Document:

EX-4.2

 Exhibit 4.2 

DEPOSIT AGREEMENT 
 among 

ASSOCIATED BANC-CORP, 
 as Issuer

 WELLS FARGO BANK, N.A., 
 as
Depositary, 
 and 
 THE HOLDERS
FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of September 15, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I	  			
		
	DEFINED TERMS	  			
			
	Section 1.1.	 	 Definitions
	  	 	1	  
		
	ARTICLE II	  			
		
	 FORM OF RECEIPTS, DEPOSIT
OF STOCK,
 EXECUTION AND DELIVERY, TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS
	  			
			
	Section 2.1.	 	 Form and Transfer of Receipts
	  	 	3	  
			
	Section 2.2.	 	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
			
	Section 2.3.	 	 Registration of Transfer of Receipts
	  	 	5	  
			
	Section 2.4.	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock
	  	 	5	  
			
	Section 2.5.	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
			
	Section 2.6.	 	 Lost Receipts, etc.
	  	 	7	  
			
	Section 2.7.	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
			
	Section 2.8.	 	 Redemption of Stock
	  	 	7	  
			
	Section 2.9.	 	 Receipts Issuable in Global Registered Form
	  	 	8	  
		
	ARTICLE III	  			
		
	 CERTAIN OBLIGATIONS OF

HOLDERS OF RECEIPTS AND THE COMPANY
	  			
			
	Section 3.1.	 	 Filing Proofs, Certificates and Other Information
	  	 	10	  
			
	Section 3.2.	 	 Payment of Taxes or Other Governmental Charges
	  	 	10	  
			
	Section 3.3.	 	 Warranty as to Stock
	  	 	10	  
			
	Section 3.4.	 	 Warranty as to Receipts
	  	 	11	  

  
 -i- 

							
		
	ARTICLE IV	  			
		
	THE DEPOSITED SECURITIES; NOTICES	  			
			
	Section 4.1.	 	 Cash Distributions
	  	 	11	  
			
	Section 4.2.	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	  
			
	Section 4.3.	 	 Subscription Rights, Preferences or Privileges
	  	 	12	  
			
	Section 4.4.	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	13	  
			
	Section 4.5.	 	 Voting Rights
	  	 	13	  
			
	Section 4.6.	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	14	  
			
	Section 4.7.	 	 Delivery of Reports
	  	 	14	  
			
	Section 4.8.	 	 Lists of Receipt Holders
	  	 	15	  
		
	ARTICLE V	  			
		
	 THE DEPOSITARY, THE
DEPOSITARY’S
 AGENTS, THE REGISTRAR AND
THE COMPANY
	  			
			
	Section 5.1.	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	15	  
			
	Section 5.2.	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company
	  	 	16	  
			
	Section 5.3.	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company
	  	 	16	  
			
	Section 5.4.	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	18	  
			
	Section 5.5.	 	 Corporate Notices and Reports
	  	 	18	  
			
	Section 5.6.	 	 Indemnification by the Company
	  	 	19	  
			
	Section 5.7.	 	 Fees, Charges and Expenses
	  	 	19	  
		
	ARTICLE VI	  			
		
	AMENDMENT AND TERMINATION	  			
			
	Section 6.1.	 	 Amendment
	  	 	20	  

  
 -ii- 

							
			
	Section 6.2.	 	 Termination
	  	 	20	  
		
	ARTICLE VII	  			
		
	MISCELLANEOUS	  			
			
	Section 7.1.	 	 Counterparts
	  	 	21	  
			
	Section 7.2.	 	 Exclusive Benefit of Parties
	  	 	21	  
			
	Section 7.3.	 	 Invalidity of Provisions
	  	 	21	  
			
	Section 7.4.	 	 Notices
	  	 	21	  
			
	Section 7.5.	 	 Depositary’s Agents
	  	 	22	  
			
	Section 7.6.	 	 Appointment of Registrar and Transfer Agent in Respect of the Receipts
	  	 	23	  
			
	Section 7.7.	 	 Holders of Receipts Are Parties
	  	 	23	  
			
	Section 7.8.	 	 Governing Law
	  	 	23	  
			
	Section 7.9.	 	 Inspection of Deposit Agreement
	  	 	23	  
			
	Section 7.10.	 	 Headings
	  	 	23	  
			
	Exhibit A	 	 Form of Receipt
	  	 	A-1	  
			
	Exhibit B	 	 Calculation of Cash Dividends
	  	 	B-1	  
			
	Exhibit C	 	 Articles of Amendment
	  	 	C-1	  

  
 -iii- 

 DEPOSIT AGREEMENT dated as of September 15, 2016 among (i) ASSOCIATED BANC-CORP, a
Wisconsin corporation, (ii) Wells Fargo Bank, N.A., a national banking association formed under the laws of the United States, and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of 5.375% Non-Cumulative
Perpetual Preferred Stock, Series D, of the Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional interest in the Stock deposited and for the
execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the Receipts are to be substantially in the form of
Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 

WHEREAS, the terms and conditions of the 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, of the Company are substantially set forth
in the Articles of Amendment attached hereto as Exhibit C; 
 NOW, THEREFORE, in consideration of the premises, the parties hereto agree as
follows: 
 ARTICLE I 

DEFINED TERMS 

Section 1.1. Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms (in the singular and plural forms
of such terms) used in this Deposit Agreement and the Receipts: 
 “Articles” shall mean the Articles of Amendment filed
with the State of Wisconsin Department of Financial Institutions establishing the Stock as a series of preferred stock of the Company, and setting forth the rights, preferences and privileges of the Stock, and attached hereto as Exhibit C, and as
such certificate may be amended or restated from time to time. 
 “Company” shall mean Associated Banc-Corp, a Wisconsin
corporation, and its successors. 
 “DTC” shall mean The Depositary Trust Company. 

“Deposit Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time to time in
accordance with the terms hereof. 

  
 1 

 “Depositary” shall mean Wells Fargo Bank, N.A., a national banking association
formed under the laws of the United States and any successor as Depositary hereunder. 
 “Depositary Share Redemption
Price” shall have the meaning set forth in Section 2.8. 
 “Depositary Shares” shall mean the security
representing a 1/40th fractional interest in a share of the Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as evidenced
by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share
(including the dividend, voting, redemption and liquidation rights contained in the Articles of Amendment). 
 “Depositary’s
Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s Office”
shall mean the principal office of the Depositary, at which at any particular time its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

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

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts notifies the Company
that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act, and (B) the Company has not appointed a qualified
successor Global Receipt Depository within ninety (90) calendar days after the Company received such notice, or 
 (2)
the Company in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts.

 “Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity
designated as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

“Global Registered Receipts” shall mean a global registered Receipt registered in the name of a nominee of DTC. 

  
 2 

 “Letter of Representations” shall mean any applicable agreement among the
Company, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise
modified from time to time and any successor agreement thereto. 
 “Preferred Stock Redemption Price” shall have the
meaning set forth in Section 2.8. 
 “Receipt” shall mean a receipt issued hereunder to evidence one or more
Depositary Shares held of record by the record holder of such Depositary Shares, whether in definitive or temporary form, substantially in the form set forth as Exhibit A. 

“record holder” or “holder” as applied to a Receipt shall mean the person in whose name a Receipt is
registered on the books of the Depositary maintained by the Depositary for such purpose. 
 “Registrar” shall mean the
Depositary or such other bank or trust company which shall be appointed by the Company to register ownership and transfers of Receipts as herein provided and if a Registrar shall be so appointed, references herein to “the books” of or
maintained by the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Stock” shall mean shares of the Company’s 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, $1,000 liquidation
preference per share, $1.00 par value per share. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF STOCK, 

EXECUTION AND DELIVERY, TRANSFER, 

SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1. Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate
insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange. 

Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the Depositary; provided, that such
signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of the Registrar. No Receipt shall be entitled to any benefits under
this Deposit Agreement or be valid or obligatory for any 

  
 3 

 
purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by
manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided.

 Receipts shall be in denominations of any number of whole Depositary Shares. All receipts shall be dated the date of their issuance. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Company or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon
which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt that is properly endorsed or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3,
the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to
any notice provided for in this Deposit Agreement and for all other purposes. 
 Section 2.2. Deposit of Stock; Execution and
Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Company may from time to
time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary of (i) a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, or (ii) an instruction letter from the Company authorizing the Depositary to register such shares of Stock in book-entry form, each in form satisfactory to the Depositary, together with all such
certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and all other information required to be set forth, and together with a written order of the Company directing the Depositary to execute
and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 

  
 4 

 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other
place or places as the Depositary shall determine. The Depositary shall not lend any Stock deposited hereunder. 
 Upon receipt by the
Depositary of a certificate or certificates for Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Stock on the books of the Company (or its
duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written
order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may
be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk
and expense of the person requesting such delivery. 
 Section 2.3. Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business
fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called
or being called for redemption in whole or in part except as provided in Section 2.8. 
 Section 2.4. Split-ups and
Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. 
 Upon surrender of a Receipt or Receipts at the
Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute
a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the
order of the holder of the Receipt or Receipts so surrendered. 

