing of any
proof or proofs in any bankruptcy, insolvency or liquidation of the Issuer for a liquidated
sum or sums in respect of amounts due under these presents (other than this Clause). Any
such deficiency as aforesaid shall be deemed to constitute a loss suffered by the
Bondholders and no proof or evidence of any actual loss shall be required by the Issuer or
its liquidator or liquidators.
	 
	22	 	New Trustee
	 
	22.1	 	The power to appoint a new trustee of these presents shall, subject as hereinafter
provided, be vested in the Issuer but no person shall be appointed who shall not previously
have been approved by Extraordinary Resolutions of the Bondholders. One or more persons may
hold office as trustee or trustees of these presents but such trustee or trustees shall be or
include a Trust Corporation. Whenever there shall be more than two trustees of these presents
the majority of such trustees shall be competent to execute and exercise all the duties,
powers, trusts, authorities and discretions vested in the Trustee by these presents provided
that a Trust Corporation shall be included in such majority. Any appointment of a new trustee
of these presents shall as soon as practicable thereafter be notified by the Issuer to the
Principal Paying Agent, and the Bondholders in accordance with the Conditions.

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	22.2	 	Separate and Co-Trustees
	 
	 	 	Notwithstanding the provisions of Clause 22.1 above, the Trustee may, upon giving prior
notice to the Issuer (but without the consent of the Issuer or the Bondholders), appoint
any person established or resident in any jurisdiction (whether a Trust Corporation or not)
to act either as a separate trustee or as a co-trustee jointly with the Trustee:

	 	(a)	 	if the Trustee considers such appointment to be in the interests of the Secured
Creditors;
	 
	 	(b)	 	for the purposes of conforming to any legal requirements, restrictions or
conditions
in any jurisdiction in which any particular act or acts is or are to be performed or
any Charged Property is to be located; or
	 
	 	(c)	 	for the purposes of obtaining a judgment in any jurisdiction or the enforcement
in
any jurisdiction of either a judgment already obtained or any of the provisions of
these presents or any other Transaction Document against the Issuer or any other
person.

	 	 	The Issuer irrevocably appoints the Trustee to be its attorney in its name and on its behalf
to execute any such instrument of appointment. Such a person shall (subject always to the
provisions of these presents and the other Transaction Documents) have such rights, powers,
trusts, authorities and discretions (not exceeding those conferred on the Trustee by these
presents and the other Transaction Documents) and such duties and obligations as shall be
conferred or imposed by the instrument of appointment. The Trustee shall have power in like
manner to remove any such person. Such remuneration as the Trustee may pay to any such
person, together with any attributable Liabilities incurred by it in performing its function
as such separate trustee or co-trustee, shall for the purposes of these presents be treated
as Liabilities incurred by the Trustee.
	 
	23	 	Trustee’s Retirement and Removal
	 
	 	 	A trustee of these presents may retire at any time on giving not less than 60 days’ prior
written notice to the Issuer without giving any reason and without being responsible for
any Liabilities incurred by reason of such retirement. The Bondholders may by an
Extraordinary Resolution remove any trustee or trustees for the time being of these
presents. The Issuer undertakes that, in the event of the only trustee of these presents
which is a Trust Corporation (for the avoidance of doubt, disregarding for this purpose any
separate or co-trustee appointed under Clause 22.2) giving notice under this Clause or
being removed by Extraordinary Resolution of the Bondholders, it will use its best
endeavours to procure that a new trustee of these presents being a Trust Corporation is
appointed as soon as reasonably practicable thereafter. The retirement or removal of any
such trustee shall not become effective until a successor trustee being a Trust Corporation
is appointed. If, in such circumstances, no appointment of such a new trustee has become
effective within 60 days of the date of such notice or Extraordinary Resolution, the
Trustee shall be entitled to appoint a Trust Corporation as trustee of these presents, but
no such appointment shall take effect unless previously approved by Extraordinary
Resolution as aforesaid.
	 
	24	 	Trustee’s Powers to be Additional
	 
	 	 	The powers conferred upon the Trustee by these presents shall be in addition to any
powers which may from time to time be vested in the Trustee by the general law or as a
holder of any of the Bonds.

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	25	 	Notices
	 
	 	 	Any notices shall be given in writing and shall be sufficiently secured or given if
made as specified in Schedule 6.
	 
	26	 	Limited Recourse and Non-Petition
	 
	26.1	 	The obligations of the Issuer under the Bonds and the Bond Documents will not be obligations or responsibilities of, or guaranteed by, Shaw Group any other person or entity,
and the Secured Creditors shall have no recourse to Shaw Group beyond the pledge by
The Shaw Group Inc. of its membership interests in the Issuer pursuant to the Parent
Pledge Agreement.
	 
	26.2	 	Having realised the Security and distributed the net proceeds in accordance with the terms
of the Deed of Charge, neither the Trustee nor any other Secured Creditor may take any
further steps against the Issuer to recover any sum still unpaid and the Issuer’s liability
for
any sum still unpaid shall be extinguished.
	 
	26.3	 	None of the Trustee or any other Secured Creditor may take any corporate action or other
steps or legal proceedings for the dissolution, liquidation or reorganisation of, or for the
appointment of a receiver, administrator, trustee, liquidator or similar official for, the Issuer
under any bankruptcy, insolvency, receivership or similar law.
	 
	27	 	Governing Law
	 
	 	 	These presents are governed by, and shall be construed in accordance with, English
law.
	 
	28	 	Submission to Jurisdiction
	 
	28.1	 	The Issuer irrevocably agrees for the benefit of the Trustee and the Bondholders that
the
courts of England are to have exclusive jurisdiction to settle any dispute which may arise
out of or in connection with this Bond Trust Deed and accordingly submits to the exclusive
jurisdiction of the English courts. The Issuer waives any objection to the courts of England
on the grounds that they are an inconvenient or inappropriate forum. The Trustee and
(subject to the terms contained herein) the Bondholders may take any suit, action or
proceeding arising out of or in connection with these presents (together referred to as
“Proceedings”) against the Issuer in any other court of competent jurisdiction and
concurrent Proceedings in any number of jurisdictions.
	 
	28.2	 	Invalidity
	 
	 	 	If at any time any provision of these presents is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, that shall not affect or
impair:

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other
provision of
these presents; or
	 
	 	(b)	 	the legality, validity or enforceability under the law of any other
jurisdiction of that or
any other provision of these presents.

	28.3	 	Service of Process
	 
	 	 	The Issuer irrevocably appoints Law Debenture Corporate Services Limited at Fifth Floor
100 Wood Street London EC2V 7EX as its authorised agent for service of process in

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	 	 	England. If for any reason such agent shall cease to be such agent for the service of
process, the Issuer shall forthwith appoint a new agent for service of process in England
and shall immediately notify the Trustee of such appointment. Nothing shall affect the right
to serve process in any other manner permitted by law.
	 
	29	 	Counterparts
	 
	 	 	This Bond Trust Deed and any trust deed supplemental hereto may be executed and
delivered in any number of counterparts (including by facsimile), all of which, taken
together, shall constitute one and the same deed and any party to this Bond Trust Deed or
any trust deed supplemental hereto may enter into the same by executing and delivering a
counterpart (including by facsimile).
	 
	30	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	A person who is not a party to these presents has no rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of these presents, but this does not
affect any right or remedy of a third party which exists or is available apart from that
Act.

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Schedule 1

 Certificate of Compliance

[On the letterhead of NUCLEAR ENERGY HOLDINGS, L.L.C.]

To: The Bank of New York of One Canada Square, London E14 5AL as Trustee of a bond trust deed dated
13 October 2006 (the “Bond Trust Deed”) constituting

JPY50,980,000,000 2.20 per
cent. Fixed Rate Bonds due 2013 and JPY78,000,000,000 Floating Rate Bonds
due 2013

of NUCLEAR ENERGY HOLDINGS,
L.L.C. (the “Issuer”).

We,             
                  
               and                                                         each being an Officer of the Issuer HEREBY CERTIFY that:

	(a)	 	as at [ please insert a date not more than seven days prior to delivery of this certificate]
there did not exist and had not existed since [•] 2006 any Event of Default or any Potential
Event of Default (both as defined in the Bond Trust Deed); and
	 
	(b)	 	during the period from and including [•] 2006 to and including [please insert the date first
mentioned in (a) above] the Issuer has complied in all material respects with all its
obligations contained in the Bond Trust Deed and Schedules thereto.

Dated this [•] 2006

	 	 	 	 	 
	 

	 	 
	 	 

	 
	Officer

	 	 	 	Officer

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Schedule 2

Form of Global Bonds

Part 1A

Form of Temporary Global Bond

NUCLEAR ENERGY HOLDINGS, L.LC. (a company with limited liability organised under the laws
of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801-1120)

TEMPORARY GLOBAL BOND

representing

JPY50,980,000,000 2.20 per cent. Fixed Rate Bonds due 2013

This Bond is a Temporary Global Bond without interest coupons in respect of a duly authorised
issue of JPY50,980,000,000 2.20 per cent. Fixed Rate Bonds due 2013 of NUCLEAR ENERGY HOLDINGS,
L.L.C. (the “Issuer”), designated as specified in
the title hereof (the “Bonds”), limited to the
aggregate principal amount of JPY50,980,000,000 and constituted by a Bond Trust Deed dated 13
October 2006 (the “Bond Trust Deed”) between the Issuer and The Bank of New York as trustee (the
trustee for the time being thereof being herein called the
“Trustee”). References herein to the
Conditions (or to any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in Schedule 4 to the Bond Trust Deed. The aggregate principal
amount from time to time of this Temporary Global Bond shall be JPY50,980,000,000 or, if less,
that amount as shall be shown by the latest entry duly made in the Schedule hereto.

	1	 	Promise to pay
	 
	 	 	Subject as provided in this Temporary Global Bond the Issuer promises to pay to the
bearer the principal amount of this Temporary Global Bond together with the Call Premium(if
any) as consideration for the advance of the principal and any other provisions from which
the Issuer benefits in respect of the Bonds (other than the use of the principal secured
from time to time) (being at the date hereof JPY50,980,000,000 on the Interest Payment Date
falling on or about 15 March 2013 (or in whole or, where applicable, in part on such earlier
date as the said principal amount or part respectively or Call Premium may become repayable
in accordance with the Conditions or the Bond Trust Deed) and to pay interest as the sole
consideration for the use of the principal secured from time to time semi annually in arrear
on the 15th of each March and September (each an “Interest
Payment Date”) on the principal
amount from time to time of this Temporary Global Bond at rates determined in accordance
with the Conditions together with such other amounts (if any) as may be payable, all subject
to and in accordance with the Conditions and the provisions of the Bond Trust Deed.
	 
	2	 	Exchange for Permanent Global Bond and purchases
	 
	 	 	This Temporary Global Bond is exchangeable in whole or in part upon the request of
the bearer for a further global Bond in respect of up to JPY50,980,000,000 aggregate
principal amount of the Bonds (the “Permanent Global Bond”) only on and subject to the
terms and conditions set out below.

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	 	 	On and after 23 November 2006 (the “Exchange
Date”) this Temporary Global Bond may be
exchanged in whole or in part at the specified office of the Principal Paying Agent (or
such other place as the Trustee may agree) for the Permanent Global Bond and the Issuer
shall procure that the Principal Paying Agent shall issue and deliver, in full or partial
exchange for this Temporary Global Bond, the Permanent Global Bond (or, as the case may be,
endorse the Permanent Global Bond) in an aggregate principal amount equal to the principal
amount of this Temporary Global Bond submitted for exchange Provided that if definitive
Bonds (together with the coupons appertaining thereto) have already been issued in exchange
for all the Bonds represented for the time being by the Permanent Global Bond, then this
Temporary Global Bond may thereafter be exchanged only for definitive Bonds (together with
the coupons appertaining thereto) and in such circumstances references herein to the
Permanent Global Bond shall be construed accordingly and provided further that the
Permanent Global Bond shall be issued and delivered (or, as the case may be, endorsed) only
if and to the extent that there shall have been presented to the Issuer a certificate from
Euroclear Bank S.A./N.V. (“Euroclear”) or from Clearstream Banking, société anonyme
(“Clearstream, Luxembourg”) substantially in the form of the certificate attached as
Exhibit A.
	 
	 	 	Any person who would, but for the provisions of this Temporary Global Bond, the Permanent
Global Bond and the Bond Trust Deed, otherwise be entitled to receive a definitive Bond or
definitive Bonds shall not be entitled to require the exchange of an appropriate part of
this Temporary Global Bond for a like part of the Permanent Global Bond unless and until he
shall have delivered or caused to be delivered to Euroclear or Clearstream, Luxembourg a
certificate substantially in the form of the certificate attached as Exhibit B (copies of
form of certificate will be available at the offices of Euroclear in Brussels and
Clearstream, Luxembourg in Luxembourg and the specified office of each of the Paying
Agents).
	 
	 	 	Upon (i) any exchange of a part of this Temporary Global Bond for a like part of the
Permanent Global Bond or (ii) the purchase by or on behalf of the Issuer or any Subsidiary
of the Issuer and cancellation of a part of this Temporary Global Bond in accordance with
the Conditions, the portion of the principal amount hereof so exchanged or so purchased and
cancelled shall be endorsed by or on behalf of the Principal Paying Agent on behalf of the
Issuer on Part II of the Schedule hereto, whereupon the principal amount hereof shall be
reduced for all purposes by the amount so exchanged or so purchased and cancelled and, in
each case, endorsed.
	 
	3	 	Payments
	 
	 	 	Until the entire principal amount of this Temporary Global Bond has been
extinguished, this Temporary Global Bond shall in all respects be entitled to the same
benefits as the definitive Bonds for the time being represented hereby and shall be
entitled to the benefit of and be bound by the Bond Trust Deed, except that the holder of
this Temporary Global Bond shall not (unless upon due presentation of this Temporary Global
Bond for exchange, issue and delivery (or, as the case may be, endorsement) of the
Permanent Global Bond is improperly withheld or refused and such withholding or refusal is
continuing at the relevant payment date) be entitled (i) to receive any payment of interest
on this Temporary Global Bond except (subject to (ii) below) upon certification as
hereinafter provided or (ii) on and after the Exchange Date, to receive any payment on this
Temporary Global Bond. Upon any payment of principal or interest on this Temporary Global
Bond the amount so paid

- 36 -

 

	 	 	shall be endorsed by or on behalf of the Principal Paying Agent on behalf of the Issuer on
Part II of the Schedule hereto.
	 
	 	 	Payments of interest in respect of Bonds for the time being represented by this Temporary
Global Bond shall be made to the bearer only upon presentation to the Issuer of a
certificate from Euroclear or from Clearstream, Luxembourg substantially in the form of the
certificate attached as Exhibit A. Any person who would, but for the provisions of this
Temporary Global Bond and of the Bond Trust Deed, otherwise be beneficially entitled to a
payment of interest on this Temporary Global Bond shall not be entitled to require such
payment unless and until he shall have delivered or caused to be delivered to Euroclear or
Clearstream, Luxembourg a certificate substantially in the form of the certificate attached
as Exhibit B (copies of form of certificate will be available at the offices of Euroclear in
Brussels and Clearstream, Luxembourg in Luxembourg and the specified office of each of the
Paying Agents).
	 
	 	 	Upon any payment of principal and endorsement of such payment on Part II of the Schedule
hereto, the principal amount of this Temporary Global Bond shall be reduced for all
purposes by the principal amount so paid and endorsed.
	 
	 	 	All payments of any amounts payable and paid to the bearer of this Temporary Global Bond
shall be valid and, to the extent of the sums so paid, effectual to satisfy and discharge
the liability for the moneys payable hereon, on the Permanent Global Bond and on the
relevant definitive Bonds.
	 
	4	 	Accountholders
	 
	 	 	For so long as all of the Bonds are represented by a Global Bond and such Global
Bond(s) are held on behalf of Euroclear and/or Clearstream, Luxembourg, each person who is
for the time being shown in the records of Euroclear or Clearstream, Luxembourg as the
holder of a particular principal amount of such Bonds (each an Accountholder) (in which
regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as
to the principal amount of such Bonds standing to the account of any person shall, in the
absence of manifest error, be conclusive and binding for all purposes) shall be treated as
the holder of such principal amount of such Bonds for all purposes (including for the
purposes of any quorum requirements of, or the right to demand a poll at, meetings of the
Bondholders) other than with respect to the payment of principal and interest on such
Bonds, the right to which shall be vested, as against the Issuer and the Trustee, solely in
the bearer of the relevant Global Bond in accordance with and subject to its terms and the
terms of the Bond Trust Deed. Each Accountholder must look solely to Euroclear or
Clearstream, Luxembourg, as the case may be, for its share of each payment made to the
bearer of the relevant Global Bond.
	 
	5	 	Notices
	 
	 	 	For so long as all of the Bonds are represented by one or both of the Permanent
Global Bond and this Temporary Global Bond and such Global Bond(s) are held on behalf of
Euroclear and/or Clearstream, Luxembourg, notices to Bondholders may be given by delivery
of the relevant notice to Euroclear and/or Clearstream, Luxembourg (as the case may be) for
communication to the relative Accountholders rather than by publication as required by
Condition 15. Any such notice shall be deemed to have been given to the Bondholders on the
second day after the day on which such notice is delivered to Euroclear and/or Clearstream,
Luxembourg (as the case may be) as aforesaid.

- 37 - 

 

	 	 	Whilst any Bonds held by a Bondholder are represented by a Global Bond, notices to be given
by such Bondholder may be given by such Bondholder to the Principal Paying Agent through
Euroclear and/or Clearstream, Luxembourg, as the case may be, in such a manner as the
Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may
approve for this purpose.
	 
	6	 	Prescription
	 
	 	 	Claims against the Issuer in respect of principal and interest on the Bonds
represented by the Permanent Global Bond or this Temporary Global Bond will be prescribed
after ten years (in the case of principal) and five years (in the case of interest) from the
Relevant Date (as defined in Condition 10).
	 
	7	 	Meetings
	 
	 	 	The holder of a Temporary Global Bond will be treated as being one person for the
purposes of any quorum requirements of, or the right to demand a poll at, a meeting of
Bondholders and, at any such meeting, as having one vote in respect of each JPY 10,000,000
in principal amount of Bonds.
	 
	8	 	Euroclear and Clearstream, Luxembourg
	 
	 	 	References herein to Euroclear and/or Clearstream, Luxembourg shall be deemed to
include references to any other clearing system approved by the Trustee.
	 
	9	 	Authentication
	 
	 	 	This Temporary Global Bond shall not be or become valid or obligatory for any
purpose unless and until authenticated by or on behalf of the Principal Paying Agent.
	 
	10	 	Governing law
	 
	 	 	This Temporary Global Bond is governed by, and shall be construed in accordance
with, the laws of England and Wales and the Issuer has in the Bond Trust Deed submitted to
the jurisdiction of the courts of England for all purposes in connection with this
Temporary Global Bond.
	 
	11	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	No rights are conferred on any person under the Contracts (Rights of Third Parties)
Act 1999 to enforce any term of this Temporary Global Bond, but this does not affect any
right or remedy of any person which exists or is available apart from that Act.

- 38 -

 

In witness whereof the Issuer has caused this Temporary Global Bond to be signed manually or in
facsimile by a person duly authorised on its behalf.

	 	 	 	 	 
	NUCLEAR ENERGY HOLDINGS, L.L.C.
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 

Issued in London on 13 October 2006.

Certificate of authentication

This Temporary Global Bond is duly authenticated without recourse, warranty or liability.

 

Duly
authorised for and on behalf of

THE BANK OF NEW YORK

as Principal Paying Agent

- 39 -

 

The Schedule

Part I

Payments of Principal and Interest

The following payments on this Temporary Global Bond have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	principal amount	 	 
	 	 	 	 	 	 	of this Temporary	 	Notation
	 	 	 	 	 	 	Global Bond	 	made on
	 	 	 	 	 	 	following such	 	behalf of
	Date made	 	Interest paid	 	Principal paid	 	payment	 	the Issuer
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 

- 40 -

 

Part II

Exchanges for Permanent Global Bond, Definitive Bonds and Purchases
and Cancellations

The following exchanges of a part of this Temporary Global Bond for [a like part of
the Permanent Global Bond] [definitive Bonds] and/or purchases and cancellations of a part
of this Temporary Global Bond have been made:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Part of	 	 	 	 	 	 	 	 
	 	 	principal	 	 	 	 	 	 	 	 
	 	 	amount of	 	Part of	 	Part of	 	Aggregate	 	 
	 	 	this	 	principal	 	principal	 	principal	 	 
	 	 	Temporary	 	amount of	 	amount of	 	amount of this	 	 
	 	 	Global Bond	 	this	 	this	 	Temporary	 	Notation
	 	 	exchanged	 	Temporary	 	Temporary	 	Global Bond	 	made
	 	 	for a like	 	Global Bond	 	Global Bond	 	following such	 	on
	 	 	part of the	 	exchanged	 	purchased	 	exchange or	 	behalf
	 	 	Permanent	 	for definitive	 	and	 	purchase and	 	of the
	Date made	 	Global Bond	 	Bonds	 	cancelled	 	cancellation	 	Issuer
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

- 41 -

 

Exhibit A

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

(the
“Bonds”)

This is to certify that, based solely on certifications we have
received in writing, by tested telex or by electronic transmission from
member organisations appearing in our records as persons being entitled to a
portion of the principal amount set forth below (our “Member
Organisations”)
substantially to the effect set forth in the Bond Trust Deed, as of the date
hereof [•] principal amount of the above-captioned Bonds (i) is owned by
persons that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its
source (“United States persons”), (ii) is owned by United States persons that
(a) are foreign branches of United States financial institutions (as defined
in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial
institutions”) purchasing for their own account or for resale, or (b)
acquired the Bonds through foreign branches of United States financial
institutions and who hold the Bonds through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution has agreed, on its own behalf or through
its agent, that we may advise the Issuer or the Issuer’s agent that it will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii) is owned by United States or foreign financial institutions for
purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that
United States or foreign financial institutions described in Clause (iii)
above (whether or not also described in Clause (i) or (ii)) have certified
that they have not acquired the Bonds for purposes of resale directly or
indirectly to a United States person or to a person within the United States
or its possessions.

