Document:

Credit Agreement dated April 9, 2009

 EXHIBIT 10.3 

Execution Version 

CUSIP Number: Deal # 45865UAF9 

Revolving Loans CUSIP # 45865UAG7 

Term Loans CUSIP # 45865UAH5 
  

 
  

CREDIT AGREEMENT 

among 

INTERCONTINENTALEXCHANGE, INC., 

as Borrower, 
 THE
LENDERS NAMED HEREIN, 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, Issuing Lender and Swingline Lender 

BANK OF AMERICA, N.A., 

as Syndication Agent, 

and 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, 
 and 

SOCIETE GENERALE, 

as Documentation Agents 

$300,000,000 Senior Credit Facilities 

WACHOVIA CAPITAL MARKETS, LLC 

and 
 BANC OF
AMERICA SECURITIES LLC 
 Joint Lead Arrangers and Joint Book Runners 

Dated as of April 9, 2009 
  

 
  

 

	***	Certain information in this agreement has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	
	 ARTICLE I

	
	 DEFINITIONS

			
	 1.1
	  	 Defined Terms
	  	1
	 1.2
	  	 Accounting Terms
	  	23
	 1.3
	  	 Other Terms; Construction
	  	23
	
	 ARTICLE II

	
	 AMOUNT AND TERMS OF THE LOANS

			
	 2.1
	  	 Commitments
	  	25
	 2.2
	  	 Borrowings
	  	26
	 2.3
	  	 Disbursements; Funding Reliance; Domicile of Loans
	  	29
	 2.4
	  	 Evidence of Debt; Notes
	  	30
	 2.5
	  	 Termination and Reduction of Commitments and Swingline Commitment
	  	31
	 2.6
	  	 Mandatory Payments and Prepayments
	  	31
	 2.7
	  	 Voluntary Prepayments
	  	32
	 2.8
	  	 Interest
	  	33
	 2.9
	  	 Fees
	  	34
	 2.10
	  	 Interest Periods
	  	35
	 2.11
	  	 Conversions and Continuations
	  	36
	 2.12
	  	 Method of Payments; Computations; Apportionment of Payments
	  	37
	 2.13
	  	 Recovery of Payments
	  	39
	 2.14
	  	 Pro Rata Treatment
	  	40
	 2.15
	  	 Increased Costs; Change in Circumstances; Illegality
	  	40
	 2.16
	  	 Taxes
	  	43
	 2.17
	  	 Compensation
	  	45
	 2.18
	  	 Replacement of Lenders; Mitigation of Costs
	  	45
	 2.19
	  	 Letters of Credit
	  	46
	 2.20
	  	 Defaulting Lenders
	  	53
	
	 ARTICLE III

	
	 CONDITIONS OF BORROWING

			
	 3.1
	  	 Conditions of Initial Borrowing
	  	53
	 3.2
	  	 Conditions of All Borrowings
	  	56

  

 i 

					
	 ARTICLE IV

	
	 REPRESENTATIONS AND WARRANTIES

			
	 4.1
	  	 Corporate Organization and Power
	  	57
	 4.2
	  	 Authorization; Enforceability
	  	57
	 4.3
	  	 No Violation
	  	58
	 4.4
	  	 Governmental and Third-Party Authorization; Permits
	  	58
	 4.5
	  	 Litigation
	  	58
	 4.6
	  	 Taxes
	  	58
	 4.7
	  	 Subsidiaries
	  	59
	 4.8
	  	 Full Disclosure
	  	59
	 4.9
	  	 Margin Regulations
	  	59
	 4.10
	  	 No Material Adverse Effect
	  	59
	 4.11
	  	 Financial Matters
	  	59
	 4.12
	  	 Ownership of Properties
	  	60
	 4.13
	  	 ERISA
	  	61
	 4.14
	  	 Environmental Matters
	  	61
	 4.15
	  	 Compliance with Laws
	  	61
	 4.16
	  	 Intellectual Property
	  	61
	 4.17
	  	 Regulated Industries
	  	62
	 4.18
	  	 Insurance
	  	62
	 4.19
	  	 Material Contracts
	  	62
	 4.20
	  	 No Burdensome Restrictions
	  	62
	 4.21
	  	 OFAC; Anti-Terrorism Laws
	  	62
	
	 ARTICLE V

	
	 AFFIRMATIVE COVENANTS

			
	 5.1
	  	 Financial Statements
	  	63
	 5.2
	  	 Other Business and Financial Information
	  	64
	 5.3
	  	 Compliance with All Material Contracts
	  	66
	 5.4
	  	 Existence; Franchises; Maintenance of Properties
	  	67
	 5.5
	  	 Use of Proceeds
	  	67
	 5.6
	  	 Compliance with Laws
	  	67
	 5.7
	  	 Payment of Obligations
	  	67
	 5.8
	  	 Insurance
	  	67
	 5.9
	  	 Maintenance of Books and Records; Inspection
	  	67
	 5.10
	  	 Permitted Acquisitions
	  	68
	 5.11
	  	 Creation or Acquisition of Subsidiaries
	  	69
	 5.12
	  	 OFAC, PATRIOT Act Compliance
	  	69
	 5.13
	  	 Further Assurances
	  	69

  

 ii 

					
	 ARTICLE VI

	
	 FINANCIAL COVENANTS

			
	 6.1
	  	 Maximum Total Leverage Ratio
	  	70
	 6.2
	  	 Minimum Interest Coverage Ratio
	  	70
	 ARTICLE VII

	  
 NEGATIVE
COVENANTS

			
	 7.1
	  	 Merger; Consolidation
	  	70
	 7.2
	  	 Indebtedness
	  	71
	 7.3
	  	 Liens
	  	72
	 7.4
	  	 Asset Dispositions
	  	73
	 7.5
	  	 Acquisitions
	  	74
	 7.6
	  	 Restricted Payments
	  	75
	 7.7
	  	 Transactions with Affiliates
	  	75
	 7.8
	  	 Lines of Business
	  	76
	 7.9
	  	 Limitation on Certain Restrictions
	  	76
	 7.10
	  	 No Other Negative Pledges
	  	76
	 7.11
	  	 Investments in Subsidiaries
	  	76
	 7.12
	  	 Fiscal Year
	  	77
	 7.13
	  	 Accounting Changes
	  	77
	 ARTICLE VIII

	
	 EVENTS OF DEFAULT

			
	 8.1
	  	 Events of Default
	  	77
	 8.2
	  	 Remedies: Termination of Commitments, Acceleration, etc.
	  	79
	 8.3
	  	 Remedies: Set-Off
	  	80
	
	 ARTICLE IX

	
	 THE ADMINISTRATIVE AGENT

			
	 9.1
	  	 Appointment and Authority
	  	80
	 9.2
	  	 Rights as a Lender
	  	81
	 9.3
	  	 Exculpatory Provisions
	  	81
	 9.4
	  	 Reliance by Administrative Agent
	  	82
	 9.5
	  	 Delegation of Duties
	  	82
	 9.6
	  	 Resignation of Administrative Agent
	  	82
	 9.7
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	83
	 9.8
	  	 No Other Duties, Etc
	  	83
	 9.9
	  	 Guaranty Matters
	  	83
	 9.10
	  	 Swingline Lender
	  	83

  

 iii 

					
		  	ARTICLE X	  	
			
		  	MISCELLANEOUS	  	
			
	 10.1
	  	 Expenses; Indemnity; Damage Waiver
	  	84
	 10.2
	  	 Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process
	  	85
	 10.3
	  	 Waiver of Jury Trial
	  	86
	 10.4
	  	 Notices; Effectiveness; Electronic Communication
	  	86
	 10.5
	  	 Amendments, Waivers, etc
	  	87
	 10.6
	  	 Successors and Assigns
	  	89
	 10.7
	  	 No Waiver
	  	93
	 10.8
	  	 Survival
	  	93
	 10.9
	  	 Severability
	  	93
	 10.10
	  	 Construction
	  	94
	 10.11
	  	 Confidentiality
	  	94
	 10.12
	  	 Counterparts; Integration; Effectiveness
	  	94
	 10.13
	  	 Disclosure of Information
	  	95
	 10.14
	  	 USA Patriot Act Notice
	  	95

  

 iv 

 EXHIBITS 

 

			
	 Exhibit A-1
	  	Form of Term Note
	 Exhibit A-2
	  	Form of Revolving Note
	 Exhibit A-3
	  	Form of Swingline Note
	 Exhibit B-1
	  	Form of Notice of Borrowing
	 Exhibit B-2
	  	Form of Notice of Swingline Borrowing
	 Exhibit B-3
	  	Form of Notice of Conversion/Continuation
	 Exhibit B-4
	  	Form of Letter of Credit Notice
	 Exhibit C
	  	Form of Compliance Certificate
	 Exhibit D
	  	Form of Assignment and Assumption
	 Exhibit E
	  	Form of Guaranty
	 Exhibit F
	  	Form of Financial Condition Certificate

SCHEDULES 
  

			
	 Schedule 1.1(a)
	  	Commitments and Notice Addresses
	 Schedule 4.1
	  	Jurisdictions of Organization
	 Schedule 4.4
	  	Consents and Approvals
	 Schedule 4.5
	  	Litigation Matters
	 Schedule 4.7
	  	Subsidiaries
	 Schedule 4.19
	  	Material Contracts
	 Schedule 7.2
	  	Indebtedness
	 Schedule 7.3
	  	Liens
	 Schedule 7.8
	  	Transactions with Affiliates

  

 v 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT, dated as of the
9th day of April, 2009, is made among
INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”), the Lenders (as hereinafter defined), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent (as hereinafter defined) for the Lenders
(“Wachovia”), and BANK OF AMERICA, N.A., as Syndication Agent for the Lenders (“BofA”). 

BACKGROUND STATEMENT 

The Borrower has requested that the Lenders make available to the Borrower a term loan facility in the aggregate principal amount of
$200,000,000 and a revolving credit facility in the aggregate principal amount of $100,000,000. The Borrower will use the proceeds of these facilities as provided in Section 5.5. The Lenders are willing to make available to the Borrower
the credit facilities described herein subject to and on the terms and conditions set forth in this Agreement. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the mutual provisions, covenants and agreements herein contained, the parties
hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

1.1 Defined Terms. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the
meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof): 
 “Account
Designation Letter” means a letter from the Borrower to the Administrative Agent, duly completed and signed by an Authorized Officer of the Borrower and in form and substance reasonably satisfactory to the Administrative Agent, listing any
one or more accounts to which the Borrower may from time to time request the Administrative Agent to forward the proceeds of any Loans made hereunder. 

“Acquisition” means any transaction or series of related transactions, consummated on or after the date hereof, by which
the Borrower directly, or indirectly through one or more Subsidiaries, (i) acquires any going business, division thereof or line of business, or all or substantially all of the assets, of any Person, whether through purchase of assets, merger
or otherwise, or (ii) acquires Capital Stock of any Person having at least a majority of Total Voting Power of the then outstanding Capital Stock of such Person. 

 “Acquisition Amount” means, with respect to any Acquisition, the sum
(without duplication) of (i) the amount of cash paid as purchase price by the Borrower and its Subsidiaries in connection with such Acquisition, (ii) the value of all Capital Stock issued or given as purchase price by the Borrower and its
Subsidiaries in connection with such Acquisition (as determined by the parties thereto under the definitive acquisition agreement), (iii) the amount (determined by using the face amount or the amount payable at maturity, whichever is greater)
of all Indebtedness incurred, assumed or acquired by the Borrower and its Subsidiaries in connection with such Acquisition, (iv) all amounts paid in respect of noncompetition agreements, consulting agreements and similar arrangements entered
into in connection with such Acquisition, (v) all amounts paid in respect of any earnout obligations or similar deferred or contingent purchase price obligations of the Borrower or any of its Subsidiaries incurred or created in connection with
such Acquisition and (vi) the aggregate fair market value of all other real, mixed or personal property paid as purchase price by the Borrower and its Subsidiaries in connection with such Acquisition. 

“Adjusted Base Rate” means, at any time with respect to any Base Rate Loan of any Class, a rate per annum equal to the
Base Rate as in effect at such time plus the Applicable Percentage for Base Rate Loans of such Class as in effect at such time. 

“Adjusted LIBOR Market Index Rate” means, for any date, with respect to any LIBOR Market Index Rate Loan, a rate per
annum equal to the LIBOR Market Index Rate as in effect at such time plus the Applicable Percentage for LIBOR Loans as in effect at such time. 

“Adjusted LIBOR Rate” means, at any time with respect to any LIBOR Loan of any Class, a rate per annum equal to the
LIBOR Rate as in effect at such time plus the Applicable Percentage for LIBOR Loans as in effect at such time. 

“Administrative Agent” means Wachovia, in its capacity as Administrative Agent appointed under Section 9.1,
and its successors and permitted assigns in such capacity. 
 “Administrative Questionnaire” means, with
respect to each Lender, the administrative questionnaire in the form submitted to such Lender by the Administrative Agent and returned to the Administrative Agent duly completed by such Lender. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall be deemed an “Affiliate” of any Credit Party.

 “Aggregate Revolving Credit Exposure” means, at any time, the sum of (i) the aggregate principal amount
of Revolving Loans outstanding at such time, (ii) the aggregate principal amount of Swingline Loans outstanding at such time and (iii) the aggregate Letter of Credit Exposure of all Revolving Credit Lenders at such time. 

“Agreement” means this Credit Agreement, as amended, modified, restated or supplemented from time to time in accordance
with its terms. 
  

 2 

 “Applicable Percentage” means, at any time from and after the Closing Date,
the applicable percentage (i) to be added to the Base Rate for purposes of determining the Adjusted Base Rate, (ii) to be added to the LIBOR Rate and the LIBOR Market Index Rate for purposes of, respectively, determining the Adjusted LIBOR
Rate and Adjusted LIBOR Market Index Rate and (iii) to be used in calculating the commitment fee payable pursuant to Section 2.9(b), in each case as determined under the following matrix with reference to the Total Leverage Ratio,
but subject to Section 5.1(c): 
  

												
	 Tier
	  	 Total Leverage Ratio
	  	Applicable
LIBOR

Margin	 	 	Applicable
Base
Rate
Margin	 	 	Applicable
Commitment

Fee Rate	 
	 I
	  	 Less than 1.0 to 1.0
	  	2.50	% 	 	1.50	% 	 	0.50	% 
	 II
	  	 Less than 1.50 to 1.0 but greater than or equal to 1.0 to 1.0
	  	3.00	% 	 	2.00	% 	 	0.60	% 
	 III
	  	 Less than 2.0 to 1.0 but greater than or equal to 1.50 to 1.0
	  	3.50	% 	 	2.50	% 	 	0.70	% 
	 IV
	  	 Greater than or equal to 2.0 to 1.0
	  	4.50	% 	 	3.50	% 	 	0.90	% 

 On each
Adjustment Date (as hereinafter defined), the Applicable Percentage for all Loans and the commitment fee payable pursuant to Section 2.9(b) shall be adjusted effective as of such Adjustment Date (based upon the calculation of the Total
Leverage Ratio as of the last day of the Reference Period to which such Adjustment Date relates) in accordance with the above matrix; provided, however, that, notwithstanding the foregoing or anything else herein to the contrary, if at
any time the Borrower shall have failed to deliver any of the financial statements as required by Sections 5.1(a) or 5.1(b), as the case may be, or the Compliance Certificate as required by Section 5.2(a), then at all
times from and including the date on which such statements and Compliance Certificate are required to have been delivered until the date on which the same shall have been delivered, each Applicable Percentage shall be determined based on Tier IV
above (notwithstanding the actual Total Leverage Ratio). For purposes of this definition, “Adjustment Date” means, with respect to any Reference Period of the Borrower beginning with the Reference Period ending as of the last day of
the first fiscal quarter of fiscal year 2009, the day (or, if such day is not a Business Day, the next succeeding Business Day) of delivery by the Borrower in accordance with Section 5.1(a) or Section 5.1(b), as the case may
be, of (i) financial statements as of the end of and for such Reference Period and (ii) a duly completed Compliance Certificate with respect to such Reference Period. From the Closing Date until the first Adjustment Date requiring a change
in any Applicable Percentage as provided herein, each Applicable Percentage shall be based on Tier I above. 

“Applicable Period” has the meaning set forth in Section 5.1(c). 

 

 3 

 “Approved Fund” means any Fund that is administered or managed by
(i) a Lender, (ii) an Affiliate of a Lender, or (iii) a Person (or an Affiliate of a Person) that administers or manages a Lender. 

“Arrangers” mean Wachovia Capital Markets, LLC, Banc of America Securities LLC and their respective successors.

 “Asset Disposition” means any sale, assignment, lease, conveyance, transfer or other disposition by the
Borrower or any of its Subsidiaries (whether in one or a series of transactions) of all or any of its assets, business or other properties (including Capital Stock of Subsidiaries). 

“Assignment and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 10.6(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form approved by the Administrative Agent. 

“Authorized Officer” means, with respect to any action specified herein to be taken by or on behalf of a Credit Party,
any officer of such Credit Party duly authorized by resolution of its board of directors or other governing body to take such action on its behalf, and whose signature and incumbency shall have been certified to the Administrative Agent by the
secretary or an assistant secretary of such Credit Party. 
 “Bankruptcy Code” means 11 U.S.C.
§§ 101 et seq., as amended from time to time, and any successor statute. 
 “Bankruptcy
Event” means the occurrence of an event specified in Section 8.1(f) or Section 8.1(g). 

“Base Rate” means the highest of (i) the per annum interest rate publicly announced from time to time by Wachovia
in Charlotte, North Carolina, to be its prime rate (which may not necessarily be its lowest or best lending rate), as adjusted to conform to changes as of the opening of business on the date of any such change in such prime rate, (ii) the
Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as of the opening of business on the date of any such change in the Federal Funds Rate, and (iii) the LIBOR Rate for an Interest Period of 1 month plus 1.50%, as
adjusted to conform to changes as of the opening of business on the date of any such change of such LIBOR Rate. 
 “Base
Rate Loan” means, at any time, any Loan that bears interest at such time at the applicable Adjusted Base Rate. 

“BofA” means Bank of America, N.A. 

“Borrower” has the meaning given to such term in the introductory paragraph hereof. 

“Borrowing” means the incurrence by the Borrower (including as a result of conversions and continuations of outstanding
Loans pursuant to Section 2.11) on a single date of a group of Loans of a single Class and Type (or a Swingline Loan made by the Swingline Lender) and, in the case of LIBOR Loans, as to which a single Interest Period is in effect.

  

 4 

 “Borrowing Date” means, with respect to any Borrowing, the date upon which
such Borrowing is made. 
 “Business Day” means (i) any day other than a Saturday or Sunday, a legal
holiday or a day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to be closed and (ii) in respect of any determination relevant to a LIBOR Loan or a LIBOR Market Index Rate Loan,
any such day that is also a day on which trading in Dollar deposits is conducted by banks in London, England in the London interbank Eurodollar market. 

“Capital Expenditures” means, for any period, the aggregate amount (whether paid in cash or accrued as a liability) that
would, in accordance with GAAP, be included on the consolidated statement of cash flows of the Borrower and its Subsidiaries for such period as additions to equipment, fixed assets, real property or improvements or other capital assets (including,
without limitation, Capital Lease Obligations); provided, however, that Capital Expenditures shall not include any such expenditures (i) for replacements and substitutions for capital assets, to the extent made with the proceeds
of insurance, (ii) for replacements and substitutions for capital assets, to the extent made with proceeds from the sale, exchange or other disposition of assets as permitted under Sections 7.4(i) or 7.4(iii), or (iii) included
within the Acquisition Amount of any Permitted Acquisition. 
 “Capital Lease” means, with respect to any
Person, any lease of property (whether real, personal or mixed) by such Person as lessee that is or is required to be, in accordance with GAAP, recorded as a capital lease on such Person’s balance sheet. 

“Capital Lease Obligations” means, with respect to any Person, the obligations of such Person to pay rent or other
amounts under any Capital Lease of such Person, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or
equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership, membership, limited liability company or
other equity interests of such Person; and in each case under clauses (i) and (ii), any and all warrants, rights or options to purchase any of the foregoing or any securities convertible into or exchangeable for any of the foregoing.

 “Capitalized Software Development Costs” means those capitalized costs both internal and external, direct
and incremental incurred related to software developed or obtained for internal use in accordance with AICPA Statement of Position 98-1 “Accounting for Costs of Computer Software Developed or Obtained for Internal Use.” 

“Cash Collateral Account” has the meaning given to such term in Section 2.19(h). 

“Cash Equivalents” means (i) securities issued or unconditionally guaranteed or insured by the United States of
America or any agency or instrumentality thereof, backed by the full faith and credit of the United States of America and maturing within one year from the date of acquisition, (ii) commercial paper issued by any Person organized under the laws
of the United 
  

 5 

 
States of America, maturing within 180 days from the date of acquisition and, at the time of acquisition, having a rating of at least A-1 or the equivalent thereof by Standard &
Poor’s Ratings Services or at least P-1 or the equivalent thereof by Moody’s Investors Service, Inc., (iii) time deposits and certificates of deposit maturing within 180 days from the date of issuance and issued by a bank or trust
company organized under the laws of the United States of America or any state thereof (y) that has combined capital and surplus of at least $500,000,000 or (z) that has (or is a subsidiary of a bank holding company that has) a long-term
unsecured debt rating of at least A or the equivalent thereof by Standard & Poor’s Ratings Services or at least A2 or the equivalent thereof by Moody’s Investors Service, Inc., (iv) repurchase obligations with a term not
exceeding thirty (30) days with respect to underlying securities of the types described in clause (i) above entered into with any bank or trust company meeting the qualifications specified in clause (iii) above, and (v) money
market funds at least ninety-five percent (95%) of the assets of which are continuously invested in securities of the foregoing types. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption
or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (iii) the making or issuance
of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 

“Change of Control” means (i) any Person or group of Persons acting in concert as a partnership or other group
shall have become, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases or otherwise, the beneficial owner of outstanding Capital Stock of the Borrower having 35% or more of the Total Voting Power of the
Borrower, or (ii) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (a) nominated by the board of directors of the Borrower nor (b) appointed by
directors so nominated. 
 “Class” has the meaning given to such term in Section 2.2(a).

 “Closing Date” means the date upon which the initial extensions of credit are made pursuant to this
Agreement, which shall be the date upon which each of the conditions set forth in Sections 3.1 and 3.2 shall have been satisfied or waived in accordance with the terms of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute, and all rules
and regulations from time to time promulgated thereunder. 
 “Commitment” means, with respect to any Lender,
such Lender’s Term Loan Commitment and/or Revolving Credit Commitment, as applicable. 
 “Compliance
Certificate” means a fully completed and duly executed certificate in the form of Exhibit C, together with a Covenant Compliance Worksheet. 

“Consolidated EBITDA” means, for any Reference Period, the aggregate of (i) Consolidated Net Income for such
period, plus (ii) the sum of (A) interest expense, (B) federal, state, local and other income taxes, (C) depreciation and amortization of intangible assets, and (D) extraordinary losses or charges, all to the extent
taken into account in the 
  

 6 

 
calculation of Consolidated Net Income for such Reference Period and all calculated in accordance with GAAP, minus (iii) the sum of (A) extraordinary gains or income and
(B) noncash credits increasing income for such period, all to the extent taken into account in the calculation of Consolidated Net Income for such period. 

“Consolidated Interest Expense” means, for any Reference Period, the sum (without duplication) of (i) total
interest expense of the Borrower and its Subsidiaries for such Reference Period in respect of Total Funded Debt (including, without limitation, all such interest expense accrued or capitalized during such Reference Period, whether or not actually
paid during such Reference Period), determined on a consolidated basis in accordance with GAAP, and (ii) all recurring unused commitment fees and other ongoing fees in respect of Total Funded Debt (including the unused fees provided for under
Section 2.9) paid, accrued or capitalized by the Borrower and its Subsidiaries during such Reference Period. 

“Consolidated Net Income” means, for any Reference Period, net income (or loss) for the Borrower and its Subsidiaries
for such Reference Period, determined on a consolidated basis in accordance with GAAP (after deduction for minority interests); provided that, in making such determination, there shall be excluded (i) the net income of any other Person
that is not a Subsidiary of the Borrower (or is accounted for by the Borrower by the equity method of accounting) except to the extent of actual payment of cash dividends or distributions by such Person to the Borrower or any Subsidiary of the
Borrower during such period, (ii) the net income (or loss) of any other Person acquired by, or merged with, the Borrower or any of its Subsidiaries for any period prior to the date of such acquisition, and (iii) the net income of any
Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such net income is not at the time permitted by operation of the terms of its charter, certificate of incorporation
or formation or other constituent document or any agreement or instrument (other than a Credit Document) or Requirement of Law applicable to such Subsidiary. 

“Control” means, with respect to any Person, (i) the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, or (ii) the beneficial ownership of securities or other ownership interests of such Person having
10% or more of the combined voting power of the then outstanding securities or other ownership interests of such Person ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors or
other governing body of such Person; and the terms “Controlled” and “Controlling” have correlative meanings. 

“Covenant Compliance Worksheet” means a fully completed worksheet in the form of Attachment A to
Exhibit C. 
 “Credit Documents” means this Agreement, the Notes, the Letters of Credit, the Fee
Letters, the Guaranty, and all other agreements, instruments, documents and certificates now or hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf of the Borrower or any other Credit Party with respect to this
Agreement, in each case as amended, modified, supplemented or restated from time to time. 
  

 7 

 “Credit Parties” means the Borrower, each of the Subsidiary Guarantors and
their respective successors. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. 
 “Default” means any event or condition that, with
the passage of time or giving of notice, or both, would constitute an Event of Default. 
 “Defaulting Lender”
means any Lender, as determined in good faith by the Administrative Agent, that (i) has failed (which failure has not been cured) to fund any Loan, or any participation interest in Letters of Credit or Swingline Loans requested and permitted to
be made hereunder in accordance with the terms hereof, (ii) has notified the Borrower, the Administrative Agent, Swingline Lender or the Issuing Lender in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (iii) has failed, within three
Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans or participations in Letters of Credit or Swingline Loans, (iv) has
failed to pay to the Administrative Agent, the Swingline Lender, the Issuing Lender or any Lender when due an amount owed by such Lender pursuant to the terms of this Agreement, unless such amount is subject to a good faith dispute or such failure
has been cured, or (v) (a) has become or is insolvent or has a parent company that has become or is insolvent or (b) has become the subject of a proceeding under any Debtor Relief Law, or has had a receiver, conservator, trustee or
custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a proceeding under any
Debtor Relief Law, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 

“Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or
by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any mandatory repurchase requirement, pursuant
to a sinking fund obligation or otherwise, (ii) is redeemable or subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is convertible into or exchangeable for (whether at the option of the
issuer or the holder thereof) (y) debt securities or (z) any Capital Stock referred to in (i) or (ii) above, in each case under (i), (ii) or (iii) above at any time on or prior to the first anniversary of the Maturity
Date; provided, however, that only the portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the holder thereof, or is so convertible or exchangeable on or prior to such date shall be
deemed to be Disqualified Capital Stock. 
  

 8 

 “Dollars” or “$” means dollars of the United States of
America. 
 “Domestic Subsidiary” means any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States. 
 “Environmental Claims” means any and all administrative, regulatory
or judicial actions, suits, demands, demand letters, claims, liens, allegations, notices of noncompliance or violation, investigations by a Governmental Authority, or proceedings (including, without limitation, administrative, regulatory and
judicial proceedings) relating in any way to any Hazardous Substance, any actual or alleged violation of or liability under any Environmental Law or any permit issued, or any approval given, under any Environmental Law (collectively,
“Claims”), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and
(ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from any Hazardous Substance or arising from alleged injury or threat of injury to human
health or the environment. 
 “Environmental Laws” means any and all federal, state and local laws, statutes,
ordinances, rules, regulations, permits, licenses, approvals, rules of common law and orders of courts or Governmental Authorities, relating to the protection of human health, occupational safety with respect to exposure to Hazardous Substances, or
the environment, now or hereafter in effect, and in each case as amended from time to time, including, without limitation, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation,
handling, reporting, licensing, permitting, investigation or remediation of Hazardous Substances. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute, and all rules and regulations from time to time promulgated thereunder. 

“ERISA Affiliate” means any Person (including any trade or business, whether or not incorporated) deemed to be under
“common control” with, or a member of the same “controlled group” as, the Borrower or any of its Subsidiaries, within the meaning of Sections 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA.

 “ERISA Event” means any of the following with respect to a Plan or Multiemployer Plan, as applicable:
(i) a Reportable Event, (ii) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan that results in liability under Section 4201 or 4204 of ERISA, or the receipt by the Borrower or any ERISA
Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA, (iii) the distribution
by the Borrower or any ERISA Affiliate under Section 4041 or 4041A of ERISA of a notice of intent to terminate any Plan or the taking of any action to terminate any Plan, (iv) the commencement of proceedings by the PBGC under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Borrower or any ERISA Affiliate of a notice from any Multiemployer Plan that such action has been taken by the

  

 9 

 
PBGC with respect to such Multiemployer Plan, (v) the institution of a proceeding by any fiduciary of any Multiemployer Plan against the Borrower or any ERISA Affiliate to enforce
Section 515 of ERISA, which is not dismissed within thirty (30) days, (vi) the imposition upon the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, or the imposition or threatened imposition of any Lien upon any assets of the Borrower or any ERISA Affiliate as a result of any alleged failure to comply with the Code or ERISA in respect of any Plan, (vii) the
engaging in or otherwise becoming liable for a nonexempt Prohibited Transaction by the Borrower or any ERISA Affiliate, or a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under
Section 401(a) of the Code by any fiduciary of any Plan for which the Borrower or any of its ERISA Affiliates may be directly or indirectly liable, (viii) the occurrence with respect to any Plan of any “accumulated funding
deficiency” (within the meaning of Section 302 of ERISA and Section 412 of the Code), whether or not waived, (ix) with respect to plan years beginning prior to January 1, 2008, the adoption of an amendment to any Plan that,
pursuant to Section 307 of ERISA, would require the provision of security to such Plan by the Borrower or an ERISA Affiliate, or (x) with respect to plan years beginning on or after the PPA 2006 Effective Date, the incurrence of an
obligation to provide a notice under Section 101(j) of ERISA, the adoption of an amendment which may not take effect due to the application of Section 436(c)(1) of the Code or Section 206(g)(2)(A) of ERISA, or the payment of a
contribution in order to satisfy the requirements of Section 436(c)(2) of the Code or Section 206(g)(2)(B) of ERISA. 

“Event of Default” has the meaning given to such term in Section 8.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute, and
all rules and regulations from time to time promulgated thereunder. 
 “Excluded Taxes” means, with respect to
the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (i) taxes imposed on or measured by its overall net income (however denominated), and franchise
taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its
applicable Lending Office is located, (ii) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located and (iii) in the case of a Foreign Lender (other than an
assignee pursuant to a request by the Borrower under Section 2.18(a)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending
Office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.16(e), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a). 

“Existing Credit Facility” has the meaning set forth in Section 3.1(c). 

 

 10 

 “Federal Funds Rate” means, for any period, a fluctuating per annum
interest rate (rounded upwards, if necessary, to the nearest 1/100 of one percentage point) equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System
arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business
Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any successor thereto. 

“Fee Letters” means the Joint Fee Letter and the Wachovia Fee Letter. 

“Financial Condition Certificate” means a fully completed and duly executed certificate, in substantially the form of
Exhibit F, together with the attachments thereto. 
 “Financial Officer” means, with respect to the
Borrower, the chief financial officer, vice president—finance, principal accounting officer or treasurer of the Borrower. 

“fiscal quarter” or “FQ” means a fiscal quarter of the Borrower and its Subsidiaries. 

“fiscal year” or “FY” means a fiscal year of the Borrower and its Subsidiaries. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction outside of the United States.

 “Foreign Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“GAAP” means generally accepted accounting principles in the United States of America, as set forth in the statements,
opinions and pronouncements of the Accounting Principles Board, the American Institute of Certified Public Accountants and the Financial Accounting Standards Board, consistently applied and maintained, as in effect from time to time (subject to the
provisions of Section 1.2). 
 “Governmental Authority” means the government of the United States
of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

 

 11 

 “Guarantor” means any Wholly-Owned Subsidiary of the Borrower that is a
guarantor of the Obligations under the Guaranty (or under another guaranty agreement in form and substance satisfactory to the Administrative Agent). 

“Guaranty” means a guaranty agreement made by the Guarantors in favor of the Administrative Agent and the Lenders, in
substantially the form of Exhibit E, as amended, modified, restated or supplemented from time to time. 

“Guaranty Fund” means any fund set up by (i) ICE Clear US pursuant to Section 5.4 of its by-laws,
(ii) ICE Clear Europe, (iii) The Clearing Corporation, (iv) ICE US Trust, (v) ICE Clear Canada, and (vi) such other clearing houses owned and operated by the Borrower in the future, in each case in which its clearing members
make deposits to secure the obligations of its clearing members and which is used to cover the losses sustained by such Person as a result of the default of any such clearing member. 

“Guaranty Obligation” means, with respect to any Person, any direct or indirect liability of such Person with respect to
any Indebtedness, liability or other obligation (the “primary obligation”) of another Person (the “primary obligor”), whether or not contingent, (i) to purchase, repurchase or otherwise acquire such primary
obligation or any property constituting direct or indirect security therefor, (ii) to advance or provide funds (x) for the payment or discharge of any such primary obligation or (y) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor (including, without limitation, keep well agreements, maintenance agreements, comfort letters
or similar agreements or arrangements), (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor in respect thereof to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with respect to
the Borrower and its Subsidiaries, the term Guaranty Obligation shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guaranty Obligation of any guaranteeing Person hereunder shall be
deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made and (b) the maximum amount for which such guaranteeing Person may be liable
pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such primary obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of such
Guaranty Obligation shall be such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing Person in good faith. 

“Hazardous Substance” means any substance or material meeting any one or more of the following criteria: (i) it is
or contains a substance designated as a hazardous waste, hazardous substance, hazardous material, pollutant, contaminant or toxic substance under any Environmental Law, (ii) it is toxic, explosive, corrosive, ignitable, infectious, radioactive,
mutagenic or otherwise hazardous to human health or the environment and is or becomes regulated by any Governmental Authority, (iii) its presence may require investigation or response under any Environmental Law, (iv) it constitutes a
nuisance, trespass or health or safety 
  

 12 

 
hazard to Persons or neighboring properties, or (v) it is or contains, without limiting the foregoing, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum
hydrocarbons, petroleum derived substances or wastes, crude oil, nuclear fuel, natural gas or synthetic gas. 
 “Hedge
Agreement” means any interest or foreign currency rate swap, cap, collar, option, hedge, forward rate or other similar agreement or arrangement designed to protect against fluctuations in interest rates or currency exchange rates.

 “Hedge Party” means any Lender or any Affiliate of any Lender in its capacity as a counterparty to any Hedge
Agreement with the Borrower or any Subsidiary, which Hedge Agreement is required or permitted under this Agreement to be entered into by the Borrower, or any former Lender or any Affiliate of any former Lender in its capacity as a counterparty to
any such Hedge Agreement entered into prior to the date such Person or its Affiliate ceased to be a Lender. 
 “ICE
Clear Canada” means ICE Clear Canada, Inc., a Manitoba corporation and an indirect Wholly-Owned Subsidiary of the Borrower. 

“ICE Clear Europe” means ICE Clear Europe Limited, a private limited company incorporated in England and Wales and an
indirect Wholly-Owned Subsidiary of the Borrower. 
 “ICE Clear Europe Payment Services Agreement” shall mean
the Payment Services Agreement between ICE Clear Europe and Citibank, N.A., London Branch, in a form reasonably acceptable to the Administrative Agent, for the purpose of providing an intraday liquidity line of credit to handle timing differences
between receipts from and payments to clearing house members, and any renewal, replacement, refinancing or extension of such Indebtedness that does not increase the outstanding principal amount thereof. 

“ICE Clear US” means ICE Clear U.S., Inc., a New York corporation and an indirect Wholly-Owned Subsidiary of the
Borrower (formerly known as New York Clearing Corporation). 
 “ICE Futures Europe” means ICE Futures
Europe, a United Kingdom corporation and an indirect Wholly-Owned Subsidiary of the Borrower. 
 “ICE US Trust”
means ICE US Trust LLC, a New York limited liability trust company and a Subsidiary of the Borrower. 

“Indebtedness” means, with respect to any Person (without duplication), (i) all obligations of such Person for
borrowed money, (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments, or upon which interest payments are customarily made, (iii) the maximum stated or face amount of all surety bonds, letters of
credit and bankers’ acceptances issued or created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (iv) all obligations of such Person to pay the deferred purchase price of
property or services (excluding trade payables incurred in the ordinary course of business and not more than 90 days past due), (v) all indebtedness created or arising under any conditional sale or other title retention agreement with respect
to property acquired by 
  

 13 

 
such Person, (vi) all Capital Lease Obligations of such Person, (vii) all Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such
Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, (viii) the principal balance outstanding and owing by such Person under any synthetic lease,
tax retention operating lease or similar off-balance sheet financing product, (ix) all Guaranty Obligations of such Person with respect to Indebtedness of another Person, (x) the net termination obligations of such Person under any Hedge
Agreements, calculated as of any date as if such agreement or arrangement were terminated as of such date, and (xi) all indebtedness of the types referred to in clauses (i) through (x) above (A) of any partnership or
unincorporated joint venture in which such Person is a general partner or joint venturer to the extent such Person is liable therefor or (B) secured by any Lien on any property or asset owned or held by such Person regardless of whether or not
the indebtedness secured thereby shall have been incurred or assumed by such Person or is nonrecourse to the credit of such Person, the amount thereof being equal to the value of the property or assets subject to such Lien. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Intellectual Property” means (i) all inventions (whether or not patentable and whether or not reduced to
practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissues, continuations, continuations-in-part, divisions, revisions, extensions, and reexaminations thereof, (ii) all
trademarks, service marks, trade dress, logos, trade names, and corporate names, together with all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (iii) all copyrightable works and all
copyrights (registered and unregistered), (iv) all trade secrets and confidential information (including, without limitation, financial, business and marketing plans and customer and supplier lists and related information), (v) all
computer software and software systems (including, without limitation, data, databases and related documentation), (vi) all Internet web sites and domain names, (vii) all technology, know-how, processes and other proprietary rights, and
(viii) all licenses or other agreements to or from third parties regarding any of the foregoing. 

“Interest Coverage Ratio” means, as of the last day of any Reference Period ending on the last day of a fiscal
quarter, the ratio of (i) Consolidated EBITDA for such Reference Period less Capital Expenditures and Capitalized Software Development Costs to (ii) Consolidated Interest Expense for such Reference Period. 

“Interest Period” has the meaning given to such term in Section 2.10. 

“Investments” has the meaning given to such term in Section 7.11. 

“Issuing Lender” means Wachovia in its capacity as issuer of the Letters of Credit, and its successors in such capacity.

 “Joint Fee Letter” means the letter from Wachovia, Wachovia Capital Markets, LLC, BofA and Banc of America
Securities LLC, to the Borrower, dated February 18, 2009, relating to certain fees payable by the Borrower in respect of the transactions contemplated by this Agreement, as amended, modified, restated or supplemented from time to time.

  

 14 

 “Lender” means each Person signatory hereto as a “Lender” and
each other Person that becomes a “Lender” hereunder pursuant to Section 2.18(a) or Section 10.6, and their respective successors and assigns. 

“Lending Office” means, with respect to any Lender, the office of such Lender designated as such in such Lender’s
Administrative Questionnaire or in connection with an Assignment and Assumption, or such other office as may be otherwise designated in writing from time to time by such Lender to the Borrower and the Administrative Agent. A Lender may designate
separate Lending Offices as provided in the foregoing sentence for the purposes of making or maintaining different Types of Loans, and, with respect to LIBOR Loans, such office may be a domestic or foreign branch or Affiliate of such Lender.

 “Letter of Credit Exposure” means, with respect to any Revolving Credit Lender at any time, such
Lender’s ratable share (based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments at such time, or if the Revolving Credit Commitments have been terminated, based upon the proportion that
its Revolving Credit Exposure bears to the Aggregate Revolving Credit Exposure) of the sum of (i) the aggregate Stated Amount of all Letters of Credit outstanding at such time and (ii) the aggregate amount of all Reimbursement Obligations
outstanding at such time. 
 “Letter of Credit Maturity Date” means the fifth Business Day prior to the
Maturity Date. 
 “Letter of Credit Notice” has the meaning given to such term in Section 2.19(b).

 “Letters of Credit” has the meaning given to such term in Section 2.19(a). 

“LIBOR Loan” means, at any time, any Loan that bears interest at such time at the applicable Adjusted LIBOR Rate.

 “LIBOR Market Index Rate” means, for any date, the rate for one month Dollar deposits as reported on Reuters
Screen LIBOR01 Page as of 11:00 a.m. London time, on such day, or if such day is not a London Banking Day, then the immediately preceding London Banking Day (or if not so reported, then as reasonably determined by the Administrative Agent from
another recognized source or interbank quotation). 
 “LIBOR Market Index Rate Loan” means any Swingline Loan
bearing interest at a rate determined by reference to the LIBOR Market Index Rate. 
 “LIBOR Rate” means, with
respect to each LIBOR Loan comprising part of the same Borrowing for any Interest Period, an interest rate per annum obtained by dividing (i) (y) the rate of interest appearing on Reuters Screen LIBOR01 Page (or any successor page) that
represents an average British Bankers Association Interest Settlement Rate for Dollar deposits or (z) if no such rate is available, the rate of interest determined by the Administrative Agent to be the rate or the arithmetic mean of rates at
which Dollar deposits in immediately available funds are offered to first-tier banks in the London interbank Eurodollar market, in each case under (y) and (z) above at approximately 11:00 a.m., London time, two (2) Business Days
prior to the first day of such Interest Period for a period substantially equal to such Interest Period and in an amount substantially equal to the amount of Wachovia’s LIBOR Loan comprising part of such Borrowing, by (ii) the amount equal
to 1.00 minus the Reserve Requirement (expressed as a decimal) for such Interest Period. 
  

 15 

 “Lien” means any mortgage, pledge, hypothecation, assignment, security
interest, lien (statutory or otherwise), charge or other encumbrance of any nature, whether voluntary or involuntary, including, without limitation, the interest of any vendor or lessor under any conditional sale agreement, title retention
agreement, Capital Lease or any other lease or arrangement having substantially the same effect as any of the foregoing. 

“Loans” means any or all of the Term Loans, the Revolving Loans and the Swingline Loans. 

“Margin Stock” has the meaning given to such term in Regulation U. 

“Material Adverse Effect” means a material adverse effect upon (i) the business, assets, properties, liabilities
(actual or contingent), operations, condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Credit Parties, taken as a whole, to perform their respective obligations under
this Agreement or any of the other Credit Documents or (iii) the legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and remedies of the Administrative Agent and the Lenders hereunder and
thereunder. 
 “Material Contract” has the meaning given to such term in Section 4.19. 

“Maturity Date” means the third anniversary of the Closing Date. 

“Multiemployer Plan” means any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA to
which the Borrower or any ERISA Affiliate makes, is making or is obligated to make contributions or, during the immediately preceding five plan years, has made or been obligated to make contributions. 

“Net Cash Proceeds” means, in the case of any Asset Disposition, the aggregate cash proceeds received by any Credit
Party in respect thereof, less (i) reasonable fees and out-of-pocket expenses payable by the Borrower or any of its Subsidiaries in connection therewith, (ii) taxes paid or payable as a result thereof, and (iii) the amount required to
retire Indebtedness to the extent such Indebtedness is secured by Liens on the subject property; it being understood that the term “Net Cash Proceeds” shall include, as and when received, any cash received upon the sale or other
disposition of any non-cash consideration received by any Credit Party in respect of any of the foregoing events. 

“New Liquidity Facility” has the meaning set forth in Section 3.1(e). 

“Nonconsenting Lender” means any Lender that does not approve a consent, waiver or amendment to any Credit Document
requested by the Borrower or the Administrative Agent and that requires the approval of all Lenders (or all Lenders directly affected thereby) under Section 10.5 when the Required Lenders have agreed to such consent, waiver or amendment.

 “Non-Wholly-Owned Subsidiary” has the meaning given to such term in Section 7.11. 

 

 16 

 “Notes” means any or all of the Term Notes, the Revolving Notes and the
Swingline Note. 
 “Notice of Borrowing” has the meaning given to such term in Section 2.2(b).

 “Notice of Conversion/Continuation” has the meaning given to such term in Section 2.11(b).

 “Notice of Swingline Borrowing” has the meaning given to such term in Section 2.2(d).

 “Obligations” means all principal of and interest (including interest accruing after the filing of a
petition or commencement of a case by or with respect to the Borrower seeking relief under any applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or
other debtor relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws, whether or not the claim for such interest is allowed in such proceeding) on the Loans and Reimbursement
Obligations, and all fees, expenses, indemnities and other obligations owing, due or payable at any time by the Borrower or any Subsidiary Guarantor to the Administrative Agent, any Lender, the Swingline Lender, the Issuing Lender or any other
Person entitled thereto, under this Agreement or any of the other Credit Documents, and all payment and other obligations owing or payable at any time by the Borrower to any Hedge Party under or in connection with any Hedge Agreement to fix or limit
interest rates payable by the Borrower in respect of any Loans, in each case whether direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, and whether existing by
contract, operation of law or otherwise. 
 “OFAC” means the U.S. Department of the Treasury’s Office of
Foreign Assets Control, and any successor thereto. 
 “Other Taxes” means all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Credit Document. 
 “Participant” has the meaning given to such term in
Section 10.6(d). 
 “PATRIOT Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001), as amended from time to time, and any successor statute, and all rules and regulations from time to time promulgated thereunder. 

“Payment Office” means the office of the Administrative Agent designated on Schedule 1.1(a) under the
heading “Instructions for wire transfers to the Administrative Agent,” or such other office as the Administrative Agent may designate to the Lenders and the Borrower for such purpose from time to time. 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA, and any
successor thereto. 
  

 17 

 “Permitted Acquisition” means any Acquisition permitted to be consummated
pursuant to the terms in Section 7.5. 
 “Permitted Asset Disposition” means any Asset Disposition
permitted under Section 7.4(iv). 
 “Permitted Liens” has the meaning given to such term in
Section 7.3. 
 “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority, Self-Regulatory Organization or other entity. 

“Plan” means any “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is
subject to the provisions of Title IV of ERISA (other than a Multiemployer Plan) and to which the Borrower or any ERISA Affiliate may have any liability. 

“PPA 2006 Effective Date” means, with respect to any Plan, except as hereinafter provided, the first day of the first
plan year beginning on or after January 1, 2008. However, solely with respect to a Plan maintained pursuant to one or more collective bargaining agreements between employee representatives and one or more employers ratified before
January 1, 2008, such term means the first day of the first plan year beginning on or after the earlier of (A) and (B), where: (A) is the later of (x) the date on which the last collective bargaining agreement relating to the
Plan terminates (determined without regard to any extension thereof agreed to after August 17, 2006), or (y) the first day of the first plan year beginning on or after January 1, 2008; and (B) is January 1, 2010. 

“Pro Forma Basis” has the meaning given to such term in Section 1.3(c). 

“Prohibited Transaction” means any transaction described in (i) Section 406 of ERISA that is not exempt by
reason of Section 408 of ERISA or by reason of a Department of Labor prohibited transaction individual or class exemption or (ii) Section 4975(c) of the Code that is not exempt by reason of Section 4975(c)(2) or 4975(d) of the Code.

 “Projections” has the meaning given to such term in Section 4.11(b). 

“Realty” means all real property and interests in real property now or hereafter acquired or leased by any Credit Party.

 “Reference Period” with respect to any date of determination, means (except as may be otherwise expressly
provided herein) the period of twelve consecutive fiscal months of the Borrower immediately preceding such date or, if such date is the last day of a fiscal quarter, the period of four consecutive fiscal quarters ending on such date. 

“Refunded Swingline Loans” has the meaning given to such term in Section 2.2(e). 

“Register” has the meaning given to such term in Section 10.6(c). 

 

 18 

 “Regulations T, U and X” means Regulations T, U and X, respectively, of the
Federal Reserve Board, and any successor regulations. 
 “Reimbursement Obligation” has the meaning given to
such term in Section 2.19(d). 
 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Reportable Event” means, with respect to any Plan, (i) any “reportable event” within the meaning of
Section 4043(c) of ERISA for which the 30-day notice under Section 4043(a) of ERISA has not been waived by the PBGC (including, without limitation, any failure to meet the minimum funding standard of, or timely make any required
installment under, Section 412 of the Code or Section 302 of ERISA, regardless of the issuance of any waivers in accordance with Section 412(d) of the Code), (ii) any such “reportable event” subject to advance notice to
the PBGC under Section 4043(b)(3) of ERISA, (iii) any application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code, and (iv) a cessation of operations described in
Section 4062(e) of ERISA. 
 “Required Lenders” means, at any time, the Lenders holding outstanding Loans
(excluding Swingline Loans) and unutilized Commitments (or, after the termination of the Revolving Credit Commitments, outstanding Loans, Letter of Credit Exposure and Swingline Exposure) representing at least a majority of the aggregate, at such
time, of all outstanding Loans (excluding Swingline Loans) and unutilized Commitments (or, after the termination of the Revolving Credit Commitments, the aggregate at such time of all outstanding Loans, Letter of Credit Exposure and Swingline
Exposure), provided that the Commitment of, and the portion of the outstanding Loans and other Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders. 
 “Required Revolving Credit Lenders” means, at any time, the Revolving Credit Lenders holding
outstanding Revolving Loans and Unutilized Revolving Credit Commitments (or, after the termination of the Revolving Credit Commitments, outstanding Revolving Loans, Letter of Credit Exposure and Swingline Exposure) representing at least a majority
of the aggregate, at such time, of all outstanding Revolving Loans and Unutilized Revolving Credit Commitments (or, after the termination of the Revolving Credit Commitments, the aggregate at such time of all outstanding Revolving Loans, Letter of
Credit Exposure and Swingline Exposure) ), provided that the Commitment of, and the portion of the outstanding Revolving Loans and other Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Required Revolving Credit Lenders. 
 “Requirement of Law” means, with respect to any
Person, the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of such Person, and any statute, law, treaty, rule, regulation, order, decree, writ, injunction or determination
of any arbitrator or court or other Governmental Authority or any Self-Regulatory Organization, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject or otherwise
pertaining to any or all of the transactions contemplated by this Agreement and the other Credit Documents. 
  

 19 

 “Reserve Requirement” means, with respect to any
Interest Period, the reserve percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher
1/100th of 1%) in effect from time to time during such
Interest Period, as provided by the Federal Reserve Board, applied for determining the maximum reserve requirements (including, without limitation, basic, supplemental, marginal and emergency reserves) applicable to Wachovia under Regulation D with
respect to “Eurocurrency liabilities” within the meaning of Regulation D, or under any similar or successor regulation with respect to Eurocurrency liabilities or Eurocurrency funding. 

“Responsible Officer” means, with respect to any Credit Party, the president, the chief executive officer, the chief
financial officer, any executive officer, or any other Financial Officer of such Credit Party, and any other officer or similar official thereof responsible for the administration of the obligations of such Credit Party in respect of this Agreement
or any other Credit Document. 
 “Revolving Credit Commitment” means, with respect to any Lender at any time,
the commitment of such Lender to make Revolving Loans and participate in Letters of Credit and Swingline Loans in an aggregate principal amount at any time outstanding up to the amount set forth opposite such Lender’s name on
Schedule 1.1(a) under the caption “Revolving Credit Commitment” or, if such Lender has entered into one or more Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the
Administrative Agent pursuant to Section 10.6(c) as such Lender’s “Revolving Credit Commitment,” in either case, as such amount may be reduced at or prior to such time pursuant to the terms hereof. 

“Revolving Credit Exposure” means, with respect to any Revolving Credit Lender at any time, the sum of (i) the
aggregate principal amount of all Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Swingline Exposure at such time and (iii) such Lender’s Letter of Credit Exposure at such time.

 “Revolving Credit Lender” means any Lender having a Revolving Credit Commitment (or, after the Revolving
Credit Commitments have terminated, any Lender holding outstanding Revolving Credit Exposure). 
 “Revolving Credit
Termination Date” means the Maturity Date or such earlier date of termination of the Revolving Credit Commitments pursuant to Section 2.5 or Section 8.2. 

“Revolving Loans” has the meaning given to such term in Section 2.1(b). 

“Revolving Note” means, with respect to any Revolving Credit Lender requesting the same, the promissory note of the
Borrower in favor of such Revolving Credit Lender evidencing the Revolving Loans made by such Lender pursuant to Section 2.1(b), in substantially the form of Exhibit A-2, together with any amendments, modifications and
supplements thereto, substitutions therefor and restatements thereof. 
 “Sanctioned Country” means a country
subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/-sanctions/index.html, or as otherwise published from time to time. 

 

 20 

 “Sanctioned Person” means (i) a Person named on the list of Specially
Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/-offices/enforcement/ofac/sdn/index.html, or as otherwise published from time to time, or (ii) (A) an agency of the government of a
Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or (C) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 

“Self Regulatory Organization” means any U.S. or foreign commission, board, agency or body that is not a Governmental
Authority, but is charged with the supervision or regulation of brokers, dealers, securities underwriting or trading, stock exchanges, commodities exchanges, electronic communication networks, insurance companies or agents, investment companies or
investment advisors. 
 “Stated Amount” means, with respect to any Letter of Credit at any time, the aggregate
amount available to be drawn thereunder at such time (regardless of whether any conditions for drawing could then be met). 

“Subsidiary” means, with respect to any Person, any corporation or other Person of which more than fifty percent
(50%) of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors, board of managers or other governing body of such Person, is at the time, directly or indirectly, owned or controlled by such
Person and one or more of its other Subsidiaries or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such corporation or other Person shall or might have voting power by reason of the
happening of any contingency). When used without reference to a parent entity, the term “Subsidiary” shall be deemed to refer to a Subsidiary of the Borrower. 

“Subsidiary Guarantor” means any Guarantor that is a Subsidiary of the Borrower. 

“Swingline Commitment” means $20,000,000, or, if less, the aggregate Revolving Credit Commitments at the time of
determination, as such amount may be reduced at or prior to such time pursuant to the terms hereof. 
 “Swingline
Exposure” means, with respect to any Revolving Credit Lender at any time, its maximum aggregate liability to make Refunded Swingline Loans pursuant to Section 2.2(e) to refund, or to purchase participations pursuant to
Section 2.2(f) in, Swingline Loans that are outstanding at such time. 
 “Swingline Lender” means
Wachovia in its capacity as maker of Swingline Loans, and its successors in such capacity. 
 “Swingline Loans”
has the meaning given to such term in Section 2.1(c). 
 “Swingline Maturity Date” means the day
which is 30 days prior to the Maturity Date. 
 “Swingline Note” means, if requested by the Swingline Lender,
the promissory note of the Borrower in favor of the Swingline Lender evidencing the Swingline Loans made by the 
  

 21 

 
Swingline Lender pursuant to Section 2.1(c), in substantially the form of Exhibit A-3, together with any amendments, modifications and supplements thereto, substitutions
therefor and restatements thereof. 
 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Lender” means any Lender having a Term Loan Commitment (or, after the Term Loan Commitments have terminated, any
Lender holding outstanding Term Loans). 
 “Term Loan” has the meaning given to such term in
Section 2.1(a). 
 “Term Loan Commitment” means, with respect to any Lender at any time, the
commitment of such Lender to make Term Loans in an aggregate principal amount up to the amount set forth opposite such Lender’s name on Schedule 1.1(a) under the caption “Term Loan Commitment” or, if such Lender has
entered into one or more Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the Administrative Agent pursuant to Section 10.6(c) as such Lender’s “Term Loan
Commitment,” in either case, as such amount may be reduced at or prior to such time pursuant to the terms hereof. 

“Term Note” means, with respect to any Term Lender requesting the same, the promissory note of the Borrower in favor of
such Term Lender evidencing the Term Loan made by such Lender pursuant to Section 2.1(a), in substantially the form of Exhibit A-1, together with any amendments, modifications and supplements thereto, substitutions therefor
and restatements thereof. 
 “Terminating Liquidity Facility” has the meaning set forth in
Section 3.1(d). 
 “The Clearing Corporation” means The Clearing Corporation, a Delaware
corporation and a Subsidiary of the Borrower. 
 “Total Funded Debt” means, as of any date of determination,
the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries as of such date, determined on a consolidated basis in accordance with GAAP. 

“Total Leverage Ratio” means, as of the last day of any Reference Period ending on the last day of a fiscal quarter, the
ratio of (i) Total Funded Debt as of such date to (ii) Consolidated EBITDA for such Reference Period. 

