Document:

Form of Transition Services Agreement

 Exhibit 10.5 
 FORM OF 
 TRANSITION SERVICES AGREEMENT 
 This AGREEMENT (“Agreement”), dated as of this ___ day of _______, 2006 by and between Merrill Lynch & Co., Inc.
(“Merrill Lynch”), and New BlackRock, Inc. (“BlackRock”) (each a “party” and together, the “parties”). 
 RECITALS 
 WHEREAS, Merrill Lynch, BlackRock and certain of BlackRock’s Affiliates are
parties to that certain Transaction Agreement and Plan of Merger, dated as of February 15, 2006 (as the same may be amended, modified or supplemented from time to time, the “Purchase Agreement”), pursuant to which BlackRock and
Merrill Lynch entered into an agreement whereby BlackRock acquired certain investment management business and assets of Merrill Lynch (together, the “MLIM Business”); and 
 WHEREAS, pursuant to Section 1.4(c) of the Purchase Agreement, the parties have agreed to enter into this Agreement providing for certain
transitional services, on the terms and conditions set forth herein; 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 TRANSITION SERVICES 
 1.01
Services 
  
 (a) Merrill Lynch shall provide, or
cause its Affiliates to provide, to BlackRock and certain of its Affiliates the services described on Annex A hereto to the locations described on Annex A from the date hereof until the Transition Date specified on Annex A with respect to
each such service, in accordance with the terms and conditions of this Agreement. BlackRock shall provide, or cause its Affiliates to provide, to Merrill Lynch the services described on Annex B hereto to the locations described on Annex B
from the date hereof until the Transition Date specified on Annex B with respect to each such service, in accordance with the terms and conditions of this Agreement. 
 (b) Additional Services. The parties believe that they have identified the services required during the applicable transition
period as specified by this Agreement. However, in the event that a required service has not been specified prior to the Closing Date, it is the intent of the parties hereto to provide for such additional services as are reasonably necessary for the
conduct of the Servicee Business (as defined below) and requested by Servicee (as defined below) in writing within 120 days after the Closing Date unless otherwise mutually agreed by the parties, provided that Servicer (as defined below)
shall not be required to perform any such additional services if Servicer does not have, or cannot procure the capability or the 

 resources to perform such additional services (for the avoidance of doubt, fees for procured services shall be paid by
Servicee as determined in accordance with Section 2.01). The parties will negotiate in good faith and use commercially reasonable efforts to agree to the terms of the provision of such additional services not otherwise provided for hereunder;
provided that the amount payable by Servicee for such additional services shall be determined in accordance with Section 2.01. 
 (c) For purposes of this Agreement, with respect to the services specified on Annex A hereto, Merrill Lynch, on its own behalf or on behalf of its Affiliates, shall be “Servicer” and BlackRock shall be
“Servicee”. With respect to the services specified on Annex B hereto, BlackRock, on its own behalf or on behalf of its Affiliates, shall be “Servicer” and Merrill Lynch shall be “Servicee”. When
Merrill Lynch or its Affiliate is the Servicer, references to “Transition Services” or a “Transition Service” means the transitional services or transitional service specified on Annex A and all services reasonably
related to transitioning the services in Annex A to BlackRock or its designated service provider. When BlackRock or its Affiliate is the Servicer, references to “Transition Services” or a “Transition Service” means
the transitional services or transitional service specified on Annex B and all services reasonably related to transitioning the services in Annex B to Merrill Lynch or its designated service provider. “Servicee Business” means, in
the case of BlackRock as Servicee, the portion of the MLIM Business, as conducted by BlackRock on or after the date hereof, which was supported by Merrill Lynch or its Affiliates immediately prior to the date hereof, and in the case of Merrill Lynch
as Servicee, the portion of its business supported by the MLIM Business immediately prior to the date hereof. 
 1.02 Service Levels.
Servicer shall provide the Transition Services with at least the same degree of care, diligence, priority, frequency and volume as they were provided prior to the Closing Date (unless expressly specified otherwise in Annex A or Annex B). 

1.03 Conditions to Service. 
 (a)
Servicer’s obligations hereunder are conditioned on the receipt of Servicee’s cooperation, including as follows: Servicee shall make available on a timely basis to Servicer such information and materials reasonably requested by Servicer to
enable Servicer to provide the Transition Services; and Servicee shall provide to Servicer reasonable access to the premises of Servicee, and the systems, software and networks located therein, during normal business hours to the extent reasonably
necessary for the purpose of providing the Transition Services. 
 (b) Servicer reserves the right to stop or suspend providing Transition
Services to Servicee when required by applicable Law or when necessary by reason of a Force Majeure event (as defined in Section 7.13 below), in each case only for as long as may be reasonably required. Servicee acknowledges that periodic
security threats, upgrades, patches and other maintenance may require certain Services to be disrupted or unavailable. Such disruptions or unavailability will be managed in accordance with Section 1.02 in co-operation with Servicee. 

(c) (i) Notwithstanding anything contained herein to the contrary, to the extent that the provision of any Transition Service hereunder currently
requires the procurement, 
  

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 modification and/or maintenance of any license of third party material or service, or consent by a third party provider
to allow its service or product to be utilized in connection with the provision of a Transition Service to Servicee, (collectively “Third Party Licenses”) by Servicer, Servicer shall use all reasonable best efforts to procure the
necessary rights to provide such Transition Service, provided that it shall not be obligated to acquire, modify, extend or renew any such Third Party License if the sole use of such acquisition, modification, extension or renewal of such
Third Party License is the provision of Transition Services hereunder, unless Servicee agrees to pay all incremental out of pocket costs associated therewith and agrees to any other obligations or conditions, as to which Servicee is informed in
writing (or email message between the persons designated by each side as the contact person for the applicable service), which are imposed by the third party provider as part of the Third Party License in connection with the Transition Services,
including without limitation any restrictions on use or distribution of the third party provider’s products or services (“Third Party Obligations”). 
 (ii) If Servicer is unable to acquire, modify, extend, renew or maintain a Third Party License, then Servicer shall (without additional out of pocket cost or expense or liability to either party (except as provided in
Article VII of the Purchase Agreement) use all reasonable best efforts to provide an alternative arrangement (reasonably acceptable to Servicee) to achieve the results intended (and the parties shall cooperate with respect thereto). 
 (iii) In the event that Servicer incurs any incremental fee increase of a third party service provider by reason of Servicee’s breach of a Third
Party Obligation (e.g., additional fees for distribution of market data to additional users in breach of a distribution agreement), Servicee shall reimburse Servicer for the full amount of such incremental fee increase; provided that Servicer shall
first verify the breach by Servicee and use commercially reasonable efforts to eliminate (or reduce to the extent possible) such incremental fees in cooperation with Servicee. 
 (iv) In addition, upon reasonable advance notice to Servicee of the need for an acquisition, modification, extension or renewal of a Third Party License
that is solely for the benefit of Servicee, Servicee shall use commercially reasonable efforts to acquire any such Third Party License on its own behalf and Servicer shall assist Servicee in such regard. The cost to Servicer for procuring, modifying
and/or maintaining any Third Party License during the term of a Transition Service shall be passed through to Servicee as part of Servicer’s cost for providing the Transition Service provided, however, that to the extent that
Servicer maintains any Third Party License used in the provision of Transition Services other than for the sole purpose of providing such Transition Services, the parties will negotiate a reasonable allocation of the cost therefor consistent with
Section 2.01(a). The parties will cooperate to minimize the need for, and cost associated with, any additional Third Party Licenses. Servicer shall not incur any costs that Servicee is required to pay pursuant to this Section 1.03(c)(iv)
without first notifying Servicee and obtaining Servicee’s prior consent (which may be evidenced by specific reference to such costs in a Service Annex attached hereto or by other written mutually agreed means); it being understood and agreed
that if Servicee does not consent to Servicer’s incurring of such costs at Servicee’s expense or to any Third Party Obligations in connection with a Third Party License, Servicer shall be excused from any obligation to provide the affected
Transition Service to the extent that the Transition Service cannot reasonably be performed without 