If the Bonds are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended, then this is also
to certify with respect to such principal amount of Bonds set forth above
that, except as set forth below, we have received in writing, by tested telex
or by electronic transmission, from our Member Organisations entitled to a
portion of such principal amount, certifications with respect to such
portion, substantially to the effect set forth in the Bond Trust Deed.

We further certify (i) that we are not making available herewith for exchange
(or, if relevant, exercise of any rights or collection of any interest) any
portion of the Temporary Global Bond excepted in such certifications and (ii)
that as of the date hereof we have not received any notification from any of
our Member Organisations to the effect that the statements made by such
Member Organisations with respect to any portion of the part submitted
herewith for exchange (or, if relevant, exercise of any rights or collection
of any interest) are no longer true and cannot be relied upon as of the date
hereof.

- 42 -

 

We understand that this certification is required in connection with certain tax laws and,
if applicable, certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection with which this
certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings.

*Dated

[Euroclear Bank S.A./N.V.][Clearstream Banking,
société anonyme]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorised Signatory 	 
	 	 	 	 
	 

 

			
	*	 	To be dated no earlier than the date to which this certification relates, namely (a) the
payment date or (b) the date set for the exchange of the temporary Global Bond for [the Permanent
Global Bond] [definitive Bonds].

- 43 -

 

Exhibit B

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

(the “Bonds”)

This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Bonds held by you for our account (i) are owned by
person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its
source (“United States person(s)”), (ii) are owned by United States person(s)
that (a) are foreign branches of United States financial institutions (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial
institutions”) purchasing for their own account or for resale, or (b)
acquired the Bonds through foreign branches of United States financial
institutions and who hold the Bonds through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or
through its agent, that you may advise the Issuer or the Issuer’s agent that
it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) are owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in
addition if the owner of the Bonds is a United States or foreign financial
institution described in Clause (iii) above (whether or not also described in
Clause (i) or (ii)) this is further to certify that such financial
institution has not acquired the Bonds for the purposes of resale directly or
indirectly to a United States person or to a person within the United States
or its possessions.

If the Bonds are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended, (the
“Act”), then
this is also to certify that, except as set forth below (i) in the case of
debt securities, the Bonds are beneficially owned by (a) non-U.S. person(s)
or (b) U.S. person(s) who purchased the Bonds in Transactions which did not
require registration under the Act; or (ii) in the case of equity securities,
the Bonds are owned by (x) non-U.S. person(s) (and such person(s) are not
acquiring the Bonds for the account or benefit of U.S. person(s)) or (y) U.S.
person(s) who purchased the Bonds in a transaction which did not require
registration under the Act. If this certification is being delivered in
connection with the exercise of warrants pursuant to Section 230.902(m) of
Regulation S under the Act, then this is further to certify that, except as
set forth below, the Bonds are being exercised by and on behalf of non-U.S.
person(s). As used in this paragraph the term U.S. person has the meaning
given to it by Regulation S under the Act.

As used herein, United States means the United States of America (including
the States and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and
the Northern Mariana Islands.

We undertake to advise you promptly by tested telex on or prior to the date
on which you intend to submit your certification relating to the Bonds held
by you for our account in accordance with your operating procedures if any
applicable statement herein is not correct on such date, and in the absence
of any such notification it may be assumed that this certification applies as
Of such date.

This certification excepts and does not relate to JPY[•] of such
interest in the above Bonds in respect of which we are not able to certify
and as to which we understand exchange and delivery

- 44 -

 

of definitive Bonds (or, if relevant, exercise of any rights or collection of any interest)
cannot be made until we do so certify.

We understand that this certification is required in connection with certain tax laws and, if
applicable, certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection with which this
certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings.

*Dated

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	[Name of person giving certification]
	(As, or as agent for, the beneficial
	owner(s) of the Bonds
	to which this certification relates)

 

			
	*	 	To be dated no earlier than the fifteenth day before the date to which this certification
relates, namely (a) the payment date or (b) the date set for the exchange of the temporary
Global Bond for [the Permanent Global Bond] [definitive Bonds].

- 45 -

 

Schedule 2

Form of Global Bonds

Part 1B

Form of Temporary Global Bond

NUCLEAR
ENERGY HOLDINGS, L.LC. (a company with limited liability organised under the laws of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801-1120)

TEMPORARY GLOBAL BOND

representing

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

This Bond is a Temporary Global Bond without interest coupons in respect of
a duly authorised issue of JPY78,000,000,000 Floating Rate Bonds due 2013 of
NUCLEAR ENERGY HOLDINGS, L.L.C. (the “Issuer”), designated as specified in
the title hereof (the “Bonds”), limited to the aggregate principal amount of
JPY78,000,000,000 and constituted by a Bond Trust Deed dated 13 October 2006
(the “Bond Trust Deed”) between the Issuer and The Bank of New York as
trustee (the trustee for the time being thereof being herein called the
“Trustee”). References herein to the Conditions (or to any particular
numbered Condition) shall be to the Conditions (or that particular one of
them) set out in Schedule 4 to the Bond Trust Deed. The aggregate principal
amount from time to time of this Temporary Global Bond shall be
JPY78,000,000,000 or, if less, that amount as shall be shown by the latest
entry duly made in the Schedule hereto.

	1	 	Promise to pay
	 
	 	 	Subject as provided in this Temporary Global Bond the Issuer
promises to pay to the bearer the principal amount of this Temporary
Global Bond together with the Call Premium (if any) as consideration
for the advance of the principal and any other provisions from which
the Issuer benefits in respect of the Bonds (other than the use of the
principal secured from time to time) (being at the date hereof
JPY78,000,000,000 on the Interest Payment Date on or about 15 March
2013 (or in whole or, where applicable, in part on such earlier date
as the said principal amount or part respectively or Call Premium may
become repayable in accordance with the Conditions or the Bond Trust
Deed) and to pay interest as the sole consideration for the use of the
principal secured from time to time semi annually in arrear on the
15th of each March and September (each an “Interest Payment
Date”) on
the principal amount from time to time of this Temporary Global Bond
at rates determined in accordance with the Conditions together with
such other amounts (if any) as may be payable, all subject to and in
accordance with the Conditions and the provisions of the Bond Trust
Deed.
	 
	2	 	Exchange for Permanent Global Bond and purchases
	 
	 	 	This Temporary Global Bond is exchangeable in whole or in part
upon the request of the bearer for a further global Bond in respect of
up to JPY78,000,000,000 aggregate principal amount of the Bonds (the
“Permanent Global Bond”) only on and subject to the terms and
conditions set out below.

- 46 -

 

	 	 	On and after 23 November 2006 (the “Exchange
Date”) this
Temporary Global Bond may be exchanged in whole or in part at the
specified office of the Principal Paying Agent (or such other place as
the Trustee may agree) for the Permanent Global Bond and the Issuer
shall procure that the Principal Paying Agent shall issue and deliver,
in full or partial exchange for this Temporary Global Bond, the
Permanent Global Bond (or, as the case may be, endorse the Permanent
Global Bond) in an aggregate principal amount equal to the principal
amount of this Temporary Global Bond submitted for exchange Provided
that if definitive Bonds (together with the coupons appertaining
thereto) have already been issued in exchange for all the Bonds
represented for the time being by the Permanent Global Bond, then this
Temporary Global Bond may thereafter be exchanged only for definitive
Bonds (together with the coupons appertaining thereto) and in such
circumstances references herein to the Permanent Global Bond shall be
construed accordingly and provided further that the Permanent Global
Bond shall be issued and delivered (or, as the case may be, endorsed)
only if and to the extent that there shall have been presented to the
Issuer a certificate from Euroclear Bank S.A./N.V.
(“Euroclear”) or
from Clearstream Banking, société anonyme (“Clearstream,
Luxembourg”)
substantially in the form of the certificate attached as Exhibit A.
	 
	 	 	Any person who would, but for the provisions of this Temporary Global
Bond, the Permanent Global Bond and the Bond Trust Deed, otherwise be
entitled to receive a definitive Bond or definitive Bonds shall not be
entitled to require the exchange of an appropriate part of this
Temporary Global Bond for a like part of the Permanent Global Bond
unless and until he shall have delivered or caused to be delivered to
Euroclear or Clearstream, Luxembourg a certificate substantially in the
form of the certificate attached as Exhibit B (copies of form of
certificate will be available at the offices of Euroclear in Brussels
and Clearstream, Luxembourg in Luxembourg and the specified office of
each of the Paying Agents).
	 
	 	 	Upon (i) any exchange of a part of this Temporary Global Bond for a
like part of the Permanent Global Bond or (ii) the purchase by or on
behalf of the Issuer or any Subsidiary of the Issuer and cancellation
of a part of this Temporary Global Bond in accordance with the
Conditions, the portion of the principal amount hereof so exchanged or
so purchased and cancelled shall be endorsed by or on behalf of the
Principal Paying Agent on behalf of the Issuer on Part II of the
Schedule hereto, whereupon the principal amount hereof shall be reduced
for all purposes by the amount so exchanged or so purchased and
cancelled and, in each case, endorsed.
	 
	3	 	Payments
	 
	 	 	Until the entire principal amount of this Temporary Global Bond
has been extinguished, this Temporary Global Bond shall in all respects
be entitled to the same benefits as the definitive Bonds for the time
being represented hereby and shall be entitled to the benefit of and be
bound by the Bond Trust Deed, except that the holder of this Temporary
Global Bond shall not (unless upon due presentation of this Temporary
Global Bond for exchange, issue and delivery (or, as the case may be,
endorsement) of the Permanent Global Bond is improperly withheld or
refused and such withholding or refusal is continuing at the relevant
payment date) be entitled (i) to receive any payment of interest on
this Temporary Global Bond except (subject to (ii) below) upon
certification as hereinafter provided or (ii) on and after the Exchange
Date, to receive any payment on this Temporary Global Bond. Upon any
payment of principal or interest on this Temporary Global Bond the
amount so paid

- 47 -

 

	 	 	shall be endorsed by or on behalf of the Principal Paying Agent on behalf of the
Issuer on Part II of the Schedule hereto.
	 
	 	 	Payments of interest in respect of Bonds for the time being represented by this Temporary
Global Bond shall be made to the bearer only upon presentation to the Issuer of a
certificate from Euroclear or from Clearstream, Luxembourg substantially in the form of the
certificate attached as Exhibit A. Any person who would, but for the provisions of this
Temporary Global Bond and of the Bond Trust Deed, otherwise be beneficially entitled to a
payment of interest on this Temporary Global Bond shall not be entitled to require such
payment unless and until he shall have delivered or caused to be delivered to Euroclear or
Clearstream, Luxembourg a certificate substantially in the form of the certificate attached
as Exhibit B (copies of form of certificate will be available at the offices of Euroclear in
Brussels and Clearstream, Luxembourg in Luxembourg and the specified office of each of the
Paying Agents).
	 
	 	 	Upon any payment of principal and endorsement of such payment on Part II of the Schedule
hereto, the principal amount of this Temporary Global Bond shall be reduced for all
purposes by the principal amount so paid and endorsed.
	 
	 	 	All payments of any amounts payable and paid to the bearer of this Temporary Global Bond
shall be valid and, to the extent of the sums so paid, effectual to satisfy and discharge
the liability for the moneys payable hereon, on the Permanent Global Bond and on the
relevant definitive Bonds.
	 
	4	 	Accountholders
	 
	 	 	For so long as all of the Bonds are represented by a Global Bond and such Global
Bond(s) are held on behalf of Euroclear and/or Clearstream, Luxembourg, each person who is
for the time being shown in the records of Euroclear or Clearstream, Luxembourg as the
holder of a particular principal amount of such Bonds (each an Accountholder) (in which
regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as
to the principal amount of such Bonds standing to the account of any person shall, in the
absence of manifest error, be conclusive and binding for all purposes) shall be treated as
the holder of such principal amount of such Bonds for all purposes (including for the
purposes of any quorum requirements of, or the right to demand a poll at, meetings of the
Bondholders) other than with respect to the payment of principal and interest on such Bonds,
the right to which shall be vested, as against the Issuer and the Trustee, solely in the
bearer of the relevant Global Bond in accordance with and subject to its terms and the terms
of the Bond Trust Deed. Each Accountholder must look solely to Euroclear or Clearstream,
Luxembourg, as the case may be, for its share of each payment made to the bearer of the
relevant Global Bond.
	 
	5	 	Notices
	 
	 	 	For so long as all of the Bonds are represented by one or both of the Permanent
Global Bond and this Temporary Global Bond and such Global Bond(s) are held on behalf of
Euroclear and/or Clearstream, Luxembourg, notices to Bondholders may be given by delivery of
the relevant notice to Euroclear and/or Clearstream, Luxembourg (as the case may be) for
communication to the relative Accountholders rather than by publication as required by
Condition 15. Any such notice shall be deemed to have been given to the Bondholders on the
second day after the day on which such notice is delivered to Euroclear and/or Clearstream,
Luxembourg (as the case may be) as aforesaid.

- 48 -

 

	 	 	Whilst any Bonds held by a Bondholder are represented by a
Global Bond, notices to be given by such Bondholder may be given by
such Bondholder to the Principal Paying Agent through Euroclear and/or
Clearstream, Luxembourg, as the case may be, in such a manner as the
Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg, as
the case may be, may approve for this purpose.
	 
	6	 	Prescription
	 
	 	 	Claims against the Issuer in respect of principal and interest
on the Bonds represented by the Permanent Global Bond or this Temporary
Global Bond will be prescribed after ten years (in the case of
principal) and five years (in the case of interest) from the Relevant
Date (as defined in Condition 10).
	 
	7	 	Meetings
	 
	 	 	The holder of a Temporary Global Bond will be treated as being
one person for the purposes of any quorum requirements of, or the right
to demand a poll at, a meeting of Bondholders and, at any such meeting,
as having one vote in respect of each JPY 10,000,000 in principal
amount of Bonds.
	 
	8	 	Euroclear and Clearstream, Luxembourg
	 
	 	 	References herein to Euroclear and/or Clearstream, Luxembourg
shall be deemed to include references to any other clearing system
approved by the Trustee.
	 
	9	 	Authentication
	 
	 	 	This Temporary Global Bond shall not be or become valid or
obligatory for any purpose unless and until authenticated by or on
behalf of the Principal Paying Agent.
	 
	10	 	Governing law
	 
	 	 	This Temporary Global Bond is governed by, and shall be
construed in accordance with, the laws of England and Wales and the
Issuer has in the Bond Trust Deed submitted to the jurisdiction of the
courts of England for all purposes in connection with this Temporary
Global Bond.
	 
	11	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	No rights are conferred on any person under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this
Temporary Global Bond, but this does not affect any right or remedy of
any person which exists or is available apart from that Act.

- 49 -

 

In witness whereof the Issuer has caused this Temporary Global Bond to
be signed manually or in facsimile by a person duly authorised on its behalf.

NUCLEAR ENERGY HOLDINGS, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Officer	 	 

Issued in London on 13 October 2006.

Certificate of authentication

This Temporary Global Bond is duly authenticated without recourse, warranty or
liability.

	 	 	 
	 

	 	 
	Duly authorised
	 	 
	for and on behalf of
	 	 
	 
	 	 
	THE BANK OF NEW YORK
	 	 
	as Principal Paying Agent
	 	 

- 50 -

 

The Schedule

Part I

Payments of Principal and Interest

The following payments on this Temporary Global Bond have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	principal amount	 	 
	 	 	 	 	 	 	of this Temporary	 	Notation
	 	 	 	 	 	 	Global Bond	 	made on
	 	 	 	 	 	 	following such	 	behalf of
	Date made	 	Interest paid	 	Principal paid	 	payment	 	the Issuer
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 

- 51 -

 

Part II

Exchanges
for Permanent Global Bond, Definitive Bonds and Purchases and Cancellations

The following exchanges of a part of this Temporary Global Bond for [a like part of the
Permanent
Global Bond] [definitive Bonds] and/or purchases and cancellations of a part of this Temporary
Global Bond have been made:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Part of	 	 	 	 	 	 	 	 
	 	 	principal	 	 	 	 	 	 	 	 
	 	 	amount of	 	Part of	 	Part of	 	Aggregate	 	 
	 	 	this	 	principal	 	principal	 	principal	 	 
	 	 	Temporary	 	amount of	 	amount of	 	amount of this	 	 
	 	 	Global Bond	 	this	 	this	 	Temporary	 	Notation
	 	 	exchanged	 	Temporary	 	Temporary	 	Global Bond	 	made
	 	 	for a like	 	Global Bond	 	Global Bond	 	following such	 	on
	 	 	part of the	 	exchanged	 	purchased	 	exchange or	 	behalf
	 	 	Permanent Global	 	for definitive	 	and	 	purchase and	 	of the
	Date made	 	Bond	 	Bonds	 	cancelled	 	cancellation	 	Issuer
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

- 52 -

 

Exhibit A

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

(the “Bonds”)

This is to certify that, based solely on certifications we have received in
writing, by tested telex or by electronic transmission from member
organisations appearing in our records as persons being entitled to a portion
of the principal amount set forth below (our “Member Organisations”)
substantially to the effect set forth in the Bond Trust Deed, as of the date
hereof [•] principal amount of the above-captioned Bonds (i) is owned by
persons that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its
source (“United States persons”), (ii) is owned by United States persons that
(a) are foreign branches of United States financial institutions (as defined
in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial
institutions”) purchasing for their own account or for resale, or (b)
acquired the Bonds through foreign branches of United States financial
institutions and who hold the Bonds through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution has agreed, on its own behalf or through
its agent, that we may advise the Issuer or the Issuer’s agent that it will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii) is owned by United States or foreign financial institutions for
purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that
United States or foreign financial institutions described in Clause (iii)
above (whether or not also described in Clause (i) or (ii)) have certified
that they have not acquired the Bonds for purposes of resale directly or
indirectly to a United States person or to a person within the United States
or its possessions.

If the Bonds are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended, then this is also
to certify with respect to such principal amount of Bonds set forth above
that, except as set forth below, we have received in writing, by tested telex
or by electronic transmission, from our Member Organisations entitled to a
portion of such principal amount, certifications with respect to such
portion, substantially to the effect set forth in the Bond Trust Deed.

We further certify (i) that we are not making available herewith for exchange
(or, if relevant, exercise of any rights or collection of any interest) any
portion of the Temporary Global Bond excepted in such certifications and (ii)
that as of the date hereof we have not received any notification from any of
our Member Organisations to the effect that the statements made by such
Member Organisations with respect to any portion of the part submitted
herewith for exchange (or, if relevant, exercise of any rights or collection
of any interest) are no longer true and cannot be relied upon as of the date
hereof.

- 53 -

 

We understand that this certification is required in connection with certain tax laws
and, if applicable, certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection with which this
certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings.

*Dated

[Euroclear
Bank S.A./N.V.][Clearstream Banking, société anonyme]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorised Signatory 	 
	 	 	 	 
	 

 

			
	*	 	To be dated no earlier than the date to which this certification relates, namely (a) the
payment date or (b) the date set for the exchange of the temporary Global Bond for [the Permanent
Global Bond] [definitive Bonds].

- 54 -

 

Exhibit B

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

(the “Bonds”)

This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Bonds held by you for our account (i) are owned by
person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its
source (“United States person(s)”), (ii) are owned by United States person(s)
that (a) are foreign branches of United States financial institutions (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial
institutions”) purchasing for their own account or for resale, or (b)
acquired the Bonds through foreign branches of United States financial
institutions and who hold the Bonds through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or
through its agent, that you may advise the Issuer or the Issuer’s agent that
it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii) are owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in
addition if the owner of the Bonds is a United States or foreign financial
institution described in Clause (iii) above (whether or not also described in
Clause (i) or (ii)) this is further to certify that such financial
institution has not acquired the Bonds for the purposes of resale directly or
indirectly to a United States person or to a person within the United States
or its possessions.