  
 5 

 Any holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all
money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay,
the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so
surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the holder to the
Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in
addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon such holder’s order, a new Receipt evidencing such excess number of
Depositary Shares. 
 Except as provided in Section 6.2, in no event will fractional shares of Stock (or any cash payment in lieu
thereof) be delivered by the Depositary. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate.

 If the Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the record
holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered
by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the
Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be
designated by such holder. 
 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any
Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of
any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it 

  
 6 

 
as to the identity and genuineness of any signature and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of
this Deposit Agreement and/or applicable law. 
 The deposit of Stock may be refused, the delivery of Receipts against Stock may be
suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed
or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 
 Section 2.6. Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder’s ownership thereof and (ii) the holder thereof furnishing of the Depositary with reasonable indemnification satisfactory to
the Depositary. 
 Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
 Section 2.8.
Redemption of Stock. 
 Whenever the Company shall be permitted and shall elect to redeem shares of Stock in accordance with the
provisions of the Articles (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than
30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable
Depositary Share Redemption Price (as defined below), which notice shall be accompanied by a certificate from the Company stating that such redemption of Stock is in accordance with the provisions of the Articles. On the date of such redemption,
provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price per share of Stock to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption,
in accordance with and as required by the provisions of the Articles (the “Preferred Stock Redemption Price”), the Depositary shall redeem the number of Depositary Shares representing such Stock. The

  
 7 

 
Depositary shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by
first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts
evidencing the Depositary Shares to be so redeemed at the addresses of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. Each such notice shall be prepared by the Company and shall state:
(i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; (iii) the Depositary Share Redemption Price; and (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the Depositary Share Redemption Price. In case less than all the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected by the Depositary by lot, pro rata (as nearly as may be). 

Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide
the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) all shares of Stock called for redemption shall cease to be outstanding and any rights with respect to such shares shall cease and terminate
(except for the right to receive the Preferred Stock Redemption Price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall cease to be outstanding and all rights of the holders of Receipts evidencing such
Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to receive the Depositary Share Redemption Price without interest), and (iii) upon surrender in accordance with such redemption notice of
the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption
price per Depositary Share (the “Depositary Share Redemption Price”) equal to one-fortieth of the Preferred Stock Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented by such
Depositary Shares. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will
deliver to the holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

Section 2.9. Receipts Issuable in Global Registered Form. 

If the Company shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of
one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this 

  
 8 

 
Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a
Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to
such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the
Company or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the Receipts represented by
such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their
behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Company, the Depositary and any director, officer, employee or agent of the Company or the Depositary as the holder of such Global Registered Receipt for
all purposes whatsoever. 
 Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global
Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in
each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the
Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt
of a written order from the Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized
denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt surrendered in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the
persons in whose names such Receipts are so registered. 

  
 9 

 Notwithstanding anything to the contrary in this Deposit Agreement, should the Company determine
that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 

ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE COMPANY 

Section 3.1. Filing Proofs, Certificates and Other Information. 

Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the delivery, or delay the registration of transfer or redemption,
of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other
information is filed or such certificates are executed or such representations and warranties are made. 
 Section 3.2. Payment of
Taxes or Other Governmental Charges. 
 Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and
expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such
payment due is made, and any dividends or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of
the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of
such Receipt remaining liable for any deficiency. 
 Section 3.3. Warranty as to Stock. 

The Company hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable
(subject to 12 U.S.C. § 55). Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 

  
 10 

 Section 3.4. Warranty as to Receipts. 

The Company hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Stock. Such
representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1. Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1 and
3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on
account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount,
however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be
treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed
Form W-8 or W-9, as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of
any of the distributions to be made hereunder. 
 Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges.

 Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock, the Depositary
shall, at the direction of the Company, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Company may deem equitable and practicable for accomplishing such distribution. If in the opinion of the
Depositary such distribution cannot be made proportionately among such record holders in accordance with the direction of the Company, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on
account of taxes) the Depositary deems, after consultation with the Company, 

  
 11 

 
such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made
available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Company shall not make any distribution of such securities or
property to the Depositary and the Depositary shall not make any distribution of such securities or property to the holders of Receipts unless the Company shall have provided an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions. 
 Section 4.3.
Subscription Rights, Preferences or Privileges. 
 If the Company shall at any time offer or cause to be offered to the persons in
whose names Stock is recorded on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall
in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct the Depositary in writing, either by the issue to such record holders of warrants representing such rights,
preferences or privileges or by such other method as may be approved by the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or
(after consultation with the Company) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do
not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or
privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may
deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in
cash. 
 The Company shall notify the Depositary whether registration under the Securities Act of the securities to which any rights,
preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Company agrees with the Depositary that it will file promptly a
registration statement pursuant to such Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the 

  
 12 

 
Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have
become effective, or the Company shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 

The Company shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, and the Company agrees with the Depositary that the Company will use its reasonable best efforts to take
such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or
whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to, or otherwise in accordance
with the terms of, the Stock, as identified in a written notice to the Depositary of such record date) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges
or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5. Voting Rights. 

Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable
thereafter, mail to the record holders of Receipts a notice prepared by the Company which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable
restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to
give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders of Receipts on the relevant record date, the Depositary shall
endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any
particular voting 

  
 13 

 
instructions are received. The Company hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause
such Stock to be voted. In the absence of authorization from the holder of a Receipt, the Depositary will abstain from voting (but shall appear at any meeting with respect to the Stock unless directed to the contrary by the record holders of all the
related Receipts) to the extent of the shares of Stock (or portion thereof) represented by the applicable Depositary Shares evidenced by such Receipt. 

Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the Stock, or upon any recapitalization,
reorganization, merger or consolidation affecting the Company or to which it is a party, the Depositary may in its discretion with the approval of, and shall upon the instructions of, the Company, and (in either case) in such manner as the
Depositary may deem equitable, (i) make such adjustments as are certified by the Company in the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the Depositary Share Redemption Price to the
Preferred Stock Redemption Price, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger or
consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of
such Stock. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other
reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as
the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or surrendered
immediately prior to the effective date of such transaction. 
 Section 4.7. Delivery of Reports. 

The Depositary shall furnish to holders of Receipts any reports and communications received from the Company which are received by the
Depositary and which the Company is required to furnish to the holders of the Stock. 

  
 14 

 Section 4.8. Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of the most recent practicable date, of
the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 
 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE COMPANY 

Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the
registration and registration of transfer, surrender and exchange of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall
certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 The Depositary may, with the approval of the Company, appoint a Registrar for registration of the Receipts or the
Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national stock exchanges, the Depositary will appoint a Registrar
(acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed on one or more other stock exchanges, the Depositary will, at the
request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange
regulation. 

  
 15 

 Section 5.2. Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor
the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Amended and Restated Articles of Incorporation, as amended (including the Articles), or by reason of any act of God or war
or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or
thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company incur liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
 Section 5.3.
Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. 
 Neither the Depositary nor any
Depositary’s Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its gross negligence or willful misconduct. Notwithstanding
anything in this Deposit Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Company shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages
of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Depositary or the Company has been advised of the possibility thereof and regardless of the form of action in which such damages are sought,
and the Depositary’s aggregate liability to the Company, or any of the Company’s representatives or agents, under this Section 5.3 or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is
expressly limited to, and shall not exceed in any circumstances, the aggregate amount actually received by the Depositary as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Depositary by
the Company hereunder. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be under, any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against
all expense and liability be furnished as often as may be required. 

  
 16 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be
liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good
faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary shall not
be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any
Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary
or any Registrar. 
 The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the
Company and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of
this Deposit Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on
behalf of the Company and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to
taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Company, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Company,
any holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Company which eliminates such ambiguity or uncertainty to the
satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. The Depositary shall not be liable to the Company, any holder of Receipts, or any action taken by it in accordance with the
written instruction of the Company or the holders of Receipts. 

  
 17 

 Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 
 The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the
Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case at any
time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust
company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record
holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary.

 Section 5.5. Corporate Notices and Reports. 

The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record
holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any

  
 18 

 
national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed or by the Company’s Amended and Restated Articles of Incorporation, as amended (including
the Articles), to be furnished to the record holders of Receipts. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably
request. In addition, the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 

Section 5.6. Indemnification by the Company. 