  

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 obtaining such Third Party License and there is no commercially reasonable alternative means of providing the Transition
Service on mutually agreeable terms. 
 (d)    Servicee represents and warrants that in connection with the Services, it
has taken all necessary steps under all applicable privacy, data protection and outsourcing Laws in all applicable jurisdictions, including the making of all necessary filings, giving all applicable notices and obtaining all necessary consents, and
that it will be in compliance with all such Laws as they relate to the Services for as long as the Services are provided. 
 1.04    Information and System Security. Servicer shall provide the Services in conformance with the respective Servicee’s terms and conditions set forth in Annex C. 
 1.05    Grant of License. Subject to Servicee’s full compliance with this Agreement, Servicer hereby grants to Servicee,
and Servicee hereby accepts, a limited, royalty-free, non-exclusive, non-transferable, non-sublicensable (except to Servicee’s Affiliates) license (the “License”) to use or access the functionality of, as applicable, to the extent
reasonably related to a Transition Service, any proprietary software, process or other right of Servicer needed in connection with Servicee’s use of such Transition Service (excluding any service mark, trademark or other indicia of origin,
which is the subject of a separate agreement), so long as Servicee receives the relevant Transition Services. Servicee agrees not to reverse engineer or make any derivative works of any items licensed under this Section 1.05. 
 1.06    Retention and Regulatory Requirements. Each Party agrees to the requirements set forth in Schedule 1.06. 

1.07    Disaster Recovery and Business Continuity. Servicer shall maintain in effect throughout the term of this Agreement,
a disaster recovery and business continuity plan (“DRP”) with respect to all Transition Services performed by it and that is consistent with Section 1.02. Servicer shall be prepared to, and have the ability to implement the DRP
if necessary. Subject to any confidentiality obligations of Servicer, Servicer shall provide Servicee with access to review Servicer’s DRP upon Servicee’s reasonable request. Servicer shall test its DRP consistent with its historical
practices and shall promptly implement it upon the occurrence of a Force Majeure (as defined below) event or other event necessitating the implementation hereof. 
 1.08    Disclaimer of Warranty. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT ARE FURNISHED AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT
WARRANTY OR CONDITION OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OR CONDITION OF NONINFRINGEMENT, MERCHANTABILITY, SATISFACTORY QUALITY OR FITNESS FOR ANY PARTICULAR PURPOSE. 
 ARTICLE II 
 FEES AND PAYMENT 
 2.01    Payment for Transition Services 
 (a)    Servicer shall provide each Transition Service in exchange for such fees as 
  

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are stated or calculated by the respective pricing methodology indicated on the Annex for such Transition Service (“Fees”), which, with respect to
Merrill Lynch, shall be consistent with historical practices as currently reflected in the MLIM Financial Statements and be based on the historical methodology for assessing charges for services provided by Servicer entities to the MLIM Business,
and for BlackRock shall be reasonably comparable to the foregoing set forth with respect to Merrill Lynch. Notwithstanding the foregoing but subject to Section 1.01(b), if Servicer elects to subcontract any services in accordance with
Section 2.02, amounts payable by Servicee hereunder shall not increase as a result thereof. 
 (b) Servicee shall reimburse Servicer for
all reasonable and necessary out-of-pocket costs and expenses, to the extent (1) such costs and expenses are not otherwise included within the fee for any given Transition Service as specified in the Annex for such Transition Service (and were
historically reimbursed consistent with Section 2.01(a)), (2) such costs and expenses are incurred by Servicer with respect to third parties in connection with the provision of Transition Services pursuant to this Agreement and (3) if
any such costs and expenses for a particular service exceed the amount set forth on Schedule 2.01(b), such costs and expenses are approved by Servicee prior to Servicer’s incurrence thereof. Servicee’s obligation to reimburse Servicer
shall include reimbursement for obligations incurred by Servicer (such as license or rental fees) in reliance on the term provided in the Annex with respect to any Transition Service for the entire term so provided whether or not Servicee has
exercised its right under Section 3.03(a) to terminate such Transition Service early and continues to receive such Transition Service; provided, however, that Servicer shall be required to exercise commercially reasonable efforts
to terminate or reduce such costs upon receipt of notice of termination of such Transition Service from Servicee. 
 (c) Servicer shall, on a
monthly basis, submit to Servicee for payment its reasonably detailed billing invoice setting forth the amount of fees payable for the provision of Transition Services for the preceding month, calculated in accordance with the Annex for any given
Transition Service (and such invoice shall include or be accompanied by mutually agreed upon details). Servicee shall pay undisputed amounts under each invoice in full within thirty (30) days of receipt thereof (the “Payment
Date”). 
 (d) If Servicee fails to make any such payment by the such Payment Date, Servicee shall be obligated to pay, in addition
to the amount due on the Payment Date, interest on such amount at a rate per annum equal to LIBOR plus 1.0% per annum in effect from time to time during the period from the Closing Date to the date of payment. Such interest shall be payable at
the same time as the payment to which it relates and shall be calculated daily on the basis of a year of 365 days and the actual number of days elapsed. 
 (e) In the event of a termination of a Transition Service pursuant to this Agreement, with respect to the period in which such service ceases to be provided, Servicee shall be obligated to pay any costs, expenses or
Fees based on time and materials charges or reimbursement incurred up to such date and, in the case of Fees, a pro rata share of the Fees for such Transition Service equal to the product of (1) the Fees for such Transition Service and
(2) a fraction, the numerator of which is the number of days in the period in which such service ceases to be provided preceding and including the last date on which such service is provided, and the denominator of which is the total number of
days in such period. 
  