If the Bonds are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended, (the “Act”), then
this is also to certify that, except as set forth below (i) in the case of
debt securities, the Bonds are beneficially owned by (a) non-U.S. person(s)
or (b) U.S. person(s) who purchased the Bonds in transactions which did not
require registration under the Act; or (ii) in the case of equity securities,
the Bonds are owned by (x) non-U.S. person(s) (and such person(s) are not
acquiring the Bonds for the account or benefit of U.S. person(s)) or (y) U.S.
person(s) who purchased the Bonds in a transaction which did not require
registration under the Act. If this certification is being delivered in
connection with the exercise of warrants pursuant to Section 230.902(m) of
Regulation S under the Act, then this is further to certify that, except as
set forth below, the Bonds are being exercised by and on behalf of non-U.S.
person(s). As used in this paragraph the term U.S. person has the meaning
given to it by Regulation S under the Act.

As used herein, United States means the United States of America (including
the States and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and
the Northern Mariana Islands.

We undertake to advise you promptly by tested telex on or prior to the date
on which you intend to submit your certification relating to the Bonds held
by you for our account in accordance with your operating procedures if any
applicable statement herein is not correct on such date, and in the absence
of any such notification it may be assumed that this certification applies as
of such date.

This
certification excepts and does not relate to JPY[•] of such
interest in the above Bonds in respect of which we are not able to certify
and as to which we understand exchange and delivery

- 55 -

 

of
definitive Bonds (or, if relevant, exercise of any rights or collection of any interest)
cannot be made until we do so certify.

We understand that this certification is required in connection with certain tax laws and, if
applicable, certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection with which this
certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings.

*Dated

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	[Name of person giving certification]
	(As, or as agent for, the beneficial
	owner(s) of the Bonds
	to which this certification relates)

 

			
	*	 	To be dated no earlier than the fifteenth day before the date to which this certification
relates, namely (a) the payment date or (b) the date set for the exchange of the temporary Global
Bond for [the Permanent Global Bond] [definitive Bonds].

- 56 -

 

Part 2A

Form of Permanent Global Bond

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.L.C. (a company with limited liability organised under the laws of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801-1120)

PERMANENT GLOBAL BOND

representing up to

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

This Bond is a Permanent Global Bond without interest coupons in respect of a duly authorised
issue of JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013 of NUCLEAR ENERGY HOLDINGS,
L.L.C. (the “Issuer”), designated as specified in the title hereof (the “Bonds”), limited to the
aggregate principal amount of JPY50,980,000,000 and constituted by a Bond Trust Deed dated 13
October 2006 (the “Bond Trust Deed”) between the Issuer and The Bank Of New York as trustee (the
trustee for the time being thereof being herein called the “Trustee”). References herein to the
Conditions (or to any particular numbered Condition) shall be to the Conditions (or that
particular one of them) set out in the Schedule 4 to the Bond Trust Deed. The aggregate principal
amount from time to time of this Permanent Global Bond shall be JPY50,980,000,000 or, if less,
that amount as shall be shown by the latest entry duly made in the Schedule hereto.

	1	 	Promise to pay
	 
	 	 	Subject as provided in this Permanent Global Bond the Issuer promises to pay to the
bearer the principal amount of this Permanent Global Bond together with the Call Premium(if
any) as consideration for the advance of the principal and any other provisions from which
the Issuer benefits in respect of the Bonds (other than the use of the principal secured
from time to time) on the Interest Payment Date falling on or about 15 March 2013 (or in
whole or, where applicable, in part on such earlier date as the said principal amount or
part respectively or Call Premium may become repayable in accordance with the Conditions or
the Bond Trust Deed) and to pay interest as the sole consideration for the use of the
principal secured from time to time semi annually in arrear on the 15th of each
March and September of each year on the principal amount from time to time of this
Permanent Global Bond at rates determined in accordance with the Conditions together with
such other amounts (if any) as may be payable, all subject to and in accordance with the
Conditions and the provisions of the Bond Trust Deed.
	 
	2	 	Exchange for definitive Bonds and purchases
	 
	 	 	This Permanent Global Bond will be exchangeable in whole but not in part free of
charge to the holder) for definitive Bonds upon (i) not less than 60 days’ written notice
from Euroclear Bank S.A./N.V. (“Euroclear”) and/or
Clearstream Banking, société anonyme
(“Clearstream, Luxembourg”) (acting on the instructions of any holder of an interest in
such Permanent Global Bond) to the Principal Paying Agent; (ii) upon the happening of any
of the events defined in the Bond Trust Deed as Events of Default, (iii) if either
Euroclear or

- 57 -

 

	 	 	Clearstream, Luxembourg is closed for business for a continuous
period of 14 days (other than by reason of holiday, statutory or
otherwise) or announces an intention permanently to cease business or
does in fact do so and no alternative clearing system satisfactory to
the Trustee is available, or (iv) if the Issuer would suffer a
disadvantage as a result of a change in laws or regulations (taxation
or otherwise) or as a result of a change in the practice of Euroclear
and/or Clearstream, Luxembourg which would not be suffered were the
Bonds in definitive form and a certificate to such effect signed by two
Officers of the Issuer is given to the Trustee. Thereupon (in the case
of (i) to (iii) above) the holder of this Permanent Global Bond may
give notice to the Issuer, and (in the case of (iv) above) the Issuer
may give notice to the Trustee and the Bondholders, of its intention to
exchange this Permanent Global Bond for definitive Bonds on or after
the Exchange Date (as defined below).
	 
	 	 	On or after the Exchange Date the holder of this Permanent Global Bond
may or, in the case of (iii) above, shall surrender this Permanent
Global Bond to or to the order of the Principal Paying Agent. In
exchange for this Permanent Global Bond the Issuer will deliver, or
procure the delivery of, definitive Bonds in bearer form, serially
numbered, in the denominations of JPY 10,000,000 each with interest
coupons and one talon (“Coupons”) attached on issue in respect of
interest which has not already been paid on this Permanent Global Bond
in the denomination of JPY10,000,000 each (in exchange for the whole of
this Permanent Global Bond).
	 
	 	 	“Exchange Date” means a day specified in the notice requiring exchange
falling not less than 60 days after that on which such notice is given
and on which banks are open for business in the city in which the
specified office of the Principal Paying Agent is located and (except
in the case of (ii) above) in the city in which the relevant clearing
system is
located.
	 
	 	 	Upon (i) any exchange of a part of the Temporary Global Bond for a part
of this Permanent Global Bond or (ii) the purchase by or on behalf of
the Issuer or any Subsidiary of the Issuer and cancellation of a part
of this Permanent Global Bond in accordance with the Conditions, the
portion of the principal amount hereof so exchanged shall be endorsed
by or on behalf of the Principal Paying Agent on behalf of the Issuer
on Part II of the Schedule hereto, whereupon the principal amount
hereof shall be increased or, as the case may be, reduced for all
purposes by the amount so exchanged and endorsed. Upon the exchange of
the whole of this Permanent Global Bond for definitive Bonds this
Permanent Global Bond shall be surrendered to or to the order of the
Principal Paying Agent and cancelled and, if the holder of this
Permanent Global Bond requests, returned to it together with any
relevant definitive Bonds.
	 
	3	 	Payments
	 
	 	 	Until the entire principal amount of this Permanent Global Bond
has been extinguished, this Permanent Global Bond shall (subject as
hereinafter and in the Bond Trust Deed provided) in all respects be
entitled to the same benefits as the definitive Bonds and shall be
entitled to the benefit of and be bound by the Bond Trust Deed.
Payments of principal and interest in respect of Bonds represented by
this Permanent Global Bond will be made against presentation for
endorsement and, if no further payment falls to be made in respect of
the Bonds, surrender of this Permanent Global Bond to the order of the
Principal Paying Agent as shall have been notified to the Bondholders
for such purposes. Upon any payment of principal or interest on this
Permanent Global Bond the amount so paid shall

- 58 -

 

	 	 	be endorsed by or on behalf of the Principal Paying Agent on behalf of the Issuer on
Part I of the Schedule hereto.
	 
	 	 	Upon any payment of principal and endorsement of such payment on Part I of the Schedule
hereto, the principal amount of this Permanent Global Bond shall be reduced for all
purposes by the principal amount so paid and endorsed.
	 
	 	 	All payments of any amounts payable and paid to the bearer of this Permanent Global Bond
shall be valid and, to the extent of the sums so paid, effectual to satisfy and discharge
the liability for the moneys payable hereon and on the relevant definitive Bonds and
Coupons.
	 
	4	 	Accountholders
	 
	 	 	For so long as all of the Bonds are represented by one or both of the Temporary
Global Bond and this Permanent Global Bond and such Global Bond(s) are held on behalf of
Euroclear and/or Clearstream, Luxembourg, each person who is for the time being shown in the
records of Euroclear or Clearstream, Luxembourg as the holder of a particular principal
amount of such Bonds (each an “Accountholder”) (in which regard any certificate or other
document issued by Euroclear or Clearstream, Luxembourg as to the principal amount of such
Bonds standing to the account of any person shall, in the absence of manifest error, be
conclusive and binding for all purposes) shall be treated as the holder of such principal
amount of such Bonds for all purposes (including for the purposes of any quorum requirements
of, or the right to demand a poll at, meetings of the Bondholders) other than with respect
to the payment of principal and interest on such Bonds, the right to which shall be vested,
as against the Issuer and the Trustee, solely in the bearer of the relevant Global Bond in
accordance with and subject to its terms and the terms of the Bond Trust Deed. Each
Accountholder must look solely to Euroclear or Clearstream, Luxembourg, as the case may be,
for its share of each payment made to the bearer of the relevant Global Bond.
	 
	5	 	Notices
	 
	 	 	For so long as all of the Bonds are represented by one or both of the Temporary
Global Bond and this Permanent Global Bond and such Global Bond(s) are held on behalf of
Euroclear and/or Clearstream, Luxembourg, notices to Bondholders may be given by delivery
of the relevant notice to Euroclear and/or Clearstream, Luxembourg (as the case may be) for
communication to the relative Accountholders rather than by publication as required by
Condition 15. Any such notice shall be deemed to have been given to the Bondholders on the
second day after the day on which such notice is delivered to Euroclear and/or Clearstream,
Luxembourg (as the case may be) as aforesaid.
	 
	 	 	Whilst any Bonds held by a Bondholder are represented by a Global Bond, notices to be given
by such Bondholder may be given by such Bondholder to the Principal Paying Agent through
Euroclear and/or Clearstream, Luxembourg, as the case may be, in such a manner as the
Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be,
may approve for this purpose.
	 
	6	 	Prescription
	 
	 	 	Claims against the Issuer in respect of principal and interest on the Bonds
represented by the Temporary Global Bond or this Permanent Global Bond will be prescribed
after ten

- 59 -

 

	 	 	years (in the case of principal and five years (in the case of
interest) from the Relevant Date (as defined in Condition 10).
	 
	7	 	Meetings
	 
	 	 	The holder of a Permanent Global Bond will be treated as being
one person for the purposes of any quorum requirements of, or the
right to demand a poll at, a meeting of Bondholders and, at any such
meeting, as having one vote in respect of each JPY 10,000,000 in
principal amount of Bonds.
	 
	8	 	Euroclear and Clearstream, Luxembourg
	 
	 	 	References herein to Euroclear and/or Clearstream, Luxembourg
shall be deemed to include references to any other clearing system
approved by the Trustee.
	 
	9	 	Authentication
	 
	 	 	This Permanent Global Bond shall not be or become valid or
obligatory for any purpose unless and until authenticated by or on
behalf of the Principal Paying Agent.
	 
	10	 	Governing law
	 
	 	 	This Permanent Global Bond is governed by, and shall be
construed in accordance with, the laws of England and Wales and the
Issuer has in the Bond Trust Deed submitted to the jurisdiction of the
courts of England for all purposes in connection with this Permanent
Global Bond.
	 
	11	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	No rights are conferred on any person under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this
Permanent Global Bond, but this does not affect any right or remedy of
any person which exists or is available apart from that Act.

In witness whereof the Issuer has caused this Permanent Global Bond to be signed
manually or in facsimile by a person duly authorised on its behalf.

NUCLEAR ENERGY HOLDINGS, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	Issued in London on 13 October 2006.
	 
	 	 	 	 
	Certificate of authentication
	 
	 	 	 	 
	This Permanent Global Bond is duly authenticated without recourse, warranty or liability.
	 	 	 

- 60 -

 

Duly authorised

for and on behalf of

THE BANK OF NEW YORK

as Principal Paying Agent

- 61 -

 

The Schedule

Part 1

Payments of Principal and Interest

The following payments on this Permanent Global Bond have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	principal amount	 	 
	 	 	 	 	 	 	of this Permanent	 	Notation
	 	 	 	 	 	 	Global Bond	 	made on
	 	 	 	 	 	 	following such	 	behalf of
	Date made	 	Interest paid	 	Principal paid	 	payment	 	the Issuer
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 

- 62 -

 

Part 2

Exchanges of the Temporary Global Bond for this Permanent Global Bond
and Purchases and Cancellations

The following [exchanges of a part of the Temporary Global Bond for a like part of this
Permanent Global Bond] and purchases and cancellations of a part of this Permanent Global Bond have
been made:

	 	 	 	 	 	 	 	 	 
	 	 	Part of principal	 	 	 	Aggregate	 	 
	 	 	amount of the	 	 	 	principal amount	 	 
	 	 	Temporary	 	 	 	of this Permanent	 	 
	 	 	Global Bond	 	Part of principal	 	Global Bond	 	 
	 	 	exchanged for a	 	amount of this	 	following such	 	 
	 	 	like part of this	 	Permanent Global	 	exchange or	 	Notation made
	 	 	Permanent	 	Bond purchased	 	purchase and	 	on behalf of
	Date made	 	Global Bond	 	and cancelled	 	cancellation	 	the Issuer
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 

- 63 -

 

Part 2B

Form of Permanent Global Bond

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER
THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND
1287(a) OF THE INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.LC. (a company with limited liability organised under the laws
of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801-1120)

PERMANENT GLOBAL BOND

representing up to

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

This Bond is a Permanent Global Bond without interest coupons in respect of a duly
authorised issue of JPY78,000,000,000 FLOATING RATE BONDS DUE 2013 of NUCLEAR ENERGY HOLDINGS,
L.L.C. (the “Issuer”), designated as specified in
the title hereof (the “Bonds”), limited to
the aggregate principal amount of JPY78,000,000,000 and constituted by a Bond Trust Deed dated
13 October 2006 (the “Bond Trust Deed”) between the Issuer and The Bank of New York as trustee
(the trustee for the time being thereof being herein called the
“Trustee”). References herein
to the Conditions (or to any particular numbered Condition) shall be to the Conditions (or
that particular one of them) set out in the Schedule 4 to the Bond Trust Deed. The aggregate
principal amount from time to time of this Permanent Global Bond shall be JPY78,000,000,000
or, if less, that amount as shall be shown by the latest entry duly made in the Schedule
hereto.

	1	 	Promise to pay
	 
	 	 	Subject as provided in this Permanent Global Bond the
issuer promises to pay to the bearer the principal amount of
this Permanent Global Bond together with the Call Premium
(if any) as consideration for the advance of the principal
and any other provisions from which the Issuer benefits in
respect of the Bonds (other than the use of the principal
secured from time to time) on the Interest Payment Date
falling on or about 15 March 2013 (or in whole or, where
applicable, in part on such earlier date as the said
principal amount or part respectively or Call Premium may
become repayable in accordance with the Conditions or the
Bond Trust Deed) and to pay interest as the sole
consideration for the use of the principal secured from time
to time semi annually in arrear on 15th of each March and
September of each year on the principal amount from time to
time of this Permanent Global Bond at rates determined in
accordance with the Conditions together with such other
amounts (if any) as may be payable, all subject to and in
accordance with the Conditions and the provisions of the
Bond Trust Deed.
	 
	2	 	Exchange for definitive Bonds and purchases
	 
	 	 	This Permanent Global Bond will be exchangeable in
whole but not in part (free of charge to the holder) for
definitive Bonds upon (i) not less than 60 days’ written
notice from Euroclear Bank S.A./N.V. (“Euroclear”) and/or
Clearstream Banking, société anonyme (“Clearstream,
Luxembourg”) (acting on the instructions of any holder of an
interest in such Permanent Global Bond) to the Principal
Paying Agent; (ii) upon the happening of any of the events
defined in the Bond Trust Deed as Events of Default, (iii)
if either Euroclear or

- 64 -

 

	 	 	Clearstream, Luxembourg is closed for business for a
continuous period of 14 days (other than by reason of
holiday, statutory or otherwise) or announces an intention
permanently to cease business or does in fact do so and no
alternative clearing system satisfactory to the Trustee is
available, or (iv) if the Issuer would suffer a
disadvantage as a result of a change in laws or regulations
(taxation or otherwise) or as a result of a change in the
practice of Euroclear and/or Clearstream, Luxembourg which
would not be suffered were the Bonds in definitive form and
a certificate to such effect signed by two Officers of the
Issuer is given to the Trustee. Thereupon (in the case of
(i) to (iii) above) the holder of this Permanent Global
Bond may give notice to the Issuer, and (in the case of
(iv) above) the Issuer may give notice to the Trustee and
the Bondholders, of its intention to exchange this
Permanent Global Bond for definitive Bonds on or after the
Exchange Date (as defined below).
	 
	 	 	On or after the Exchange Date the holder of this
Permanent Global Bond may or, in the case of (iii) above,
shall surrender this Permanent Global Bond to or to the
order of the Principal Paying Agent. In exchange for this
Permanent Global Bond the Issuer will deliver, or procure
the delivery of, definitive Bonds in bearer form, serially
numbered, in the denominations of JPY 10,000,000 each with
interest coupons and one talon (“Coupons”) attached on
issue in respect of interest which has not already been
paid on this Permanent Global Bond in the denomination of
JPY10,000,000 each (in exchange for the whole of this
Permanent Global Bond).
	 
	 	 	“Exchange Date” means a day specified in the notice
requiring exchange falling not less than 60 days after that
on which such notice is given and on which banks are open
for business in the city in which the specified office of
the Principal Paying Agent is located and (except in the
case of (ii) above) in the city in which the relevant
clearing system is located.
	 
	 	 	Upon (i) any exchange of a part of the Temporary
Global Bond for a part of this Permanent Global Bond or
(ii) the purchase by or on behalf of the Issuer or any
Subsidiary of the Issuer and cancellation of a part of this
Permanent Global Bond in accordance with the Conditions,
the portion of the principal amount hereof so exchanged
shall be endorsed by or on behalf of the Principal Paying
Agent on behalf of the Issuer on Part II of the Schedule
hereto, whereupon the principal amount hereof shall be
increased or, as the case may be, reduced for all purposes
by the amount so exchanged and endorsed. Upon the exchange
of the whole of this Permanent Global Bond for definitive
Bonds this Permanent Global Bond shall be surrendered to or
to the order of the Principal Paying Agent and cancelled
and, if the holder of this Permanent Global Bond requests,
returned to it together with any relevant definitive
Bonds.
	 
	3	 	Payments
	 
	 	 	Until the entire principal amount of this Permanent
Global Bond has been extinguished, this Permanent Global
Bond shall (subject as hereinafter and in the Bond Trust
Deed provided) in all respects be entitled to the same
benefits as the definitive Bonds and shall be entitled to
the benefit of and be bound by the Bond Trust Deed.
Payments of principal and interest in respect of Bonds
represented by this Permanent Global Bond will be made
against presentation for endorsement and, if no further
payment falls to be made in respect of the Bonds, surrender
of this Permanent Global Bond to the order of the Principal
Paying Agent as shall have been notified to the Bondholders
for such purposes. Upon any payment of principal or
interest on this Permanent Global Bond the amount so paid
shall 

- 65 -

 

	 	 	be endorsed by or on behalf of the Principal
Paying Agent on behalf of the Issuer on Part 1 of the
Schedule hereto.
	 
	 	 	Upon any payment of principal and endorsement of
such payment on Part 1 of the Schedule hereto, the
principal amount of this Permanent Global Bond shall be
reduced for all purposes by the principal amount so paid
and endorsed.

	 
	 	 	All payments of any amounts payable and paid to
the bearer of this Permanent Global Bond shall be valid
and, to the extent of the sums so paid, effectual to
satisfy and discharge the liability for the moneys
payable hereon and on the relevant definitive Bonds and
Coupons.