“Total Voting Power” means, with respect to any Person, the total number of votes which may be cast in the election of
directors of such Person at any meeting of stockholders of such Person if all securities entitled to vote in the election of directors of such Person (on a fully diluted basis, assuming the exercise, conversion or exchange of all rights, warrants,
options and securities exercisable for, exchangeable for or convertible into, such voting securities) were present and voted at such meeting (other than votes that may be cast only upon the happening of a contingency). 

 

 22 

 “Type” has the meaning given to such term in Section 2.2(a).

 “Unfunded Pension Liability” means, with respect to any Plan, the excess of its benefit liabilities under
Section 4001(a)(16) of ERISA over the current value of its assets, determined in accordance with the applicable assumptions used for funding under Section 412 of the Code for the applicable plan year. 

“Unutilized Revolving Credit Commitment” means, with respect to any Revolving Credit Lender at any time, such
Lender’s Revolving Credit Commitment at such time less the sum of (i) the aggregate principal amount of all Revolving Loans made by such Lender that are outstanding at such time, (ii) such Lender’s Swingline
Exposure at such time and (iii) such Lender’s Letter of Credit Exposure at such time. 
 “Unutilized Swingline
Commitment” means, with respect to the Swingline Lender at any time, the Swingline Commitment at such time less the aggregate principal amount of all Swingline Loans that are outstanding at such time. 

“Wachovia” means Wachovia Bank, National Association, and its successors and assigns. 

“Wachovia Fee Letter” means the letter from Wachovia and Wachovia Capital Markets, LLC, to the Borrower, dated
February 18, 2009, relating to certain fees payable by the Borrower in respect of the transactions contemplated by this Agreement, as amended, modified, restated or supplemented from time to time. 

“Wholly-Owned” means, with respect to any Subsidiary of any Person, that 100% of the outstanding Capital Stock of such
Subsidiary (excluding any directors’ qualifying shares and shares required to be held by foreign nationals, in the case of a Foreign Subsidiary) is owned, directly or indirectly, by such Person. 

1.2 Accounting Terms. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with, GAAP applied on a basis consistent with the most recent audited consolidated financial statements of the
Borrower and its Subsidiaries delivered to the Lenders prior to the Closing Date; provided that if the Borrower notifies the Administrative Agent that it wishes to amend any financial covenant in Article VI to eliminate the effect
of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI for such purpose), then the Borrower’s compliance with such covenant
shall be determined on the basis of GAAP as in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required
Lenders. 
 1.3 Other Terms; Construction. 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and 

 

 23 

 
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect
as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements, restatements or modifications set forth herein or in any other Credit Document), (ii) any reference herein to
any Person shall be construed to include such Person’s successors and assigns permitted hereunder, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used
in any Credit Document, shall be construed to refer to such Credit Document in its entirety and not to any particular provision thereof, (iv) all references in a Credit Document to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, the Credit Document in which such references appear, (v) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights. 
 (b) All references herein to the Lenders or any of
them shall be deemed to include the Swingline Lender and the Issuing Lender unless specifically provided otherwise or unless the context otherwise requires. 

(c) Notwithstanding the foregoing, calculations to determine compliance by the Borrower for any period with the Total Leverage Ratio
covenant as set forth in Article VI, and calculations of the financial covenants contained in Article VI to determine whether a condition to a Permitted Acquisition, Permitted Asset Disposition, permitted incurrence of
Indebtedness or other transaction has been met, shall be determined in each case on a pro forma basis (a “Pro Forma Basis”) after giving effect to any Acquisition, Asset Disposition, incurrence of Indebtedness or other transaction
(each, a “transaction”) occurring during such period (or proposed to be consummated, as the case may be) as if such transaction had occurred as of the first day of such period, in accordance with the following: 

(i) any Indebtedness incurred or assumed by any Credit Party in connection with any transaction (including any
Indebtedness of a Person acquired in a Permitted Acquisition that is not retired or repaid in connection therewith) shall be deemed to have been incurred or assumed as of the first day of the applicable period (and if such Indebtedness has a
floating or formula rate, such Indebtedness shall, for purposes of such determination, have an implied rate of interest during the applicable period determined by utilizing the rate of interest that is or would be in effect with respect to such
Indebtedness as of the date of determination); 
 (ii) any Indebtedness retired or repaid in connection with any
transaction (including any Indebtedness of a Person acquired in a Permitted Acquisition) shall be deemed to have been retired or repaid as of the first day of the applicable period; 

(iii) with respect to any Permitted Acquisition, (A) income statement items (whether positive or negative) and
balance sheet items attributable to the Person or assets 
  

 24 

 
acquired shall (to the extent not otherwise included in the consolidated financial statements of the Borrower and its Subsidiaries in accordance with GAAP or in accordance with other provisions
of this Agreement) be included in such calculations to the extent relating to the applicable period, provided that such income statement and balance sheet items are reflected in financial statements or other financial data reasonably
acceptable to the Administrative Agent, and (B) operating expense reductions, cost savings and other pro forma adjustments attributable to such Permitted Acquisition may be included to the extent that such adjustments (y) would be
permitted pursuant to Article XI of Regulation S-X under the Securities Act (irrespective of whether the Borrower is subject thereto) or (z) have been approved in writing by the Administrative Agent; and 

(iv) with respect to any Permitted Asset Disposition, income statement items (whether positive or negative) and balance
sheet items attributable to the assets disposed of shall be excluded from such calculations to the extent relating to the applicable period. 

ARTICLE II 

AMOUNT AND TERMS OF THE LOANS 

2.1 Commitments. 

(a) Each Term Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make a loan (each, a
“Term Loan,” and collectively, the “Term Loans”) to the Borrower on the Closing Date in a principal amount not to exceed its Term Loan Commitment. No Term Loans shall be made at any time after the Closing Date. To
the extent repaid, Term Loans may not be reborrowed. 
 (b) Each Revolving Credit Lender severally agrees, subject to and on the
terms and conditions of this Agreement, to make loans (each, a “Revolving Loan,” and collectively, the “Revolving Loans”) to the Borrower, from time to time on any Business Day during the period from and including
the Closing Date to but excluding the Revolving Credit Termination Date, in an aggregate principal amount at any time outstanding not exceeding its Revolving Credit Commitment, provided that no Borrowing of Revolving Loans shall be made if,
immediately after giving effect thereto (and to any concurrent repayment of Swingline Loans with proceeds of Revolving Loans made pursuant to such Borrowing), (y) the Revolving Credit Exposure of any Revolving Credit Lender would exceed its
Revolving Credit Commitment at such time or (z) the Aggregate Revolving Credit Exposure would exceed the aggregate Revolving Credit Commitments at such time. Subject to and on the terms and conditions of this Agreement, the Borrower may borrow,
repay and reborrow Revolving Loans. 
 (c) The Swingline Lender agrees, subject to and on the terms and conditions of this
Agreement, to make loans (each, a “Swingline Loan,” and collectively, the “Swingline Loans”) to the Borrower, from time to time on any Business Day during the period from the Closing Date to but excluding the
Swingline Maturity Date (or, if earlier, the Revolving Credit Termination Date), in an aggregate principal amount at any time outstanding not exceeding the Swingline Commitment. Swingline Loans may be made even if the aggregate principal amount of

  

 25 

 
Swingline Loans outstanding at any time, when added to the aggregate principal amount of the Revolving Loans made by the Swingline Lender in its capacity as a Revolving Credit Lender outstanding
at such time, would exceed the Swingline Lender’s own Revolving Credit Commitment at such time, but provided that no Borrowing of Swingline Loans shall be made if, immediately after giving effect thereto, (x) the Revolving Credit
Exposure of any Revolving Credit Lender would exceed its Revolving Credit Commitment at such time, (y) the Aggregate Revolving Credit Exposure would exceed the aggregate Revolving Credit Commitments at such time or (z) any Lender is at
such time a Defaulting Lender hereunder, unless the Swingline Lender has entered into satisfactory arrangements with the Borrower or such Lender to eliminate the Swingline Lender’s risk with respect to such Lender. Subject to and on the terms
and conditions of this Agreement, the Borrower may borrow, repay (including by means of a Borrowing of Revolving Loans pursuant to Section 2.2(e)) and reborrow Swingline Loans. 

2.2 Borrowings. 

(a) The Term Loans and Revolving Loans (each, together with the Swingline Loans, a “Class” of Loan) shall, at the option
of the Borrower and subject to the terms and conditions of this Agreement, be either Base Rate Loans or LIBOR Loans (each, a “Type” of Loan), provided that all Loans comprising the same Borrowing shall, unless otherwise
specifically provided herein, be of the same Type. The Swingline Loans shall be made and maintained as LIBOR Market Index Rate Loans at all times. 

(b) In order to make a Borrowing (other than (x) Borrowings of Swingline Loans, which shall be made pursuant to
Section 2.2(d), (y) Borrowings for the purpose of repaying Refunded Swingline Loans, which shall be made pursuant to Section 2.2(e), and (z) Borrowings involving continuations or conversions of outstanding Loans,
which shall be made pursuant to Section 2.11), the Borrower will give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to each Borrowing to be comprised of LIBOR Loans
and not later than 10:00 a.m., Charlotte time, on the Business Day of any Borrowing to be comprised of Base Rate Loans; provided, however, that requests for the Borrowing of the Term Loans and any Revolving Loans to be made on the
Closing Date may, at the discretion of the Administrative Agent, be given with less advance notice than as specified hereinabove. Each such notice (each, a “Notice of Borrowing”) shall be irrevocable, shall be given in the form of
Exhibit B-1 and shall specify (1) the aggregate principal amount, Class and initial Type of the Loans to be made pursuant to such Borrowing, (2) in the case of a Borrowing of LIBOR Loans, the initial Interest Period to be
applicable thereto, and (3) the requested Borrowing Date, which shall be a Business Day. Upon its receipt of a Notice of Borrowing, the Administrative Agent will promptly notify each applicable Lender of the proposed Borrowing. Notwithstanding
anything to the contrary contained herein: 
 (i) the aggregate principal amount of the Borrowing of Term Loans
shall be in the amount of the aggregate Term Loan Commitments; 
 (ii) except for a Borrowing with respect to a
Refunded Swingline Loan in accordance with Section 2.2(e), the aggregate principal amount of each Borrowing comprised of Base Rate Loans shall not be less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess
thereof (or, in the case of a Borrowing of Revolving 
  

 26 

 
Loans, if less, in the amount of the aggregate Unutilized Revolving Credit Commitments), and the aggregate principal amount of each Borrowing comprised of LIBOR Loans shall not be less than
$5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; 
 (iii) if the Borrower shall
have failed to designate the Type of Loans comprising a Borrowing, the Borrower shall be deemed to have requested a Borrowing comprised of Base Rate Loans; and 

(iv) if the Borrower shall have failed to select the duration of the Interest Period to be applicable to any Borrowing of
LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month. 
 (c) Not
later than 1:00 p.m., Charlotte time, on the requested Borrowing Date (which shall be the Closing Date, in the case of the Term Loans), each applicable Lender will make available to the Administrative Agent at the Payment Office an amount, in
Dollars and in immediately available funds, equal to the amount of the Loan or Loans to be made by such Lender. To the extent such Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the Administrative Agent
will make the aggregate of such amounts available to the Borrower in accordance with Section 2.3(a) and in like funds as received by the Administrative Agent. 

(d) In order to make a Borrowing of a Swingline Loan, the Borrower will give the Administrative Agent (and the Swingline Lender, if the
Swingline Lender is not also the Administrative Agent) written notice not later than 11:00 a.m., Charlotte time, on the date of such Borrowing. Each such notice (each, a “Notice of Swingline Borrowing”) shall be given in the form of
Exhibit B-2, shall be irrevocable and shall specify (i) the principal amount of the Swingline Loan to be made pursuant to such Borrowing (which shall not be less than $100,000 and, if greater, shall be in an integral multiple of
$100,000 in excess thereof (or, if less, in the amount of the Unutilized Swingline Commitment)) and (ii) the requested Borrowing Date, which shall be a Business Day. Not later than 1:00 p.m., Charlotte time, on the requested Borrowing Date, the
Swingline Lender will make available to the Administrative Agent at the Payment Office an amount, in Dollars and in immediately available funds, equal to the amount of the requested Swingline Loan. To the extent the Swingline Lender has made such
amount available to the Administrative Agent as provided hereinabove, the Administrative Agent will make such amount available to the Borrower in accordance with Section 2.3(a) and in like funds as received by the Administrative Agent.

 (e) With respect to any outstanding Swingline Loans, the Swingline Lender may at any time (whether or not an Event of Default
has occurred and is continuing) in its sole and absolute discretion, and is hereby authorized and empowered by the Borrower to, cause a Borrowing of Revolving Loans to be made for the purpose of repaying such Swingline Loans by delivering to the
Administrative Agent (if the Administrative Agent is not also the Swingline Lender) and each other Revolving Credit Lender (on behalf of, and with a copy to, the Borrower), not later than 10:00 a.m., Charlotte time on the Business Day of the
proposed Borrowing Date therefor, a notice (which shall be deemed to be a Notice of Borrowing given by the Borrower) requesting the Revolving Credit Lenders to make Revolving Loans (which shall

  

 27 

 
be made initially as Base Rate Loans) on such Borrowing Date in an aggregate amount equal to the amount of such Swingline Loans (the “Refunded Swingline Loans”) outstanding on
the date such notice is given that the Swingline Lender requests to be repaid. Not later than 1:00 p.m., Charlotte time, on the requested Borrowing Date, each Revolving Credit Lender (other than the Swingline Lender) will make available to the
Administrative Agent at the Payment Office an amount, in Dollars and in immediately available funds, equal to the amount of the Revolving Loan to be made by such Lender. To the extent the Revolving Credit Lenders have made such amounts available to
the Administrative Agent as provided hereinabove, the Administrative Agent will make the aggregate of such amounts available to the Swingline Lender in like funds as received by the Administrative Agent, which shall apply such amounts in repayment
of the Refunded Swingline Loans. Notwithstanding any provision of this Agreement to the contrary, on the relevant Borrowing Date, the Refunded Swingline Loans (including the Swingline Lender’s ratable share thereof, in its capacity as a
Revolving Credit Lender) shall be deemed to be repaid with the proceeds of the Revolving Loans made as provided above (including a Revolving Loan deemed to have been made by the Swingline Lender), and such Refunded Swingline Loans deemed to be so
repaid shall no longer be outstanding as Swingline Loans but shall be outstanding as Revolving Loans. If any portion of any such amount repaid (or deemed to be repaid) to the Swingline Lender shall be recovered by or on behalf of the Borrower from
the Swingline Lender in any bankruptcy, insolvency or similar proceeding or otherwise, the loss of the amount so recovered shall be shared ratably among all the Revolving Credit Lenders in the manner contemplated by Section 2.14(b).

 (f) If, as a result of any Bankruptcy Event with respect to the Borrower, Revolving Loans are not made pursuant to
Section 2.2(e) in an amount sufficient to repay any amounts owed to the Swingline Lender in respect of any outstanding Swingline Loans, or if the Swingline Lender is otherwise precluded for any reason from giving a notice on behalf of
the Borrower as provided for hereinabove, the Swingline Lender shall be deemed to have sold without recourse, representation or warranty, and each Revolving Credit Lender shall be deemed to have purchased and hereby agrees to purchase, a
participation in such outstanding Swingline Loans in an amount equal to its ratable share (based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments at such time, or if the Revolving Credit
Commitments have been terminated, based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments, in each case immediately prior to the termination thereof) of the unpaid amount thereof together with
accrued interest thereon. Upon one (1) Business Day’s prior notice from the Swingline Lender, each Revolving Credit Lender (other than the Swingline Lender) will make available to the Administrative Agent at the Payment Office an amount,
in Dollars and in immediately available funds, equal to its respective participation. To the extent the Revolving Credit Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the Administrative Agent will make
the aggregate of such amounts available to the Swingline Lender in like funds as received by the Administrative Agent. In the event any such Revolving Credit Lender fails to make available to the Administrative Agent the amount of such Lender’s
participation as provided in this Section 2.2(f), the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with interest thereon for each day from the date such amount is required to be made
available for the account of the Swingline Lender until the date such amount is made available to the Swingline Lender at the Federal Funds Rate for the first three (3) Business Days and thereafter at the Adjusted Base Rate applicable to
Revolving Loans. 
  

 28 

 
Promptly following its receipt of any payment by or on behalf of the Borrower in respect of a Swingline Loan, the Swingline Lender will pay to each Revolving Credit Lender that has acquired a
participation therein such Lender’s ratable share of such payment. 
 (g) Notwithstanding any provision of this Agreement
to the contrary, the obligation of each Revolving Credit Lender (other than the Swingline Lender) to make Revolving Loans for the purpose of repaying any Refunded Swingline Loans pursuant to Section 2.2(e) and each such Lender’s
obligation to purchase a participation in any unpaid Swingline Loans pursuant to Section 2.2(f) shall be absolute and unconditional and shall not be affected by any circumstance or event whatsoever, including, without limitation,
(i) any set-off, counterclaim, recoupment, defense or other right that such Lender may have against the Swingline Lender, the Administrative Agent, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or
continuance of any Default or Event of Default, (iii) the failure of the amount of such Borrowing of Revolving Loans to meet the minimum Borrowing amount specified in Section 2.2(b), or (iv) the failure of any conditions set
forth in Section 3.2 or elsewhere herein to be satisfied. 
 2.3 Disbursements; Funding Reliance; Domicile of
Loans. 
 (a) The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of each Borrowing in
accordance with the terms of any written instructions from any Authorized Officer of the Borrower, provided that the Administrative Agent shall not be obligated under any circumstances to forward amounts to any account not listed in an
Account Designation Letter. The Borrower may at any time deliver to the Administrative Agent an Account Designation Letter listing any additional accounts or deleting any accounts listed in a previous Account Designation Letter. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 and may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of
payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation and (ii) in the case of a payment to be made by the Borrower, the Adjusted Base Rate. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

 

 29 

 (c) The obligations of the Lenders hereunder to make Loans, to fund participations in
Swingline Loans and Letters of Credit and to make payments pursuant to Section 10.1(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any such payment on any date shall
not relieve any other Lender of its corresponding obligation, if any, hereunder to do so on such date, but no Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its participation or to make any such payment
required hereunder. 
 (d) Each Lender may, at its option, make and maintain any Loan at, to or for the account of any of its
Lending Offices, provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan to or for the account of such Lender in accordance with the terms of this Agreement. 

2.4 Evidence of Debt; Notes. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to the applicable Lending Office of such Lender resulting from each Loan made by such Lending Office of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lending Office of such Lender from time
to time under this Agreement. 
 (b) The Administrative Agent shall maintain the Register pursuant to
Section 10.6(c), and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each such Loan, the Class and Type of each such Loan and the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of each such Loan and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrower in respect of each such Loan and each Lender’s share thereof. 
 (c) The entries made in the
Register and subaccounts maintained pursuant to Section 2.4(b) (and, if consistent with the entries of the Administrative Agent, the accounts maintained pursuant to Section 2.4(a)) shall, to the extent permitted by applicable
law, be conclusive absent manifest error of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain such account, such
Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement. 
 (d) The Loans of each Class made by each Lender shall, if requested by the applicable Lender (which request shall
be made to the Administrative Agent), be evidenced (i) in the case of Term Loans, by a Term Note appropriately completed in substantially the form of Exhibit A-1, (ii) in the case of Revolving Loans, by a Revolving Note
appropriately completed in substantially the form of Exhibit A-2, and (iii) in the case of the Swingline Loans, by a Swingline Note appropriately completed in substantially the form of Exhibit A-3, in each case executed
by the Borrower and payable to the order of such Lender. Each Note shall be entitled to all of the benefits of this Agreement and the other Credit Documents and shall be subject to the provisions hereof and thereof. 

 

 30 

 2.5 Termination and Reduction of Commitments and Swingline Commitment. 

(a) The Term Loan Commitments shall be automatically and permanently terminated concurrently with the making of the Term Loans on the
Closing Date. The Revolving Credit Commitments shall be automatically and permanently terminated on the Revolving Credit Termination Date. The Swingline Commitment shall be automatically and permanently terminated on the Swingline Maturity Date,
unless sooner terminated pursuant to any other provision of this Section 2.5 or Section 8.2. 
 (b) At
any time and from time to time after the date hereof, upon not less than five (5) Business Days’ prior written notice to the Administrative Agent (and in the case of a termination or reduction of the Unutilized Swingline Commitment, the
Swingline Lender), the Borrower may terminate in whole or reduce in part the aggregate Unutilized Revolving Credit Commitments or the Unutilized Swingline Commitment, provided that any such partial reduction shall be in an aggregate amount of
not less than $5,000,000 ($500,000 in the case of the Unutilized Swingline Commitment) or, if greater, an integral multiple of $1,000,000 in excess thereof ($100,000 in the case of the Unutilized Swingline Commitment). The amount of any termination
or reduction made under this Section 2.5(b) may not thereafter be reinstated. 
 (c) Each reduction of the Revolving
Credit Commitments pursuant to this Section shall be applied ratably among the Revolving Credit Lenders according to their respective Revolving Credit Commitments. Notwithstanding any provision of this Agreement to the contrary, any reduction of the
Revolving Credit Commitments pursuant to this Section 2.5 that has the effect of reducing the aggregate Revolving Credit Commitments to an amount less than the amount of the Swingline Commitment at such time shall result in an automatic
corresponding reduction of the Swingline Commitment, as the case may be, to the amount of the aggregate Revolving Credit Commitments (as so reduced), without any further action on the part of the Borrower, the Swingline Lender or any other Lender.

 2.6 Mandatory Payments and Prepayments. 

(a) Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the Borrower will repay the Term Loans on each
date set forth below in the aggregate principal amount opposite such date: 
  

				
	 Date
	  	Payment Amount
	 June 30, 2009
	  	$	10,000,000
	 September 30, 2009
	  	$	10,000,000
	 December 31, 2009
	  	$	10,000,000
	 March 31, 2010
	  	$	10,000,000
	 June 30, 2010
	  	$	13,000,000
	 September 30, 2010
	  	$	13,000,000
	 December 31, 2010
	  	$	13,000,000
	 March 31, 2011
	  	$	13,000,000
	 June 30, 2011
	  	$	17,000,000
	 September 30, 2011
	  	$	17,000,000

  

 31 

				
	 Date
	  	Payment Amount
	 December 31, 2011
	  	$	17,000,000
	 March 31, 2012
	  	$	17,000,000
	 Maturity Date
	  	$	40,000,000

 (b) Except to
the extent due or paid sooner pursuant to the provisions of this Agreement, (i) the aggregate outstanding principal of the Term Loans shall be due and payable in full on the Maturity Date, (ii) the aggregate outstanding principal of the
Revolving Loans shall be due and payable in full on the Maturity Date, and (iii) the aggregate outstanding principal of the Swingline Loans shall be due and payable in full on the Swingline Maturity Date. 

(c) In the event that, at any time, the Aggregate Revolving Credit Exposure (excluding the aggregate amount of any Swingline Loans to be
repaid with proceeds of Revolving Loans made on the date of determination) shall exceed the aggregate Revolving Credit Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrower will immediately
prepay the outstanding principal amount of the Swingline Loans and, to the extent of any excess remaining after prepayment in full of outstanding Swingline Loans, the outstanding principal amount of the Revolving Loans in the amount of such excess;
provided that, to the extent such excess amount is greater than the aggregate principal amount of Swingline Loans and Revolving Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained
by the Administrative Agent and held in the Cash Collateral Account as cover for Letter of Credit Exposure, as more particularly described in Section 2.19(h), and thereupon such cash shall be deemed to reduce the aggregate Letter of
Credit Exposure by an equivalent amount. 
 2.7 Voluntary Prepayments. 

(a) At any time and from time to time, the Borrower shall have the right to prepay the Loans, in whole or in part, without premium or
penalty (except as provided in clause (iii) below), upon written notice given to the Administrative Agent not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to each intended prepayment of LIBOR Loans and one
(1) Business Day prior to each intended prepayment of Base Rate Loans (other than Swingline Loans, which may be prepaid on a same-day basis), provided that (i) each partial prepayment of LIBOR Loans shall be in an aggregate
principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof, and each partial prepayment of Base Rate Loans shall be in an aggregate principal amount of not less than $3,000,000 or, if greater,
an integral multiple of $1,000,000 in excess thereof ($100,000 and $100,000, respectively, in the case of Swingline Loans), (ii) no partial prepayment of LIBOR Loans made pursuant to any single Borrowing shall reduce the aggregate outstanding
principal amount of the remaining LIBOR Loans under such Borrowing to less than $5,000,000 or to any greater amount not an integral multiple of $1,000,000 in excess thereof, and (iii) unless made together with all amounts required under
Section 2.17 to be paid as a consequence of such prepayment, a prepayment of a LIBOR Loan may be made only on the last day of the Interest Period applicable thereto. Each such notice shall specify the proposed date of such prepayment and
the aggregate principal amount, Class and Type of the Loans to be prepaid (and, in the case of LIBOR Loans, the Interest Period of the Borrowing pursuant to which made), and shall be irrevocable and shall

  

 32 

 
bind the Borrower to make such prepayment on the terms specified therein. Revolving Loans and Swingline Loans (but not Term Loans) prepaid pursuant to this Section 2.7(a) may be
reborrowed, subject to the terms and conditions of this Agreement. In the event the Administrative Agent receives a notice of prepayment under this Section, the Administrative Agent will give prompt notice thereof to the Lenders; provided
that if such notice has also been furnished to the Lenders, the Administrative Agent shall have no obligation to notify the Lenders with respect thereto. 

(b) Each prepayment of the Term Loans made pursuant to Section 2.7(a) shall be applied to reduce the outstanding principal
amount of the Term Loans, with such reduction to be applied to the remaining scheduled principal payments in each instance on a pro rata basis. Each prepayment of the Loans made pursuant to Section 2.7(a) shall be applied ratably among
the Lenders holding the Loans being prepaid, in proportion to the principal amount held by each. 
 2.8 Interest.

 (a) Subject to Section 2.8(b), the Borrower will pay interest in respect of the unpaid principal amount of each
Loan, from the date of Borrowing thereof until such principal amount shall be paid in full, (i) at the Adjusted Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate Loan, (ii) at the Adjusted LIBOR
Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan, and (iii) at the Adjusted LIBOR Market Index Rate, as in effect from time to time for all Swingline Loans. 

(b) Upon the occurrence and during the continuance of any Event of Default under Sections 8.1(a), 8.1(f), or
8.1(g) and (at the election of the Required Lenders) upon the occurrence and during the continuance of any other Event of Default, all outstanding principal amounts of the Loans and, to the greatest extent permitted by law, all interest
accrued on the Loans and all other accrued and outstanding fees and other amounts hereunder, shall bear interest at a rate per annum equal to the interest rate applicable from time to time thereafter to such Loans plus 2% (or, in the case of
interest, fees and other amounts for which no rate is provided hereunder, at the Adjusted Base Rate plus 2%), and, in each case, such default interest shall be payable on demand. To the greatest extent permitted by law, interest shall continue to
accrue after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to insolvency or debtor relief. 

(c) Accrued (and theretofore unpaid) interest shall be payable as follows: 

(i) in respect of each Base Rate Loan (including any Base Rate Loan or portion thereof paid or prepaid pursuant to the
provisions of Section 2.6, except as provided hereinbelow) and each LIBOR Market Index Rate Loan, in arrears on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date;
provided, that in the event the Loans are repaid or prepaid in full and the Commitments have been terminated, then accrued interest in respect of all Base Rate Loans and LIBOR Market Index Rate Loans shall be payable together with such
repayment or prepayment on the date thereof; 
  

 33 

 (ii) in respect of each LIBOR Loan (including any LIBOR Loan or portion
thereof paid or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow), in arrears (y) on the last Business Day of the Interest Period applicable thereto (subject to the provisions of
Section 2.10(iv)) and (z) in addition, in the case of a LIBOR Loan with an Interest Period having a duration of six months or longer, on each date on which interest would have been payable under clause (y) above had successive
Interest Periods of three months’ duration been applicable to such LIBOR Loan; provided, that in the event all LIBOR Loans made pursuant to a single Borrowing are repaid or prepaid in full, then accrued interest in respect of such LIBOR
Loans shall be payable together with such repayment or prepayment on the date thereof; and 
 (iii) in respect of
any Loan, at maturity (whether pursuant to acceleration or otherwise) and, after maturity, on demand. 
 (d) Nothing contained
in this Agreement or in any other Credit Document shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the maximum rate permitted by applicable law. If the amount of interest payable for the account of
any Lender on any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such Lender, the amount of interest payable for its account on such interest payment date shall be automatically reduced to such
maximum permissible amount. In the event of any such reduction affecting any Lender, if from time to time thereafter the amount of interest payable for the account of such Lender on any interest payment date would be less than the maximum amount
permitted by applicable law to be charged by such Lender, then the amount of interest payable for its account on such subsequent interest payment date shall be automatically increased to such maximum permissible amount, provided that at no
time shall the aggregate amount by which interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate amount by which interest paid for its account has theretofore been reduced pursuant to the
previous sentence. 
 (e) The Administrative Agent shall promptly notify the Borrower and the Lenders upon determining the
interest rate for each Borrowing of LIBOR Loans after its receipt of the relevant Notice of Borrowing or Notice of Conversion/Continuation, and upon each change in the Base Rate; provided, however, that the failure of the
Administrative Agent to provide the Borrower or the Lenders with any such notice shall neither affect any obligations of the Borrower or the Lenders hereunder nor result in any liability on the part of the Administrative Agent to the Borrower or any
Lender. Each such determination (including each determination of the Reserve Requirement) shall, absent manifest error, be conclusive absent manifest error and binding on all parties hereto. 

2.9 Fees. The Borrower agrees to pay: 

(a) To Wachovia, for its own account, the administrative fee required under the Wachovia Fee Letter to be paid to Wachovia, in the
amounts due and at the times due as required by the terms thereof; 
 (b) To the Administrative Agent, for the account of each
Revolving Credit Lender, a commitment fee for each calendar quarter (or portion thereof) for the period from and including 
  

 34 

 
the Closing Date to but excluding the Revolving Credit Termination Date, at a per annum rate equal to the Applicable Percentage in effect for such fee from time to time during such quarter on
such Lender’s ratable share (based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments) of the average daily aggregate Unutilized Revolving Credit Commitments (excluding clause (ii) of
the definition thereof for purposes of this Section 2.9(b) only), payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the Closing Date, and (ii) on the
Revolving Credit Termination Date; 
 (c) To the Administrative Agent, for the account of each Revolving Credit Lender, a letter
of credit fee for each calendar quarter (or portion thereof) in respect of all Letters of Credit outstanding during such quarter, at a per annum rate equal to the Applicable Percentage in effect from time to time during such quarter for LIBOR Loans,
on such Lender’s ratable share (based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments, or if the Revolving Credit Commitments have been terminated, based upon the proportion that its
Revolving Credit Exposure bears to the Aggregate Revolving Credit Exposure) of the daily average aggregate Stated Amount of such Letters of Credit, payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the
first such day to occur after the Closing Date, and (ii) on the later of the Revolving Credit Termination Date and the date of termination of the last outstanding Letter of Credit; 

(d) To Wachovia, for its own account in its capacity as the Issuing Lender, the fronting fee required under the Wachovia Fee Letter to be
paid to Wachovia, in the amounts due and at the times due as required by the terms thereof; and 
 (e) To the Issuing Lender,
for its own account, such commissions, transfer fees and other fees and charges incurred in connection with the issuance and administration of each Letter of Credit as are customarily charged from time to time by the Issuing Lender for the
performance of such services in connection with similar letters of credit, or as may be otherwise agreed to by the Issuing Lender, but without duplication of amounts payable under Section 2.9(d). 

2.10 Interest Periods. Concurrently with the giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of
any Borrowing (whether in respect of Term Loans or Revolving Loans) comprised of Base Rate Loans to be converted into, or LIBOR Loans to be continued as, LIBOR Loans, the Borrower shall have the right to elect, pursuant to such notice, the interest
period (each, an “Interest Period”) to be applicable to such LIBOR Loans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six-month period; provided, however, that: 

(i) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; 

(ii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan
(including the date of any continuation of, or conversion into, such LIBOR Loan), and each successive Interest Period applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;

  

 35 

 (iii) LIBOR Loans may not be outstanding under more than ten
(10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous); 

(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire
on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day; 

(v) no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for repayment
of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods
expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date; 

(vi) the Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Term Loans or
Revolving Loans that are to be maintained as LIBOR Loans; 
 (vii) if any Interest Period begins on a day for
which there is no numerically corresponding day in the calendar month during which such Interest Period would otherwise expire, such Interest Period shall expire on the last Business Day of such calendar month; and 

(viii) the Borrower may not select any Interest Period (and consequently, no LIBOR Loans shall be made) if a Default or
Event of Default shall have occurred and be continuing at the time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing. 

2.11 Conversions and Continuations. 

(a) The Borrower shall have the right, on any Business Day occurring on or after the Closing Date, to elect (i) to convert all or a
portion of the outstanding principal amount of any Base Rate Loans of any Class into LIBOR Loans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into Base Rate Loans of the same Class,
or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period,
provided that (w) any such conversion of LIBOR Loans into Base Rate Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; any such conversion
of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made
pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $5,000,000 or to any greater amount not an integral multiple of $1,000,000 in excess thereof, (x) except as otherwise provided in
Section 2.15(f), LIBOR Loans may be converted 
  

 36 

 
into Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of
the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard
to any Swingline Loans, and (z) no conversion of Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans shall be permitted during the continuance of a Default or Event of Default. 

(b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte
time, three (3) Business Days prior to the intended effective date of any conversion of Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans
into Base Rate Loans. Each such notice (each, a “Notice of Conversion/Continuation”) shall be irrevocable, shall be given in the form of Exhibit B-3 and shall specify (x) the date of such conversion or continuation
(which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount, Class and Type of the Loans being converted or continued.
Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of
Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless
repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then
the Borrower shall be deemed to have selected an Interest Period with a duration of one month. 
 2.12 Method of Payments;
Computations; Apportionment of Payments. 
 (a) All payments by the Borrower hereunder shall be made without setoff,
counterclaim or other defense, in Dollars and in immediately available funds to the Administrative Agent, for the account of the Lenders entitled to such payment or the Administrative Agent, the Issuing Lender, or the Swingline Lender, as the case
may be (except as otherwise expressly provided herein as to payments required to be made directly to the Lenders) at the Payment Office prior to 12:00 noon, Charlotte time, on the date payment is due. Any payment made as required hereinabove, but
after 12:00 noon, Charlotte time, shall be deemed to have been made on the next succeeding Business Day. If any payment falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day (except
that in the case of LIBOR Loans to which the provisions of Section 2.10(iv) are applicable, such due date shall be the next preceding Business Day), and such extension of time shall then be included in the computation of payment of
interest, fees or other applicable amounts. 
 (b) The Administrative Agent will distribute to the Lenders like amounts relating
to payments made to the Administrative Agent for the account of the Lenders as follows: (i) if the payment is received by 12:00 noon, Charlotte time, in immediately available funds, the Administrative Agent will make available to each relevant
Lender on the same date, by wire 
  

 37 

 
transfer of immediately available funds, such Lender’s ratable share of such payment (based on the percentage that the amount of the relevant payment owing to such Lender bears to the total
amount of such payment owing to all of the relevant Lenders), and (ii) if such payment is received after 12:00 noon, Charlotte time, or in other than immediately available funds, the Administrative Agent will make available to each such Lender
its ratable share of such payment by wire transfer of immediately available funds on the next succeeding Business Day (or in the case of uncollected funds, as soon as practicable after collected). If the Administrative Agent shall not have made a
required distribution to the appropriate Lenders as required hereinabove after receiving a payment for the account of such Lenders, the Administrative Agent will pay to each such Lender, on demand, its ratable share of such payment with interest
thereon at the Federal Funds Rate for each day from the date such amount was required to be disbursed by the Administrative Agent until the date repaid to such Lender. 

(c) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each Lender, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(d) All computations of interest and fees hereunder (including computations of the Reserve Requirement) shall be made on the basis of a
year consisting of (i) in the case of interest on Base Rate Loans, 365/366 days, as the case may be, or (ii) in all other instances, 360 days; and in each case under (i) and (ii) above, with regard to the actual number of days
(including the first day, but excluding the last day) elapsed. 
 (e) Notwithstanding any other provision of this Agreement or
any other Credit Document to the contrary, all amounts collected or received by the Administrative Agent or any Lender after acceleration of the Loans pursuant to Section 8.2 shall be applied by the Administrative Agent as follows:

 (i) first, to the payment of all reasonable out-of-pocket costs and expenses (including, without
limitation, reasonable attorneys’ and consultants’ fees irrespective of whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of the Administrative Agent in connection with enforcing the rights of the Lenders
under the Credit Documents; 
 (ii) second, to the payment of any fees owed to the Administrative Agent
hereunder or under any other Credit Document; 
 (iii) third, to the payment of all reasonable and
documented out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ and consultants’ fees 

 

 38 

 
irrespective of whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of each of the Lenders in connection with enforcing its rights under the Credit Documents or
otherwise with respect to the Obligations owing to such Lender; 
 (iv) fourth, to the payment of all of
the Obligations consisting of accrued fees and interest (including, without limitation, fees incurred and interest accruing at the then applicable rate after the occurrence of a Bankruptcy Event irrespective of whether a claim for such fees incurred
and interest accruing is allowed in such proceeding); 
 (v) fifth, to the payment of the outstanding
principal amount of the Obligations (including the payment of any outstanding Reimbursement Obligations and the obligation to cash collateralize Letter of Credit Exposure); 

(vi) sixth, to the payment of all other Obligations and other obligations that shall have become due and payable
under the Credit Documents and not repaid; and 
 (vii) seventh, to the payment of the surplus (if any) to
whomever may be lawfully entitled to receive such surplus. 
 In carrying out the foregoing, (x) amounts received shall be applied in the
numerical order provided until exhausted prior to application to the next succeeding category, and (y) all amounts shall be apportioned ratably among the Lenders in proportion to the amounts of such principal, interest, fees or other
Obligations owed to them respectively pursuant to clauses (iii) through (vii) above. 
 2.13 Recovery of
Payments. 
 (a) The Borrower agrees that to the extent the Borrower makes a payment or payments to or for the account of
the Administrative Agent, the Swingline Lender, the Issuing Lender or any Lender, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any bankruptcy, insolvency or similar state or federal law, common law or equitable cause (whether as a result of any demand, settlement, litigation or otherwise), then, to the extent of such payment or repayment,
the Obligation intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been received. 

(b) If any amounts distributed by the Administrative Agent to any Lender are subsequently returned or repaid by the Administrative Agent
to the Borrower, its representative or successor in interest, or any other Person, whether by court order, by settlement approved by the Lender in question, or pursuant to applicable Requirements of Law, such Lender will, promptly upon receipt of
notice thereof from the Administrative Agent, pay the Administrative Agent such amount. If any such amounts are recovered by the Administrative Agent from the Borrower, its representative or successor in interest or such other Person, the
Administrative Agent will redistribute such amounts to the Lenders on the same basis as such amounts were originally distributed. 
  

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 2.14 Pro Rata Treatment. 

(a) Except in the case of Swingline Loans, all fundings, continuations and conversions of Loans of any Class shall be made by the Lenders
pro rata on the basis of their respective Commitments to provide Loans of such Class (in the case of the funding of Loans of such Class pursuant to Section 2.2) or on the basis of their respective outstanding Loans of such Class (in the
case of continuations and conversions of Loans of such Class pursuant to Section 2.11, or in the event the Commitments for Loans of such Class have expired or have been terminated), as the case may be from time to time. All payments on
account of principal of or interest on any Loans, fees or any other Obligations owing to or for the account of any one or more Lenders shall be apportioned ratably among such Lenders in proportion to the amounts of such principal, interest, fees or
other Obligations owed to them respectively. 
 (b) If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest
thereon or other such Obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face
value) participations in the Loans and such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this Section shall not be construed to apply to (x) any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, Swingline Loans or Letters of Credit
to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.14(b) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do
so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. If under any applicable bankruptcy, insolvency or similar law, any Lender receives a secured claim in lieu of a setoff to which this Section 2.14(b) applies, such Lender
shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section 2.14(b) to share in the benefits of any recovery on such secured
claim. 
 2.15 Increased Costs; Change in Circumstances; Illegality. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except the Reserve Requirement reflected in the LIBOR Rate) or the Issuing Lender; 

 

 40 

 (ii) subject any Lender or the Issuing Lender to any tax of any kind
whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBOR Loan made by it, or change the basis of taxation of payments to such Lender or the Issuing Lender in respect thereof (except for
Indemnified Taxes or Other Taxes covered by Section 2.16 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the Issuing Lender); or 

(iii) impose on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense
affecting this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal,
interest or any other amount), then, upon request of such Lender or the Issuing Lender, the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or the Issuing Lender
determines that any Change in Law affecting such Lender or the Issuing Lender or any Lending Office of such Lender or such Lender’s or the Issuing Lender’s holding company, if any, regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of
such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s or the
Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such
Lender’s or the Issuing Lender’s holding company for any such reduction suffered.” 
 (c) A certificate of a
Lender (which shall be in reasonable detail) setting forth the amount or amounts necessary to compensate such Lender or its holding company, as specified in Section 2.15(a) or Section 2.15(b) and delivered to the Borrower
shall be conclusive absent manifest error. The Borrower shall pay such Lender, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall not
constitute a waiver of such Lender’s right to 
  

 41 

 
demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or
reductions suffered more than 180 days prior to the date that such Lender, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) If, on or prior to the first day of any Interest Period, (y) the Administrative Agent shall have determined in good faith that
adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate for such Interest Period or (z) the Administrative Agent shall have received written notice from the Required Lenders of their determination in good faith
that the rate of interest referred to in the definition of “LIBOR Rate” upon the basis of which the Adjusted LIBOR Rate for LIBOR Loans for such Interest Period is to be determined will not adequately and fairly reflect the cost to such
Lenders of making or maintaining LIBOR Loans during such Interest Period, the Administrative Agent will forthwith so notify the Borrower and the Lenders. Upon such notice, (i) all then outstanding LIBOR Loans shall automatically, on the
expiration date of the respective Interest Periods applicable thereto (unless then repaid in full), be converted into Base Rate Loans, (ii) the obligation of the Lenders to make, to convert Base Rate Loans into, or to continue, LIBOR Loans
shall be suspended (including pursuant to the Borrowing to which such Interest Period applies), and (iii) any Notice of Borrowing or Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall be deemed to
be a request for Base Rate Loans, in each case until the Administrative Agent or the Required Lenders, as the case may be, shall have determined that the circumstances giving rise to such suspension no longer exist (and the Required Lenders, if
making such determination, shall have so notified the Administrative Agent), and the Administrative Agent shall have so notified the Borrower and the Lenders. 

(f) Notwithstanding any other provision in this Agreement, if, at any time after the date hereof and from time to time, any Lender shall
have determined in good faith that the introduction of or any change in any applicable law, rule or regulation or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration
thereof, or compliance with any guideline or request from any such Governmental Authority (whether or not having the force of law), has or would have the effect of making it unlawful for such Lender to make or to continue to make or maintain LIBOR
Loans, such Lender will forthwith so notify the Administrative Agent and the Borrower. Upon such notice, (i) each of such Lender’s then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest Period
applicable thereto (or, to the extent any such LIBOR Loan may not lawfully be maintained as a LIBOR Loan until such expiration date, upon such notice) and to the extent not sooner prepaid, be converted into a Base Rate Loan, (ii) the obligation
of such Lender to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be suspended (including pursuant to any Borrowing for which the Administrative Agent has received a Notice of Borrowing but for which the Borrowing Date has
not arrived), and (iii) any Notice of Borrowing or Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, in each case until such
Lender shall have determined that the circumstances giving rise to such suspension no longer exist and shall have so notified the Administrative Agent, and the Administrative Agent shall have so notified the Borrower. 

 

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 2.16 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Credit Document shall be made
free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender, as the case may be,
receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law. 
 (b) Without limiting the provisions of Section 2.16(a), the Borrower
shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower
shall indemnify the Administrative Agent and each Lender, within ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate (which shall be in reasonable detail) as to the amount of such payment or liability delivered to the Borrower by a Lender (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. The Administrative Agent and each Lender agrees to cooperate with any reasonable request made
by the Borrower in respect of a claim of a refund in respect of Indemnified Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.16 if
(i) the Borrower has agreed in writing to pay all of the Administrative Agent’s or such Lender’s reasonable out-of-pocket costs and expenses relating to such claim, (ii) the Administrative Agent or such Lender determines, in its
good faith judgment, that it would not be disadvantaged, unduly burdened or prejudiced as a result of such claim and (iii) the Borrower furnishes, upon request of the Administrative Agent or such Lender, an opinion of tax counsel (such opinion
and such counsel to be reasonably acceptable to the Administrative Agent or such Lender) to the effect that such Indemnified Taxes were wrongly or illegally imposed. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the
Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent. 
  

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 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Credit Document shall deliver to the Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 

Without limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States, any
Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax
treaty to which the United States is a party, 
 (ii) duly completed copies of Internal Revenue Service Form
W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the
Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form
W-8BEN, or 
 (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made. 

(f) If the Administrative Agent or any Lender determines that it has received a refund of any Taxes or Other Taxes as to which it has
been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon 

 

 44 

 
the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section 2.16(f) shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

2.17 Compensation. The Borrower will compensate each Lender upon demand for all losses, expenses and liabilities (including,
without limitation, any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund or maintain LIBOR Loans) that such Lender may incur or sustain (i) if for any
reason (other than a default by such Lender) a Borrowing or continuation of, or conversion into, a LIBOR Loan does not occur on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation, (ii) if any repayment,
prepayment or conversion of any LIBOR Loan occurs on a date other than the last day of an Interest Period applicable thereto (including as a consequence of any assignment made pursuant to Section 2.18(a) or any acceleration of the
maturity of the Loans pursuant to Section 8.2), (iii) if any prepayment of any LIBOR Loan is not made on any date specified in a notice of prepayment given by the Borrower or (iv) as a consequence of any other failure by the
Borrower to make any payments with respect to any LIBOR Loan when due hereunder. Calculation of all amounts payable to a Lender under this Section 2.17 shall be made as though such Lender had actually funded its relevant LIBOR Loan
through the purchase of a Eurodollar deposit bearing interest at the LIBOR Rate in an amount equal to the amount of such LIBOR Loan, having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may
fund its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be utilized only for the calculation of amounts payable under this Section 2.17. A certificate (which shall be in reasonable detail) showing the bases for
the determinations set forth in this Section 2.17 by any Lender as to any additional amounts payable pursuant to this Section 2.17 shall be submitted by such Lender to the Borrower either directly or through the
Administrative Agent. Determinations set forth in any such certificate made in good faith for purposes of this Section 2.17 of any such losses, expenses or liabilities shall be conclusive absent manifest error. 

2.18 Replacement of Lenders; Mitigation of Costs. 

(a) The Borrower may, at any time (other than after the occurrence and during the continuance of an Event of Default) at its sole expense
and effort, require any Lender (i) that has requested compensation from the Borrower under Sections 2.15(a) or 2.15(b) or payments from the Borrower under Section 2.16, or (ii) the obligation of which to make
or maintain LIBOR Loans or any funded participations in Letters of Credit not refinanced through the Borrowing of Revolving Loans has been suspended under Section 2.15(f) or (iii) that is a Defaulting Lender or a Nonconsenting
Lender, in any case upon notice to such Lender and the Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.6), all of its
interests, rights and obligations under this Agreement and the related Credit Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Administrative Agent shall have received the assignment fee specified in Section 10.6(b)(iv), which
fee shall be payable by the Borrower or such assignee; 
  

 45 

 (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Section 2.17) from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(iii) in the case of any such assignment resulting from a request for compensation under Sections 2.15(a) or
2.15(b) or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) in the case of an assignment of the interests, rights and obligations under this Agreement and the related Credit
Documents of a Nonconsenting Lender, such assignee shall have approved (or shall approve) such consent, waiver or amendment that resulted in the Nonconsenting Lender becoming a Nonconsenting Lender; and 

(v) such assignment does not conflict with applicable Requirements of Law. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 (b) If any
Lender requests compensation under Sections 2.15(a) or 2.15(b), or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or
if any Lender gives a notice pursuant to Section 2.15(f), then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15(a), 2.15(b) or 2.16, as the case may be,
in the future, or eliminate the need for the notice pursuant to Section 2.15(f), as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

2.19 Letters of Credit. 

(a) Issuance. Subject to and upon the terms and conditions herein set forth, so long as no Default or Event of Default has
occurred and is continuing, the Issuing Lender will, at any time and from time to time on and after the Closing Date and prior to the earlier of (i) the Letter of Credit Maturity Date and (ii) the Revolving Credit Termination Date, and
upon request by the Borrower in accordance with the provisions of Section 3.2, issue for the account of the Borrower or any of its Subsidiaries one or more irrevocable standby letters of credit denominated in Dollars and in a form
customarily used or otherwise approved by the Issuing Lender (together 
  

 46 

 
with all amendments, modifications and supplements thereto, substitutions therefor and renewals and restatements thereof, collectively, the “Letters of Credit”). The Stated
Amount of each Letter of Credit shall not be less than $100,000.00. Notwithstanding the foregoing: 
 (i) No
Letter of Credit shall be issued if the Stated Amount upon issuance when added to the Aggregate Revolving Credit Exposure, would exceed the aggregate Revolving Credit Commitments at such time; 

(ii) Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is
for the account of, or otherwise will benefit, a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse the Issuing Lender hereunder for any and all drawings under such Letter of Credit (and the Borrower hereby acknowledges that
the issuance of Letters of Credit for the benefit of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries); 

(iii) No Letter of Credit shall be issued that by its terms expires later than the Letter of Credit Maturity Date or, in
any event, more than one year after its date of issuance; provided, however, that a Letter of Credit may, if requested by the Borrower, provide by its terms, and on terms acceptable to the Issuing Lender, for renewal for successive
periods of one year or less (but not beyond the Letter of Credit Maturity Date), unless and until the Issuing Lender shall have delivered a notice of nonrenewal to the beneficiary of such Letter of Credit; and 

(iv) The Issuing Lender shall be under no obligation to issue any Letter of Credit if, at the time of such proposed
issuance, (A) any order, judgment or decree of any Governmental Authority or arbitrator shall purport by its terms to enjoin or restrain the Issuing Lender from issuing such Letter of Credit, or any Requirement of Law applicable to the Issuing
Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit
generally or such Letter of Credit in particular or shall impose upon the Issuing Lender with respect to such Letter of Credit any restriction or reserve or capital requirement (for which the Issuing Lender is not otherwise compensated) not in
effect on the Second Amendment Effective Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or known to the Issuing Lender as of the Second Amendment Effective Date and that the Issuing Lender in good faith deems
material to it, (B) the Issuing Lender shall have actual knowledge, or shall have received notice from any Lender, prior to the issuance of such Letter of Credit that one or more of the conditions specified in Section 3.2 are not
then satisfied (or have not been waived in writing as required herein) or that the issuance of such Letter of Credit would violate the provisions of Section 2.19(a) or (C) any Lender is at such time a Defaulting Lender hereunder,
unless the Issuing Lender has entered into satisfactory arrangements with the Borrower or such Lender to eliminate the Issuing Lender’s risk with respect to such Lender. 

(b) Notices. Whenever the Borrower desires the issuance of a Letter of Credit, the Borrower will give the Issuing Lender written
notice with a copy to the Administrative Agent not 
  

 47 

 
later than 11:00 a.m., Charlotte time, three Business Days (or such shorter period as is acceptable to the Issuing Lender in any given case) prior to the requested date of issuance thereof. Each
such notice (each, a “Letter of Credit Notice”) shall be irrevocable, shall be given in the form of Exhibit B-4 and shall specify (i) the requested date of issuance, which shall be a Business Day, (ii) the requested
Stated Amount and expiry date of the Letter of Credit, and (iii) the name and address of the requested beneficiary or beneficiaries of the Letter of Credit. The Borrower will also complete any application procedures and documents reasonably
required by the Issuing Lender in connection with the issuance of any Letter of Credit. Upon its issuance of any Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent of such issuance, and the Administrative Agent will
give prompt notice thereof to each Revolving Credit Lender. The renewal or extension of any outstanding Letter of Credit shall, for purposes of this Section 2.19, be treated in all respects as the issuance of a new Letter of Credit.

 (c) Participations. Immediately upon the issuance of any Letter of Credit, the Issuing Lender shall be deemed to have
sold and transferred to each Revolving Credit Lender, and each Revolving Credit Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty (except for the absence of
Liens thereon created, incurred or suffered to exist by, through or under the Issuing Lender), an undivided interest and participation, pro rata (based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit
Commitments at such time, or if the Revolving Credit Commitments have been terminated, based on the proportion that its Revolving Credit Commitment bears to the aggregate Revolving Credit Commitments, in each case immediately prior to the
termination thereof), in such Letter of Credit, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto and any guaranty pertaining thereto; provided, however, that the fee relating to
Letters of Credit described in Section 2.9(d) shall be payable directly to the Issuing Lender as provided therein, and the other Revolving Credit Lenders shall have no right to receive any portion thereof. In consideration and in
furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Lender, such Lender’s pro rata share (determined as provided above) of
each Reimbursement Obligation not reimbursed by the Borrower on the date due as provided in Section 2.19(d) or through the Borrowing of Revolving Loans as provided in Section 2.19(e) (because the conditions set forth in
Section 3.2 cannot be satisfied, or for any other reason), or of any reimbursement payment required to be refunded to the Borrower for any reason. Upon any change in the Revolving Credit Commitments of any of the Revolving Credit Lenders
pursuant to Section 10.6, with respect to all outstanding Letters of Credit and Reimbursement Obligations there shall be an automatic adjustment to the participations pursuant to this Section 2.19(c) to reflect the new pro
rata shares of the assigning Lender and the assignee. Each Revolving Credit Lender’s obligation to make payment to the Issuing Lender pursuant to this Section 2.19(c) shall be absolute and unconditional and shall not be affected by
any circumstance whatsoever, including the termination of the Revolving Credit Commitments or the existence of any Default or Event of Default, and each such payment shall be made without any offset, abatement, reduction or withholding whatsoever.

 (d) Reimbursement. The Borrower hereby agrees to reimburse the Issuing Lender by making payment to the Administrative
Agent, for the account of the Issuing Lender, in immediately available funds, for any payment made by the Issuing Lender under any Letter of 

 

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Credit (each such amount so paid until reimbursed, together with interest thereon payable as provided hereinbelow, a “Reimbursement Obligation”) immediately upon, and in any
event on the same Business Day as, the making of such payment by the Issuing Lender (provided that any such Reimbursement Obligation shall be deemed timely satisfied (but nevertheless subject to the payment of interest thereon as provided
hereinbelow) if satisfied pursuant to a Borrowing of Revolving Loans made on the date of such payment by the Issuing Lender, as set forth more completely in Section 2.19(e)), together with interest on the amount so paid by the Issuing
Lender, to the extent not reimbursed prior to 2:00 p.m., Charlotte time, on the date of such payment or disbursement, for the period from the date of the respective payment to the date the Reimbursement Obligation created thereby is satisfied, at
the Adjusted Base Rate applicable to Revolving Loans as in effect from time to time during such period, such interest also to be payable on demand. The Issuing Lender will provide the Administrative Agent and the Borrower with prompt notice of any
payment or disbursement made or to be made under any Letter of Credit, although the failure to give, or any delay in giving, any such notice shall not release, diminish or otherwise affect the Borrower’s obligations under this
Section 2.19(d) or any other provision of this Agreement. The Administrative Agent will promptly pay to the Issuing Lender any such amounts received by it under this Section 2.19(d). 