Notwithstanding Section 5.3 to the contrary, the Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise
out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or
documents contemplated hereby, except for any liability arising out of gross negligence or willful misconduct on the respective parts of any such person or persons. The obligations of the Company set forth in this Section 5.6 shall survive any
succession of any Depositary, Registrar or Depositary’s Agent. 
 Section 5.7. Fees, Charges and Expenses. 

The Company agrees promptly to pay the Depositary the compensation to be agreed upon with the Company for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary in connection with the services rendered by it (or such Depositary’s
Agent) hereunder. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Stock by owners of Depositary Shares, and
any redemption or exchange of the Stock at the option of the Company. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes
and governmental charges shall be at the expense of holders of Depositary Shares evidenced by Receipts. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which the Company is not otherwise liable hereunder,
such holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the
request of such holder of Receipts. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree. 

  
 19 

 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of at least a majority (or, in the case of amendments relating to or affecting rights to receive dividends or distributions or voting or redemption rights, two-thirds of the holders) of the
Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Depositary
Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to
the Depositary with instructions to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental
body, agency or commission, or applicable stock exchange. 
 Section 6.2. Termination. 

This Deposit Agreement may be terminated by the Company at any time upon not less than 60 days prior written notice to the Depositary, in
which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of all Receipts then outstanding. 

If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue
the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall deliver the number of whole or fractional shares of Stock and
any money and other property, if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held hereunder at public or
private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata
in accordance with their holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net
proceeds and money and other property, and its obligations to the Company under Section 5.3. 

  
 20 

 This Deposit Agreement will terminate automatically if (i) all outstanding Depositary Shares
have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the termination of this Deposit
Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement
by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

Section 7.2. Exclusive Benefit of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3. Invalidity of Provisions.

 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4. Notices. 

Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by mail, or by telegram, facsimile transmission or electronic mail confirmed by letter, addressed to the Company at 

  
 21 

 Associated Banc-Corp 

433 Main Street 
 Green Bay,
Wisconsin 54301 
 Attention: General Counsel 

Facsimile No.: (920) 431-8899 
 or at any
other addresses of which the Company shall have notified the Depositary in writing. 
 Any and all notices to be given to the Depositary
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at

 Wells Fargo Bank, N.A. 
 1110
Centre Point Curve Suite 101 
 Mendota Heights, MN 55125 

Attention: Associated Banc-Corp Account Manager 

Facsimile No.: (651) 450-4078 
 or at any
other address of which the Depositary shall have notified the Company in writing. 
 Any and all notices to be given to any record holder of
a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder shall have timely filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such
request. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon any facsimile transmission received by it
from the other or from any holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this
Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Company of any such action. 

  
 22 

 Section 7.6. Appointment of Registrar and Transfer Agent in Respect of the Receipts.

 The Company hereby appoints the Depositary as Registrar and Transfer Agent in respect of the Receipts and the Depositary hereby accepts
such appointments. 
 Section 7.7. Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 
 Section 7.8. Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 Section 7.9. Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during
business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 

Section 7.10. Headings. 

The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been
inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 23 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit Agreement as
of the day and year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

					
	ASSOCIATED BANC-CORP
		
	By:	 	/s/ Christopher J. Del Moral-Niles
		 	Name:	 	Christopher J. Del Moral-Niles
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  

					
	WELLS FARGO BANK, N.A.
		
	By:	 	/s/ Allison Seeley
		 	Name:	 	Allison Seeley
		 	Title:	 	Officer

  
 [Deposit Agreement] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 

DEPOSITARY SHARES 
 DR1 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 

REPRESENTING 1/40TH OF ONE SHARE OF 5.375% NON-CUMULATIVE 

PREFERRED STOCK, SERIES D, 

OF 
 ASSOCIATED BANC-CORP 

INCORPORATED UNDER THE LAWS OF THE STATE OF WISCONSIN 

CUSIP 045488 608 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Wells Fargo Bank, N.A., as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the
registered owner of 4,000,000 DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/40th of one share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, $1.00 par value, liquidation preference $1,000
per share of Associated Banc-Corp, a Wisconsin corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of September 15, 2016 (the
“Deposit Agreement”), among the Company, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms
and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of
a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

This Depositary Receipt is transferable in New York, New York. 

Dated: September 15, 2016 
 Wells Fargo Bank, N.A., as
Depositary 
  

			
	By:	 	 
		 	Authorized Officer

  
 A-1 

 [FORM OF REVERSE OF RECEIPT] 

ASSOCIATED BANC-CORP 
 ASSOCIATED
BANC-CORP WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT ESTABLISHING THE 5.375% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES D, OF
ASSOCIATED BANC-CORP ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
 The Company will furnish
without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Company, and the qualifications, limitations or
restrictions of such preferences and/or rights. Such request may be made to the Company or to the Depositary. 
 EXPLANATION OF ABBREVIATIONS

 The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were
written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
	ART	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
	DEC	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
	EST	  	Estate, of Estate of	  		  		  		  	

  
 A-2 

 For value received,
                                         
hereby sell(s), assign(s) and transfer(s) unto 
  

	
	 
	 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint
                                         
Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

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

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-3 

 EXHIBIT B 

Holders of shares of Stock shall be entitled to receive, only when, as and if declared by the Company’s Board of Directors, or a
duly authorized committee of the Board of Directors, but only out of funds legally available therefor, cash dividends computed in accordance with this Exhibit B and payable quarterly in arrears on the
15th day of each March, June, September and December in each year (each such date a “Dividend Payment Date”), commencing on December 15, 2016, to holders of record on the 15th calendar day before such Dividend Payment Date or such other record date not more than 60 nor less than 10 days preceding such Dividend Payment Date fixed for that purpose by the Board of
Directors or such committee in advance of payment of each particular dividend (each such date a “Dividend Record Date”). Any such day that is a Dividend Record Date shall be a Dividend Record Date whether or not such day is a
Business Day. If a Dividend Payment Date is not a Business Day, the applicable dividend will be paid on the first Business Day following that day without adjustment in the amount of the dividend per share of Stock. 

Dividend Computation: 
 Dividends payable
on shares of Stock in respect of each Dividend Payment Date shall be computed on the basis of a 360-day year consisting of twelve 30-day months. To the extent that any dividends payable on the shares of the Stock on any Dividend Payment Date are not
declared and paid, in full or otherwise, on such Dividend Payment Date, then such unpaid dividends shall not cumulate and shall cease to accrue and be payable, and the Company shall have no obligation to pay, and the holders of the Stock shall have
no right to receive, dividends accrued for such Dividend Period after such Dividend Payment Date for such Dividend Period or interest with respect to such dividends not declared, whether or not dividends are declared for any subsequent Dividend
Period with respect to the Stock. 
 Definitions: 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions in the City of
New York are not authorized or obligated by law, regulation or executive order to close. 
 “Dividend Period” means
each period commencing on (and including) a Dividend Payment Date and continuing to (but not including) the next succeeding Dividend Payment Date (except that the first Dividend Period (i) for the initial issuance of Stock shall commence upon
(and include) the Issue Date and (ii) for Stock issued after the Issue Date, shall commence upon (and include) the applicable Start Date). 

“Dividend Rate” means a rate per annum equal to 5.375%. 

“Issue Date” means the initial date of delivery of shares of Stock. 

“Start Date” means, for each share of Stock, (x) the Issue Date, if such share was issued on the Issue Date, (y) if
such share was not issued on the Issue Date, the date of issue, if issued on a Dividend Payment Date, or (z) otherwise, the most recent Dividend Payment Date preceding the date of issue of such share. 