	4	 	Accountholders
	 
	 	 	For so long as all of the Bonds are represented
by one or both of the Temporary Global Bond and this
Permanent Global Bond and such Global Bond(s) are held
on behalf of Euroclear and/or Clearstream, Luxembourg,
each person who is for the time being shown in the
records of Euroclear or Clearstream, Luxembourg as the
holder of a particular principal amount of such Bonds
(each an “Accountholder”) (in which regard any
certificate or other document issued by Euroclear or
Clearstream, Luxembourg as to the principal amount of
such Bonds standing to the account of any person shall,
in the absence of manifest error, be conclusive and
binding for all purposes) shall be treated as the holder
of such principal amount of such Bonds for all purposes
(including for the purposes of any quorum requirements
of, or the right to demand a poll at, meetings of the
Bondholders) other than with respect to the payment of
principal and interest on such Bonds, the right to which
shall be vested, as against the Issuer and the Trustee,
solely in the bearer of the relevant Global Bond in
accordance with and subject to its terms and the terms
of the Bond Trust Deed. Each Accountholder must look
solely to Euroclear or Clearstream, Luxembourg, as the
case may be, for its share of each payment made to the
bearer of the relevant Global Bond.
	 
	5	 	Notices
	 
	 	 	For so long as all of the Bonds are represented
by one or both of the Temporary Global Bond and this
Permanent Global Bond and such Global Bond(s) are held
on behalf of Euroclear and/or Clearstream, Luxembourg,
notices to Bondholders may be given by delivery of the
relevant notice to Euroclear and/or Clearstream,
Luxembourg (as the case may be) for communication to the
relative Accountholders rather than by publication as
required by Condition 15. Any such notice shall be
deemed to have been given to the Bondholders on the
second day after the day on which such notice is
delivered to Euroclear and/or Clearstream, Luxembourg
(as the case may be) as aforesaid.
	 
	 	 	Whilst any Bonds held by a Bondholder are
represented by a Global Bond, notices to be given by
such Bondholder may be given by such Bondholder to the
Principal Paying Agent through Euroclear and/or
Clearstream, Luxembourg, as the case may be, in such a
manner as the Principal Paying Agent and Euroclear
and/or Clearstream, Luxembourg, as the case may be, may
approve for this purpose.
	 
	6	 	Prescription
	 
	 	 	Claims against the Issuer in respect of principal
and interest on the Bonds represented by the Temporary
Global Bond or this Permanent Global Bond will be
prescribed after ten 

- 66 -

 

	 	 	years (in the case of principal) and five years
(in the case of interest) from the Relevant Date (as
defined in Condition 10).

	7	 	Meetings
	 
	 	 	The holder of a Permanent Global Bond will be
treated as being one person for the purposes of any
quorum requirements of, or the right to demand a poll
at, a meeting of Bondholders and, at any such meeting,
as having one vote in respect of each JPY 10,000,000 in
principal amount of Bonds.
	 
	8	 	Euroclear and Clearstream, Luxembourg
	 
	 	 	References herein to Euroclear and/or
Clearstream, Luxembourg shall be deemed to include
references to any other clearing system approved by the
Trustee.
	 
	9	 	Authentication
	 
	 	 	This Permanent Global Bond shall not be or
become valid or obligatory for any purpose unless and
until authenticated by or on behalf of the Principal
Paying Agent.
	 
	10	 	Governing law
	 
	 	 	This Permanent Global Bond is governed by, and
shall be construed in accordance with, the laws of
England and Wales and the Issuer has in the Bond Trust
Deed submitted to the jurisdiction of the courts of
England for all purposes in connection with this
Permanent Global Bond.
	 
	11	 	Contracts (Rights of Third Parties) Act 1999
	 
	 	 	No rights are conferred on any person under the
Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Permanent Global Bond, but this does
not affect any right or remedy of any person which
exists or is available apart from that Act.

In witness whereof the Issuer has caused this Permanent Global Bond to be signed
manually or in facsimile by a person duly authorised on its behalf.

NUCLEAR ENERGY HOLDINGS, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 

Issued in London on 13 October 2006.

Certificate of authentication

This Permanent Global Bond is duly authenticated without recourse, warranty or liability.

 

Duly authorised for

and on behalf of

- 67 -

 

THE BANK OF NEW YORK

as Principal Paying Agent

- 68 -

 

The Schedule

Part 1

Payments of Principal and Interest

The following payments on this Permanent Global Bond have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	principal amount of	 	 
	 	 	 	 	 	 	this Permanent	 	 
	 	 	 	 	 	 	Global Bond	 	Notation
	 	 	 	 	 	 	following such	 	made on behalf of
	Date made	 	Interest paid	 	Principal paid	 	payment	 	the Issuer
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 

- 69 -

 

Schedule 3

Form of Definitive Bond and Coupons and Conditions of the Bonds

Part 1

Form of Definitive Fixed Rate Bond

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

	 	 	 	 	 
	[•]

	 	[ISIN]
	 	[Serial No.]

NUCLEAR ENERGY HOLDINGS, L.L.C. (a company with limited liability organised under the laws
of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801-1120)

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

The issue of the Bonds was authorised by a resolution of the Board of Officers of NUCLEAR ENERGY
HOLDINGS, L.L.C. (the “Issuer”) passed on 2 October 2006.

This Bond is constituted by a Bond Trust Deed (the “Bond Trust Deed”) dated 13 October 2006 made
between the Issuer and The Bank of New York as trustee for the holders of the Bonds and issued as
bearer Bonds in the denomination of JPY10,000,000 each with Coupons attached in an aggregate
principal amount of JPY50,980,000,000.

The Issuer for value received and subject to and in accordance with the Conditions (the
“Conditions”) endorsed hereon hereby promises to pay to the bearer as consideration for the advance
of the principal and any other provisions from which the Issuer benefits in respect of the Bonds
(other than the use of the principal secured from time to time) on the Interest Payment Date
falling on or about 15 March 2013 (or on such earlier date as the principal sum hereunder mentioned
may become repayable in whole or in part in accordance with the Conditions) the principal sum of:

JPY10,000,000

together with the Call Premium (if any) and together with interest as the sole consideration for
the use of the principal secured from time to time on the said principal sum at rates determined
in accordance with the said Conditions payable semi-annually in arrear on each Interest Payment
Date and together with such other amounts (if any) as may be payable, all subject to and in
accordance with the Conditions and the provisions of the Bond Trust Deed.

Neither this Bond nor the Coupons appertaining hereto shall be or become valid or obligatory for
any purpose unless and until this Bond has been authenticated by or on behalf of the Principal
Paying Agent.

- 70 -

 

In witness whereof this Bond has been executed on behalf of the Issuer.

NUCLEAR ENERGY HOLDINGS, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 

Dated as of •, 200•.

Issued in [•].

Certificate of authentication

This Bond is duly authenticated

without recourse, warranty or liability.

                                        

Duly authorised

for and on behalf of

THE BANK OF NEW YORK

as Principal Paying Agent

- 71 -

 

Part 2

Form of Coupon

On the front:

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED
STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

Coupon for the amount of

interest due in accordance with the

Conditions of the said Bonds

on the Payment Date

 falling in [•] 20[•],

This Coupon is payable to bearer subject to such Conditions.

	 	 	 	 	 	 	 
	[No.]

	 	[•]
	 	[ISIN]
	 	[Serial No.]

- 72 -

 

Part 3

Form of Talon

On the front:

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY50,980,000,000 2.20 PER CENT. FIXED RATE BONDS DUE 2013

On and after the Interest Payment Date falling in [•] 20[•] [•] further Coupons will be
issued at the specified office of any of the Paying Agents set out on the reverse hereof (and/or
any other or further Paying Agents and/or specified offices as may from time to time be duly
appointed and notified to the Bondholders) upon production and surrender of this Talon.

This Talon may, in certain circumstances, become void under the Conditions of the said Bonds.

	 	 	 	 	 	 	 
	[No.]

	 	[•]
	 	[ISIN]
	 	[Serial No.]

- 73 -

 

Part 4

Form of Definitive Floating Rate Bond

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a)
OF THE INTERNAL REVENUE CODE.

	 	 	 	 	 
	[•]

	 	[ISIN]
	 	[Serial No.]

NUCLEAR ENERGY HOLDINGS, L.L.C. (a company with limited liability organised under the laws
of the State of Delaware, United States of America, whose registered office is c/o Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801-1120).

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

The issue of the Bonds was authorised by a resolution of the Board of Officers of NUCLEAR ENERGY
HOLDINGS, L.L.C. (the “Issuer”) passed on 2 October 2006.

This Bond
is constituted by a Bond Trust Deed (the “Bond Trust
Deed”) dated 13 October 2006 made
between the Issuer and The Bank of New York as trustee for the holders of the Bonds and issued as
bearer Bonds in the denomination of JPY10,000,000 each with Coupons attached in an aggregate
principal amount of JPY78,000,000,000.

The Issuer for value received and subject to and in accordance with the Conditions (the
“Conditions”) endorsed hereon hereby promises to pay to the bearer as consideration for the
advance of the principal and any other provisions from which the Issuer benefits in respect of the
Bonds (other than the use of the principal secured from time to time) on the Interest Payment Date
falling on or about 15 March 2013 (or on such earlier date as the principal sum hereunder
mentioned may become repayable in whole or in part in accordance with the Conditions) the
principal sum of:

JPY10,000,000

together with the Call Premium (if any) and together with interest as the sole consideration for
the use of the principal secured from time to time on the said principal sum at rates determined
in accordance with the said Conditions payable semi-annually in arrear on each Interest Payment
Date and together with such other amounts (if any) as may be payable, all subject to and in
accordance with the Conditions and the provisions of the Bond Trust Deed.

Neither this Bond nor the Coupons appertaining hereto shall be or become valid or obligatory for
any purpose unless and until this Bond has been authenticated by or on behalf of the Principal
Paying Agent.

- 74 -

 

In witness whereof this Bond has been executed on behalf of the Issuer.

NUCLEAR ENERGY HOLDINGS, L.L.C.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 

Dated as
of •, 20O•.

Issued in [•].

Certificate of authentication

This Bond is duly authenticated

without recourse, warranty or liability.

                                        

Duly authorised

for and on behalf of

The Bank of New York

as Principal Paying Agent

- 75 -

 

Part 5

Form of Coupon

On the front:

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED
STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

Coupon for the amount of

interest due in accordance with the

Conditions of the said Bonds

on the Payment Date 

falling in [•] 20[•].

This Coupon is payable to bearer subject to such Conditions, under which it may become void before
its due date.

	 	 	 	 	 	 	 
	[No.]

	 	[•]
	 	[ISIN]
	 	[Serial No.]

- 76 -

 

Part 6

Form of Talon

On the front:

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE
UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF
THE INTERNAL REVENUE CODE.

NUCLEAR ENERGY HOLDINGS, L.L.C.

JPY78,000,000,000 FLOATING RATE BONDS DUE 2013

On and after the Interest Payment Date falling in [•] 20[•] [•] further Coupons will be issued
at the specified office of any of the Paying Agents set out on the reverse hereof (and/or any other
or further Paying Agents and/or specified offices as may from time to time be duly appointed and
notified to the Bondholders) upon production and surrender of this Talon.

This Talon may, in certain circumstances, become void under the Conditions of the said Bonds.

	 	 	 	 	 	 	 
	[No.]

	 	[•]
	 	[ISIN]
	 	[Serial No.]

- 77 -

 

Schedule 4

Terms and Conditions of the Bonds

The issue of the Bonds was authorised by a resolution adopted by the sole member of the
Issuer on 2 October 2006. The Bonds are constituted by a Bond
Trust Deed (the “Bond Trust Deed”)
dated 13 October 2006 (the “Closing Date”) between the Issuer and The Bank of New York (the
“Trustee” which expression shall include all persons for the time being the trustee or trustees
under the Bond Trust Deed) as trustee for the holders of the Bonds
(the “Bondholders”). These
terms and conditions include summaries of, and are subject to, the detailed provisions of the Bond
Trust Deed, which includes the form of the Bonds.

The Bonds have the benefit (to the extent applicable) of an agency agreement (as amended,
supplemented and/or restated from time to time, the “Agency Agreement”) dated the Closing Date
(to which the Issuer, the Trustee and The Bank of New York as initial Principal Paying Agent and
Calculation Agent are party). As used herein, each of
“Principal Paying Agent” and “Paying
Agents” means the persons for the time being Principal Paying Agent and the Paying Agents under
the Agency Agreement.

On the Closing Date, the Issuer entered into a deed of charge
(the “Deed of Charge”), a US pledge
agreement (the “Issuer US Pledge Agreement”), a number of letter of credit transfer agreements
(the “Letter of Credit Transfer Agreements”) and the Parent entered into a US pledge agreement
(the “Parent Pledge Agreement”) each with the Trustee, and pursuant to which the Issuer and the
Parent respectively granted certain security to the Trustee for itself, the Bondholders, the
Couponholders, the Swap Counterparty, the Paying Agents, the Account Bank, the Cash Manager and
the Calculation Agent (together, the “Secured
Creditors”). The Deed of Charge, the Issuer US
Pledge Agreement, the Letter of Credit Transfer Agreements and the Parent Pledge Agreement are
referred to as the “Security Documents”.

On or before the Closing Date, Bank of America, N.A. issued an irrevocable direct pay letter of
credit to the Issuer in the amount of JPY13,546,173,000 (the
“Interest Letter of Credit”) with
respect to certain amounts including ongoing transactional costs payable by the Issuer and Bank
of America, N.A. issued an irrevocable direct pay letter of credit to the issuer in the amount of
JPY4,299,333,000 (the “Principal Letter of Credit”) with respect to certain principal and/or
premia amounts payable by the Issuer. Under certain circumstances, the Issuer is also obliged to
procure the issue of an irrevocable direct pay letter of credit (the “Put Substitution Letter of
Credit”) in respect of payment of the Balance (as defined in the Bond Trust Deed).

On or prior to the Closing Date, the Issuer entered into an interest rate swap agreement with
Morgan Stanley Capital Services Inc. (the “Swap
Counterparty”) by execution of an ISDA Master
Agreement and related schedule, confirmation and credit support annex
(the “Swap Agreement”) to
hedge its exposure to fluctuations in the rate of interest payable on the Floating Rate Bonds.
The obligations of the Swap Counterparty under the Swap Agreement are guaranteed by
Morgan Stanley (the “Swap Guarantor”) under the terms of a swap guarantee (the “Swap Guarantee”
and, together with the Swap Agreement, the “Swap Documents”).

On or before the Closing Date, the Issuer entered into (i) two put option agreements (the “Put
Option Agreements”) with Toshiba Corporation
(“Toshiba”) one in respect of the UK HoldCo Shares
and the other in respect of the US HoldCo Shares (each as defined below), pursuant to which the
Issuer has the right to put (in whole or in part) the HoldCo Shares (as defined below) to
Toshiba, (ii) investment agreements between Toshiba, the Parent, the Issuer and either Toshiba
Nuclear Energy Holdings (UK) Limited, a company incorporated in
England (“UK HoldCo”) or Toshiba
Nuclear Energy Holdings (US) Inc., a Delaware corporation (“US HoldCo” and, together with UK
HoldCo, the “HoldCos”) pursuant to which the Issuer subscribes for a certain number of shares in
UK HoldCo (the “UK HoldCo Shares”) and US HoldCo (the

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“US HoldCo Shares” and,
together with the UK HoldCo Shares, the “HoIdCo
Shares”) (the
“Investment Agreements”), and (iii) shareholders agreements relating to each of US HoldCo and UK
HoldCo (the “Shareholders Agreements”) with, amongst others, Toshiba, pursuant to which Toshiba
and certain other shareholders shall have the right to call the HoldCo Shares from the Issuer.

The Bond Trust Deed, the Bonds, the Security Documents, the Agency Agreement, the Put Option
Agreements, the Investment Agreements, the Shareholders Agreements, the Interest Letter of
Credit, the Principal Letter of Credit, any Put Substitution Letter of Credit, the Swap
Documents, the cash management agreement between the Cash Manager, the Trustee and the Issuer
(the “Cash Management Agreement”), the accounts bank agreement between the Account Bank, the
Issuer and the Trustee (the “Accounts Bank
Agreement”), and the administrative services agreement
between the Parent and the Issuer (the “Administrative
Services Agreement”) are together referred
to as the “Transaction Documents”.

Certain statements in these Conditions are summaries of the detailed provisions appearing on the
face of the Bonds (which expression shall include the body thereof), in the Bond Trust Deed or
the Deed of Charge. Copies of the Transaction Documents, subject to any confidentiality
restrictions contained therein, are available for inspection during normal business hours at the
specified office of the Principal Paying Agent.

The Bondholders are entitled to the benefit of, are bound by, and are deemed to have notice of,
all the provisions of the Bond Trust Deed and the Security Documents, and to have notice of those
provisions of the Agency Agreement and the other Transaction Documents applicable to them.

	1	 	Form, Denomination and Title

	 	(a)	 	Form and denomination
	 
	 	 	 	The Bonds are serially numbered and in bearer form, in a minimum denomination of JPY
10,000,000.
	 
	 	(b)	 	Title
	 
	 	 	 	Title to the Bonds and Coupons passes by delivery. The holder of any Bond or Coupon will
(except as otherwise required by law) be treated as its absolute owner for all purposes
(whether or not it is overdue and regardless of any notice of ownership, trust or any
interest in it, any writing on it, or its theft or loss) and no person will be liable for
so treating the holder.
	 
	 	 	 	The Fixed Rate Bonds and the Floating Rate Bonds will each be initially represented by a
Temporary Global Bond without coupons, receipts or talons attached. The Temporary Global
Bond in respect of the Fixed Rate Bonds will represent the aggregate Principal Amount
Outstanding under the Fixed Rate Bonds and the Temporary Global Bond in respect of the
Floating Rate Bonds will represent the aggregate Principal Amount Outstanding under the
Floating Rate Bonds. The Temporary Global Bond in respect of the Fixed Rate Bonds will be
deposited on behalf of the subscribers of the Fixed Rate Bonds and the Temporary Global
Bond in respect of the Floating Rate Bonds will be deposited on behalf of the subscribers
of the Floating Rate Bonds with the Common Depositary for Clearstream Luxembourg and
Euroclear, on the Closing Date. Interests in each of the Temporary Global Bonds will be
exchangeable from and including the date which is 40 days after the Closing Date upon
certification as to non-U.S. beneficial ownership by the Bondholders, for interests in a
Permanent Global Bond, without coupons or talons attached, which will also be deposited
with the Common Depositary. Interests in a Permanent Global Bond will be exchangeable for
Definitive Bonds upon request by a relevant Bondholder and subject to the conditions
contained therein.

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	2	 	Status

	 	(a)	 	Status
	 
	 	 	 	The Bonds and Coupons constitute direct secured and limited recourse obligations of the
Issuer and shall at all times rank pari passu and rateably without any preference or
priority among themselves and will rank in priority to all unsecured obligations of the
Issuer, save for such obligations as may be preferred by provisions of law that are both
mandatory and of general application.
	 
	 	(b)	 	Bondholder’s interests
	 
	 	 	 	The Bond Trust Deed and the Deed of Charge each contain provisions requiring the Trustee
to have regard to the interests of all the Bondholders equally as regards all powers,
trusts, authorities, duties and discretions of the Trustee. Except where expressly
provided otherwise and except in respect of the Swap Counterparty, so long as any of the
Bonds remain outstanding, the Trustee is not required to have regard to the interests of
any other persons entitled to the benefit of the Security.
	 
	 	(c)	 	Priority of Payments pre-enforcement
	 
	 	 	 	Before enforcement of the Security, the Cash Manager will apply all of the Issuer’s
funds (excluding any Eligible Dividends, which may be distributed to the Parent and any
amounts and JGB’s posted as collateral under the Swap Agreement and standing to the
credit of the Collateral Accounts) in accordance with the following priority of payments
(in each case only if and to the extent that payments or provision of a higher priority
have been made in full):

	 	(i)	 	first, pro rata and pari passu, in or towards payment of all fees,
costs, charges, expenses, liabilities and all other amounts due and payable to the
Trustee under the Deed of Charge and under the Bond Trust Deed (including the
Trustee’s remuneration) which have not been paid by the Issuer;
	 
	 	(ii)	 	second, pro rata and pari passu in or towards payment of any amounts due
and payable to the Principal Paying Agent, the Paying Agents and the Calculation
Agent under the Agency Agreement, to the Account Bank under the Accounts Bank
Agreement and to the Cash Manager under the Cash Management Agreement;
	 
	 	(iii)	 	third, pro rata and pari passu, in and towards payment or discharge of
any amounts due to third parties (other than amounts described in items (i), (ii),
(iv), (v), (vi), (vii), (viii) and (ix)) under obligations incurred in the course
of the Issuer’s business (and only as permitted or contemplated by the terms of the
Transaction Documents), including payment of the Issuer’s liability (if any) to
tax);
	 
	 	(iv)	 	fourth, in or towards payment of any Fixed Amounts due to the Swap
Counterparty under the Swap Agreement;
	 
	 	(v)	 	fifth, in or towards payment of due but unpaid interest (including
gross-up payments to the Bondholders under Condition 8 and Default Interest) under
the Bonds;
	 
	 	(vi)	 	sixth, in or towards payment of the Principal Amount Outstanding under
the Bonds and any Call Premium;
	 
	 	(vii)	 	seventh, in or towards payment of any amounts due to the Swap
Counterparty under the Swap Agreement and which are not paid either under paragraph
(iv) above or from the Swap Draw Amount (as defined below);

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	 	(viii)	 	eighth, to pay any amounts due to the Servicer under the Administrative
Services Agreement; and
	 
	 	(ix)	 	ninth, to pay the surplus (if any) to the Issuer.