(e) Payment by Revolving Loans. In the event that the Issuing Lender makes any payment under any Letter of Credit and the Borrower
shall not have timely satisfied in full its Reimbursement Obligation to the Issuing Lender pursuant to Section 2.19(d), and to the extent that any amounts then held in the Cash Collateral Account established pursuant to
Section 2.19(h) shall be insufficient to satisfy such Reimbursement Obligation in full, the Issuing Lender will promptly notify the Administrative Agent, and the Administrative Agent will promptly notify each Revolving Credit Lender, of
such failure. If the Administrative Agent gives such notice prior to 12:00 noon, Charlotte time, on any Business Day, each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Issuing Lender, its pro rata
share (based on the percentage of the aggregate Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment) of the amount of such payment on such Business Day in immediately available funds. If the Administrative
Agent gives such notice after 12:00 noon, Charlotte time, on any Business Day, each such Revolving Credit Lender shall make its pro rata share of such amount available to the Administrative Agent on the next succeeding Business Day. If and to the
extent any Revolving Credit Lender shall not have so made its pro rata share of the amount of such payment available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, for the account of the Issuing Lender, forthwith
on demand such amount, together with interest thereon at the Federal Funds Rate for each day from such date until the date such amount is paid to the Administrative Agent. The failure of any Revolving Credit Lender to make available to the
Administrative Agent its pro rata share of any payment under any Letter of Credit shall not relieve any other Revolving Credit Lender of its obligation hereunder to make available to the Administrative Agent its pro rata share of any payment under
any Letter of Credit on the date required, as specified above, but no Revolving Credit Lender shall be responsible for the failure of any other Revolving Credit Lender to make available to the Administrative Agent such other Revolving Credit
Lender’s pro rata share of any such payment. Each such payment by a Revolving Credit Lender under this Section 2.19(e) of its pro rata share of an amount paid by the Issuing Lender shall constitute a Revolving Loan by such Revolving
Credit Lender (the Borrower being deemed to have given a timely Notice of Borrowing therefor) and shall be treated as such for all purposes of this 

 

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Agreement; provided that for purposes of determining the aggregate Unutilized Revolving Credit Commitments immediately prior to giving effect to the application of the proceeds of such
Revolving Loans, the Reimbursement Obligation being satisfied thereby shall be deemed not to be outstanding at such time. Each Revolving Credit Lender’s obligation to make Revolving Loans pursuant to this Section 2.19(e) shall be
absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, the failure of the amount of such Borrowing of Revolving Loans to meet the minimum Borrowing amount specified in
Section 2.2(b); provided, however, that each Revolving Credit Lender’s obligation to make Revolving Loans pursuant to this Section 2.19(e) is subject to the conditions set forth in Section 3.2
(other than delivery by the Borrower of a Notice of Borrowing). 
 (f) Payment to Revolving Credit Lenders. Whenever the
Issuing Lender receives a payment in respect of a Reimbursement Obligation as to which the Administrative Agent has received, for the account of the Issuing Lender, any payments from the Revolving Credit Lenders pursuant to
Section 2.19(e), the Issuing Lender will promptly pay to the Administrative Agent, and the Administrative Agent will promptly pay to each Revolving Credit Lender that has paid its pro rata share thereof, in immediately available funds,
an amount equal to such Revolving Credit Lender’s ratable share (based on the proportionate amount funded by such Revolving Credit Lender to the aggregate amount funded by all Revolving Credit Lenders) of such Reimbursement Obligation.

 (g) Obligations Absolute. The Reimbursement Obligations of the Borrower shall be irrevocable, shall remain in effect
until the Issuing Lender shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit, and shall be absolute and unconditional, shall not be subject to counterclaim, setoff or
other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including, without limitation, any of the following circumstances: 

(i) Any lack of validity or enforceability of this Agreement, any of the other Credit Documents or any documents or
instruments relating to any Letter of Credit; 
 (ii) Any change in the time, manner or place of payment of, or
in any other term of, all or any of the Obligations in respect of any Letter of Credit or any other amendment, modification or waiver of or any consent to departure from any Letter of Credit or any documents or instruments relating thereto, in each
case whether or not the Borrower has notice or knowledge thereof; 
 (iii) The existence of any claim, setoff,
defense or other right that the Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuing
Lender, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated hereby or any unrelated transactions (including any underlying transaction between the Borrower and the beneficiary
named in any such Letter of Credit); 
  

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 (iv) Any draft, certificate or any other document presented under the Letter
of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect (provided that such draft, certificate or other document appears on its face to comply with the
terms of such Letter of Credit), any errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, telecopier or otherwise, or any errors in translation or in interpretation of technical terms; 

(v) Any defense based upon the failure of any drawing under a Letter of Credit to conform to the terms of the Letter of
Credit (provided that any draft, certificate or other document presented pursuant to such Letter of Credit appears on its face to comply with the terms thereof), any nonapplication or misapplication by the beneficiary or any transferee of the
proceeds of such drawing or any other act or omission of such beneficiary or transferee in connection with such Letter of Credit; 

(vi) The exchange, release, surrender or impairment of any collateral or other security for the Obligations; 

(vii) The occurrence of any Default or Event of Default; or 

(viii) Any other circumstance or event whatsoever, including, without limitation, any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Borrower or a Guarantor. 
 Any action taken or omitted to be taken by the
Issuing Lender under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, shall be binding upon the Borrower and each Lender and shall not create or result in any liability of the
Issuing Lender to the Borrower or any Lender. It is expressly understood and agreed that, for purposes of determining whether a wrongful payment under a Letter of Credit resulted from the Issuing Lender’s gross negligence or willful misconduct,
(i) the Issuing Lender’s acceptance of documents that appear on their face to comply with the terms of such Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary,
(ii) the Issuing Lender’s exclusive reliance on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including the amount of any draft presented under such Letter of Credit, whether or not
the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect (so long as such document appears on its face to comply
with the terms of such Letter of Credit), and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any
respect whatsoever, and (iii) any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or willful misconduct of
the Issuing Lender. 
 (h) Cash Collateral Account. At any time and from time to time (i) after the occurrence and
during the continuance of an Event of Default, the Administrative Agent may, and at the direction or with the consent of the Required Revolving Lenders shall, require the 

 

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Borrower to deliver to the Administrative Agent such additional amount of cash as is equal to 100% of the aggregate Stated Amount of all Letters of Credit at any time outstanding (whether or not
any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder) and (ii) in the event of a prepayment under Section 2.6(c), the Administrative Agent will retain such amount as may then be
required to be retained, such amounts to be held by the Administrative Agent in a cash collateral account (the “Cash Collateral Account”). The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Lender
and the Lenders, a Lien upon and security interest in the Cash Collateral Account and all amounts held therein from time to time as security for Letter of Credit Exposure, and for application to the Borrower’s Reimbursement Obligations as and
when the same shall arise. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest on the investment of such amounts in Cash Equivalents, which
investments shall be made at the direction of the Borrower (unless a Default or Event of Default shall have occurred and be continuing, in which case the determination as to investments shall be made at the option and in the discretion of the
Administrative Agent), amounts in the Cash Collateral Account shall not bear interest. Interest and profits, if any, on such investments shall accumulate in such account. In the event of a drawing, and subsequent payment by the Issuing Lender, under
any Letter of Credit at any time during which any amounts are held in the Cash Collateral Account, the Administrative Agent will deliver to the Issuing Lender an amount equal to the Reimbursement Obligation created as a result of such payment (or,
if the amounts so held are less than such Reimbursement Obligation, all of such amounts) to reimburse the Issuing Lender therefor. Any amounts remaining in the Cash Collateral Account (including interest) after the expiration of all Letters of
Credit and reimbursement in full of the Issuing Lender for all of its obligations thereunder shall be held by the Administrative Agent, for the benefit of the Borrower, to be applied against the Obligations in such order and manner as the
Administrative Agent may direct. If the Borrower is required to provide cash collateral pursuant to Section 2.6(c), such amount (including interest), to the extent not applied as aforesaid, shall be returned to the Borrower on demand,
provided that after giving effect to such return (i) the Aggregate Revolving Credit Exposure would not exceed the aggregate Revolving Credit Commitments at such time and (ii) no Default or Event of Default shall have occurred and be
continuing at such time. If the Borrower is required to provide cash collateral as a result of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of
Default have been cured or waived. 
 (i) The Issuing Lender. The Issuing Lender shall act on behalf of the Lenders with
respect to any Letters of Credit issued by it and the documents associated therewith, and the Issuing Lender shall have all of the rights, benefits and immunities (a) provided to the Administrative Agent in Article IX with respect to any
acts taken or omissions suffered by it in connection with Letters of Credit issued by it or proposed to be issued by it and any documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in
Article IX included the Issuing Lender with respect to such acts or omissions, and (b) as additionally provided herein with respect to the Issuing Lender. 

(j) Effectiveness. Notwithstanding any termination of the Revolving Credit Commitments or repayment of the Loans, or both, the
obligations of the Borrower under this Section 2.19 shall remain in full force and effect until the Issuing Lender and the Revolving Credit Lenders shall have no further obligations to make any payments or disbursements under any
circumstances with respect to any Letter of Credit. 
  

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 2.20 Defaulting Lenders. Notwithstanding anything contained in this Agreement to the
contrary, in the event that any Lender becomes a Defaulting Lender due to its failure to fund any Revolving Loan (including, without limitation, any Revolving Loan made for the purpose of repaying Refunded Swingline Loans pursuant to
Section 2.2(e) or for the purpose of paying unpaid Reimbursement Obligations pursuant to Section 2.19(e)), or any participation interest in Letters of Credit or Swingline Loans, requested and permitted to be made hereunder in
accordance with the terms hereof (each, a “Funding Default”), then to the extent permitted by applicable law, until such time as each such Funding Default has been cured, (i) any prepayment of the Revolving Loans shall, if the
Borrower so directs at the time of making such prepayment, be applied to the Revolving Loans of other Lenders as if such Defaulting Lender had no Revolving Loans outstanding and the Revolving Credit Exposure of such Defaulting Lender was zero;
(ii) such Defaulting Lender shall not be entitled to receive any commitment fee or letter of credit fee pursuant to Section 2.9; and (iii) the Aggregate Revolving Credit Exposure as at any date of determination shall be
calculated as if no Funding Default shall exist. No Revolving Credit Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.20, performance by the Borrower of its
obligations hereunder and the other Credit Documents shall not be excused or otherwise modified as a result of any Funding Default or the operation of this Section 2.20. The rights and remedies against a Defaulting Lender under this
Section 2.20 are in addition to other rights and remedies which the Borrower may have against such Defaulting Lender with respect to any Funding Default and which Administrative Agent or any Lender may have against such Defaulting Lender
with respect to any Funding Default. 
 ARTICLE III 

CONDITIONS OF BORROWING 

3.1 Conditions of Initial Borrowing. The obligation of each Lender to make Loans in connection with the initial Borrowing
hereunder is subject to the satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have
received the following, each of which shall be originals or telecopies or in an electronic format acceptable to the Administrative Agent (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of
the applicable Credit Party, each dated as of the Closing Date (or, in the case of certificates of governmental officials, a recent date prior to the Closing Date) and each in a form and substance reasonably satisfactory to the Administrative Agent
and each of the Lenders: 
 (i) executed counterparts of this Agreement in such number of copies as the
Administrative Agent shall have required; 
  

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 (ii) to the extent requested by any Lender in accordance with
Section 2.4(d), a Note or Notes for such Lender, in each case duly completed in accordance with the provisions of Section 2.4(d) and executed by the Borrower; 

(iii) the Guaranty, duly completed and executed by each Wholly-Owned Subsidiary (other than any Foreign Subsidiary to the
extent (and for as long as) doing so would cause adverse tax or regulatory consequences to the Borrower); 

(iv) if any LIBOR Loans are to be borrowed prior to the
3rd Business Day after the Closing Date, the
Administrative Agent shall have received, 3 days prior to the date such LIBOR Loans are to be borrowed, a pre-funding LIBOR indemnity letter from the Borrower and a completed Notice of Borrowing; 

(v) a certificate, signed by an Authorized Officer of the Borrower, certifying that (i) all representations and
warranties of the Credit Parties contained in this Agreement and the other Credit Documents qualified as to materiality shall be true and correct and those not so qualified shall be true and correct in all material respects, in each case as of the
Closing Date, both immediately before and after giving effect to the transactions contemplated hereby, the making of the initial Loans and the application of the proceeds thereof (except to the extent any such representation or warranty is expressly
stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date), (ii) no Default or Event of Default has occurred and is continuing, both immediately before and after
giving effect to the transactions contemplated hereby, the making of the initial Loans and the application of the proceeds thereof, (iii) both immediately before and after giving effect to the transactions contemplated hereby, the making of the
initial Loans and the application of the proceeds thereof, no Material Adverse Effect has occurred since December 31, 2008, and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse
Effect, and (iv) all conditions to the initial extensions of credit hereunder set forth in this Section 3.1 and in Section 3.2 have been satisfied or waived as required hereunder; 

(vi) a certificate of the secretary or an assistant secretary of each Credit Party executing any Credit Documents as of
the Closing Date, certifying (i) that attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of such Credit Party,
certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such certification, (ii) that attached thereto is a
true and complete copy of the bylaws, operating agreement or similar governing document of such Credit Party, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (iii) below were adopted
to and including the date of such certificate, and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of such Credit Party, authorizing the execution, delivery
and performance of this Agreement and the other Credit Documents to which it is a party, and as to the incumbency and genuineness of the signature of each officer of such Credit Party executing this Agreement or any of such other Credit Documents,
and attaching all such copies of the documents described above; 
  

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 (vii) a certificate as of a recent date of the good standing of each Credit
Party executing any Credit Documents as of the Closing Date, under the laws of its jurisdiction of organization, from the Secretary of State (or comparable Governmental Authority) of such jurisdiction; and 

(viii) a Financial Conditions Certificate executed by the chief financial officer of the Borrower containing the copies of
the financial statements referred to in Section 4.11 and confirming that, as of the Closing Date, after giving effect to the consummation of the transactions contemplated hereby, the Borrower and its Subsidiaries on a consolidated basis
are solvent. 
 (b) All approvals, permits and consents of any Governmental Authorities, any Self-Regulatory Organizations, or
other Persons required in connection the consummation of any of the transactions contemplated hereby shall have been obtained, without the imposition of conditions that are materially adverse to the Administrative Agent or the Lenders; all
applicable waiting periods shall have expired without any adverse action being taken or threatened by any Governmental Authority or Self-Regulatory Organization having jurisdiction; and no action, proceeding, investigation, regulation or legislation
shall have been instituted, threatened or proposed before, and no order, injunction or decree shall have been entered by, any court or other Governmental Authority or any Self-Regulatory Organization, in each case to enjoin, restrain or prohibit, to
obtain substantial damages in respect of, or to impose materially adverse conditions upon, this Agreement, any of the other Credit Documents or the consummation of the transactions contemplated hereby or that could reasonably be expected to have a
Material Adverse Effect. 
 (c) The Borrower shall have (i) amended its existing Credit Agreement, dated as of
January 12, 2007, as amended by the First Amendment to Credit Agreement dated as of August 24, 2007 and the Second Amendment to Credit Agreement dated as of June 13, 2008, with Wachovia, as administrative agent, BofA, as syndication
agent and the lenders party thereto (the “Existing Credit Facility”) to (x) permit the consummation of the transactions contemplated hereby, (y) terminate the revolving credit commitments of the lenders thereunder, and
(z) make certain other amendments thereto requested by the Borrower and reasonably satisfactory to the Administrative Agent and (ii) complied with all terms and conditions in the definitive documentation of such amendment. 

(d) Concurrently with the making of the initial Loans hereunder, (i) all principal, interest and other amounts outstanding under the
Borrower’s existing Credit Agreement, dated as of June 27, 2008, with Wachovia, as administrative agent, BofA, as syndication agent and the lenders party thereto (the “Terminating Liquidity Credit Facility”), and
(ii) all commitments to extend credit under the agreements and instruments relating to the Terminating Liquidity Facility and all guarantees relating thereto shall be terminated; and the Administrative Agent shall have received evidence of the
foregoing satisfactory to it. 
  

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 (e) Concurrently with the making of the initial Loans hereunder, the Borrower shall have
entered into the Credit Agreement, dated as of the date hereof, with Wachovia, as administrative agent, BofA, as syndication agent and the lenders party thereto (the “New Liquidity Facility”), providing for a 364-day revolving
credit facility in the aggregate principal amount of $300,000,000. 
 (f) Since December 31, 2008, both immediately before
and after giving effect to the transactions contemplated hereby, there shall not have occurred (i) a Material Adverse Effect or (ii) any event, condition or state of facts that could reasonably be expected to have a Material Adverse
Effect. 
 (g) The Borrower shall have paid (i) to the Arrangers, the fees required under the Joint Fee Letter to be paid
to them on the Closing Date, in the amounts due and payable on the Closing Date as required by the terms thereof, (ii) to the Administrative Agent, the initial payment of the annual administrative fee described in the Wachovia Fee Letter, and
(iii) all other fees and reasonable expenses of the Arrangers, the Administrative Agent and the Lenders required hereunder or under any other Credit Document to be paid on or prior to the Closing Date (including reasonable fees and expenses of
counsel) in connection with this Agreement and the other Credit Documents. 
 (h) The Administrative Agent shall have received
an Account Designation Letter, together with written instructions from an Authorized Officer of the Borrower, including wire transfer information, directing the payment of the proceeds of the initial Loans to be made hereunder. 

(i) Each of the Administrative Agent and each Lender shall have received such other documents, certificates, opinions and instruments in
connection with the transactions contemplated hereby as it shall have reasonably requested (including but not limited to legal opinions of counsel to the Borrower and its Subsidiaries). 

3.2 Conditions of All Borrowings. The obligation of each Lender to make any Loans hereunder, including the initial Loans (but
excluding Revolving Loans made for the purpose of repaying Refunded Swingline Loans pursuant to Section 2.2(e) or for the purpose of paying unpaid Reimbursement Obligations pursuant to Section 2.19(e)), and the obligation of
the Issuing Lender to issue any Letters of Credit hereunder, is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date: 

(a) The Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.2(b), or (together with
the Swingline Lender) a Notice of Swingline Borrowing in accordance with Section 2.2(d) or (together with the Issuing Lender) a Letter of Credit Notice in accordance with Section 2.19(b), as applicable; 

(b) Each of the representations and warranties contained in Article IV and in the other Credit Documents qualified as to
materiality shall be true and correct and those not so qualified shall be true and correct in all material respects, in each case on and as of such Borrowing Date (including the Closing Date, in the case of the initial Loans made hereunder) or such
date of issuance of a Letter of Credit with the same effect as if made on and as of such date, 
  

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both immediately before and after giving effect to the Loans to be made or Letter of Credit to be issued on such date (except to the extent any such representation or warranty is expressly stated
to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date); and 

(c) No Default or Event of Default shall have occurred and be continuing on such date, both immediately before and after giving effect to
the Loans to be made or Letter of Credit to be issued on such date. 
 Each giving of a Notice of Borrowing, a Notice of Swingline Borrowing or
a Letter of Credit Notice, and the consummation of each Borrowing or issuance of a Letter of Credit, shall be deemed to constitute a representation by the Borrower that the statements contained in Sections 3.2(b) and 3.2(c) are true,
both as of the date of such notice or request and as of the relevant Borrowing Date or date of issuance. 
 ARTICLE IV 

 REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to extend the credit
contemplated hereby, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 
 4.1
Corporate Organization and Power. Each Credit Party (i) is a corporation or a limited liability company duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation,
as the case may be (which jurisdictions, as of the Closing Date, are set forth on Schedule 4.1), (ii) has the full corporate or limited liability company power and authority to execute, deliver and perform the Credit Documents to
which it is or will be a party, to own and hold its property and to engage in its business as presently conducted, and (iii) is duly qualified to do business as a foreign corporation or limited liability company and is in good standing in each
jurisdiction where the nature of its business or the ownership of its properties requires it to be so qualified, except where the failure to be so qualified, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. 
 4.2 Authorization; Enforceability. Each Credit Party has taken all necessary corporate or limited
liability action, as applicable, to execute, deliver and perform each of the Credit Documents to which it is a party, and has (or on any later date of execution and delivery will have) validly executed and delivered each of the Credit Documents to
which it is a party. This Agreement constitutes, and each of the other Credit Documents upon execution and delivery will constitute, the legal, valid and binding obligation of each Credit Party that is a party hereto or thereto, enforceable against
it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good
faith and fair dealing (regardless of whether enforcement is sought in equity or at law). 
  

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 4.3 No Violation. The execution, delivery and performance by each Credit Party of
each of the Credit Documents to which it is a party, and compliance by it with the terms hereof and thereof, do not and will not (i) violate any provision of its articles or certificate of incorporation or formation, its bylaws or operating
agreement, or other applicable formation or organizational documents, (ii) contravene any other Requirement of Law applicable to it, (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or both) a default
under any indenture, mortgage, lease, agreement, contract or other instrument to which it is a party, by which it or any of its properties is bound or to which it is subject, or (iv) result in or require the creation or imposition of any Lien,
other than a Permitted Lien, upon any of its properties, revenues or assets; except, in the case of clauses (ii) and (iii) above, where such violations, conflicts, breaches or defaults, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect. 
 4.4 Governmental and Third-Party Authorization; Permits. No
consent, approval, authorization or other action by, notice to, or registration or filing with, any Governmental Authority, Self-Regulatory Organization, or other Person is required as a condition to or otherwise in connection with the due
execution, delivery and performance by each Credit Party of this Agreement or any of the other Credit Documents to which it is a party or the legality, validity or enforceability hereof or thereof, other than (i) consents, authorizations and
filings that have been made or obtained and that are in full force and effect, which consents, authorizations and filings are listed on Schedule 4.4, and (ii) consents and filings the failure to obtain or make which, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Each Credit Party has, and is in good standing with respect to, all governmental approvals, licenses, permits and authorizations necessary to conduct its business
as presently conducted and to own or lease and operate its properties, except for those the failure to obtain which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

4.5 Litigation. Except as set forth on Schedule 4.5, there are no actions, investigations, suits or proceedings pending or,
to the knowledge of the Borrower, threatened, at law, in equity or in arbitration, before any court, other Governmental Authority, Self-Regulatory Organization, arbitrator or other Person, (i) against or affecting any of the Credit Parties or
any of their respective properties that, if adversely determined, could reasonably be expected to have a Material Adverse Effect, or (ii) with respect to this Agreement, any of the other Credit Documents or any of the other transactions
contemplated hereby or thereby. 
 4.6 Taxes. Each of the Borrower and its Subsidiaries has timely filed all federal,
state, local and foreign tax returns and reports required to be filed by it and has paid, prior to the date on which penalties would attach thereto or a Lien would attach to any of its properties if unpaid, all taxes, assessments, fees and other
charges levied upon it or upon its properties that are shown thereon as due and payable, other than those that are not yet delinquent or that are being contested in good faith and by proper proceedings and for which adequate reserves have been
established in accordance with GAAP. Such returns accurately reflect in all material respects all liability for taxes of the Borrower and its Subsidiaries for the periods covered thereby. As of the Closing Date, there is no ongoing audit or
examination or, to the knowledge of the Borrower, other investigation by any Governmental Authority of the tax liability of any of the Borrower or its Subsidiaries, and there is no material unresolved claim by any Governmental 

 

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Authority concerning the tax liability of the Borrower or any of its Subsidiaries for any period for which tax returns have been or were required to have been filed, other than unsecured claims
for which adequate reserves have been established in accordance with GAAP. As of the Closing Date, neither the Borrower nor any of its Subsidiaries has waived or extended or has been requested to waive or extend the statute of limitations relating
to the payment of any taxes. 
 4.7 Subsidiaries. Schedule 4.7 sets forth a list, as of the Closing Date, of
all of the Subsidiaries of the Borrower and as to each such Subsidiary, the percentage ownership (direct and indirect) of the Borrower in each class of its Capital Stock and each direct owner thereof. 

4.8 Full Disclosure. All factual information heretofore, contemporaneously or hereafter furnished in writing to the Administrative
Agent, any Arranger or any Lender by or on behalf of any Credit Party pursuant to this Agreement or the other Credit Documents is or will be true and accurate in all material respects on the date as of which such information is dated or certified
(or, if such information has been updated, amended or supplemented, on the date as of which any such update, amendment or supplement is dated or certified) and not made incomplete by omitting to state a material fact necessary to make the statements
contained herein and therein, in light of the circumstances under which such information was provided, not misleading; provided that, with respect to projections, budgets and other estimates, except as specifically represented in
Section 4.11(b), the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. As of the Closing Date, there is no fact known to any Credit Party that has, or
could reasonably be expected to have, a Material Adverse Effect, which fact has not been set forth herein, in the consolidated financial statements of the Borrower and its Subsidiaries furnished to the Administrative Agent and/or the Lenders, or in
any certificate, opinion or other written statement made or furnished by the Borrower to the Administrative Agent and/or the Lenders. 

4.9 Margin Regulations. No Credit Party is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock. No proceeds of the Loans will be used, directly or indirectly, to purchase or carry any Margin Stock, to extend credit for such purpose or for any other purpose, in each case
that would violate or be inconsistent with Regulations T, U or X or any provision of the Exchange Act. 
 4.10 No Material
Adverse Effect. There has been no Material Adverse Effect since December 31, 2008 and there exists no event, condition or state of facts that could reasonably be expected to result in a Material Adverse Effect. 

4.11 Financial Matters. 

(a) The Borrower has heretofore furnished to the Administrative Agent copies of the audited consolidated balance sheets of the Borrower
and its Subsidiaries, for the 2008 and 2007 fiscal years, in each case with the related statements of income, stockholders’ equity, comprehensive income and cash flows for the fiscal years then ended, together with the opinions of
Ernst & Young LLP thereon. Such financial statements have been prepared in accordance with GAAP and present fairly in all material respects the financial condition of the Borrower and its Subsidiaries on a consolidated basis as of the
respective dates thereof and the results of 
  

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operations of the Borrower and its Subsidiaries on a consolidated basis for the respective periods then ended. Except as fully reflected in the most recent financial statements referred to above
and the notes thereto, there are no material liabilities or obligations with respect to the Borrower and its Subsidiaries of any nature whatsoever (whether absolute, contingent or otherwise and whether or not due) that are required in accordance
with GAAP to be reflected in such financial statements and that are not so reflected. 
 (b) The Borrower has prepared, and has
heretofore furnished to the Administrative Agent a copy of, projected consolidated balance sheets and statements of income and cash flows of the Borrower and its Subsidiaries prepared on an annual basis through the end of fiscal year 2012, giving
effect to the initial extensions of credit made under this Agreement, the payment of transaction fees and expenses related to the foregoing and the consummation of the other transactions contemplated hereby (the “Projections”). In
the good faith opinion of management of the Borrower, the assumptions used in the preparation of the Projections were fair, complete and reasonable when made and continue to be fair, complete and reasonable as of the date hereof. The Projections
have been prepared in good faith by the executive and financial personnel of the Borrower, are complete and represent a reasonable estimate of the future performance and financial condition of the Borrower and its Subsidiaries, subject to the
uncertainties and approximations inherent in any projections. 
 (c) After giving effect to the consummation of the transactions
contemplated hereby, each Credit Party (i) has capital sufficient to carry on its businesses as conducted and as proposed to be conducted, (ii) has assets with a fair saleable value, determined on a going concern basis, which are
(y) not less than the amount required to pay the probable liability on its existing debts as they become absolute and matured and (z) greater than the total amount of its liabilities (including identified contingent liabilities, valued at
the amount that can reasonably be expected to become absolute and matured in their ordinary course), and (iii) does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay such debts and
liabilities as they mature in their ordinary course. 
 (d) Since December 31, 2008, there has not been an occurrence of a
“material weakness” (as defined in statement on Auditing Standards No. 60) in, or fraud that involves management or other employees who have a significant role in, the Borrower’s internal controls over financial reporting, in
each case as described in Section 404 of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder and the accounting and auditing principles, rules, standards and practices promulgated or approved with respect
thereto, in each case that could reasonably be expected to have a Material Adverse Effect. 
 (e) Neither (i) the board of
directors of the Borrower, a committee thereof or an authorized officer of the Borrower has concluded that any financial statement previously furnished to the Administrative Agent should no longer be relied upon because of an error, nor
(ii) has the Borrower been advised by its auditors that a previously issued audit report or interim review cannot be relied on. 

4.12 Ownership of Properties. Each of the Borrower and its Subsidiaries (i) has good and marketable title to all real
property owned by it, (ii) holds interests as lessee under valid leases in full force and effect with respect to all material leased real and personal property used 
  

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in connection with its business, and (iii) has good title to all of its other material properties and assets reflected in the most recent financial statements referred to in
Section 4.11(a) (except as sold or otherwise disposed of since the date thereof in the ordinary course of business), in each case free and clear of all Liens other than Permitted Liens. 

4.13 ERISA. 

(a) Each Credit Party and its ERISA Affiliates is in compliance with the applicable provisions of ERISA, and each Plan is and has been
administered in compliance with all applicable Requirements of Law, including, without limitation, the applicable provisions of ERISA and the Code, in each case except where the failure so to comply, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect. No ERISA Event (i) has occurred within the five (5) year period prior to the Closing Date, (ii) has occurred and is continuing, or (iii) to the knowledge of the Borrower,
is reasonably expected to occur with respect to any Plan. No Plan has any Unfunded Pension Liability as of the most recent annual valuation date applicable thereto, and no Credit Party or any of its ERISA Affiliates has engaged in a transaction that
could be subject to Section 4069 or 4212(c) of ERISA. 
 (b) No Credit Party or any of its ERISA Affiliates has any
outstanding liability on account of a complete or partial withdrawal from any Multiemployer Plan, and no Credit Party or any of its ERISA Affiliates would become subject to any liability under ERISA if any such Credit Party or ERISA Affiliate were
to withdraw completely from all Multiemployer Plans as of the most recent valuation date. No Multiemployer Plan is in “reorganization” or is “insolvent” within the meaning of such terms under ERISA. 

4.14 Environmental Matters. Neither the Borrower nor any of its Subsidiaries is involved in any suit, action or proceeding, or has
received any notice, complaint or other request for information from any Governmental Authority or other Person, with respect to any actual or alleged Environmental Claims, and to the knowledge of the Borrower, there are no threatened Environmental
Claims, nor any basis therefor. 
 4.15 Compliance with Laws. Each of the Borrower and its Subsidiaries has timely filed
all material reports, documents and other materials required to be filed by it under all applicable Requirements of Law with any Governmental Authority, has retained all material records and documents required to be retained by it under all
applicable Requirements of Law, and is otherwise in compliance with all applicable Requirements of Law in respect of the conduct of its business and the ownership and operation of its properties, including without limitation, the applicable rules of
any Self-Regulatory Organization, except in each case to the extent that the failure to comply therewith, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

4.16 Intellectual Property. Each of the Borrower and its Subsidiaries owns, or has the legal right to use, all Intellectual
Property necessary for it to conduct its business as currently conducted. No claim has been asserted or is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such
Intellectual Property, nor does the Borrower know of any such claim, and to the knowledge of the Borrower, the use of such Intellectual Property by any Credit Party does not infringe on the known rights of any Person, except for such claims and
infringements that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  

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 4.17 Regulated Industries. No Credit Party is an “investment company,” a
company “controlled” by an “investment company,” or an “investment advisor,” within the meaning of the Investment Company Act of 1940, as amended. 

4.18 Insurance. The assets, properties and business of the Borrower and its Subsidiaries are insured against such hazards and
liabilities, under such coverages and in such amounts, as are customarily maintained by prudent companies similarly situated and under policies issued by insurers of recognized responsibility. 

4.19 Material Contracts. Schedule 4.19 lists, as of the Closing Date, each “material contract” (within the
meaning of Item 601(b)(10) of Regulation S-K under the Securities Act) to which the Borrower or any of its Subsidiaries is a party, by which the Borrower or any of its Subsidiaries or its properties is bound or to which the Borrower or any of
its Subsidiaries is subject (collectively, “Material Contracts”), and also indicates the parties thereto. As of the Closing Date, (i) each Material Contract is in full force and effect and is enforceable by each of the Borrower
and its Subsidiaries that is a party thereto in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, by general or
equitable principles or by principles of good faith and fair dealing, and (ii) neither the Borrower nor any of its Subsidiaries or, to the knowledge of the Borrower, any other party thereto is in breach of or default under any Material Contract
in any material respect or has given notice of termination or cancellation of any Material Contract. 
 4.20 No Burdensome
Restrictions. No Credit Party is subject to any charter or corporate restriction or any provision of any applicable Requirement of Law that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 4.21 OFAC; Anti-Terrorism Laws. 

(a) No Credit Party or any Affiliate of any Credit Party (i) is a Sanctioned Person, (ii) has more than 15% of its assets in
Sanctioned Countries, or (iii) derives more than 15% of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Loan hereunder will be used directly or
indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 

(b) Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the
Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. The Credit Parties are in
compliance in all material respects with the PATRIOT Act. 
  

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 ARTICLE V 

AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit
and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder: 

5.1 Financial Statements. The Borrower will deliver to the Administrative Agent on behalf of the Lenders: 

(a) As soon as available and in any event within forty-five (45) days (or, if earlier and if applicable to the Borrower, the
quarterly report deadline under the Exchange Act rules and regulations) after the end of each of the first three fiscal quarters of each fiscal year, beginning with the first fiscal quarter of fiscal year 2009, unaudited consolidated and
consolidating balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal quarter and unaudited consolidated and consolidating statements of income, cash flows and stockholders’ equity for the Borrower and its Subsidiaries
for the fiscal quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative consolidated figures as of the end of and for the corresponding period in the preceding fiscal year together with
comparative budgeted figures for the fiscal period then ended, all in reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by GAAP and subject to normal year-end adjustments) applied on a basis consistent
with that of the preceding quarter or containing disclosure of the effect on the financial condition or results of operations of any change in the application of accounting principles and practices during such quarter; and 

(b) As soon as available and in any event within ninety (90) days (or, if earlier and if applicable to the Borrower, the annual
report deadline under the Exchange Act rules and regulations) after the end of each fiscal year, beginning with fiscal year 2009, an audited consolidated and unaudited consolidating balance sheet of the Borrower and its Subsidiaries as of the end of
such fiscal year and the related audited consolidated and unaudited consolidating statements of income, cash flows and stockholders’ equity for the Borrower and its Subsidiaries for the fiscal year then ended, including the notes thereto, in
each case setting forth comparative consolidated figures as of the end of and for the preceding fiscal year together with comparative budgeted figures for the fiscal year then ended, all in reasonable detail and (with respect to the audited
statements) certified by the independent certified public accounting firm regularly retained by the Borrower or another independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative Agent,
together with (y) a report thereon by such accountants that is not qualified as to going concern or scope of audit and to the effect that such financial statements present fairly in all material respects the consolidated financial condition and
results of operations of the Borrower and its Subsidiaries as of the dates and for the periods indicated in accordance with GAAP applied on a basis consistent with that of the preceding year or containing disclosure of the effect on the financial
condition or results of operations of any change in the application of accounting principles and practices during such year, and (z) a letter from such accountants to the effect that, based on and in connection with their examination of the
financial statements of the Borrower and its Subsidiaries, they obtained 
  

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no knowledge of the occurrence or existence of any Default or Event of Default relating to accounting or financial reporting matters (which certificate may be limited to the extent required by
accounting rules or guidelines), or a statement specifying the nature and period of existence of any such Default or Event of Default disclosed by their audit. 

(c) In the event that any financial statement or Compliance Certificate delivered pursuant to Sections 5.2(a) or 5.2(b) is
shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Percentage for any period
(an “Applicable Period”) than the Applicable Percentage applied for such Applicable Period, then (i) the Borrower shall immediately deliver to the Administrative Agent a correct Compliance Certificate for such Applicable Period
and (ii) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Percentage for such Applicable Period, which payment shall be promptly applied by the
Administrative Agent in accordance with Section 2.12. This Section 5.1(c) shall not limit the rights of the Administrative Agent and Lenders with respect to Sections 2.8(b) and 8.2. 

Documents required to be delivered pursuant to Sections 5.1, 5.2(a), 5.2(b), 5.2(c) or 5.2(d) may be delivered electronically and,
if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower provides notice to the Lenders that such information has been posted on the Borrower’s website on the Internet at
http://ir.theice.com/sec.cfm, at www.sec.gov/edgar/searchedgar/webusers.htm or at another website identified in such notice and accessible by the Lenders without charge; or (ii) on which such documents are posted on the
Borrower’s behalf on SyndTrak or another relevant website, if any, to which each of the Administrative Agent and each Lender has access; provided that (x) upon the request of the Administrative Agent or any Lender lacking access to
the internet or SyndTrak, the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender (until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender) and
(y) the Borrower shall notify (which may be by a facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any documents. The Administrative Agent shall have no obligation to request the delivery of, or to
maintain copies of, the documents referred to in the proviso to the immediately preceding sentence or to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it
or maintaining its copies of such documents. 
 5.2 Other Business and Financial Information. The Borrower will deliver
to the Administrative Agent and each Lender: 
 (a) Concurrently with each delivery of the financial statements described in
Sections 5.1(a) and 5.1(b), a Compliance Certificate with respect to the period covered by the financial statements being delivered thereunder, executed by a Financial Officer of the Borrower, together with a Covenant Compliance
Worksheet reflecting the computation of the financial covenants set forth in Article VI as of the last day of the period covered by such financial statements; 

(b) As soon as available and in any event within thirty (30) days after the commencement of each fiscal year, beginning with the
2010 fiscal year, a consolidated operating 
  

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budget for the Borrower and its Subsidiaries for such fiscal year (prepared on an annual basis), consisting of a consolidated balance sheet and consolidated statements of income and cash flows,
together with a certificate of a Financial Officer of the Borrower to the effect that such budget has been prepared in good faith and is a reasonable estimate of the financial position and results of operations of the Borrower and its Subsidiaries
for the period covered thereby; and as soon as available from time to time thereafter, any modifications or revisions to or restatements of such budget; 

(c) Promptly upon receipt thereof, copies of any “management letter” submitted to any Credit Party by its certified public
accountants in connection with each annual, interim or special audit, and promptly upon completion thereof, any response reports from such Credit Party in respect thereof; 

(d) Promptly upon the sending, filing or receipt thereof, copies of (i) all financial statements, reports, notices and proxy
statements that any Credit Party shall send or make available generally to its stockholders, (ii) all regular, periodic and special reports, registration statements and prospectuses (other than on Form S-8) that any Credit Party shall render to
or file with the Securities and Exchange Commission, the National Association of Securities Dealers, Inc. or any national securities exchange or Self-Regulatory Organization, and (iii) all press releases and other statements made available
generally by any Credit Party to the public concerning material developments in the business of the Credit Parties; provided that notwithstanding anything to the contrary included in Section 5.1, the Borrower shall be deemed to
have given notice to the Administrative Agent and each Lender of the posting on the Borrower’s Internet website of the business and financial information set forth in clauses (i), (ii) or (iii) of this Section 5.2(d) at
the time such information is posted thereon and no further notice shall be required to be provided by the Borrower to the Administrative Agent and the Lenders with respect thereto; 

(e) Promptly upon (and in any event within five (5) Business Days after) any Responsible Officer of any Credit Party obtaining
knowledge thereof, written notice of any of the following: 
 (i) the occurrence of any Default or Event of
Default, together with a written statement of a Responsible Officer of the Borrower specifying the nature of such Default or Event of Default, the period of existence thereof and the action that the Borrower has taken and proposes to take with
respect thereto; 
 (ii) the institution or threatened institution of any action, suit, investigation or
proceeding against or affecting the Borrower or any of its Subsidiaries, including any such investigation or proceeding by any Governmental Authority or Self-Regulatory Organization (other than routine periodic inquiries, investigations or reviews),
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and any material adverse development in any litigation or other proceeding previously reported pursuant to
Section 4.5 or this Section 5.2(e)(ii); 
 (iii) the receipt by the Borrower or any of
its Subsidiaries from any Governmental Authority or Self-Regulatory Organization of (A) any notice asserting any 

 

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failure by such Person to be in compliance with applicable Requirements of Law or that threatens the taking of any action against such Person or sets forth circumstances that, if taken or
adversely determined, could reasonably be expected to have a Material Adverse Effect, or (B) any notice of any actual or threatened suspension, limitation or revocation of, failure to renew, or imposition of any restraining order, escrow or
impoundment of funds in connection with, the Borrower or any of its Subsidiaries, where such action could reasonably be expected to have a Material Adverse Effect; 

(iv) the occurrence of any ERISA Event, together with (x) a written statement of a Responsible Officer of the
Borrower specifying the details of such ERISA Event and the action that the applicable Person has taken and proposes to take with respect thereto, (y) a copy of any notice with respect to such ERISA Event that may be required to be filed with
the PBGC and (z) a copy of any notice delivered by the PBGC to any Credit Party or an ERISA Affiliate with respect to such ERISA Event; 

(v) the occurrence of any material default under, or any proposed or threatened termination or cancellation of, any
Material Contract (including without limitation, the agreement between the Borrower and LCH.Clearnet for the provision of clearing services) or other material contract or agreement to which the Borrower or any of its Subsidiaries is a party, the
default under or termination or cancellation of which could reasonably be expected to have a Material Adverse Effect; 

(vi) the occurrence of any of the following: (y) the assertion of any Environmental Claim against or affecting the
Borrower or any of its Subsidiaries or any real property leased, operated or owned by the Borrower or any of its Subsidiaries, or the Borrower or any of its Subsidiaries’ discovery of a basis for any such Environmental Claim; or (z) the
receipt by the Borrower or any of its Subsidiaries of notice of any alleged violation of or noncompliance with any Environmental Laws by the Borrower or any of its Subsidiaries or release of any Hazardous Substance; but in each case under
clauses (y) and (z) above, only to the extent the same could reasonably be expected to have a Material Adverse Effect; and 

(vii) any other matter or event that has, or could reasonably be expected to have, a Material Adverse Effect, together
with a written statement of a Responsible Officer of the Borrower setting forth the nature and period of existence thereof and the action that the affected Persons have taken and propose to take with respect thereto. 

(f) As promptly as reasonably possible, such other information about the business, condition (financial or otherwise), operations or
properties of the Borrower or any of its Subsidiaries as the Administrative Agent or any Lender may from time to time reasonably request. 

5.3 Compliance with All Material Contracts. The Borrower will, and will cause each of its Subsidiaries to, comply in all material
respects with each term, condition and provision of all Material Contracts. 
  

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 5.4 Existence; Franchises; Maintenance of Properties. The Borrower will, and will
cause each of its Subsidiaries to, (i) maintain and preserve in full force and effect its legal existence, except as expressly permitted otherwise by Section 7.1, (ii) obtain, maintain and preserve in full force and effect all
other rights, franchises, licenses, permits, certifications, approvals and authorizations required by Governmental Authorities and Self-Regulatory Organizations necessary to the ownership, occupation or use of its properties or the conduct of its
business, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (iii) keep all material properties in good working order and condition (normal wear and tear and damage by casualty
excepted) and from time to time make all necessary repairs to and renewals and replacements of such properties, except to the extent that any of such properties are obsolete or are being replaced or, in the good faith judgment of the Borrower, are
no longer useful or desirable in the conduct of the business of the Credit Parties. 
 5.5 Use of Proceeds. The proceeds
of the Loans shall be used (i) to pay or reimburse permitted fees and expenses in connection with the transactions contemplated hereby, and (ii) to provide for working capital and general corporate purposes and in accordance with the terms
and provisions of this Agreement (including, without limitation, to finance Permitted Acquisitions in accordance with the terms and provisions of this Agreement). 

5.6 Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply in all respects with all
Requirements of Law applicable in respect of the conduct of its business and the ownership and operation of its properties, except to the extent the failure so to comply could not reasonably be expected to have a Material Adverse Effect. 

5.7 Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, (i) pay, discharge or otherwise
satisfy at or before maturity all liabilities and obligations as and when due (subject to any applicable subordination, grace and notice provisions), except to the extent failure to do so could not reasonably be expected to have a Material Adverse
Effect, and (ii) pay and discharge all taxes, assessments and governmental charges or levies imposed upon it, upon its income or profits or upon any of its properties, prior to the date on which penalties would attach thereto, and all lawful
claims that, if unpaid, would become a Lien (other than a Permitted Lien) upon any of the properties of any such Person; provided, however, that no such Person shall be required to pay any such tax, assessment, charge, levy or claim
that is being contested in good faith and by proper proceedings and as to which such Credit Party is maintaining adequate reserves with respect thereto in accordance with GAAP. 

5.8 Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain with financially sound and reputable
insurance companies insurance with respect to its assets, properties and business, against such hazards and liabilities, of such types and in such amounts, as is customarily maintained by companies in the same or similar businesses similarly
situated. 
 5.9 Maintenance of Books and Records; Inspection. The Borrower will, and will cause each of its Subsidiaries
to, (i) maintain adequate books, accounts and records, in which full, true and correct entries shall be made of all financial transactions in relation to its business and properties, and prepare all financial statements required under this
Agreement, in each case 
  

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in accordance with GAAP and in compliance with the requirements of any Governmental Authority or Self-Regulatory Organization having jurisdiction over it, and (ii) permit employees or agents
of the Administrative Agent or any Lender to visit and inspect its properties and examine or audit its books, records, working papers and accounts (except with respect to information which disclosure thereof is prohibited pursuant to arrangements
among ICE Futures Europe, the United Kingdom Financial Services Authority, or other Governmental Authorities with jurisdiction over ICE Futures Europe and ICE Futures Europe’s members), and make copies and memoranda of them, and to discuss its
affairs, finances and accounts with its officers and employees and, upon reasonable notice to the Borrower, the independent public accountants of the Borrower and its Subsidiaries (and by this provision the Borrower authorizes such accountants to
discuss the finances and affairs of the Borrower and its Subsidiaries), all at such times and from time to time, upon reasonable notice and during business hours, as may be reasonably requested; provided however, that when a Default or Event
of Default exists the Administrative Agent may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

5.10 Permitted Acquisitions. The Borrower shall comply with, and cause each other applicable Credit Party to comply with, the
following covenants: 
 (a) Promptly after the consummation of any Permitted Acquisition or such later date reasonably
acceptable to the Administrative Agent, the Borrower shall have delivered to the Administrative Agent the following (provided, however, that the delivery of the statements in clause (iii) below shall be required only with respect
to Permitted Acquisitions having an Acquisition Amount exceeding $200,000,000): 
 (i) a reasonably detailed
description of the material terms of such Acquisition (including, without limitation, the purchase price and method and structure of payment) and of each Person or business that is the subject of such Acquisition (each, a “Target”);

 (ii) to the extent available, audited historical financial statements of the Target (or, if there are two or
more Targets that are the subject of such Acquisition and that are part of the same consolidated group, consolidated historical financial statements for all such Targets) for the two (2) most recent fiscal years available, prepared by a firm of
independent certified public accountants, and (if available) unaudited financial statements for any interim periods since the most recent fiscal year-end; 

(iii) consolidated projected income statements of the Borrower and its Subsidiaries (giving effect to such Acquisition and
the consolidation with the Borrower of each relevant Target) for the one-year period (or, if available, such longer period up to three years) following the consummation of such Acquisition, in reasonable detail, together with any appropriate
statement of assumptions and pro forma adjustments; and 
 (iv) a certificate, in form and substance reasonably
satisfactory to the Administrative Agent, executed by a Financial Officer of the Borrower setting forth the Acquisition Amount and further to the effect that, to the best of such Financial Officer’s knowledge, (y) the consummation of such
Acquisition has not resulted in a violation of any provision of this Section 5.10 or any other provision of this Agreement, and (x) the requirements set forth in Section 7.5 have been satisfied (with financial covenant
calculations to be attached to the certificate using the Covenant Compliance Worksheet). 
  

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 (b) As soon as reasonably practicable after the consummation of any such Acquisition, the
Borrower will deliver to the Administrative Agent true and correct copies of the fully executed acquisition agreement (including schedules and exhibits thereto) and other material documents and closing papers delivered in connection therewith.

 (c) The consummation of each Permitted Acquisition shall be deemed to be a representation and warranty by the Borrower that
(except as shall have been approved in writing by the Required Lenders) all conditions thereto set forth in this Section 5.10 and in the description furnished under Section 5.10(a)(i) have been satisfied, that the same is
permitted in accordance with the terms of this Agreement, and that the matters certified to by the Financial Officer of the Borrower in the certificate referred to in Section 5.10(a)(iv) are, to the best of such Financial Officer’s
knowledge, true and correct in all material respects as of the date such certificate is given, which representation and warranty shall be deemed to be a representation and warranty as of the date thereof for all purposes hereunder, including,
without limitation, for purposes of Sections 3.2 and 8.1. 
 5.11 Creation or Acquisition of
Subsidiaries. Subject to the provisions of Sections 5.10 and 7.5, the Borrower may from time to time create or acquire new Wholly Owned Subsidiaries in connection with Permitted Acquisitions or otherwise, and the Wholly Owned
Subsidiaries of the Borrower may create or acquire new Wholly Owned Subsidiaries, provided that concurrently with (and in any event within ten (10) Business Days after or such later time approved by the Administrative Agent) the creation
or direct or indirect acquisition thereof, each such new Subsidiary will execute and deliver to the Administrative Agent a joinder to the Guaranty, pursuant to which such new Subsidiary shall become a guarantor thereunder and shall guarantee
the payment in full of the Obligations of the Borrower under this Agreement and the other Credit Documents; provided that no Foreign Subsidiary shall be required to provide a guaranty to the extent (and for as long as) doing so would cause
any adverse tax or regulatory consequences to the Borrower, and provided further that for any Subsidiary created for the sole purpose of making a Permitted Acquisition and so long as such Subsidiary has no assets, the Borrower shall not be
required to comply with this Section 5.11 until the consummation of such Permitted Acquisition. 
 5.12 OFAC,
PATRIOT Act Compliance. The Borrower will, and will cause each of its Subsidiaries to, (i) refrain from doing business in a Sanctioned Country or with a Sanctioned Person in violation of the economic sanctions of the United States
administered by OFAC, and (ii) provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the
Lenders in maintaining compliance with the PATRIOT Act. 
 5.13 Further Assurances. The Borrower will, and will cause
each of its Subsidiaries to, make, execute, endorse, acknowledge and deliver any amendments, modifications or supplements hereto and restatements hereof and any other agreements, instruments or documents, and take any and all such other actions, as
may from time to time be reasonably requested by the Administrative Agent or the Required Lenders to effect, confirm or further assure or protect and preserve the interests, rights and remedies of the Administrative Agent and the Lenders under this
Agreement and the other Credit Documents. 
  

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 ARTICLE VI 

FINANCIAL COVENANTS 

The Borrower covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit
and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder: 

6.1 Maximum Total Leverage Ratio. The Total Leverage Ratio as of the last day of any fiscal quarter, beginning with the first
fiscal quarter of 2009, shall not be greater than the ratio of 2.50 to 1.00. 
 6.2 Minimum Interest Coverage Ratio. The
Interest Coverage Ratio as of the last day of any fiscal quarter, beginning with the first fiscal quarter of 2009, shall not be less than 5.0 to 1.0. 

ARTICLE VII 

NEGATIVE COVENANTS 

The Borrower covenants and agrees that, until the termination of the Commitments, the termination or expiration of all Letters of Credit
and the payment in full in cash of all principal and interest with respect to the Loans and all Reimbursement Obligations together with all fees, expenses and other amounts then due and owing hereunder: 

7.1 Merger; Consolidation. The Borrower will not, and will not permit or cause any of its Subsidiaries to, liquidate, wind up or
dissolve, or enter into any consolidation, amalgamation, merger or other combination, or agree to do any of the foregoing; provided, however, that so long as no Default or Event of Default has occurred and is continuing or would result
therefrom: 
 (i) any Subsidiary of the Borrower may merge, consolidate or amalgamate with, or be liquidated
into, (x) the Borrower (so long as the Borrower is the surviving or continuing entity) or (y) any other Subsidiary of the Borrower (so long as, if either Person is a Subsidiary Guarantor, the surviving Person is a Subsidiary Guarantor, and
if either Person is a Wholly Owned Subsidiary, the surviving Person is a Wholly Owned Subsidiary); 
 (ii) the
Borrower may merge, consolidate or amalgamate with another Person (other than another Credit Party), so long as (y) the Borrower is the surviving entity, and (z) if such merger, consolidation or amalgamation constitutes an Acquisition, the
applicable conditions and requirements of Sections 5.11 and 7.5 are satisfied; and 
  

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 (iii) to the extent not otherwise permitted under the foregoing clauses, any
Subsidiary that has sold, transferred or otherwise disposed of all or substantially all of its assets in connection with an Asset Disposition permitted under this Agreement and no longer conducts any active trade or business may be liquidated, wound
up and dissolved. 
 7.2 Indebtedness. The Borrower will not, and will not permit or cause any of its Subsidiaries to,
create, incur, assume or suffer to exist any Indebtedness other than (without duplication): 
 (i) Indebtedness
of the Credit Parties in favor of the Administrative Agent and the Lenders incurred under this Agreement and the other Credit Documents; 

(ii) (A) Indebtedness of the Credit Parties under the Existing Credit Facility and the other “Credit Documents”
(as defined in the Existing Credit Facility) and (B) Indebtedness of the Credit Parties under the New Liquidity Facility and the other “Credit Documents” (as defined in the New Liquidity Facility); 

(iii) accrued expenses (including salaries, accrued vacation and other compensation), current trade or other accounts
payable and other current liabilities arising in the ordinary course of business and not incurred through the borrowing of money, in each case above to the extent constituting Indebtedness; 

(iv) purchase money Indebtedness of the Borrower and its Subsidiaries incurred solely to finance the acquisition,
construction or improvement of any equipment, real property or other fixed assets in the ordinary course of business (or assumed or acquired by the Borrower and its Subsidiaries in connection with a Permitted Acquisition or other transaction
permitted under this Agreement), including Capital Lease Obligations, and any renewals, replacements, refinancings or extensions thereof, provided that all such Indebtedness shall not exceed $25,000,000 in aggregate principal amount
outstanding at any one time; 
 (v) unsecured loans and advances (A) by the Borrower or any Subsidiary of
the Borrower to any Subsidiary Guarantor, (B) by any Subsidiary of the Borrower to the Borrower, or (C) by the Borrower or any Subsidiary of the Borrower to any Subsidiary of the Borrower that is not a Subsidiary Guarantor, provided
in each case that any such loan or advance made pursuant to clause (C) above is subordinated in right and time of payment to the Obligations and is evidenced by a promissory note, in form and substance reasonably satisfactory to the
Administrative Agent; 
 (vi) Indebtedness of the Borrower under Hedge Agreements entered into in the ordinary
course of business to manage existing or anticipated interest rate or foreign currency risks and not for speculative purposes; 

(vii) Indebtedness existing on the Closing Date and described in Schedule 7.2 and any renewals, replacements,
refinancings or extensions of any such Indebtedness that do not increase the outstanding principal amount thereof or result in an earlier final maturity date or decreased weighted average life thereof; 

 

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 (viii) Indebtedness consisting of Guaranty Obligations of the Borrower or
any of its Subsidiaries incurred in the ordinary course of business for the benefit of another Credit Party, provided that the primary obligation being guaranteed is expressly permitted by this Agreement; 

(ix) Indebtedness that may be deemed to exist pursuant to any performance bond, surety, statutory appeal or similar
obligation entered into or incurred by the Borrower or any of its Subsidiaries in the ordinary course of business; 

(x) Indebtedness of ICE Clear Europe under the ICE Clear Europe Payment Services Agreement not exceeding $150,000,000 in
aggregate principal amount outstanding; 
 (xi) Indebtedness consisting of Guaranty Obligations of the Borrower
with respect to the ICE Clear Europe Payment Services Agreement; 
 (xii) unsecured Indebtedness of the Borrower
not exceeding $400,000,000 in aggregate principal amount outstanding to provide liquidity for the clearing operations of ICE Clear Europe; 

(xiii) other unsecured Indebtedness of the Borrower not exceeding $50,000,000 in aggregate principal amount outstanding at
any time; and 
 (xiv) other unsecured Indebtedness of the Subsidiaries of the Borrower not exceeding $50,000,000
in aggregate principal amount outstanding at any time. 
 7.3 Liens. The Borrower will not, and will not permit or cause
any of its Subsidiaries to, directly or indirectly, make, create, incur, assume or suffer to exist, any Lien upon or with respect to any part of its property or assets, whether now owned or hereafter acquired or agree to do any of the foregoing,
other than the following (collectively, “Permitted Liens”): 
 (i) Liens in existence on the
Closing Date and set forth on Schedule 7.3, and any extensions, renewals or replacements thereof; provided that any such extension, renewal or replacement Lien shall be limited to all or a part of the property that secured the
Lien so extended, renewed or replaced (plus any improvements on such property) and shall secure only those obligations that it secures on the date hereof (and any renewals, replacements, refinancings or extensions of such obligations that do not
increase the outstanding principal amount thereof); 
 (ii) Liens imposed by law, such as Liens of carriers,
warehousemen, mechanics, materialmen and landlords, incurred in the ordinary course of business for sums not constituting borrowed money that are not overdue for a period of more than thirty (30) days or that are being contested in good faith
by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP (if so required); 
  

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 (iii) Liens (other than any Lien imposed by ERISA, the creation or
incurrence of which would result in an Event of Default under Section 8.1(k)) incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other forms of governmental insurance or
benefits, or to secure the performance of letters of credit, bids, tenders, statutory obligations, surety and appeal bonds, leases, public or statutory obligations, government contracts and other similar obligations (other than obligations for
borrowed money) entered into in the ordinary course of business; 
 (iv) Liens for taxes, assessments or other
governmental charges or statutory obligations that are not delinquent or remain payable without any penalty or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with
GAAP (if so required); 
 (v) any attachment or judgment Lien not constituting an Event of Default under
Section 8.1(h); 
 (vi) Liens securing the purchase money Indebtedness permitted under
Section 7.2(iv), provided that (x) any such Lien shall attach to the property being acquired, constructed or improved with such Indebtedness concurrently with or within ninety (90) days after the acquisition (or
completion of construction or improvement) or the refinancing thereof by the Borrower or such Subsidiary, (y) the amount of the Indebtedness secured by such Lien shall not exceed 100% of the cost to the Borrower or such Subsidiary of acquiring,
constructing or improving the property and any other assets then being financed solely by the same financing source, and (z) any such Lien shall not encumber any other property of the Borrower or any of its Subsidiaries except assets then being
financed solely by the same financing source; 
 (vii) with respect to any Realty occupied by the Borrower or any
of its Subsidiaries, all easements, rights of way, reservations, licenses, encroachments, variations and similar restrictions, charges and encumbrances on title that do not secure monetary obligations and do not materially impair the use of
such property for its intended purposes or the value thereof; 
 (viii) any leases, subleases, licenses or
sublicenses granted by the Borrower or any of its Subsidiaries to third parties in the ordinary course of business and not interfering in any material respect with the business of the Borrower and its Subsidiaries, and any interest or title of a
lessor, sublessor, licensor or sublicensor under any lease or license permitted under this Agreement; 
 (ix)
Liens created in connection with the Guaranty Fund; and 
 (x) other Liens securing obligations of the Borrower
and its Subsidiaries not exceeding $1,000,000 in aggregate principal amount outstanding at any time. 
 7.4 Asset
Dispositions. The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly or indirectly, make or agree to make any Asset Disposition except for: 

(i) the sale or other disposition of inventory and Cash Equivalents in the ordinary course of business, the sale or
write-off of past due or impaired accounts receivable for collection purposes (but not for factoring, securitization or other financing purposes), and the termination or unwinding of Hedge Agreements permitted hereunder; 

 

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 (ii) the sale, lease or other disposition of assets by the Borrower or any
Subsidiary of the Borrower to the Borrower or to a Subsidiary Guarantor (or by any Subsidiary that is not a Subsidiary Guarantor to another Subsidiary that is not a Subsidiary Guarantor), in each case so long as no Event of Default shall have
occurred and be continuing or would result therefrom; 
 (iii) the sale, exchange or other disposition in the
ordinary course of business of equipment or other capital assets that are obsolete or no longer necessary for the operations of the Borrower and its Subsidiaries; and 

(iv) the sale or other disposition of assets (other than the Capital Stock of Subsidiaries) outside the ordinary course of
business for fair value and for consideration, provided that (x) the aggregate amount of Net Cash Proceeds from all such sales or dispositions that are consummated during any fiscal year shall not exceed $25,000,000 and (y) no
Default or Event of Default shall have occurred and be continuing or would result therefrom. 
 7.5 Acquisitions. The
Borrower will not, and will not permit or cause any of its Subsidiaries to, consummate any Acquisition, provided that the Borrower or any of its Subsidiaries may consummate any Acquisition so long as (i) prior to the closing of such
Acquisition, the Borrower shall provide the Lenders with a Compliance Certificate prepared on a Pro Forma Basis giving effect to such Acquisition that demonstrates compliance with the covenants in Article VI on a Pro Forma Basis, (ii) in
the case of an Acquisition to which the Borrower is a party involving a merger, amalgamation or the acquisition of control of the Capital Stock of a Person, the Borrower is the surviving or acquiring entity, as the case may be, (iii) each
business acquired shall be in substantially the same line of business as the business conducted by the Borrower or its Subsidiaries on the Closing Date or in lines of business reasonably related thereto, (iv) the board of directors or
equivalent governing body of the Person whose Capital Stock or business is acquired shall have approved such Acquisition, if required by applicable law (but provided in any event such Acquisition shall not be “hostile”), (v) no
Default or Event of Default shall have occurred and be continuing at the time of the consummation of any such Acquisition or would exist immediately after giving effect thereto and (vi) the applicable conditions and requirements of
Section 5.11 are satisfied. 
  