  
 B-1 

 EXHIBIT C 

[Articles of Amendment] 

  
 C-1EX-4.8

 Exhibit 4.8 
  

 
  
  

 
 REGISTRATION RIGHTS AGREEMENT 

Dated as of September 15, 2016 
  

 
  
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I REGISTRATION
	  	 	1	  
	 1.1
	  	Shelf Registration Statement	  	 	1	  
	 1.2
	  	Registration Procedures	  	 	2	  
	 1.3
	  	Registration Expenses	  	 	4	  
	 1.4
	  	Miscellaneous	  	 	4	  
	 1.5
	  	Registration Indemnification	  	 	5	  
		
	 ARTICLE II DEFINITIONS
	  	 	6	  
	 2.1
	  	Defined Terms	  	 	6	  
	 2.2
	  	Interpretation	  	 	8	  
		
	 ARTICLE III MISCELLANEOUS
	  	 	8	  
	 3.1
	  	Term	  	 	8	  
	 3.2
	  	Notices	  	 	8	  
	 3.3
	  	Successors and Assigns	  	 	9	  
	 3.4
	  	Governing Law	  	 	9	  
	 3.5
	  	Counterparts	  	 	9	  
	 3.6
	  	Entire Agreement	  	 	10	  
	 3.7
	  	Amendment and Waiver	  	 	10	  
	 3.8
	  	Invalid Provisions	  	 	10	  
	 3.9
	  	No Third-Party Beneficiaries	  	 	10	  

  
 - i - 

 INDEX OF DEFINITIONS 
  

					
	 	  	Page	 
	 ADS Depositary Bank
	  	 	6	  
	 ADSs
	  	 	6	  
	 Agreement
	  	 	1	  
	 Blackout Period
	  	 	6	  
	 Business Day
	  	 	6	  
	 Commission
	  	 	6	  
	 Company
	  	 	1	  
	 Convertible Bonds
	  	 	6	  
	 Exchange Act
	  	 	6	  
	 Filing Date
	  	 	6	  
	 Form F-3
	  	 	6	  
	 Form F-6
	  	 	6	  
	 Free Writing Prospectus
	  	 	2	  
	 Governmental Authority
	  	 	7	  
	 Holder
	  	 	7	  
	 Law
	  	 	7	  
	 Losses
	  	 	5	  
	 Ordinary Shares
	  	 	7	  
	 Party
	  	 	7	  
	 Person
	  	 	7	  
	 Questionnaire
	  	 	4	  
	 Registrable Securities
	  	 	7	  
	 Securities Act
	  	 	8	  
	 Shelf Registration Statement
	  	 	1	  
	 Warrants
	  	 	8	  

  
 - ii - 

 REGISTRATION RIGHTS AGREEMENT, dated as of September 15, 2016 (this
“Agreement”), among Materialise NV, a limited liability company (naamloze vennootschap) organized and existing under the laws of the Kingdom of Belgium (the “Company”), and the holders of Ordinary Shares,
Warrants and/or Convertible Bonds that are Party to this Agreement. 

W I T N E S S E T H: 

WHEREAS, as a result of certain administrative difficulties associated with the deposit of unregistered Ordinary Shares with the ADS
Depositary Bank, the Company has determined to grant registration rights to the holders of Ordinary Shares, Warrants and/or Convertible Bonds that are Party to this Agreement, on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 

ARTICLE I 
 REGISTRATION 

1.1 Shelf Registration Statement. 

(a) Provided that the Company remains qualified for the use of a registration statement on
Form F-3, the Company shall file with the Commission, by the Filing Date (assuming each Holder has timely provided a duly completed Questionnaire (as defined below) pursuant to Section 1.4(a) below),
a registration statement on Form F-3 providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”), registering all Registrable Securities then held by
the Holders and including a plan and method of distribution, substantially in the form of Exhibit A hereto. 
 (b) Subject to
Section 1.1(c), the Company will use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon as reasonably practicable and to keep the Shelf Registration Statement continuously
effective until the earlier of (i) the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in
the Shelf Registration Statement, or otherwise cease to be Registrable Securities; and (ii) the date on which this Agreement terminates pursuant to Section 3.1. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing
written notice to the Holders whose Registrable Securities are registered under the Shelf Registration Statement, to require such Holders to suspend the use of the prospectus for sales of Registrable Securities under the Shelf Registration Statement
during any Blackout Period. In the event of a Blackout Period, the Company shall notify in writing such Holders that, in the good faith judgment of the Company, the conditions described in the definition of Blackout Period are met. After the
expiration of any Blackout Period and without any further request from a Holder of Registrable Securities, the 

  
 - 1 - 

 
Company to the extent necessary shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document
incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(d) Notwithstanding anything herein to the contrary, in no event shall Registrable Securities be offered and sold pursuant to the Shelf
Registration Statement and prospectus relating thereto pursuant to an underwritten offering. 
 1.2 Registration Procedures. 

(a) In connection with the Shelf Registration Statement, the Company shall, as expeditiously as reasonably practicable (to the extent the
Company has not yet taken such action), subject to the provisions of Section 1.1: 
 (i) prepare and file with the
Commission such registration statement to effect registration in accordance with the intended plan and method of distribution, substantially in the form of Exhibit A hereto, and thereafter use reasonable best efforts to cause such registration
statement to become and remain effective pursuant to the terms of this Article I; 
 (ii) prepare and file with the
Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective pursuant to the terms of this Article I, and comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(iii) furnish to the Holders such number of conformed copies of such registration statement and of each amendment and
supplement thereto, such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act)
(a “Free Writing Prospectus”) utilized in connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such
Holders may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Holders; 

(iv) use reasonable best efforts to cause such Registrable Securities to be listed on the NASDAQ Global Select Market or such
other securities exchange on which the ADSs are then listed; 
 (v) as promptly as reasonably practicable notify in writing
the Holders of the following events: (A) the filing of such registration statement, any amendment thereto, the prospectus or any prospectus supplement related thereto or post-effective amendment to such registration statement or any Free
Writing Prospectus utilized in connection 

  
 - 2 - 

 
therewith, and, with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; (B) any request by the Commission or any other
Governmental Authority for amendments or supplements to such registration statement or the prospectus or for additional information; (C) the issuance by the Commission of any stop order suspending the effectiveness of such registration
statement or the initiation of any proceedings by any Person for that purpose; and (D) subject to the provisions of this Agreement relating to a Blackout Period, upon the happening of any event that makes any statement made in such registration
statement or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such registration statement, prospectus or documents so that,
in the case of such registration statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case
of the prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and, at
the request of any Holder, promptly as reasonably practicable prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such registration statement or prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; and 
 (vi) use reasonable best efforts to obtain the
withdrawal of any order suspending the effectiveness of such registration statement. 
 (b) Subject to Section 1.4(a), the Company may
require each Holder to furnish the Company in writing such information regarding each Holder and the distribution of Registrable Securities as the Company may from time to time reasonably request in writing to complete or amend the information
required by the Shelf Registration Statement. 
 (c) Each Holder agrees that (i) upon receipt of any notice from the Company of the
happening of any event of the kind described in clauses (B), (C) or (D) of Section 1.2(a)(v), such Holder shall forthwith discontinue such Holder’s disposition of Registrable Securities pursuant to the Shelf Registration
Statement and prospectus relating thereto until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 1.2(a)(v), or until it is advised in writing by the Company that the use of the
applicable prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such prospectus and (ii) upon receipt of any notice from the Company of
termination of this Agreement pursuant to clauses (a) or (b) of Section 3.1, such Holder shall, as of the effective date of such termination, discontinue such Holder’s disposition of Registrable Securities pursuant to the Shelf
Registration Statement and prospectus relating thereto. 
 (d) Each Holder agrees that it will notify the Company, in writing, once all of
its Registrable Securities have been sold, regardless of whether the sale was pursuant to an effective 

  
 - 3 - 

 
registration statement under the Securities Act, pursuant to Rule 144 under the Securities Act or otherwise (including the sale thereof in the form of ADSs registered pursuant to an effective
registration statement on Form F-6). 
 (e) Each Holder agrees that it will not make any offer relating to the Registrable Securities that
would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, or that would otherwise constitute a Free Writing Prospectus, required to be filed with the Commission. 

1.3 Registration Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations under
this Agreement; provided, however, that the Company shall have no obligation to pay for (i) any commissions or transfer taxes of any selling Holder, (ii) the fees, if any, payable to the ADS Depositary Bank in connection with
issuance by the ADS Depositary Bank of ADSs as Registrable Securities, or (iii) the fees, disbursements and expenses of any counsel to any Holder. 

1.4 Miscellaneous. 
 (a)
Each Holder of Registrable Securities shall return promptly to the Company the selling shareholder questionnaire set forth in Exhibit B (the “Questionnaire”) and such other information regarding each Holder that the Company may
reasonably request in connection with the Shelf Registration Statement to be filed by it for the benefit of the Holders pursuant to this Agreement. If the Company has not received the Questionnaire from a Holder on or before September 15, 2016,
the Company may file the Shelf Registration Statement without including Registrable Securities of such Holder. Such failure to include in the Shelf Registration Statement the Registrable Securities of such Holder of Registrable Securities shall not
result in any liability on the part of the Company to such Holder. 
 (b) Each Holder hereby agrees with the Company that it shall not be
entitled to sell any of its Registrable Securities pursuant to the Shelf Registration Statement or to receive a prospectus relating thereto, unless: (i) its Registrable Securities are or will be, immediately prior to the completion of their
sale pursuant to the Shelf Registration Statement and the prospectus relating thereto, in the form of ADSs, and (ii) such Holder has paid or will pay, prior to the completion of the sale of Registrable Securities pursuant to the Shelf
Registration Statement and the prospectus relating thereto, the fees, if any, payable to the ADS Depositary Bank in connection with issuance by the ADS Depositary Bank of ADSs as Registrable Securities. 