The Interest Letter of Credit shall be drawn for an amount equal to all payments outlined
in paragraphs (i), (ii), (iii), (iv), (v) and (viii) of the Pre-Enforcement Priority of
Payments (the “Pre-Enforcement Permitted Expenses Draw
Amount”). Any such Pre-Enforcement
Permitted Expenses Draw Amount shall form part of the funds of the Issuer to be applied
in accordance with the Pre-Enforcement Priority of Payments.

After the Pre-Enforcement Permitted Expenses Draw Amount has been drawn, separately, the
Interest Letter of Credit shall be drawn for an amount equal to the Swap Termination
Payment due from the Issuer to the Swap Counterparty (if any) and gross-up payments due
to the Swap Counterparty under Section 2(d) of the Swap Agreement (if any) (the “Swap
Draw Amount”), and such amount shall be paid to the Swap Counterparty. Any such Swap Draw
Amount shall not form part of the funds of the Issuer to be applied in accordance with
the Pre-Enforcement Priority of Payments.

Notwithstanding the foregoing, Acquisition Adjustment Amounts shall remain in the Issuer
Revenue Account until such time as the Bonds are redeemed, whereupon such amounts shall
be applied in accordance with the Pre-Enforcement Priority of Payments or, as the case
may be, the Post-Enforcement Priority of Payments.

In these Conditions, “Acquisition Adjustment Amounts” shall mean any amounts received by
the Issuer following the repurchase by either HoldCo of any of the Issuer’s HoldCo
Shares following a decrease in the price of the Underlying Acquisition (together with
any other amounts received by the Issuer in respect of a share buyback, share
repurchase, capital reduction or other equivalent event in respect of a HoldCo).

	3	 	Security

	 	(a)	 	Security

The Bonds are secured in favour of the Trustee, pursuant to the Security Documents, by:

	 	(i)	 	a collateral assignment of all of the Issuer’s right, title and interest
in the Put Option Agreements, the Investment Agreements, the Shareholders
Agreements and the Administrative Services Agreement;
	 
	 	(ii)	 	an assignment by way of security of all of the Issuer’s right, title and
interest in the Agency Agreement, the Cash Management Agreement, the Swap Documents
and the Accounts Bank Agreement;
	 
	 	(iii)	 	a first ranking charge over the Issuer Accounts, and of the funds from
time to time standing to the credit of such account and any other investments
permitted to be made and held by or on behalf of the Issuer from time to time;
	 
	 	(iv)	 	a pledge by the Issuer of its holding of the US Shares;
	 
	 	(v)	 	a first ranking charge by the Issuer of its holding of the UK Shares;
	 
	 	(vi)	 	Letter of Credit Transfer Agreements pursuant to which the Issuer
transfers its interest in Interest Letter of Credit and the Principal Letter of
Credit to the Trustee;
	 
	 	(vii)	 	a pledge by the Parent of its membership interests in the Issuer;

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	 	(viii)	 	a floating charge by the Issuer over the whole of the undertaking and assets
of the Issuer (other than any property or assets of the Issuer subject to an
effective fixed security set out in paragraphs (i) to (vii) above and dividends paid
out pursuant to Condition 4).

The Security may be enforced by the Trustee following the service of a Bond Enforcement
Notice in accordance with Condition 13.

	 	(b)	 	Application of Security

Following enforcement of the Security, the Trustee shall apply all funds (except any Return
Amounts payable to the Swap Counterparty and standing to the credit of the Collateral
Accounts) received by the Issuer or the Trustee in accordance with the following priority
of payments (in each case only if and to the extent that payments or provisions of a higher
priority have been made in full):

	 	(i)	 	first, pro rata and pari passu, in or towards payment of all fees, costs,
charges, expenses, liabilities and all other amounts due and payable to the Trustee
under the Deed of Charge and under the Bond Trust Deed or any receiver appointed by
the Trustee (including any taxes required to be paid, the costs of realising any
Security and the Trustee’s remuneration) which have not been paid by the Issuer;
	 
	 	(ii)	 	second, pro rata and pari passu in or towards payment of any amounts due and
payable to the Principal Paying Agent, the Paying Agents and the Calculation Agent
under the Agency Agreement, to the Account Bank under the Accounts Bank Agreement and
to the Cash Manager under the Cash Management Agreement;
	 
	 	(iii)	 	third, in or towards payment of any amounts due to the Swap Counterparty
under the Swap Agreement;
	 
	 	(iv)	 	fourth, in or towards payment of due but unpaid interest (including gross-up
payments to the Bondholders under Condition 8 and Default Interest) under the Bonds;
	 
	 	(v)	 	fifth, in or towards payment of the Principal Amount Outstanding under the
Bonds and any Call Premium;
	 
	 	(vi)	 	sixth, in or towards payment of any amounts due to the Swap Counterparty
under the Swap Agreement which are not paid either under paragraph (iii) above or
from the Swap Draw Amount;
	 
	 	(vii)	 	seventh, to pay any amounts due to the Servicer under the Administrative
Services Agreement; and
	 
	 	(viii)	 	eighth, to pay the surplus to the Issuer.

The Interest Letter of Credit shall be drawn for an amount equal to all payments outlined
in paragraphs (i), (ii), (iii), (iv) and (vii) of the Post-Enforcement Priority of Payments
above (the “Post-Enforcement Permitted Expenses Draw
Amount”). Any such Post-Enforcement
Permitted Expenses Draw Amount shall form part of the funds of the Issuer to be applied in
accordance with the Post-Enforcement Priority of Payments.

After the Post-Enforcement Permitted Expenses Draw Amount is drawn, separately, from any
remaining amounts available to be drawn under the Interest Letter of Credit, an amount
equal to the Swap Draw Amount (if any) shall be drawn and paid to the Swap Counterparty.
Any such Swap Draw Amount shall not form part of the funds of the Issuer to be applied in
accordance with the Post-Enforcement Priority of Payments.

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Eligible Dividends and Acquisition Adjustment Amounts shall form part of the funds of the
Issuer to be applied in accordance with the Post-Enforcement Priority of Payments.

	 	(c)	 	Shortfall after application of proceeds
	 
	 	 	 	If the net proceeds of the realisation of the Security under
paragraph (a) above (the “Net Proceeds”) are not sufficient to make all payments which but for the effect of this
provision would then be due in respect of the aggregate of all monies and other liabilities
whether actual or contingent for the time being due or owing by the Issuer to the Secured
Creditors (the “Secured Obligations”), then the obligations of the Issuer in respect of such
Secured Obligations will be limited to such Net Proceeds and the other assets of the Issuer
will not be available for payment of any Shortfall arising therefrom. Any such Shortfall
shall be borne by the Secured Creditors according to the priorities specified in the Deed of
Charge.
	 
	 	 	 	The Issuer will not be obliged to make any further payment in excess of the Net Proceeds and
accordingly no debt shall be owed by the Issuer in respect of any Shortfall remaining after
realisation of the Security under Condition 13 and application of the proceeds in accordance
with the Deed of Charge. None of the Trustee, any Secured Creditor (nor any person acting on
behalf of any of them) may take any further action to recover such Shortfall.
	 
	 	 	 	In this Condition “Shortfall” means the difference between the amount of the Net Proceeds
and the amount which would but for this Condition 3(c) have been due in respect of the
Secured Obligations.
	 
	 	(d)	 	Trustee not liable for Security
	 
	 	 	 	The Bond Trust Deed and the Deed of Charge contain provisions for the relief of the Trustee
from responsibility for the validity, sufficiency and enforceability (which the Trustee has
not investigated) of the Security created over the charged property. The Bond Trust Deed
and the Deed of Charge also relieve the Trustee of liability for, among other things, not
having made or not having caused to be made on their behalf the searches, registrations,
investigations and enquiries which a prudent chargee would normally have been likely to
make in entering into the Deed of Charge.

	4	 	Covenants of and Restrictions on the Issuer

	 	(a)	 	Covenants of the Issuer
	 
	 	 	 	Unless otherwise provided and as more fully described in the Transaction Documents, the
Issuer covenants to the Trustee on behalf of the holders of the Bonds that, for so long as
any Bonds remain outstanding, the Issuer will:

	 	(i)	 	take (to the extent it is directed to do so by the Trustee) such steps as are
reasonable to enforce all its rights:

	 	(A)	 	as required by the terms of the Bond Trust Deed;
	 
	 	(B)	 	in respect of the Security; and
	 
	 	(C)	 	under the Transaction Documents;

	 	(ii)	 	comply with its obligations under the Bonds, the Bond Trust Deed and each
other Transaction Document to which it is a party;
	 
	 	(iii)	 	keep proper books of account in accordance with its obligations under
applicable laws (such books to be maintained at the Issuer’s registered office) and
allow the Trustee and any person appointed by the Trustee access to the books of
account of the Issuer at all reasonable times

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	 	 	 	during normal business hours and shall send to any such person on request or, if so
stipulated, at specified intervals, copies thereof and other supporting documents
relating thereto as such person may specify;

	 	(iv)	 	at all times maintain its tax residence in the United States of America and
will not establish a branch, agency, permanent establishment or place of business or
register as a company outside the United States of America;
	 
	 	(v)	 	ensure that it is not treated as being resident or having a permanent
establishment in the United Kingdom for United Kingdom tax purposes and will not
establish a place of business in the United Kingdom or appoint an agent who will have
and habitually exercise in the United Kingdom an authority to do business on behalf
of the Issuer;
	 
	 	(vi)	 	pay its debts generally as they fall due;
	 
	 	(vii)	 	do all such things as are necessary to maintain its corporate existence;
	 
	 	(viii)	 	to the extent the Issuer is able to, supply such information to the rating agencies
as they may reasonably request in connection with the rating of the Bonds;
	 
	 	(ix)	 	at all times use all reasonable efforts to minimise taxes and any other costs
arising in connection with its activities;
	 
	 	(x)	 	have at least one independent director from Lord Securities Corporation (or
such other replacement independent director whose appointment will not negatively
impact the rating of the Bonds), who is not a director, employee or shareholder of any
member of the Shaw Group;
	 
	 	(xi)	 	notify the Trustee and the Bondholders promptly (and in any event within five
days) upon completion of the Underlying Acquisition;
	 
	 	(xii)	 	notify the Trustee and the Bondholders promptly upon becoming aware that a
Toshiba Event has occurred (or upon exercise of a Put Right or a Call Option);
	 
	 	(xiii)	 	where it is exercising the Put Right (which it shall only do in accordance with
these Conditions) under one of the Put Option Agreements, exercise the Put Right under
the other Put Option Agreement at the same time;
	 
	 	(xiv)	 	exercise the Put Rights on the date (the “Automatic
Put Option Date”) that is
160 days prior to the Maturity Date by sending a Put Exercise Notice to Toshiba in
accordance with each Put Option Agreement;
	 
	 	(xv)	 	exercise the Put Rights within one Business Day after the commencement of the
Exercise Period if, as of 31 March 2010, the Interest Letter of Credit has not been
increased to such amount (or a new Interest Letter of Credit has not been issued in
such amount) as the Cash Manager estimates will be required to meet all payments for
which the Interest Letter of Credit may be drawn (in accordance with the terms of
these Conditions and the Bond Trust Deed) in the period from the end of the Initial
Period to the Maturity Date;
	 
	 	(xvi)	 	if at any time during the Exercise Period Toshiba’s senior-unsecured
long-term credit rating is rated Ba3 or lower by Moody’s, exercise the Put Rights
within five Business Days of the later of (a) the occurrence of such rating downgrade,
as the case may be, and (b) the commencement of the Exercise Period;
	 
	 	(xvii)	 	(a) notify the Trustee as soon as reasonably practicable, and in any event within
five Business Days, following receipt of a request by any shareholder for a valuation
of either HoldCo in

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	 	 	 	accordance with section 7.06 of the applicable Shareholders Agreement and (b)
exercise the Put Rights within 5 Business Days after the receipt by the Issuer of a
Call Option Exercise Notice (which has not been withdrawn within the relevant time
period permitted under the applicable Shareholders Agreement) with respect to which
the specified Call Price of the HoldCo Shares is less than or equal to the Principal
Amount Outstanding under the Bonds (provided that, for the avoidance of doubt, if
the Issuer receives multiple Call Option Exercise Notices, the aggregate Call Price
for all HoldCo Shares subject to such Call Option Exercise Notices shall be used for
the purposes of the foregoing calculation);

	 	(xviii)	 	after the end of the Initial Period, exercise the Put Rights within 5 Business Days
of receipt of notification from the Cash Manager that there is a shortfall, which has
not been remedied by the Issuer within the period permitted in the Cash Management
Agreement, between the amounts anticipated to be required to be drawn under the
Interest Letter of Credit on or prior to the next two Interest Payment Dates and the
amounts available under the Interest Letter of Credit, as calculated in accordance
with the terms of the Cash Management Agreement;
	 
	 	(xix)	 	in the event of a liquidation of a HoldCo in which no securities or other
assets are distributed, exercise the Put Rights immediately upon commencement of the
Exercise Period;
	 
	 	(xx)	 	if directed by the Trustee (who must be directed by an Extraordinary
Resolution or Written Resolution of the Bondholders), exercise the Put Rights during
the Exercise Period if a Toshiba Event (other than receipt of a Call Option Exercise
Notice for which the specified Call Price of the HoldCo Shares is greater than the
Principal Amount Outstanding under the Bonds (provided that, for the avoidance of
doubt, if the Issuer receives multiple Call Option Exercise Notices, the aggregate
Call Price for all HoldCo Shares subject to such Call Option Exercise Notices shall be
used for the purposes of the foregoing calculation)) has occurred, within five
Business Days of being directed to do so by the Trustee;
	 
	 	(xxi)	 	exercise the Put Rights during the Exercise Period if Toshiba or any of the
other parties to the Shareholders Agreements takes any action which has a Material
Adverse Effect (as defined below);
	 
	 	(xxii)	 	draw on the available Letters of Credit in sufficient time to enable the Issuer to
use the proceeds of the Letters of Credit to pay (A) the Principal Amount Outstanding,
(B) any accrued interest, (C) any amounts due to the Swap Counterparty under the Swap
Agreement (including any Swap Termination Payments and gross-up payments to the Swap
Counterparty), (D) ongoing fees and expenses incurred by the Issuer, (E) amounts due
to the Servicer under the Administrative Services Agreement, (F) Default Interest, (G)
payments due to the Bondholders under Condition 8 and (H) the Call Premium (if any) in
accordance with the Pre-Enforcement Priority of Payments and the Post-Enforcement
Priority of Payments (as the case may be);
	 
	 	(xxiii)	 	if, in any of the situations described in paragraphs (xiv) to (xxi) above, it
decides to either (i) exercise the Put Rights in part only or (ii) not to exercise the
Put Right at all, on or prior to (x) the date on which it exercises the Put Rights in
part or (y) the date on which it would otherwise have been obliged to exercise the Put
Rights, it shall be obliged to procure that a Put Substitution Letter of Credit Bank
issues a direct pay irrevocable letter of credit to the Trustee, in form and substance
satisfactory to the Trustee, for an amount equal to the aggregate of the Principal
Amount Outstanding under the Bonds and the Call Premium (if applicable) less amounts
available to be drawn under the Principal Letter of Credit (and, in the case of a
partial exercise only, the aggregate Put Price for the HoldCo Shares subject to such
partial exercise).

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	 	(b)	 	Restrictions on the Issuer
	 
	 	 	 	As more fully described in the Bond Trust Deed, for so long as any of the Bonds remain
outstanding, save as contemplated in the Transaction Documents, the Issuer covenants to the
holders of such Bonds that (to the extent applicable) it will not, without the prior
written consent of the Trustee:

	 	(i)	 	except as permitted by the Trust Deed, sell, factor, discount, transfer,
assign, lend or otherwise dispose of, nor create or permit to be outstanding any
mortgage, pledge, lien, charge, encumbrance or other security interest over, any of
its property or assets (including the HoldCo Shares) or any part thereof or interest
therein;
	 
	 	(ii)	 	agree to any share buyback, share repurchase, capital reduction or other
equivalent event in respect of a HoldCo, at a price per HoldCo Share less than the
Put Price per HoldCo Share under the terms of the Put Option Agreements where the Put
Rights have been exercised as a result of a Toshiba Event (as such price (being, as
at the date hereof, JPY119,425,926 (equivalent) per HoldCo Share) may be adjusted
from time to time under the terms of the Put Option Agreements to take account of any
stock dividend, split, reverse split, combination or recapitalisation of the HoldCo
Shares);
	 
	 	(iii)	 	engage in any business other than:

	 	(A)	 	acquiring and holding any property, assets or rights that are capable of
being effectively charged in favour of the Trustee under the Security Documents;
	 
	 	(B)	 	issuing and performing its obligations under the Bonds;
	 
	 	(C)	 	entering into, exercising its rights and performing its
obligations, under or enforcing its rights under the Bond Trust Deed and each other Transaction Document to which
it is a party, as applicable; or
	 
	 	(D)	 	performing any act incidental to or necessary in connection with any of the
above;

	 	(iv)	 	to the extent it has a Material Adverse Effect, permit the validity or
effectiveness of any of the Transaction Documents, or the priority of the security
interests created thereby, to be amended, terminated, postponed or discharged, or
consent to any variation of, or exercise any powers of consent or waiver pursuant to
the terms of, or amend any term or condition of the Bonds (save in accordance with
these Conditions and the Bond Trust Deed) or any of the Transaction Documents or
permit any party to any of the Transaction Documents or the Security or any other
person whose obligations form part of the Security to be released from such
obligations or dispose of all or any part of the Security;
	 
	 	 	 	“Material Adverse Effect” means any effect which has or is reasonably likely to have
a material adverse effect on (a) the ability of the Issuer or Toshiba to perform
and comply with any of its obligations under the Transaction Documents to which it
is a party, (b) the validity, legality or enforceability of any Transaction
Document; and/or (c) the interests of the Secured Creditors or the Issuer under or
in connection with the Put Option Agreements (or, prior to completion of the
Underlying Acquisition, the Investment Agreements);
	 
	 	(v)	 	agree to any amendment to any provision of, or grant any waiver or consent or
exercise any voting right under the Bond Trust Deed or any other Transaction Document
to which it is a party in a manner which has a Material Adverse Effect or agree with
Toshiba to extend the date by which the Underlying Acquisition must be completed to a
date later than 27 October 2006;

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	 	(vi)	 	incur any indebtedness for borrowed money other than in respect of the Bonds or
the Swap Agreement or give any guarantee or indemnity in respect of any indebtedness
or of any obligation of any person;
	 
	 	(vii)	 	amend its constitutive documents;
	 
	 	(viii)	 	have any subsidiaries (other than the HoldCos and their subsidiaries) or establish
any offices, branches or other “establishments” (as that term is used in article 2(h)
of Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings) anywhere in the
world except in the United States of America;
	 
	 	(ix)	 	have any employees;
	 
	 	(x)	 	enter into any reconstruction, amalgamation, merger or consolidation;
	 
	 	(xi)	 	except as permitted by the Trust Deed, convey or transfer all or a
substantial part of its properties or assets (in one or a series of transactions) to
any person;
	 
	 	(xii)	 	issue any membership interests (other than such membership interests as are
in issue as at the Closing Date) nor redeem or purchase any of its issued membership
interests capital, nor declare or pay any dividends or distributions, save any
dividends or similar amounts received from the HoldCos in respect of the HoldCo
Shares (“Eligible Dividends”) and paid by the Issuer prior to the occurrence of an
Event of Default;
	 
	 	(xiii)	 	enter into any material agreement or contract with any person (except as permitted
by the Trust Deed);
	 
	 	(xiv)	 	terminate the Swap Documents prior to (a) the redemption of the Bonds in full
or (b) procuring for the replacement of the Swap Agreement with a swap agreement on
substantially the same terms (including as to pricing) and in form and substance
satisfactory to the Trustee;
	 
	 	(xv)	 	release from or terminate the appointment of the Trustee under the Bond Trust
Deed, the Accounts Bank under the Account Bank Agreement, the Servicer under the
Administrative Services Agreement, the Principal Paying Agent, a Paying Agent or the
Calculation Agent under the Agency Agreement or the Cash Manager under the Cash
Management Agreement;
	 
	 	(xvi)	 	enter into any lease in respect of, or own, premises;
	 
	 	(xvii)	 	have an interest in any bank account other than the Issuer Accounts, unless such
account or interest therein is charged to the Trustee on terms acceptable to it;
	 
	 	(xviii)	 	subscribe for new shares in the HoldCos, exercise any rights of first offer (in
accordance with section 7.04 of the Shareholders Agreements), exercise any call rights
in respect of the HoldCo Shares of another shareholder in either Holdco (in accordance
with section 7.06 of either Shareholders Agreement) or exercise any tag-along rights
(in accordance with section 7.04 of either Shareholders Agreement);
	 
	 	(xix)	 	agree to the terms of any sale and purchase agreement with another
shareholder of a HoldCo which has served a Call Option Exercise Notice unless the
provisions of Condition 4(a)(xvi) requiring exercise of the Put Rights do not apply;
	 
	 	(xx)	 	serve a Put Exercise Notice other than as required in accordance with
paragraphs (xiv) to (xxi) of Condition 4(a);

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	 	(xxi)	 	apply the proceeds from the Interest Letter of Credit towards any payments
other than those set out in Condition 2 paragraphs (c) (i), (ii), (iii), (iv), (v)
and (viii) and Condition 3 paragraphs (i), (ii), (iii), (iv) and (vii) or in payment
of the Swap Draw Amount; or
	 
	 	(xxii)	 	make any election to choose or change its US federal income tax classification or
take any other action to cause it to be a corporation for US federal income tax
purposes.