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 (f) Servicee shall not be charged for or be responsible for amounts payable in respect of Transition
Services for any period during which such Transition Services are not performed by the Servicer due to a Force Majeure event or other cause to the extent not attributable to Servicee. 
 2.02 Provision of Services by Third Parties. Servicer may retain and/or continue to use third parties to provide Transition Services hereunder;
provided, however, that Servicer shall remain liable for the performance of all such obligations in the manner prescribed in this Agreement (as if performed directly by Servicer). 
 2.03 Taxes. 
 (a) In
addition to the fees payable to Servicer, Servicee will pay and be responsible all sales, service, value added, tax (“VAT”), lease, use, transfer, consumption or similar taxes (the “Sales and Service Taxes”) levied by a duly
constituted taxing authority against or upon and measured by the cost of Services provided to Servicee under this Agreement Servicee shall pay and be responsible for all Sales and Service Taxes levied by a duly constituted taxing authority against
or upon and measured by Servicer’s cost in acquiring property or services used or consumed by Servicer in providing Services under this Agreement to the extent consistent with Section 2.01. Each of Servicer and Servicee shall pay and be
responsible for their own personal property taxes and taxes based on their own income or profits or assets. 
 (b) Each of Servicer and
Servicee will pay any tax for which it is responsible under the terms of Section 2.03(a) and, if any such tax is paid by the other party, to reimburse such party therefor, upon receipt of reasonably acceptable proof of payment. 
 (c) Payments for Services or other amounts under this Agreement shall be made net of withholding taxes, provided however, that if the Servicer
reasonably believes that a reduced rate of withholding applies or the Servicer is exempt from withholding, Servicee shall only be required to apply such reduced rate of withholding or not withhold if Servicer provides Servicee with evidence
reasonably satisfactory to Servicee that a reduced rate of or no withholding is required. The Servicee shall promptly remit any amounts withheld to the appropriate taxing authority and in the event that Servicee receives a refund of any amounts
previously withheld from payments to the Servicer and remitted, Servicee shall surrender such refund to the Servicer. 
 (d) Each of Servicer
and Servicee shall promptly notify the other party of any tax liability, and of any pending tax audit or other proceeding that could lead to the imposition of tax liability against such party, and shall afford such party all reasonable opportunity
to participate in any such audit or proceeding affecting its interests. 
 ARTICLE III 
 TERM AND TERMINATION 
 3.01
Term. Unless earlier terminated under the terms hereof or extended in accordance with Section 3.02 or by written agreement of the parties hereto, this Agreement will expire with respect to each Transition Service on the date on which
such service or a substitute therefor is 

  

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commenced by Servicee (“Transition Date”), which shall be a date no later than the date on which the maximum duration specified in the Annex for
such Transition Service has expired. 
 3.02 Extension. Provided it has used reasonable efforts to transition off the
Transition Services, Servicee may, by giving at least 60 days prior written notice to Servicer, request that Servicer extend the period for any Transition Services provided to it. Servicer shall not unreasonably withhold its consent to such
extension, subject to the parties reaching mutual agreement upon a reasonable extension period and upon any other relevant terms for such Transition Service(s) on a service by service basis. 
 3.03 Early Termination. 
 (a) Upon the occurrence of the final Transition Date (whether by actual transfer of relevant Transition Services to Servicee or its agent or expiration of the maximum duration specified for such Transition Service) for the last remaining
Transition Service to be provided hereunder, this Agreement shall automatically terminate. Servicee may terminate any Transition Service or reduce the level of any separately priced portion of any Transition Service at any time, without penalty
subject to Section 2.01(b), upon thirty (30) days’ written notice to Servicer. Each party hereto shall make commercially reasonable efforts to discontinue its use of the Transition Services as soon as possible after the date hereof.

 (b) Either Servicer or Servicee may terminate this Agreement in whole (except as set forth below) or with respect to one or more
Transition Services immediately upon notice to the other party: 
 (i) if the other party files a petition of bankruptcy or
the equivalent thereof or is the subject of an involuntary petition in bankruptcy that is not dismissed within sixty (60) days after the filing date thereof, or is or becomes insolvent, or admits of a general inability to pay its debts as they
become due (except where the party in question is still able to pay fees due under this Agreement as they become due); or 
 (ii) in the event of a party’s material breach of the obligations set forth immediately below, the other party may terminate the affected Transition Service(s): 
 (A) upon a material breach by Servicee of a Third Party Obligation (that Servicee has been informed of in writing) after Servicee fails to
cure within the period permitted by such third party following the receipt of written notice of such breach; provided that such termination shall be limited solely to the portion of the individual Transition Service provided by such third
party and Section 1.03(c)(ii) shall be applicable such that Servicer shall continue to perform the services to the extent an alternative arrangement can be provided on mutually agreeable terms; 
 (B) the failure of a party to make undisputed payments within thirty (30) days of when due provided that such termination
shall be limited solely to the portion of the individual Transition Service affected by such non-payment; or 
  

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 (C) upon a material breach of Article V that has caused irreparable harm or is not
curable, provided that such termination shall be limited solely to the portion of the individual Transition Service affected by such breach. 
 3.04 Effect of Termination. The termination of this Agreement or any Transition Service pursuant to Section 3.03 shall not affect (i) the liability of a party for breach of this Agreement, (ii) the obligations of a
party to make payments when due hereunder or (iii) the provisions contained in Section 1.06 or Articles IV, V, VI and VII, which shall survive the termination or expiry of this Agreement or any Transition Service. 
 ARTICLE IV 
 INDEPENDENT CONTRACTOR;
CONDUCT OF EMPLOYEES 
 4.01 Independent Contractor; No Partnership. 
 (a) All work performed hereunder by Merrill Lynch shall be performed by Merrill Lynch as an independent contractor. All work performed hereunder by
BlackRock shall be performed by BlackRock as an independent contractor. 
 (b) Notwithstanding anything herein to the contrary, no
partnership or joint venture has been created in or by this Agreement or as a result of the provision of services hereunder. 
 4.02
Servicee Work Policies and Security Regulations. 
 (a) Work Policies. To the extent that Servicer is performing work at
Servicee’s premises, Servicer and its personnel shall comply with Servicee’s work policies and security regulations, annexed hereto as Annex D, and to particular policies, guidelines and regulations applicable to each work location
to the extent Servicer is informed thereof in writing. 
 (b) Servicer Personnel Security and Compliance Requirements. Servicer shall
cause its personnel working at Servicee’s facilities to honor all reasonable demands made by Servicee’s physical security department (when on Servicee’s premises). Servicer shall comply, and shall cause its personnel to comply, with
all Servicee rules and regulations regarding hours of work, access, conduct, and otherwise applicable rules and regulations in effect at Servicee’s premises (when on Servicee’s premises). Servicee reserves the right, at its sole
discretion, to temporarily or permanently refuse entrance to Servicee’s premises to any of Servicer’s personnel. Servicer shall not assign any individual with a “criminal record” to provide Transition Services to Servicee and/or
access Servicee confidential information, personal information or client information. As used herein, “criminal record” means that the individual has been, in the prior ten (10) years, convicted of a felony or any misdemeanor
involving, in any way, theft, fraud, bribery or the violation of any securities law. Servicer shall be solely responsible for conducting all background checks necessary to comply with the foregoing. Further, Servicer shall cause each of its
employees performing services for Servicee to be apprised of the applicability and restrictions of “insider trading” laws, as well as the confidentiality provisions of this Agreement. As used herein, “insider trading” laws refer
to those U.S. securities laws that prohibit any person 
  

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 from trading in the stock of a company while in possession of material, non-public information concerning that company.
To the extent of any alleged violation of such laws, it shall be Servicer’s responsibility to ensure that Servicee and its regulators receive Servicer’s full cooperation, and the cooperation of its employees, in any investigation of any
such alleged violation. Such cooperation shall include, but shall not be limited to, the provision of copies of applicable brokerage statements for accounts held by or for the benefit of Servicer or any of its employees. 
 ARTICLE V 
 CONFIDENTIALITY