(c) The Company will cooperate with the Holders of the Registrable Securities and the ADS Depositary Bank to facilitate (i) the transfer
of the Ordinary Shares representing such Registrable Securities by such Holders to the ADS Depositary Bank in connection with the creation of ADSs to be sold pursuant to the Shelf Registration Statement, which Ordinary Shares shall be free of any
liens or encumbrances; (ii) the recording in the Company’s share register of such transfers by such Holders to the ADS Depositary Bank; and (iii) the delivery of such ADSs to the respective securities accounts of such Holders. 

(d) The Company will maintain the effectiveness of its registration statement on Form F-6 which registers a number of ADSs that is sufficient
to allow the Holders to exercise their rights under, and sell their Registrable Securities in the United States in the manner contemplated by, Article I of this Agreement. 

  
 - 4 - 

 1.5 Registration Indemnification. 

(a) Each Holder shall, severally and not jointly, indemnify the Company, its directors, officers, shareholders, employees, accountants,
attorneys and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company, from and against all losses, claims, damages, liabilities, costs, expenses
(including reasonable expenses of investigation and reasonable attorneys’ fees and expenses), judgments, fines, penalties, charges and amounts paid in settlement (collectively, the “Losses”), as incurred, arising out of, caused
by, resulting from or relating to any untrue statement (or alleged untrue statement) of material fact contained in the Shelf Registration Statement, prospectus, preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto
or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, preliminary prospectus, Free Writing Prospectus or any amendment or supplement thereto,
in light of the circumstances under which they were made) not misleading, in each case solely to the extent, but only to the extent, that such untrue statement or omission is made in such registration statement, prospectus or preliminary prospectus
or Free Writing Prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information regarding such Holder furnished to the Company by or on behalf of such Holder expressly for inclusion in such registration
statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto. 
 (b) If recovery is not
available under the foregoing indemnification provisions for any reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution
with respect to any Losses with respect to which such Person would be entitled to such indemnification but for such reason or reasons, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and
such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party, the Person’s relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any such statement or omission,
and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation. 

(c) The indemnification and contribution provided for under this Agreement shall survive the sale of the Registrable Securities and the
termination of this Agreement. 

  
 - 5 - 

 ARTICLE II 

DEFINITIONS 
 2.1 Defined
Terms. Capitalized terms when used in this Agreement shall have the following meanings: 
 “ADSs” shall mean American
depositary shares of the Company, each representing one Ordinary Share on the date hereof, but subject to any modification of such ratio that may be agreed between the Company and the ADS Depositary Bank. 

“ADS Depositary Bank” means The Bank of New York Mellon as depositary under a deposit agreement, as amended and supplemented,
relating to the ADSs among the Company, the ADS Depositary Bank and all holders from time to time of American depositary receipts issued thereunder evidencing ADSs, or any successor bank that acts as depositary for the ADSs. 

“Blackout Period” shall mean, in the event that the Board of Directors, the chief executive officer, the executive chairman
or the chief financial officer of the Company determines in good faith that the registration or sale of Registrable Securities would reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing
of the Company or any material transaction under consideration by the Company or would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would
materially adversely affect the Company, a period of up to sixty (60) days; provided that a Blackout Period may not occur more than two (2) times in any period of twelve (12) consecutive months or last, together with any other
Blackout Period, in the aggregate, for more than sixty (60) days in a 180 day period;. 
 “Business Day” shall mean
any day other than a Saturday, Sunday or any other day on which banks located in New York, New York or Belgium are authorized or required by Law to remain closed for the conduct of regular banking business. 

“Commission” shall mean the U.S. Securities and Exchange Commission or any other federal agency administering the Securities
Act. 
 “Convertible Bonds” shall mean the convertible bonds issued by the Company and held by each Holder as of the date
such Holder agrees in writing to agrees in writing to become bound by and become subject to this Agreement. 
 “Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Filing Date” shall mean September 30, 2016. 

“Form F-3” shall mean a Form F-3 registration statement under the Securities Act or any successor form thereto. 

“Form F-6” shall mean a Form F-6 registration statement under the Securities Act for depositary shares evidenced by American
depositary receipts or any successor form thereto. 

  
 - 6 - 

 “Governmental Authority” shall mean any international, supranational, national,
provincial, regional, federal, state, county, municipal or local government, any instrumentality, subdivision, court, tribunal, panel, department, administrative hearing department, administrative or regulatory agency or commission or other
authority thereof, or any quasi-governmental, or applicable exchange, self-regulatory organization, including FINRA, or any private body exercising any administrative, executive, judicial, legislative, policy, regulatory, taxing, importing or other
governmental or quasi-governmental authority or power of any nature, in each case whether U.S. or foreign. 
 “Holder”
shall mean each holder of Registrable Securities that is a Party to this Agreement. 
 “Law” shall mean any federal, state,
local, foreign or international law (including common law), code, treaty, bulletin, administrative or judicial doctrine, statute, regulation, ordinance, rule, judgment, order, decree, award, approval, concession, grant, franchise, directive,
guideline, policy, requirement, permit or other governmental restriction or any similar form of decision or approval of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Ordinary Shares” shall mean ordinary shares of the Company, no par value per share. 

“Party” shall mean any party to this Agreement. 

“Person” shall mean any natural person, corporation, general partnership, limited partnership, limited or unlimited liability
company, proprietorship, association, trust, joint venture, joint stock company, unincorporated organization, other business entity or Governmental Authority. 

“Registrable Securities” shall mean (i) means the Ordinary Shares (including Ordinary Shares represented by ADSs) held
by each Holder as of the date such Holder agrees in writing to become bound by and become subject to this Agreement, (ii) any Ordinary Shares (including Ordinary Shares represented by ADSs) issued or issuable to any Holder pursuant to the
Warrants, (iii) any Ordinary Shares (including Ordinary Shares represented by ADSs) issued or issuable to any Holder pursuant to the Convertible Bonds, and (iv) any Ordinary Shares (including Ordinary Shares represented by ADSs) received
in respect of the securities referred to in clauses (i), (ii) or (iii) in connection with any share split or subdivision, share dividend, distribution, recapitalization or similar transaction; provided that any such Ordinary Shares
(including Ordinary Shares represented by ADSs) shall cease to be Registrable Securities upon the earliest of (A) when they are sold by a Holder, whether pursuant to an effective registration statement under the Securities Act, pursuant to Rule
144 under the Securities Act or otherwise (including the sale thereof in the form of ADSs registered pursuant to an effective registration statement on Form F-6), (B) when they shall have ceased to be outstanding, and (C) when they may be
sold pursuant to Rule 144 under the Securities Act without the requirement to be in compliance with Rule 144(c)(1) under the Securities Act and without restriction on the basis of volume or manner of sale limitations. 

  
 - 7 - 

 “Securities Act” shall mean the U.S. Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Warrants” shall mean the warrants issued by the Company pursuant to
either the Company’s 2007 Stock Warrant Plan, 2013 Warrants Rules and Regulations, 2014 Warrants Rules and Regulations or Warrants 2015 – Regulations and held by each Holder as of the date such Holder agrees in writing to agrees in writing
to become bound by and become subject to this Agreement. 
 2.2 Interpretation. Whenever used herein, the words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”, and the words “hereof” and “herein” and similar words shall be construed as references to this Agreement
as a whole and not limited to the particular Article, Section or Exhibit in which the reference appears. Unless the context otherwise requires, references herein: (x) to Articles, Sections and Exhibits mean the Articles and Sections of, and
Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions
thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. The Exhibits attached hereto shall be construed with, and as an integral
part of, this Agreement to the same extent as if they were set forth verbatim herein. The headings of the Articles and Sections are for convenience of reference only and do not affect the interpretation of any of the provisions hereof. 

ARTICLE III 
 MISCELLANEOUS 

3.1 Term. This Agreement shall terminate on the earliest of (a) upon 30 days’ prior written notice at any time
following the one (1) year anniversary of the original effectiveness of the Shelf Registration Statement by the Company to the Holders, (b) upon written notice at any time the Company is not eligible to file a registration statement on Form F-3 by the Company to the Holders, (c) with respect to any Holder, the date on which such Holder ceases to own any Registrable Securities, or (d) with respect to any Holder, upon written notice
at any time by such Holder to the Company; provided that in the event of any termination pursuant to this clause (d), any such Holder shall not use the Shelf Registration Statement and the prospectus relating thereto to sell any of the
Registrable Securities during any Blackout Period pending at the time of such termination. Section 1.5 and Articles II and III shall survive any termination. 