	 	(c)	 	Separateness Covenants
	 
	 	 	The Issuer shall maintain its separate existence and, specifically, shall conduct its
affairs in accordance with the following:

	 	(i)	 	The Issuer shall: (1) maintain and prepare separate financial reports (if
any) and financial statements (if any) in accordance with US GAAP, showing its assets
and liabilities separate and apart from those of any other person, and will not have
its assets listed on the financial statement of any other person (provided, however,
that the Issuer’s assets may be included in a consolidated financial statement of the
Parent if inclusion on such consolidated financial statement is required to comply
with the requirements of US GAAP, but only if (x) such consolidated financial
statement shall be appropriately footnoted to the effect that the Issuer’s assets are
owned by the Issuer, are not available to satisfy the debts and other obligations of
the Parent, affiliate or any other person or entity, and that they are being included
on the consolidated financial statement of the Parent to comply with the requirements
of US GAAP, and (y) such assets shall be listed on the Issuer’s own separate balance
sheet); (2) maintain its books, records and bank accounts separately from those of
its affiliates and any other person; (3) not permit any affiliate or any other person
independent access to its bank accounts, except as specifically provided in the
Transaction Documents; and (4) file its own tax returns separate from those of any
other person or entity, except to the extent that the Issuer is treated as a
“disregarded entity” for tax purposes or is not otherwise required to file tax
returns under applicable law.
	 
	 	(ii)	 	The Issuer shall not commingle or pool any of its funds or assets with those
of any affiliate or any other person, and it shall hold all of its assets in its own
name.
	 
	 	(iii)	 	The Issuer shall conduct its own business in its own name and shall not
operate, or purport to operate, collectively as a single business entity with respect
to any person.
	 
	 	(iv)	 	The Issuer shall, insofar as is consistent with commercial and business
circumstances affecting its business and financial condition, remain solvent and pay
its own debts, liabilities and expenses (including overhead expenses, if any) only out
of its own assets as the same shall become due; provided that this covenant shall not
constitute a guaranty or “keep well” obligation of the Parent, affiliate, any
administrator of or with respect to the Issuer or any other person in respect of the
Issuer or its debt, liabilities or expenses, or any financial or balance sheet
condition or ratio of or relating to the Issuer.
	 
	 	(v)	 	The Issuer has done, or causes to be done, and shall do, or cause to be done,
all things necessary to observe all Delaware limited liability company formalities and
other organisational formalities, and preserve its existence, and it shall not, nor
shall it permit any affiliate or any other person to, amend, modify or otherwise
change the limited liability agreement in a manner which would adversely affect the
existence of the Issuer as a special purpose entity.
	 
	 	(vi)	 	The Issuer does not, and shall not, (i) guarantee, become obligated for, or
hold itself or its credit out to be responsible for or available to satisfy, the debts
or obligations of any other person or

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	 	 	 	(ii) control the decisions or actions respecting the daily business or affairs of any
other person except as permitted by or pursuant to the Transaction Documents.

	 	(vii)	 	The Issuer shall, to the extent it utilizes stationery, invoices and
checks, maintain and utilize separate stationery, invoices and checks bearing its own
name.
	 
	 	(viii)	 	The Issuer shall, at all times, hold itself out to the public as a legal entity
separate and distinct from any other person and shall correct any known
misunderstanding regarding its separate identity.
	 
	 	(ix)	 	The Issuer shall not identify itself as a division of any other person.
	 
	 	(x)	 	The Issuer shall maintain its assets in such a manner that it will not be
costly or difficult to segregate, ascertain or identify its individual assets from
those of any affiliate or any other person.
	 
	 	(xi)	 	The Issuer shall not use its separate existence to abuse creditors or to
perpetrate a fraud, injury or injustice on creditors in violation of applicable law.
	 
	 	(xii)	 	The Issuer shall not, in connection with the Transaction Documents, act
with an intent to hinder, delay or defraud any of its creditors in violation of
applicable law.
	 
	 	(xiii)	 	The Issuer shall maintain an arm’s length relationship with its affiliates and the
Parent.
	 
	 	(xiv)	 	The Issuer shall not grant a security interest or otherwise pledge its
assets for the benefit of any other person, except as permitted by or pursuant to the
Bond Documents.
	 
	 	(xv)	 	The Issuer shall not acquire any securities or debt instruments of the
Parent or its affiliates other than the Issuer’s subsidiaries.
	 
	 	(xvi)	 	The Issuer shall not make loans or advances to any person, except as
permitted by or pursuant to the Bond Documents.
	 
	 	(xvii)	 	The Issuer shall make no transfer of its assets except as permitted by or pursuant
to the Transaction Documents.

	5	 	Interest

	 	(a)	 	General

Each Bond will bear interest on its Principal Amount Outstanding from and including the Closing
Date (or such later date as may be agreed between the Issuer and the Manager) at the Coupon (as
defined below), payable semi-annually in arrear on 15 March and 15 September in each year (each,
an “Interest Payment Date”). The first Interest Payment Date will be on 15 March 2007. If any
Interest Payment Date for the Floating Rate Bonds would otherwise fall on a day which is not a
Business Day (as defined below), it shall be postponed to the next day which is a Business Day
provided that, if such postponement would result in the Interest Payment Date falling in the next
calendar month, such date shall be brought forward to the immediately preceding Business Day. The
period beginning on the Issue Date and ending on the first Interest Payment Date and each
successive period beginning on an Interest Payment Date and ending on the next succeeding
Interest Payment Date is called an “Interest
Period”. Each Bond will cease to bear interest from
its due date for redemption unless, upon due presentation, payment of principal is improperly
withheld or refused in which case it shall continue to bear interest at the rate set out in
paragraph (h) below.

	 	(b)	 	Rate of Interest on the Fixed Rate Bonds

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The
Fixed Rate Bonds will bear interest at a fixed rate of 2.20 per cent, per annum, calculated on
the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an
incomplete month, the number of days elapsed.

	 	(c)	 	Rate of Interest on the Floating Rate Bonds

Subject as provided below, the rate of interest from time to time in respect of the Floating Rate
Bonds (the “Rate of Interest”) shall be the aggregate of (i) LIBOR for the relevant Interest
Period, as determined on the relevant LIBOR Determination Date by the Calculation Agent and (ii)
the Margin.

LIBOR from time to time in respect of the Floating Rate Bonds will be determined by the
Calculation Agent on the following basis:

On the second Business Day before the beginning of each Interest Period (each a “LIBOR
Determination Date” and “Interest Determination
Date”) the Calculation Agent will determine the
offered rate for six-month (except for the first Interest Period which shall be interpolated
between five-month and six-month) JPY deposits as at 11.00 a.m. (London time) on the LIBOR
Determination Date in question (“LIBOR”). Subject to the provisions of this sub-paragraph below,
LIBOR for the relevant Interest Period means a rate equal to the Floating Rate that would be
determined by the Calculation Agent under a Swap Transaction under the terms of an agreement
incorporating the ISDA Definitions and under which the Floating Rate Option is “JPY-LIBOR-BBA”,
the Designated Maturity is six months (except for the initial Interest Period which shall be
interpolated between five months and six months) and the relevant Reset Date is the first date of
that Interest Period.

For the purposes of this paragraph, “Floating Rate”, “Floating Rate Option”, “Designated
Maturity”, “Reset Date” and “Swap Transaction” have the meanings given to those terms in the ISDA
Definitions.

	 	(d)	 	Determination of Rate of Interest and calculation of Coupon Amount

	 	(i)	 	The Calculation Agent will, as soon as practicable after 11.00 a.m. (London
time) on each LIBOR Determination Date, determine the LIBOR for the applicable
Interest Period.
	 
	 	(ii)	 	The Calculation Agent will, as soon as practicable after 11.00 a.m. (London
time) on each Interest Determination Date, determine the Rate of Interest and
calculate the amount of interest payable for each JPY10.000,000 in principal amount of
Floating Rate Bonds (the “Coupon Amount”) for the relevant Interest Period. The Coupon
Amount shall be calculated by applying the Rate of Interest to each JPY10,000,000 in
principal amount of Floating Rate Bonds, multiplying such product by the actual number
of days in the relevant Interest Period divided by 360 and rounding the resulting
figure to the nearest JPY (half a JPY being rounded upwards). The determination of the
Rate of Interest and the Coupon Amount by the Calculation Agent shall (in the absence
of manifest error) be final and binding upon all parties.

	 	(e)	 	Publication of Rate of Interest and Coupon Amount

The Calculation Agent will cause LIBOR, the Rate of Interest and the Coupon Amount for each
Interest Period and the relevant Interest Payment Date to be notified to the Trustee, each of the
Paying Agents and Bondholders as soon as possible after their determination but in no event later
than the third business day thereafter. The Coupon Amount and Interest Payment Date so published
may subsequently be amended (or appropriate alternative arrangements made with the consent of the
Trustee by way of adjustment) without notice in the event of an extension or shortening of the
Interest Period. If the Floating Rate Bonds become due and payable under Condition 6, the accrued
interest and the Rate of Interest payable in respect of the Floating Rate Bonds shall
nevertheless continue to be calculated as previously by the Calculation Agent in accordance

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with this Condition but no publication of amounts so calculated need be made unless the Trustee
otherwise requires.

	 	(f)	 	Determination or calculation by Trustee

If the Calculation Agent does not at any time for any reason so determine the LIBOR, the Rate
of Interest or the Coupon Amount for an Interest Period, the Trustee shall do so and such
determination or calculation shall be deemed to have been made by the Calculation Agent. In
doing so, the Trustee shall apply the foregoing provisions of this Condition, with any necessary
consequential amendments, to the extent that, in its opinion, it can do so, and, in all other
respects it shall do so in such manner as it shall deem fair and reasonable in all the
circumstances.

	 	(g)	 	Calculation Agent

The Issuer will procure that, so long as any Floating Rate Bond is outstanding, there shall at
all times be a Calculation Agent for the purposes of the Floating Rate Bonds. If the Calculation
Agent is unable or unwilling to continue to act as Calculation Agent, or if the Calculation Agent
fails duly to establish the Rate of Interest for any Interest Period or to calculate the Coupon
Amount, the Issuer shall (with the prior approval of the Trustee) appoint some other leading bank
engaged in the London interbank market (acting through its principal London office) to act as
such in its place. The Calculation Agent may not resign its duties without a successor having
been so appointed.

	 	(h)	 	Default Interest

If the Issuer fails to pay any amount payable by it under the Transaction Documents on its due
date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate per annum which is the sum of two per cent,
and the Coupon, pro rata over the relevant period (the “Default Interest”).

	 	(i)	 	Definitions

“ISDA Definitions” means the 2000 ISDA Definitions, as published by the International
Swaps and Derivatives Association, Inc., unless otherwise specified hereon.

“Margin” means 0.70 per cent, per annum.

“Coupon” means 2.20 per cent, per annum in relation to the Fixed Rate Bonds and the Rate of
Interest determined in accordance with (c) and (d) above, in relation to the Floating Rate Bonds.

“Principal Amount Outstanding” means, on any day,

	 	(a)	 	in relation to any Bond, the principal amount of that Bond upon issue;
	 
	 	(b)	 	in relation to all Fixed Rate Bonds outstanding at any time, the aggregate of the amount in
(a) in respect of all Fixed Rate Bonds;
	 
	 	(c)	 	in relation to all Floating Rate Bonds outstanding at any time, the aggregate of the amount
in (a) in respect of all Floating Rate Bonds; and
	 
	 	(d)	 	in relation to all Bonds outstanding at any time, the aggregate of the amount in (a) in
respect of all Bonds outstanding.

“Business Day” means a day (other than Saturday and Sunday) on which commercial banks in London
and Tokyo are open for business.

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	6	 	Redemption and Purchase

	 	(a)	 	Final redemption
	 
	 	 	 	Unless previously redeemed, or purchased and cancelled, the Bonds will be redeemed at
their Principal Amount Outstanding together with accrued interest on the Interest
Payment Date falling on or about 15 March 2013 (the
“Maturity Date”). The Bonds may not
be redeemed at the option of the Issuer in whole or in part other than in accordance
with this Condition, but without prejudice to Condition 9.
	 
	 	(b)	 	Redemption for taxation reasons
	 
	 	 	 	The Bonds may be redeemed on an Interest Payment Date at the option of the Issuer in
whole, but not in part, at any time, on giving not less than 30 nor more than 60 days’
notice to the Bondholders (which notice shall be irrevocable), at their Principal Amount
Outstanding, (together with interest accrued to the date fixed for redemption), if (i)
the Issuer satisfies the Trustee immediately prior to the giving of such notice that it
has or will become required to pay additional amounts as provided or referred to in
Condition 8 as a result of any change in, or amendment to, the laws or regulations of
Delaware, the United States of America or of any other jurisdiction or any political
subdivision or any authority thereof or therein having power to tax, or any change in the
application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after 10 October 2006, (ii) such obligation cannot be
avoided by the Issuer taking reasonable measures available to it, provided that no such
notice of redemption shall be given earlier than 90 days prior to the earliest date on
which the Issuer would be obliged to pay such amounts were a payment in respect of the
Bonds then due, and (iii) the Issuer has, prior to giving the notice referred to below,
delivered a certificate addressed to the Trustee certifying to the satisfaction of the
Trustee that it will have the necessary funds on such date to redeem all the Bonds each
in an amount equal to their Principal Amount Outstanding. Prior to the publication of any
notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee
a certificate signed by an officer of the Issuer stating that the obligation referred to
in (i) above cannot be avoided by the Issuer taking reasonable measures available to it
and confirming the condition precedent set out in (ii) above, and the Trustee shall be
entitled to accept such certificate as sufficient evidence of the satisfaction of the
condition precedents set out in (i) and (ii) above, in which event it shall be conclusive
and binding on the Bondholders save that the Trustee shall also be entitled to request
legal opinions in form and substance satisfactory to it to confirm any of matters
referred to in this Condition.
	 
	 	(c)	 	Unwind
	 
	 	 	 	The Issuer shall, if the Underlying Acquisition is not completed on or before 27 October
2006, redeem the Bonds at their Principal Amount Outstanding together with accrued
interest, on the date falling five Business Days after receipt by the Issuer of the
Unwind Payment from Toshiba.
	 
	 	(d)	 	Mandatory Redemption
	 
	 	 	 	The Issuer shall, upon giving notice of at least 30 days (or such shorter period as
exists until the Early Redemption Date) to Bondholders, redeem the Bonds at their
Principal Amount Outstanding together with accrued interest plus the Call Premium (if
any) on the Early Redemption Date.
	 
	 	 	 	“Early Redemption Date” means the date which is:

	 	(i)	 	the next Interest Payment Date following the receipt of (x) the Put
Price (and, as the case may be, the proceeds of a draw under a Put Substitution
Letter of Credit in respect of a partial exercise of the Put Right), or the Call
Price (as applicable) or (y) the date of issue of the Put

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	 	 	 	Substitution Letter of Credit (where the amount thereof is equal to the Principal
Amount Outstanding under the Bonds);

	 	(ii)	 	or otherwise, two Business Days following receipt of the Put Price, if
the Put Right has been exercised (x) as a result of Toshiba’s senior-unsecured
long-term credit being rated Ba3 or lower by Moody’s, (y) prior to 31 March 2010
(except where the Call Option has been exercised and no other Toshiba Event has
occurred) or (z) as a result of direction by an Extraordinary Resolution.

“Call Premium” means, if the Bonds are redeemed prior to 31 March 2010 pursuant to the
exercise of the Call Option (or where the Put Right is exercised subsequent to the
delivery of a Call Option Exercise Notice), 2.0 per cent of the Principal Amount
Outstanding under the Bonds.

	 	(e)	 	Purchase
	 
	 	 	 	The Issuer may at any time purchase Bonds in the open market or otherwise at any price
(provided that they are purchased together with all unmatured Coupons relating to them).
Any purchase by tender shall be made available to all Bondholders alike. The Bonds so
purchased, while held by or on behalf of the Issuer, shall not entitle the holder to
vote at any meetings of the Bondholders and shall not be deemed to be outstanding for
the purposes of calculating quorums at meetings of the Bondholders or for the purposes
of Condition12(a).
	 
	 	(f)	 	Cancellation
	 
	 	 	 	All Bonds so redeemed or purchased and any unmatured Coupons attached to or surrendered
with them will be cancelled and may not be re-issued or resold.

	7	 	Payments

	 	(a)	 	Method of Payment
	 
	 	 	 	Payments of principal and interest will be made against presentation and surrender (or,
in the case of a partial payment, endorsement) of Bonds or the appropriate Coupons (as
the case may be) at the specified office of any Paying Agent by JPY cheque drawn on, or
by transfer to a JPY account maintained by, the payee with a bank in Japan. Payments of
interest due in respect of any Bond other than on presentation and surrender of matured
Coupons shall be made only against presentation and either surrender or endorsement (as
appropriate) of the relevant Bond.
	 
	 	(b)	 	Payments subject to laws
	 
	 	 	 	All payments are subject in all cases to any applicable fiscal or other laws and
regulations in the place of payment, but without prejudice to the provisions of
Condition 8. No commissions or expenses shall be charged to the Bondholders in respect
of such payments.
	 
	 	(c)	 	Surrender of unmatured Coupons
	 
	 	 	 	Each Bond should be presented for redemption together with all unmatured Coupons
relating to it, failing which the amount of any such missing unmatured Coupon (or, in
the case of payment not being made in full, that proportion of the amount of such
missing unmatured Coupon which the sum of principal so paid bears to the total principal
amount due) will be deducted from the sum due for payment (or, in the case of Coupons
relating to Floating Rate Bonds, shall become void and no payment shall be made in
respect of them). Each amount of principal so deducted will be paid in the manner
mentioned above against surrender of the relevant missing Coupon not later than 10 years
after the Relevant Date (as defined in Condition 10) for the relevant payment of
principal.

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	 	(d)	 	Payments on business days
	 
	 	 	 	A Bond or Coupon may only be presented for payment on a day which is a business day in
the place of presentation. No further interest or other payment will be made as a
consequence of the day on which the relevant Bond or Coupon may be presented for payment
under this paragraph falling after the due date. In this Condition “business day” means
a day on which commercial banks and foreign exchange markets are open in the relevant
city and in Tokyo.
	 
	 	(e)	 	Paying Agents
	 
	 	 	 	The initial Paying Agents and their initial specified offices are listed below. The
Issuer reserves the right at any time with the approval of the Trustee to vary or
terminate the appointment of any Paying Agent and appoint additional or other Paying
Agents. Notice of any change in the Paying Agents or their specified offices will
promptly be given to the Bondholders.

	8	 	Taxation
	 
	 	 	All payments in respect of the Bonds shall be made free and clear of, and without withholding
or deduction for, any taxes, duties, assessments or governmental charges of whatever nature
imposed, levied, collected, withheld or assessed by or within the United States of America, or
any other jurisdiction, or any political subdivision or any authority therein or thereof
having power to tax, unless such withholding or deduction is required by law. In that event
the Issuer shall pay such additional amounts as will result in receipt by the Bondholders of
such amounts as would have been received by them had no such withholding or deduction been
required, except that no such additional amounts shall be payable in respect of any Bond
presented for payment:

	 	(a)	 	Other connection
	 
	 	 	 	By or on behalf of a holder who is liable to such taxes, duties, assessments or
governmental charges in respect of such Bond by reason of his having some connection
with the United States of America other than the mere holding of the Bond; or
	 
	 	(b)	 	Presentation more than 30 days after the Relevant Date
	 
	 	 	 	More than 30 days after the Relevant Date except to the extent that the holder of it
would have been entitled to such additional amounts on presenting such Bond for payment
on the last day of such period of 30 days.