 5.01 Confidentiality. Each party shall keep confidential, and use its reasonable best efforts to cause its Affiliates and their
officers, directors, employees and advisors to keep confidential, all non-public information in its possession provided by the other party hereto (“Confidential Information”), except (i) as required by Applicable Law or
administrative process, (ii) for information that is or becomes known or available to the public at the time of disclosure, or thereafter becomes known to the public other than as a result of a breach of this Section 5.01 or (iii) for
information that is or was received from a third party that, to the knowledge of such party to this Agreement, is or was (at the relevant time) not in breach of a confidentiality obligation with regard to such information. 
 5.02 Specific Enforcement. Inasmuch as any breach of this Article V may result in immediate and irreparable injury, it is recognized and agreed
that each of the parties shall be entitled to equitable relief, including injunctive relief and specific performance, without any requirement for the posting of bond. 
 5.03 Global Privacy Language. For the purposes of this Agreement, including this Section 5.03, the term “personal information” means: (i) any “non-public personal information” as
such term is defined under the Title V of the U.S. Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq., and the rules and regulations issued thereunder or (ii) any information that can specifically identify an individual, such as name,
together with address, social security number, etc., together with any other information that relates to an individual who has been so identified. The obligations set forth in this Section shall survive termination of this Agreement. Notwithstanding
anything to the contrary contained in this Agreement, with respect to any personal information delivered or made available by Servicee to Servicer under or pursuant to this Agreement, Servicer agrees that: 
 (a) as between Servicee and Servicer, Servicee owns and retains all rights in and to such personal information generated in Servicee’s business, and
it shall use and process such personal information solely for the purposes of carrying out its obligations under, and as expressly set forth in, this Agreement or as otherwise expressly directed in writing by Servicee and not for any other purposes;

 (b) it shall maintain an effective information security program, keep such personal information confidential and take appropriate
administrative, technical and physical 
  

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 measures to secure and protect such personal information against unauthorized, unlawful or accidental access, disclosure,
transfer, destruction, loss or alteration; 
 (c) it shall not disclose or make such personal information generated in Servicee’s
business available to sub-contractors without: (i) Servicee’s prior written consent; and (ii) entering into an agreement in writing with the sub-contractor whereby the sub-contractor agrees to comply with, and treat such personal
information in accordance with, this Section; 
 (d) it shall promptly notify Servicee when it becomes aware of any unauthorized access of
such personal information generated in Servicee’s business or if it becomes the subject of any government, other enforcement or private proceeding relating to its data handling practices; 
 (e) it shall use and process such personal information generated in Servicee’s business in accordance with applicable privacy and data protection
legislation, and in the case of any legal or regulatory obligation to disclose such personal information, it shall notify and co-operate with Servicee, limit any disclosure to the minimum required by law and, to the extent possible, request that
such information be kept confidential; 
 (f) it has no reason to believe that any legislation prevents it from fulfilling its obligations
under this Agreement and it shall promptly notify Servicee of any adverse change in any such legislation applicable to its obligations under this Agreement in which event Servicee is entitled to suspend the delivery of personal information and, if
necessary, terminate this Agreement with immediate effect; 
 (g) it shall, upon the reasonable request of Servicee, provide Servicee with
information regarding its privacy/data protection practices and shall allow Servicee reasonable access to audit compliance by it with this Section; 
 (h) it shall, on termination of this Agreement, promptly and in a secure manner return to Servicee all such personal information and any copies (except backup or archival copies) or destroy such personal information and copies (and certify
that this has been done) unless any legislation or legal action prevents it from doing so in which case it warrants to keep such personal information and copies secure and confidential and no longer to actively process them and to return or, at
Servicee’s written direction, destroy such personal information and copies (and certify that this has been done) as soon as such legislation or legal action no longer prevents it from doing so; 
 (i) it shall promptly notify Servicee of any access requests made to it directly by individuals whose personal information may have been delivered or
made available to it pursuant to this Agreement (“Data Subjects”), and shall, prior to responding to such request, provide copies of any such personal information that it is processing on behalf of Servicee within such reasonable time
limits as may be specified by Servicee; 
 (j) it shall make available to any Data Subject on request a copy of this Section, and
notwithstanding any other provision of this Agreement shall permit a data subject to enforce the provisions of this Section; and 
  

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 (k) it shall not, except as explicitly agreed to in writing by Servicee, under any arrangement
established under this Agreement, collect any personal information on Servicee employees or clients from any cookies, applets, Web bug, beacons or similar technologies, except to the extent collected in connection with the MLIM Business prior to the
date hereof. 
 5.04 Exclusions. Nothing in Article V shall affect any data or information that Servicer validly receives from a
source apart from (i) this Agreement or (ii) the relationship established pursuant to this Agreement, nor affect Servicer’s rights to use such data or information, provided that if Servicer receives any such data or information that
is identical to any personal information that is delivered or made available to Servicer under or pursuant to this Agreement, then that fact shall in no way diminish Servicer’s obligations to keep the personal information so provided by
Servicee separate and secure. For avoidance of doubt, and as an example only, this means that if Servicer receives a name and social security number from Servicee and also receives an identical name and SSN from a third party not acting on behalf of
Servicee, then this Agreement does not affect in any way how Servicer handles or uses the information received from the third party, but Servicer still must keep the data received from Servicee separate and secure under this Agreement. 

5.05 No Additional Rights Granted. Except as otherwise expressly stated herein, Servicee acknowledges that neither Servicee nor any of its
Affiliates will acquire any right, title or interest (including any license rights or rights of use) in any firmware or software, and the licenses therefor, or any other Intellectual Property which are owned by Servicer or its Affiliates, by reason
of the provision of the Transition Services provided hereunder. 
 ARTICLE VI 
 LIMITATION ON LIABILITY 
 6.01 Limitations on Liability. WITHOUT LIMITING
THE GENERALITY OF SECTION 1.08 AND NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL EITHER PARTY BE LIABLE, ONE TO THE OTHER, FOR ANY TRADING LOSSES, LOSS OF PROFITS, LOSS OF DATA, LOSS BY REASON OF SHUTDOWN IN OPERATION
OR FOR INCREASED EXPENSES OF OPERATION OR PROCUREMENT, COSTS OF COVER RELATING TO THE SERVICES, OR SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT INCLUDING THE FURNISHING, PERFORMANCE, NON-PERFORMANCE
OR USE OF THE SERVICES OR MATERIAL PROVIDED FOR IN THIS AGREEMENT, EXCEPT FOR CLAIMS FOR INDEMNITY, CLAIMS ARISING FROM BREACH OF ARTICLE V, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 6.02 Indemnity. Each party will indemnify, defend and hold harmless the other party, its Affiliates and their respective officers, directors,
shareholders, employees and other representatives from any and all losses, damages, claims, liabilities and costs (including reasonable attorneys fees) incurred by the indemnified party from a third party claim arising out of the indemnifying
party’s (a) breach of Article V, (b) gross negligence or (c) willful misconduct. 
  