3.2 Notices. All notices, requests and other communications under or by reason of this Agreement must be in writing and will be deemed
to have been duly given (a) when personally delivered, (b) when transmitted (except, if not a Business Day, then the next Business Day) by facsimile or email, or (c) upon receipt of such notice by the intended Party if sent by any
other means. Notices, requests and other communications, in each case to the respective Parties, shall be sent to the applicable address or facsimile number set forth below or on such Party’s signature page, as applicable (or at such other
address or facsimile number as the Party shall furnish the other Parties in accordance with this Section 3.2): 

  
 - 8 - 

 (a) If to a Holder, then to the address set forth on such Holder’s signature page. 

(b) If to the Company, to: 

Materialise NV 
 Technologielaan
15, 
 3001 Leuven, Belgium 

Attn:                 Carla Van Steenbergen 

Facsimile:        +32 (16) 396 600 

Email:              carla.vansteenbergen@materialise.be 

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

Clifford Chance US LLP 
 31 West
52nd Street 
 New York, New York 10019 

Attn:                 Per B. Chilstrom 

Facsimile:        (212) 878-8375 

Email:              per.chilstrom@cliffordchance.com 

3.3 Successors and Assigns. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the
Parties without the prior written consent of the Company. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns. Any attempted
assignment in violation of this Section 3.3 shall be void. 
 3.4 Governing Law. THIS AGREEMENT AND ALL CLAIMS, ACTIONS, SUITS
OR LEGAL PROCEEDINGS OF ANY KIND (WHETHER AT LAW, IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT (INCLUDING THE EXHIBITS HERETO), OR THE NEGOTIATION, EXECUTION OR PERFORMANCE HEREOF
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD FOR THE CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

3.5 Counterparts. 
 (a)
This Agreement may be executed in any number of counterparts, all of which will constitute one and the same instrument. 
 (b) Counterparts
may be delivered via facsimile, electronic mail (including .pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

(c) No Party hereto shall raise the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement was
transmitted or communicated through the use of facsimile machine or email as a defense to the formation of a contract, and each such Party forever waives any such defense. 

  
 - 9 - 

 3.6 Entire Agreement. This Agreement, including all Exhibits hereto, supersede all prior
and contemporaneous discussions and agreements, both written and oral, among the Parties with respect to the subject matter hereof and constitute the sole and entire agreement among the Parties to this Agreement with respect to the subject matter
hereof and thereof. 
 3.7 Amendment and Waiver. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of a majority of outstanding Registrable Securities; provided,
however, that, no consent is necessary from any of the Holders in the event that this Agreement is amended, modified or supplemented for the purpose of curing any ambiguity, defect or inconsistency that does not adversely affect the rights of
any Holders. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder or Holders of Registrable Securities and that does not directly or
indirectly affect the rights of other Holders of Registrable Securities may be given by the Holder or Holders of at least a majority of the Registrable Securities affected by such waiver or consent; provided, however, that the provisions of
this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification,
supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 3.7, whether or not any notice, writing or marking indicating such amendment,
modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. 
 3.8 Invalid
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, and if the rights or obligations of any Party hereto under this Agreement will not be materially and adversely
affected thereby, (i) such provision will be fully severable, (ii) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (iii) the remaining provisions
of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (iv) upon such determination that any term or other provision is invalid,
illegal or unenforceable, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible. 
 3.9 No Third-Party Beneficiaries. The terms and
provisions of this Agreement are intended solely for the benefit of each Party hereto and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person
other than the Persons indemnified under Section 1.5. 
 3.10 Majority of Registrable Securities. For purposes of determining
what constitutes Holders of a majority of Registrable Securities, as referred to in this Agreement, a majority shall 

  
 - 10 - 

 
mean Holders of a majority of the Ordinary Shares underlying the Registrable Securities, treating, without duplication, (i) each holder of Warrants or Convertible Bonds as the holder of the
underlying Ordinary Shares issuable upon exercise of such Warrants or conversion of such Convertible Bonds, and (ii) treating each holder of ADSs (if any) that constitute Registrable Securities as the holder of the underlying Ordinary Shares
represented by such ADSs. 
 [The remainder of this page left intentionally blank.] 

  
 - 11 - 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement by their authorized
representatives as of the date first above written. 
  

			
	MATERIALISE NV
		
	By:	 	 /s/ Wilfried Vancraen

		 	Name: Wilfried Vancraen
		 	Title: Chief Executive Officer

  
  

[Company Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Johan Albrecht

			
		
	Signature:	 	   /s/ Johan Albrecht

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Sabine Demey

			
		
	Signature:	 	   /s/ Sabine Demey

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Nico Foqué

			
		
	Signature:	 	   /s/ Nico Foqué

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Pol Ingelaere

			
		
	Signature:	 	   /s/ Pol Ingelaere

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Hilde Ingelaere

			
		
	Signature:	 	   /s/ Hilde Ingelaere

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Jürgen Ingels

			
		
	Signature:	 	   /s/ Jürgen Ingels

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Jurgen Laudus

			
		
	Signature:	 	   /s/ Jurgen Laudus

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Peter Leys

			
		
	Signature:	 	   /s/ Peter Leys

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Wim Y.L. Michiels

			
		
	Signature:	 	   /s/ Wim Y.L. Michiels

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Stefaan Motte

			
		
	Signature:	 	   /s/ Stefaan Motte

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Johan Pauwels

			
		
	Signature:	 	   /s/ Johan Pauwels

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

 
 [Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Bart Van der Schueren

			
		
	Signature:	 	   /s/ Bart Van der Schueren

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Carla Van Steenbergen

			
		
	Signature:	 	   /s/ Carla Van Steenbergen

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Wilfried Vancraen

			
		
	Signature:	 	   /s/ Wilfried Vancraen

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Jos Vander Sloten

			
		
	Signature:	 	   /s/ Jos Vander Sloten

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 
			
	FOR ENTITY HOLDERS:
		
	NAME OF	 	
	HOLDER:	 	  

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	FOR INDIVIDUAL HOLDERS:
		
	NAME OF HOLDER:	 	   Brigitte Veithen

			
		
	Signature:	 	   /s/ Brigitte Veithen

	
	HOLDER CONTACT INFORMATION:

 
			
		
	ADDRESS:	 	  

 
			
	
	  

			
		
	ATTENTION:	 	  

 
			
		
	FACSIMILE:	 	  

 
			
		
	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

							
		 		 	FOR ENTITY HOLDERS:
			
		 		 	NAME OF
		 		 	HOLDER:	 	   Ailanthus NV

				
	By:	 	   /s/ Wilfried Vancraen
	 	By:	 	   /s/ Hilde Ingelaere

		 	Name: Wilfried Vancraen	 		 	Name: Hilde Ingelaere
		 	Title:   Director	 		 	Title:   Director
			
		 		 	FOR INDIVIDUAL HOLDERS:
				
		 		 	NAME OF HOLDER:	 	  

				
		 		 	Signature:	 	  

			
		 		 	HOLDER CONTACT INFORMATION:
				
		 		 	ADDRESS:	 	  

			
		 		 	  

				
		 		 	ATTENTION:	 	  

				
		 		 	FACSIMILE:	 	  

				
		 		 	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

							
		 		 	FOR ENTITY HOLDERS:
			
		 		 	NAME OF
		 		 	HOLDER:	 	   Idem

				
	By:	 	   /s/ Wilfried Vancraen
	 	By:	 	   /s/ Hilde Ingelaere

		 	Name: Wilfried Vancraen	 		 	Name: Hilde Ingelaere
		 	Title:   Director	 		 	Title:   Director
			
		 		 	FOR INDIVIDUAL HOLDERS:
				
		 		 	NAME OF HOLDER:	 	  

				
		 		 	Signature:	 	  

			
		 		 	HOLDER CONTACT INFORMATION:
				
		 		 	ADDRESS:	 	  

			
		 		 	  

				
		 		 	ATTENTION:	 	  

				
		 		 	FACSIMILE:	 	  

				
		 		 	EMAIL:	 	  

  
  
  

[Holder Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

PLAN OF DISTRIBUTION 
 We are
registering ordinary shares previously issued to and the ordinary shares issuable upon exercise of warrants or conversion of convertible bonds held by the selling shareholders for sale of these ordinary shares in the form of ADSs from time to time
after the date of this prospectus. We have agreed to keep the registration statement of which this prospectus forms a part current and cause it to remain effective until such time the securities covered by the registration statement have been sold
or otherwise cease to be registrable securities under the registration rights agreement, or the date on which the registration rights agreement is terminated. We will not receive any of the proceeds from sales by the selling shareholders of the
ADSs. We will bear all fees and expenses incident to our obligation to register the ordinary shares, except that the selling shareholders will pay any and all (i) commissions and transfer taxes, if any, attributable to sales of ADSs,
(ii) the fees, if any, payable to the depositary in connection with issuance by the depositary of ADSs, or (iii) the fees, disbursements and expenses of their counsel. 