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 7.6 Restricted Payments. The Borrower will not, and will not permit or cause any of
its Subsidiaries to, directly or indirectly, declare or make any dividend payment, or make any other distribution of cash, property or assets, in respect of any of its Capital Stock or any warrants, rights or options to acquire its Capital Stock, or
purchase, redeem, retire or otherwise acquire for value any shares of its Capital Stock or any warrants, rights or options to acquire its Capital Stock, or set aside funds for any of the foregoing (any of the foregoing being a “Restricted
Payment”), except that: 
 (a) each Subsidiary may make payments to the Borrower for its proportionate share of the tax
liability of the affiliated group of entities that file consolidated federal income tax returns, provided that such payments are used to pay taxes, and provided further that any tax refunds received by the Borrower that are
attributable to the any of its Subsidiaries shall be returned promptly by the Borrower to such Subsidiary; 
 (b) each Wholly
Owned Subsidiary of the Borrower may declare and make dividend payments or other distributions to the Borrower or to another Subsidiary of the Borrower, in each case to the extent not prohibited under applicable Requirements of Law; 

(c) the Borrower and any of its Subsidiaries may declare and make dividend payments or other distributions payable solely in its Common
Stock; and 
 (d) so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the
Borrower and any of its Subsidiaries may make any Restricted Payment. 
 7.7 Transactions with Affiliates. The Borrower
will not, and will not permit or cause any of its Subsidiaries to, enter into any transaction (including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service) with any officer, director, stockholder
or other Affiliate of the Borrower or any of its Subsidiaries, except in the ordinary course of its business and upon fair and reasonable terms that are no less favorable to it than it would be obtained in a comparable arm’s length transaction
with a Person other than an Affiliate of the Borrower or any of its Subsidiaries; provided, however, that nothing contained in this Section 7.7 shall prohibit: 

(i) transactions described on Schedule 7.7 (and any renewals or replacements thereof on terms not materially
more disadvantageous to the applicable Credit Party) or otherwise expressly permitted under any other provision of this Agreement; 

(ii) transactions among the Borrower and/or the Subsidiary Guarantors not prohibited under this Agreement (provided
that such transactions shall remain subject to any other applicable limitations and restrictions set forth in this Agreement); and 

(iii) transactions with Affiliates in good faith in the ordinary course of the Borrower’s or such Subsidiary’s
business consistent with past practice and on terms no less favorable to the Borrower or such Subsidiary than those that could have been obtained in a comparable transaction on an arm’s length basis from a Person that is not an Affiliate.

  

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 7.8 Lines of Business. The Borrower will not, and will not permit or cause any of its
Subsidiaries to, engage in any lines of business other than the businesses engaged in by it on the Closing Date and businesses and activities reasonably related thereto. 

7.9 Limitation on Certain Restrictions. The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly
or indirectly, create or otherwise cause or suffer to exist or become effective any restriction or encumbrance on (a) the ability of the Credit Parties to perform and comply with their respective obligations under the Credit Documents or
(b) the ability of any Subsidiary of the Borrower to make any dividend payment or other distribution in respect of its Capital Stock, to repay Indebtedness owed to the Borrower or any other Subsidiary, to make loans or advances to the Borrower
or any other Subsidiary, or to transfer any of its assets or properties to the Borrower or any other Subsidiary, except (in the case of clause (b) above only) for such restrictions or encumbrances existing under or by reason of (i) this
Agreement and the other Credit Documents, (ii) applicable Requirements of Law, (iii) customary non-assignment provisions in leases and licenses of real or personal property entered into by the Borrower or any Subsidiary as lessee or
licensee in the ordinary course of business, restricting the assignment or transfer thereof or of property that is the subject thereof, (iv) the Guaranty Fund and (v) customary restrictions and conditions contained in any agreement
relating to the sale of assets (including Capital Stock of a Subsidiary) pending such sale, provided that such restrictions and conditions apply only to the assets being sold and such sale is permitted under this Agreement. 

7.10 No Other Negative Pledges. The Borrower will not, and will not permit or cause any of its Subsidiaries to, enter into or
suffer to exist any agreement or restriction that, directly or indirectly, prohibits or conditions the creation, incurrence or assumption of any Lien upon or with respect to any part of its property or assets, whether now owned or hereafter
acquired, or agree to do any of the foregoing, except for such agreements or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable Requirements of Law, (iii) any agreement or
instrument creating a Permitted Lien (but only to the extent such agreement or restriction applies to the assets subject to such Permitted Lien), (iv) customary provisions in leases and licenses of real or personal property entered into by the
Borrower or any Subsidiary as lessee or licensee in the ordinary course of business, restricting the granting of Liens therein or in property that is the subject thereof, and (v) customary restrictions and conditions contained in any agreement
relating to the sale of assets (including Capital Stock of a Subsidiary) pending such sale, provided that such restrictions and conditions apply only to the assets being sold and such sale is permitted under this Agreement. 

7.11 Investments in Subsidiaries. The Borrower will not, and will not permit or cause any of its Subsidiaries to, directly or
indirectly, purchase, own, invest in or otherwise acquire any Capital Stock, evidence of indebtedness or other obligation or security or any interest whatsoever in any Domestic Subsidiary of the Parent that is both (a) not a Wholly-Owned
Subsidiary and (b) not a Subsidiary Guarantor (each, a “Non-Wholly-Owned Subsidiary”), or make or permit to exist any loans, advances or extensions of credit to, or any investment in cash or by delivery of property in, any
Non-Wholly-Owned Subsidiary (collectively, “Investments”) other than: 
 (i) Investments in
Non-Wholly-Owned Subsidiaries existing as of the Closing Date; 
  

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 (ii) the Borrower’s guarantee of the loans made by ICE US Trust under
the New Liquidity Facility; and 
 (iii) other Investments in Non Wholly-Owned Subsidiaries made in any fiscal
year in an aggregate amount not exceeding 15% of Consolidated EBITDA for the fiscal year most recently ended. 
 7.12 Fiscal
Year. The Borrower will not, and will not permit or cause any of its Subsidiaries to, change its fiscal year or its method of determining fiscal quarters. 

7.13 Accounting Changes. Other than as permitted pursuant to Section 1.2, the Borrower will not, and will not permit
or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or reporting practices, except as may be required by GAAP (or, in the case of Foreign Subsidiaries, generally accepted accounting principles in the
jurisdiction of its organization). 
 ARTICLE VIII 

EVENTS OF DEFAULT 

8.1 Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of
Default”: 
 (a) The Borrower shall fail to pay when due (i) any principal of any Loan or any Reimbursement
Obligation, or (ii) any interest on any Loan, any fee payable under this Agreement or any other Credit Document, or (except as provided in clause (i) above) any other Obligation (other than any Obligation under a Hedge Agreement), and (in
the case of this clause (ii) only) such failure shall continue for a period of three (3) Business Days; 
 (b) The
Borrower or any other Credit Party shall (i) fail to observe, perform or comply with any condition, covenant or agreement contained in any of Sections 5.2(e)(i), 5.4, 5.5, 5.10, or 5.11 or in Articles VI or
VII or (ii) fail to observe, perform or comply with any condition, covenant or agreement contained in Sections 5.1 or 5.2 (other than Section 5.2(e)(i)) and (in the case of this clause (ii) only) such
failure shall continue unremedied for a period of five (5) days after the earlier of (y) the date on which a Responsible Officer of the Borrower acquires knowledge thereof and (z) the date on which written notice thereof is delivered
by the Administrative Agent or any Lender to the Borrower; 
 (c) The Borrower or any other Credit Party shall fail to observe,
perform or comply with any condition, covenant or agreement contained in this Agreement or any of the other Credit Documents other than those enumerated in Sections 8.1(a) and 8.1(b), and such failure (i) by the express terms
of such Credit Document, constitutes an Event of Default, or (ii) shall continue unremedied for any grace period specifically applicable thereto or, if no grace period is specifically applicable, for a period of thirty (30) days after the
earlier of (y) the date on which a Responsible Officer of the Borrower acquires knowledge thereof and (z) the date on which written notice thereof is delivered by the Administrative Agent or any Lender to the Borrower; or any default or
event of default shall occur under any Hedge Agreement to which the Borrower and any Hedge Party are parties; 
  

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 (d) Any representation or warranty made or deemed made by or on behalf of the Borrower or
any other Credit Party in this Agreement, any of the other Credit Documents or in any certificate, instrument, report or other document furnished at any time in connection herewith or therewith shall prove to have been incorrect, false or misleading
in any material respect as of the time made, deemed made or furnished; 
 (e) The Borrower or any other Credit Party shall
(i) fail to pay when due (whether by scheduled maturity, acceleration or otherwise and after giving effect to any applicable grace period or notice provisions) any principal of or interest due under the Existing Credit Facility, the New
Liquidity Facility or any other Indebtedness (other than the Indebtedness incurred pursuant to this Agreement) having an aggregate principal amount of at least $1,000,000 or (ii) fail to observe, perform or comply with any condition, covenant
or agreement contained in any agreement or instrument evidencing or relating to any such Indebtedness, or any other event shall occur or condition exist in respect thereof, and the effect of such failure, event or condition is to cause, or permit
the holder or holders of such Indebtedness (or a trustee or agent on its or their behalf) to cause (with or without the giving of notice, lapse of time, or both), without regard to any subordination terms with respect thereto, such Indebtedness to
become due, or to be prepaid, redeemed, purchased or defeased, prior to its stated maturity; 
 (f) The Borrower or any other
Credit Party shall (i) file a voluntary petition or commence a voluntary case seeking liquidation, winding-up, reorganization, dissolution, arrangement, readjustment of debts or any other relief under the Bankruptcy Code or under any other
applicable bankruptcy, insolvency or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any petition or case of the type described in Section 8.1(g),
(iii) apply for or consent to the appointment of or taking possession by a custodian, trustee, receiver or similar official for or of itself or all or a substantial part of its properties or assets, (iv) fail generally, or admit in writing
its inability, to pay its debts generally as they become due, (v) make a general assignment for the benefit of creditors or (vi) take any corporate action to authorize or approve any of the foregoing; 

(g) Any involuntary petition or case shall be filed or commenced against the Borrower or any other Credit Party seeking liquidation,
winding-up, reorganization, dissolution, arrangement, readjustment of debts, the appointment of a custodian, trustee, receiver or similar official for it or all or a substantial part of its properties or any other relief under the Bankruptcy Code or
under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, and such petition or case shall continue undismissed and unstayed for a period of sixty (60) days; or an order, judgment or decree approving or
ordering any of the foregoing shall be entered in any such proceeding; 
 (h) Any one or more money judgments, writs or warrants
of attachment, executions or similar processes involving an aggregate amount (to the extent not paid or fully bonded or covered by insurance as to which the surety or insurer, as the case may be, has the financial ability to perform and has
acknowledged liability in writing) in excess of $1,000,000 shall be entered or filed against the Borrower or any other Credit Party or any of their respective 

 

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properties and the same shall not be paid, dismissed, bonded, vacated, stayed or discharged within a period of thirty (30) days or in any event later than five (5) days prior to the
date of any proposed sale of such property thereunder; 
 (i) Any Credit Document shall for any reason (other than as explicitly
permitted under this Agreement or any other Credit Document) cease to be in full force and effect as to any Credit Party, or any Credit Party or any Person acting on its behalf shall deny or disaffirm such Credit Party’s obligations thereunder;

 (j) A Change of Control shall have occurred; 

(k) Any ERISA Event or any other event or condition shall occur or exist with respect to any Plan or Multiemployer Plan and, as a result
thereof, together with all other ERISA Events and other events or conditions then existing, any Credit Party and its ERISA Affiliates have incurred, or could reasonably be expected to incur, liability to any one or more Plans or Multiemployer Plans
or to the PBGC (or to any combination thereof) in excess of $1,000,000; or 
 (l) Any one or more licenses, permits,
accreditations or authorizations of the Borrower or any other Credit Party shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by any Governmental Authority or Self-Regulatory Organization in
response to any alleged failure by the Borrower or any of its Subsidiaries to be in compliance with applicable Requirements of Law, and such action, individually or in the aggregate, has or could reasonably be expected to have a Material Adverse
Effect. 
 8.2 Remedies: Termination of Commitments, Acceleration, etc. Upon and at any time after the occurrence and
during the continuance of any Event of Default, the Administrative Agent shall at the direction, or may with the consent, of the Required Lenders, take any or all of the following actions at the same or different times: 

(a) Declare the Commitments and the Swingline Commitment to be terminated, whereupon the same shall terminate; provided that, upon
the occurrence of a Bankruptcy Event, the Commitments, the Swingline Commitment and the Issuing Lender’s obligation to issue Letters of Credit shall automatically be terminated; 

(b) Declare all or any part of the outstanding principal amount of the Loans to be immediately due and payable, whereupon the principal
amount so declared to be immediately due and payable, together with all interest accrued thereon and all other amounts payable under this Agreement and the other Credit Documents (but, for an avoidance of doubt, excluding any amounts owing under any
Hedge Agreement), shall become immediately due and payable without presentment, demand, protest, notice of intent to accelerate or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by the Borrower;
provided that, upon the occurrence of a Bankruptcy Event, all of the outstanding principal amount of the Loans and all other amounts described in this Section 8.2(b) shall automatically become immediately due and payable without
presentment, demand, protest, notice of intent to accelerate or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by the Borrower; 

 

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 (c) Appoint or direct the appointment of a receiver for the properties and assets of the
Credit Parties, both to operate and to sell such properties and assets, and the Borrower, for itself and on behalf of its Subsidiaries, hereby consents to such right and such appointment and hereby waives any objection the Borrower or any Subsidiary
may have thereto or the right to have a bond or other security posted by the Administrative Agent on behalf of the Lenders, in connection therewith; 

(d) Exercise all rights and remedies available to it under this Agreement, the other Credit Documents and applicable law; and 

(e) Direct the Borrower to deposit (and the Borrower hereby agrees, forthwith upon receipt of notice of such direction from the
Administrative Agent, to deposit) with the Administrative Agent from time to time such additional amount of cash as is equal to the aggregate Stated Amount of all Letters of Credit then outstanding (whether or not any beneficiary under any Letter of
Credit shall have drawn or be entitled at such time to draw thereunder), such amount to be held by the Administrative Agent in the Cash Collateral Account as security for the Letter of Credit Exposure as described in Section 2.19(h);

 8.3 Remedies: Set-Off. Upon and at any time after the occurrence and during the continuance of any Event of Default,
each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the
Borrower now or hereafter existing under this Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Credit Document and although such
obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly
after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

ARTICLE IX 

THE ADMINISTRATIVE AGENT 

9.1 Appointment and Authority. Each of the Lenders (for purposes of this Article, references to the Lenders shall also mean the
Swingline Lender) hereby irrevocably appoints Wachovia to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and
the Lenders, and neither 
 the Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions.

  

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 9.2 Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to
the Lenders. 
 9.3 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and
is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent
to liability or that is contrary to any Credit Document or applicable law; and 
 (c) shall not, except as expressly set forth
herein and in the other Credit Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any
action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.5 and 8.2) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default
or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower or a Lender. 

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the

  

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performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.4
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Lender unless the
Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be
counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.5 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Credit Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by
or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

9.6 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any
such bank with an office in the United States, provided that if such bank is not a Lender or an Affiliate of a Lender, the Borrower shall have the right to consent to such appointment (such consent to not be unreasonably withheld). If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,
on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such
appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the

  

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other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring Administrative
Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Credit Documents, the provisions of this Article and Section 10.1 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent. 
 9.7 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it
has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter
into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder. 

9.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners, Arrangers, Syndication Agent
or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 9.9 Guaranty Matters. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the
Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty, pursuant to this Section 9.9. 

9.10 Swingline Lender. The provisions of this Article IX (other than Section 9.2) shall apply to the
Swingline Lender mutatis mutandis to the same extent as such provisions apply to the Administrative Agent. 
  

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 ARTICLE X 

MISCELLANEOUS 

10.1 Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Arrangers and their
respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Arrangers), in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender), in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans, (iii) all reasonable out-of-pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder, and (iv) any civil penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by,
the Administrative Agent or any Lender as a result of conduct of the Borrower that violates a sanction enforced by OFAC. 
 (b)
The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Arrangers, each Lender, and each Related Party of any of the foregoing persons (each such person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by
any third party or by the Borrower or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the
proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Substances on or from any property owned or operated by any Credit Party, or any Environmental Claim related in any way to any Credit Party, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Credit Party, and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
  

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 (c) To the extent that the Borrower for any reason fails to indefeasibly pay any amount
required under Section 10.1(a) or Section 10.1(b) to be paid by it to the Administrative Agent (or any sub-agent thereof), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) such
Lender’s proportion (based on the percentages as used in determining the Required Lenders as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this Section 10.1(c) are subject to the provisions of Section 2.3(c). 

(d) To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any
agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in Section 10.1(b) shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems (including Intralinks, SyndTrak or similar systems) in connection
with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except as a result of such Indemnitee’s gross negligence or willful misconduct. 

(e) All amounts due under this Section shall be payable by the Borrower upon demand therefor. 

10.2 Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process. 

(a) This Agreement and the other Credit Documents shall (except as may be expressly otherwise provided in any Credit Document) be
governed by, and construed in accordance with, the law of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules); provided that
each Letter of Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or application therefor or, if no such laws or rules are designated, the International Standby Practices of the
International Chamber of Commerce, as in effect from time to time (the “ISP”), and, as to matters not governed by the ISP, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations
Law, but excluding all other choice of law and conflicts of law rules). 
 (b) Each Credit Party irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York sitting in New 
  

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York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any Credit Document shall affect any right that the Administrative Agent, any Lender may otherwise have to bring any action or proceeding relating to
this Agreement or any other Credit Document against any Credit Party or any of their respective properties in the courts of any jurisdiction. 

(c) The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now
or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in Section 10.2(b). Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.4. Nothing
in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

10.3 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

10.4 Notices; Effectiveness; Electronic Communication. 

(a) Except in the cases of notices and other communications expressly permitted to be given by telephone (and except as provided in
Section 10.4(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:

 (i) if to the Borrower, the Administrative Agent, the Issuing Lender or the Swingline Lender, to it at the
address (or telecopier number) specified for such Person on Schedule 1.1(a); and 
  

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 (ii) if to any Lender, to it at its address (or telecopier number) set forth
in its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 10.4(b) shall be effective as provided in Section 10.4(b). 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail
and internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communication pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
business day for the recipient, and (ii) notices or other communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Any party hereto may change its address or telecopier number for notices and other communications hereunder by notice to the other
parties hereto (except that each Lender need not give notice of any such change to the other Lenders in their capacities as such). 

10.5 Amendments, Waivers, etc. No amendment, modification, waiver or discharge or termination of, or consent to any departure by
any Credit Party from, any provision of this Agreement or any other Credit Document shall be effective unless in a writing signed by the Required Lenders (or by the Administrative Agent at the direction or with the consent of the Required Lenders),
and then the same shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, modification, waiver, discharge, termination or consent shall: 

(a) unless agreed to by each Lender directly affected thereby, (i) reduce or forgive the principal amount of any Loan or
Reimbursement Obligation, reduce the rate of or forgive any 
  

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interest thereon (provided that only the consent of the Required Lenders shall be required to waive the applicability of any post-default increase in interest rates), or reduce or forgive
any fees hereunder (other than fees payable to the Administrative Agent or the Arrangers for their own accounts) (it being understood that an amendment to the definition of Total Leverage Ratio (or any defined terms used therein) shall not
constitute a reduction of any interest rate or fees hereunder), (ii) extend the final scheduled maturity date or any other scheduled date for the payment of any principal of or interest on any Loan (including any scheduled date for the
mandatory termination of any Commitments), or extend the time of payment of any fees hereunder (other than fees payable to the Administrative Agent or the Arrangers for their own accounts), or extend the time of payment of any Reimbursement
Obligation or any interest thereon, or extend the expiry date of any Letter of Credit beyond the Letter of Credit Maturity Date, or (iii) increase any Commitment of any such Lender over the amount thereof in effect or extend the maturity
thereof (it being understood that a waiver of any condition precedent set forth in Section 3.2 or of any Default or Event of Default or mandatory termination in the Commitments, if agreed to by the Required Lenders, Required Revolving
Credit Lenders or all Lenders (as may be required hereunder with respect to such waiver), shall not constitute such an increase); 

(b) unless agreed to by all of the Lenders, (i) release any Guarantor from its obligations under the Guaranty (other than
(A) as may be otherwise specifically provided in this Agreement or in any other Credit Document or (B) in connection with the sale or other disposition of all of the Capital Stock of such Guarantor in a transaction expressly permitted
under or pursuant to this Agreement), (ii) reduce the percentage of the aggregate Commitments or of the aggregate unpaid principal amount of the Loans, or the number or percentage of Lenders, that shall be required for the Lenders or any of
them to take or approve, or direct the Administrative Agent to take, any action hereunder or under any other Credit Document (including as set forth in the definition of “Required Lenders”), (iii) change any other provision of
this Agreement or any of the other Credit Documents requiring, by its terms, the consent or approval of all the Lenders for such amendment, modification, waiver, discharge, termination or consent, or (iv) change or waive any provision of
Section 2.12(e), Section 2.14, any other provision of this Agreement or any other Credit Document requiring pro rata treatment of any Lenders, or this Section 10.5; 

(c) unless agreed to by all of the Revolving Credit Lenders, reduce the percentage set forth in the definition of “Required
Revolving Credit Lenders” (it being understood that no consent of any other Lender or the Administrative Agent is required); 

(d) unless agreed to by the Required Revolving Credit Lenders, (i) except for any such changes to which Section 10.5(a)
applies, change any provision of Section 2.19 or any terms or provisions of any Letter of Credit or any supporting documentation relating thereto (it being understood that no consent of any other Lender or the Administrative Agent is
required), or (ii) amend, modify or waive any condition precedent to any Borrowing of Revolving Loans or issuance of a Letter of Credit set forth in Section 3.2 (including in connection with any waiver of an existing Default or
Event of Default); 
 (e) unless agreed to by the Swingline Lender or the Administrative Agent in addition to the Lenders
required as provided hereinabove to take such action, affect the respective rights or obligations of the Swingline Lender or the Administrative Agent, as applicable, hereunder or under any of the other Credit Documents; and 

 

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 (f) unless agreed to by each Hedge Party that would be adversely affected thereby in its
capacity as such relative to the Lenders, (i) amend the definition of “Guaranteed Obligations” in the Guaranty (or any similar defined term in any other Credit Document benefiting such Hedge Party), (ii) amend the definition of
“Guaranteed Parties” in the Guaranty (or any similar defined term in any other Credit Document benefiting such Hedge Party), (iii) amend any provision regarding priority of payments in this Agreement or any other Credit Document, or
(iv) release any Guarantor from its obligations under the Guaranty (other than (A) as may be otherwise specifically provided in this Agreement or in any other Credit Document or (B) in connection with the sale or other disposition of
all of the Capital Stock of such Guarantor in a transaction expressly permitted under or pursuant to this Agreement); 
 and provided
further that the Fee Letters may only be amended or modified, and any rights thereunder waived, in a writing signed by the parties thereto. 

Notwithstanding the fact that the consent of all Lenders is required in certain circumstances as set forth above, each Lender is entitled to vote as such
Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the
consent of such Lender. 
 10.6 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that neither the Borrower nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.6(b), (ii) by way of participation in accordance with the
provisions of Section 10.6(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.6(f) (and any other attempted assignment or transfer by any party hereto shall be
null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
Section 10.6(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitments and the Loans (including for purposes of this Section 10.6(b), participations in Swingline Loans and Letters of Credit) at the time owing to it); provided that any such assignment shall be subject to
the following conditions: 
 (i) The prior written consent of the Administrative Agent and the Borrower (such
consent not to be unreasonably withheld or delayed) is obtained, except that 
  

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 (A) the consent of the Borrower shall not be required if (y) a Default
or Event of Default has occurred and is continuing at the time of such assignment or (z) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and 

(B) the consent of the Administrative Agent shall not be required for assignments in respect of (y) a Revolving
Credit Commitment if such assignment is to a Person that is a Revolving Credit Lender or (z) Term Loans to a Person who is a Term Lender, an Affiliate of a Term Lender or an Approved Fund; 

(ii) (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and
the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned, and (B) in any case not described in clause (A) above, the aggregate amount of
the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than
(x) $5,000,000, in the case of any assignment in respect of a Revolving Credit Commitment (which for this purpose includes Revolving Loans outstanding), (y) the entire Swingline Commitment and the full amount of the outstanding Swingline
Loans, in the case of Swingline Loans, or (z) $1,000,000, in the case of any assignment in respect of a Commitment for Term Loans (which for this purpose includes Term Loans outstanding), in any case, treating assignments to two or more
Approved Funds under common management as one assignment for purposes of the minimum amounts, unless each of the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld or delayed); 
 (iii) each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (iii) shall not apply to rights in respect of
Swingline Loans; 
 (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; 

 

 90 

 (v) no such assignment shall be made to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries; and 
 (vi) no such assignment shall be made to a natural person.

 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.6(c), from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.15(a), 2.15(b), 2.16, 2.17 and
10.1 with respect to facts and circumstances occurring prior to the effective date of such assignment. If requested by or on behalf of the assignee, the Borrower, at its own expense, will execute and deliver to the Administrative Agent a new
Note or Notes to the order of the assignee (and, if the assigning Lender has retained any portion of its rights and obligations hereunder, to the order of the assigning Lender), prepared in accordance with the applicable provisions of
Section 2.4 as necessary to reflect, after giving effect to the assignment, the Commitments and/or outstanding Loans, as the case may be, of the assignee and (to the extent of any retained interests) the assigning Lender, in
substantially the form of Exhibits A-1, A-2 and/or A-3, as applicable. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6(b) shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.6(d). 

(c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at its address for notices
referred to in Schedule 1.1(a) a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, at any reasonable time and from time to time
upon reasonable prior notice. In addition, at any time that a request for a consent for a material or substantive change to the Credit Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and
receive from the Administrative Agent a copy of the Register. 
 (d) Any Lender may at any time, without the consent of, or
notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans (including such Lender’s participations Swingline Loans and Letters of Credit) owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other 

 

 91 

 
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the Swingline Lender shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in Section 10.5(a) and clause (i) of Section 10.5(b) that affects such Participant. Subject to Section 10.6(e), the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 2.15(a), 2.15(b), 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.6(b). To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section 8.3 as though it were a Lender; provided such Participant agrees to be subject to Section 2.14(b) as though it were a Lender.

 (e) A Participant shall not be entitled to receive any greater payment under Section 2.15(a),
Section 2.15(b) or Section 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.16(e) as though it were a Lender. 

(f) Any Lender may at any time pledge or assign, or grant a security interest in, all or any portion of its rights under this Agreement
(including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment or grant to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment or grant shall release such
Lender from any of its obligations hereunder or substitute any such pledgee or assignee or grantee for such Lender as a party hereto. 

(g) The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any state laws based on the Uniform Electronic Transactions Act. 

(h) Any Lender or participant may, in connection with any assignment, participation, pledge or proposed assignment, participation or
pledge pursuant to this Section 10.6, disclose to the Assignee, Participant or pledgee or proposed Assignee, Participant or pledgee any information relating to the Borrower and its Subsidiaries furnished to it by or on behalf of any
other party hereto, provided that such Assignee, Participant or pledgee or proposed Assignee, Participant or pledgee agrees in writing to keep such information confidential to the same extent required of the Lenders under
Section 10.11. 
  

 92 

 (i) Notwithstanding anything to the contrary contained herein, if Wachovia assigns all of
its Revolving Credit Commitments and Revolving Loans in accordance with this Section 10.6, Wachovia may resign as Issuing Lender and Swingline Lender upon written notice to the Borrower and the Lenders. Upon any such notice of
resignation, the Borrower shall have the right to appoint from among the Lenders a successor Issuing Lender; provided that no failure by the Borrower to make such appointment shall affect the resignation of Wachovia as Issuing Lender.
Wachovia shall retain all of the rights and obligations of the Issuing Lender hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation and all obligations of the Borrower and the
Revolving Credit Lenders with respect thereto (including the right to require the Revolving Credit Lenders to make Revolving Loans or fund participation interests pursuant to Section 2.19). 

10.7 No Waiver. The rights and remedies of the Administrative Agent and the Lenders expressly set forth in this Agreement and the
other Credit Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise. No failure or delay on the part of the Administrative Agent or any Lender in exercising any
right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or be
construed to be a waiver of any Default or Event of Default. No course of dealing between any Credit Party, the Administrative Agent or the Lenders or their agents or employees shall be effective to amend, modify or discharge any provision of this
Agreement or any other Credit Document or to constitute a waiver of any Default or Event of Default. No notice to or demand upon any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the right of the Administrative Agent or any Lender to exercise any right or remedy or take any other or further action in any circumstances without notice or demand. 

10.8 Survival. All representations, warranties and agreements made by or on behalf of the Borrower or any other Credit Party in
this Agreement and in the other Credit Documents shall survive the execution and delivery hereof or thereof and the making and repayment of the Loans until the indefeasible payment in full of the Obligations. In addition, notwithstanding anything
herein or under applicable law to the contrary, the provisions of this Agreement and the other Credit Documents relating to indemnification or payment of costs and expenses, including, without limitation, the provisions of Sections 2.15(a),
2.15(b), 2.16, 2.17 and 10.1, shall survive the payment in full of all Loans and Letters of Credit, the termination of the Commitments and any termination of this Agreement or any of the other Credit Documents. Except as
set forth above, this Agreement and the Credit Documents shall be deemed terminated upon the indefeasible payment in full of the Obligations. 

10.9 Severability. To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Agreement in any jurisdiction. 
  

 93 

 10.10 Construction. The headings of the various articles, sections and subsections of
this Agreement and the table of contents have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. Except as otherwise expressly provided herein and in the other Credit
Documents, in the event of any inconsistency or conflict between any provision of this Agreement and any provision of any of the other Credit Documents, the provision of this Agreement shall control. 

10.11 Confidentiality. Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or similar legal process, (d) to
any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source
other than the Borrower or any of its Subsidiaries or Affiliates. 
 For purposes of this Section,
“Information” means all information received from the Credit Parties relating to any Credit Party or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on
a nonconfidential basis prior to disclosure by any Credit Party, provided that, in the case of information received from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of
such Information as such Person would accord to its own confidential information. 
 10.12 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement and the other Credit Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof
(except for the Fee Letters). Except as provided in Section 3.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have

  

 94 

 
received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by
telecopy (or by PDF formatted page sent by electronic mail) shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.13 Disclosure of Information. The Borrower agrees and consents to the Administrative Agent’s and the Arrangers’
disclosure of information relating to this transaction to Gold Sheets and other similar bank trade publications. Such information will consist of deal terms and other information customarily found in such publications. 

10.14 USA Patriot Act Notice. Each Lender that is subject to the Act (as defined below) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in
accordance with the Act. 
  

 95 

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

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	 /s/ Scott A. Hill

	Name:	 	Scott A. Hill
	Title:	 	Senior Vice President, Chief Financial Officer
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender and as a Lender
		
	By:	 	 /s/ G. Mendel Lay, Jr.

	Name:	 	G. Mendel Lay, Jr.
	Title:	 	Senior Vice President
	
	BANK OF AMERICA, N.A., as Syndication Agent and as a Lender
		
	By:	 	 /s/ Mark A. Phillips

	Name:	 	Mark A. Phillips
	Title:	 	Senior Vice President

 

					
	CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Jim C.Y. Chen

		 	Name:	 	Jim C.Y. Chen
		 	Title:	 	V.P. & General Manager
	
	SOCIETE GENERALE, as Documentation Agent and as a Lender
		
	By:	 	 /s/ Ambrish Thanawala

		 	Name:	 	Ambrish Thanawala
		 	Title:	 	Managing Director

  

 Signature Page to IntercontintentalExchange, Inc. Credit Agreement 

					
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Documentation Agent and as a Lender
		
	By:	 	 /s/ Chimie T. Pemba

		 	Name:	 	Chimie T. Pemba
		 	Title:	 	Authorized Signatory
	
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Melissa Curry

		 	Name:	 	Melissa Curry
		 	Title:	 	Director
		
	By:	 	 /s/ Michael Campites

		 	Name:	 	Michael Campites
		 	Title:	 	Vice President
	
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	 /s/ Robert J. Motzel, Jr.

		 	Name:	 	Robert J. Motzel, Jr.
		 	Title:	 	Vice President
	
	FIRST COMMERCIAL BANK NEW YORK AGENCY, as a Lender
		
	By:	 	 /s/ Yu-Mei Hsiao

		 	Name:	 	Yu-Mei Hsiao
		 	Title:	 	Assistant General Manager
	
	BANK OF MONTREAL (Chicago Branch), as a Lender
		
	By:	 	 /s/ Linda C. Haven

		 	Name:	 	Linda C. Haven
		 	Title:	 	Managing Director

  

 Signature Page to IntercontintentalExchange, Inc. Credit Agreement 

					
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Scott M. Kowalski

		 	Name:	 	Scott M. Kowalski
		 	Title:	 	Vice President
	
	FIFTH THIRD BANCORP, as a Lender
		
	By:	 	 /s/ Kenneth W. Deere

		 	Name:	 	Kenneth W. Deere
		 	Title:	 	Senior Vice President
	
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Melissa James

		 	Name:	 	Melissa James
		 	Title:	 	Authorized Signatory
	
	REGIONS BANK, as a Lender
		
	By:	 	 /s/ Stephen Brothers

		 	Name:	 	Stephen Brothers
		 	Title:	 	Senior Vice President
	
	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Tsang – Pei Hsu

		 	Name:	 	Tsang – Pei Hsu
		 	Title:	 	VP & DGM

  

 Signature Page to IntercontintentalExchange, Inc. Credit Agreement 

 EXHIBITS 

 EXHIBIT A-1 

Borrower’s Taxpayer Identification No. 58-2555670 

FORM OF TERM NOTE 
  

			
	$             	 	                    , 2009

Charlotte, North Carolina 

FOR VALUE RECEIVED, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”), hereby promises to
pay to the order of 

                      
                   (the “Lender”), at the offices of Wachovia Bank, National Association (the “Administrative Agent”)
located at One Wachovia Center, 301 South College Street, Charlotte, North Carolina (or at such other place or places as the Administrative Agent may designate), at the times and in the manner provided in the Credit Agreement, dated as of
                    , 2009 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), among
the Borrower, the Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent, the principal sum of 

                      
                   DOLLARS ($            ), under the terms and conditions of this
promissory note (this “Term Note”) and the Credit Agreement. The defined terms in the Credit Agreement are used herein with the same meaning. The Borrower also promises to pay interest on the aggregate unpaid principal amount of
this Term Note at the rates applicable thereto from time to time as provided in the Credit Agreement. 
 This Term Note is one
of a series of Term Notes referred to in the Credit Agreement and is issued to evidence the Term Loan made by the Lender pursuant to the Credit Agreement. All of the terms, conditions and covenants of the Credit Agreement are expressly made a part
of this Term Note by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Term Note is entitled to the benefits of and remedies provided in the Credit Agreement and the other Credit
Documents. Reference is made to the Credit Agreement for provisions relating to the interest rate, maturity, payment, prepayment and acceleration of this Term Note. 

In the event of an acceleration of the maturity of this Term Note, this Term Note shall become immediately due and payable, without
presentation, demand, protest or notice of any kind, all of which are hereby waived by the Borrower. 
 In the event this Term
Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys’ fees, in accordance with the Credit Agreement.

 This Term Note shall be governed by and construed in accordance with the internal laws and
judicial decisions of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). The Borrower hereby submits to the nonexclusive
jurisdiction of courts of the state of New York and of the United States District Court of the Southern District of New York, and any appellate court thereof, although the Lender shall not be limited to bringing an action in such courts. 

(signature next page) 

 IN WITNESS WHEREOF, the Borrower has caused this Term Note to be executed by its duly
authorized corporate officer as of the day and year first above written. 
  

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 Signature Page to Term Note for 3-Year Credit Agreement 

 EXHIBIT A-2 

Borrower’s Taxpayer Identification No. 58-2555670 

FORM OF REVOLVING NOTE 
  

			
	$             	 	                    ,
20    

 Charlotte, North Carolina 

FOR VALUE RECEIVED, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”), hereby promises to
pay to the order of 

                      
                   (the “Lender”), at the offices of Wachovia Bank, National Association (the “Administrative Agent”)
located at One Wachovia Center, 301 South College Street, Charlotte, North Carolina (or at such other place or places as the Administrative Agent may designate), at the times and in the manner provided in the Credit Agreement, dated as of
                    , 2009 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), among
the Borrower, the Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent, the principal sum of 

                      
                   DOLLARS ($            ), or such lesser amount as may constitute
the unpaid principal amount of the Revolving Loans made by the Lender, under the terms and conditions of this promissory note (this “Revolving Note”) and the Credit Agreement. The defined terms in the Credit Agreement are used
herein with the same meaning. The Borrower also promises to pay interest on the aggregate unpaid principal amount of this Revolving Note at the rates applicable thereto from time to time as provided in the Credit Agreement. 

This Revolving Note is one of a series of Revolving Notes referred to in the Credit Agreement and is issued to evidence the Revolving
Loans made by the Lender pursuant to the Credit Agreement. All of the terms, conditions and covenants of the Credit Agreement are expressly made a part of this Revolving Note by reference in the same manner and with the same effect as if set forth
herein at length, and any holder of this Revolving Note is entitled to the benefits of and remedies provided in the Credit Agreement and the other Credit Documents. Reference is made to the Credit Agreement for provisions relating to the interest
rate, maturity, payment, prepayment and acceleration of this Revolving Note. 
 In the event of an acceleration of the maturity
of this Revolving Note, this Revolving Note shall become immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by the Borrower. 

 In the event this Revolving Note is not paid when due at any stated or accelerated maturity,
the Borrower agrees to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys’ fees, in accordance with the Credit Agreement. 

This Revolving Note shall be governed by and construed in accordance with the internal laws and judicial decisions of the State of New
York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). The Borrower hereby submits to the nonexclusive jurisdiction of courts of the state of New York
and of the United States District Court of the Southern District of New York, and any appellate court thereof, although the Lender shall not be limited to bringing an action in such courts. 

IN WITNESS WHEREOF, the Borrower has caused this Revolving Note to be executed by its duly authorized corporate officer as of the
day and year first above written. 
  

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 2 

 EXHIBIT A-3 

Borrower’s Taxpayer Identification No. 58-2555670 

FORM OF SWINGLINE NOTE 
  

			
	$             	 	                    ,
20    

 Charlotte, North Carolina 

FOR VALUE RECEIVED, INTERCONTINENTALEXCHANGE, INC. , a Delaware corporation (the “Borrower”), hereby promises to
pay to the order of 
 WACHOVIA BANK, NATIONAL ASSOCIATION (the “Swingline Lender”), at the offices of
Wachovia Bank, National Association (the “Administrative Agent”) located at One Wachovia Center, 301 South College Street, Charlotte, North Carolina (or at such other place or places as the Administrative Agent may designate), at
the times and in the manner provided in the Credit Agreement, dated as of                     , 2009 (as amended, modified, restated or
supplemented from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank
of America, N.A., as Syndication Agent, the principal sum of 

                      
                   DOLLARS ($            ), or such lesser amount as may constitute
the unpaid principal amount of the Swingline Loans made by the Swingline Lender, under the terms and conditions of this promissory note (this “Swingline Note”) and the Credit Agreement. The defined terms in the Credit Agreement are
used herein with the same meaning. The Borrower also promises to pay interest on the aggregate unpaid principal amount of this Swingline Note at the rates applicable thereto from time to time as provided in the Credit Agreement. 

This Swingline Note is issued to evidence the Swingline Loans made by the Swingline Lender pursuant to the Credit Agreement. All of the
terms, conditions and covenants of the Credit Agreement are expressly made a part of this Swingline Note by reference in the same manner and with the same effect as if set forth herein at length, and any holder of this Swingline Note is entitled to
the benefits of and remedies provided in the Credit Agreement and the other Credit Documents. Reference is made to the Credit Agreement for provisions relating to the interest rate, maturity, payment, prepayment and acceleration of this Swingline
Note. 
 In the event of an acceleration of the maturity of this Swingline Note, this Swingline Note shall become immediately
due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by the Borrower. 
  

 3 

 In the event this Swingline Note is not paid when due at any stated or accelerated maturity,
the Borrower agrees to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys’ fees. 

This Swingline Note shall be governed by and construed in accordance with the internal laws and judicial decisions of the State of New
York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). The Borrower hereby submits to the nonexclusive jurisdiction of courts of the state of New York
and of the United States District Court of the Southern District of New York, and any appellate court thereof, although the Lender shall not be limited to bringing an action in such courts. 

IN WITNESS WHEREOF, the Borrower has caused this Swingline Note to be executed by its duly authorized corporate officer as of the
day and year first above written. 
  

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 4 

 EXHIBIT B-1 

FORM OF NOTICE OF BORROWING 

[Date] 
 Wachovia Bank, National
Association, 
 as Administrative Agent 

Charlotte Plaza Building 

201 South College Street,
8th Floor NC 0680 

Charlotte, North Carolina 28288 
 Attention:
Syndication Agency Services 
 Ladies and Gentlemen: 

The undersigned, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”),
refers to the Credit Agreement, dated as of                     , 2009, among the Borrower, certain Lenders from time to time parties thereto,
you, as Administrative Agent, Issuing Lender and Swingline Lender for the Lenders, and Bank of America, N.A., as Syndication Agent (as amended, modified, restated or supplemented from time to time, the “Credit Agreement,” the terms
defined therein being used herein as therein defined), and, pursuant to Section 2.2(b) of the Credit Agreement, hereby gives you, as Administrative Agent, irrevocable notice that the Borrower requests a Borrowing of [Term] [Revolving]
1 Loans under the Credit Agreement, and to that end sets
forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.2(b) of the Credit Agreement: 

(i) The aggregate principal amount of the Proposed Borrowing is
$            
.2 

(ii) The Loans comprising the Proposed Borrowing shall be initially made as [Base Rate Loans] [LIBOR
Loans].3 

(iii) [The initial Interest Period for the LIBOR Loans comprising the Proposed Borrowing shall be
[one/two/three/six months].]4 

 

	1
	 Select the applicable Class of Loans. 

	2
	 Amount of Proposed Borrowing must comply with Section 2.2(b) of the Credit Agreement. 

	3
	 Select the applicable Type of Loans. 

	4
	 Include this clause in the case of a Proposed Borrowing comprised of LIBOR Loans, and select the applicable Interest Period.

  

 5 

 (iv) The Proposed Borrowing is requested to be made on
                     (the “Borrowing
Date”).5 

The Borrower hereby certifies that the following statements are true on and as of the date hereof and will be true on and as of the Borrowing Date:

 A. Each of the representations and warranties contained in Article IV of the Credit Agreement and in the
other Credit Documents qualified as to materiality is and will be true and correct and each not so qualified is and will be true and correct in all material respects, in each case on and as of each such date, with the same effect as if made on and
as of each such date, both immediately before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom (except to the extent any such representation or warranty is expressly stated to have been made as of a
specific date, in which case each such representation or warranty qualified as to materiality shall be true and correct and each not so qualified shall be true and correct in all material respects, in each case as of such date); 

B. No Default or Event of Default has occurred and is continuing or would result from the Proposed Borrowing or from the
application of the proceeds therefrom; and 
 C. [After giving effect to the Proposed
Borrowing, the sum of (i) the aggregate principal amount of Revolving Loans outstanding and (ii) the aggregate principal amount of Swingline Loans outstanding, will not exceed the aggregate Revolving Credit
Commitments.]6 

 

			
	Very truly yours,
	
	 INTERCONTINENTALEXCHANGE, INC.

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

	5
	 Shall be a Business Day on or after the date hereof (in the case of Base Rate Loans) or at least three Business Days after the date hereof (in the case
of LIBOR Loans). 

	6
	 Include this paragraph in the case of a Borrowing of Revolving Loans. 

 

 6 

 EXHIBIT B-2 

FORM OF NOTICE OF SWINGLINE BORROWING 

[Date] 
 Wachovia Bank, National
Association, 
 as Administrative Agent 

Charlotte Plaza Building 

201 South College Street,
8th Floor NC 0680 

Charlotte, North Carolina 28288 
 Attention:
Syndication Agency Services 
 Wachovia Bank, National Association, 

as Swingline Lender 
 One
Wachovia Center, [5th] Floor 

301 South College Street 
 Charlotte, North
Carolina 28288-0760 
 Attention:
                     
 Ladies and
Gentlemen: 
 The undersigned, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”),
refers to the Credit Agreement, dated as of                     , 2009, among the Borrower, certain Lenders from time to time parties thereto,
you, as Administrative Agent, Issuing Lender and Swingline Lender for the Lenders, and Bank of America, N.A., as Syndication Agent (as amended, modified, restated or supplemented from time to time, the “Credit Agreement,” the terms
defined therein being used herein as therein defined), and, pursuant to Section 2.2(d) of the Credit Agreement, hereby gives you, as Administrative Agent and as Swingline Lender, irrevocable notice that the Borrower requests a Borrowing
of a Swingline Loan under the Credit Agreement, and to that end sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.2(d) of the Credit Agreement: 

(i) The principal amount of the Proposed Borrowing is
$            
.1 

(ii) The Proposed Borrowing is requested to be made on
                     (the “Borrowing
Date”).2 

 

	1
	 Amount of Proposed Borrowing must comply with Section 2.2(d) of the Credit Agreement. 

	2
	 Shall be a Business Day on or after the date hereof. 

 The Borrower hereby certifies that the following statements are true on and as of the date
hereof and will be true on and as of the Borrowing Date: 
 A. Each of the representations and warranties
contained in Article IV of the Credit Agreement and in the other Credit Documents qualified as to materiality is and will be true and correct and each not so qualified is and will be true and correct in all material respects, in each case on
and as of each such date, with the same effect as if made on and as of each such date, both immediately before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom (except to the extent any such
representation or warranty is expressly stated to have been made as of a specific date, in which case each such representation or warranty qualified as to materiality shall be true and correct and each not so qualified shall be true and correct in
all material respects, in each case as of such date); 
 B. No Default or Event of Default has occurred and is
continuing or would result from the Proposed Borrowing or from the application of the proceeds therefrom; and 

C. After giving effect to the Proposed Borrowing, the sum of (i) the aggregate principal amount of Revolving Loans
outstanding and (ii) the aggregate principal amount of Swingline Loans outstanding, will not exceed the aggregate Revolving Credit Commitments. 
  

			
	Very truly yours,
	
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 2 

 EXHIBIT B-3 

FORM OF NOTICE OF CONVERSION/CONTINUATION 

[Date] 
 Wachovia Bank, National
Association, 
 as Administrative Agent 

Charlotte Plaza Building 

201 South College Street,
8th Floor NC 0680 

Charlotte, North Carolina 28288 
 Attention:
Syndication Agency Services 
 Ladies and Gentlemen: 

The undersigned, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”),
refers to the Credit Agreement, dated as of                     , 2009, among the Borrower, certain Lenders from time to time parties thereto,
you, as Administrative Agent, Issuing Lender and Swingline Lender for the Lenders, and Bank of America, N.A., as Syndication Agent (as amended, modified, restated or supplemented from time to time, the “Credit Agreement,” the terms
defined therein being used herein as therein defined), and, pursuant to Section 2.11(b) of the Credit Agreement, hereby gives you, as Agent, irrevocable notice that the Borrower requests a [conversion]
[continuation]1 of Loans under the Credit Agreement, and
to that end sets forth below the information relating to such [conversion] [continuation] (the “Proposed [Conversion] [Continuation]”) as required by Section 2.11(b) of the Credit Agreement: 

(i) The Proposed [Conversion] [Continuation] is requested to be made on
                    
.2 

(ii) The Proposed [Conversion] [Continuation] involves
$            
3 in aggregate principal amount of [Term] [Revolving]
4 Loans made pursuant to a Borrowing on
                    
,5 which Loans are 

 

	1
	 Insert “conversion” or “continuation” throughout the notice, as applicable. 

	2
	 Shall be a Business Day on or after the date hereof (in the case of any conversion of LIBOR Loans into Base Rate Loans) or at least three Business Days
after the date hereof (in the case of any conversion of Base Rate Loans into, or continuation of, LIBOR Loans), and additionally, in the case of any conversion of LIBOR Loans into Base Rate Loans, or continuation of LIBOR Loans, shall be the last
day of the Interest Period applicable to such LIBOR Loans. 

	3
	 Amount of Proposed Conversion or Continuation must comply with Section 2.11(b) of the Credit Agreement. 

	4
	 Select the applicable Class of Loans. 

	5
	 Insert the applicable Borrowing Date for the Loans being converted or continued.

 presently maintained as [Base Rate] [LIBOR] Loans and are proposed
hereby to be [converted into Base Rate Loans] [converted into LIBOR Loans] [continued as LIBOR
Loans].6 

(iii) [The initial Interest Period for the Loans being [converted into] [continued as] LIBOR Loans
pursuant to the Proposed [Conversion] [Continuation] shall be [one/two/three/six
months].]7 

The Borrower hereby certifies that the following statement is true both on and as of the date hereof and on and as of the effective date
of the Proposed [Conversion] [Continuation]: no Default or Event of Default has or will have occurred and is continuing or would result from the Proposed [Conversion] [Continuation]. 

 

			
	Very truly yours,
	
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

	6
	 Complete with the applicable bracketed language. 

	7
	 Include this clause in the case of a Proposed Conversion or Continuation involving a conversion of Base Rate Loans into, or continuation of, LIBOR
Loans, and select the applicable Interest Period. 

  

 2 

 EXHIBIT B-4 

FORM OF LETTER OF CREDIT NOTICE 

[Date] 
 Wachovia Bank, National
Association, 
 as Administrative Agent 

Charlotte Plaza Building 

201 South College Street,
8th Floor NC 0680 

Charlotte, North Carolina 28288 
 Attention:
Syndication Agency Services 
 Wachovia Bank, National Association, 

as Issuing Lender 
 One
Wachovia Center, [5th] Floor 

301 South College Street 
 Charlotte, North
Carolina 28288-0760 
 Attention:
                     
 Ladies and
Gentlemen: 
 The undersigned, INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the “Borrower”),
refers to the Credit Agreement, dated as of                     , 2009, among the Borrower, certain Lenders from time to time parties thereto,
you, as Administrative Agent, Issuing Lender and Swingline Lender for the Lenders, and Bank of America, N.A., as Syndication Agent (as amended, modified, restated or supplemented from time to time, the “Credit Agreement,” the terms
defined therein being used herein as therein defined), and, pursuant to Section 2.19(b) of the Credit Agreement, hereby gives you irrevocable notice that the Borrower requests the issuance of a Letter of Credit for its account under the
Credit Agreement, and to that end sets forth below the information relating to such Letter of Credit (the “Requested Letter of Credit”) as required by Section 2.19(b) of the Credit Agreement: 

(i) The Business Day on which the Requested Letter of Credit is requested to be issued is
                    
.16 

(ii) The Stated Amount of the Requested Letter of Credit is
$            . 
 (iii) The expiry date of the
Requested Letter of Credit is                     . 

 

	16	 Shall be at least
three Business Days (or such shorter period as is acceptable to the Bank in any given case) after the date hereof. 

 (iv) The name and address of the beneficiary of the Requested Letter of
Credit is
                                         
                   . 
 The
undersigned agrees to complete all application procedures and documents required by you in connection with the Requested Letter of Credit. 

The undersigned hereby certifies that the following statements are true on the date hereof and will be true on the date of issuance of
the Requested Letter of Credit: 
 A. Each of the representations and warranties contained in
Article IV of the Credit Agreement and in the other Credit Documents qualified as to materiality is and will be true and correct and each not so qualified is and will be true and correct in all material respects, in each case on and as
of each such date, with the same effect as if made on and as of each such date, both immediately before and after giving effect to the issuance of the Requested Letter of Credit and to the application of the proceeds therefrom (except to the extent
any such representation or warranty is expressly stated to have been made as of a specific date, in which case each such representation or warranty qualified as to materiality shall be true and correct and each not so qualified shall be true and
correct in all material respects, in each case as of such date); 
 B. No Default or Event of Default has
occurred and is continuing or would result from the issuance of the Requested Letter of Credit; and 
 C. After
giving effect to the issuance of the Requested Letter of Credit, the Aggregate Revolving Credit Exposure will not exceed the aggregate Revolving Credit Commitments. 

 

			
	Very truly yours,
	
	INTERCONTINENTALEXCHANGE, INC.
		