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 6.03 Pass-Through of Third Party Indemnification and Remedies. To the extent that Servicer is
entitled to any indemnity or other remedy under any representation, warranty or covenant under its agreements with third parties with respect to Transition Services, Servicer shall use commercially reasonable efforts to pass through to Servicee all
such indemnities or other remedies to the extent applicable without regard to any limitations set forth in this Agreement. For avoidance of doubt, Servicee shall not be deemed a third party beneficiary under such agreements nor have any direct
enforcement rights with respect thereto. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.01 Assignment. Subject to the following sentence, this Agreement shall not
be assignable by any party without the express prior written consent of the other party, except that Servicer may assign any or all of its obligations, rights and interests and delegate any or all of its obligations under this Agreement to an
Affiliate of Servicer that is equally capable as Servicer to perform this Agreement, upon at least thirty (30) days’ prior written notice to the Servicee, in which event the relevant rights and obligations of the assignor and remedies
available to it hereunder shall extend to and be enforceable by the assignee; provided, however, that the assignor shall remain, and the assignee shall be, fully liable for the performance of all such obligations in the manner
prescribed in this Agreement. Any purported assignment in contravention of this provision shall be null and void. Subject to the two immediately preceding sentences, this Agreement will be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. 
 7.02 Amendment; Waiver. This Agreement may not be amended, altered or modified except
by written instrument executed by each of the parties. The failure by any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision nor in any way to affect the
validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent
breach or non-compliance. Any waiver made by any party hereto in connection with this Agreement shall not be valid unless agreed to in writing by such party. This Agreement does not amend, modify or supersede the Purchase Agreement in any way.

 7.03 No Set Off; Netting. No party hereto, nor its respective Affiliates, shall have any right of set off or any other similar
rights with respect to (1) any amounts received pursuant to this Agreement or (2) any other amounts claimed to be owed to another party hereto or its respective Affiliates arising out of this Agreement, the Purchase Agreement or any other
agreement contemplated by the Purchase Agreement; provided, however, that the respective obligations of Servicee and Servicer to make payment under Section 2.01 hereof may be applied against each other and netted. 
 7.04 Insurance. 
 (a) Servicer shall
procure and maintain for its benefit Commercial General Liability coverage and Umbrella and/or Excess Liability coverage with minimum total limits of 

  

 12 

 $3,000,000 combined single limit for property damage and bodily injury and Errors and Omissions Liability Insurance
covering liability for loss or damage due to an act, error, omission or negligence with a minimum limit per event of $3,000,000. Servicer shall name Servicee and all parent companies of Servicee as additional insureds, as respects this particular
contract on its Commercial General Liability and Umbrella and/or Excess Liability coverage. Servicer shall also procure and maintain for its benefit Automobile Liability coverage in an amount of not less than $1,000,000 combined single limit. All
insurance required hereunder shall be primary and noncontributory and include a waiver of insurer’s rights of subrogation against Servicee and its insurers. 
 (b) Servicer shall procure and maintain for itself and its employees all insurance coverage required by federal, state or local law, including Workers’ Compensation insurance and a minimum of $1,000,000 in
Employer’s Liability coverage. 
 (c) Servicer shall procure and maintain for itself and its employees a Fidelity Bond in the amount of
$10,000,000. Servicer shall list Servicee as Loss Payee on the bond. 
 (d) All insurance coverage maintained by Servicer shall be written by
insurers acceptable to the Servicee. Servicer shall furnish to Servicee Certificates of Insurance evidencing all of the above required coverages and naming Servicee and its parent / subsidiaries as additional insureds / loss payee as required.

 7.05 Notices. All notices and other communications hereunder shall be in writing in the English language and shall be addressed as
follows (or at such other address for a party as shall be specified by like notice): 
 If to BlackRock: 
 New BlackRock, Inc. 
 40 East 52nd Street 
 New York,
New York 10022 
 Fax: (212) 810-8787 
 Attention: Ms. Susan Wagner 
 With copies to: 
 New BlackRock, Inc. 
 40 East 52nd Street 
 New York,
New York 10022 
 Fax: (212) 810-3744 
 Attention: Robert P. Connolly, Esq. 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036

 Fax: (212) 735-2000 
 Attention: Richard Prins, Esq. 
  

 13 

 If to Merrill Lynch: 
 Merrill Lynch & Co., Inc. 
 222 Broadway 
 New York, New York 10038 
 Fax: (212) 670-4518 
 Attention: Mr. Richard E. Alsop 
 With copies to: 
 Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 
 Fax: (212) 558-3588 
 Attention: Mitchell Eitel, Esq. 
 All such notices or communications shall be deemed to have been delivered and received: (a) if delivered in person, on the day of such delivery,
(b) if by fax, on the day on which such fax was sent, provided that receipt is personally confirmed by telephone, (c) if by certified or registered mail (return receipt requested), on the seventh Business Day after the mailing thereof or
(d) if by reputable overnight delivery service, on the second Business Day after the sending thereof. Each notice, written communication, certificate, instrument and other document required to be delivered under this Agreement shall be in the
English language, except to the extent that such notice, written communication, certificate, instrument and other document is required by Applicable Law to be in a language other than English. 
 7.06    Governing Law; Waiver of Jury Trial. This Agreement shall be deemed to be made in and in all respects shall be
interpreted, construed and governed by and in accordance with the law of the State of New York without regard to principles of conflicts of laws. Each party hereby waives, to the fullest extent permitted by applicable law, any right it may have to a
jury trial with respect to the subject matter of this Agreement. Each of the parties hereby irrevocably agrees that the courts of the State of New York shall have exclusive jurisdiction over any case or controversy arising from this Agreement and
each party hereby irrevocably consents to personal jurisdiction in such courts with respect to any and all matters arising from this Agreement, and waives any defense of forum non conveniens with respect to such courts. 
 7.07    Severability. Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as
to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms
or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 
 7.08    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same agreement, it being understood that all of the parties need not sign the same counterpart. 
  

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 7.09    Conflicts. Nothing herein shall oblige any party to act in violation
of the requirements of any law, rule or regulation applicable to it. 
 7.10    Definitions. Capitalized terms
used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement or Exhibit I of this Agreement. 
 7.11    Interpretation. When used herein, “including” means “including, without limitation”, the masculine includes the feminine and vice versa and any definition made in
the singular will be equally applicable in the plural and vice versa. Any reference to any agreement or contract referenced herein or in any Schedule shall be a reference to such agreement or contract, as amended, modified, supplemented or waived.