The selling shareholders may sell all or a portion of the ADSs offered hereby from time to time directly or through one or more broker-dealers
or agents. The ADSs may be sold in one or more transactions at fixed prices which may be changed, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be
affected in transactions, which may involve crosses or block transactions: 
  

	 	•	 	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale; 

  

	 	•	 	in the over-the-counter market; 

  

	 	•	 	in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  
 A-1 

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales; 

  

	 	•	 	sales pursuant to Rule 144; 

  

	 	•	 	broker-dealers may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 If the selling shareholders effect
such transactions by selling ADSs to or through broker-dealers or agents, such broker-dealers or agents may receive commissions in the form of concessions or commissions from the selling shareholders or commissions from purchasers of the ADSs for
whom they may act as agent or to whom they may sell as principal (which concessions or commissions as to particular broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the
ADSs or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the ADSs in the course of hedging in positions they assume. The selling shareholders may also sell ADSs
short and deliver ADSs covered by this prospectus to close out short positions and to return borrowed ADSs in connection with such short sales. The selling shareholders may also loan or pledge ADSs to broker-dealers that in turn may sell such ADSs.

 The selling shareholders may pledge or grant a security interest in some or all of the ordinary shares owned by them and, if they default
in the performance of their secured obligations, with our consent in our sole discretion, the pledgees or secured parties may offer and sell the ordinary shares from time to time pursuant to this prospectus or any amendment to this prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act, amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The
selling shareholders also may transfer and donate the ordinary shares in other circumstances in which case, with our consent in our sole discretion, the transferees, donees, pledgees or other successors in interest will be the selling beneficial
owners for purposes of this prospectus. 
 The selling shareholders and any broker-dealer participating in the distribution of the ADSs may
be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the
Securities Act. At the time a particular offering of the ADSs is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of ADSs being offered and the terms of the offering, including the name or
names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. In compliance
with the Financial Industry Regulatory Authority, Inc. (or FINRA) guidelines, the maximum commission or discount to be received by any FINRA member or independent broker dealer may not exceed 8% of the aggregate amount of the securities offered
pursuant to this prospectus. 

  
 A-2 

 There can be no assurance that the selling shareholders will sell any or all of the ADSs
registered pursuant to the registration statement of which this prospectus forms a part. 
 In order to comply with applicable securities
laws of some states or countries, the ADSs may only be sold in those jurisdictions through registered or licensed brokers or dealers and in compliance with applicable laws and regulations. In addition, in certain states or countries the ADSs may not
be sold unless they have been registered or qualified for sale in the applicable state or country or an exemption from the registration or qualification requirements is available. 

The selling shareholders and any other person participating in a distribution of the ADSs will be subject to applicable provisions of the
Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, or the Exchange Act which may limit the timing of purchases and sales of any of the ADSs by the selling shareholders and any
other participating person. Regulation M of the Exchange Act may also restrict the ability of any person engaged in a distribution of the ADSs to engage in market-making activities, if any, with respect to the ADSs. All of the foregoing may affect
the marketability of the ADSs and the ability of any person or entity to engage in market-making activities with respect to the ADSs. 
 We
may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus
or we may be entitled to contribution, in accordance with the registration rights agreement we entered into with the selling shareholders. 

Once sold under the registration statement of which this prospectus forms a part, the ADSs will be freely tradable in the hands of persons
other than our affiliates. 

  
 A-3 

 EXHIBIT B 

MATERIALISE NV 
 SELLING
SHAREHOLDER NOTICE AND QUESTIONNAIRE 
 The undersigned is the beneficial owner of Materialise NV (the “Company”) ordinary shares, no
par value per share (the “Ordinary Shares”), warrants (the “Warrants”), which are exercisable to purchase Ordinary Shares (the “Warrant Shares”), and/or convertible bonds (the “Convertible
Bonds”), which are convertible into Ordinary Shares (the “Convertible Bond Shares”). The undersigned has been advised that the Company intends to file with the U.S. Securities and Exchange Commission (the
“SEC”) a registration statement for the registration and resale of Ordinary Shares held by the undersigned, Warrant Shares that may be issued to the undersigned upon exercise of the Warrants and/or Convertible Bond Shares that may
be issued to the undersigned upon conversion of the Convertible Bonds, in each case in the form of American Depositary Shares (“ADSs”). This registration statement is referred to as the “Shelf Registration
Statement.” The Ordinary Shares, Warrant Shares and Convertible Bond Shares being registered for resale are referred to as the “Registrable Shares.” The Company is filing the Shelf Registration Statement in accordance with
the terms of the Registration Rights Agreement, dated as of September 15, 2016 (the “Registration Rights Agreement”), among the Company and the Holders named therein, including the undersigned. All capitalized terms not
otherwise defined herein have the meanings ascribed thereto in the Registration Rights Agreement. 
 Generally, “beneficial ownership” means the
sole or shared power to vote or dispose of the securities in question. This concept is very important to the SEC and the following definition explains the concept further. By virtue of the ownership or co-ownership of a security, directly or
indirectly, through any contract, arrangement, understanding, relationship or any other means, to have or share: (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power,
which includes the power to dispose, or to direct the disposition of, such security. 
 You are understood to be the beneficial owner of a security if,
directly or indirectly, you create or use a trust, proxy, power of attorney, pooling arrangement, combination or any other contract or device with the purpose or effect of transmitting or maintaining ownership of a security. 

You are also understood to be the beneficial owner of a security if you have the right to acquire the beneficial ownership of such security, at any time,
within a period of 60 days, including, without limitation, any right to acquire it: (i) through the exercise of any option, warrant, certificate for the purchase of shares or rights, (ii) through the conversion of a security,
(iii) pursuant to the power to revoke a trust, discretionary account or similar arrangement, or (iv) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. 

All shares beneficially owned by you, regardless of the manner of such ownership, should be counted together when calculating the total amount of shares you
beneficially own. Please note that more than one person may beneficially own the same security. 
 The scope of the foregoing definition is broad, and even
if you do not have voting rights or the right to invest with regards to the shares beneficially owned by members of your family or people living in your household, you should include those shares in your statement and, if applicable, state that you
do not beneficially own them. 
 In order to sell or otherwise dispose of any Registrable Shares pursuant to the Shelf Registration Statement, a beneficial
owner of Registrable Shares generally will be required to be named as a selling shareholder in the related prospectus, deliver a prospectus to purchasers of Registrable Shares and be bound by those provisions of the Registration Rights Agreement
(including certain indemnification provisions as described below). Any beneficial owner of Registrable Shares desiring to include its Registrable Shares in the Shelf Registration Statement must promptly deliver to the Company a properly completed
and signed Notice and Questionnaire. Please provide all responses by September 15, 2016. 
 Certain legal consequences arise from being named as
selling shareholders in the Shelf Registration Statement and the related prospectus. Investors and beneficial owners of Registrable Shares are advised to consult their own securities law counsel regarding the consequences of being named or not being
named as a selling shareholder in the Shelf Registration Statement and the related prospectus or, for those choosing to sell under Rule 144 (“Rule 144”) of the Securities Act of 1933, as amended (the “1933 Act”),
the requirements of Rule 144. 

  
 - 1 - 

 NOTICE 

The undersigned beneficial owner (the “Shareholder”) hereby gives notice to the Company of its intention to have included in the Shelf
Registration Statement the Registrable Shares beneficially owned by it and listed below in Item 3(b). The undersigned, by signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this
Notice and Questionnaire and the Registration Rights Agreement. 
 Pursuant to the Registration Rights Agreement, and subject to certain limitations
described therein, the undersigned has agreed to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 1.5 of the Registration Rights Agreement, the Company, each of
its directors, officers, shareholders, employees, accountants, attorneys and agents and each Person, if any, who controls the Company within the meaning of the 1933 Act or the U.S. Securities Exchange Act of 1934, as amended (the “1934
Act”), against certain Losses to which any of them have become subject, as incurred, arising out of, caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of material fact contained in the Shelf
Registration Statement or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein not misleading, solely to the extent, but only to the extent, that such untrue statement or
omission is made in the Shelf Registration Statement in reliance upon and in conformity with written information regarding such Shareholder furnished to the Company by or on behalf of such Shareholder expressly for inclusion in the Shelf
Registration Statement. 