	By: 	 	  

	Name:	 	  

	Title: 	 	  

 

 4 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

THIS CERTIFICATE is delivered pursuant to the Credit Agreement, dated as of
                    , 2009 (the “Credit Agreement”), among IntercontinentalExchange, Inc., a Delaware corporation (the
“Borrower”), the Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent. Capitalized terms used
herein without definition shall have the meanings given to such terms in the Credit Agreement. 
 The undersigned hereby
certifies that: 
 1. He is a duly elected Financial Officer of the Borrower. 

2. Enclosed with this Certificate are copies of the financial statements of the Borrower and its Subsidiaries as of
                    , and for the [            -month period] [year] then
ended, required to be delivered under Section [5.1(a)][5.1(b)] of the Credit Agreement. Such financial statements have been prepared in accordance with GAAP [(subject to the absence of notes required by GAAP and subject to normal year-end
adjustments)]17 and fairly present in all material
respects the financial condition of the Borrower and its Subsidiaries on a consolidated basis as of the date indicated and the results of operation of the Borrower and its Subsidiaries on a consolidated basis for the period covered thereby.

 3. The undersigned has reviewed the terms of the Credit Agreement and has made, or caused to be made under the supervision of
the undersigned, a review in reasonable detail of the transactions and condition of the Borrower and its Subsidiaries during the accounting period covered by such financial statements. 

4. The examination described in paragraph 3 above did not disclose, and the undersigned has no knowledge of the existence of, any Default
or Event of Default during or at the end of the accounting period covered by such financial statements or as of the date of this Certificate. [, except as set forth below. 

Describe here or in a separate attachment any exceptions to paragraph 4 above by listing, in reasonable detail, the nature of the Default or Event of
Default, the period during which it existed and the action that the Borrower has taken or proposes to take with respect thereto.] 

5. Attached to this Certificate as Attachment A is a covenant compliance worksheet reflecting the computation of the financial covenants
set forth in Article VI of the Credit Agreement as of the last day of and for the period covered by the financial statements enclosed herewith. 

 

	17
	 Insert in the case of quarterly financial statements. 

  

 5 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate as of
the              day of                     ,
        . 
  

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 6 

 ATTACHMENT A 

COVENANT COMPLIANCE WORKSHEET 

A.        Total Leverage Ratio (Section 6.1 of the Credit Agreement) 

 

					
	(1)	  	Total Funded Debt as of the date of determination	  	$                    
			
	(2)	  	Consolidated EBITDA for the Reference Period ending on the date of determination (from Line C(5) below)	  	$                    
			
	(3)	  	 Total Leverage Ratio:

Divide Line A(1) by Line A(2)
	  	                     
			
	(4)	  	Maximum Total Leverage Ratio as of the date of determination	  	2.50 to 1.00

  

 i 

 B.        Interest Coverage Ratio (Section 6.2 of
the Credit Agreement) 
  

					
	(1)	  	Consolidated EBITDA for the Reference Period ending on the date of determination (from Line C(7) below)	  	$                    
			
	(2)	  	Consolidated Interest Expense for such period	  	$                    
			
	(3)	  	 Interest Coverage Ratio:

Divide Line B(1) by Line B(2)
	  	                     
			
	(4)	  	Minimum Interest Coverage Ratio as of the date of determination	  	5.0 to 1.0

  

 ii 

 C.        Consolidated EBITDA 

 

								
	(1)	  	Consolidated Net Income for the Reference Period ending on the date of determination	  		  	$                    	  
				
	(2)	  	Additions to Consolidated Net Income (to the extent taken into account in the calculation of Consolidated Net Income for such period):	  		  		
				
		  	 (a)    Interest expense
	  	$                    	  		
				
		  	 (b)    Federal, state, local and other taxes
	  	$                    	  		
				
		  	 (c)    Depreciation and amortization of intangible assets
	  	$                    	  		
				
		  	 (d)    Extraordinary losses or charges for such period (attach itemized schedule)
	  	$                    	  		
				
		  	 (e)    Add Lines C(2)(a) through Error! Reference source not found.
	  	$                    	  		
				
	(3)	  	 Net Income plus Additions:
Add Lines C(1) and C(2)(e)
	  		  	$                    	  
				
	(4)	  	Reductions from Consolidated Net Income (to the extent taken into account in the calculation of Consolidated Net Income for such period):	  		  	$                    	  
				
		  	 (a)    Extraordinary gains or income for such period (attach itemized schedule)
	  	$                    	  		
				
		  	 (b)    Noncash credits increasing income for such period
	  	$                    	  		
				
		  	 (c)    Add Lines C(4)(a) through C(4)(b)
	  		  	($                    	) 
				
	(5)	  	 Consolidated EBITDA:
Subtract Line C(4)(c) from Line C(3)
	  		  	$                    	  
				
	(6)	  	Reductions from Consolidated EBITDA	  		  		
				
		  	 (a)    Capital Expenditures for such period
	  	$                    	  		
				
		  	 (b)    Capitalized Software Development Costs for such period
	  	$                    	  		
				
		  	 (c)    Add Lines C(6)(a) and C(6)(b)
	  		  	$                    	  

					
	 (7)
	  	 Adjustments to Consolidated EBITDA:

Subtract Line C(6)(c) from Line C(5)
	  	$                    

ITEMIZED SCHEDULE OF EXTRAORDINARY LOSSES AND GAINS 
  

 2 

 EXHIBIT D 

FORM OF ASSIGNMENT AND ASSUMPTION 

THIS ASSIGNMENT AND ASSUMPTION (this “Assignment and Assumption”) is dated as of the Effective Date set forth
below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto (the “Standard Terms and
Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any guarantees and Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at
law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

			
	 1. Assignor:
	 	
                                        

		
	 2. Assignee:
	 	
                                        

		 	[and is an Affiliate/Approved Fund of [identify
Lender]18]
		
	 3. Borrower:
	 	INTERCONTINENTALEXCHANGE, INC.
	
	 4. Administrative Agent: Wachovia Bank, National Association, as the Administrative Agent under the Credit Agreement.

  

	18
	 Select as applicable. 

  

 3 

 5. Credit Agreement: Credit Agreement, dated as of
                    , 2009 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), among
the Borrower, certain lenders from time to time parties thereto (the “Lenders”), Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent.

 6. Assigned Interest: 
  

											
	 Facility
Assigned19
	  	Aggregate Amount of
Commitment/Loans
for all
Lenders3	  	Amount
of
Commitment/Loans
Assigned20	  	Percentage 
Assigned
of
Commitment/Loans21	  	CUSIP
Number22
		  	$	 	  	$	 	  	%	  	
		  	$	 	  	$	 	  	%	  	
		  	$	 	  	$	 	  	%	  	

 [7. Trade Date:
                    
]23 

8. Effective Date:
                     [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR.] 
  

	19
	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Revolving Credit Commitment,” “Term Loan Commitment” or “Swingline Commitment.”). 

	20
	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	21
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	22
	 Insert if applicable. 

	23
	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

  

 4 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	 Title:
	 	  

	
	ASSIGNEE:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		
	Title:	 	  

 

			
	 [Consented to
and]24 Accepted:

	
	WACHOVIA BANK, NATIONAL ASSOCIATION,as Administrative Agent
		
	 By:
	 	  

	 Title:
	 	  

	
	 [Consented
to:]25

	
	[NAME OF RELEVANT PARTY]
		
	 By:
	 	  

	 Title:
	 	  

 

	24
	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	25
	 To be added only if the consent of the Borrower and/or other parties (e.g., Swingline Lender, Issuing Lender) is required by the terms of the Credit
Agreement. 

  

 5 

 ANNEX 1 to Assignment and Assumption 

Credit Agreement, dated as of             , 2009, among
IntercontinentalExchange, Inc., 
 as Borrower, certain Lenders from time to time parties thereto, Wachovia Bank, National

 Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of 

America, N.A., as Syndication Agent 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any
other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document.

 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an assignee of the
Assigned Interest under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, Assignor or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the
Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in
accordance with their terms all of the obligations that by the terms of the Credit Documents are required to be performed by it as a Lender. 
  

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date and to the Assignee for amounts that have accrued
from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). 

 

 2 

 EXHIBIT E 

FORM OF GUARANTY 

THIS GUARANTY AGREEMENT, dated as of the      day of
            , 2009 (this “Guaranty”), is made by each of the undersigned Subsidiaries of INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the
“Borrower”), and each other Subsidiary of the Borrower that, after the date hereof, executes an instrument of accession hereto substantially in the form of Exhibit A (a “Guarantor Accession”; the
undersigned and such other Subsidiaries of the Borrower, collectively, the “Guarantors”), in favor of the Guaranteed Parties (as hereinafter defined). Capitalized terms used herein without definition shall have the meanings given to
them in the Credit Agreement referred to below. 
 RECITALS 

A. The Borrower, certain Lenders, Wachovia Bank, National Association, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”), Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent, are parties to a Credit Agreement, dated as of
            , 2009 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”), providing for the availability of certain credit
facilities to the Borrower upon the terms and conditions set forth therein. 
 B. It is a condition to the extension of credit
to the Borrower under the Credit Agreement that each Guarantor shall have agreed, by executing and delivering this Guaranty, to guarantee to the Guaranteed Parties the payment in full of the Guaranteed Obligations (as hereinafter defined). The
Guaranteed Parties are relying on this Guaranty in their decision to extend credit to the Borrower under the Credit Agreement, and would not enter into the Credit Agreement without this Guaranty. 

C. The Borrower and the Guarantors are engaged in related businesses and undertake certain activities and operations on an integrated
basis. As part of such integrated operations, the Borrower, among other things, will advance to the Guarantors from time to time certain proceeds of the Loans made to the Borrower by the Lenders under the Credit Agreement. Each Guarantor will
therefore obtain benefits as a result of the extension of credit to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desires to execute and deliver this Guaranty. 

STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, to induce the Guaranteed Parties to enter into the Credit Agreement and to induce the Lenders to extend credit to the Borrower thereunder, each Guarantor hereby agrees as follows: 

 

 3 

 10.15 Guaranty. 

(i) Each Guarantor hereby irrevocably, absolutely and unconditionally, and jointly and severally: 

(A) guarantees (A) to the Lenders (including the Issuing Lender and the Swingline Lender in its capacity as such) and
the Administrative Agent (together with any Lender (or any Affiliate of any Lender) in the capacity described in clause (B) below, collectively, the “Guaranteed Parties”) the full and prompt payment, at any time and from time
to time as and when due (whether at the stated maturity, by acceleration or otherwise), of all Obligations of the Borrower under the Credit Agreement and the other Credit Documents, including, without limitation, all principal of and interest on the
Loans, all fees, expenses, indemnities and other amounts payable by the Borrower under the Credit Agreement or any other Credit Document (including interest accruing after the filing of a petition or commencement of a case by or with respect to the
Borrower seeking relief under any Insolvency Laws (as hereinafter defined), whether or not the claim for such interest is allowed in such proceeding), and all Obligations that, but for the operation of the automatic stay under Section 362(a) of
the Bankruptcy Code, would become due, and (B) to each applicable Lender or Affiliate of any Lender in its capacity as a Hedge Party under any Hedge Agreement that is required or permitted by the Credit Agreement to be entered into by the
Borrower (a “Permitted Hedge Agreement”), all obligations of the Borrower under such Permitted Hedge Agreement, in each case under (A) and (B), whether now existing or hereafter created or arising and whether direct or
indirect, absolute or contingent, due or to become due (all liabilities and obligations described in this clause (i), collectively, the “Guaranteed Obligations”); and 

(B) agrees to pay the reasonable fees and expenses of counsel to, and reimburse upon demand all reasonable costs and
expenses incurred or paid by, (y) any Guaranteed Party in connection with any suit, action or proceeding to enforce or protect any rights of the Guaranteed Parties hereunder and (z) the Administrative Agent in connection with any
amendment, modification or waiver hereof or consent pursuant hereto, and to indemnify and hold each Guaranteed Party and its directors, officers, employees, agents and Affiliates harmless from and against any and all claims, losses, damages,
obligations, liabilities, penalties, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) of any kind or nature whatsoever, whether direct, indirect or consequential, that may at any time be imposed on,
incurred by or asserted against any such indemnified party as a result of, arising from or in any way relating to this Guaranty or the collection or enforcement of the Guaranteed Obligations; provided, however, that no indemnified
party shall have the right to be indemnified hereunder for any such claims, losses, costs and expenses to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such indemnified party. 
  

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 (ii) Notwithstanding the provisions of subsection (a) above and notwithstanding any
other provisions contained herein or in any other Credit Document: 
 (A) no provision of this Guaranty shall
require or permit the collection from any Guarantor of interest in excess of the maximum rate or amount that such Guarantor may be required or permitted to pay pursuant to applicable law; 

(B) the liability of each Guarantor under this Guaranty as of any date shall be limited to a maximum aggregate amount (the
“Maximum Guaranteed Amount”) equal to the greatest amount that would not render such Guarantor’s obligations under this Guaranty subject to avoidance, discharge or reduction as of such date as a fraudulent transfer or
conveyance under applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy
Code and any fraudulent transfer and fraudulent conveyance laws (collectively, “Insolvency Laws”), in each instance after giving effect to all other liabilities of such Guarantor, contingent or otherwise, that are relevant under
applicable Insolvency Laws (specifically excluding, however, any liabilities of such Guarantor in respect of intercompany indebtedness to the Borrower or any of its Affiliates to the extent that such indebtedness would be discharged in an amount
equal to the amount paid by such Guarantor hereunder, and after giving effect as assets to the value (as determined under applicable Insolvency Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of such
Guarantor pursuant to (y) applicable law or (z) any agreement (including this Guaranty) providing for an equitable allocation among such Guarantor and other Affiliates of the Borrower of obligations arising under guaranties by such
parties); and 
 (C) solely with respect to the guaranty hereunder of each clearing house operated by the
Borrower in any action or proceeding to enforce this Guaranty against such clearing house, no recourse may be had to any assets of any kind held by or owing to such clearing house as (A) original margin securing positions in futures, options or
other products cleared by such clearing house carried for its members or their customers, (B) amounts paid or payable to such clearing house as variation margin option premiums or the purchase price of any commodities with respect to any such
positions, (C) amounts on deposit in a bank settlement account, received as variation margin, and any securities or other assets in which such amounts may be invested pursuant to repurchase agreements or otherwise, or (D) deposits in the
Guaranty Fund of such clearing house, and no resort may be had to invoke the power of such clearing house to impose assessments on its clearing members pursuant to its bylaws and the rules adopted by the board of directors of such clearing house or
otherwise. 
 (iii) The Guarantors desire to allocate among themselves, in a fair and equitable manner, their obligations
arising under this Guaranty. Accordingly, in the event any payment or distribution is made hereunder on any date by a Guarantor (a “Funding Guarantor”) that exceeds its Fair Share (as hereinafter defined) as of such date, that
Funding Guarantor shall be entitled to a contribution from each of the other Guarantors in the amount of such other Guarantor’s Fair Share Shortfall (as hereinafter defined) as of such date, with the result that all such contributions

  

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will cause each Guarantor’s Aggregate Payments (as hereinafter defined) to equal its Fair Share as of such date. “Fair Share” means, with respect to a Guarantor as of any
date of determination, an amount equal to (i) the ratio of (x) the Adjusted Maximum Guaranteed Amount (as hereinafter defined) with respect to such Guarantor to (y) the aggregate of the Adjusted Maximum Guaranteed Amounts with respect
to all Guarantors, multiplied by (ii) the aggregate amount paid or distributed on or before such date by all Funding Guarantors hereunder in respect of the obligations guarantied. “Fair Share Shortfall” means, with respect to a
Guarantor as of any date of determination, the excess, if any, of the Fair Share of such Guarantor over the Aggregate Payments of such Guarantor. “Adjusted Maximum Guaranteed Amount” means, with respect to a Guarantor as of any date
of determination, the Maximum Guaranteed Amount of such Guarantor, determined in accordance with the provisions of subsection (ii) above; provided that, solely for purposes of calculating the “Adjusted Maximum Guaranteed
Amount” with respect to any Guarantor for purposes of this subsection (iii), any assets or liabilities arising by virtue of any rights to subrogation, reimbursement or indemnity or any rights to or obligations of contribution hereunder
shall not be considered as assets or liabilities of such Guarantor. “Aggregate Payments” means, with respect to a Guarantor as of any date of determination, the aggregate amount of all payments and distributions made on or before
such date by such Guarantor in respect of this Guaranty (including, without limitation, in respect of this subsection (iii)). The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or
distribution is made by the applicable Funding Guarantor. Each Funding Guarantor’s right of contribution under this subsection (iii) shall be subject to the provisions of Section 10.18. The allocation among Guarantors of their
obligations as set forth in this subsection (iii) shall not be construed in any way to limit the liability of any Guarantor hereunder to the Guaranteed Parties. 

(iv) The guaranty of each Guarantor set forth in this Section is a guaranty of payment as a primary obligor, and not a guaranty of
collection. Each Guarantor hereby acknowledges and agrees that the Guaranteed Obligations, at any time and from time to time, may exceed the Maximum Guaranteed Amount of such Guarantor and may exceed the aggregate of the Maximum Guaranteed Amounts
of all Guarantors, in each case without discharging, limiting or otherwise affecting the obligations of any Guarantor hereunder or the rights, powers and remedies of any Guaranteed Party hereunder or under any other Credit Document. 

10.16 Guaranty Absolute. Each Guarantor agrees that its obligations hereunder and under the other Credit Documents to which it is
a party are irrevocable, absolute and unconditional, are independent of the Guaranteed Obligations and any security therefore or other guaranty or liability in respect thereof, whether given by such Guarantor or any other Person, and shall not be
discharged, limited or otherwise affected by reason of any of the following, whether or not such Guarantor has notice or knowledge thereof: 

(A) any change in the time, manner or place of payment of, or in any other term of, any Guaranteed Obligations or any
guaranty, security or other liability in respect thereof, or any amendment, modification or supplement to, restatement of, or consent to any rescission or waiver of or departure from, any provisions of the Credit Agreement, any other Credit Document
or any agreement or instrument delivered pursuant to any of the foregoing; 
  

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 (B) the invalidity or unenforceability of any Guaranteed Obligations, any
guaranty, security or other liability in respect thereof or any provisions of the Credit Agreement, any other Credit Document or any agreement or instrument delivered pursuant to any of the foregoing; 

(C) the addition or release of Guarantors hereunder or the taking, acceptance or release of other guarantees of any
Guaranteed Obligations or for any guaranty, security or other liability in respect thereof; 
 (D) any discharge,
modification, settlement, compromise or other action in respect of any Guaranteed Obligations or any guaranty, security or other liability in respect thereof, including any acceptance or refusal of any offer or performance with respect to the same
or the subordination of the same to the payment of any other obligations; 
 (E) any agreement not to pursue or
enforce or any failure to pursue or enforce (whether voluntarily or involuntarily as a result of operation of law, court order or otherwise) any right or remedy in respect of any Guaranteed Obligations, any guaranty, security or other liability in
respect thereof; 
 (F) the exercise of any right or remedy available under the Credit Documents, at law, in
equity or otherwise in respect of any guaranty, security or other liability for any Guaranteed Obligations, in any order and by any manner thereby permitted; 

(G) any bankruptcy, reorganization, arrangement, liquidation, insolvency, dissolution, termination, reorganization or like
change in the corporate structure or existence of the Borrower or any other Person directly or indirectly liable for any Guaranteed Obligations; 

(H) any manner of application of any payments by or amounts received or collected from any Person, by whomsoever paid and
howsoever realized, whether in reduction of any Guaranteed Obligations or any other obligations of the Borrower or any other Person directly or indirectly liable for any Guaranteed Obligations, regardless of what Guaranteed Obligations may remain
unpaid after any such application; or 
 (I) any other circumstance that might otherwise constitute a legal or
equitable discharge of, or a defense, set-off or counterclaim available to, the Borrower, any Guarantor or a surety or guarantor generally, other than the occurrence of all of the following: (x) the payment in full in cash of the Guaranteed
Obligations (other than contingent and indemnification obligations not then due and payable), (y) the termination of the Commitments and the termination or expiration of all Letters of Credit under the Credit Agreement, and (z) the
termination of, and settlement of all obligations of the Borrower under, each Permitted Hedge Agreement to which any Hedge Party is a party (the events in clauses (x), (y) and (z) above, collectively, the “Termination
Requirements”). 
  

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 10.17 Certain Waivers. Each Guarantor hereby knowingly, voluntarily and expressly
waives: 
 (A) presentment, demand for payment, demand for performance, protest and notice of any other kind,
including, without limitation, notice of nonpayment or other nonperformance (including notice of default under any Credit Document with respect to any Guaranteed Obligations), protest, dishonor, acceptance hereof, extension of additional credit to
the Borrower and of any of the matters referred to in Section 10.16 and of any rights to consent thereto; 

(B) any right to require the Guaranteed Parties or any of them, as a condition of payment or performance by such Guarantor
hereunder, to proceed against, or to exhaust or have resort to any collateral or other security from or any deposit balance or other credit in favor of, the Borrower, any other Guarantor or any other Person directly or indirectly liable for any
Guaranteed Obligations, or to pursue any other remedy or enforce any other right; and any other defense based on an election of remedies with respect to any collateral or other security for any Guaranteed Obligations or for any guaranty or other
liability in respect thereof, notwithstanding that any such election (including any failure to pursue or enforce any rights or remedies) may impair or extinguish any right of indemnification, contribution, reimbursement or subrogation or other right
or remedy of any Guarantor against the Borrower, any other Guarantor or any other Person directly or indirectly liable for any Guaranteed Obligations or any such collateral or other security; 

(C) any right or defense based on or arising by reason of any right or defense of the Borrower or any other Person,
including, without limitation, any defense based on or arising from a lack of authority or other disability of the Borrower or any other Person, the invalidity or unenforceability of any Guaranteed Obligations or any Credit Document or other
agreement or instrument delivered pursuant thereto, or the cessation of the liability of the Borrower for any reason other than the satisfaction of the Termination Requirements; 

(D) any defense based on any Guaranteed Party’s acts or omissions in the administration of the Guaranteed
Obligations, any guaranty, security or other liability in respect thereof or any collateral or other security for any of the foregoing, and promptness, diligence, or any requirement that any Guaranteed Party create, protect, perfect, secure, insure,
continue or maintain any Liens in any such security; 
 (E) any right to assert against any Guaranteed Party, as
a defense, counterclaim, crossclaim or set-off, any defense, counterclaim, claim, right of recoupment or set-off that it may at any time have against any Guaranteed Party (including, without limitation, failure of consideration, fraud, fraudulent
inducement, statute of limitations, payment, accord and satisfaction and usury), other than compulsory counterclaims and other than the payment in full in cash of the Guaranteed Obligations; and 

 

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 (F) any defense based on or afforded by any applicable law that limits the
liability of or exonerates guarantors or sureties or that may in any other way conflict with the terms of this Guaranty. 

10.18 No Subrogation. Each Guarantor hereby agrees that, until satisfaction of the Termination Requirements, it will not exercise
or seek to exercise any claim or right that it may have against the Borrower or any other Guarantor at any time as a result of any payment made under or in connection with this Guaranty or the performance or enforcement hereof, including any right
of subrogation to the rights of any of the Guaranteed Parties against the Borrower or any other Guarantor, any right of indemnity, contribution or reimbursement against the Borrower or any other Guarantor (including rights of contribution as set
forth in Section 10.15(iii)), any right to enforce any remedies of any Guaranteed Party against the Borrower or any other Guarantor, or any benefit of, or any right to participate in, any security held by any Guaranteed Party to secure
payment of the Guaranteed Obligations, in each case whether such claims or rights arise by contract, statute (including without limitation the Bankruptcy Code), common law or otherwise. Each Guarantor further agrees that all indebtedness and other
obligations, whether now or hereafter existing, of the Borrower or any other Subsidiary of the Borrower to such Guarantor, including, without limitation, any such indebtedness in any proceeding under the Bankruptcy Code and any intercompany
receivables, together with any interest thereon, shall be, and hereby are, subordinated and made junior in right of payment to the Guaranteed Obligations. Each Guarantor further agrees that if any amount shall be paid to or any distribution received
by any Guarantor (i) on account of any such indebtedness at any time after the occurrence and during the continuance of an Event of Default, or (ii) on account of any such rights of subrogation, indemnity, contribution or reimbursement at
any time prior to the satisfaction of the Termination Requirements, such amount or distribution shall be deemed to have been received and to be held in trust for the benefit of the Guaranteed Parties, and shall forthwith be delivered to the
Administrative Agent in the form received (with any necessary endorsements in the case of written instruments), to be applied against the Guaranteed Obligations, whether or not matured, in accordance with the terms of the applicable Credit Documents
and without in any way discharging, limiting or otherwise affecting the liability of such Guarantor under any other provision of this Guaranty. Additionally, in the event the Borrower or any other Credit Party becomes a “debtor” within the
meaning of the Bankruptcy Code, the Administrative Agent shall be entitled, at its option, on behalf of the Guaranteed Parties and as attorney-in-fact for each Guarantor, and is hereby authorized and appointed by each Guarantor, to file proofs of
claim on behalf of each relevant Guarantor and vote the rights of each such Guarantor in any plan of reorganization, and to demand, sue for, collect and receive every payment and distribution on any indebtedness of the Borrower or such Credit Party
to any Guarantor in any such proceeding, each Guarantor hereby assigning to the Administrative Agent all of its rights in respect of any such claim, including the right to receive payments and distributions in respect thereof. 

10.19 Representations and Warranties. Each Guarantor hereby represents and warrants to the Guaranteed Parties that, as to itself,
all of the representations and warranties relating to it contained in the Credit Agreement qualified as to materiality are true and correct and those not so qualified are true and correct in all material respects. 

10.20 Financial Condition of Borrower. Each Guarantor represents that it has knowledge of the Borrower’s financial condition
and affairs and that it has adequate means to 
  

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obtain from the Borrower on an ongoing basis information relating thereto and to the Borrower’s ability to pay and perform the Guaranteed Obligations, and agrees to assume the responsibility
for keeping, and to keep, so informed for so long as this Guaranty is in effect with respect to such Guarantor. Each Guarantor agrees that the Guaranteed Parties shall have no obligation to investigate the financial condition or affairs of the
Borrower for the benefit of any Guarantor nor to advise any Guarantor of any fact respecting, or any change in, the financial condition or affairs of the Borrower that might become known to any Guaranteed Party at any time, whether or not such
Guaranteed Party knows or believes or has reason to know or believe that any such fact or change is unknown to any Guarantor, or might (or does) materially increase the risk of any Guarantor as guarantor, or might (or would) affect the willingness
of any Guarantor to continue as a guarantor of the Guaranteed Obligations. 
 10.21 Payments; Application; Set-Off.

 (i) Each Guarantor agrees that, upon the failure of the Borrower to pay any Guaranteed Obligations when and as the same shall
become due (whether at the stated maturity, by acceleration or otherwise), and without limitation of any other right or remedy that any Guaranteed Party may have at law, in equity or otherwise against such Guarantor, such Guarantor will, subject to
the provisions of Section 10.15(ii), forthwith pay or cause to be paid to the Administrative Agent, for the benefit of the Guaranteed Parties, an amount equal to the amount of the Guaranteed Obligations then due and owing as aforesaid.

 (ii) All payments made by each Guarantor hereunder will be made in Dollars to the Administrative Agent, without set-off,
counterclaim or other defense and, in accordance with the Credit Agreement, free and clear of and without deduction for any Taxes, each Guarantor hereby agreeing to comply with and be bound by the provisions of the Credit Agreement in respect of all
payments made by it hereunder. 
 (iii) All payments made hereunder shall be applied in accordance with the provisions of
Section 2.12 of the Credit Agreement. For purposes of applying amounts in accordance with this Section, the Administrative Agent shall be entitled to rely upon any Guaranteed Party that has entered into a Permitted Hedge Agreement with
the Borrower for a determination (which such Guaranteed Party agrees to provide or cause to be provided upon request of the Administrative Agent) of the outstanding Guaranteed Obligations owed to such Guaranteed Party under any such Permitted Hedge
Agreement. Unless it has actual knowledge (including by way of written notice from any such Guaranteed Party) to the contrary, the Administrative Agent, in acting hereunder, shall be entitled to assume that no Permitted Hedge Agreements or
Guaranteed Obligations in respect thereof are in existence between any Guaranteed Party and the Borrower. If any Lender or Affiliate thereof that is a party to a Permitted Hedge Agreement with the Borrower (the obligations of the Borrower under
which are Guaranteed Obligations) ceases to be a Lender or Affiliate thereof, such former Lender or Affiliate thereof shall nevertheless continue to be a Guaranteed Party hereunder with respect to the Guaranteed Obligations under such Permitted
Hedge Agreement. 
 (iv) Upon and at any time after the occurrence and during the continuance of any Event of Default, each
Guaranteed Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to 

 

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set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Guaranteed Party or any such Affiliate to or for the credit or the account of any Guarantor against any and all of the obligations of such Guarantor now or hereafter existing under this Guaranty or any other Credit Document to such
Guaranteed Party, irrespective of whether or not such Guaranteed Party shall have made any demand under this Guaranty or any other Credit Document and although such obligations of such Guarantor may be contingent or unmatured or are owed to a branch
or office of such Guaranteed Party different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Guaranteed Party and their respective Affiliates under this subsection are in addition to other rights
and remedies (including other rights of setoff) that such Guaranteed Parties or their respective Affiliates may have. Each Guaranteed Party agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application;
provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 10.22
No Waiver. The rights and remedies of the Guaranteed Parties expressly set forth in this Guaranty and the other Credit Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in
equity or otherwise. No failure or delay on the part of any Guaranteed Party in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any Default or Event of Default. No course of dealing between any of the Guarantors and the Guaranteed Parties or any Related
Party thereof shall be effective to amend, modify or discharge any provision of this Guaranty or any other Credit Document or to constitute a waiver of any Default or Event of Default. No notice to or demand upon any Guarantor in any case shall
entitle such Guarantor or any other Guarantor to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of any Guaranteed Party to exercise any right or remedy or take any other or further action
in any circumstances without notice or demand. 
 10.23 Enforcement. The Guaranteed Parties agree that, except as provided in
Section 10.21(iv), this Guaranty may be enforced only by the Administrative Agent, acting upon the instructions or with the consent of the Required Lenders as provided for in the Credit Agreement, and that no Guaranteed Party shall have
any right individually to enforce or seek to enforce this Guaranty or to secure the payment and performance of the Guarantors’ obligations hereunder. The obligations of each Guarantor hereunder are independent of the Guaranteed Obligations, and
a separate action or actions may be brought against each Guarantor whether or not action is brought against the Borrower or any other Guarantor and whether or not the Borrower or any other Guarantor is joined in any such action. Each Guarantor
agrees that to the extent all or part of any payment of the Guaranteed Obligations made by any Person is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by or on behalf of any Guaranteed Party
to a trustee, receiver or any other party under any Insolvency Laws (the amount of any such payment, a “Reclaimed Amount”), then, to the extent of such Reclaimed Amount, this Guaranty shall continue in full force and effect or be revived
and reinstated, as the case may be, as to the Guaranteed Obligations intended to be satisfied as if such payment had not been received; and each Guarantor acknowledges that the term “Guaranteed Obligations” includes all Reclaimed Amounts
that may arise from time to time. 
  

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 10.24 Amendments, Waivers, etc. No amendment, modification, waiver, discharge or
termination of, or consent to any departure by any Guarantor from, any provision of this Guaranty, shall be effective unless in a writing signed by the Administrative Agent and such of the Lenders as may be required under the provisions of the
Credit Agreement to concur in the action then being taken, and then the same shall be effective only in the specific instance and for the specific purpose for which given. 

10.25 Addition, Release of Guarantors. Each Guarantor recognizes that the provisions of the Credit Agreement require Persons that
become Subsidiaries of the Borrower and that are not already parties hereto to become Guarantors hereunder (excluding any Foreign Subsidiary to the extent (and for as long as) doing so would cause adverse tax or regulatory consequences to the
Borrower) by executing a Guarantor Accession, and agrees that its obligations hereunder shall not be discharged, limited or otherwise affected by reason of the same, or by reason of the Administrative Agent’s actions in effecting the same or in
releasing any Guarantor hereunder, in each case without the necessity of giving notice to or obtaining the consent of any other Guarantor. 

10.26 Continuing Guaranty; Term; Successors and Assigns; Assignment; Survival. This Guaranty is a continuing guaranty and covers
all of the Guaranteed Obligations as the same may arise and be outstanding at any time and from time to time from and after the date hereof, and shall (i) remain in full force and effect until satisfaction of all of the Termination Requirements
(provided that the indemnification provisions of clause (ii) of Section 1(a) shall survive any termination of this Guaranty), (ii) be binding upon and enforceable against each Guarantor and its successors and assigns (provided,
however, that no Guarantor may sell, assign or transfer any of its rights, interests, duties or obligations hereunder without the prior written consent of the Lenders) and (iii) inure to the benefit of and be enforceable by each Guaranteed
Party and its successors and permitted assigns. Without limiting the generality of clause (iii) above, any Guaranteed Party may, in accordance with the provisions of the Credit Agreement, assign all or a portion of the Guaranteed Obligations
held by it (including by the sale of participations), whereupon each Person that becomes the holder of any such Guaranteed Obligations shall (except as may be otherwise agreed between such Guaranteed Party and such Person) have and may exercise all
of the rights and benefits in respect thereof granted to such Guaranteed Party under this Guaranty or otherwise. Each Guarantor hereby irrevocably waives notice of and consents in advance to the assignment as provided above from time to time by any
Guaranteed Party of all or any portion of the Guaranteed Obligations held by it and of the corresponding rights and interests of such Guaranteed Party hereunder in connection therewith. All representations, warranties, covenants and agreements
herein shall survive the execution and delivery of this Guaranty and any Guarantor Accession. 
 10.27 Governing Law; Consent
to Jurisdiction; Appointment of Borrower as Representative, Process Agent, Attorney-in-Fact. 
 (i) This Guaranty shall be
governed by, and construed and enforced in accordance with, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).

  

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 (ii) Each Guarantor irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of courts of the state of New York and of the United States District Court of the Southern District of New York, and any appellate court thereof, in any action or proceeding arising out of or relating to this Guaranty
or any other Credit Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing in this Guaranty or in any other Credit Document shall affect any right that any Guaranteed Party may otherwise have to bring any action or proceeding relating to this Guaranty or any
other Credit Document against any Guarantor or its properties in the courts of any jurisdiction. 
 (iii) Each Guarantor
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty or any other
Credit Document in any court referred to in Section 13(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (iv) Each Guarantor hereby irrevocably designates and appoints the Borrower as its designee,
appointee and agent to receive on its behalf all service of process in any such action or proceeding and any other notice or communication hereunder, irrevocably consents to service of process in any such action or proceeding in the manner provided
for notices in Section 15, and irrevocably agrees that service so made shall be effective and binding upon such Guarantor in every respect and that any other notice or communication given to the Borrower at the address and in the manner
specified herein shall be effective notice to such Guarantor. Nothing in this Section shall affect the right of any party to serve legal process in any other manner permitted by law or affect the right of any Guaranteed Party to bring any action or
proceeding against any Guarantor in the courts of any other jurisdiction. 
 (v) Further, each Guarantor does hereby irrevocably
make, constitute and appoint the Borrower as its true and lawful attorney-in-fact, with full authority in its place and stead and in its name, the Borrower’s name or otherwise, and with full power of substitution in the premises, from time to
time in the Borrower’s discretion to agree on behalf of, and sign the name of, such Guarantor to any amendment, modification or supplement to, restatement of, or waiver or consent in connection with, this Guaranty, any other Credit Document or
any document or instrument pursuant hereto or thereto, and to take any other action and do all other things on behalf of such Guarantor that the Borrower may deem necessary or advisable to carry out and accomplish the purposes of this Guaranty and
the other Credit Documents. The Borrower will not be liable for any act or omission nor for any error of judgment or mistake of fact unless the same shall occur as a result of the gross negligence or willful misconduct of the Borrower. This power,
being coupled with an interest, is irrevocable by any Guarantor for so long as this Guaranty shall be in effect with respect to such Guarantor. By its signature hereto, the Borrower consents to its appointment as provided for herein and agrees
promptly to distribute all process, notices and other communications to each Guarantor. 
  

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 10.28 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 10.29 Notices. All notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows: (a) if to any Guarantor, in care of the Borrower and at the Borrower’s address for notices set
forth in the Credit Agreement, and (b) if to any Guaranteed Party, at its address for notices set forth in the Credit Agreement; in each case, as such addresses may be changed from time to time pursuant to the Credit Agreement, and with copies
to such other Persons as may be specified under the provisions of the Credit Agreement. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices
delivered through electronic communications to the extent provided in the Credit Agreement shall be effective as provided therein. 

10.30 Severability. To the extent any provision of this Guaranty is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Guaranty in any jurisdiction. 
 10.31 Construction. The headings of the various sections and subsections of this
Guaranty have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. Unless the context otherwise requires, words in the singular include the plural and words in the plural
include the singular. 
 10.32 Counterparts; Effectiveness. This Guaranty may be executed in any number of counterparts
and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. This Guaranty shall become effective, as to any
Guarantor, upon the execution and delivery by such Guarantor of a counterpart hereof or a Guarantor Accession. 
  

 14 

 IN WITNESS WHEREOF, the parties have caused this Guaranty to be executed under seal
by their duly authorized officers as of the date first above written. 
  

			
	INTERCONTINENTALEXCHANGE, INC.
		
	 By:
	 	  

	 Name:
	 	 Scott A. Hill

	 Title: 
	 	 Vice President

	
	[NAME OF GUARANTOR]
	[NAME OF GUARANTOR]
	 [REPEAT]

		
	 By:
	 	  

		
	 Title:
	 	  

 

			
	Accepted and agreed to:
	
	 WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

Signature Page to Guaranty Agreement 

 EXHIBIT A 

GUARANTOR ACCESSION 

THIS GUARANTOR ACCESSION (this “Accession”), dated as of
                    ,         , is executed and delivered by [NAME OF NEW GUARANTOR], a
                             corporation (the “New Guarantor”), pursuant to the
Guaranty Agreement referred to hereinbelow. 
 Reference is made to the Credit Agreement, dated as of
                            , 2009, among INTERCONTINENTALEXCHANGE, INC., a Delaware
corporation (the “Borrower”), the Lenders party thereto, the Administrative Agent, the Issuing Lender, Swingline Lender, and the Syndication Agent (as amended, modified, restated or supplemented from time to time, the
“Credit Agreement”). In connection with and as a condition to the initial and continued extensions of credit under the Credit Agreement, the Borrower and certain of its Subsidiaries have executed and delivered a Guaranty Agreement,
dated as of                 , 2009 (as amended, modified, restated or supplemented from time to time, the “Guaranty Agreement”), pursuant to
which such Subsidiaries have guaranteed the payment in full of the obligations of the Borrower under the Credit Agreement and the other Credit Documents (as defined in the Credit Agreement). Capitalized terms used herein without definition shall
have the meanings given to them in the Guaranty Agreement. 
 The Borrower has agreed under the Credit Agreement to cause each
of its future Subsidiaries (excluding any Foreign Subsidiary to the extent (and for as long as) doing so would cause adverse tax or regulatory consequences to the Borrower) to become a party to the Guaranty Agreement as a guarantor thereunder. The
New Guarantor is a Subsidiary of the Borrower. The New Guarantor will obtain benefits as a result of the continued extension of credit to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desire to
execute and deliver this Accession. Therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce the Lenders to continue to extend credit to the
Borrower under the Credit Agreement, the New Guarantor hereby agrees as follows: 
 1. The New Guarantor hereby joins in and
agrees to be bound by each and all of the provisions of the Guaranty Agreement as a Guarantor thereunder. In furtherance (and without limitation) of the foregoing, pursuant to Section 10.15 of the Guaranty Agreement, the New Guarantor hereby
irrevocably, absolutely and unconditionally, and jointly and severally with each other Guarantor, guarantees to the Guaranteed Parties the full and prompt payment, at any time and from time to time as and when due (whether at the stated maturity, by
acceleration or otherwise), of all of the Guaranteed Obligations, and agrees to pay or reimburse upon demand all other obligations of the Guarantors under the Guaranty Agreement, all on the terms and subject to the conditions set forth in the
Guaranty Agreement. 
 2. The New Guarantor hereby represents and warrants that after giving effect to this Accession, each
representation and warranty related to it contained in the Credit Agreement qualified as to materiality is true and correct and each not so qualified is true and correct in all material respects, in each case with respect to the New Guarantor as of
the date hereof. 

 3. This Accession shall be a Credit Document (within the meaning of such term under the
Credit Agreement), shall be binding upon and enforceable against the New Guarantor and its successors and assigns, and shall inure to the benefit of and be enforceable by each Guaranteed Party and its successors and permitted assigns. This Accession
and its attachments are hereby incorporated into the Guaranty Agreement and made a part thereof. 
 IN WITNESS WHEREOF,
the New Guarantor has caused this Accession to be executed under seal by its duly authorized officer as of the date first above written. 
  

			
	[NAME OF NEW GUARANTOR]
		
	By:	 	  

	Title:	 	  

 

 2 

 EXHIBIT F 

FORM OF FINANCIAL CONDITION CERTIFICATE 

THIS FINANCIAL CONDITION CERTIFICATE (this “Certificate”) is delivered pursuant to the Credit Agreement, dated as of
                , 2009 (the “Credit Agreement”), among INTERCONTINENTALEXCHANGE, INC., a Delaware corporation (the
“Borrower”), the Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and Swingline Lender, and Bank of America, N.A., as Syndication Agent. Capitalized terms used
herein without definition shall have the meanings given to such terms in the Credit Agreement. 
 The undersigned hereby
certifies for and on behalf of the Borrower as follows: 
 10.33 Capacity. The undersigned is, and at all pertinent times
mentioned herein has been, the duly qualified and acting chief financial officer of the Borrower, and in such capacity has responsibility for the management of the Borrower’s financial affairs and for the preparation of the Borrower’s
financial statements. The undersigned has, together with other officers of the Borrower, acted on behalf of the Borrower in connection with the negotiation and consummation of the Credit Agreement, the initial extensions of credit made under the
Credit Agreement, and the other transactions described therein. 
 10.34 Procedures. For purposes of this Certificate,
the undersigned has, as of or prior to the date hereof, undertaken the following activities in connection herewith: 
 (a) The
undersigned has carefully reviewed the following: 
  

	 	(i)	the contents of this Certificate; 

  

	 	(ii)	the Credit Agreement (including the exhibits and schedules thereto); and 

  

	 	(iii)	the audited and unaudited financial statements of the Borrower and its Subsidiaries referred to in Section 4.11(a) of the Credit Agreement.

 (b) Additionally, the undersigned has prepared or supervised the preparation of and has reviewed projected
consolidated balance sheets and statements of income and cash flows of the Borrower and its Subsidiaries prepared on an annual basis through the end of fiscal year 2012, copies of which projected financial statements are attached hereto as
Annex A (the “Projections”). 
 (c) The undersigned, together with the other officers and personnel
of the Borrower and its Subsidiaries who were principally and directly involved in the preparation of the Projections, have relied on historical financial and other information and upon information with respect to sales, costs and other data
obtained in discussions with executive officers of the Borrower and other officers and supervisory personnel directly and primarily responsible for the various operations involved. The undersigned has reexamined the Projections as of the date

  

 3 

 
hereof, and has considered the continuing reasonableness of the assumptions set forth therein and the effect thereon of any changes since the date of preparation thereof on the financial
condition set forth and the results projected therein. 
 (d) The undersigned has made inquiries of certain other officers and
personnel of the Borrower and its Subsidiaries with responsibility for financial and accounting matters regarding (i) whether the unaudited financial statements described in paragraph 2.1(c) above are in conformity with GAAP applied on a
basis consistent with that of the audited financial statements described in paragraph 2.1(c) above (subject to the absence of footnotes required by GAAP and subject to normal year-end adjustments), and whether notes omitted from such unaudited
financial statements would have disclosed any new information that would be necessary to make the statements contained therein, taken as a whole, not misleading, and (ii) whether such persons were aware of any events or conditions that, as of
the date hereof, would cause the statements made in paragraph 3 below to be untrue in any material respect. 
 (e) With
respect to any contingent liabilities of the Borrower and its Subsidiaries on a pro forma basis after giving effect to the transactions contemplated by the Credit Agreement, the undersigned: 

 

	 	(i)	has inquired of certain officers and other personnel of the Borrower and its Subsidiaries who have responsibility for the legal, financial and accounting affairs of the
Borrower and its Subsidiaries, as to the existence and estimated amounts of all contingent liabilities known to them; 

  

	 	(ii)	has confirmed with senior accounting officers of the Borrower that, to the best of such officers’ knowledge, (i) all appropriate items have been included in
contingent liabilities made known to the undersigned in the course of the inquiry of the undersigned in connection herewith, and (ii) the amounts relating thereto were the maximum estimated amounts of liability reasonably likely to result
therefrom as of the date hereof, and 

  

	 	(iii)	confirms that, to the best of the undersigned’s knowledge, all material contingent liabilities that may arise from any pending litigation, asserted claims and
assessments, guarantees, uninsured risks, and other relevant contingencies and circumstances have been considered in making the certification set forth herein, and with respect to each such contingent liability the maximum estimated amount of
liability with respect thereto was used in making such certification. 

 (f) The undersigned has conferred with
counsel to the Borrower for the purpose of discussing the meaning of the contents of this Certificate. 
 10.35
Certifications. Based on the foregoing, the undersigned hereby certifies as follows: 
 (a) The Borrower and its
Subsidiaries, taken as a whole, are not insolvent now, and the incurrence by the Borrower and its Subsidiaries of their respective liabilities and obligations pursuant to the Credit Agreement and the other Credit Documents and the initial extensions
of 
  

 4 

 
credit made under the Credit Agreement, the payment of transaction fees and expenses related to the foregoing and the consummation of the other transactions contemplated thereby will not render
them insolvent taken as a whole. The undersigned understands that, in this context, (i) “insolvent” means that the present fair saleable value of assets is less than the amount that will be required to be paid on or in respect of the
existing debts as such debts mature in the ordinary course, (ii) “fair value” of assets means the aggregate amount that could be realized within a reasonable time, either through collection or sale of such assets at the regular market
value as an ongoing business, conceiving of the latter as the amount that could be obtained for the property in question within such period by a capable and diligent seller from an interested buyer who is willing to purchase under ordinary selling
conditions, and (iii) “debts” includes any legal liability, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent, including any guaranty or other contingent obligation. 

(b) The undersigned reasonably believes that, by the incurrence of their respective liabilities and obligations pursuant to the Credit
Agreement and the other Credit Documents and the initial extensions of credit made under the Credit Agreement, the payment of transaction fees and expenses related to the foregoing and the consummation of the other transactions contemplated thereby,
the Borrower and its Subsidiaries, taken as a whole, will not incur debts beyond their ability to pay as they mature in the ordinary course (taking into account the timing and amounts of cash to be payable on or in respect of such debts). The
foregoing conclusion is based in part on the Projections, which demonstrate that the cash flow of the Borrower and its Subsidiaries, after taking into account all anticipated uses of cash of each such Person, will at all times be sufficient to pay
all amounts on or in respect of Indebtedness of such Persons when such amounts are required, in the ordinary course, to be paid (including without limitation scheduled payments pursuant to the Credit Agreement). The undersigned has concluded that
the realization of current assets in the ordinary course of business should be sufficient to pay recurring current debt, short-term debt and long-term debt as such debts mature in their ordinary course, that the cash flow (including earnings plus
non-cash charges to earnings) should be sufficient to provide cash necessary to repay loans made under the Credit Agreement and other long-term indebtedness as such debt matures in its ordinary course, and that the Borrower should have sufficient
availability under the Credit Agreement to satisfy its working capital and short-term liquidity requirements. 
 (c) After
giving effect to the initial extensions of credit made under the Credit Agreement , the payment of transaction fees and expenses related to the foregoing and the consummation of the other transactions contemplated thereby, the assets of the Borrower
and its Subsidiaries, taken as a whole, do not constitute “unreasonably small capital” (within the meaning of Section 548(a) of the Bankruptcy Code, 11 U.S.C. Section 548(a)) for such Persons to carry on their businesses as now
conducted and as proposed to be conducted, taking into account the particular capital requirements of the businesses conducted and to be conducted by them and the availability of capital in respect thereof (with reference to, without limitation, the
Projections and the Borrower’s available credit capacity). 
 (d) Neither the Borrower nor any of its Subsidiaries have
executed the Credit Agreement or any other documents mentioned therein, or made any transfer or incurred any obligations thereunder, with intent to hinder, delay or defraud either present or future creditors of such Person. 

 

 5 

 (e) The statements made herein by the undersigned are based upon the personal knowledge of
the undersigned, or upon reports and other information given to the undersigned by supervisory personnel of the Borrower having principal and direct responsibility for the reports and information given, and who in the opinion of the undersigned are
reliable and entitled to be relied upon. The statements made herein are made in good faith and, to the best of the knowledge and belief of the undersigned, and subject to the assumptions set forth in Annex A, are reasonable in all material
respects. 
 (f) The undersigned understands that the Lenders have performed their own review and analysis of the financial
condition of the Borrower and its Subsidiaries, but that the Lenders are relying on the foregoing statements in connection with the extension of credit to the Borrower pursuant to the Credit Agreement. 

 

 6 

 Executed on behalf of the Borrower as of the date first written above. 

 

			
	INTERCONTINENTALEXCHANGE, INC.
		
	By:	 	  

	Name:	 	Scott A. Hill
	Title:	 	Chief Financial Officer

  

 7 

 SCHEDULES 

 

 8 

 DISCLOSURE SCHEDULES 

CREDIT AGREEMENT 

among 

INTERCONTINENTALEXCHANGE, INC., 

as Borrower 

THE LENDERS NAMED THEREIN, 

WACHOVIA BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, Issuing Lender and Swingline Lender 

and 

BANK OF AMERICA, N.A. 

as Syndication Agent 

$300,000,000 Senior Credit Facilities 

Dated as of April 9, 2009 

Attached hereto are the Borrower’s “Schedules” as contemplated by the Credit Agreement of even date herewith (the
“Agreement”), by and among IntercontinentalExchange, Inc., a Delaware corporation (the “Borrower”), the Lenders named therein, Wachovia Bank, National Association, as Administrative Agent, Issuing Lender and
Swingline Lender, and Bank of America N.A., as Syndication Agent. Capitalized terms used, but not otherwise defined herein, have the meanings given to such terms in the Agreement. 

The disclosures on the Borrower’s Schedules may be over-inclusive, considering the materiality standard contained in, and the
disclosures required by, the provisions of the Agreement corresponding to the respective disclosure schedule, and the fact that any item or matter is disclosed on the attached Schedules shall not be deemed to set or establish different standards of
materiality or required disclosures from those set forth in the corresponding provisions of the Agreement. Furthermore, the disclosure of any item or information in the Schedules is not an admission that such item or information (or any
non-disclosed item or information of comparable or greater significance) is material, is required to have been disclosed herein, or is of a nature that would have a Material Adverse Effect. 

 

 9 

 Schedule 1.1(a) 

Commitments and 

Notice Addresses 

Commitments 
  

							
	 Lender
	  	Revolving Credit
Commitment	  	Term Loan
Commitment
	 Wachovia Bank, National Association
	  	$	17,500,000.00	  	$	35,000,000.00
	 Bank of America, N.A.
	  	$	17,500,000.00	  	$	35,000,000.00
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	13,750,000.00	  	$	27,500,000.00
	 Societe Generale
	  	$	12,916,666.67	  	$	25,833,333.33
	 Regions Financial Corporation
	  	$	8,333,333.32	  	$	16,666,666.68
	 Morgan Stanley Bank, N.A.
	  	$	5,833,333.33	  	$	11,666,666.67
	 Bank of Montreal
	  	$	4,166,666.67	  	$	8,333,333.33
	 Deutsche Bank AG New York Branch
	  	$	4,166,666.67	  	$	8,333,333.33
	 Fifth Third Bank
	  	$	4,166,666.67	  	$	8,333,333.33
	 The Bank of New York Mellon
	  	$	4,166,666.67	  	$	8,333,333.33
	 Chang Hwa Commercial Bank, Ltd., New York Branch
	  	$	2,833,333.33	  	$	5,666,666.67
	 Comerica Bank
	  	$	1,666,666.67	  	$	3,333,333.33
	 Mega International Commercial Bank Co., Ltd.
	  	$	1,666,666.67	  	$	3,333,333.33
	 First Commercial Bank New York Agency
	  	$	1,333,333.33	  	$	2,666,666.67
	 Total
	  	$	100,000,000	  	$	200,000,000

 Notice Addresses 

 

			
	 Party
	  	 Address

		
	Borrower	  	 IntercontinentalExchange, Inc.

2100 River Edge Parkway,
5th Floor

Atlanta, Georgia 30328
 Attention: Legal
Department
 Telephone: (770) 738-2106

Telecopy: (770) 857-4755

		
	Wachovia Bank, National Association	  	 Instructions for wire transfers to the

Administrative Agent:
  

Wachovia Bank, National Association
 ABA Routing
No. 053000219
 Charlotte, North Carolina

Account Number: 5000000147609
 Account Name:
IntercontinentalExchange Inc
 Attention: Syndication Agency Services

 
 Address for notices as Administrative Agent:

 
 Wachovia Bank, National Association

1525 W.T. Harris Blvd.
 Buliding 3A2, Mailcode NC
0680
 Charlotte, North Carolina 28262

Attention: Syndication Agency Services

Telephone: (704) 383-3721
 Telecopy: (704)
383-0288
  
 Address for notices as Swingline Lender:

 
 Wachovia Bank, National Association

1525 W.T. Harris Blvd.
 Buliding 3A2, Mailcode NC
0680
 Charlotte, North Carolina 28262

Attention: Syndication Agency Services

Telephone: (704) 383-3721
 Telecopy: (704)
383-0288
  
     with a copy to:

 
 Wachovia Bank, National Association

171 17th Street, N.W.
 Atlanta, Georgia 30363

 Mailcode GA4507

			
		 	 Attention: Elaine Eaton

Telephone: (404) 214-3627
 Telecopy: (404)
861-0604
 Attention: Mendel Lay

Telephone: (404) 214-3849
 Telecopy: (404)
214-3861

  

 Schedule 4.1 

Jurisdictions of Organization 
  

			
	 Borrower
	  	 Jurisdiction of Organization

		
	IntercontinentalExchange, Inc.	  	Delaware
		
	Subsidiary Guarantors	  	
		
	Chatham Energy, LLC	  	Delaware
		
	Creditex Group Inc.	  	Delaware
		
	Creditex Holdco, LLC	  	Delaware
		
	Creditex LLC	  	Delaware
		
	Creditex Securities Corporation	  	Delaware
		
	CreditTrade Inc.	  	Delaware
		
	ICE Data Investment Group, LLC	  	Delaware
		
	ICE Data Management Group, LLC	  	Delaware
		
	ICE Data, LP	  	Delaware
		
	ICE Futures U.S., Inc. (formerly known as CFC Acquisition Co.)	  	Delaware
		
	ICE Markets, Inc.	  	Delaware
		
	ICE US Holding Company GP LLC	  	Delaware
		
	IntercontinentalExchange International, Inc.	  	Delaware
		
	T-Zero Processing Services LLC	  	Delaware
		
	YellowJacket, Inc.	  	Delaware
		
	eCOPS, LLC	  	New York
		
	ICE Clear US, Inc. (formerly known as New York Clearing Corporation)	  	New York
		
	New York Futures Exchange, Inc.	  	New York

 Schedule 4.4 

Consents and Approvals 

None. 

 Schedule 4.5 

Litigation Matters 

Altman et al v. ICE Futures U.S. 

On April 6, 2007, the Supreme Court of the State of New York, County of New York, granted ICE Futures U.S.’s motion to dismiss
all claims brought against it in an action commenced on December 8, 2006, by certain holders of non-equity trading permits, or Permit Holders, of ICE Futures U.S. seeking declaratory, monetary and injunctive relief with respect to the
merger. Plaintiffs alleged that, in violation of contract rights and/or rights under New York’s Not-For-Profit Corporation Law (“NPCL”), ICE Futures U.S.’s Permit Holders, including plaintiffs, were not permitted to vote
with respect to the merger and would not receive any part of the merger consideration. Plaintiffs sought (i) to enjoin consummation of the merger, (ii) declaratory relief regarding their past and future rights as Permit Holders, and
(iii) an award of unspecified damages on claims for breach of fiduciary duty, breach of contract, unjust enrichment, estoppel and fraud. The court also denied the plaintiffs’ motion for a preliminary injunction. On February 4, 2008,
the Permit Holders appealed the lower court’s ruling dismissing their complaint but did not pursue an appeal of the lower court’s denial of their request for an order enjoining the merger. On June 24, the court denied the
plaintiffs’ appeal and the plaintiffs have no further right to appeal unless the New York Court of Appeals grants the plaintiffs a leave of appeal. The appeal was denied in its entirety on June 24th. The Permit Holders then requested leave
of the court to appeal the decision to the New York Court of Appeals. That request was denied on October 7th and the Permit Holders then filed a motion for leave to appeal directly to the Court of Appeals. That motion, likewise, was denied on
January 20, 2009 based on the permit holders’ failure to timely file the request for appeal. As a technical matter, “reargument” of the appeal could be sought, however, the permit holders would have to demonstrate that the Court
of Appeals misapprehended some aspect of the “argument” that was made before it. In light of the fact that no such argument ever occurred, the permit holders would face serious impediments were they to file a request to reargue.