 7.12    Annexes. All Annexes, Exhibits and Schedules to this Agreement are deemed a part of this Agreement and
are subject to all of the provisions herein. 
 7.13    Force Majeure. Servicer shall not be liable for any
interruption of Transition Services or delay or failure to perform under this Agreement if such interruption, delay or failure results from causes beyond its reasonable control (“Force Majeure”). By way of example, and without limitation,
Servicer shall not be liable to Servicee for Servicer’s inability to provide Transition Services under this Agreement due to (i) natural disasters, (ii) disruptions caused by acts of war or terrorism, (iii) a third-party
vendor/supplier failure to comply with the terms of the agreements that such third-party vendor/supplier has with Servicer, or (iv) failures of third parties to provide electricity or other essential services. In any such event, Servicer’s
and Servicee’s obligations hereunder shall be postponed for such time as the performance is suspended or delayed on account thereof and the parties shall seek to identify and implement a commercially reasonable alternative to minimize any
interruption in the provision of Transition Services hereunder. Notwithstanding the foregoing, upon the occurrence of an event of Force Majeure, the party afflicted by it shall promptly notify the other party in writing of the estimated extent and
duration of its inability to perform its obligations. Upon the cessation of the event of Force Majeure, the afflicted party shall promptly notify the other party in writing of such cessation. The afflicted party shall use commercially reasonable
efforts to mitigate the effect of each event of Force Majeure. Upon the cessation of the Force Majeure event (if it ceases in less than sixty (60) days), Servicer and Servicee will use their respective reasonable efforts to resume its
performance with the least practicable delay. 
 7.14    Disputes. Servicer shall not (without Servicee’s
written consent) cease providing or suspend the provision of any Transition Service during the term of such Transition Service on account of , and during the pendency of, any good faith dispute between the parties. 
 [Signature page follows.] 
  

 15 

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

			
	MERRILL LYNCH & CO., INC.
		
	By:	 	  
		 	 Name:
 Title:

  

			
	NEW BLACKROCK, INC.
		
	By:	 	  
		 	 Name:
 Title:

  

 16Form of Fourth Supplemental Indenture between the Company and the Trustee

 EXHIBIT 4.2 
 MARKEL CORPORATION 
 Issuer 
 TO 
 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION 
 (as successor to The Chase Manhattan Bank) 
 Trustee 
  

 Fourth Supplemental Indenture

 Dated as of August 22, 2006 
  

 $150,000,000 
 7.50% Senior Debentures 
 Due 2046 

 TABLE OF CONTENTS* 
  

					
	ARTICLE I        7.50% SENIOR DEBENTURES due 2046	  	
			
	    SECTION 101.	  	Establishment	  	1
	    SECTION 102.	  	Definitions	  	2
	    SECTION 103.	  	Payment of Principal and Interest	  	3
	    SECTION 104.	  	Denominations	  	4
	    SECTION 105.	  	Global Securities	  	5
	    SECTION 106.	  	Redemption	  	5
	    SECTION 107.	  	Sinking Fund	  	5
	    SECTION 108.	  	Additional Interest	  	5
	    SECTION 109.	  	Paying Agent	  	6
	    SECTION 110.	  	Limitation on Liens	  	6
	    SECTION 111.	  	Events of Default	  	6
	    SECTION 112.	  	Defeasance	  	8
		
	ARTICLE II        MISCELLANEOUS PROVISIONS	  	
			
	    SECTION 201.	  	Recitals by Company	  	8
	    SECTION 202.	  	Incorporation of Original Indenture	  	9
	    SECTION 203.	  	Executed in Counterparts	  	9
	    SECTION 204.	  	Assignment	  	9
	    SECTION 205	  	The Trustee	  	9

	*	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

  

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 THIS FOURTH SUPPLEMENTAL INDENTURE is made as of August 22, 2006, by and between MARKEL CORPORATION,
a Virginia corporation, having its principal office at 4521 Highwoods Parkway, Glen Allen, Virginia 23060 (the “Company”), and J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION (as successor to THE CHASE MANHATTAN BANK), a national banking
association, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 5, 2001 (the “Original Indenture”), as heretofore
supplemented and amended, with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original
Indenture, as heretofore supplemented and amended and as further supplemented by this Fourth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the terms of such series may be described by a
supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture a series of
Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Original Indenture as at
the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Fourth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 7.50% SENIOR DEBENTURES DUE 2046 
 SECTION 101. Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 7.50% Senior Debentures due 2046 (the “7.50% Senior
Debentures”). 
 There are to be authenticated and delivered $150,000,000 principal amount of 7.50% Senior Debentures, and such
principal amount of the 7.50% Senior Debentures may be increased from time to time pursuant to Section 301 of the Indenture. All 7.50% Senior Debentures need not be issued at the same time and such series may be reopened at any time, without
the consent of any Holder, for issuances of additional 7.50% Senior Debentures. Any such additional 7.50% Senior Debentures will have the same interest rate, maturity and other terms as those initially issued. Further 7.50% Senior Debentures may
also be authenticated and delivered as provided by Sections 304, 305, 306 or 905 of the Original Indenture. 

 The 7.50% Senior Debentures shall be issued in definitive fully registered form without coupons, in
substantially the form set out in Exhibit A hereto. The entire initially issued principal amount of the 7.50% Senior Debentures shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository
Trust Company. 
 The form of the Trustee’s Certificate of Authentication for the 7.50% Senior Debentures shall be in substantially the
form set forth in Exhibit B hereto. 
 Each 7.50% Senior Debenture shall be dated the date of authentication thereof and shall bear interest
from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 SECTION 102. Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall
have the meanings set forth in the Original Indenture. 
 “Business Day” means a day other than (i) a Saturday or a Sunday,
(ii) a day on which banks in New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered in the Borough of Manhattan, The City of New York, which office at the date of original execution of this Indenture is located at 4 New York Plaza, 15th Floor, New York, New York 10004. 
 “Interest Payment Dates” means
February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2006. 
 “Lien” means any mortgage, lien, pledge, security interest or other encumbrance of any kind. 
 “Material
Subsidiary” means a Subsidiary of the Company whose total assets (as determined in accordance with GAAP) represent at least 20% of the total assets of the Company on a consolidated basis. 
 “Original Issue Date” means August 22, 2006. 
 “Outstanding”, when used with respect to the 7.50% Senior Debentures, means, as of the date of determination, all 7.50% Senior Debentures, theretofore authenticated and delivered under the Indenture, except:

 (i) 7.50% Senior Debentures theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
  

 2 

 (ii) 7.50% Senior Debentures for whose payment at Maturity the necessary amount of money or money’s
worth has been theretofore deposited (other than pursuant to Section 402 of the Original Indenture) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall
act as its own Paying Agent) for the Holders of such 7.50% Senior Debentures. 
 (iii) 7.50% Senior Debentures with respect to which the
Company has effected defeasance, or covenant defeasance has been effected, pursuant to Section 402 of the Original Indenture; and 
 (iv) 7.50% Senior Debentures that have been paid pursuant to Section 306 of the Original Indenture or in exchange for or in lieu of which other 7.50% Senior Debentures have been authenticated and delivered pursuant to the Indenture,
other than any such 7.50% Senior Debentures in respect of which there shall have been presented to the Trustee proof satisfactory to it that such 7.50% Senior Debentures are held by a bona fide purchaser in whose hands such 7.50% Senior Debentures
are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding 7.50% Senior Debentures have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders of 7.50% Senior Debentures for quorum purposes, 7.50% Senior Debentures owned by the Company or any other obligor upon the 7.50% Senior Debentures or any Affiliate of the Company or such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only 7.50% Senior Debentures which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. 7.50% Senior Debentures so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such 7.50% Senior Debentures and (B) that the pledgee is not the Company or any other obligor upon the 7.50% Senior Debentures or an
Affiliate of the Company or such other obligor. 
 “Regular Record Date” means, with respect to each Interest Payment Date, the
close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to 7.50% Senior Debentures that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on
the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. 
 “Stated Maturity” means
August 22, 2046. 
 SECTION 103. Payment of Principal and Interest. The principal of the 7.50% Senior Debentures shall be
due at the Stated Maturity. The unpaid principal amount of the 7.50% Senior Debentures shall bear interest at the rate of 7.50% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most
recent Interest Payment Date to which interest has been paid or duly provided for. Interest shall be paid quarterly in arrears on each Interest Payment Date to the Person in whose name the 7.50% Senior Debentures are registered on the Regular Record
Date for such Interest Payment Date; provided 
  