  
 - 2 - 

 The undersigned hereby provides the following information to the Company and represents and warrants that such
information is accurate and complete: 
 QUESTIONNAIRE 
  

					
	1.	  	(a)	  	 Full legal name of Shareholder (i.e., beneficial owner) of the Registrable Shares listed in Item 3
below:
  

			
		  	(b)	  	 Full legal name of the record holder, including the name of the broker dealer, if applicable, through which
Registrable Shares listed in Item 3 below are held:

                     
                                         
                                         
                                         
                                         
                             

			
		  	(c)	  	Full legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Shares listed in Item 3 below
are
held:                                        
                                         
                                         
                                         
          
		
	2.	  	Address for notices to
Shareholder:                                       
                                         
                                         
                                         
             
		  	Telephone:
                                         
                                         
                                         
                                         
                                         
               
		  	Fax:                               
                                         
                                         
                                         
                                         
                                       

		  	Email address:
                                         
                                         
                                         
                                         
                                         
        
		  	Contact Person:
                                         
                                         
                                         
                                         
                                         
      
		
	3.	  	Beneficial ownership of Registrable Shares
		
		  	Please state the name of each person who has voting or investment power over the Registrable Shares indicated below. Voting power includes the power to vote, or to direct the voting of, the
Registrable Shares held by the undersigned. Investment power includes the power to dispose, or to
direct the disposition of, the Registrable Shares held by the undersigned directly or indirectly, through any contract, arrangement,
understanding
or relationship. Please provide the requested information for each such person:
			
		  	(a)	  	 Number of Registrable Shares (which includes Warrant Shares issuable upon exercise of the Warrants and Convertible
Bond Shares issuable upon conversion of the Convertible Bonds, as applicable) beneficially owned:
  

Sole voting power:
                                         
                                         
                                         
                                         
              
 Shared voting power:
                                         
                                         
                                         
                                         
         
 Sole investment power:
                                         
                                         
                                         
                                         
     
 Shared investment power:
                                         
                                         
                                         
                                         

			
		  	(b)	  	 Number of Registrable Shares which the undersigned wishes to be included in the Shelf Registration
Statement:
  
 Sole voting power:
                                         
                                         
                                         
                                         
              
 Shared voting power:
                                         
                                         
                                         
                                         
         
 Sole investment power:
                                         
                                         
                                         
                                         
     
 Shared investment power:
                                         
                                         
                                         
                                         

		
	4.	  	 Beneficial ownership of Company securities, other than Registrable Shares listed in Item 3(a) above,
owned by the Shareholder:
  

		  		  	 Type and amount of other securities beneficially owned by the Shareholder:

                     
                                         
                                         
                                         
                                         
                                         
       

		
	 5.
	  	Relationship with the Company:
                                         
                                         
                                         
                                         
                

  
 B-1 

	 	(a)	Has the Shareholder or any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the Shareholder) held any position or office or has the Shareholder had any
other material relationship with the Company (or its predecessors or affiliates) within the past three years? 

  ̈  Yes. 
  ̈  No. 

 

	 	(b)	If “Yes,” please state the nature and duration of the relationship with the Company: 

  
  

  
  

 

	6.	(a)     Broker-Dealer Status 

 Is
the Shareholder a broker-dealer registered pursuant to Section 15 of the 1934 Act? 
  ̈  Yes. 
  ̈  No. 

Note that we will be required to identify any registered broker-dealer as an underwriter in the
Shelf Registration Statement and related prospectus. 
 If the Shareholder is a registered
broker-dealer, please indicate whether the Shareholder purchased its Registrable Shares for investment or acquired them as transaction-based compensation for investment
banking or similar services. 
   

 
   

 
 If the Shareholder
is a registered broker-dealer and received its Registrable Shares other than as transaction-based compensation, the Company is required to identify the Shareholder as an
underwriter in the Shelf Registration Statement and related prospectus. 
  

	 	(b)	Affiliation with Broker-Dealers: 

 Is the Shareholder an
affiliate of a registered broker-dealer? For purposes of this Item 6(b), an “affiliate” means a person or entity that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the person or entity specified. 
  ̈ Yes.

  ̈ No. 

If “Yes,” please answer the remaining questions in this section. 

 

	 	(i)	Please describe the affiliation between the Shareholder and any registered broker-dealers: 

  
  

  
  

 

	 	(ii)	If the Registrable Shares were purchased by the Shareholder other than in the ordinary course of business, please describe the circumstances: 

  
  

  
  

 

	 	(iii)	If the Shareholder, at the time of its purchase of Registrable Shares, has had any agreements or understandings, directly or indirectly, with any person to distribute the Registrable Shares, please describe such
agreements or understandings: 

   

 
   

 

  
 B-2 

			
		  	 Note that if the Shareholder is an affiliate of a broker-dealer and did
not purchase its Registrable Shares in the ordinary course of business or at the time of the purchase had any agreements or understandings, directly or indirectly, to distribute the securities, we must identify the Shareholder as an underwriter in
the Shelf Registration Statement and related prospectus.

  

	7.	Nature of Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or publicly held entity that exercises sole or shared voting or dispositive power over the Registrable
Shares. 

  

			
		  	 (a)    Is the Shareholder a natural person?

		  	  ̈  Yes.

		  	  ̈  No.

 

		  	 If the Shareholder answered “Yes” to Item 7(a), please proceed to Item 8 below.

 

		  	 (b)    Is the Shareholder required to file, or is it a wholly owned
subsidiary of a company that is required to file, periodic and other reports (for example, Forms 10-K, 10-Q, 8-K) with the SEC pursuant to Section 13(a) or 15(d) of the 1934 Act?

		  	  ̈  Yes.

		  	  ̈  No.

 

		  	 (c)    State whether the Shareholder is an investment company, or a
subsidiary of an investment company, registered under the U.S. Investment Company Act of 1940, as amended:

		  	  ̈  Yes.

		  	  ̈  No.

 

		  	 If a subsidiary, please identify the publicly held parent
entity:

			
		  	  

		  	  

		  	  

(d)    If the Shareholder answered “No” to questions (a), (b) and (c) above,
please identify the controlling person(s) of the Shareholder (the “Controlling Entity”). If the Controlling Entity is not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling
Entity. This process should be repeated until the Shareholder reaches natural persons or a publicly held entity that exercise sole or shared voting or dispositive power over the Registrable Shares:

		  	
           

	  
 *** PLEASE NOTE THAT THE SEC REQUIRES THAT THESE NATURAL
PERSONS BE NAMED IN THE PROSPECTUS ***
  

If you need more space for this response, please attach additional sheets of paper. Please be sure to indicate your name and the number of the
item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Notice and Questionnaire. Please note that you may be asked to answer additional questions depending on your
responses to the above questions. 
  

	8.	Plan of Distribution: 

 The Shelf Registration Statement must disclose the manner in which the
Shareholder’s Registrable Shares will be sold. Exhibit A of the Registration Rights Agreement sets forth the text of the Plan of Distribution substantially in the form in which it will appear in the Shelf Registration Statement. The Plan of
Distribution describes the ways in which the Shareholder’s Registrable Shares may be sold. Please confirm the information set forth in Exhibit A to the Registration Rights Agreement. 

  
 B-3 

 State any exceptions here: 

 
  

 
  

 
  

 

	Note:	In no event may such method(s) of distribution take the form of an underwritten offering of the Registrable Shares without the prior agreement of the Company. 

The Company hereby advises each Shareholder of Compliance and Disclosure Interpretation 239.10 published by the Division of Corporation Finance
of the SEC, as set forth below, regarding short selling: 
 “An issuer filed a Form S-3 registration statement for a secondary
offering of common stock which is not yet effective. One of the selling shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was
advised that the short sale could not be made before the registration statement becomes effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of
Section 5 if the shares were effectively sold prior to the effective date.” 
 By returning this Notice and Questionnaire, the
Shareholder will be deemed to be aware of the foregoing interpretation. 
 The undersigned acknowledges that it understands its obligation to comply with
the provisions of the 1934 Act and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Shares pursuant to the Shelf
Registration Statement. The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The Shareholder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain persons set forth therein.

 In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the undersigned agrees to provide any additional information the Company may reasonably request and to promptly notify the Company of any inaccuracies or changes in the information provided that may
occur at any time while the Shelf Registration Statement remains effective. 

  
 B-4 

 By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained
herein in its answers to the above questions and the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company without
independent investigation or inquiry in connection with the preparation or amendment of the Shelf Registration Statement and the related prospectus. 
 Once
this Notice and Questionnaire is executed by the Shareholder and received by the Company the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall inure to the benefit of, and shall
be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Shareholder with respect to the Registrable Shares beneficially owned by such Shareholder and listed in Item 3 above. This Notice
and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflicts-of-laws provisions thereof. 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its
authorized agent. 
 Dated: 15 September 2016 
  

			
	Beneficial Owner:
		
	By:	 	  

		 	Name:
		 	Title:

 Please return the completed and executed notice and questionnaire to: 

MATERIALISE NV 
 Technologielaan 15

 3001 Leuven, Belgium 

Facsimile: +32 (16) 396 600 

Attention: Carla Van Steenbergen 

With an electronic mail copy to: 

carla.vansteenbergen@materialise.be 

  
 B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]