	9	 	Events of Default
	 
	 	 	If any of the following events (each an “Event of
Default”) occurs the Trustee at its
discretion may, and if so directed by an Extraordinary Resolution shall, subject, in each case
to being indemnified and/or secured to its satisfaction, give notice to the Issuer (a “Bond
Enforcement Notice”) that the Bonds are, and they shall immediately become, due and payable at
their principal amount together with accrued interest:

	 	(a)	 	Non-Payment
	 
	 	 	 	The Issuer fails to pay any sum due in respect of any of the Bonds within three days of
the relevant due date; or
	 
	 	(b)	 	Breach of Other Obligations
	 
	 	 	 	The Issuer does not perform or comply with any one or more of its other obligations in
the Bonds, the Bond Trust Deed or any other Transaction Document which default is
incapable of remedy or, if in the opinion of the Trustee capable of remedy, is not in
the opinion of the Trustee remedied within 30 days

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	 	 	 	after notice of such default shall have been given to the Issuer by the Trustee. A
failure by the Issuer to comply with paragraphs (nn) to (vv) of Clause 14.1 of the Bond
Trust Deed shall, in any event, be deemed to be incapable of remedy;

	 	(c)	 	Illegality
	 
	 	 	 	It is or will become unlawful for the Issuer to perform or comply with any of its
obligations under or in respect of the Bonds, the Bond Trust Deed or any of the other
Transaction Documents.
	 
	 	(d)	 	the occurrence of a Bankruptcy Event with respect to the
Issuer;
	 
	 	 	 	“Bankruptcy Event” means, with respect to any person, that such
person;

	 	(i)	 	is dissolved (other than pursuant to a consolidation, amalgamation or merger);
	 
	 	(ii)	 	becomes insolvent or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due;
	 
	 	(iii)	 	makes a general assignment, arrangement or composition with or for the benefit
of its creditors;
	 
	 	(iv)	 	(A) institutes or has instituted against it, by a regulator,
supervisor or any similar official with primary insolvency, rehabilitative or
regulatory jurisdiction over it, a proceeding seeking a judgement of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisors or similar
official, or (B) has instituted against it a proceeding seeking a judgement of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and such proceeding or petition is presented
for its winding-up or liquidation;
	 
	 	(v)	 	has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger);
	 
	 	(vi)	 	seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all of substantially all its assets;
	 
	 	(vii)	 	has a secured party take possession of any of its assets it has a
distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and such secured
party maintains possession, or any such process is not dismissed, discharged,
stayed or restrained, in each case within 30 days thereafter; or
	 
	 	(viii)	 	causes or is subject to any event with respect to it which, under the applicable
laws of any jurisdiction, has an analogous effect to any of the events specified in
clauses (i) to (vii) above (inclusive);

	 	(e)	 	Toshiba fails to pay the Unwind Payment when due and payable by Toshiba under the
Investment Agreements; and
	 
	 	(f)	 	Toshiba fails to pay the Put Price when due and payable by Toshiba under the Put Option
Agreements.

	10	 	Prescription
	 
	 	 	Claims in respect of principal and interest will become void unless presentation for payment
is made as required by Condition 6 within a period of 10 years in the case of principal and
five years in the case of interest from the appropriate Relevant Date.

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“Relevant Date” means whichever is the later of (i) the date on which such payment first
becomes due and (ii) if the full amount payable has not been received by the Principal Paying
Agent or the Trustee on or prior to such due date, the date on which, the full amount having
been so received, notice to that effect shall have been given to the Bondholders. Any reference
in these Conditions to principal and/or interest shall be deemed to include any additional
amounts which may be payable under this Condition or any undertaking given in addition to or
substitution for it under the Bond Trust Deed.

	11	 	Replacement of Bonds and Coupons
	 
	 	 	If any Bond or Coupon is lost, stolen, mutilated, defaced or destroyed it may be replaced at
the specified office of a Paying Agent subject to all applicable laws and relevant authority
requirements, upon payment by the claimant of the expenses incurred in connection with such
replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer
may require (provided that the requirement is reasonable in the light of prevailing market
practice). Mutilated or defaced Bonds or Coupons must be surrendered before replacements will
be issued.
	 
	12	 	Meetings of Bondholders, Modification, Waiver and Substitution

	 	(a)	 	Meetings of Bondholders
	 
	 	 	 	The Bond Trust Deed contains provisions for convening meetings of Bondholders to
consider matters affecting their interests, including the sanctioning by Extraordinary
Resolution (as defined in the Bond Trust Deed) of a modification of any of these
Conditions or any provisions of the Bond Trust Deed or the provisions of any of the
other Transaction Documents. Such a meeting may be convened by Bondholders holding not
less than 10 per cent, in principal amount of the Bonds for the time being outstanding.
The quorum for any meeting convened to consider an Extraordinary Resolution will be one
or more persons holding or representing a clear majority in principal amount of the
Bonds for the time being outstanding, or at any adjourned meeting one or more persons
being or representing Bondholders whatever the principal amount of the Bonds held or
represented, unless the business of such meeting includes consideration of proposals,
inter alia, (i) to modify the maturity of the Bonds or vary the method or basis of
calculating the Rate of Interest on the Floating Rate Bonds, or the dates on which
interest is payable in respect of the Bonds, (ii) to reduce or cancel the principal
amount of, any premium payable on early redemption of, or interest on, the Bonds, (iii)
to change the currency of payment of the Bonds or the Coupons, (iv) to modify the
provisions concerning the quorum required at any meeting of Bondholders or the majority
required to pass an Extraordinary Resolution, (v) to alter the order or payment provided
for in the Priority of Payments, (vi) to alter, modify or release any Security, (vii) to
alter or modify or release Toshiba from its obligations under the Put Option Agreements
or (viii) exercise of the Put Rights as outlined in Condition 4(a)(xx), in which case
the necessary quorum will be one or more persons holding or representing not less than
75 per cent, or at any adjourned meeting not less than 25 per cent, in principal amount
of the Bonds for the time being outstanding. Any Extraordinary Resolution duly passed
shall be binding on Bondholders (whether or not they were present at the meeting at
which such resolution was passed) and on all Couponholders. A Written Resolution of the
Bondholders holding at least 75 per cent, in aggregate of the Principal Amount
Outstanding under the Bonds, shall be deemed to have the same effect as an Extraordinary
Resolution.
	 
	 	 	 	Bonds held, legally or beneficially, by or on behalf of Toshiba or any of its affiliates
(or in respect of which the relevant Bondholder or any other person has made a
declaration of trust in respect of, entered into a sub-participation arrangement with or
entered into any other arrangement having substantially the same economic effect (or
granting voting control over the relevant Bonds to) Toshiba or any of its affiliates)
shall not entitle the holder to vote at any meetings of the Bondholders and shall

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not be deemed to be outstanding for the purposes of calculating quorums at meetings
of the Bondholders or for the purposes of this paragraph (a).

For the purposes of this paragraph (a) “affiliate” shall means with respect to any
person, any other person directly or indirectly Controlling, Controlled by, or under
common Control with, such person and “Control” (including the terms “Controlling,”
“Controlled by” and “under common Control
with”) means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such person, whether through the ownership
of a majority of the voting securities, by contract or otherwise.

	 	(b)	 	Modification and Waiver
	 
	 	 	 	The Trustee may agree, without the consent of the Bondholders or Couponholders, to (i)
any modification of any of the provisions of the Bond Trust Deed or the provisions of
any of the other Transaction Documents which (in its opinion) is of a formal, minor or
technical nature or is made to correct a manifest error, and (ii) any other modification
(except as mentioned in the Bond Trust Deed), and any waiver or authorisation of any
breach or proposed breach, of any of the provisions of the Bond Trust Deed or the
provisions of any of the other Transaction Documents which is, in the opinion of the
Trustee, not materially prejudicial to the interests of the Bondholders. Any such
modification, authorisation or waiver shall be binding on the Bondholders and the
Couponholders and, if the Trustee so requires, such modification shall be notified to
the Bondholders as soon as practicable.
	 
	 	(c)	 	Substitution
	 
	 	 	 	The Bond Trust Deed contains provisions permitting the Trustee to agree, subject to such
amendment of the Bond Trust Deed and such other conditions as the Trustee may require,
without the consent of the Bondholders or the Couponholders, to the substitution of any
other company in place of the Issuer, or of any previous substituted company, as
principal debtor under the Bond Trust Deed and the Bonds and chargor and pledger under
the Security Documents and party to the other Transaction Documents, provided that such
substitution shall not at the time of substitution result in a downgrading of any rating
assigned to the Bonds. In the case of such a substitution the Trustee may agree, without
the consent of the Bondholders or the Couponholders, to a change of the law governing
the Bonds, the Coupons, the Bond Trust Deed and/or any other Transaction Documents,
provided that such change would not in the opinion of the Trustee be materially
prejudicial to the interests of the Bondholders and shall not at the time of such change
result in a downgrading of any rating assigned to the Bonds. Under the Bond Trust Deed,
the Trustee may agree or require the Issuer to use all reasonable endeavours to procure
the substitution as principal debtor under the Bond Trust Deed and the Bonds and chargor
and pledger under the Security Documents and party to the other Transaction Documents of
a company incorporated in some other jurisdiction in the event of the Issuer becoming
subject to any form of tax on its income or payments in respect of the Bonds, and
provided that such substitution shall not at the time of substitution result in a
downgrading of any rating assigned to the Bonds.
	 
	 	(d)	 	Entitlement of the Trustee
	 
	 	 	 	In connection with the exercise of its functions (including but not limited to those
referred to in this Condition) the Trustee shall have regard to the interests of the
Bondholders as a class and shall not have regard to the consequences of such exercise
for individual Bondholders or Couponholders and the Trustee shall not be entitled to
require, nor shall any Bondholder or Couponholder be entitled to claim, from the Issuer
any indemnification or payment in respect of any tax consequence of any such exercise
upon individual Bondholders or Couponholders.

	13	 	Enforcement

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The Trustee may, at any time, at its discretion and without notice, may take such
proceedings against the Issuer or any other party to any of the Transaction Documents as it may
think fit to enforce the provisions of the Bonds, the Bond Trust Deed (including these
Conditions), the Deed of Charge and any of the other Transaction Documents to which it is a
party and may, at any time after the Security has become enforceable, without notice, sell,
call in, collect and convert into money the Security or any part thereof in such manner as the
Trustee may think fit, but shall not be bound to take any such proceedings or steps unless:

	 	(i)	 	it shall have been so directed by an Extraordinary Resolution of the
Bondholders; and
	 
	 	(ii)	 	in all cases, it shall have been indemnified and/or
secured to its satisfaction.

Only the Trustee may pursue the remedies available under the Bond Trust Deed to enforce the
rights of the Bondholders and the other Secured Creditors and none of the Bondholders,
Couponholders or the other Secured Creditors are entitled to proceed against the Issuer unless
the Trustee, having become bound to proceed in accordance with the terms of the Bond Trust
Deed, fails or neglects to do so.

The Trustee, the Bondholders, the Couponholders, and, the other Secured Creditors shall have
recourse only to the Security in respect of the Bonds and the Trustee, having enforced and
realised the same if the net proceeds of the Security after it has been enforced and applied
in accordance with the order of priorities set out in Condition 3, are not sufficient, after
payment of all other claims ranking in priority to the Bonds, to cover all payments due in
respect of the Bonds, none of the Trustee, the Bondholders, the Couponholders or the other
Secured Creditors or anyone acting on behalf of any of them shall be entitled to take any
further steps against the Issuer to recover any further sum and no debt shall be owed by the
Issuer in respect of such sum.

None of the Trustee, any Bondholder, any Couponholder and the other Secured Creditors, nor any
other party to any Security Document shall be entitled to institute, or join with any other
person in bringing, instituting or joining, insolvency proceedings (whether court based or
otherwise) in relation to the Issuer and none of them shall have any claim in respect of any
sum arising in respect of any assets secured for the benefit of any other obligations of the
Issuer.

Amounts available for distribution after enforcement of the Security shall be distributed in
accordance with the terms of the Deed of Charge.

	14	 	Indemnification of the Trustee

The Bond Trust Deed and the Deed of Charge contain provisions governing the
responsibility (and relief from responsibility) of the Trustee and for its indemnification in
certain circumstances, including provisions relieving it from taking enforcement proceedings
unless indemnified and/or secured to its satisfaction and for its relief from responsibility
for the validity, sufficiency and enforceability (which the Trustee has not investigated) of
the Security created over the charged property. The Bond Trust Deed and the Deed of Charge
also relieve the Trustee of liability for, among other things, not having made or not having
caused to be made on its behalf the searches, registrations, investigations and enquiries
which a prudent chargee would normally have been likely to make in entering into the Deed of
Charge.

To the extent that the Trustee is instructed to take any action pursuant to an Extraordinary
Resolution of Bondholders, and any such action requires the determination of whether an event
or occurrence has had a Material Adverse Effect, the Trustee shall have no duty to enquire or
satisfy itself as to the existence of an event or occurrence having a Material Adverse Effect,
shall be entitled to rely conclusively upon such Extraordinary Resolution of the Bondholders
regarding the same and shall bear no liability of any nature whatsoever to any person for
acting upon such Extraordinary Resolution of the Bondholders.

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The Trustee and any affiliate are entitled to enter into business transactions with the Issuer
and each other party to the Transaction Documents or any of their subsidiaries, holding or
associated companies without accounting to the Bondholders for profit resulting therefrom.

The Trustee will not be obliged to supervise the performance by the Issuer, the Servicer,
Toshiba or any other person of their obligations under the Transaction Documents and the
Trustee will assume, until it has actual knowledge to the contrary, that all such persons are
properly performing their duties.

	15	 	Notices

Notices to Bondholders will be valid if published in a leading newspaper having general
circulation in Tokyo. Any such notice shall be deemed to have been given on the date of such
publication or, if published more than once on the first date on which publication is made.
Couponholders will be deemed for all purposes to have notice of the contents of any notice
given to the Bondholders in accordance with this Condition.

	16	 	Contracts (Rights of Third Parties) Act 1999

No person shall have any right to enforce any term or condition of the Bonds under the
Contracts (Rights of Third Parties) Act 1999 except and to the extent (if any) that the
Bonds expressly provide for such Act to apply to any of their terms.

	17	 	Governing Law

	 	(a)	 	Governing Law
	 
	 	 	 	The Bond Trust Deed, the Bonds and the Coupons are governed by and shall be construed in
accordance with English law.
	 
	 	(b)	 	Jurisdiction
	 
	 	 	 	The courts of England are to have jurisdiction to settle any disputes which may arise
out of or in connection with the Bonds or the Coupons and accordingly any legal action
or proceedings arising out of or in connection with the Bond Trust Deed, the Bonds or
the Coupons (“Proceedings”) may be brought in such courts. The Issuer has in the Bond
Trust Deed irrevocably submitted to the jurisdiction of such courts.
	 
	 	(c)	 	Agent for Service of Process
	 
	 	 	 	The Issuer has irrevocably appointed Law Debenture Corporate Services Limited as its
agent in England to receive service of process in any Proceedings in England based on
any of the Bond Trust Deed, the Bonds or the Coupons.

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On the back:

PRINCIPAL PAYING AGENT

The Bank of New York

One Canada Square

London

E14 5AL

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Schedule 5

Provisions for Meetings of Bondholders

DEFINITIONS

	1	 	As used in this Schedule the following expressions shall have the following meanings
unless the context otherwise requires:
	 
	 	 	“Block Voting Instruction” means an English language document issued by the Principal
Paying Agent in which:

	 	(a)	 	it is certified that on the date thereof Bonds (not being Bonds in respect of
which a Voting Certificate has been issued and is outstanding in respect of the meeting
specified in such Block Voting Instruction) are blocked in an account with a Clearing
System and that no such Bonds will cease to be so blocked until the first to occur of:

	 	(1)	 	the conclusion of the meeting specified in such Block Voting
Instruction; and
	 
	 	(2)	 	the Bonds ceasing with the agreement of the Principal Paying
Agent to be so blocked and the giving of notice by the Principal Paying Agent
to the Issuer in accordance with paragraph 3(e) of the necessary amendment to
the Block Voting Instruction;

	 	(b)	 	it is certified that each holder of such Bonds has instructed the Principal
Paying Agent that the vote(s) attributable to the Bonds so blocked should be cast in a
particular way in relation to the resolution(s) to be put to such meeting and that all
such instructions are, during the period commencing 48 Hours prior to the time for
which such meeting is convened and ending at the conclusion or adjournment thereof,
neither revocable nor capable of amendment;
	 
	 	(c)	 	the aggregate principal amount of the Bonds so blocked is listed distinguishing
with regard to each such resolution between those in respect of which instructions have
been given that the votes attributable thereto should be cast in favour of the
resolution and those in respect of which instructions have been so given that the votes
attributable thereto should be cast against the resolution; and
	 
	 	(d)	 	one or more persons named in such Block Voting Instruction (each hereinafter
called a “proxy”) is or are authorised and instructed by the Principal Paying Agent to
cast the votes attributable to the Bonds so listed in accordance with the instructions
referred to in (c) above as set out in such Block Voting Instruction;

	 	 	“Clearing System” means Euroclear and/or Clearstream, Luxembourg and includes in respect of
any Bond any clearing system on behalf of which such Bond is held or which is the bearer,
holder or (directly or through a nominee) registered owner of a Bond, in either case whether
alone or jointly with any other Clearing System(s).
	 
	 	 	“Eligible Person” means any one of the following persons who shall be entitled to attend
and vote at a meeting:
	 
	 	 	(a)   a bearer of any Voting Certificate;
	 
	 	 	(b)   a proxy specified in any Block Voting Instruction;

     “Extraordinary Resolution” means:

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	 	(a)	 	a resolution passed at a meeting duly convened and held in accordance with
these presents by a majority consisting of not less than 75 per cent, of the
Eligible Persons voting thereat upon a show of hands or, if a poll is duly demanded,
by a majority consisting of not less than 75 per cent, of the votes cast on such
poll; or
	 
	 	(b)	 	a resolution in writing signed by or on behalf of the Bondholders of not less
than 75 per cent, in aggregate Principal Amount Outstanding of Bonds which resolution
may be contained in one document or in several documents in like form each signed by
or on behalf of one or more of the Bondholders (a “Written Resolution”);

     “Ordinary Resolution”, means:

	 	(a)	 	a resolution passed at a meeting duly convened and held in accordance with these
presents by a clear majority of the Eligible Persons voting thereat on a show of hands
or, if a poll is duly demanded, by a simple majority of the votes cast on such poll; or
	 
	 	(b)	 	a resolution in writing signed by or on behalf of the Bondholders of not less
than a clear majority in aggregate Principal Amount Outstanding of Bonds, which
resolution may be contained in one document or in several documents in like form each
signed by or on behalf of one or more of the Bondholders;

     “Voting Certificate” means an English language certificate issued by a Paying Agent in
which it is stated:

	 	(a)	 	that on the date thereof Bonds (not being Bonds in respect of which a Block
Voting Instruction has been issued and is outstanding in respect of the meeting
specified in such Voting Certificate) are blocked in an account with a Clearing System
and that no such Bonds will cease to be so blocked until the first to occur of:

	 	(i)	 	the conclusion of the meeting specified in such Voting Certificate; and
	 
	 	(ii)	 	the surrender of the Voting Certificate to the Paying
Agent who issued the same; and

	 	(b)	 	that the bearer thereof is entitled to attend and vote at such meeting in
respect of the Bonds represented by such Voting Certificate;
	 
	 	“24 Hours” means a period of 24 hours including all or part of a day upon which banks are
open for business in both the place where the relevant meeting is to be held and in each of
the places where the Paying Agents have their specified offices (disregarding for this
purpose the day upon which such meeting is to be held) and such period shall be extended by
one period or, to the extent necessary, more periods of 24 hours until there is included as
aforesaid all or part of a day upon which banks are open for business in all of the places
as aforesaid; and
	 
	 	“48 Hours” means a period of 48 hours including all or part of two days upon which banks
are open for business both in the place where the relevant meeting is to be held and in
each of the places where the Paying Agents have their specified offices (disregarding for
this purpose the day upon which such meeting is to be held) and such period shall be
extended by one period or, to the extent necessary, more periods of 48 hours until there is
included as aforesaid all or part of two days upon which banks are open for business in all
of the places as aforesaid.

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	 	 	 	For the purposes of calculating a period of Clear Days in relation to a meeting, no
account shall be taken of the day on which the notice of such meeting is given (or, in the
case of an adjourned meeting, the day on which the meeting to be adjourned is held) or the
day on which such meeting is held.
	 
	 	 	 	All references in this Schedule to a “meeting” shall, where the context so permits, include
any relevant adjourned meeting.

EVIDENCE OF ENTITLEMENT TO ATTEND AND VOTE

	2	 	 	A holder of a Bond may require the issue by the Principal Paying Agent of Voting
Certificates and Block Voting Instructions in accordance with the terms of paragraph 3.
	 