 3 

 
that interest payable at the Stated Maturity of principal as provided herein will be paid to the Person to whom principal is payable. Any such interest that
is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the 7.50% Senior Debentures are registered at the close of
business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (in accordance with Section 307 of the Original Indenture), notice whereof shall be given to Holders of the 7.50% Senior Debentures not less
than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the 7.50% Senior Debentures may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in the Original Indenture. 
 Payments of interest on the 7.50%
Senior Debentures will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 7.50% Senior Debentures shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event
that any date on which interest is payable on the 7.50% Senior Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in
respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable. 
 Payment
of the principal and interest on the 7.50% Senior Debentures shall be made at the office of the Paying Agent in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts,
with any such payment that is due at the Stated Maturity of any 7.50% Senior Debentures being made upon surrender of such 7.50% Senior Debentures to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be
made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place
and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which
principal and interest is payable on the 7.50% Senior Debentures is not a Business Day, then payment of the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or
payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable. 
 SECTION 104. Denominations. The 7.50% Senior Debentures may be issued in denominations of $25, or any integral multiple thereof. 
  

 4 

 SECTION 105. Global Securities.The 7.50% Senior Debentures will be issued initially in the
form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, 7.50% Senior Debentures represented by such Global
Securities will not be exchangeable for, and will not otherwise be issuable as, 7.50% Senior Debentures in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee. 
 Owners of
beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a 7.50% Senior Debenture shall be exchangeable, except for another Global Security of
like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee or except as described below. The rights of Holders of such Global Security shall be exercised only through the
Depositary. 
 A Global Security shall be exchangeable for 7.50% Senior Debentures registered in the names of persons other than the
Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company within 90 days of
receipt by the Company of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor
Depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation, or (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for 7.50% Senior Debentures registered in such names as the Depositary shall direct. 
 SECTION 106. Redemption. On or after August 22, 2011, the 7.50% Senior Debentures shall be redeemable at the option of the Company, in whole at any time or in part from time to time, at 100% of the
principal amount thereof plus accrued interest to the date of redemption. 
 SECTION 107. Sinking Fund. The 7.50% Senior
Debentures shall not have a sinking fund. 
 SECTION 108. Additional Interest. Any principal of and installment of interest on
the 7.50% Senior Debentures that is overdue shall bear interest at the rate of 7.50% (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand. 
  

 5 

 SECTION 109. Paying Agent. The Trustee shall initially serve as Paying Agent with respect to
the 7.50% Senior Debentures, with the Place of Payment initially being the Corporate Trust Office of the Trustee. 
 SECTION 110.
Limitation on Liens. The Company and its Material Subsidiaries may not issue, assume, incur or guarantee any indebtedness for borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of
the Voting Stock of a Material Subsidiary which shares are owned by the Company or its Material Subsidiaries without effectively providing that the 7.50% Senior Debentures (and if the Company so elects, any other indebtedness of the Company ranking
on a parity with the 7.50% Senior Debentures) shall be secured equally and ratably with, or prior to, any such secured indebtedness so long as such indebtedness remains outstanding. This Section 110 shall not apply to: 
 (i) liens for taxes or assessments or governmental charges or levies not then due and delinquent or the validity of which is being contested in good faith
or which are less than $1,000,000 in amount and liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings or which involves claims of less than $1,000,000, or

 (ii) any mortgage, pledge, lien or other encumbrance upon any shares of Voting Stock of any corporation existing at the time such
corporation becomes a Material Subsidiary and any extensions, renewals or replacements thereof. 
 This Section 110 has been included in
this Fourth Supplemental Indenture expressly and solely for the benefit of the 7.50% Senior Debentures and shall be subject to covenant defeasance pursuant to Section 402(3) of the Original Indenture. 
 SECTION 111. Events of Default. Article V of the Original Indenture is amended solely with respect to the 7.50% Senior Debentures as follows:

 (a) Section 501 is amended and restated in its entirety as follows: 
 “Section 501. Events of Default. 
 ‘Event of Default’, wherever used herein with respect to the 7.50% Senior Debentures, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest on the 7.50% Senior Debentures when such interest becomes due and payable, and continuance of
such default for a period of 30 days; or 
 (2) default in the payment of the principal of the 7.50% Senior Debentures when
due upon Maturity; or 
  

 6 

 (3) default in the performance, or breach, of any covenant or warranty of the Company in
this Indenture or the Security representing the 7.50% Senior Debentures (other than (i) a covenant or warranty for which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or (ii) a covenant or
warranty which has expressly been included in this Indenture or a Security of a series, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series other than the 7.50% Senior Debentures), and continuance of
such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding 7.50%
Senior Debentures a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a ‘Notice of Default’ hereunder; or 
 (4) (a) the failure of the Company to make any payment by the end of any applicable grace period after maturity of indebtedness,
which term as used in this Section 501 means obligations (other than nonrecourse obligations) of the Company for borrowed money or evidenced by bonds, debentures, notes or similar instruments in an aggregate principal amount in excess of
$50,000,000 (‘Indebtedness’) and continuance of such failure, or (b) the acceleration of Indebtedness because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such acceleration having
been cured, waived, rescinded or annulled, in each case, for a period of 10 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the
Outstanding 7.50% Senior Debentures; however, if any such failure or acceleration referred to in (a) or (b) above ceases or is cured, waived, rescinded or annulled, then the Event of Default by reason thereof shall be deemed not to have
occurred; or 
 (5) the Company pursuant to or under or within the meaning of any Bankruptcy Law: 
 (a) commences a voluntary case or proceeding; 
 (b) consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of any case against
it; 
 (c) consents to the appointment of a Custodian of it or for any substantial part of its property; 
 (d) makes a general assignment for the benefit of its creditors; 
 (e) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or 
 (f) consents to the filing of such petition or the appointment of or taking possession by a Custodian; or 
  