 Amirsaleh v. Board of Trade of the City of New York, Inc. and Intercontinental Exchange, Inc. 

This action was filed by a former NYBOT equity member in the Court of Chancery of the State of Delaware, New Castle County, on March 22, 2007,
asserting that NYBOT breached the terms of the Merger Agreement between NYBOT and ICE, and breached the duty of good faith and fair dealing implicit in every contract, by allegedly failing to give plaintiff timely notice of the election deadline
with respect o the merger consideration that would be paid to NYBOT equity members. The Plaintiff seeks shares of ICE stock in an amount equal to the amount received by any member who made an all stock election, and seeks the issuance to him of two
NYBOT trading memberships, which were not issued following the merger due to plaintiff’s failure to own and pledge the shares of ICE stock that were a pre-requisite to the issuance of such memberships. ICE and NYBOT filed an Answer to the
Complaint on April 23, 2007, denying the essential allegations and asserting as affirmative defenses that (1) the Complaint fails to state a claim upon which relief can be granted, (2) plaintiff’s claims and requests for relief
are barred by the doctrines of waiver, estoppel and/or acquiescence and (3) plaintiff lacks standing to assert 

 
claims for breach of the merger agreement and (4) failure to take reasonable steps to mitigate the damages claimed. A motion for Judgment on the Pleading or in the alternative, for Summary
Judgment was filed by defendants on June 11, 2008 and was decided on September 11, 2008. The court granted the motion insofar as the breach of contract claim was concerned and denied it with respect to the claim based on the implied
covenant of good faith and fair dealing because the Court found there to be issues of fact in dispute that precluded the grant of summary judgment as a procedural matter. [***] The matter has been scheduled for trial July 21 – 23, 2009.

  

			
	***	  	Confidential information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

 Schedule 4.7 

Subsidiaries 
 The
Borrower is the 100% direct owner of the following domestic entities: 
  

	 	1.	IntercontinentalExchange International, Inc. (“ICE International”) 

 

	 	2.	ICE Markets, Inc. (“ICE Markets”) 

  

	 	3.	ICE Data Management Group, LLC (“ICE Management”) 

  

	 	4.	ICE Data Investment Group, LLC (“ICE Investment”) 

  

	 	5.	ICE Futures U.S., Inc. (“ICE Futures”) 

  

	 	6.	Chatham Energy, LLC 

  

	 	7.	YellowJacket, Inc. 

  

	 	8.	Creditex Group Inc. 

  

	 	9.	Creditex Holdco, LLC 

  

	 	10.	ICE US Holding Company GP LLC 

 The Borrower
is the 100% indirect owner (except as indicated below) of the following domestic entities: 
  

	 	1.	ICE Data, LP (ICE Management is the direct 1% owner; ICE Investment is the direct 99% owner) 

 

	 	2.	ICE Clear US, Inc. (ICE Futures is the direct 100% owner) 

  

	 	3.	eCOPS, LLC (ICE Futures is the direct 100% owner) 

  

	 	4.	New York Futures Exchange (ICE Futures is the direct 100% owner) 

  

	 	5.	The Clearing Corporation (ICE US Holding Company L.P. is the direct 100% owner) 

 

	 	6.	ICE US Trust LLC (ICE US Holding Company L.P. is the direct 100% owner) 

  

	 	7.	QW Holdings LLC (50.11% owner is Creditex Group Inc and 49.89% owners are other third party investors) 

 

	 	8.	Q-WIXX B Sub LLC (100% owned by QW Holdings LLC) 

  

	 	9.	T-Zero Processing Services LLC (100% owner is Creditex Group Inc.) 

	 	10.	Creditex LLC (100% owner is Creditex Group Inc.) 

  

	 	11.	CreditTrade Inc. (100% owner is Creditex Group Inc.) 

  

	 	12.	Creditex Securities Corporation (100% owned by CreditTrade Inc.) 

The Borrower is the 100% indirect owner (except as indicated below) of the following foreign entities: 

 

	 	1.	ICE Markets Corporation (ICE Markets is the direct 100% owner) 

  

	 	2.	ICE Netherlands C.V. (ICE Markets 1% LP; ICE International 99% LP) 

  

	 	3.	ICE Netherlands B.V. (ICE Netherlands C.V. 100% owner) 

  

	 	4.	5509794 Manitoba, Inc. (ICE Netherlands B.V. 100% owner) 

  

	 	5.	ICE Futures Canada, Inc. (“ICE Futures Canada”) (5509794 Manitoba, Inc. 100% owner) 

 

	 	6.	ICE Clear Canada, Inc. (ICE Futures Canada 100% owner) 

  

	 	7.	Canadian Climate Exchange, Inc. (ICE Futures Canada 100% owner) 

  

	 	8.	ICE Services Canada, Inc. (ICE Futures Canada 100% owner) 

  

	 	9.	IntercontinentalExchange Holdings (ICE International is the < 1% owner and ICE Netherlands C.V. is > 99% owner) 

 

	 	10.	ICE Markets Limited (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	11.	ICE Clear Europe Ltd. (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	12.	ICE Clear UK Ltd. (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	13.	ICE Futures Holdings Ltd. (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	14.	IntercontinentalExchange Technologies Limited (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	15.	ICE Data Holdings Limited (IntercontinentalExchange Holdings is the direct 20% owner and ICE Data Services Limited is the direct 80% owner) 

 

	 	16.	International Petroleum Exchange of London Limited (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	17.	IPE Holdings Limited (IntercontinentalExchange Holdings is the direct 100% owner) 

 

	 	18.	ICE Education Limited (ICE Futures Holdings Ltd. is the direct 100% owner) 

  

 2 

	 	19.	International Petroleum Exchange Limited (ICE Futures Holdings Ltd. is the direct 100% owner) 

 

	 	20.	ICE Futures Holdco No. 1 (ICE Futures Holdings Ltd. is the direct 100% owner) 

 

	 	21.	ICE Futures Holdco No. 2 (ICE Futures Holdings Ltd. is the direct 100% owner) 

 

	 	22.	ICE Data Services Limited (ICE Futures Holdings Ltd. is the direct 100% owner) 

 

	 	23.	ICE Futures Europe (ICE Futures Holdco No. 1 is 50% owner and ICE Futures Holdco No. 2 is 50% owner) 

 

	 	24.	ICE Futures Ltd. (ICE Futures Europe the direct 100% owner) 

  

	 	25.	ICE Data LLP (ICE Data Holdings Limited is 99% owner and IntercontinentalExchange Holdings is 1% owner) 

 

	 	26.	ICE US Holding Company L.P. (ICE US Holding Company GP LLC is the direct 100% owner of the general partnership interests; Borrower owns 50% of the limited partnership
interests and the remaining 50% of the limited partnership interests are owned by the former shareholders of The Clearing Corporation) 

  

	 	27.	Q-WIXX International Limited (100% owned by Q-WIXX B Sub LLC) 

  

	 	28.	T-Zero International, Ltd. (100% owned by T-Zero Processing Services LLC) 

  

	 	29.	Creditex UK, Ltd. (100% owned by CreditTrade, Inc.) 

  

	 	30.	Creditex Brokerage LLP (100% owned by Creditex UK Ltd.) 

  

	 	31.	Creditex Singapore PTE. Ltd. (100% owned by CreditTrade, Inc.) 

The Borrower is the 100% direct owner of the following foreign entities: 

 

	 	1.	ICE Clear Holdco, Ltd. 

  

 3 

 Schedule 4.19 

Material Contracts 
  

			
	1.	  	Agreement and Plan of Merger by and among IntercontinentalExchange, Inc., Columbia Merger Corporation, Creditex Group Inc. and TA Associates, Inc. dated June 3, 2008
(incorporated by reference to Exhibit 10.1 to ICE’s Quarterly Report on Form 10-Q, filed with the SEC on August 4, 2008, File No. 001-32671).
		
	2.	  	Amendment to Agreement and Plan of Merger, dated as of August 26, 2008, to the Agreement and Plan of Merger, dated as of June 3, 2008, by and among ICE, MergerCo, Creditex and
the Stockholders’ Representative (incorporated by reference to Exhibit 10.1 to ICE’s Current Report on Form 8-K, filed with the SEC on September 2, 2008, File No. 001-32671).
		
	3.	  	Employment Agreement, dated as of December 31, 2008, between IntercontinentalExchange, Inc. and Jeffrey C. Sprecher (incorporated by reference to Exhibit 10.1 to ICE’s
Current Report on Form 8-K, filed with the SEC on January 7, 2009, File No. 001-32671).
		
	4.	  	Employment Agreement, dated as of December 31, 2008, between Intercontinental-Exchange, Inc. and Charles A. Vice (incorporated by reference to Exhibit 10.2 to ICE’s Current
Report on Form 8-K, filed with the SEC on January 7, 2009, File No. 001-32671).
		
	5.	  	Employment Agreement, dated as of December 31, 2008, between Intercontinental-Exchange, Inc. and David S. Goone (incorporated by reference to Exhibit 10.3 to ICE’s Current
Report on Form 8-K, filed with the SEC on January 7, 2009, File No. 001-32671).
		
	6.	  	Employment Agreement, dated as of December 31, 2008, between Intercontinental-Exchange, Inc. and Edwin D. Marcial (incorporated by reference to Exhibit 10.4 to ICE’s Current
Report on Form 8-K, filed with the SEC on January 7, 2009, File No. 001-32671).
		
	7.	  	Employment Agreement dated as of December 31, 2008, between Intercontinental-Exchange, Inc. and Scott A. Hill (incorporated by reference to Exhibit 10.5 to ICE’s Current
Report on Form 8-K, filed with the SEC on January 7, 2009, File No. 001-32671).
		
	8.	  	IntercontinentalExchange, Inc. 2000 Stock Option Plan, as amended effective December 31, 2008.
		
	9.	  	IntercontinentalExchange, Inc. 2003 Restricted Stock Deferral Plan for Outside Directors, as amended effective December 31, 2008.
		
	10.	  	IntercontinentalExchange, Inc. 2004 Restricted Stock Plan, as amended effective December 31, 2008.
		
	11.	  	IntercontinentalExchange, Inc. 2005 Equity Incentive Plan, as amended effective December 31, 2008.
		
	12.	  	$500,000,000 Credit Agreement, dated as of January 12, 2007, among IntercontinentalExchange, Inc. Wachovia Bank, National Association, as Administrative Agent, Bank of America,
N.A., as Syndication Agent, and other Lenders named therein (incorporated by reference to Exhibit 10.1 to ICE’s Current Report on Form 8-K, filed with the SEC on January 12, 2007, File No. 001-32671) (as amended by items 13 and 14 below; to be
amended and restated by that certain Amendment and Restatement Agreement, dated April 9, 2009, among IntercontinentalExchange, Inc., the subsidiary guarantors party thereto, the lenders signatory thereto, Wachovia Bank, National Association, as
Administrative Agent, Bank of America, N.A., as Syndication Agent (the “Restated Credit Facility”)).

			
	13.	  	First Amendment to $500,000,000 Credit Agreement among IntercontinentalExchange, Inc. and Wachovia Bank, National Association, as Administrative Agent, Bank of America, N.A., as
Syndication Agent, and the Lenders named therein dated as of August 24, 2007 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed with the SEC on August 30, 2007, File No. 001-32671) (amends
item 12; to be amended and restated by the Restated Credit Facility).
		
	14.	  	Second Amendment to $500,000,000 Credit Agreement among IntercontinentalExchange, Inc. and Wachovia Bank, National Association, as Administrative Agent, Bank of America, N.A., as
Syndication Agent, and the Lenders named therein dated as of June 13, 2008 (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K, filed with the SEC on June 19, 2008, File No. 001-32671) (amends item
12; to be amended and restated by the Restated Credit Facility).
		
	15.	  	$150,000,000 Credit Agreement, dated as of June 27, 2008, among IntercontinentalExchange, Inc. Wachovia Bank, National Association, as Administrative Agent, Bank of America,
N.A., as Syndication Agent, and other Lenders named therein (incorporated by reference to Exhibit 10.1 to ICE’s Current Report on Form 8-K, filed with the SEC on July 3, 2008, File No. 001-32671) (to be terminated at Closing).

		
	16.	  	Restated Credit Facility to be entered into at Closing.
		
	17.	  	New Liquidity Facility to be entered into at Closing.
		
	18.	  	Office Lease, dated as of June 8, 2000, as amended, between CMD Realty Investment Fund IV, L.P. and IntercontinentalExchange, LLC (incorporated by reference to Exhibit 10.17 to
ICE’s registration statement on Form S-1, filed with the SEC on June 6, 2005, File No. 333-123500).*
		
	19.	  	Lease Amendment Six, dated as of October 12, 2005, by and between CMD Realty Investment Fund IV, L.P. and IntercontinentalExchange, Inc. (incorporated by reference to
Exhibit 10.27 to ICE’s registration statement on Form S-1, filed with the SEC on October 14, 2005, File No. 333-123500).*
		
	20.	  	Lease Amendment Seven, dated as of May 12, 2006, by and between CMD Realty Investment Fund IV, L.P. and IntercontinentalExchange, Inc. (incorporated by reference to Exhibit
10.2 to ICE’s Current Report on Form 8-K, filed with the SEC on May 17, 2006, File No. 001-32671).*
		
	21.	  	Lease Amendment Eight, dated as of November 28, 2006.*
		
	22.	  	Lease Amendment Nine, dated as of February 21, 2007.*
		
	23.	  	Lease Amendment Ten, dated as of May 15, 2008.*
		
	24.	  	TRS—Application Services Agreement, dated as of April 25, 2001, between The International Petroleum Exchange of London Limited and LIFFE Services Company Limited
(incorporated by reference to Exhibit 10.14 to ICE’s registration statement on Form S-1, filed with the SEC on October 14, 2005, File No. 333-123500).*
		
	25.	  	Deed of Novation, dated July 22, 2005, between The International Petroleum Exchange of London Limited, LIFFE Services Limited, Atos Euronext Market Solutions Limited, and LIFFE
Administration and Management (incorporated by reference to Exhibit 10.25 to ICE’s registration statement on Form S-1, filed with the SEC on October 14, 2005, File No. 333-123500).
		
	26.	  	Managed Services Agreement, dated as of December 21, 2007, between ICE Clear Europe Limited and Atos Euronext Market Solutions Limited.*
		
	27.	  	Patent License Agreement, dated as of March 29, 2002, between eSpeed, Inc. and IntercontinentalExchange, Inc. (incorporated by reference to Exhibit 10.16 to ICE’s
registration statement on Form S-1, filed with the SEC on June 6, 2005, File No. 333-123500).

			
	28.	  	Settlement Agreement, dated as of September 1, 2005, by and between EBS Group Limited and IntercontinentalExchange, Inc. (incorporated by reference to Exhibit 10.26 to
ICE’s registration statement on Form S-1, filed with the SEC on October 14, 2005, File No. 333-123500).
		
	29.	  	License Agreement For Index-Related Derivative Products dated as of June 15, 2007 between IntercontinentalExchange, Inc. and Frank Russell Company (incorporated by reference
to Exhibit 10.1 to ICE’s Current Report on Form 8-K, filed with the SEC on June 20, 2007, File No. 001-32671).*
		
	30.	  	Contribution and Asset Transfer Agreement, dated as of May 11, 2000, by and between IntercontinentalExchange, LLC, Continental Power Exchange, Inc., and Jeffrey C. Sprecher
(incorporated by reference to Exhibit 10.31 to ICE’s registration statement on Form S-1, filed with the SEC on October 25, 2005, File No. 333-123500).
		
	31.	  	First Amendment to Contribution and Asset Transfer Agreement, dated as of May 17, 2000, by and among IntercontinentalExchange, LLC, Continental Power Exchange, Inc., and Jeffrey
C. Sprecher (incorporated by reference to Exhibit 10.32 to ICE’s registration statement on Form S-1, filed with the SEC on October 25, 2005, File No. 333-123500).
		
	32.	  	Second Amendment to Contribution and Asset Transfer Agreement, dated as of October 24, 2005, by and among IntercontinentalExchange, Inc., Continental Power Exchange, Inc.,
and Jeffrey C. Sprecher (incorporated by reference to Exhibit 10.33 to ICE’s registration statement on Form S-1, filed with the SEC on October 25, 2005, File No. 333-123500).
		
	33.	  	IntercontinentalExchange, Inc. Amended and Restated 1999 Stock Option/Stock Issuance Plan (formerly the Creditex Group Inc. Amended and Restated 1999 Stock Option/Stock Issuance
Plan) (incorporated by reference to Exhibit 4.1 to ICE’s registration statement on Form S-8, filed with the SEC on September 2, 2008, File No. 333-153299).
		
	34.	  	Agreement and Plan of Merger dated as of March 6, 2009, by and among The Clearing Corporation, a Delaware corporation, ICE US Holding Company L.P., a Cayman Islands exempted
limited partnership and subsidiary of IntercontinentalExchange, Inc., Pony Merger Sub LLC, a Delaware limited liability company, IntercontinentalExchange, Inc. (solely for the limited purposes therein), and TCC Stockholders’ Representative,
LLC, a Delaware limited liability company.
		
	35.	  	Amended and Restated Limited Partnership Agreement of ICE US Holding Company L.P. dated as of March 6, 2009
		
	36.	  	Master Agreement and the addenda thereto dated as of March 6, 2009 by and between Markit Group Limited, a company incorporated under the laws of England and Wales, and ICE US
Trust LLC, a New York limited purpose limited liability trust company.

  

 Schedule 7.2 

Indebtedness 

ICE Clear Canada, Inc., a wholly owned subsidiary of ICE Futures Canada, Inc. and an indirect subsidiary of Borrower (“ICE Clear
Canada”), has a stand-by line of credit facility in the amount of $3,000,000 with the Royal Bank of Canada, pursuant to the following: (a) General Hypothecation Agreement, dated October 28, 1998; (b) Letter Agreement, dated
March 30, 2004, by WCE Clearing Corporation, setting forth the draw down line requirements; and (c) Letter Agreement, dated January 29, 2004, by Royal Bank of Canada, as amended by the Letter Agreement, dated October 30, 2008,
setting forth the current fees and costs associated with the stand-by line of credit facility. As of the date hereof, ICE Clear Canada has not drawn upon this stand-by line of credit facility. 

Schedule 7.3 

Liens 

None. 

Schedule 7.8 

Transactions With Affiliates 

Transactions with Officer and Stockholder of Borrower 

As a part of the transactions surrounding our formation, the Borrower entered into an agreement with our predecessor company, Continental
Power Exchange, Inc. (“CPEX”), on May 11, 2000. Our Chief Executive Officer, Mr. Sprecher, owns all the equity interests in CPEX. Pursuant to the agreement, CPEX conveyed all of its assets and liabilities to us. These
assets included intellectual property that we used to develop our electronic platform. In return, we issued to CPEX an equity interest in our business and we agreed to give CPEX a put option, by which CPEX could require us to buy its equity interest
in our business at the purchase price equal to either our fair market value or $5 million, whichever is greater. 
 In
connection with the Borrower’s initial public offering, in October 2005 the Borrower entered an agreement with CPEX and Mr. Sprecher to terminate the put option upon the closing of the Borrower’s initial public offering. In connection
with the termination of the put option, the Borrower amended certain registration rights previously granted to CPEX, which currently owns 1,952,978 shares of the Borrower’s common stock. Under this agreement, CPEX is entitled to require the
Borrower to register for resale into the public market its common stock if Mr. Sprecher’s employment has been terminated. In addition, the Borrower may be obligated to pay the expenses of registration of such shares, including underwriters
discounts up to a maximum of $4.5 million. 

 Relationships with Former Director of Borrower 

Richard L. Sandor, a former director of the Borrower, who retired on March 13, 2008, is the chairman, chief executive officer and
principal owner of the Chicago Climate Exchange, Inc., which operates futures and OTC markets for the trading of emissions. In July 2003, the Borrower entered into an agreement with the Chicago Climate Exchange to provide hosting services for the
trading of the Chicago Climate Exchange emissions on our electronic platform. In December 2007, the Borrower entered a new agreement with Chicago Climate Exchange to provide the services. Under this agreement, the Chicago Climate Exchange was
required to pay us a platform license fee, a platform operations fee and clearing fee of $2,300,000 in 2008, as well as certain fees relating to trading volumes. The Chicago Climate Exchange is also required to pay the Borrower for certain
technology development work at an agreed upon rate. The initial term of this agreement began on January 1, 2008 and continues for five years. The agreement provides for automatic renewal of the term for additional one year periods following the
expiration of the initial term unless either party provides at least 90 days notice of its intention not to renew. 
 In
addition, in August 2004, ICE Futures Europe entered into a Cooperation and Licensing Agreement with the Chicago Climate Exchange. Pursuant to this agreement, the Chicago Climate Exchange and ICE Futures Europe formed a cooperative relationship for
the purposes of promoting the development of a European emissions trading market through, in particular, the trading of emissions contracts on our electronic platform. The agreement provides for the Chicago Climate Exchange to fund ICE Futures
Europe development and operating costs in relation to the emissions contracts, in return for which the Chicago Climate Exchange receives 75% of net transaction fee income from the emissions contracts (after the deduction of operating costs).
Pursuant to an amendment to this agreement effective June 28, 2006, the amount that the Chicago Climate Exchange is entitled to receive decreased to 72.5%. In December 2004, the European Climate Exchange, which is a subsidiary of the Chicago
Climate Exchange, acceded to the terms of the Cooperation and Licensing Agreement. Emissions contracts refer to any cash or spot or futures contract for European emissions allowances traded on our platform pursuant to this agreement. Consistent
with, and subject to, its legal and regulatory obligations and the provisions of this agreement, ICE Futures Europe has agreed, among other obligations, to: 

-use commercially reasonable efforts to cooperate with the Chicago Climate Exchange in the design and listing of the emissions contracts;

 -manage, in cooperation with us, the process of modifying our electronic platform and other hardware and software as necessary
to allow the trading of the emissions contracts; 
 -provide required market supervision, compliance and regulatory
arrangements; and 
 -obtain the necessary regulatory approvals to allow the trading of the emissions contracts from trading
screens located in the United Kingdom, Germany, France, the Netherlands, Switzerland, Sweden, Norway, the United States, and such other countries as ICE Futures Europe and the Chicago Climate Exchange agree. 

 The term of this agreement concludes on the later of December 31, 2012 and the date on
which Phase I of the European Emissions Allowances Trading Scheme terminates, unless sooner terminated pursuant to special termination provisions of the agreement. The terms of this agreement provide for automatic renewal periods of one year
following the conclusion of the term, unless terminated earlier by either party upon written notice provided no later than twelve months prior to the end of the term, or three months prior to the end of any renewal period. 

During the year ended December 31, 2008, the Borrower recognized approximately $3.4 million in revenues pursuant to these
agreements. The Borrower believes the relationship and agreements between it and the Chicago Climate Exchange and European Climate Exchange are arms-length transactions that are on commercially reasonable terms no less favorable to the Borrower than
would be negotiated with an unaffiliated third party.Scheme of Arrangement

 Exhibit 10.4 

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to
seek your own financial advice immediately from your stockbroker, bank manager, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000, if you are in the United Kingdom, or from another
appropriately authorised independent financial adviser if you are taking advice in a territory outside the United Kingdom. 
 If you have sold
or otherwise transferred all of your Climate Exchange Shares, please send this document together with the accompanying documents at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was
effected, for transmission to the purchaser or transferee. However, such documents should not be forwarded or transmitted in or into any jurisdiction in which such act would constitute a violation of the relevant laws of such jurisdiction.

 The distribution of this document in or into jurisdictions other than the United Kingdom and the Isle of Man may be restricted by the laws of
those jurisdictions and therefore persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of
any such jurisdiction. 
  
  

Recommended Cash Acquisition by 

Aether Ios Limited 

(“Bidco”) 

(a wholly-owned subsidiary of IntercontinentalExchange, Inc.) 

of 

Climate Exchange plc 

to be effected by means of a scheme of arrangement between Climate Exchange plc and holders of Scheme Shares 

under section 152 of the Isle of Man Companies Act 1931 (as amended) 

 
  

This document should be read as a whole. Your attention is drawn to the letter from the Chairman of Climate Exchange in Part One of this document,
which contains the unanimous recommendation of the Climate Exchange Directors that you vote in favour of the Scheme at the Court Meeting and the Special Resolution to be proposed at the Climate Exchange EGM. A letter from J.P. Morgan Cazenove and
Kinmont explaining the Scheme appears in Part Two of this document. 
 Notices of the Court Meeting and Climate Exchange EGM, each of which
will be held at One Bunhill Row, London EC1Y 8YY on 2 July 2010, are set out in Parts Ten and Eleven of this document, respectively. The Court Meeting will start at 9.30 a.m. on that date and the Climate Exchange EGM at 9.45 a.m. or as soon
thereafter as the Court Meeting is concluded or adjourned. 
 Climate Exchange Shareholders are informed that, in order for their votes to be
counted at the Court Meeting and the Climate Exchange EGM, they must complete and return the enclosed blue and yellow forms of proxy in accordance with the instructions printed thereon as soon as possible, but in any event so as to be received by
Climate Exchange’s receiving agent, Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, not later than 48 hours before the relevant meeting. Forms of proxy may also be sent by facsimile
transmission to Computershare Investor 

 
Services (Jersey) Limited on 0870 873 5851 (from within the British Isles) or +44 870 873 5851 (from outside the British Isles). Climate Exchange Shareholders who hold Climate Exchange Shares in
CREST may also appoint a proxy using CREST by following the instructions set out in paragraph 12 of Part Two of this document. If the blue form of proxy for the Court Meeting is not lodged by the relevant time, it may be handed to the Chairman of
the Court Meeting before the start of that meeting and will still be valid. However, in the case of the Climate Exchange EGM, if the yellow form of proxy is not lodged by the relevant time, it will be invalid. The action to be taken by Climate
Exchange Shareholders is further described on page 2 and in paragraph 12 of Part Two of this document. 
 Climate Exchange ADS Holders should
refer to Part Six of this document, which contains important information relevant to such holders. 
 If you have any questions about this
document, the Court Meeting or the Climate Exchange EGM, have not received both forms of proxy or are in any doubt as to how to complete the forms of proxy, please call Computershare between 8.30 a.m. and 5.30 p.m. Monday to Friday (except public
holidays) on 01534 281 839 (from within the British Isles) or +44 1534 281 839 (from outside the British Isles). Calls will be charged at national or international rates as the case may be. Please note that calls may be monitored or recorded and
Computershare cannot provide financial or tax advice or advice on the merits of the Scheme. 
 Morgan Stanley is acting as exclusive financial
adviser to ICE and Bidco and no one else in connection with the Acquisition and will not be responsible to anyone other than ICE and Bidco for providing the protections afforded to clients of Morgan Stanley nor for providing advice in relation to
the Acquisition or any matter referred to herein. 
 J.P. Morgan plc, which conducts its UK investment banking business as J.P. Morgan Cazenove
and is authorised and regulated by the UK Financial Services Authority, is acting exclusively for Climate Exchange and for no one else in connection with the Acquisition and will not be responsible to anyone other than Climate Exchange for providing
the protections afforded to clients of J.P. Morgan plc nor for providing advice in relation to the Acquisition or any matters referred to herein. 

Kinmont, which is authorised and regulated by the UK Financial Services Authority, is acting exclusively for Climate Exchange and for no one else in
connection with the Acquisition and will not be responsible to anyone other than Climate Exchange for providing the protections afforded to clients of Kinmont nor for providing advice in relation to the Acquisition or any matters referred to herein.

 Fox-Pitt, Kelton, which is authorised and regulated by the UK Financial Services Authority, is acting exclusively for Climate Exchange and
for no one else in connection with the Acquisition and will not be responsible to anyone other than Climate Exchange for providing the protections afforded to clients of Fox-Pitt, Kelton nor for providing advice in relation to the Acquisition or any
matters referred to herein. 
 Capitalised words and phrases used in this document have the meaning given to them in Part Nine of this
document. 
 A copy of this document has been made available on the Climate Exchange website at www.climateexchangeplc.com and the ICE
website at www.theice.com. 
 Date: 28 May 2010 

 IMPORTANT NOTICE 

The release, publication or distribution of this document in or into jurisdictions other than the United Kingdom and the Isle of Man may be restricted by
the law of those jurisdictions and therefore any persons in such jurisdictions into whose possession this document comes should inform themselves about and observe such restrictions. Any failure to comply with the applicable restrictions may
constitute a violation of the securities laws of such jurisdiction. This document does not constitute an offer or invitation to purchase or subscribe for any securities or a solicitation of any vote or approval of an offer to buy any securities
pursuant to this document or otherwise in any jurisdiction in which such offer, invitation or solicitation is unlawful. This document has been prepared for the purposes of complying with English law, Isle of Man law, the AIM Rules and the City Code
and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws of jurisdictions outside of the United Kingdom and the Isle of Man. 

The Acquisition relates to the shares of an Isle of Man company and is proposed to be made by means of a scheme of arrangement under Isle of Man company
law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules under the Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the United Kingdom
and the Isle of Man to schemes of arrangement, which differ from the requirements of the U.S. tender offer rules. Financial information included in or incorporated by reference into this document has been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, which may not be comparable to the financial statements of U.S. companies. 

The statements contained in this document are made as at the date of this document, unless some other time is specified in relation to them, and delivery
of this document shall not give rise to any implication that there has been no change in the facts set forth in this document since such date. Nothing in this document shall be deemed to be a forecast, projection or estimate of the future financial
performance of Climate Exchange, the Wider Climate Exchange Group, ICE or the Wider ICE Group except where otherwise stated. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

This document contains certain statements that are or may be forward-looking. These statements typically contain words such as “intends”,
“expects”, “anticipates”, “estimates” and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in
the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors identified
elsewhere in this document as well as the following possibilities: future revenues are lower than expected; costs or difficulties relating to the integration of the business of ICE and Climate Exchange or of other future acquisitions, are greater
than expected; expected cost savings from the transaction or from other future acquisitions are not fully realised or realised within the expected time frame; competitive pressures in the industry increase; general economic conditions or conditions
affecting the relevant industries, whether internationally or in the place ICE and Climate Exchange do business, are less favourable than expected; and/or conditions in the securities market are less favourable than expected. 

DEALING DISCLOSURE REQUIREMENTS 

Under Rule 8.3(a) of the City Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or
of any paper offeror (being any offeror other than an offeror in 

 
respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if
later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each
of: (i) the offeree company; and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of
the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree
company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. 
 Under
Rule 8.3(b) of the City Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant
securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of:
(i) the offeree company; and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m.
(London time) on the business day following the date of the relevant dealing. 
 If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3. 

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree
company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). 
 Details of the offeree and
offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at www.thetakeoverpanel.org.uk, including details of the
number of relevant securities in issue, when the Acquisition period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you
should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129. 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
	 EXPECTED TIMETABLE OF PRINCIPAL EVENTS
	  	1
		
	 ACTION TO BE TAKEN
	  	2
		
	 PART ONE: LETTER FROM THE CHAIRMAN OF CLIMATE EXCHANGE
	  	4
			
	1.	 	Introduction	  	4
			
	2.	 	Summary of the terms of the Acquisition	  	5
			
	3.	 	Background to and reasons for the recommendation	  	5
			
	4.	 	Strategic rationale for the Acquisition	  	6
			
	5.	 	Conditions	  	7
			
	6.	 	Information on Climate Exchange	  	8
			
	7.	 	Information on ICE and Bidco	  	8
			
	8.	 	Management and employees	  	8
			
	9.	 	Climate Exchange Share Schemes	  	9
			
	10.	 	Warrants	  	10
			
	11.	 	Irrevocable undertakings	  	11
			
	12.	 	Shareholder meetings and action to be taken by Climate Exchange Shareholders	  	11
			
	13.	 	Cancellation of trading, re-registration, termination of Climate Exchange ADS programme and settlement of cash consideration	  	11
			
	14.	 	Overseas holders of Climate Exchange Shares and Climate Exchange ADSs	  	11
			
	15.	 	Recommendation	  	12
			
	16.	 	Further information	  	12
		
	PART TWO: EXPLANATORY STATEMENT	  	13
			
	1.	 	Introduction	  	13
			
	2.	 	Summary of the terms of the Acquisition and the Scheme	  	14
			
	3.	 	Climate Exchange meetings	  	16

					
	 4.
	 	Sanction of the Scheme by the Court	  	17
			
	 5.
	 	Financing	  	18
			
	 6.
	 	The Climate Exchange Directors and the effect of the Scheme on their interests	  	18
			
	 7.
	 	Cancellation of trading of Climate Exchange Shares, re-registration, termination of Climate Exchange ADS programme and settlement of cash consideration	  	18
			
	 8.
	 	Right to implement the Acquisition by way of an Offer	  	20
			
	 9.
	 	Climate Exchange Share Schemes	  	20
			
	 10.
	 	Warrants	  	21
			
	 11.
	 	Overseas holders of Climate Exchange Shares and Climate Exchange ADSs	  	21
			
	 12.
	 	Actions to be taken	  	21
			
	 13.
	 	Further information	  	23
		
	PART THREE: CONDITIONS TO THE IMPLEMENTATION OF THE SCHEME AND THE ACQUISITION AND FURTHER TERMS OF THE ACQUISITION	  	24
		
	PART FOUR: THE SCHEME OF ARRANGEMENT	  	34
		
	PART FIVE: FINANCIAL INFORMATION ON CLIMATE EXCHANGE	  	39
		
	PART SIX: ADDITIONAL INFORMATION FOR OVERSEAS HOLDERS OF CLIMATE EXCHANGE SHARES AND CLIMATE EXCHANGE ADSs	  	40
		
	PART SEVEN: ADDITIONAL INFORMATION ON CLIMATE EXCHANGE, ICE AND BIDCO	  	43
			
	 1.
	 	Responsibility	  	43
			
	 2.
	 	Directors	  	43
			
	 3.
	 	Market quotations	  	44
			
	 4.
	 	Interests in relevant Climate Exchange securities	  	45
			
	 5.
	 	Dealings in relevant Climate Exchange securities	  	47
			
	 6.
	 	Interests in relevant ICE securities	  	48
			
	 7.
	 	Dealings in relevant ICE securities	  	48
			
	 8.
	 	Interests and dealings – general	  	48
			
	 9.
	 	Directors’ service contracts and emoluments	  	50

					
	10.	 	Material contracts	  	52
			
	11.	 	Irrevocable undertakings	  	55
			
	12.	 	Cash confirmation	  	56
			
	13.	 	Persons acting in concert	  	56
			
	14.	 	No material change	  	57
			
	15.	 	Consents	  	57
			
	16.	 	Sources of information and bases of calculations	  	57
			
	17.	 	Documents available for inspection	  	58
		
	PART EIGHT: TAXATION	  	59
		
	PART NINE: DEFINITIONS	  	65
		
	PART TEN: NOTICE OF COURT MEETING	  	72
		
	PART ELEVEN: NOTICE OF EXTRAORDINARY GENERAL MEETING	  	74

 EXPECTED TIMETABLE OF PRINCIPAL EVENTS 

 

			
	 Event
	  	 Expected time/date

	 ADS Voting Record Time
	  	5.00 p.m. (New York time) on 3 June 2010
		
	 Latest time for receipt by the ADS Depositary of completed ADS Voting Instruction Cards from Climate Exchange ADS
Holders
	  	5.00 p.m. (New York time) on 24 June 2010
		
	 Latest time for lodging forms of proxy for the:
	  	
		
	 Court Meeting (blue form)
	  	9.30 a.m. on 30 June
2010(1)
		
	 Climate Exchange EGM (yellow form)
	  	9.45 a.m. on 30 June 2010
(2)
		
	 Voting Record Time
	  	6.00 p.m. on 30 June 2010 (3)

		
	 Court Meeting
	  	9.30 a.m. on 2 July 2010
		
	 Climate Exchange EGM
	  	9.45 a.m. on 2 July 2010
(4)
	
	 The following dates are indicative only and subject to change. Please see note
(5) below.

		
	 Last day of dealings in, for registration of transfers of, and disablement in CREST of, Climate Exchange Shares and Climate
Exchange ADSs
	  	7 July 2010
(5)
		
	 Hearing of the Court (to sanction the Scheme)
	  	7 July 2010
(5)
		
	 Scheme Record Time
	  	6.00 p.m. on 7 July 2010 (5)

		
	 Effective Date of the Scheme
	  	8 July 2010
(5)
		
	 Cancellation of trading of the Climate Exchange Shares on AIM
	  	with effect from 7.00 a.m. on 8 July 2010
(5)
		
	 Latest date for despatch of cheques in respect of cash consideration and settlement through CREST
	  	by 22 July 2010
(5)

  

	(1)	It is requested that blue forms of proxy for the Court Meeting be lodged not later than 48 hours prior to the time appointed for the Court Meeting. Blue forms of proxy
not so lodged may be handed to the Chairman of the Court Meeting before the start of the Court Meeting. 

  

	(2)	Yellow forms of proxy for the Climate Exchange EGM must be lodged not later than 48 hours prior to the time appointed for the Climate Exchange EGM.

  

	(3)	If either the Court Meeting or the Climate Exchange EGM is adjourned, the Voting Record Time for the relevant adjourned meeting will be 6.00 p.m. on the day that is 2
days before the adjourned meeting. 

  

	(4)	Or as soon thereafter as the Court Meeting shall have concluded or been adjourned. 

 

	(5)	These dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme and the regulatory timetable. If the expected
time and/or date of the Hearing is changed or ICE receives regulatory clearances earlier or later than expected, Climate Exchange will give notice of the change by issuing an announcement through a Regulatory Information Service.

 All references in this document to times are to UK time unless otherwise stated. 

 

 1 

 ACTION TO BE TAKEN 

Detailed instructions for the actions to be taken by Climate Exchange Shareholders are set out in paragraph 12 of Part Two of this document and are
summarised below. 
 Voting at the Court Meeting and Climate Exchange EGM 

The Scheme will require approval at a meeting of Climate Exchange Shareholders convened by order of the Court to be held at One Bunhill Row, London, EC1Y
8YY at 9.30 a.m. on 2 July 2010. Implementation of the Scheme will also require the passing of the Special Resolution at the Climate Exchange EGM to be held at One Bunhill Row, London, EC1Y 8YY at 9.45 a.m. or as soon thereafter as the Court
Meeting is concluded or adjourned. Notices of the Court Meeting and Climate Exchange EGM are set out at Parts Ten and Eleven, respectively, of this document. 

Please check that you have received the following with this document: 
  

	 	•	 	 Blue form of proxy for use in respect of the Court Meeting on 2 July 2010; and 

 

	 	•	 	 Yellow form of proxy for use in respect of the Climate Exchange EGM on 2 July 2010. 

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation
of Climate Exchange Shareholder opinion. You are therefore strongly urged to complete and return your forms of proxy as soon as possible, whether or not you intend to attend the meetings in person, and in any event so as to be received by Climate
Exchange’s receiving agent, Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, by the following times and dates: 

 

			
	 Blue forms of proxy for the Court Meeting
	  	9.30 a.m. on 30 June 2010
		
	 Yellow forms of proxy for the Climate Exchange EGM
	  	9.45 a.m. on 30 June 2010

 or, if either
meeting is adjourned, not later than 48 hours before the time fixed for the adjourned meeting. 
 Alternatively, blue forms of proxy (but not
yellow forms of proxy) may be handed to the Chairman of the Court Meeting before the start of the Court Meeting on 2 July 2010 and will still be valid. 

The completion and return of either form of proxy will not preclude you from attending the Court Meeting or the Climate Exchange EGM and voting in
person, if you so wish. 
 Proxy forms should be returned in the reply-paid envelope provided in accordance with the instructions printed
thereon to Climate Exchange’s receiving agent, Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES. Forms of proxy may also be sent by facsimile transmission to Computershare Investor
Services (Jersey) Limited on 0870 873 5851 (from within the British Isles) or +44 870 873 5851 (from outside the British Isles). 
  

 2 

 Assistance 

If you have any questions about this document, the Court Meeting or the Climate Exchange EGM, have not received both forms of proxy or are in any doubt as
to how to complete the forms of proxy, please call Computershare between 8.30 a.m. and 5.30 p.m. Monday to Friday (except public holidays) on 01534 281 839 (from within the British Isles) or +44 1534 281 839 (from outside the British Isles). Calls
will be charged at national or international rates as the case may be. Please note that calls may be monitored or recorded and Computershare cannot provide financial or tax advice or advice on the merits of the Scheme. 

CREST and Climate Exchange ADSs 
 For
Climate Exchange Shareholders who hold shares through CREST, details for appointing a proxy through CREST are set out in paragraph 12 of Part Two of this document. 

Climate Exchange ADS Holders should refer to Part Six for information relevant to such holders. 

 

 3 

 PART ONE: LETTER FROM THE CHAIRMAN OF CLIMATE EXCHANGE 

Climate Exchange plc 
 IOMA House 

Hope Street 
 Douglas 

Isle of Man IM1 1AP 
 Registered in Isle of
Man No. 109015C 
 28 May 2010 

To Climate Exchange Shareholders and Climate Exchange ADS Holders and, for information only, to holders of options or awards under the Climate
Exchange Share Schemes and holders of Warrants issued by members of the Climate Exchange Group 
 Dear Climate Exchange Shareholder or
Climate Exchange ADS Holder 
 RECOMMENDED CASH ACQUISITION BY BIDCO OF CLIMATE EXCHANGE 

at 750 pence per Climate Exchange Share 
  

	1.	Introduction 

 On
30 April 2010, the boards of Climate Exchange and ICE announced that they had agreed the terms of a unanimously recommended cash acquisition by Bidco, a wholly-owned subsidiary of ICE, of the entire issued and to be issued share capital of
Climate Exchange. I am writing to you today to set out the terms of the Acquisition, to explain the background to and reasons for our recommendation of the Acquisition and to seek your support and approval for the Acquisition. 

This letter sets out the background to the Acquisition and the reasons why the Climate Exchange Directors consider the terms of the
Acquisition to be fair and reasonable and are unanimously recommending that you vote in favour of the Resolutions to be proposed at the Court Meeting and the Climate Exchange EGM, as the Climate Exchange Directors have irrevocably agreed to do in
respect of the Climate Exchange Shares held by them. I draw your attention in particular to the letter from J.P. Morgan Cazenove and Kinmont set out in Part Two of this document, which gives details about the Acquisition and to the additional
information set out in Part Seven of this document. 
 The Acquisition will be implemented, subject to the satisfaction or waiver
of the Conditions, by means of a Court approved scheme of arrangement between Climate Exchange and the holders of Scheme Shares under section 152 of the Isle of Man Companies Act. 

For the Acquisition to be completed, Climate Exchange Shareholders will need to vote in favour of the Resolutions to be proposed at the
Court Meeting and the Climate Exchange EGM to be held on 2 July 2010 at One Bunhill Row, London EC1Y 8YY at 9.30 a.m. and 9.45 a.m., respectively. Details of the actions you should take, and the recommendation of the Climate Exchange Directors,
are set out in paragraphs 12 and 15 respectively of this letter. 
  

 4 

	2.	Summary of the terms of the Acquisition 

Under the terms of the Acquisition, which is subject to the satisfaction or waiver of the Conditions set out in Part Three of this
document, Climate Exchange Shareholders and Climate Exchange ADS Holders will receive: 
  

			
	 for each Climate Exchange Share

or two Climate Exchange ADSs
	  	750 pence in cash

 The above offer
price values the entire existing issued and to be issued share capital of Climate Exchange at approximately £395 million. 

The consideration to be received under the Acquisition represents a premium of approximately: 

 

	 	•	 	 56.9 per cent. to the closing price of 478.0 pence per Climate Exchange Share on 29 April 2010, being the last dealing day prior to the date
of the Announcement; 

  

	 	•	 	 56.5 per cent. to the average closing price of 479.3 pence per Climate Exchange Share for the one month period up to and including 29 April
2010, being the last dealing day prior to the date of the Announcement; and 

  

	 	•	 	 44.3 per cent. to the average closing price of 519.6 pence per Climate Exchange Share for the three month period up to and including 29 April
2010, being the last dealing day prior to the date of the Announcement. 

 Climate Exchange Shares will be
acquired by Bidco fully paid and free from all liens, equitable interests, charges, encumbrances, pre-emption rights and other third party interests and rights of any nature whatsoever and together with all rights now or hereafter attaching to them,
including the right to receive and retain all dividends and other distributions declared, made or paid after the date of the Announcement. 

The above offer price has been determined on the basis that no final dividend in respect of the share capital of Climate Exchange will be
paid by Climate Exchange in respect of the year ended 31 December 2009. 
  

	3.	Background to and reasons for the recommendation 

Climate Exchange has successfully pursued a strategy to become a world leading exchange for trading emissions and environmental contracts.
In Europe, the EU Emission Trading System (“EU ETS”) is the world’s largest and most developed emissions cap and trade system and Climate Exchange is a market leader in this segment of the derivatives market. Transaction
volumes are continuing to rise rapidly with 2010 volumes 22 per cent. ahead of 2009 (year to date). In the U.S., Climate Exchange has a significant share in all the main emissions contracts currently in force, including those issued under the
EPA Clean Air Act programmes, the state level Greenhouse Gas (“GHG”) programme of the Regional Greenhouse Gas Initiative and emission offset contracts under the voluntary offset program of the California Climate Action Registry.

  

 5 

 The Board believes the future growth of Climate Exchange will be driven, in Europe, by the
switch in the EU ETS initial distribution mechanism from central government allocation to 100 per cent. auctioning. This is expected to generate a material increase in the underlying price risk exposure for industries within EU ETS and, as a
consequence, potentially lead to a material increase in demand for hedging products and strategies. In the U.S., the key growth drivers are expected to be resolutions on federal level legislative programmes, including a nationwide cap and trade
system for GHGs, as well as clarity on the existing EPA Clean Air Act programmes. In addition, Climate Exchange has interests in other countries where environmental markets are being developed and which may develop to material scale, including China
in particular. 
 As Climate Exchange’s key products or offerings have expanded and developed, certain aspects of its
original strategy have been confirmed and the needs of its customers in the marketplace have been understood. Climate Exchange’s customers have made it clear that they see benefits in a single trading platform for environmental contracts
worldwide and for this platform also to provide a wider offering of contracts. Equally, a single clearing entity for Climate Exchange customers is expected to bring customer benefits in terms of netting, cross margining and ease of use. 

The Acquisition by ICE, valuing Climate Exchange at 750 pence per share, represents a premium of 56.9 per cent. to the closing price
of 478.0 pence per Climate Exchange Share on 29 April 2010, the last trading day prior to the date of the Announcement. While the Board believes that the U.S. may ultimately adopt a mandatory emissions trading system, it accepts that there is
uncertainty regarding the timing of the implementation of such legislation. Similarly there is also an additional level of uncertainty regarding the implementation of an international basis for the post-Kyoto era. Climate Exchange faces a number of
risks alongside the opportunities described above and considers that a larger organisation with a broader portfolio of trading contracts is a more appropriate owner of the business. Against this background, the Climate Exchange Directors consider
the terms of the Acquisition to be fair and reasonable, providing shareholders with certainty and the opportunity to realise, in cash, their investment in Climate Exchange. 

 

	4.	Strategic rationale for the Acquisition 

The board and management of ICE believe that the Acquisition of Climate Exchange represents an attractive strategic
opportunity to combine two companies with complementary businesses and strengths and to enhance the competitiveness of the respective businesses. ICE, through its wholly-owned subsidiary, IntercontinentalExchange Holdings, acquired 2,277,034 Climate
Exchange Shares (representing approximately 4.8 per cent. of Climate Exchange’s entire existing issued share capital) on 22 June 2009 for a price of 645 pence per Climate Exchange Share. The board and management of ICE have determined
that the Acquisition is consistent with the strategic plans of ICE to expand its product offerings and diversify its class of commodities. The transaction is expected to be accretive to earnings in 2011 and slightly dilutive to earnings for the
balance of the current year following an anticipated closing at the end of July
2010.1 

 

 6 

 ICE and its affiliates currently have multiple contracts in place with Climate Exchange and
its affiliates to provide technology and clearing services, including a cooperation and licensing agreement whereby ICE provides an electronic trading platform and clearing to European Climate Exchange (“ECX”) for European emissions
trading, a licensing technology agreement whereby ICE provides an electronic trading platform to Chicago Climate Exchange (“CCX”) for U.S. emissions trading and a clearing services agreement whereby ICE provides clearing for
CCX’s U.S. emissions trading. Pursuant to these contracts, ICE charges fees to Climate Exchange for the services provided and shares in the revenue generated by Climate Exchange with respect to the trading and clearing of emissions contracts.

 ICE identified a number of factors that it believes support engaging in the Acquisition and would contribute to the success
and the future performance of the combined companies, including: 
  

	 	(A)	the combination of Climate Exchange and ICE would create an industry leading global carbon derivatives exchange; 

 

	 	(B)	the Acquisition would allow ICE to expand its offerings for market participants; 

 

	 	(C)	the Acquisition provides opportunities for cost savings by eliminating duplicate activities; 

 

	 	(D)	the current environment in the global derivatives industry, including the trend of consolidation and increased competition; 

 

	 	(E)	ICE’s ability to leverage its scalable business model; and 

  

	 	(F)	the fact that ICE has greater financial, operational and technical resources to develop innovative new products for Climate Exchange’s customers.

  

	5.	Conditions 

 The
Acquisition will be implemented by means of a scheme of arrangement between Climate Exchange and holders of Scheme Shares under section 152 of the Isle of Man Companies Act and will be conditional upon, amongst other things, the approval of the
Scheme by Climate Exchange Shareholders and the sanction of the Scheme by the Court. The Acquisition is also conditional upon the passing of the Special Resolution by Climate Exchange Shareholders at the Climate Exchange EGM and the UK Office of
Fair Trading indicating in terms reasonably satisfactory to Bidco that it does not intend to refer the proposed acquisition to the UK Competition Commission for investigation. 

 
  

	1
	 Nothing in this document is intended to be a profit forecast and the statements in this document should not be interpreted to mean that the earnings
per share of ICE common stock for the current or future financial periods will necessarily be greater or lower than those for the relevant preceding financial period. 

 

 7 

 The implementation of the Acquisition is subject to a number of other Conditions, further
details of which are set out in Part Three of this document. 
  

	6.	Information on Climate Exchange 

Climate Exchange is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to
facilitate trading in environmental financial instruments, including emissions reduction credits in both voluntary and mandatory markets. Climate Exchange is a leader in the development of traded emissions markets. Its three core operating
businesses are ECX, which operates an exchange that focuses on compliance certificates for the mandatory EU ETS; CCX, which operates the voluntary, but contractually binding cap and trade system for greenhouse gas emissions reductions; and the
Chicago Climate Futures Exchange (“CCFE”), a regulated exchange in the United States with a portfolio of environmental futures contracts. 

In the financial year ending 31 December 2009, Climate Exchange reported sales of £33.6 million and pre-tax profit
(excluding non-cash expenses) of £6.8 million. 
  

	7.	Information on ICE and Bidco 

ICE, which is listed on the New York Stock Exchange under the symbol ICE, is a leading operator of regulated global futures exchanges and
over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world’s crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list
agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers
in more than 55 countries. 
 Bidco is a wholly-owned subsidiary of ICE and is a private company with limited liability
incorporated in the United Kingdom. 
  

	8.	Management and employees 

I, Richard Sandor, will be entering into an employment agreement with ICE which will become effective upon completion of the Acquisition.
I will be taking the position within ICE of Chairman Emeritus of Climate Initiatives. 
 ICE has also given assurances to the
Board that, when the Acquisition becomes effective, the existing employment rights, including pension rights, of the management and employees of Climate Exchange will be fully safeguarded. 

ICE and Climate Exchange are engaged in complementary businesses that operate in certain of the same jurisdictions and the Acquisition is
therefore likely to result in synergies and to provide an opportunity to realise savings in costs and expenses. In assessing the terms of the Acquisition, ICE has made certain assumptions in relation to

  

 8 

 
such synergies and savings. However, their extent and the timing and manner of their implementation will be determined by ICE following completion of the Acquisition. ICE has advised that their
implementation is likely to result in job losses and the closure or relocation of sites from which Climate Exchange currently operates. 
  

	9.	Climate Exchange Share Schemes 

2006 Plan 

Certain outstanding options granted under the 2006 Plan are currently exercisable. The rest of the outstanding options under the 2006 Plan
will become exercisable immediately prior to but conditional upon the Scheme becoming effective in accordance with its terms. Proposals will be put to all option holders under which they will be able to exercise options on a cashless basis by
undertaking to pay the exercise price, and any tax liabilities due, from the proceeds which they would otherwise receive from Bidco for their Climate Exchange Shares. Options will lapse, to the extent not exercised, immediately following the Scheme
becoming effective. 
 CLE ECX Plan 

All outstanding options granted under the CLE ECX Plan are currently exercisable. Proposals will be put to all option holders under which
they will be able to exercise options on a cashless basis by undertaking to pay the exercise price, and any tax liabilities due, from the proceeds which they would otherwise receive from Bidco for their Climate Exchange Shares. Options will lapse,
to the extent not exercised, immediately following the Scheme becoming effective. 
 LTIP 

All options granted under the LTIP are currently exercisable. Proposals will be put to the option holder under which he will be able to
exercise options on a cashless basis by undertaking to pay the exercise price, and any tax liabilities due, from the proceeds which he would otherwise receive from Bidco for his Climate Exchange Shares. Options will lapse, to the extent not
exercised, immediately following the Scheme becoming effective. 
 The necessary amendments will be made to the rules of each of
the Climate Exchange Share Schemes to implement the arrangements discussed above. 
 All Climate Exchange Shares issued by 6.00
p.m. on the day of the Hearing Date pursuant to the exercise of options under the Climate Exchange Share Schemes will be subject to the Scheme. All Climate Exchange Shares issued at or after 6.00 p.m. on the day of the Hearing Date pursuant to the
exercise of options under the Climate Exchange Share Schemes will be required to be sold to Bidco for 750 pence per Climate Exchange Share in cash pursuant to the revised articles of association of Climate Exchange. 

Participants in the Climate Exchange Share Schemes will receive a separate communication with further details of these arrangements.

  

 9 

	10.	Warrants 

 All Warrants
issued at the date of this document by the Climate Exchange Group under contractual arrangements in existence (without amendment) as at 30 April 2010, will become exercisable immediately into a number of Climate Exchange Shares specified in or
calculated in accordance with those contractual arrangements if the terms of those contractual arrangements allow for the exercise of those Warrants upon the occurrence of an event such as the Acquisition. Any other Warrants issued at the date of
this document by the Climate Exchange Group under such contractual arrangements will become exercisable immediately prior to but conditional upon the Scheme becoming effective in accordance with its terms into a number of Climate Exchange Shares
specified in or calculated in accordance with those contractual arrangements. Proposals will be put to all Warrant holders under which they will be able to exercise such Warrants on a cashless basis by undertaking to pay the exercise price, and any
tax liabilities due, from the proceeds which they would otherwise receive from Bidco for their Climate Exchange Shares. 
 The
contractual arrangements entered into by the Climate Exchange Group with its market makers provide for the issue of Warrants by Climate Exchange on a monthly or quarterly basis throughout 2010 and at the end of 2010 or beginning of 2011 if certain
performance conditions are achieved in 2010 (the “Performance Warrants”). Following the date of this document, and if such performance conditions are achieved, Performance Warrants will be issued in accordance with the terms of
those contractual arrangements as follows: 
  

	 	(A)	Any Performance Warrants so issued following the date of this document but prior to the Scheme becoming effective will become exercisable immediately prior to but
conditional upon the Scheme becoming effective in accordance with its terms into a number of Climate Exchange Shares specified in or calculated in accordance with those contractual arrangements. Holders of such Performance Warrants will be able to
exercise their Performance Warrants on a cashless basis by undertaking to pay the exercise price, and any tax liabilities due, from the proceeds which they would otherwise receive from Bidco for their Climate Exchange Shares.