	 	 	 	For the purposes of paragraph 3, the Principal Paying Agent shall be entitled to rely,
without further enquiry, on any information or instructions received from a Clearing System
and shall have no liability to any Bondholder or other person for any loss, damage, cost,
claim or other liability occasioned by its acting in reliance thereon, nor for any failure
by a Clearing System to deliver information or instructions to the Principal Paying Agent.
	 
	 	 	 	The holder of any Voting Certificate or the proxies named in any Block Voting Instruction
shall for all purposes in connection with the relevant meeting be deemed to be the holder
of the Bonds to which such Voting Certificate or Block Voting Instruction relates and the
Clearing System in which such Bonds have been blocked shall be deemed for such purposes not
to be the holder of those Bonds.

PROCEDURE FOR ISSUE OF VOTING CERTIFICATES, BLOCK VOTING INSTRUCTIONS

3

	 	(a)	 	Voting Certificate
	 
	 	 	 	A holder of a Bond (not being a Bond in respect of which instructions have
been given to the Principal Paying Agent in accordance with paragraph 3(b)) may
procure the delivery of a Voting Certificate in respect of such Bond by giving
notice to the Clearing System through which such holder’s interest in the Bond is
held specifying by name a person (an Identified Person) (which need not be the
holder himself) to collect the Voting Certificate and attend and vote at the
meeting. The relevant Voting Certificate will be made available at or shortly prior
to the commencement of the meeting by the Principal Paying Agent against
presentation by such Identified Person of the form of identification previously
notified by such holder to the Clearing System. The Clearing System may prescribe
forms of identification (including, without limitation, a passport or driving
licence) which it deems appropriate for these purposes. Subject to receipt by the
Principal Paying Agent from the Clearing System, no later than 24 Hours prior to the
time for which such meeting is convened, of notification of the aggregate Principal
Amount Outstanding of the Bonds to be represented by any such Voting Certificate and
the form of identification against presentation of which such Voting Certificate
should be released, the Principal Paying Agent shall, without any obligation to make
further enquiry, make available a Voting Certificate against presentation of the
form of identification corresponding to that notified.
	 
	 	(b)	 	Block Voting Instruction
	 
	 	 	 	A holder of a Bond (not being a Bond in respect of which a Voting
Certificate has been issued) may require the Principal Paying Agent to issue a
Block Voting

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	 	 	 	Instruction in respect of such Bond by first instructing the Clearing System
through which such holder’s interest in the Bond is held to procure that the votes
attributable to such Bond should be cast at the meeting in a particular way in
relation to the resolution or resolutions to be put to the meeting. Any such
instruction shall be given in accordance with the rules of the Clearing System then
in effect. Subject to receipt by the Principal Paying Agent of instructions from
the Clearing System, no later than 24 Hours prior to the time for which such
meeting is convened, of notification of the principal amount of the Bonds in
respect of which instructions have been given and the manner in which the votes
attributable to such Bonds should be cast, the Principal Paying Agent shall,
without any obligation to make further enquiry, appoint a proxy to attend the
meeting and cast votes in accordance with such instructions.
	 
	 	(c)	 	Each Block Voting Instruction, together (if so requested by the Trustee) with
proof satisfactory to the Trustee of its due execution on behalf of the Principal
Paying Agent, and each form of proxy shall be deposited by the Principal Paying Agent
at such place as the Trustee shall approve not less than 24 Hours before the time
appointed for holding the meeting at which the proxy or proxies named in the Block
Voting Instruction or form of proxy proposes to vote and, in default, the Block Voting
Instruction or form of proxy shall not be treated as valid unless the Chairman of the
meeting decides otherwise before such meeting proceeds to business. A copy of each
Block Voting Instruction and form of proxy shall be deposited with the Trustee before
the commencement of the meeting but the Trustee shall not thereby be obliged to
investigate or be concerned with the validity of or the authority of the proxy or
proxies named in any such Block Voting Instruction or form of proxy.
	 
	 	(d)	 	Any vote given in accordance with the terms of a Block Voting Instruction or
form of proxy shall be valid notwithstanding the previous revocation or amendment of
the Block Voting Instruction or form of proxy or of any of the instructions of the
relevant holder or the relevant Clearing System (as the case may be) pursuant to which
it was executed provided that no intimation in writing of such revocation or
amendment has been received from the Principal Paying Agent (in the case of a Block
Voting Instruction) or from the holder thereof (in the case of a proxy appointed
pursuant to paragraph 3(b)) by the Issuer at its registered office (or such other place
as may have been required or approved by the Trustee for the purpose) by the time being
24 Hours (in the case of a Block Voting Instruction) or 48 Hours (in the case of a
proxy) before the time appointed for holding the meeting at which the Block Voting
Instruction or form of proxy is to be used.

CONVENING OF MEETINGS, QUORUM AND ADJOURNED MEETINGS

	4	 	The Issuer or the Trustee may at any time, and the Issuer shall upon a requisition in
writing in the English language signed by the Bondholders of not less
than ten per cent. in
Principal Amount Outstanding of the Bonds for the time being outstanding, convene a meeting
and if the Issuer makes default for a period of seven days in convening such a meeting the
same may be convened by the Trustee or the requisitionists. Whenever the Issuer is about to
convene any such meeting the Issuer shall forthwith give notice in writing to the Trustee of
the day, time and place thereof and of the nature of the business to be transacted thereat.
Every such meeting shall be held at such time and place as the Trustee may appoint or approve
in writing.

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	5	 	At least 21 Clear Days’ notice specifying the place, day and hour of meeting shall
be given to the Bondholders prior to any meeting in the manner provided by the Conditions.
Such notice, which shall be in the English language, shall state generally the nature of the
business to be transacted at the meeting thereby convened and, in the case of an
Extraordinary Resolution, shall specify in such notice the terms of such resolution. Such
notice shall include statements as to the manner in which Bondholders may arrange for Voting
Certificates or Block Voting Instructions to be issued and, if applicable, appoint proxies.
A copy of the notice shall be sent by post to the Trustee (unless the meeting is convened by
the Trustee) and to the Issuer (unless the meeting is convened by the Issuer).
	 
	6	 	A person (who may but need not be a Bondholder) nominated in writing by the Trustee shall be
entitled to take the chair at the relevant meeting, but if no such nomination is made or if at
any meeting the person nominated shall not be present within 15 minutes after the time
appointed for holding the meeting the Bondholders present shall choose one of their number to
be Chairman, failing which the Issuer may appoint a Chairman. The Chairman of an adjourned
meeting need not be the same person as was Chairman of the meeting from which the adjournment
took place.
	 
	7	 	At any such meeting, one or more Eligible Persons present and representing in the aggregate
not less than 5 per cent. of the Principal Amount Outstanding of the Bonds for the time being
outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a
quorum for the transaction of business (including the passing of an Ordinary Resolution) and
no business (other than the choosing of a Chairman) shall be transacted at any meeting unless
the requisite quorum be present at the commencement of the relevant business. The quorum at
any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be
one or more Eligible Persons present and representing in the
aggregate more than 50 per cent.
in Principal Amount Outstanding of the Bonds for the time being outstanding PROVIDED THAT at
any meeting the business of which includes any of the following matters (each a “Basic Terms
Modification” and each of which shall, subject only to paragraphs 19 and 22, only be capable
of being effected after having been approved by Extraordinary Resolution) namely:

	 	(i)	 	to modify the maturity of the Bonds or vary the method or basis of
calculating the Rate of Interest on the Floating Rate Bonds, or the dates on which
interest is payable in respect of the Bonds;
	 
	 	(ii)	 	to reduce or cancel the principal amount of, any premium payable on early
redemption of, or interest on, the Bonds;
	 
	 	(iii)	 	to change the currency of payment of the Bonds or the Coupons;
	 
	 	(iv)	 	to modify the provisions concerning the quorum required at any meeting of
Bondholders or the majority required to pass an Extraordinary Resolution;
	 
	 	(v)	 	to alter the order or payment provided for in the Priority of Payments;
	 
	 	(vi)	 	to alter, modify or release any Security;
	 
	 	(vii)	 	to alter or modify or release Toshiba from its obligations under the Put
Option Agreements;
	 
	 	(viii)	 	exercise of the Put Rights as outlined in Condition 4(a)(xx);
	 
	 	(ix)	 	sanctioning of any such scheme or proposal or substitution as is described
in paragraphs 19(i) and (j); and

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	 	(x)	 	alteration of this proviso or the proviso to paragraph 9;
	 
	 	the quorum shall be one or more Eligible Persons present and representing in the aggregate
not less than 75 per cent. of the Principal Amount Outstanding of the Bonds for the time
being outstanding.

	8	 	If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may
decide) after the time appointed for any such meeting a quorum is not present for the
transaction of any particular business, then, subject and without prejudice to the
transaction of the business (if any) for which a quorum is present, the meeting shall, if
convened upon the requisition of Bondholders, be dissolved. In any other case it shall stand
adjourned to the same day in the next week (or if such day is a public holiday the next
succeeding business day) at the same time and place (except in the case of a meeting at which
an Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such
period, being not less than 13 Clear Days nor more than 42 Clear Days, and to such place as
may be appointed by the Chairman either at or subsequent to such meeting and approved by the
Trustee). If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman
may decide) after the time appointed for any adjourned meeting a quorum is not present for the
transaction of any particular business, then, subject and without prejudice to the transaction
of the business (if any) for which a quorum is present, the Chairman may either (with the
approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not
less than 13 Clear Days (but without any maximum number of Clear Days), and to such place as
may be appointed by the Chairman either at or subsequent to such adjourned meeting and
approved by the Trustee, and the provisions of this sentence shall apply to all further
adjourned such meetings.
	 
	9	 	At any adjourned meeting, one or more Eligible Persons present (whatever the Principal Amount
Outstanding of the Bonds so held or represented by them) shall (subject as provided below)
form a quorum and shall have power to pass any resolution and to decide upon all matters which
could properly have been dealt with at the meeting from which the adjournment took place had
the requisite quorum been present provided that at any adjourned meeting the quorum for the
transaction of business comprising any of the matters specified in the proviso to paragraph 7
shall be one or more Eligible Persons present and holding or representing in the aggregate not
less than 25 per cent. of the Principal Amount Outstanding of the Bonds for the time being
outstanding.
	 
	10	 	Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall
be given in the same manner as notice of an original meeting but as if 10 were substituted for
21 in paragraph 5 and such notice shall state the required quorum. Subject as aforesaid it
shall not be necessary to give any notice of an adjourned meeting.

CONDUCT OF BUSINESS AT MEETINGS

	11	 	Every question submitted to a meeting shall be decided in the first instance by a show of
hands. A poll may be demanded (before or on the declaration of the result of the show of
hands) by the Chairman, the Issuer, the Trustee or any Eligible Person (whatever the Principal
Amount Outstanding of the Bonds so represented by him).
	 
	12	 	At any meeting, unless a poll is duly demanded, a declaration by the Chairman that a
resolution has been carried or carried by a particular majority or lost or not carried by a
particular majority shall be conclusive evidence of the fact without proof of the number or
proportion of the votes recorded in favour of or against such resolution.

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	13	 	Subject to paragraph 15, if at any such meeting a poll is so demanded it shall be
taken in such manner and, subject as hereinafter provided, either at once or after an
adjournment as the Chairman directs and the result of such poll shall be deemed to be the
resolution of the meeting at which the poll was demanded as at the date of the taking of the
poll. The demand for a poll shall not prevent the continuance of the meeting for the
transaction of any business other than the motion on which the poll has been demanded.
	 
	14	 	The Chairman may, with the consent of (and shall if directed by) any such meeting, adjourn
the same from time to time and from place to place; but no business shall be transacted at any
adjourned meeting except business which might lawfully have been transacted at the meeting
from which the adjournment took place.
	 
	15	 	Any poll demanded at any such meeting on the election of a Chairman or on any question of
adjournment shall be taken at the meeting without adjournment.
	 
	16	 	Any director or officer of the Trustee, its lawyers and financial advisers, any director or
officer of the Issuer, its lawyers and financial advisers, any director or officer of any of
the Paying Agents and any other person authorised so to do by the Trustee may attend and speak
at any meeting. Save as aforesaid, no person shall be entitled to attend and speak nor shall
any person be entitled to vote at any meeting unless he is an Eligible Person. No person shall
be entitled to vote at any meeting in respect of Bonds which are deemed to be not outstanding
by virtue of the proviso to the definition of “outstanding” in Clause 1.
	 
	17	 	At any meeting:

	 	(a)	 	on a show of hands every Eligible Person present shall have one vote; and
	 
	 	(b)	 	on a poll every Eligible Person present shall have one vote in respect of each
JPY10,000,000 (or such other amount as the Trustee may in its absolute discretion
stipulate) in Principal Amount Outstanding of the Bonds represented by such Eligible
Person.
	 
	 	Without prejudice to the obligations of the proxies named in any Block Voting Instruction
or form of proxy, any Eligible Person entitled to more than one vote need not use all his
votes or cast all the votes to which he is entitled in the same way.

	18	 	The proxies named in any Block Voting Instruction or form of proxy need not be Bondholders.
Nothing herein shall prevent any of the proxies named in any Block Voting Instruction or form
of proxy from being a director, officer or representative of or otherwise connected with the
Issuer.
	 
	19	 	A meeting shall in addition to the powers hereinbefore given have the following powers
exercisable only by Extraordinary Resolution (subject to the provisions relating to quorum
contained in paragraphs 7 and 9) namely:

	 	(a)	 	power to sanction any compromise or arrangement proposed to be made between the
Issuer, any other party to any Transaction Document, the Trustee and the Bondholders or
any of them;
	 
	 	(b)	 	power to sanction any abrogation, modification, compromise or arrangement in
respect of the rights of the Trustee, the Bondholders, the Issuer or any other party to
any Transaction Document against any other or others of them or against any of their
property whether such rights arise under these presents, any other
Transaction Document or otherwise;

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	 	(c)	 	power to assent to any modification of the provisions of these presents
or any other Transaction Document which is proposed by the Issuer, the Trustee, or
any other party to any Transaction Document or any Bondholder;
	 
	 	(d)	 	power to give any authority or sanction which under the provisions of these
presents or any other Transaction Document is required to be given by
Extraordinary Resolution;
	 
	 	(e)	 	power to appoint any persons (whether Bondholders or not) as a committee or
committees to represent the interests of the Bondholders and to confer upon such
committee or committees any powers or discretions which the Bondholders could
themselves exercise by Extraordinary Resolution;
	 
	 	(f)	 	power to approve of a person to be appointed a trustee and power to remove any
trustee or trustees for the time being of these presents subject to and in
accordance with Clauses 23 and 24 respectively;
	 
	 	(g)	 	power to discharge or exonerate the Trustee from all liability in respect of
any act or omission for which the Trustee may have become or may become responsible
under these presents;
	 
	 	(h)	 	power to authorise the Trustee to concur in and execute and do all such deeds,
instruments, acts and things as may be necessary to carry out and give effect to any
Extraordinary Resolution;
	 
	 	(i)	 	power to sanction any scheme or proposal for the exchange or sale of the Bonds
for or the conversion of the Bonds into or the cancellation of the Bonds in
consideration of shares, stock, Bonds, bonds, debentures, debenture stock and/or other
obligations and/or securities of the Issuer or any other company formed or to be
formed, or for or into or in consideration of cash, or partly for or into or in
consideration of such shares, stock, Bonds, bonds, debentures, debenture stock and/or
other obligations and/or securities as aforesaid and partly for or into or in
consideration of cash; and
	 
	 	(j)	 	power to approve the substitution of any entity for the Issuer (or any
previous substitute) as principal debtor under these presents,

	20	 	Subject to the provisions of paragraph 22, any resolution passed at a meeting of the
Bondholders duly convened and held in accordance with these presents shall be binding upon all
the Bondholders whether or not present or whether or not represented at such meeting and
whether or not voting and each of them shall be bound to give effect thereto accordingly and
the passing of any such resolution shall be conclusive evidence that the circumstances justify
the passing thereof. Notice of the result of the voting on any resolution duly considered by
the Bondholders shall be published in accordance with the Conditions by the Issuer within 14
days of such result being known, provided that the non-publication of such notice shall not
invalidate such result.
	 
	21	 	Minutes of all resolutions and proceedings at every meeting shall be made and entered in
books from time to time to be provided for that purpose by the Issuer and any such minutes as
aforesaid, if purporting to be signed by the Chairman of the meeting at which such resolutions
were passed or proceedings transacted, shall be conclusive evidence of the matters therein
contained and, until the contrary is proved, every such meeting in respect of the proceedings
of which minutes have been made shall be deemed to have

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	 	 	been duly held and convened and all resolutions passed or proceedings transacted
thereat to have been duly passed or transacted.
	 
	22	 	Subject to all other provisions of these presents the Trustee may (after consultation with
the Issuer where the Trustee considers such consultation to be practicable but without the
consent of the Issuer or the Bondholders) prescribe such further or alternative regulations
regarding the requisitioning and/or the holding of meetings and attendance and voting thereat
as the Trustee may in its sole discretion reasonably think fit (including, without limitation,
the substitution for periods of 24 Hours and 48 Hours referred to in this Schedule of shorter
periods). Such regulations may, without prejudice to the generality of the foregoing, reflect
the practices and facilities of any relevant Clearing System. Notice of any such further or
alternative regulations may, at the sole discretion of the Trustee, be given to Bondholders in
accordance with the Conditions at the time of service of any notice convening a meeting or at
such other time as the Trustee may decide.

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Schedule 6

Notices

	1	 	Communications in writing
	 
	 	 	Each communication to be made pursuant to a Transaction Document shall (except as
expressly permitted otherwise in the relevant Transaction Document) be made in writing but,
unless otherwise stated, may be made by facsimile or letter.
	 
	2	 	Time of receipt
	 
	 	 	Any communication or document to be made or delivered by one person to another
pursuant to a Transaction Document shall (unless that other person has by 15 Business Days’
written notice to the other specified another address) be made or delivered to that other
person at the address in the Notice Details and shall be deemed to have been made or
delivered (in the case of any communication made by facsimile) when received or (in the case
of any communication made by letter) when left at that address (with receipt
confirmed)(unless otherwise provided in the relevant Transaction Document). Any
communication sent by facsimile shall be promptly confirmed by letter but the non-delivery
or non-receipt of any such letter shall not affect the validity of the original facsimile
communication.
	 
	3	 	Addresses
	 
	 	 	The addresses referred to in paragraph 2 above are:

	 	(a)	 	in the case of the Issuer:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Vice President and Secretary
	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	4171 Essen Lane	 	 
	 

	 	 	 	Baton Rouge, Louisiana 70809	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	+ 1-225-925-9146	 	 

	 	(b)	 	in the case of the Trustee:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Peter Malcom/Peter Howard
	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	The Bank of New York

Corporate Trust Services 	 	 
	 

	 	 	 	One Canada Square	 	 
	 

	 	 	 	London	 	 
	 

	 	 	 	E14 5AL	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	020 7964 6399	 	 

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	 	(c)	 	in the case of the Manager:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Global Capital Markets — Head of Transaction Management Group	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	25 Cabot Square
 Canary Wharf
 London E 14 4QA	 	 
	 
	 	 	 	 	 	 
	 

	 	Tel:
	 	+44 20 7677 7799	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax No:
	 	+44 20 7677 7999	 	 

	 	(d)	 	in the case of the Account Bank:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Peter Malcom/Peter Howard
	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	The Bank of New York	 	 
	 

	 	 	 	Corporate Trust Services

 One Canada Square 

London	 	 
	 

	 	 	 	E14 5AL	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	020 7964 6399	 	 

	 	(e)	 	in the case of the Cash Manager:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Peter Malcom/Peter Howard
	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	The Bank of New York	 	 
	 

	 	 	 	Corporate Trust Services	 	 
	 

	 	 	 	One Canada Square London	 	 
	 

	 	 	 	E14 5AL	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	020 7964 6399	 	 

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	 	(f)	 	in the case of the Principal Paying Agent:

	 	 	 	 	 	 	 
	 

	 	Attention:
	 	Peter Malcom/Peter Howard
	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	The Bank of New York	 	 
	 

	 	 	 	Corporate Trust Services	 	 
	 

	 	 	 	One Canada Square	 	 
	 

	 	 	 	London	 	 
	 

	 	 	 	E14 5AL	 	 
	 
	 	 	 	 	 	 
	 

	 	Fax:
	 	020 7964 6399	 	 

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In witness whereof this Bond Trust Deed has been executed as a deed by the Issuer and the
Trustee and delivered on the date first stated on page one.

Signatories

	 	EXECUTED as a deed by
NUCLEAR ENERGY HOLDINGS, L.L.C.

acting by	üý
þ
	 

     officer

	 	EXECUTED as a deed by
THE BANK OF NEW YORK

	üý
þ
	 

- 113 -

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