 7 

 (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (a) is for relief against the Company in an involuntary case or proceeding, or adjudicates the Company insolvent or
bankrupt; 
 (b) appoints a Custodian of the Company or for any substantial part of its property; or 
 (c) orders the winding up or liquidation of the Company; 
 and the order or decree remains unstayed and in effect for 90 days. 
 ‘Bankruptcy Law’ means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.” 
 (b)
Section 502 is amended as follows: 
 (1) The first paragraph shall be amended by deleting “33%” and replacing
it with “25%” and by adding the following sentence at the end of the paragraph: “If an Event of Default specified in clauses (5) or (6) of Section 501 occurs and is continuing, then the principal of, and accrued
interest on, all of the Outstanding 7.50% Senior Debentures shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.” 
 (2) The second paragraph shall be amended by deleting the period at the end and replacing it with “; and” and by adding the
following clause immediately after clause (2): “(3) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.” 
 SECTION 112. Defeasance. In addition to the conditions set forth in Section 402 of the Original Indenture, in order for the Company to effect defeasance or covenant defeasance of the 7.50% Senior
Debentures, the Company must have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the then Outstanding 7.50% Senior Debentures will not recognize income, gain or loss for federal income tax purposes as a result of
the defeasance or covenant defeasance and will be subject to federal income tax in the same amounts, in the same manner and at the same time as would have been the case if the defeasance or covenant defeasance had not occurred. In the case of a
defeasance (but not of a covenant defeasance), the opinion must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable federal income tax laws. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 SECTION 201. Recitals by Company. The recitals in this Fourth Supplemental Indenture are made by the Company only and not by the Trustee (who
makes no representation 
  

 8 

 
for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein), and all of the
provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 7.50% Senior Debentures and of this Fourth Supplemental Indenture as fully and
with like effect as if set forth herein in full. 
 SECTION 202. Incorporation of Original Indenture. As supplemented hereby, the
Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
 SECTION 203. Executed in Counterparts. This Fourth Supplemental Indenture may be executed in several counterparts, each of which shall be
deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 SECTION 204.
Assignment. The Company shall have the right at all times to assign any of its rights or obligations under the Indenture with respect to the 7.50% Senior Debentures to a direct or indirect wholly-owned subsidiary of the Company; provided
that, in the event of any such assignment, the Company shall remain primarily liable for the performance of all such obligations. The Indenture may also be assigned by the Company in connection with a transaction described in Article Eight of the
Original Indenture. 
 SECTION 205. The Trustee. Any corporation or association into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to which all or substantially all of the corporate
trust business of the Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act. 
  

 9 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly
authorized officer, all as of the day and year first above written. 
  

			
	MARKEL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 10 

 EXHIBIT A 
 FORM OF 
 7.50% SENIOR DEBENTURE DUE 2046 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY
PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]** 
 [THIS 7.50% SENIOR DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS 7.50% SENIOR DEBENTURE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS 7.50% SENIOR DEBENTURE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]1**

  

 MARKEL CORPORATION

 $150,000,000 
 7.50% SENIOR DEBENTURES DUE 2046 
  

			
	No. A-_	  	CUSIP No. 570535 20 3

 Markel Corporation, a corporation duly organized and existing under the laws of Virginia (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.], or registered assigns (the “Holder”), the principal
sum of One Hundred Fifty Million Dollars ($150,000,000) on August 22, 2046 and to pay interest thereon from August 22, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in
arrears 
  

	**	Insert in Global Securities. 

 on February 15, May 15, August 15 and November 15 of each year, commencing on
November 15, 2006, at the rate of 7.50% per annum, until the principal hereof is paid or made available for payment, provided that any principal, and any such installment of interest, that is overdue shall bear interest at the rate of
7.50% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this 7.50% Senior Debenture (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to 7.50% Senior Debentures that are not represented by one or more
Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 7.50% Senior Debenture (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of 7.50% Senior Debentures not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the 7.50% Senior Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Payments of interest on the 7.50% Senior Debentures will include interest accrued to but excluding the respective Interest Payment Dates. Interest
payments for the 7.50% Senior Debentures shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the 7.50% Senior Debentures is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was
originally payable. 
 Payment of the principal of and interest on this 7.50% Senior Debenture will be made at the office of the Paying
Agent, in the Borough of Manhattan, City and State of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the
Stated Maturity of any 7.50% Senior Debenture being made upon surrender of such 7.50% Senior Debenture to such office or agency; provided, however, that at the option of the Company payment of interest, subject to such surrender where applicable,
may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as
may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. 

 Reference is hereby made to the further provisions of this 7.50% Senior Debenture set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this 7.50% Senior Debenture shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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

					
	Dated:	 	Markel Corporation
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Officer

 REVERSE OF 7.50% SENIOR DEBENTURE 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of June 5, 2001, as heretofore supplemented and amended and as further supplemented by a Fourth Supplemental Indenture dated as of August 22, 2006 (collectively, as amended or supplemented from
time to time, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and J.P. Morgan Trust Company, National Association (as successor to The Chase Manhattan Bank), as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the “7.50%
Senior Debentures”) which is unlimited in aggregate principal amount. 
 If an Event of Default with respect to 7.50% Senior Debentures
shall occur and be continuing, the principal of the 7.50% Senior Debentures may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this 7.50% Senior Debenture shall be conclusive and binding upon such Holder and upon all future Holders of this 7.50% Senior Debenture and of any 7.50% Senior Debenture
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this 7.50% Senior Debenture. 
 As provided in and subject to the provisions of the Indenture, the Holder of this 7.50% Senior Debenture shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the 7.50% Senior Debentures, the Holders of not less than a majority in principal amount of the 7.50% Senior Debentures at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of 7.50% Senior Debentures at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this 7.50% Senior Debenture for the
enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates expressed or provided for herein. 

 No reference herein to the Indenture and no provision of this 7.50% Senior Debenture or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this 7.50% Senior Debenture at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this 7.50% Senior Debenture
is registrable in the Security Register, upon surrender of this 7.50% Senior Debenture for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this 7.50% Senior
Debenture are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new 7.50% Senior Debentures and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The 7.50% Senior Debentures are issuable only in registered form without coupons in denominations of $25 and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, 7.50% Senior Debentures are exchangeable for a like aggregate principal amount of 7.50% Senior Debentures having the same Stated Maturity and of like tenor of any authorized
denominations as requested by the Holder upon surrender of the 7.50% Senior Debenture or 7.50% Senior Debentures to be exchanged at the office or agency of the Company. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 Prior to due presentment of this 7.50% Senior Debenture for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this 7.50% Senior Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 On or after August 22, 2011, the 7.50% Senior Debentures shall be redeemable at the option of the
Company, in whole at any time or in part from time to time, at 100% of the principal amount thereof plus accrued interest to the date of redemption. 
 All terms used in this 7.50% Senior Debenture that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

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

			
	TEN COM --	  	as tenants in common
		
	TEN ENT --	  	as tenants by the entireties
		
	JT TEN --	  	as joint tenants with rights of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT --	  	                                      
                                        
   Custodian for
		  	(Cust)
		
		  	___________________________________
		  	(Minor)
		
		  	___________________________________
		  	Under Uniform Gifts to Minors Act of
		
		  	___________________________________
		  	(State)

 Additional abbreviations may also be used though not on the above list. 
 ______________________________________________________________________ 

 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
                                        
(please insert Social Security or other identifying number of assignee). 
  
  

  
  

  
  

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 the
within 7.50% Senior Debenture and all rights thereunder, hereby irrevocably constituting and appointing 
  
  

  
  

  
  

  
  

  
  

  
  

  
  

 agent to transfer said 7.50% Senior Debenture on
the books of the Company, with full power of substitution in the premises. 
 Dated:
                         ,             

  

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

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Officer

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