  

	 	(B)	Any Performance Warrants so issued on or following the Scheme becoming effective will be required to be exercised immediately into a number of Climate Exchange Shares
specified in or calculated in accordance with those contractual arrangements and sold to Bidco for 750 pence per Climate Exchange Share in cash pursuant to the revised articles of association of Climate Exchange. 

All Climate Exchange Shares issued before 6.00 p.m. on the day of the Hearing Date pursuant to the exercise of the Warrants (including
Performance Warrants) will be subject to the Scheme. All Climate Exchange Shares issued at or after 6.00 p.m. on the day of the Hearing Date pursuant to the exercise of the Warrants (including Performance Warrants) will be required to be sold to
Bidco for 750 pence per Climate Exchange Share in cash pursuant to the revised articles of association of Climate Exchange. Warrants already issued will lapse, to the extent not exercised, immediately following the Scheme becoming effective.

  

 10 

 Holders of Warrants will receive a separate communication with further details of these
arrangements. 
  

	11.	Irrevocable undertakings 

Bidco has received irrevocable undertakings from the Climate Exchange Directors and Climate Exchange’s largest shareholder, Invesco
Asset Management Limited, to vote in favour of the Scheme (or, if applicable, to accept the Offer) in respect of their own beneficial shareholdings in Climate Exchange. Further details of these irrevocable undertakings, including the circumstances
in which they will fall away, are set out in paragraph 11 of Part Seven of this document. The irrevocable undertakings received represent approximately 48.2 per cent. of Climate Exchange’s entire existing issued share capital. Together
with ICE’s holding of 2,277,034 Climate Exchange Shares (representing approximately 4.8 per cent. of Climate Exchange’s entire existing issued share capital), this represents approximately 53.0 per cent. of the entire existing
issued share capital of Climate Exchange. 
  

	12.	Shareholder meetings and action to be taken by Climate Exchange Shareholders 

Completion of the Acquisition is conditional upon the Climate Exchange Shareholders approving the Resolutions to be proposed at the Court
Meeting and the Climate Exchange EGM. Details of the approvals being sought at the Court Meeting and the Climate Exchange EGM and the action to be taken by Climate Exchange Shareholders in respect of the Acquisition are set out on page 2 of this
document and paragraph 12 of Part Two of this document. 
 It is important that, for the Court Meeting, as many votes as
possible are cast so that the Court may be satisfied that there is a fair representation of Climate Exchange Shareholder opinion. You are therefore strongly urged to complete and return your forms of proxy as soon as possible, whether or not you
intend to attend the meetings in person. 
  

	13.	Cancellation of trading, re-registration, termination of Climate Exchange ADS programme and settlement of cash consideration 

Details relating to the cancellation of trading of the Climate Exchange Shares on AIM, re-registration of Climate Exchange as a limited
company under the Isle of Man Companies Act 2006, termination of the Climate Exchange ADS programme and settlement of the cash consideration by Bidco are included in paragraph 7 of Part Two of this document. 

 

	14.	Overseas holders of Climate Exchange Shares and Climate Exchange ADSs 

Overseas holders of Climate Exchange Shares and Climate Exchange ADSs should also refer to Part Six of this document, which contains
important information relevant to such holders. 
  

 11 

	15.	Recommendation 

 The
Climate Exchange Directors, who have been so advised by J.P. Morgan Cazenove and Kinmont, consider the terms of the Acquisition to be fair and reasonable. In providing advice to the Climate Exchange Directors, J.P. Morgan Cazenove and Kinmont have
taken into account the commercial assessments of the Climate Exchange Directors. 
 The Climate Exchange Directors believe
that the terms of the Acquisition (including the Scheme) are in the best interests of Climate Exchange Shareholders as a whole and unanimously recommend that Climate Exchange Shareholders vote in favour of the Resolutions to be proposed at the Court
Meeting and the Climate Exchange EGM, as they intend to do in respect of their own respective beneficial holdings, which on 26 May 2010 (the latest practicable date before the publication of this document) amounted in aggregate to 9,026,583
Climate Exchange Shares (representing approximately 18.9 per cent. of Climate Exchange’s entire existing issued share capital). 
  

	16.	Further information 

 Your
attention is drawn to the Explanatory Statement set out in Part Two of this document, which provides further details concerning the Scheme. Your attention is also drawn to the further information contained in Part Three, Part Four and Part Seven and
the expected timetable of principal events set out on page 1 of this document. 
 You should read the whole of this document
and not just rely on the information contained in this letter or the Explanatory Statement. 
 If you have any questions
about this document, the Court Meeting or the Climate Exchange EGM, have not received both forms of proxy or are in any doubt as to how to complete the forms of proxy, please call Computershare between 8.30 a.m. and 5.30 p.m. Monday to Friday
(except public holidays) on 01534 281 839 (from within the British Isles) or +44 1534 281 839 (from outside the British Isles). Calls will be charged at national or international rates as the case may be. Please note that calls may be monitored or
recorded and Computershare cannot provide financial or tax advice or advice on the merits of the Scheme. 
 Yours faithfully,

 /s/ Dr. Richard Sandor 

Dr. Richard Sandor 

Chairman 

Climate Exchange plc 
  

 12 

 PART TWO: EXPLANATORY STATEMENT 

J.P. Morgan plc 
 125 London Wall 

London EC2Y 5AJ 
 Kinmont Limited 

5 Clifford Street 
 London W1S 2LG 

28 May 2010 
 To the
holders of Climate Exchange Shares and Climate Exchange ADSs and, for information only, to holders of options or awards under the Climate Exchange Share Schemes and holders of Warrants issued by members of the Climate Exchange Group 

Dear Climate Exchange Shareholder or Climate Exchange ADS Holder 

RECOMMENDED CASH ACQUISITION BY BIDCO OF CLIMATE EXCHANGE 

at 750 pence per Climate Exchange Share 
  

	1.	Introduction 

 On
30 April 2010, the boards of Climate Exchange and ICE announced that they had agreed the terms of a recommended Acquisition by Bidco of the entire issued and to be issued share capital of Climate Exchange. 

The Climate Exchange Directors have been advised by J.P. Morgan Cazenove and Kinmont in connection with the Acquisition and the Scheme. We
have been authorised by the Climate Exchange Directors to write to you to explain the terms of the Acquisition and the Scheme and to provide you with other relevant information. 

Your attention is drawn to the letter from the Chairman of Climate Exchange set out in Part One of this document, which forms part of this
Explanatory Statement. The letter contains, among other things: (a) information on the reasons for and benefits of the Acquisition; and (b) the unanimous recommendation by the Climate Exchange Directors to Climate Exchange Shareholders to
vote in favour of the Resolutions to be proposed at the Court Meeting and the Climate Exchange EGM. 
 Your attention is also
drawn to the other parts of this document including, for overseas holders of Climate Exchange Shares and Climate Exchange ADSs, Part Six, which all form part of this Explanatory Statement. 

 

 13 

	2.	Summary of the terms of the Acquisition and the Scheme 

The Acquisition 

The Acquisition is to be implemented, subject to the satisfaction or waiver of the Conditions, by way of a Court sanctioned scheme of
arrangement between Climate Exchange and the holders of Scheme Shares under section 152 of the Isle of Man Companies Act. The Scheme is set out in full in Part Four of this document. Following the Scheme becoming effective, the entire issued share
capital of Climate Exchange will be held by Bidco. 
 Under the terms of the Acquisition, which is subject to the satisfaction or
waiver of the Conditions set out in Part Three of this document, Climate Exchange Shareholders and Climate Exchange ADS Holders will receive: 
  

					
		 	 for each Climate Exchange Share

or two Climate Exchange ADSs
	 	750 pence in cash

 The above offer
price values the entire existing issued and to be issued share capital of Climate Exchange at approximately £395 million. 

The consideration to be received under the Acquisition represents a premium of approximately: 

 

	 	•	 	 56.9 per cent. to the closing price of 478.0 pence per Climate Exchange Share on 29 April 2010, being the last dealing day prior to the date
of the Announcement; 

  

	 	•	 	 56.5 per cent. to the average closing price of 479.3 pence per Climate Exchange Share for the one month period up to and including 29 April
2010, being the last dealing day prior to the date of the Announcement; and 

  

	 	•	 	 44.3 per cent. to the average closing price of 519.6 pence per Climate Exchange Share for the three month period up to and including 29 April
2010, being the last dealing day prior to the date of the Announcement. 

 Climate Exchange ADS Holders should
also refer to Part Six of this document, which contains important information relevant to such holders. 
 Conditions 

 The Acquisition will be conditional upon, amongst other things, the approval of the Scheme by Climate Exchange Shareholders
and the sanction of the Scheme by the Court. The Acquisition is also conditional upon the passing of the Special Resolution by Climate Exchange Shareholders at the Climate Exchange EGM and the UK Office of Fair Trading indicating in terms reasonably
satisfactory to Bidco that it does not intend to refer the proposed acquisition to the UK Competition Commission for investigation. 

The implementation of the Acquisition is subject to a number of other Conditions, further details of which are set out in Part Three of
this document. 
  

 14 

 Details of the Court Meeting and the Climate Exchange EGM and the nature of the approvals
required to be given at them are described in more detail in paragraph 3 below. Details of the Hearing to sanction the Scheme are described in more detail in paragraph 4 below. 

The Scheme 

Under the Scheme, each Climate Exchange Share will be transferred to Bidco. In consideration for the transfer of their shares in Climate
Exchange, Climate Exchange Shareholders will receive consideration under the terms of the Acquisition as outlined above. On the Scheme becoming effective, Climate Exchange will be a wholly-owned subsidiary of Bidco, operating under Climate
Exchange’s respective brand names. 
 Once the Conditions specified above and in Part Three of this document have been
satisfied, the Scheme will only become effective upon delivery of an office copy of the Court Order to the Financial Supervision Commission for registration. Upon the Scheme becoming effective, it will be binding on all Climate Exchange
Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or the Climate Exchange EGM. 

Amendments to Climate Exchange’s articles of association 

The Special Resolution will be proposed at the Climate Exchange EGM relating to the Scheme to amend Climate Exchange’s articles of
association to ensure that any Climate Exchange Shares issued under the Climate Exchange Share Schemes, pursuant to the exercise of Warrants or otherwise between the Voting Record Time and 6.00 p.m. on the day of the Hearing Date will be subject to
the Scheme. It is also proposed to amend Climate Exchange’s articles of association so that any Climate Exchange Shares issued to any person other than Bidco or its nominee(s) at or after 6.00 p.m. on the day of the Hearing Date will be
automatically acquired by Bidco on the same terms as under the Scheme. This will avoid any person (other than Bidco or its nominee(s)) being left with Climate Exchange Shares after dealings in such shares have ceased on AIM (which will occur at 5.00
p.m. on the Hearing Date). The Special Resolution set out in the notice of the Climate Exchange EGM in Part Eleven of this document seeks the approval of Climate Exchange Shareholders for such amendments. 

Implementation Agreement 

Climate Exchange and Bidco entered into an implementation agreement on 30 April 2010 governing arrangements relating to the
Acquisition (the “Implementation Agreement”). The Implementation Agreement sets out, among other things, various matters in relation to the implementation of the Acquisition including an undertaking from Climate Exchange not,
directly or indirectly, to solicit, initiate, encourage, negotiate, discuss or otherwise seek to procure any competing proposal to the Acquisition, nor to entertain any approach from or enter into or continue discussions and/or negotiations with any
other person with a view to such a competing proposal being made. In addition, Climate Exchange has agreed to notify Bidco immediately of any approach made to Climate Exchange in relation to a competing proposal. 

 

 15 

 Bidco has a matching right in relation to any competing proposal whereby, upon receipt of
details of a competing proposal, Bidco may match or better the value implied by that competing proposal, either by confirmation that it intends to increase its offer price or by confirmation that it is ready to announce the increased offer price, in
either case such confirmation to be provided to Climate Exchange prior to the earlier of the Board meeting to approve the competing proposal or a set number of days after the announcement made by the competing offeror. 

A summary of the Implementation Agreement is set out in paragraph 10.1(A) of Part Seven of this document and the agreement is on display
at the times and places indicated in paragraph 17 of Part Seven of this document. 
 Irrevocable undertakings 

Bidco has received irrevocable undertakings from the Climate Exchange Directors and Climate Exchange’s largest shareholder, Invesco
Asset Management Limited, to vote in favour of the Scheme (or, if applicable, to accept the Offer) in respect of their own beneficial shareholdings in Climate Exchange. Further details of these irrevocable undertakings, including the circumstances
in which they will fall away, are set out in paragraph 11 of Part Seven of this document. The irrevocable undertakings received represent approximately 48.2 per cent. of Climate Exchange’s entire existing issued share capital. Together
with ICE’s holding of 2,277,034 Climate Exchange Shares (representing approximately 4.8 per cent. of Climate Exchange’s entire existing issued share capital), this represents approximately 53.0 per cent. of the entire existing
issued share capital of Climate Exchange. 
  

	3.	Climate Exchange meetings 

The Scheme will require the approval of Climate Exchange Shareholders at the Court Meeting and the Special Resolution will require the
approval of Climate Exchange Shareholders at the separate Climate Exchange EGM, both of which will be held on 2 July 2010 at One Bunhill Row, London EC1Y 8YY. The Court Meeting is being held at the direction of the Court to seek the approval of
Climate Exchange Shareholders for the Scheme. The Climate Exchange EGM is being convened to amend the articles of association of Climate Exchange as described in paragraph 2 above. 

Notices of both the Court Meeting and the Climate Exchange EGM are set out at the end of this document. Entitlement to attend and vote at
these meetings and the number of votes which may be cast thereat will be determined by reference to the register of members of Climate Exchange at the Voting Record Time. 

Any Climate Exchange Shares which ICE may acquire prior to the Court Meeting (and any Climate Exchange Shares which any member of the ICE
Group holds at the date of the Court Meeting) are not Scheme Shares and therefore no member of the ICE Group is entitled to vote at the Court Meeting in respect of the Climate Exchange Shares held or acquired by it. Each such member of the ICE Group
will undertake to be bound by the Scheme. 
 Climate Exchange ADS Holders should also refer to Part Six of this document for
information relevant to such holders. 
  

 16 

 Court Meeting 

The Court Meeting has been convened for 9.30 a.m. on 2 July 2010 to enable the Climate Exchange Shareholders to consider and, if
thought fit, approve the Scheme. At the Court Meeting, voting will be by poll and each member present in person or by proxy will be entitled to one vote for each Climate Exchange Share held. The approval required at the Court Meeting is a simple
majority in number representing three-fourths in value of the Climate Exchange Shares held by those Climate Exchange Shareholders present and voting in person or by proxy. 

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair
representation of Climate Exchange Shareholder opinion. You are therefore strongly urged to complete and return your forms of proxy as soon as possible, whether or not you intend to attend the meetings in person. 

Climate Exchange EGM 

In addition, the Climate Exchange EGM has been convened for the same date at 9.45 a.m. or as soon thereafter as the Court Meeting is
concluded or adjourned to consider and, if thought fit, pass the Special Resolution to amend the articles of association of Climate Exchange in the manner described in paragraph 2 above. At the Climate Exchange EGM, voting will be by poll and each
member present in person or by proxy will be entitled to one vote for each Climate Exchange Share held. The approval required at the Climate Exchange EGM for the Special Resolution is a majority of not less than three-fourths of the votes cast by
Climate Exchange Shareholders present in person or by proxy at the Climate Exchange EGM. 
  

	4.	Sanction of the Scheme by the Court 

Under the Isle of Man Companies Act, the Scheme also requires the sanction of the Court. The Hearing to sanction the Scheme is expected to
be held on 7 July 2010. Bidco has agreed to appear by Counsel at the Hearing and to undertake to the Court to be bound by the provisions of the Scheme. 

Following the Hearing, the Scheme will only become effective upon delivery of an office copy of the Court Order to the Financial
Supervision Commission for registration. 
 If the Scheme becomes effective, it will be binding on all Climate Exchange
Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or the Climate Exchange EGM. Although Climate Exchange ADS Holders will not be entitled to attend the Court Meeting or the Climate Exchange EGM, they will be
given the opportunity to instruct the ADS Depositary as to how to vote the Climate Exchange Shares underlying their Climate Exchange ADSs. If the Scheme becomes effective, it will also be binding on the ADS Depositary in respect of the Climate
Exchange Shares underlying the Climate Exchange ADSs, irrespective of how the Climate Exchange ADS Holders instructed the ADS Depositary to vote at the Court Meeting or the Climate Exchange EGM. Once the Scheme becomes effective, Climate Exchange
intends to terminate the Deposit Agreement through which the ADS programme is operated and a Notice of Termination will be sent to Climate Exchange ADS Holders. 

 

 17 

 Upon the Scheme becoming effective, each Climate Exchange Share will be transferred to
Bidco. In consideration for the transfer of their shares in Climate Exchange, Climate Exchange Shareholders will receive consideration under the terms of the Acquisition as outlined above. Upon the Scheme becoming effective, Climate Exchange will be
a wholly-owned subsidiary of Bidco, operating under Climate Exchange’s respective brand names. 
  

	5.	Financing 

 In relation to
the cash consideration payable by Bidco under the terms of the Acquisition, $220 million has been drawn from ICE’s existing credit facilities and the remainder will be funded from its existing cash resources. Morgan Stanley & Co.
Limited, an affiliate of Morgan Stanley, is satisfied that sufficient financial resources are available to Bidco to satisfy in full the cash consideration payable under the terms of the Acquisition. 

 

	6.	The Climate Exchange Directors and the effect of the Scheme on their interests 

The names of the Climate Exchange Directors and details of their interests are set out in Part Seven of this document. 

In common with the other participants in the Climate Exchange Share Schemes, the Climate Exchange Directors will be able to exercise their
options and receive shares under the Climate Exchange Share Schemes. 
 Save as set out above, the effect of the Scheme on the
interests of Climate Exchange Directors does not differ from its effect on the like interests of any other Climate Exchange Shareholder. 
  

	7.	Cancellation of trading of Climate Exchange Shares, re-registration, termination of Climate Exchange ADS programme and settlement of cash consideration

 Cancellation of trading of Climate Exchange Shares 

The last day of dealings in, and registration of transfers of, Climate Exchange Shares, will be the Hearing Date. 

It is expected that application will be made to the London Stock Exchange for Climate Exchange Shares to cease to be admitted to trading
on AIM on the Effective Date. 
 On the Effective Date, share certificates in respect of Scheme Shares held in certificated form
will cease to be valid documents of title and should be destroyed or, at the request of Climate Exchange, delivered up to Climate Exchange, or to any person appointed by Climate Exchange to receive the same. On the Effective Date, entitlements to
Scheme Shares held within CREST will be cancelled. 
  

 18 

 Climate Exchange ADS Holders should also refer to Part Six of this document, which contains
important information relevant to such holders. 
 Re-registration of Climate Exchange 

After the Effective Date, it is also intended that Climate Exchange will be re-registered as a limited company under the Isle of Man
Companies Act 2006. 
 Termination of Climate Exchange ADS programme 

On the Effective Date, certificates in respect of Climate Exchange ADSs will cease to be valid and should be surrendered to the ADS
Depositary in accordance with the Deposit Agreement. In addition, once the Scheme becomes effective, Climate Exchange intends to terminate the Deposit Agreement through which the ADS programme is operated and a Notice of Termination will be sent to
Climate Exchange ADS Holders. Holders of Climate Exchange ADSs should also refer to Part Six of this document, which contains important information relevant to such holders. 

Settlement 

Subject to the Scheme becoming effective (and except as provided in Part Six of this document in relation to certain overseas holders of
Climate Exchange Shares), settlement of the consideration to which any Climate Exchange Shareholder is entitled under the Scheme will be effected in the following manner: 

 

	 	(A)	Climate Exchange Shares in uncertificated form (that is, in CREST) 

Where, at the Scheme Record Time, a Relevant Holder holds Climate Exchange Shares in uncertificated form, the cash consideration to which
such Relevant Holder is entitled will be transferred to such person through CREST by Bidco procuring the creation of an assured payment obligation in favour of the appropriate CREST account through which the Relevant Holder holds such uncertificated
Climate Exchange Shares in respect of the cash consideration due to him. 
 As from the Effective Date, each holding of Climate
Exchange Shares credited to any stock account in CREST will be disabled and all Climate Exchange Shares will be removed from CREST in due course. 

Bidco reserves the right to pay all, or any part of, the cash consideration referred to above to all or any Relevant Holder(s) who hold
Climate Exchange Shares in uncertificated form in the manner referred to in paragraph 7(B) below if, for any reason, it wishes to do so. 
  

	 	(B)	Climate Exchange Shares in certificated form 

Where, at the Scheme Record Time, a Relevant Holder holds Climate Exchange Shares in certificated form, settlement of the cash
consideration due under the Scheme in respect of the Scheme Shares will be despatched: 
  

	 	(i)	by first class post, by cheque drawn on a branch of a UK clearing bank; or 

  

 19 

	 	(ii)	by such other method as may be approved by the Panel. 

All such cash payments will be made in pounds sterling. Payments made by cheque will be payable to the Scheme Shareholder(s) concerned.
Cheques will be despatched not later than the fourteenth day following the Effective Date to the person entitled thereto at the address as appearing in the register of members of Climate Exchange at the Scheme Record Time or in accordance with any
special standing instructions regarding communications. None of Climate Exchange, Bidco or any of their respective agents shall be responsible for any loss or delay in the transmission of cheques sent in this way, and such cheques shall be sent at
the risk of the person entitled thereto. 
  

	 	(C)	General 

 All documents and
remittances sent to Climate Exchange Shareholders and Climate Exchange ADS Holders will be sent at their own risk. 
 As from the
Effective Date each certificate representing a holding of Scheme Shares will cease to be of value and can be destroyed. 
 Except
with the consent of the Panel, settlement of the consideration to which any Climate Exchange Shareholder is entitled under the Scheme will be implemented in full in accordance with the terms of the Scheme free of any lien, right of set-off,
counterclaim or other analogous right to which Bidco might otherwise be, or claim to be, entitled against such Climate Exchange Shareholder. 
  

	8.	Right to implement the Acquisition by way of an Offer 

Bidco reserves the right to elect to effect the Acquisition by means of an Offer. In such event, such Acquisition will be implemented on
and subject to the same terms and conditions to those that would apply to the Scheme, subject to appropriate amendments, including (without limitation) an acceptance condition set at 90 per cent. of the Climate Exchange Shares affected (but
capable of waiver in accordance with Rule 10 of the City Code) in substitution for the conditions set out in paragraph 1 of Part Three of this document (so far as applicable). Further, if sufficient acceptances of such Offer are received and/or
sufficient Climate Exchange Shares are otherwise acquired, it is the intention of Bidco to apply the provisions of section 154 of the Isle of Man Companies Act to acquire compulsorily any outstanding Climate Exchange Shares affected. 

 

	9.	Climate Exchange Share Schemes 

The effect of the Scheme in relation to Climate Exchange Share Schemes is described in paragraph 9 of the letter from the Chairman of
Climate Exchange in Part One of this document. 
  

 20 

	10.	Warrants 

 The effect of
the Scheme in relation to the Warrants is described in paragraph 10 of the letter from the Chairman of Climate Exchange in Part One of this document. 
  

	11.	Overseas holders of Climate Exchange Shares and Climate Exchange ADSs 

Overseas holders of Climate Exchange Shares and Climate Exchange ADSs should also refer to Part Six of this document, which contains
important information relevant to such holders. 
  

	12.	Actions to be taken 

Actions to be taken by Climate Exchange Shareholders 

The Scheme will require approval at a meeting of Climate Exchange Shareholders convened by order of the Court to be held at One Bunhill
Row, London EC1Y 8YY at 9.30 a.m. on 2 July 2010. The approval required at this meeting is that those voting to approve the Scheme must: 
  

	 	(A)	represent a simple majority in number of those Climate Exchange Shareholders present and voting in person or by proxy; and 

 

	 	(B)	also represent three-fourths in value of the Climate Exchange Shares held by those Climate Exchange Shareholders present and voting in person or by proxy.

 The Scheme requires the sanction of the Court, as described in paragraph 4 above, which will follow a hearing at
which all Climate Exchange Shareholders may be present and be heard in person or through representation to support or oppose the sanctioning of the Scheme. Implementation of the Scheme will also require the passing of the Special Resolution at the
Climate Exchange EGM to be held at One Bunhill Row, London EC1Y 8YY at 9.45 a.m. or as soon thereafter as the Court Meeting is concluded or adjourned, as described in paragraph 3 above. The approval required for the Special Resolution to be passed
is a majority of not less than three-fourths of the votes cast by Climate Exchange Shareholders present in person or by proxy at the Climate Exchange EGM. 

If the Scheme becomes effective it will be binding on all holders of Scheme Shares, including any holders who did not vote to approve
the Scheme. Although Climate Exchange ADS Holders will not be entitled to attend the Court Meeting or the Climate Exchange EGM, they will be given the opportunity to instruct the ADS Depositary as to how to vote the Climate Exchange Shares
underlying their Climate Exchange ADSs. If the Scheme becomes effective, it will also be binding on the ADS Depositary in respect of the Climate Exchange Shares underlying the Climate Exchange ADSs, irrespective of how the Climate Exchange ADS
Holders instructed the ADS Depositary to vote at the Court Meeting or the Climate Exchange EGM. 
 Climate Exchange
Shareholders will find enclosed with this document a blue form of proxy and a yellow form of proxy. The blue form of proxy is to be used in connection 

 

 21 

 
with the Court Meeting and the yellow form of proxy is to be used in connection with the Climate Exchange EGM. Whether or not you intend to attend these meetings please complete and sign both
forms of proxy and return them in the reply-paid envelope provided in accordance with the instructions printed thereon to Climate Exchange’s receiving agent, Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St
Helier, Jersey JE1 1ES, so as to arrive as soon as possible but in any event at least 48 hours prior to the relevant meeting. Forms of proxy may also be sent by facsimile transmission to Computershare Investor Services (Jersey) Limited on 0870 873
5851 (from within the British Isles) or +44 870 873 5851 (from outside the British Isles). 
 If the blue form of proxy relating
to the Court Meeting is not lodged by the relevant time, it may be handed to the Chairman of the Court Meeting before the start of the Court Meeting and will still be valid. However, in the case of the Climate Exchange EGM, if the yellow form of
proxy is not lodged so as to be received by the time mentioned above and in accordance with the instructions on that form of proxy, it will be invalid. The completion and return of either form of proxy will not preclude you from attending the Court
Meeting or the Climate Exchange EGM and voting in person, if you so wish. 
 Climate Exchange Shareholders who hold shares
through CREST and who wish to appoint a proxy or proxies for the Court Meeting and Climate Exchange EGM or any adjournment(s) by using the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual.
CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service providers), who will be able to take the appropriate action on
their behalf. 
 In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST
message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear’s specifications and must contain the information required for such instructions, as described in the CREST Manual. The message,
regardless of whether it constitutes the appointment of a proxy or an amendment to the instructions given to a previously appointed proxy, must in order to be valid, be transmitted so as to be received by Climate Exchange’s agent (CREST ID
3RA50) at least 48 hours prior to the Court Meeting or the Climate Exchange EGM. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the
registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 

CREST members and, where applicable, their CREST sponsors or voting service providers, should note that Euroclear does not make available
special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the
CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is
transmitted by means of the CREST system by any particular time. In this connection, CREST members and, 
  

 22 

 
where applicable, their CREST sponsor or voting service provider(s) are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and
timings. 
 The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 18(4)(a) of the
Regulations. 
 If you have any questions about this document, the Court Meeting or the Climate Exchange EGM, have not received
both forms of proxy or are in any doubt as to how to complete the forms of proxy, please call Computershare between 8.30 a.m. and 5.30 p.m. Monday to Friday (except public holidays) on 01534 281 839 (from within the British Isles) or +44 1534 281
839 (from outside the UK). Calls will be charged at national or international rates as the case may be. Please note that calls may be monitored or recorded and Computershare cannot provide financial or tax advice or advice on the merits of the
Scheme. 
 It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied
that there is a fair representation of Climate Exchange Shareholder opinion. You are therefore strongly urged to complete and return your forms of proxy as soon as possible, whether or not you intend to attend the meetings in person. 

Climate Exchange ADS Holders should also refer to Part Six for information relevant to such holders. 

 

	13.	Further information 

 Your
attention is drawn to the Chairman’s letter in Part One and to the terms of the Scheme which are set out in full in Part Four of this document. Further information regarding Climate Exchange, ICE and Bidco is set out in Part Seven of this
document. Documents available for inspection are listed in paragraph 17 of Part Seven of this document. 
 Yours faithfully,

 J.P. Morgan plc 

Kinmont 
  

 23 

 PART THREE: CONDITIONS TO THE IMPLEMENTATION OF THE SCHEME AND THE ACQUISITION AND FURTHER
TERMS OF THE ACQUISITION 
 The Acquisition is conditional upon the Scheme becoming effective by 31 July 2010 or such later date as ICE
and Climate Exchange may, with the consent of the Panel, agree and (if required) the Court may approve. 
 Conditions to the implementation
of the Scheme and the Acquisition 
  

	1.	The Scheme is subject to the following conditions: 

  

	 	(A)	the approval by a majority in number representing not less than three-fourths in value of the holders of the Climate Exchange Shares present and voting either in person
or by proxy at the Court Meeting (or any separate class meeting that may be required by the Court) or any adjournment thereof; 

  

	 	(B)	the Special Resolution being duly passed at the Climate Exchange EGM (or any adjournment thereof); 

 

	 	(C)	the sanction of the Scheme by the Court (with or without modification (but subject to any such modification being acceptable to ICE and Climate Exchange)) and an office
copy of the Court Order being delivered to the Financial Supervision Commission for registration; 

  

	2.	Subject to the provisions of paragraph 3 of this Part Three and the requirements of the Panel in accordance with the City Code, the Acquisition is conditional upon, and
accordingly the necessary actions to implement the Acquisition will only be taken on, the satisfaction or, where relevant, waiver of the following conditions: 

 

	 	(A)	insofar as the Acquisition constitutes a relevant merger situation within Part 3 of the UK Enterprise Act 2002, the UK Office of Fair Trading indicating in terms
reasonably satisfactory to Bidco that it does not intend to refer the proposed acquisition to the UK Competition Commission for investigation under Part 3 of the UK Enterprise Act 2002; 

 

	 	(B)	no government or governmental, quasi-governmental, supranational, statutory or regulatory, environmental or investigative body, court, association, institution or
agency (including any trade agency) or any other similar body or person (including any professional body) whatsoever in any jurisdiction (each a “Relevant Authority”) having decided to take, institute or threaten any action,
proceeding, suit, investigation, enquiry or reference or having enacted, made or proposed and there not continuing to be outstanding any statute, regulation, order or decision or having taken any other step that would or might be reasonably expected
to: 

  

	 	(i)	make the Acquisition of, or control of, Climate Exchange by Bidco or any other member of the Wider ICE Group void, unenforceable or illegal or directly or indirectly
prohibit or otherwise materially restrict, delay or interfere with the implementation of, or impose material additional conditions or obligations with respect to, or otherwise challenge, the Acquisition of, or control of, Climate Exchange by Bidco
or any other member of the Wider ICE Group; 

  

 24 

	 	(ii)	require, prevent or materially delay the divestiture or materially alter the terms envisaged for such divestiture by any member of the Wider ICE Group or by any member
of the Wider Climate Exchange Group of all or any part of their respective businesses, assets or property or impose any limitation on their ability to conduct their respective businesses (or any part thereof) or to own any of their respective assets
or properties (or any part thereof) in any such case to an extent which is material in the context of the Wider Climate Exchange Group taken as a whole or the Wider ICE Group taken as a whole (as the case may be); 

 

	 	(iii)	impose any material limitation on, or result in a material delay in, the ability of any member of the Wider ICE Group directly or indirectly to acquire or to hold or to
exercise effectively any or all rights of ownership in respect of shares, loans, securities convertible into shares or any other securities (or the equivalent) in any member of the Wider Climate Exchange Group or the Wider ICE Group or to exercise
management control over any member of the Wider Climate Exchange Group or the Wider ICE Group; 

  

	 	(iv)	require any member of the Wider ICE Group or of the Wider Climate Exchange Group to acquire or offer to acquire any shares or other securities (or the equivalent) in
any member of the Wider Climate Exchange Group or any member of the Wider ICE Group owned by any third party (other than in the implementation of the Acquisition); 

 

	 	(v)	require, prevent or materially delay a divestiture by any member of the Wider ICE Group of any shares or other securities (or the equivalent) in any member of the Wider
Climate Exchange Group; 

  

	 	(vi)	result in any member of the Wider Climate Exchange Group ceasing to be able to carry on business under any name under which it presently carries on business to an
extent which is material in the context of the Wider Climate Exchange Group taken as a whole; 

  

	 	(vii)	impose any material limitation on the ability of any member of the Wider ICE Group or the Wider Climate Exchange Group to integrate or co-ordinate all or any part of
its business with all or any material part of the business of any other member of the Wider ICE Group and/or the Wider Climate Exchange Group respectively; or 

 

	 	(viii)	 otherwise adversely affect the business, assets, financial or trading position or profits or prospects of any member of the Wider Climate Exchange
Group or of the Wider ICE Group to an extent which is material in the context of the Wider Climate Exchange Group taken as a whole or, as the case may be, the Wider ICE Group taken as a whole,

  

 25 

	 	 
and all applicable waiting and other time periods during which any such Relevant Authority could decide to take, institute, implement or threaten any such action, proceeding, suit, investigation,
enquiry or reference or any other step under the laws of any jurisdiction in respect of the Acquisition or the proposed acquisition of any Climate Exchange Shares having expired, lapsed or been terminated; 

 

	 	(C)	all necessary filings or applications having been made and all appropriate waiting periods (including any extensions thereof) under any applicable legislation or
regulation of any jurisdiction having expired, lapsed or been terminated and all necessary statutory or regulatory obligations in any jurisdiction having been complied with, in each case in connection with the Acquisition or the acquisition by any
member of the Wider ICE Group of any shares or other securities in, or control of, Climate Exchange and all authorisations, orders, grants, recognitions, confirmations, licences, consents, clearances, permissions, waiver of pre-emption rights and
approvals (except under the shareholders’ agreement relating to Climate Change Products Pty Limited) (“Authorisations”) necessary in any jurisdiction for or in respect of the Acquisition or the proposed acquisition by any
member of the Wider ICE Group of any shares or other securities in, or control of, Climate Exchange having been obtained in terms and in a form reasonably satisfactory to Bidco from all appropriate Relevant Authorities or from any appropriate
persons or bodies with whom any member of the Wider ICE Group or the Wider Climate Exchange Group has entered into material contractual arrangements and all such Authorisations together with all Authorisations reasonably deemed necessary or
appropriate by Bidco to permit or enable any member of the Wider Climate Exchange Group to carry on its business remaining in full force and effect in such case where the absence of such Authorisation would have a material adverse effect on the
Wider Climate Exchange Group taken as a whole, and there being no notice or intimation of any intention to revoke, suspend, restrict or modify or not to renew any of the same; 

 

	 	(D)	save as fairly disclosed in the report and accounts of Climate Exchange for the year ended 31 December 2008 or in Climate Exchange’s statement of preliminary
results for the year ended 31 December 2009 or as publicly announced by or on behalf of Climate Exchange to a Regulatory Information Service prior to the date of the Announcement or as fairly disclosed to ICE by or on behalf of Climate Exchange
prior to the date of this document, there being no provision of any agreement, arrangement, licence, permit, lease or other instrument to which any member of the Wider Climate Exchange Group is a party or by or to which any such member or any of its
assets is or may be bound, entitled or subject which, as a result of the making or implementation of the Acquisition by any member of the Wider ICE Group or the proposed acquisition of any shares or securities in Climate Exchange or because of a
change in the control or management of Climate Exchange or otherwise, would or might reasonably be expected to result in any of the following, in each case to an extent which is material in the context of the Wider Climate Exchange Group taken as a
whole: 

  

	 	(i)	any moneys borrowed by or any other indebtedness (actual or contingent) of, or grant available to, any such member of the Wider Climate Exchange Group being or becoming
repayable or capable of being declared repayable immediately or earlier than their or its stated maturity date or repayment date or the ability of any such member to borrow monies or incur any indebtedness being withdrawn or inhibited or being
capable of becoming withdrawn or inhibited; 

  

 26 

	 	(ii)	the creation or enforcement of any mortgage, charge or other security interest over the whole or any part of the business, property or assets of any such member of the
Wider Climate Exchange Group; 

  

	 	(iii)	any assets or interests of, or any asset the use of which is enjoyed by, any such member of the Wider Climate Exchange Group being or falling to be disposed of or
charged or any right arising under which any such asset or interest could be required to be disposed of or charged or could cease to be available to any member of the Wider Climate Exchange Group, in each case otherwise than in the ordinary course
of business; 

  

	 	(iv)	any such agreement, arrangement, licence, permit, lease or other instrument or the rights, liabilities, obligations or interests of any such member thereunder being
terminated or adversely modified or affected or any obligation or liability arising or any adverse action being taken or arising thereunder, in each case otherwise than in the ordinary course of business; 

 

	 	(v)	the interest of any such member of the Wider Climate Exchange Group in, or the business of any such member of the Wider Climate Exchange Group with, any person, firm or
company (or any agreements or arrangements relating to such interest or business) being terminated or adversely modified or affected; 

  

	 	(vi)	any such member of the Wider Climate Exchange Group ceasing to be able to carry on business under any name under which it presently does so; 

 

	 	(vii)	the financial or trading position or prospects of any such member of the Wider Climate Exchange Group being prejudiced or adversely affected; 

 

	 	(viii)	any such agreement, arrangement, licence, permit, lease or other instrument being terminated or adversely modified or any onerous obligation arising or any adverse
action being taken or arising thereunder; or 

  

	 	(ix)	the creation of any liabilities (actual or contingent) by any such member of the Wider Climate Exchange Group; 

and no event having occurred which, under any provision of any agreement, arrangement, licence, permit, lease or other instrument to which
any member of 
  

 27 

 
the Wider Climate Exchange Group is a party or by or to which any such member or any of its assets may be bound or be subject, would or could reasonably be expected to result in any of the events
or circumstances as are referred to in sub-paragraphs (i) to (ix) of this paragraph (D); 
  

	 	(E)	save as fairly disclosed in the report and accounts of Climate Exchange for the year ended 31 December 2008 or in Climate Exchange’s statement of preliminary
results for the year ended 31 December 2009 or as publicly announced to a Regulatory Information Service by or on behalf of Climate Exchange prior to the date of the Announcement or as fairly disclosed to ICE by or on behalf of Climate Exchange
prior to the date of the Announcement, no member of the Wider Climate Exchange Group having: 

  

	 	(i)	issued or agreed to issue or authorised or proposed the issue of additional shares of any class, or securities or securities convertible into, or exchangeable for, or
rights, warrants or options to subscribe for or to acquire, any such shares, securities or convertible securities (save as between Climate Exchange and any of its direct or indirect wholly-owned subsidiaries or between any such wholly-owned
subsidiaries or other than pursuant to the exercise of options granted prior to the date of the Announcement under any of the Climate Exchange Share Schemes or pursuant to the exercise of warrants issued under and on the terms of (without amendment)
any agreements in existence as of the date of the Announcement with market makers for the Climate Exchange Group); 

  

	 	(ii)	other than to another member of the Climate Exchange Group, recommended, declared, paid or made or authorised, proposed or announced its intention to implement any
recommendation, declaration, payment or making of any bonus, dividend or other distribution, whether payable in cash or otherwise; 

  

	 	(iii)	save for transactions between Climate Exchange and any of its direct or indirect wholly-owned subsidiaries or between any such wholly-owned subsidiaries, merged with or
demerged from any body corporate or acquired or disposed of or transferred, mortgaged or charged, or created any other security interest over, any assets or any right, title or interest in any asset (including shares and trade investments) or
authorised, proposed or announced any intention to do so, in each case other than in the ordinary course of business; 

  

	 	(iv)	implemented or authorised, proposed or announced its intention to implement any reconstruction, amalgamation, scheme, commitment or other transaction or arrangement
otherwise than in the ordinary course of business; 

  

	 	(v)	purchased, redeemed or repaid or authorised, proposed or announced its intention to implement any purchase, redemption or repayment of any of its own shares or other
securities or reduced or made any other change to any part of its share capital; 

  

 28 

	 	(vi)	save for transactions between Climate Exchange and any of its direct or indirect wholly-owned subsidiaries or between any such wholly-owned subsidiaries, made or
authorised, proposed or announced an intention to implement any change in its loan capital; 

  

	 	(vii)	issued or authorised, proposed or announced its intention to implement the issue of any debentures or other debt securities or, save in the ordinary course of business,
incurred or increased any indebtedness or become subject to any material contingent liability; 

  

	 	(viii)	entered into or varied, authorised or proposed the entry into or variation of or agreed or announced its intention to enter into or vary any contract, transaction,
commitment or arrangement (whether in respect of capital expenditure or otherwise) which is outside the ordinary course of business or which is of a long term, onerous or unusual nature or magnitude or which involves or could involve an obligation
of such a nature or magnitude; 

  

	 	(ix)	entered into, authorised or proposed the entry into of or agreed or announced its intention to enter into any contract, transaction, commitment or arrangement which is
or could be restrictive on the business of any member of the Wider Climate Exchange Group or the Wider ICE Group to an extent material in the context of the Wider ICE Group taken as a whole or, as the case may be, the Wider Climate Exchange Group
taken as a whole; 

  

	 	(x)	been unable, or admitted in writing that it is unable, to pay its debts or commenced negotiations with one or more of its creditors with a view to rescheduling or
restructuring any of its indebtedness, or having stopped or suspended (or threatened to stop or suspend) payment of its debts generally or ceased or threatened to cease carrying on all or a substantial part of its business; 

 

	 	(xi)	(other than in respect of a member of the Wider Climate Exchange Group which is dormant and was solvent at the relevant time) taken any corporate action or had any
legal proceedings started or threatened against it for its winding-up (voluntary or otherwise), dissolution or reorganisation (or for any analogous proceedings or steps in any jurisdiction) or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer (or for the appointment of any analogous person in any jurisdiction) of all or any of its assets or revenues; 

 

	 	(xii)	waived or compromised any claim where such waiver or compromise is material in the context of the Wider Climate Exchange Group taken as a whole;

  

	 	(xiii)	entered into or materially amended, authorised or proposed the entry into of or material amendment to or agreed or announced its intention to enter or materially amend
the terms of any contract with any director, officer or senior executive of a member of the Wider Climate Exchange Group; 

  

 29 

	 	(xiv)	paid, authorised or proposed the payment of or agreed or announced its intention to pay (whether in cash or otherwise) any separation or transaction bonus to any
director, officer, senior executive or employee of a member of the Wider Climate Exchange Group, except, with respect to employees, to the extent that the aggregate amount of such payments by all members of the Climate Exchange Group amount to
£500,000 or less, plus such further amount as Climate Exchange and Bidco may mutually agree pursuant to the Implementation Agreement; 

  

	 	(xv)	made, authorised, proposed or agreed to any change to: 

  

	 	(a)	the terms of the trust deeds constituting the pension scheme(s) established by any member of the Wider Climate Exchange Group for its Directors and/or employees and/or
their dependants; 

  

	 	(b)	the contributions payable to any such scheme(s) or to the benefits which accrue or to the pensions which are payable thereunder; 

 

	 	(c)	the basis on which qualification for, or accrual or entitlement to, such benefits or pensions are calculated or determined; 

 

	 	(d)	the basis upon which the liabilities (including pensions) of such pension scheme(s) are funded, valued or met (including, without limitation, any changes which relate
to or result from any purchase of a bulk annuity or longevity or financial hedging instrument in respect of some or all of those liabilities); or 

  

	 	(e)	agreed or consented to any change to the trustees or trustee directors (except a simple replacement of a trustee or trustee director who has resigned);

  

	 	(xvi)	entered into or authorised or proposed the entry into of any material contract, commitment, agreement or arrangement or passed any resolution or made any offer (which
remains open for acceptance) with respect to, or agreed or announced any intention to effect, any of the transactions, matters or events referred to in this condition; 

 

	 	(xvii)	proposed, agreed to provide or modified in any material respect the terms of any Climate Exchange Share Scheme or other incentive scheme relating to the employment or
termination of the employment of any person employed by the Wider Climate Exchange Group; or 

  

	 	(xviii)	made any material alteration to its memorandum or articles of association or other incorporation documents (other than in respect of the proposed amendment to Climate
Exchange’s articles of association at the Climate Exchange EGM); 

  

 30 

	 	(F)	save as fairly disclosed in the report and accounts of Climate Exchange for the year ended 31 December 2008 or in Climate Exchange’s preliminary statement of
results for the year ended 31 December 2009 or as publicly announced to a Regulatory Information Service by or on behalf of Climate Exchange prior to the date of the Announcement or as fairly disclosed to ICE by or on behalf of Climate Exchange
prior to the date of the Announcement: 

  

	 	(i)	no adverse change having occurred in the business, assets, financial or trading position or profits or prospects of any member of the Wider Climate Exchange Group which
is material in the context of the Wider Climate Exchange Group taken as a whole; 

  

	 	(ii)	no litigation, arbitration proceedings, prosecution or other legal proceedings to which any member of the Wider Climate Exchange Group is or may become a party (whether
as claimant or defendant or otherwise) and no enquiry or investigation by, or complaint or reference to, any Relevant Authority against or in respect of any member of the Wider Climate Exchange Group having been threatened, announced or instituted
or remaining outstanding in respect of any member of the Wider Climate Exchange Group, which in each case could reasonably be expected to have a material adverse affect on the Wider Climate Exchange Group taken as a whole; 

 

	 	(iii)	no contingent or other liability having arisen which would or might reasonably be expected to have a material adverse affect on the business, assets, financial or
trading position or profits or prospects of any member of the Wider Climate Exchange Group taken as a whole; and 

  

	 	(iv)	no steps having been taken and no omissions having been made which will or might reasonably be expected to result in the withdrawal, cancellation, termination or
modification of any licence held by any member of the Wider Climate Exchange Group, which is necessary for the proper carrying on of its business; 

  

	 	(G)	save as fairly disclosed in the report and accounts of Climate Exchange for the year ended 31 December 2008 or in Climate Exchange’s preliminary statement of
results for the year ended 31 December 2009 or as publicly announced to a Regulatory Information Service by or on behalf of Climate Exchange prior to the date of the Announcement or as fairly disclosed to ICE by or on behalf of Climate Exchange
prior to the date of the Announcement, ICE not having discovered: 

  

	 	(i)	that any financial, business or other information concerning the Wider Climate Exchange Group as contained in information publicly disclosed (and not publicly
corrected) or disclosed to any member of the Wider ICE Group at any time by or on behalf of any member of the Wider Climate Exchange Group is misleading, contains a misrepresentation of fact or omits to state a fact necessary to make that
information not misleading; 

  

 31 

	 	(ii)	that any member of the Wider Climate Exchange Group is subject to any material liability, contingent or otherwise, which is not disclosed in the report and accounts of
Climate Exchange for the year ended 31 December 2008 or in Climate Exchange’s preliminary statement of results for the year ended 31 December 2009; or 

 

	 	(iii)	any information which materially and adversely affects the import of any information disclosed to ICE at any time by or on behalf of any member of the Wider Climate
Exchange Group, 

   in each case the information discovered being materially adverse in the context of
the Wider Climate Exchange Group. 
 Further Terms of the Acquisition 

 

	3.	Bidco reserves the right to waive all or any of conditions set out in paragraph 2 above, in whole or in part. 

 

	4.	If Bidco is required by the Panel to make an offer for any Climate Exchange Shares under Rule 9 of the City Code, Bidco may make such alterations to the above
conditions as are necessary to comply with the provisions of that rule. 

  

	5.	Bidco reserves the right to elect (with the consent of the Panel (where necessary)) to effect the Acquisition by means of an Offer. In such event, such Acquisition will
be implemented on and subject to the same terms and conditions to those that would apply to the Scheme, subject to appropriate amendments to reflect the change in method of effecting the Acquisition, so far as applicable. In particular, the
conditions set out in paragraph 1 above would not apply. The Offer would, however, be subject to the following further condition: 

“valid acceptances being received (and not, where permitted, withdrawn) by not later than 1.00 pm (London time) on the first closing
date of the Offer (or such later time(s) and/or date(s) as Bidco may, subject to the rules of the City Code and with the consent of the Panel, decide) in respect of not less than 90 per cent. (or such lower percentage as Bidco may decide):
(i) of the Climate Exchange Shares affected; and (ii) of the voting rights attached to those shares, provided that this condition will not be satisfied unless Bidco (together with its wholly-owned subsidiaries) shall have acquired or
agreed to acquire (whether pursuant to the Offer or otherwise) Climate Exchange Shares carrying in aggregate more than 50 per cent. of the voting rights normally exercisable at a general meeting of Climate Exchange, including for this purpose
(except to the extent otherwise agreed by the Panel) any such voting rights attaching to Climate Exchange Shares that are unconditionally allotted or issued before the Offer becomes or is declared unconditional as to acceptances whether pursuant to
the exercise of any outstanding subscription or conversion rights or otherwise. For the purposes of this condition: 
  

 32 

	 	(A)	Climate Exchange Shares which have been unconditionally allotted shall be deemed to carry the voting rights they will carry upon issue; and 

 

	 	(B)	the expression “Climate Exchange Shares affected” shall be construed in accordance with section 154 of the Isle of Man Companies Act.”

 Further, if sufficient acceptances of such Offer are received and/or sufficient Climate Exchange Shares are
otherwise acquired, it is the intention of Bidco to apply the provisions of section 154 of the Isle of Man Companies Act to acquire compulsorily any outstanding Climate Exchange Shares affected. 

 

	6.	The Acquisition will be subject to the terms and conditions set out in paragraphs 1 and 2 of this Part Three and such further terms as may be required to comply with
the AIM Rules, the City Code and the Isle of Man Companies Act. The Scheme will be governed by the laws of the Isle of Man. 

  

	7.	The offer will lapse and the Scheme will not become effective if, before the Climate Exchange EGM, the Acquisition is referred to the UK Competition Commission.

  

 33 

 PART FOUR: THE SCHEME OF ARRANGEMENT 

THE SCHEME OF ARRANGEMENT 

IN THE HIGH COURT OF JUSTICE OF THE ISLE OF MAN 

CIVIL DIVISION 
 CHANCERY PROCEDURE 

Serial No. CHP 10/0076 

IN THE MATTER OF CLIMATE EXCHANGE PLC 

and 
 IN THE
MATTER OF THE ISLE OF MAN COMPANIES ACT 1931 
 SCHEME OF ARRANGEMENT 

(under section 152 of the Isle of Man Companies Act 1931) 

between 
 CLIMATE
EXCHANGE PLC 
 AND 

THE HOLDERS OF THE SCHEME SHARES 

(as hereinafter defined) 

PRELIMINARY 
 In this
Scheme, unless inconsistent with the subject or context, the following expressions bear the following meanings: 
  

			
		
	“Bidco”	  	Aether Ios Limited, a private company with limited liability incorporated in the United Kingdom with registered number 07227809 and its registered office address at 5th Floor,
Milton Gate, 60 Chiswell Street, London, EC1Y 4SA;
		
	“business day”	  	a day (other than a Saturday, Sunday, public or bank holiday) on which banks are generally open for business in London other than solely for trading and settlement in
Euro;
		
	 “certificated form”

or “in certificated form”
	  	a share or other security which is not in uncertificated form (that is, not in CREST);
		
	“City Code”	  	the City Code on Takeovers and Mergers;

  

 34 

					
		
	“Climate Exchange”	  	Climate Exchange plc, a public company with limited liability incorporated in the Isle of Man with registered number 109015C and its registered office at IOMA House,
Hope Street, Douglas, Isle of Man, IM1 1AP;
		
	“Climate Exchange Shares”	  	ordinary shares of £0.01 each in the capital of Climate Exchange;
		
	“Court”	  	the High Court of Justice of the Isle of Man;
		
	“Court Meeting”	  	the meeting of the holders of the Scheme Shares convened by order of the Court pursuant to section 152 of the Isle of Man Companies Act 1931 to consider and, if thought
fit, approve this Scheme, including any adjournment thereof;
		
	“CREST”	  	the system for the paperless settlement of trades in securities and the holding of uncertificated securities operated by Euroclear in accordance with the Regulations;

		
	“Effective Date”	  	the date on which this Scheme becomes effective in accordance with its terms;
		
	“Euroclear”	  	Euroclear UK & Ireland Limited;
		
	“holder”	  	a registered holder and includes any person(s) entitled by transmission;
		
	“Order”	  	the order of the Court sanctioning this Scheme;
		
	“Order Date”	  	the date on which the Order is made or, if later, the date on which the Order is expressed to take effect;
		
	“Regulations”	  	the Uncertificated Securities Regulations 2005 of the Isle of Man;
		
	“Relevant Holders”	  	holders of Scheme Shares whose names appear in the register of members of Climate Exchange at the Scheme Record Time;
		
	“Scheme”	  	this scheme of arrangement in its present form or with or subject to any modification, addition or condition approved or imposed by the Court;
		
	“Scheme Record Time”	  	6.00 p.m. on the business day before the Effective Date;
			
	“Scheme Shares”	  	(i)	  	 the    Climate Exchange Shares in issue at the date of this document;

 

 35 

					
		  	 (ii)    
	  	any Climate Exchange Shares issued after the date of this document and prior to the Voting Record Time; and
			
		  	 (iii)  
	  	any Climate Exchange Shares issued at or after the Voting Record Time and prior to 6.00 p.m. on the Order Date in respect of which the original or any subsequent holder thereof
shall be bound by the Scheme or shall by such time have agreed in writing to be bound by the Scheme,
		
		  	in any case, other than any Climate Exchange Shares held or beneficially owned by ICE;
		
	“Shareholder”	  	a holder of Scheme Shares;
		
	 “uncertificated form” or “in

uncertificated form”
	  	a share or other security recorded on the relevant register as being held in uncertificated form in CREST, and title to which, by virtue of the Regulations, may be
transferred by means of CREST; and
		
	 “Voting Record Time”
	  	6.00 p.m. on the day which is 2 days before the Court Meeting or any adjournment thereof (as the case may be).

 

	(A)	The authorised share capital of Climate Exchange at the date of this Scheme is £675,000 divided into 67,500,000 ordinary shares of £0.01 each. As at
26 May 2010, being the latest practicable date prior to publication of this document, 47,734,475 ordinary shares had been issued and were fully paid up and the remainder were unissued. 

 

	(B)	As at 26 May 2010, being the latest practicable date prior to publication of this document, IntercontinentalExchange Holdings, a wholly-owned subsidiary of
IntercontinentalExchange, Inc. (the ultimate parent company of Bidco), held 2,277,034 Climate Exchange Shares (representing 4.8 per cent. of the entire existing issued share capital of Climate Exchange). 

 

	(C)	The Company is proposing the Scheme, under which the Scheme Shares will be transferred to Bidco in exchange for 750 pence in cash for each Scheme Share.

  

	(D)	Bidco has agreed to appear by Counsel at the hearing to sanction this Scheme and to undertake to the Court to be bound by the provisions of this Scheme and to execute
and do or procure to be executed and done all such documents, acts and things as may be necessary or desirable to be executed or done by it for the purpose of giving effect to this Scheme. 

 

 36 

	1.	Transfer of Scheme Shares 

The Scheme Shares will be acquired by Bidco, on the Effective Date, fully paid and free from all liens, equitable interests, charges,
encumbrances, pre-emption rights and other third party interests and rights of any nature whatsoever and together with all rights now or hereafter attaching to them, including the right to receive and retain all dividends and other distributions
declared, made or paid after the date of the Announcement. 
 In consideration for the transfer of the Scheme Shares to Bidco,
Bidco shall, subject to clause 3(E), pay or procure that there shall be paid to or for the account of each Relevant Holder: 
  

			
	for each Scheme Share	  	750 pence in cash

  

	2.	Share certificates and cancellation of CREST entitlements 

  

	(A)	With effect from and including the Effective Date, all certificates representing Scheme Shares shall cease to have effect as documents of title to the Scheme Shares
comprised therein and every holder of Scheme Shares shall be bound by the request of Climate Exchange to deliver up the same to Climate Exchange, or, as it may direct, to destroy the same. 

 

	(B)	With effect from and including the Effective Date, Euroclear shall be instructed to cancel the entitlements to Scheme Shares of holders of Scheme Shares in
uncertificated form. As regards certificated Scheme Shares, appropriate entries will be made in the register of members of Climate Exchange with effect from the Effective Date to reflect their cancellation. 

 

	3.	Despatch of consideration 

  

	(A)	As soon as practicable after the Effective Date, and in any event not more than 14 days after the Effective Date, Bidco shall: 

 

	 	(i)	in the case of the Scheme Shares, which at the Scheme Record Time are in certificated form, despatch or procure the despatch to the persons entitled thereto, or as they
may direct, in accordance with the provisions of sub-clauses 3(B) and 3(C), cheques for the sums payable to them in accordance with clause 1; and 

  

	 	(ii)	in the case of the Scheme Shares which at the Scheme Record Time are in uncertificated form, ensure that an assured payment obligation in respect of the sums payable is
created in accordance with the CREST assured payment arrangements and the provisions of sub-clause 3(D), provided that Bidco reserves the right to make payment of the said consideration by cheque as aforesaid in sub-clause 3(A)(i) if, for any
reason, it wishes to do so. 

  

	(B)	 All deliveries of cheques or certificates required to be made pursuant to this Scheme shall be effected by sending the same by first class post in
pre-paid envelopes addressed to the persons entitled thereto at their respective registered addresses as appearing in the register of members of Climate Exchange at the Scheme Record Time

  

 37 

	 	 
or in accordance with any special standing instructions regarding communications, and none of Climate Exchange, Bidco or their respective agents or nominees shall be responsible for any loss or
delay in the transmission of any cheques or certificates sent in accordance with this sub-clause 3(B), which shall be sent at the risk of the person or persons entitled thereto. 

 

	(C)	All cheques shall be made payable to the person or persons to whom, in accordance with the foregoing provisions of this 

clause 3, the envelope containing the same is addressed, and the encashment of any such cheque shall be a complete discharge of
Bidco’s obligation under this Scheme to pay for the monies represented thereby. 
  

	(D)	In respect of payments made through CREST, Bidco shall ensure that an assured payment obligation is created in accordance with the CREST assured payment arrangements,
provided that Bidco reserves the right to make payment of the said consideration by cheque as aforesaid in sub-clause 3(A)(i) if, for any reason, it wishes to do so. The creation of such an assured payment obligation shall be a complete discharge of
Bidco’s obligation under this Scheme with reference to the payments made through CREST. 

  

	(E)	The preceding paragraphs of this clause 3 shall take effect subject to any prohibition or condition imposed by law. 

 

	4.	Operation of this Scheme 

  

	(A)	This Scheme shall become effective as soon as an office copy of the Order under section 152 of the Isle of Man Companies Act shall have been duly delivered by Climate
Exchange to the Isle of Man Financial Supervision Commission for registration. 

  

	(B)	Unless this Scheme shall become effective on or before 31 July 2010, or such later date, if any, as Climate Exchange and Bidco may agree and the Court may allow,
this Scheme shall never become effective. 

  

	(C)	Climate Exchange and Bidco may jointly consent on behalf of all persons concerned to any modification of or addition to this Scheme or to any condition which the Court
may approve or impose. 

  

	5.	Governing Law 

 This
Scheme is governed by the laws of the Isle of Man. The rules of the City Code will apply to this Scheme. 
 Dated 28 May 2010 

 

 38 

 PART FIVE: FINANCIAL INFORMATION ON CLIMATE EXCHANGE 

The financial information set out below from the audited financial statements for Climate Exchange for the 12 month period ended 31 December 2009,
the 12 month period ended 31 December 2008 and the 12 month period ended 31 December 2007 (together the “Climate Exchange Accounts”) are incorporated by reference into, and form part of, this document and are available at
the following addresses on the Climate Exchange website: 
  

			
	 Information incorporated into this document by reference
	  	 Location in Climate

Exchange Financial

Statements and Notes

	 For the 12 month period ended 31 December 2009, available at:

http://www.climateexchangeplc.com/downloads/352_Climate%20Report%20%20Accounts%202010%20(2)FINAL.pdf
	  	
		
	Consolidated income statement	  	Page 44
		
	Consolidated statement of comprehensive income	  	Page 45
		
	Consolidated balance sheet	  	Page 46
		
	Consolidated statement of changes in equity	  	Page 47
		
	Consolidated statement of cash flows	  	Page 48
		
	Notes forming part of the consolidated financial statements	  	Pages 51 - 75
		
	 For the 12 month period ended 31 December 2008, available at: 

http://www.climateexchangeplc.com/downloads/305_Report-Accounts-2008.pdf
	  	
		
	Consolidated income statement	  	Page 38
		
	Consolidated balance sheet	  	Page 39
		
	Consolidated statement of changes in equity	  	Page 40
		
	Consolidated statement of cash flows	  	Page 41
		
	Notes to the financial statements	  	Pages 43 - 63
		
	 For the 12 month period ended 31 December 2007, available at:

http://www.climateexchangeplc.com/downloads/193_Report%20&%20Accounts%202007.pdf
	  	
		
	Consolidated income statement	  	Page 26
		
	Consolidated balance sheet	  	Page 27
		
	Consolidated statement of changes in equity	  	Page 28
		
	Consolidated statement of cash flows	  	Page 29
		
	Notes to the financial statements	  	Pages 31 - 47

 Climate Exchange
Shareholders, persons with information rights and any other persons to whom this document is sent, may request a hard copy of the Climate Exchange Accounts free of charge by writing to Lauren Paton at Climate Exchange plc, 62 Bishopsgate, London
EC2N 4AW or by telephoning 020 7382 7800 (from within the British Isles) or +44 207 382 7800 (from outside the British Isles). Copies of the Climate Exchange Accounts will not be provided to any of the persons mentioned above unless requested.

  

 39 

 PART SIX: ADDITIONAL INFORMATION FOR OVERSEAS HOLDERS OF CLIMATE 

EXCHANGE SHARES AND CLIMATE EXCHANGE ADSs 

General 
 This document has been prepared
for the purposes of complying with English law, Isle of Man law, the AIM Rules and the City Code and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws
of jurisdictions outside the United Kingdom and the Isle of Man. 
 It is the responsibility of any person into whose possession this document
comes to satisfy themselves as to the full observance of the laws of the relevant jurisdiction in connection with the Acquisition including the obtaining of any governmental, exchange control or other consents which may be required and/or compliance
with other necessary formalities which are required to be observed and the payment of any issue, transfer or other taxes or levies due in such jurisdiction. 

This document does not constitute an offer or invitation to purchase or subscribe for any securities or a solicitation of any vote or approval or of an
offer to buy any securities pursuant to this document or otherwise in any jurisdiction in which such offer, invitation or solicitation is unlawful. 

Overseas holders of Climate Exchange Shares and Climate Exchange ADSs should consult their own legal and tax advisers with respect to the legal and
tax consequences of the Scheme. 
 U.S. Securities Laws 

The Acquisition relates to the shares of an Isle of Man company and is proposed to be made by means of a scheme of arrangement under Isle of Man company
law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules under the Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the United Kingdom
and the Isle of Man to schemes of arrangement, which differ from the requirements of the U.S. tender offer rules. Financial information included in or incorporated by reference into this document has been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, which may not be comparable to the financial statements of U.S. companies. It may be difficult for you to enforce your rights and any claim you may have arising under U.S. federal
securities laws, since Climate Exchange is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue Climate Exchange or its officers or directors in a foreign court
for violations of the U.S. securities laws. It may be difficult to compel Climate Exchange and its affiliates to subject themselves to a U.S. court’s judgement. This document has not been reviewed by any federal or state securities commission
or regulatory authority in the U.S., nor has any such commission or authority passed upon the accuracy or adequacy of this document. Any representation to the contrary is unlawful and may be a criminal offence. 

 

 40 

 Information for Climate Exchange ADS Holders 

Climate Exchange ADS Holders will not, except as described below, be entitled to attend the Court Meeting or the Climate Exchange EGM or to be present at
the Hearing (although the ADS Depositary, the registered holder of Climate Exchange Shares underlying the Climate Exchange ADSs, will be so entitled and, pursuant to the Deposit Agreement, will endeavour, in so far as practicable, to vote or cause
to be voted at the Court Meeting and/or the Climate Exchange EGM in accordance with the written instructions that may be received from registered Climate Exchange ADS Holders). 

Climate Exchange ADS Holders who wish to attend the Court Meeting or the Climate Exchange EGM or to be present at the Hearing should take steps to
present their Climate Exchange ADSs to the ADS Depositary for cancellation and (upon compliance with the terms of the Deposit Agreement, including payment of the ADS Depositary’s fees and any applicable taxes and governmental charges) delivery
of Climate Exchange Shares so as to become registered holders of Climate Exchange Shares prior to the Voting Record Time. The Voting Record Time, the time and date of the Court Meeting and Climate Exchange EGM and the anticipated date of the Hearing
appear on page 1 of this document. 
 Registered Climate Exchange ADS Holders as at the ADS Voting Record Time may sign and complete an ADS
Voting Instruction Card in accordance with the instructions printed thereon, which should be returned by mail to BNY Mellon Shareowner Services, P.O. Box 3549, South Hackensack, New Jersey 07606-9249 as soon as possible and, in any event, so as to
be received no later than 5.00 p.m. (New York time) on 24 June 2010. Climate Exchange ADS Holders who hold Climate Exchange ADSs indirectly must rely on the procedures of their bank, broker, financial institution or share plan administrator
through which they hold their Climate Exchange ADSs if they wish their voting instructions to be reflected on an ADS Voting Instruction Card and received by the ADS Depositary by this deadline. 

The Deposit Agreement provides in Section 4.07 that the ADS Depositary shall not vote Climate Exchange Shares underlying Climate Exchange ADSs
except in accordance with written instructions from the Climate Exchange ADS Holders. If the ADS Depositary fails to receive an ADS Voting Instruction Card from a registered Climate Exchange ADS Holder prior to the deadline, then the ADS Depositary
will not vote the Climate Exchange Shares underlying the Climate Exchange ADSs of such holder, and, accordingly, such shares will not be represented and will not be voted at the Court Meeting or the Climate Exchange EGM. 

Once the Scheme becomes effective, Climate Exchange intends to terminate the Deposit Agreement through which the ADS programme is operated and a Notice
of Termination will be sent to Climate Exchange ADS Holders. 
 It is important that, for the Court Meeting in particular, as many votes as
possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of Climate Exchange Shareholders’ opinion. Climate Exchange ADS Holders may only vote in person at the Court Meeting or Climate Exchange EGM
if they become a registered holder of Climate Exchange Shares by arranging for the surrender of their Climate Exchange ADSs and delivery of Climate Exchange ADSs in accordance with the terms and conditions of the Deposit Agreement so as to become
registered holders of Climate Exchange Shares prior to the Voting Record Time. 
  

 41 

 On the Effective Date, the Climate Exchange Shares underlying the Climate Exchange ADSs will be transferred
to Bidco, the Climate Exchange ADSs will be cancelled and the American depositary receipts evidencing the Climate Exchange ADSs will be required to be surrendered to the ADS Depositary in order for the holder thereof to receive his entitlement under
the Scheme (without interest and less any withholding taxes, if applicable). Climate Exchange shall be liable to pay to the ADS Depositary a fee of up to $0.05 in respect of each Climate Exchange ADS surrendered. The ADS Depositary (as the
registered holder of the Climate Exchange Shares) will receive an amount in pounds sterling equal to the total amount payable in respect of all the Climate Exchange Shares held by the ADS Depositary in accordance with the terms of the Scheme. Such
amount will be converted into U.S. dollars by the ADS Depositary pursuant to the terms and conditions of the Deposit Agreement. Once the ADS Depositary has received the funds, Climate Exchange ADS Holders will receive their pro rata portion in U.S.
dollars from the ADS Depositary upon surrender of their Climate Exchange ADSs in accordance with the terms and conditions of the Deposit Agreement (without interest and less any withholding taxes, if applicable). Following the Effective Date, the
ADS Depositary will mail a notice to registered holders of Climate Exchange ADSs regarding the mechanics of the surrender of their existing Climate Exchange ADSs in exchange for their entitlement under the Scheme. Instructions for the surrender of
Climate Exchange ADS certificates will be set out in the letter of transmittal. If you hold your Climate Exchange ADSs indirectly, you must rely on the procedures of the bank, broker, financial institution or share plan administrator through which
you hold your Climate Exchange ADSs for completion of the exchange. 
 Any Climate Exchange ADS Holder whose Climate Exchange ADSs are held
indirectly through a bank, broker, financial institution or share plan administrator within a book-entry facility, such as DTC, will receive credit of the funds to their account from their bank, broker, financial institution or share plan
administrator. The ADS Depositary will remit the funds to each book-entry facility, net of the total amount of any ADS Depositary fee due from such holder to the ADS Depositary, and the relevant book-entry facility in turn will credit the Climate
Exchange ADS Holder’s bank, broker, financial institution or share plan administrator. 
 In order to avoid the application of U.S. backup
withholding (currently at a rate of 28 per cent.) on cash amounts paid to Climate Exchange ADS Holders (including non-U.S. persons) who have not previously provided a duly completed Form W-9 or W-8 to their broker or the ADS Depositary that
remains valid at the time of payment, it is necessary for such holders to provide the ADS Depositary with a properly completed IRS Form W-8BEN or Form W-9 as applicable. See Part Eight. Persons who are uncertain as to their need to provide these
forms should consult their own tax advisers. IRS Forms W-9 and W-8 are available on the IRS website at http://www.irs.gov. 
  

 42 

 PART SEVEN: ADDITIONAL INFORMATION ON CLIMATE EXCHANGE, ICE AND BIDCO 

 

	1.	Responsibility 

  

	1.1	The Climate Exchange Directors, whose names are set out in paragraph 2.1 below, accept responsibility for the information contained in this document other than the
information for which responsibility is taken by others pursuant to paragraph 1.2 of this Part Seven. To the best of the knowledge and belief of the Climate Exchange Directors (who have taken all reasonable care to ensure that such is the case)
the information contained in this document for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. 

 

	1.2	The directors of Bidco and ICE, whose names are set out in paragraphs 2.2 and 2.3 below, accept responsibility for the information contained in this document relating
to the ICE Group (including paragraphs 4 and 7 of Part One of this document), the Bidco Directors and ICE Directors and their close relatives, related trusts and controlled companies. To the best of the knowledge and belief of the Bidco Directors
and ICE Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the
import of such information. 

  

	2.	Directors 

  

	2.1	The Climate Exchange Directors and their respective positions are as follows: 

 

			
	 Name
	  	 Position

	Richard Sandor	  	Chairman
		
	Neil Eckert	  	Chief Executive Officer
		
	Matthew Whittell	  	Chief Financial Officer
		
	Carole Brookins	  	Non Executive Director
		
	Klaus Gierstner	  	Non Executive Director
		
	Sir Laurence Magnus	  	Non Executive Director
		
	Sir Brian Williamson	  	Non Executive Director
		
	Philip Scales	  	Non Executive Director

 The business
address of each of the Climate Exchange Directors is 62 Bishopsgate, London EC2N 4AW, save that the business address of Philip Scales is IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP. Richard Sandor’s second business address is 190
South LaSalle Street, Suite 1100, Chicago, IL 60603. 
 The company secretary of Climate Exchange is Philip Scales. 

 

 43 

	2.2	The Bidco Directors and their respective positions are as follows: 

  

			
	 Name
	  	 Position

	Scott A. Hill	  	Director
		
	Johnathan H. Short	  	Director
		
	David J. Peniket	  	Director

 The business
address of each of Scott A. Hill and Johnathan H. Short is 2100 RiverEdge Parkway, Suite 500, Atlanta, GA 30328, United States of America and of David J. Peniket is
5th Floor, Milton Gate, 60 Chiswell Street, London EC1Y
4SA. 
 The company secretary of Bidco is Patrick Davis. 

 

	2.3	The ICE Directors and their respective positions are as follows: 

  

			
	 Name
	  	 Position

	Jeffrey C. Sprecher	  	Chairman and Chief Executive Officer
		
	Charles R. Crisp	  	Director
		
	Jean-Marc Forneri	  	Director
		
	Fred W. Hatfield	  	Director
		
	Terrence F. Martell	  	Director
		
	Sir Callum McCarthy	  	Director
		
	Sir Robert Reid	  	Director
		
	Frederic V. Salerno	  	Director
		
	Judith A. Sprieser	  	Director
		
	Vincent Tese	  	Director

 The business address of each of
the ICE Directors is 2100 RiverEdge Parkway, Suite 500, Atlanta, GA 30328, United States of America. 
 The company secretary of
ICE is Johnathan H. Short. 
  

	3.	Market quotations 

 The
following table shows the closing middle market prices for Climate Exchange Shares, as derived from the AIM Appendix to the Daily Official List of the London Stock Exchange, on the first business day in each of the six months immediately before the
date of this document and on 29 April 2010 (being the last dealing day prior to the date of the Announcement) and 26 May 2010 (being the latest practicable date prior to the posting of this document). 

 

 44 

			
	 Date
	  	 Share price (pence)

	2 November 2009	  	840.0
	1 December 2009	  	780.0
	4 January 2010	  	647.0
	1 February 2010	  	613.5
	1 March 2010	  	523.0
	1 April 2010	  	500.0
	29 April 2010	  	478.0
	26 May 2010	  	742.5

  

	4.	Interests in relevant Climate Exchange securities 

  

	4.1	For the purposes of this paragraph 4 and paragraphs 5 to 8: 

  

	 	(A)	“acting in concert” has the meaning given to it in the City Code; 

 

	 	(B)	“arrangement” means any arrangement of the kind referred to in Note 11 on the definition of acting in concert in the City Code, including indemnity or option
arrangements, and any agreement or understanding, formal or informal, of whatever nature, relating to relevant securities (such term having the meaning given to it in the City Code) which may be an inducement to deal or refrain from dealing;

  

	 	(C)	“connected adviser” has the meaning given to it in the City Code; 

 

	 	(D)	“control” means an interest, or interests, in shares carrying 30 per cent. or more of the voting rights attributable to the share capital of a company
which are currently exercisable at a general meeting, irrespective of whether the holding or holdings give(s) de facto control, and “controlled” shall be construed accordingly; 

 

	 	(E)	“dealing” has the meaning given to it in the City Code; 

  

	 	(F)	“derivative” includes any financial product whose value in whole or in part is determined directly or indirectly by reference to the price of an underlying
security; 

  

	 	(G)	“disclosure period” means the period beginning on 1 May 2009 (being the date 12 months prior to the commencement of the offer period) and ending on
26 May 2010 (being the latest practicable date prior to the publication of this document); 

  

	 	(H)	 “interest” or “interests” in relevant securities (such term having the meaning given to it in the City Code) has the meaning given
to it in the City Code and references to interests of Bidco Directors, interests of ICE Directors or interests of Climate Exchange Directors in relevant securities shall include all interests,

  

 45 

	 	 
short positions and borrowings of any other person whose interests in shares the Bidco Directors, ICE Directors or the Climate Exchange Directors (as the case may be), are taken to be interested
in pursuant to Part 22 of the UK Companies Act and related regulations; 

  

	 	(I)	“offer period” means the period commencing on 30 April 2010 and ending on 26 May 2010 (being the latest practicable date prior to the publication of
this document); 

  

	 	(J)	“relevant Climate Exchange securities” mean relevant securities (such term having the meaning given to it in the City Code in relation to an offeree) of
Climate Exchange; 

  

	 	(K)	“relevant ICE securities” mean relevant securities (such term having the meaning given to it in the City Code in relation to an offeror) of ICE; and

  

	 	(L)	“short position” means any short position (whether conditional or absolute and whether in the money or otherwise) including any short position under a
derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery. 

  

	4.2	Except as specified in paragraph 4.4 below, as at 26 May 2010 (being the latest practicable date prior to the posting of this document), neither ICE nor Bidco held
any interests, rights to subscribe or short positions in relevant Climate Exchange securities. 

  

	4.3	As at 26 May 2010 (being the latest practicable date prior to the posting of this document), no ICE Director, no Bidco Director and none of their respective close
relatives, related trusts or controlled companies held any interests, rights to subscribe or short positions in relevant Climate Exchange securities. 

  

	4.4	As at 26 May 2010 (being the latest practicable date prior to the posting of this document), the interests, rights to subscribe or short positions in relevant
Climate Exchange securities held by any person acting in concert with ICE or Bidco were as follows: 

  

			
	 Name
	  	Number of Climate Exchange
securities
	 IntercontinentalExchange Holdings
	  	2,277,034

  

 46 

	4.5	As at 26 May 2010 (being the latest practicable date prior to the posting of this document), the interests, rights to subscribe or short positions of the Climate
Exchange Directors and their close relatives, related trusts and controlled companies, all of which are beneficial unless otherwise stated, in relevant Climate Exchange securities (other than the options detailed in paragraph 4.6 below) were as
follows: 

  

					
	 Name
	  	Number of Climate
Exchange Shares	  	Per cent. of Climate
Exchange’s ordinary
issued share capital
	 Richard Sandor
(1)
	  	7,883,614	  	16.52
	 Neil
Eckert (2)
	  	1,084,124	  	2.27
	 Carole Brookins
	  	16,252	  	0.03
	 Klaus Gierstner
	  	37,000	  	0.08
	 Sir Laurence Magnus
(3)
	  	4,093	  	0.01
	 Sir Brian Williamson
	  	1,500	  	0.00
	 Total
	  	9,026,583	  	18.91

  

	(1)	Richard Sandor holds all of his shares through family trusts. 

	(2)	Neil Eckert holds 19,124 of his shares through Isabella Eckert and the Mary and Clive Eckert Varied Will Trust. 

	(3)	Sir Laurence Magnus holds all of his shares through an account with C. Hoare & Co. 

 

	4.6	As at 26 May 2010 (being the latest practicable date prior to the posting of this document), the interests of the Climate Exchange Directors and their close
relatives, related trusts and controlled companies in options and/or awards over relevant Climate Exchange securities were as follows: 

  

							
	 Name
	  	Plan	  	Exercise price
(p)	  	Number of Climate Exchange
Options
	 Neil Eckert
	  	LTIP	  	1	  	1,299,428

		  	2006 Plan	  	330	  	1,050,000
	 Matthew Whittell
	  	2006 Plan	  	430	  	500,000
	 Carole Brookins
	  	2006 Plan	  	330	  	10,000
	 Total
	  		  		  	2,859,428

  

	4.7	As at 26 May 2010 (being the latest practicable date prior to the posting of this document), no persons acting in concert with Climate Exchange held any interests,
rights to subscribe or short positions in relevant Climate Exchange securities. 

  

	5.	Dealings in relevant Climate Exchange securities 

  

	5.1	Except as specified in paragraph 5.3 below, during the disclosure period there were no dealings in relevant Climate Exchange securities by any member of the ICE Group,
by any of the Bidco Directors or ICE Directors (or any of their respective close relatives, related trusts or controlled companies), by any person whose interests in relevant Climate Exchange securities the Bidco Directors or ICE Directors are taken
to be interested in pursuant to Part 22 of the UK Companies Act and related regulations or by any other person acting in concert with ICE or Bidco for the purposes of the Acquisition. 

 

 47 

	5.2	During the offer period there were no dealings in relevant Climate Exchange securities by any member of the Climate Exchange Group, by any of the Climate Exchange
Directors (or any of their close relatives, related trusts or controlled companies), by any person whose interests in relevant Climate Exchange securities the Climate Exchange Directors are taken to be interested in pursuant to Part 22 of the UK
Companies Act and related regulations or by any other person acting in concert with Climate Exchange for the purposes of the Acquisition. 

  

	5.3	During the disclosure period, the dealings in relevant Climate Exchange securities by persons acting in concert with ICE or Bidco were as follows:

  

									
	 Name
	  	Date	  	Transaction	  	No. of relevant
securities	  	Price per
share (p)
	 IntercontinentalExchange Holdings
	  	22 June 2009	  	Purchase	  	2,277,034	  	645

  

	6.	Interests in relevant ICE securities 

As at 26 May 2010 (the latest practicable date prior to the publication of this document), neither Climate Exchange
nor any Climate Exchange Director was, directly or indirectly, interested in relevant ICE securities. 
  

	7.	Dealings in relevant ICE securities 

Neither Climate Exchange nor any of the Climate Exchange Directors (or any of their close relatives, related trusts or
controlled companies or any person whose interests in relevant Climate Exchange securities the Climate Exchange Directors are taken to be interested in pursuant to Part 22 of the UK Companies Act and related regulations) dealt in relevant ICE
securities during the offer period. 
  

	8.	Interests and dealings – general 

  

	8.1	Save as disclosed in paragraphs 4 to 7 above, as at 26 May 2010 (the latest practicable date prior to the publication of this document), 

 

	 	(A)	no member of the ICE Group had any interest in, right to subscribe in respect of, or any short position in relation to relevant Climate Exchange securities nor has any
member of the ICE Group dealt in any relevant Climate Exchange securities during the disclosure period; 

  

	 	(B)	 none of the ICE Directors or Bidco Directors (or any of their respective close relatives, related trusts or controlled companies) had any interest in,
right to subscribe in respect of, or any short position in relation to relevant Climate Exchange securities, nor has any such person (or any person whose interests in relevant Climate Exchange securities the ICE Directors or Bidco Directors are

  

 48 

	 	 
taken to be interested in pursuant to Part 22 of the UK Companies Act and related regulations) dealt in any relevant Climate Exchange securities during the disclosure period;

  

	 	(C)	no person deemed to be acting in concert with ICE or Bidco had any interest in, right to subscribe in respect of, or any short position in relation to relevant Climate
Exchange securities, nor has any such person dealt in any relevant Climate Exchange securities, during the disclosure period; 

  

	 	(D)	no person who has an arrangement with ICE or Bidco (or any person acting in concert with ICE or Bidco) had any interest in, right to subscribe in respect of, or any
short position in relation to relevant Climate Exchange securities, nor has any such person dealt in any relevant Climate Exchange securities during the disclosure period; and 

 

	 	(E)	neither ICE or Bidco, nor any person acting in concert with ICE or Bidco, has borrowed or lent any relevant Climate Exchange securities during the disclosure period,
save for any borrowed shares which have been either on-lent or sold. 

  

	8.2	Save as disclosed in paragraphs 4 to 7 above as at 26 May 2010 (the latest practicable date prior to the publication of this document): 

 

	 	(A)	no member of the Climate Exchange Group had any interest in, right to subscribe in respect of or any short position in relation to relevant Climate Exchange Securities
or relevant ICE securities nor has any such person dealt in any relevant Climate Exchange securities or relevant ICE securities during the offer period; 

  

	 	(B)	none of the Climate Exchange Directors had any interest in, right to subscribe in respect of, or any short position in relation to relevant Climate Exchange securities
or relevant ICE securities, nor has any such person (or any person whose interests in relevant Climate Exchange securities or relevant ICE securities the Climate Exchange Directors are taken to be interested in pursuant to Part 22 of the UK
Companies Act and related regulations) dealt in any relevant Climate Exchange securities or any relevant ICE securities during the offer period; 

  

	 	(C)	no person deemed to be acting in concert with Climate Exchange had any interest in, right to subscribe in respect of, or any short position in relation to relevant
Climate Exchange securities, nor has any such person dealt in any relevant Climate Exchange securities during the offer period; 

  

	 	(D)	no person who has an arrangement with Climate Exchange (or any person acting in concert with Climate Exchange) had any interest in, right to subscribe in respect of, or
any short position in relation to relevant Climate Exchange securities, nor has any such person dealt in any relevant Climate Exchange securities during the offer period; and 

 

	 	(E)	neither Climate Exchange, nor any person acting in concert with Climate Exchange, has borrowed or lent any relevant Climate Exchange securities during the offer period
save for any borrowed shares which have been either on-lent or sold. 

  

 49 

	8.3	Save as disclosed herein, no persons have given any irrevocable or other commitment to vote in favour of the Resolutions to be proposed at the Court Meeting and the
Climate Exchange EGM.Save as disclosed herein, none of: (i) ICE, Bidco or any person acting in concert with ICE or Bidco; or (ii) Climate Exchange or any person acting in concert with Climate Exchange has any arrangement in relation to
relevant Climate Exchange securities, or relevant ICE securities (as the case may be). 

  

	8.4	Save as disclosed herein, no agreement, arrangement or understanding (including any compensation arrangement) exists between ICE, Bidco or any person acting in concert
with ICE or Bidco and any of the Climate Exchange Directors or the recent directors, shareholders or recent shareholders of Climate Exchange, or any person interested in or recently interested in Climate Exchange Shares, having any connection with
or dependence upon the Acquisition. 

  

	8.5	There is no agreement, arrangement or understanding whereby the beneficial ownership of any Climate Exchange Shares to be acquired by Bidco pursuant to the Scheme will
be transferred to any other person. 

  

	8.6	No relevant securities of Climate Exchange have been redeemed or purchased by Climate Exchange during the disclosure period. 

 

	9.	Directors’ service contracts and emoluments 

  

	9.1	The details of the service contracts of the Climate Exchange Directors are as follows: 

 

	 	(A)	Richard Sandor 

 Richard Sandor
entered into an employment agreement with CCX (a wholly owned subsidiary of Climate Exchange) effective on 1 January 2005. Under the terms of his employment agreement, Richard Sandor’s appointment is terminable by CCX or Richard Sandor
upon written notice. Richard Sandor receives a base salary of $1,000,000 per annum payable monthly in arrears and is entitled to no less than 4 weeks’ holiday in each year (excluding public holidays). Richard Sandor is eligible to be considered
for participation in such bonus scheme as may, from time to time, be established or agreed by Climate Exchange for its senior executives on such terms as Climate Exchange may, in its sole discretion, determine. If Richard Sandor’s employment is
terminated by CCX (other than due to death, disability, cause or mutual agreement), he shall be entitled to salary continuation at his base salary then in effect for a period of 12 months. If Richard Sandor’s employment is terminated in
connection with a change in control, in addition to a 12 month salary continuation referred to above, he also is entitled to (a) a payment equal to his annual base salary; and (b) a payment equal to the annual bonus he received in the
fiscal year immediately preceding the termination of his employment. The employment agreement also provides that Richard Sandor is eligible to participate in any employee benefits made available by CCX, including qualified retirement plan, medical
insurance, life insurance and disability plan. 
  

 50 

 Richard Sandor has agreed to enter into an employment agreement (the “Proposed
Employment Agreement”) with ICE to take the position of Chairman Emeritus of Chicago Climate Futures Exchange, Inc. (or similar). Under the terms of the Proposed Employment Agreement, Richard Sandor will be required to work for
approximately one week per month for a base salary of $250,000 per annum and will receive an equity grant of $250,000 per annum and reimbursement of all business travel. The Proposed Employment Agreement contains a non-compete provision which will
continue irrespective of early termination. If the Proposed Employment Agreement is terminated prematurely by ICE, Richard Sandor’s base salary will be paid to the end of the term of the Proposed Employment Agreement and any unvested equity
granted will vest immediately. The Proposed Employment Agreement will be for a term of two years from completion of the Acquisition. 

J.P. Morgan Cazenove and Kinmont consider the Proposed Employment Agreement to be fair and reasonable as far as the independent Climate
Exchange Shareholders are concerned. 
  

	 	(B)	Neil Eckert 

 Neil Eckert entered
into a service contract with Climate Exchange on 6 November 2006. Under the terms of his service contract, Neil Eckert’s appointment is terminable by Climate Exchange on twelve months’ written notice or by Neil Eckert on 6
months’ written notice. Neil Eckert receives a salary of £375,000 per annum payable monthly in arrears and is entitled to 30 business days’ holiday in each year (excluding public holidays). Neil Eckert is eligible to be
considered for participation in such bonus scheme as may, from time to time, be established or agreed by Climate Exchange for its senior executives on such terms as Climate Exchange may, in its sole discretion, determine. The service contract also
provides that Climate Exchange will make a contribution to Neil Eckert’s personal pension plan, provide Neil Eckert with private medical insurance and provide Neil Eckert with life assurance cover. The service contract includes provision for
pay in lieu of notice. 
  

	 	(C)	Matthew Whittell 

 Matthew
Whittell entered into a service contract with Climate Exchange on 6 November 2006. Under the terms of his service contract, Matthew Whittell’s appointment is terminable by Climate Exchange on twelve months’ written notice or by
Matthew Whittell on 6 months’ written notice. Matthew Whittell receives a salary of £215,000 per annum payable monthly in arrears and is entitled to 32 business days’ holiday in each year (excluding public holidays). Matthew
Whittell is eligible to be considered for participation in such bonus scheme as may, from time to time, be established or agreed by Climate Exchange for its senior executives on such terms as Climate Exchange may, in its sole discretion, determine.
The service contract also provides that Climate Exchange will make a contribution to Matthew Whittell’s personal pension plan, provide Matthew Whittell with private medical insurance and provide Matthew Whittell with life assurance cover. The
service contract includes provision for pay in lieu of notice. 
  

 51 

	9.2	Save as disclosed above, there are no service contracts or letters of appointment between any Climate Exchange Director or proposed director of Climate Exchange and any
member of the Climate Exchange Group and no such contract or letter of appointment has been entered into or amended within the six months preceding the date of this document. 

 

	9.3	Save as set out in this document, the effect of the Scheme on the interests of the Climate Exchange Directors does not differ from its effect on the like interests of
any other holder of Scheme Shares. 

  

	10.	Material contracts 

  

	10.1	The following contract, not being a contract entered into in the ordinary course of business, has been entered into by members of the Climate Exchange Group in the
period beginning on 1 May 2008 and ending on 26 May 2010 (being the latest practicable date prior to the publication of this document): 

  

	 	(A)	An Implementation Agreement dated 30 April 2010 between Bidco and Climate Exchange relating to the implementation of the Acquisition (including the Scheme) and
matters relating thereto. The Implementation Agreement provides for the implementation of the Acquisition and contains assurances and confirmations between the parties, including provisions to implement the Scheme on a timely basis and to govern the
conduct of business of Climate Exchange during the period prior to the Effective Date. 

 Bidco and Climate
Exchange have each undertaken to cooperate with the other in taking such action within its power as may reasonably be considered to be necessary or desirable in respect of the preparation of any documentation in connection with the Acquisition, with
a view to the implementation of the Acquisition in a timely manner. 
 It is currently intended that the Acquisition should be
implemented by means of the Scheme. However, Bidco has the right to elect at any time by notice to Climate Exchange (and subject to the consent of the Panel) to implement the Acquisition by way of a takeover offer. 

Recommendation 

Climate Exchange has agreed that the Directors will unanimously and unqualifiedly recommend to the Climate Exchange Shareholders that they
vote in favour of the Resolutions at the Court Meeting and the Climate Exchange EGM and has agreed that the recommendation by the Directors will be included in the Announcement and this document and will not at any time be withdrawn, modified or
qualified unless an event or change of circumstance has occurred (otherwise than arising out of or in connection with a breach by Climate Exchange of the Implementation Agreement) and as a result of that event or change of circumstance the Directors
determine in good faith that such recommendation should not be given or should be withdrawn, modified or qualified (but to the minimum extent required) in order to comply with the Directors’ duties. 

 

 52 

 Non-solicitation arrangements 

Climate Exchange has undertaken not, directly or indirectly, to solicit, initiate, encourage, negotiate, discuss or otherwise seek to
procure any competing proposal to the Acquisition, nor to entertain any approach from or enter into or continue discussions and/or negotiations with any other person with a view to such a competing proposal being made. In addition, Climate Exchange
has agreed to notify Bidco immediately of any approach made to Climate Exchange in relation to a competing proposal. 
 Bidco has
a matching right in relation to any competing proposal whereby, upon receipt of details of a competing proposal, Bidco may match or better the value implied by that competing proposal, either by confirmation that it intends to increase its offer
price or by confirmation that it is ready to announce the increased offer price, in either case such confirmation to be provided to Climate Exchange prior to the earlier of the Climate Exchange Board meeting to approve the competing proposal and 5
or 6 Business Days after the announcement made by the competing offeror, respectively. 
 Conduct of business arrangements

 Climate Exchange has undertaken, without prejudice to Rule 21 of the City Code, that until the earlier of: (a) the
Effective Date; and (b) the termination of the Implementation Agreement, it shall not (without the prior written consent of Bidco, not to be unreasonably withheld) carry on business other than in the ordinary course and other than consistent
with past practice, incur any financial indebtedness or reduce its cash balance to less than £21,000,000 (less the amount of professional fees payable by Climate Exchange in connection with the Acquisition), or pay any separation or
transaction bonus to any Director, officer, senior executive or employee subject to an aggregate cap of £500,000 plus such further amount as the parties mutually agree, subject to certain limitations, among other things. 

Termination provisions 

The Implementation Agreement will terminate upon the occurrence of any of the following: 

 

	 	(i)	if Bidco, with the consent of the Panel, is entitled to withdraw and withdraws from the Acquisition; 

 

	 	(ii)	 where the Acquisition is implemented by way of Scheme: (i) if (A) the Scheme is not approved by Climate Exchange Shareholders at the Court
Meeting; (B) the Special Resolution is not passed at the Climate Exchange EGM; (C) the Court refuses to grant the Court Order; or (D) (save as otherwise agreed) the Effective Date has not occurred on or before the end of July 2010,
unless in the case of (A), (B) and (C) above Bidco has within five Business Days of such event elected to implement the Acquisition by way of a takeover offer; or (ii) by notice from Bidco to Climate Exchange, if the Directors have
withdrawn or 

  

 53 

	 	 
adversely modified or qualified their recommendation to Climate Exchange Shareholders to vote in favour of the Resolutions, subject to consent by the Panel; or 

 

	 	(iii)	where the Acquisition is implemented by way of takeover offer: (i) if the offer lapses in accordance with its terms or is withdrawn; or (ii) by notice in
writing from Bidco to Climate Exchange, if the Directors have withdrawn or adversely modified or qualified their recommendation to Climate Exchange Shareholders to accept the offer, subject to consent by the Panel. 

 

	10.2	In addition, the following contracts have been entered into by members of the Climate Exchange Group and members of the ICE Group: 

 

	 	(A)	A clearing services agreement dated 14 July 2004 between CCX and The Clearing Corporation (“CCorp”), as amended (the “Clearing Services
Agreement”). Under the Clearing Services Agreement CCorp provides clearing services for contracts listed on CCFE. 

The Clearing Services Agreement terminates on 30 June 2010 and includes provision for a transition assistance period during which
CCorp will continue to provide clearing services pursuant to CCX’s instructions for a period of 6 months after the expiration of the Clearing Services Agreement. The parties intend to enter into an amendment to the Clearing Services Agreement,
under which the Clearing Services Agreement will terminate on the earlier of: (i) 31 December 2010; and (ii) in the event that the Acquisition does not complete for any reason, six months after the date on which the Acquisition fails.

 Under the Clearing Services Agreement, CCX pays to CCorp a clearing fee per trade, subject to a monthly minimum, as well as
fees in relation to the maintenance of a communication link between the trading platform and CCorp, and reimburses CCorp for its development costs for new products on a time and material basis. 

 

	 	(B)	A licensing and technology agreement dated 28 December 2007 among CCX, CCFE and ICE (the “Licensing and Technology Agreement”) under which ICE
granted to CCX a license to display, access and use the electronic web based trading platform owned and operated by ICE, along with specific software and equipment, subject to certain restrictions and limitations. 

The Licensing and Technology Agreement terminates on 1 January 2013 and is renewable on a rolling basis annually thereafter unless
terminated by either party giving 90 days notice prior to the end of such renewal period. 
 Under the Licensing and Technology
Agreement CCX pays to ICE an annual licensing fee for the trading platform, along with a platform operation fee and a clearing fee. CCX also pays a flat fee in respect of the launch of any new products. 

 

 54 

	 	(C)	A cooperation and licensing agreement dated 31 August 2004 between CCX, ICE Futures Europe (formerly The International Petroleum Exchange of London Limited)
(“IFE”) and (by accession) ECX (the “Cooperation and Licensing Agreement”) under which CCX granted a license to IFE of certain contracts and trademarks for trading on a platform and exchange operated by ICE Europe,
among other things. Under the Cooperation and Licensing Agreement IFE also provides clearing and settlement services through a separate clearing organisation. 

The Cooperation and Licensing Agreement terminates in December 2012 and is renewable on a rolling basis annually thereafter. 

Under the Cooperation and Licensing Agreement ICE Europe receives an annual fee equal to a percentage of net transaction revenue, ECX
receives membership fees attributable specifically to trading of ECX contracts less ICE Europe’s costs related to such membership, ECX is responsible for payment of development and implementation costs and rechargeable operating costs, and ICE
charges a per transaction clearing fee. 
  

	11.	Irrevocable undertakings 

  

	11.1	The following Climate Exchange Shareholders have given irrevocable undertakings to vote in favour of the Resolutions to be proposed to Climate Exchange Shareholders at
the Court Meeting and the Climate Exchange EGM in respect of their own beneficial shareholdings as follows: 

  

					
	 Name
	  	Number of
Shares	  	Per cent. of issued
share capital of
Climate Exchange
	 Richard Sandor
	  	7,883,614	  	16.52
	 Neil Eckert
	  	1,084,124	  	2.27
	 Carole Brookins
	  	16,252	  	0.03
	 Klaus Gierstner
	  	37,000	  	0.08
	 Sir Laurence Magnus
	  	4,093	  	0.01
	 Sir Brian Williamson
	  	1,500	  	0.00
	 Invesco Asset Management Limited
	  	14,004,318	  	29.34

  

	11.2	The irrevocable undertakings from the Climate Exchange Directors will cease to be binding upon the earliest to occur of the following: 

 

	 	(A)	if this document is not posted within 28 days of the announcement in relation to the Scheme or if a formal document containing an Offer is not posted within 28 days of
an announcement under Rule 2.5 of the City Code in relation to that Offer (or, in either case, such longer period as may be agreed with the Panel); 

 

 55 

	 	(B)	if the Scheme becomes effective or an Offer becomes or is declared unconditional in all respects; 

 

	 	(C)	if an Offer is not announced pursuant to Rule 2.5 of the City Code within ten Business Days of the date on which the Scheme fails to become effective or any condition
to which the Scheme is subject becomes incapable of satisfaction and, if applicable, is not waived; 

  

	 	(D)	if an Offer lapses or is withdrawn without becoming or being declared unconditional in all respects; and 

 

	 	(E)	31 July 2010. 

  

	11.3	The irrevocable undertaking given by Invesco Asset Management Limited will cease to be binding upon the earlier to occur of the following: 

 

	 	(A)	in the event of a higher competing offer for Climate Exchange being announced; and 

 

	 	(B)	if the Scheme does not become effective by 31 July 2010. 

  

	12.	Cash confirmation 

 In
relation to the cash consideration payable by Bidco under the terms of the Acquisition, $220 million has been drawn from ICE’s existing credit facilities and the remainder will be funded from its existing cash resources. 

Morgan Stanley & Co. Limited, an affiliate of Morgan Stanley, is satisfied that sufficient financial resources are available to
Bidco to satisfy in full the cash consideration payable under the terms of the Acquisition. 
  

	13.	Persons acting in concert 

  

	13.1	The persons (other than the ICE Directors and Bidco Directors) who are acting in concert with ICE and Bidco are as follows: 

 

							
	 Name
	  	 Type
	  	 Registered

office
	  	 Relationship

with Bidco

	IntercontinentalExchange Holdings	  	Private unlimited company incorporated in the United Kingdom	  	5th Floor,
 Milton Gate, 60 Chiswell Street, London, EC1Y 4SA	  	Fellow subsidiary
				
	Morgan Stanley & Co Incorporated	  	Company incorporated in Delaware, United States of America	  	The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801	  	Connected adviser
				
	Morgan Stanley & Co Limited	  	Private limited company incorporated in the United Kingdom	  	Legal Dept., 25 Cabot Square, Canary Wharf, London E14 4QA	  	Connected adviser

  

 56 

	13.2	The persons (other than the Climate Exchange Directors) who are acting in concert with Climate Exchange are as follows: 

 

							
	 Name
	  	 Type
	  	 Registered

office
	  	 Relationship

with Climate

Exchange

	J.P. Morgan plc	  	Public limited company incorporated in the United Kingdom	  	 125 London Wall, London
 EC2Y
5AY
	  	Connected adviser
				
	Kinmont	  	Private limited company incorporated in the United Kingdom	  	5 Clifford Street, London W1S 2LG	  	Connected adviser
				
	Fox-Pitt, Kelton	  	Private limited company incorporated in the United Kingdom	  	Level 35, Citypoint, 1 Ropemaker Street, London EC2Y 9HD	  	Connected adviser

  

	14.	No material change 

 There
has been no material change in the financial or trading position of Climate Exchange since 31 December 2009, being the date to which the latest audited financial statements of Climate Exchange were drawn up. 

 

	15.	Consents 

 Each of Morgan
Stanley & Co. Limited, J.P. Morgan Cazenove, Kinmont and Fox-Pitt, Kelton has given and not withdrawn its written consent to the issue of this document with the inclusion of references to its name in the form and context in which they are
included. 
  

	16.	Sources of information and bases of calculations 

  

	16.1	Financial information relating to Climate Exchange has been extracted or derived (without material adjustment) from published sources or from Climate Exchange’s
management sources; 

  

 57 

	16.2	The value of £395 million attributed to the entire existing issued and to be issued ordinary share capital of Climate Exchange is based on:

  

	 	(A)	the offer price of 750 pence in cash for each Climate Exchange Share; 

  

	 	(B)	47,592,023 Climate Exchange Shares being in issue as at 29 April 2010 (being the last dealing day prior to the date of the Announcement); and

  

	 	(C)	5,018,453 Climate Exchange Shares being subject to options granted under the Climate Exchange Share Schemes and warrants issued pursuant to contractual arrangements
entered into by Climate Exchange or its subsidiary undertakings for which Climate Exchange Shares would need to be issued or transferred on or after the date of the Announcement in order to satisfy the exercise and vesting of such options and
warrants (assuming all such options and warrants which are “in the money” are exercised and vested in accordance with the rules of the Climate Exchange Share Schemes or such contractual arrangements (as applicable));

  

	16.3	Other statements (including the size of shareholdings) made by reference to the existing issued ordinary share capital of Climate Exchange are based on 47,734,475
Climate Exchange Shares being in issue as at 26 May 2010 (being the latest practicable date before the publication of this document); and 

  

	16.4	The information with respect to the effect of the transaction on ICE’s earnings is based on Climate Exchange’s published sources and ICE’s management
sources. 

  

	17.	Documents available for inspection 

Copies of the following documents will be available for inspection during usual business hours on Monday to Friday of each week (public
holidays excepted) up to and including the Effective Date at the registered office of Climate Exchange being IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP and at the offices of Slaughter and May, One Bunhill Row, London EC1Y 8YY and will be
published on the Climate Exchange website at www.climateexchangeplc.com: 
  

	 	(A)	this document; 

  

	 	(B)	the memorandum and articles of association of each of Climate Exchange and Bidco; 

 

	 	(C)	a draft of the articles of association of Climate Exchange as proposed to be amended at the Climate Exchange EGM; 

 

	 	(D)	the consolidated audited report and accounts of Climate Exchange for the three financial years ended 31 December 2007, 2008 and 2009; 

 

	 	(E)	the written consents referred to in paragraph 15 above; 

  

	 	(F)	the material contract referred to in paragraph 10.1 above; and 

  

	 	(G)	copies of the irrevocable undertakings referred to in paragraph 11 above. 

  

 58 

 PART EIGHT: TAXATION 

Isle of Man taxation 
 The comments set
out below summarise certain limited aspects of the Isle of Man taxation treatment of Climate Exchange Shareholders under the Scheme and do not purport to be a complete analysis of all tax considerations relating to the Scheme. They are based on
current Isle of Man legislation and what is understood to be current Isle of Man Government published practice, both of which are subject to change, possibly with retrospective effect. 

The comments are intended as a general guide and apply only to Climate Exchange Shareholders who are resident or (if individuals) ordinarily resident for
tax purposes in the Isle of Man. Climate Exchange Shareholders who are in any doubt about their taxation position, or who are resident or otherwise subject to taxation in a jurisdiction outside the Isle of Man, should consult an appropriate
independent professional tax adviser immediately. 
 Isle of Man taxation of capital gains 

The disposal by Climate Exchange Shareholders of their Climate Exchange Shares for cash under the Scheme will not give rise to any liability to capital
gains tax in the Isle of Man. 
  

	(A)	Individual Climate Exchange Shareholders 

Isle of Man resident holders of Climate Exchange Shares may be liable to income tax on the receipt of cash under the Scheme, currently
10 per cent., or at the higher rate, currently 20 per cent., depending on their individual circumstances. 
  

	(B)	Corporate Climate Exchange Shareholders 

The Isle of Man operates a zero rate of tax for most corporate taxpayers. 

Isle of Man stamp duty and stamp duty reserve tax 

No Isle of Man stamp duty or stamp duty reserve tax will be payable on the transfer of, or any other dealing in, Climate Exchange Shares. 

United Kingdom taxation 
 The comments
set out below summarise certain limited aspects of the UK taxation treatment of Climate Exchange Shareholders under the Scheme and do not purport to be a complete analysis of all tax considerations relating to the Scheme. They are based on current
UK legislation and current HM Revenue & Customs published practice, both of which are subject to change, possibly with retrospective effect. Climate Exchange Shareholders should note that the new UK government which was formed in May 2010
has announced a Budget to be held on 22 June 2010, as a result of which changes may be made to UK tax legislation (including a possible increase in the rates of tax on certain chargeable gains as proposed in the Coalition Agreement of the new
government dated 11 May 2010). 
  

 59 

 The comments are intended as a general guide and apply only to Climate Exchange Shareholders who are
resident or (if individuals) ordinarily resident for tax purposes in the UK, who hold Climate Exchange Shares as an investment (other than under a personal equity plan or individual savings account) and who are the absolute beneficial owners of
their Climate Exchange Shares. These comments do not deal with certain types of shareholders (such as persons holding or acquiring shares in the course of trade or persons who have or could be treated as having acquired their Climate Exchange Shares
by reason of their employment), collective investment schemes and insurance companies. Climate Exchange Shareholders who are in any doubt about their taxation position, or who are resident or otherwise subject to taxation in a jurisdiction outside
the UK, should consult an appropriate independent professional tax adviser immediately. 
 Climate Exchange Shareholders and Climate Exchange
ADS Holders who are not resident in the UK for tax purposes are referred to the section entitled “United Kingdom taxation of holders of Climate Exchange Shares and Climate Exchange ADSs” of this Part Eight below, which summarises certain
UK tax consequences of the Scheme for such non-resident holders. 
 UK taxation on chargeable gains 

Subject to any Climate Exchange Shareholders being liable to a charge to income tax on a disposal of Climate Exchange Shares, the receipt by Climate
Exchange Shareholders of cash under the Scheme will be treated as the proceeds of a disposal of their Climate Exchange Shares which may give rise, depending on the Climate Exchange Shareholders’ particular circumstances (including the
availability of exemptions, reliefs and/or allowable losses), to a liability to UK taxation on a chargeable gain, or to an allowable loss. 
  

	(A)	Individual Climate Exchange Shareholders 

Disposals of Climate Exchange Shares by individual Climate Exchange Shareholders will be taxed, currently, at a flat rate of 18 per
cent. This will apply irrespective of how long the Climate Exchange Shares have been held (or whether they have been held for business purposes). Individual Shareholders should note that, from 6 April 2008, taper relief and indexation allowance
no longer apply to reduce any chargeable gain. 
 The capital gains annual exemption (£10,100 for 2010/2011) will be
available to individual Climate Exchange Shareholders to offset chargeable gains arising during the tax year. 
  

	(B)	Corporate Climate Exchange Shareholders 

Corporate Climate Exchange Shareholders who are resident in the UK for tax purposes will generally be subject to UK corporation tax on any
chargeable gain arising on the disposal of the Climate Exchange Shares (subject to the availability of the substantial shareholding exemption). For Climate Exchange Shareholders within the charge to UK corporation tax, indexation allowance will be
available in respect of the full period of ownership of the Climate Exchange Shares to reduce any chargeable gain arising (but not to create or increase any allowable loss) on the disposal of their Climate Exchange Shares. 

 

 60 

 UK stamp duty and stamp duty reserve tax 

No UK stamp duty or stamp duty reserve tax will be payable by Climate Exchange Shareholders as a result of the Scheme. 

United Kingdom taxation of holders of Climate Exchange Shares and Climate Exchange ADSs 

Subject to the paragraph below (dealing with individuals who are temporarily resident outside the UK) Climate Exchange Shareholders and Climate Exchange
ADS Holders who are not resident in or, in the case of an individual, ordinarily resident in the UK for tax purposes are not subject to UK taxation on chargeable gains unless they carry on: 

 

	 	(A)	in the case of an individual Climate Exchange Shareholder or Climate Exchange ADS Holder, a trade, profession or vocation through a branch or agency in the UK and have
used, held or acquired the Climate Exchange Shares or Climate Exchange ADSs for the purposes of such trade, profession or vocation, or for the purposes of such branch or agency; or 

 

	 	(B)	in the case of a corporate Climate Exchange Shareholder or Climate Exchange ADS Holder, a trade in the UK through a permanent establishment and have used, held or
acquired the Climate Exchange Shares or Climate Exchange ADSs for the purposes of that trade or for the purposes of such permanent establishment. 

A Climate Exchange Shareholder or Climate Exchange ADS Holder who is an individual and who has ceased to be resident or ordinarily resident for tax
purposes in the UK for a period of less than five tax years and who disposes of Climate Exchange Shares or Climate Exchange ADSs during that period may be liable to UK taxation on chargeable gains (subject to any available exemption or relief).

 United States Federal Income Taxation 

WE HEREBY INFORM YOU THAT THE DESCRIPTION SET FORTH IN THIS EXPLANATORY STATEMENT WITH RESPECT TO U.S. FEDERAL TAX ISSUES WAS NOT INTENDED OR WRITTEN TO
BE USED, AND SUCH DESCRIPTION CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER UNDER THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUCH DESCRIPTION WAS
WRITTEN TO SUPPORT THE MARKETING OF THE ACQUISITION AND THE SCHEME. EACH PROSPECTIVE INVESTOR SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR. 

The following is a description of certain U.S. federal income tax consequences of the disposition of Climate Exchange Shares or Climate Exchange ADSs
pursuant to the Acquisition. This discussion applies only to U.S. Holders described below who are beneficial owners of Climate Exchange Shares or Climate Exchange ADSs and that hold such Climate Exchange Shares or Climate Exchange ADSs as
“capital assets” (generally, property held for investment). This discussion is based on the Code, its legislative history, existing final, temporary and proposed Treasury Regulations, administrative pronouncements by the IRS, and judicial
decisions, all as of the date hereof and all of which are subject to change (possibly on a retroactive basis) and to different interpretations. 
  

 61 

 This discussion does not purport to address all U.S. federal income tax consequences that may be relevant to
a particular holder and you are urged to consult your own tax advisor regarding your specific tax situation. The discussion does not address the tax consequences that may be relevant to a holder subject to special tax rules, such as a bank, thrift,
real estate investment trust, regulated investment company, insurance company, dealer in securities or currencies, trader in securities or commodities that elects “mark-to-market treatment,” investor that held Climate Exchange Shares or
Climate Exchange ADSs as a hedge against currency risk or as a position in a “straddle” or conversion transactions, partnership or other pass-through entity for U.S. federal income tax purposes, person subject to the U.S. federal
alternative minimum tax, tax-exempt organization, person holding Climate Exchange Shares or Climate Exchange ADSs in connection with a trade or business conducted outside of the United States or person whose functional currency for U.S. federal
income tax purposes is not the U.S. dollar. 
 Except where specifically described below, this discussion assumes that Climate Exchange is not a
passive foreign investment company (“PFIC”), for U.S. federal income tax purposes. Please see the discussion under “Passive Foreign Investment Company Rules” below. Further, this discussion does not address the U.S.
federal estate and gift tax consequences of disposing the Climate Exchange Shares or Climate Exchange ADSs. In addition, this discussion does not address the U.S. state and local and non U.S. tax consequences of disposing the Climate Exchange Shares
or Climate Exchange ADSs. 
 You should consult your own tax advisor regarding the U.S. federal, state and local, as well as non U.S. income and
other tax consequences of the disposition of the Climate Exchange Shares or Climate Exchange ADSs pursuant to the Acquisition in your particular circumstances. 

You are a “U.S. Holder” if you are a beneficial owner of Climate Exchange Shares or Climate Exchange ADSs and you are for U.S. federal
income tax purposes: 
  

	 	(A)	an individual who is a citizen or resident of the United States; 

  

	 	(B)	a corporation, or any other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of
Columbia; 

  

	 	(C)	an estate the income of which is subject to U.S. federal income tax regardless of its source; or 

 

	 	(D)	a trust if (i) a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the
authority to control all substantial decisions of the trust or 

 (ii) the trust has a valid
election in effect under current Treasury Regulations to be treated as a United States person. 
 Disposition of Climate Exchange Shares or
Climate Exchange ADSs 
 A U.S. Holder generally will recognize capital gain or loss upon the disposition of Climate Exchange Shares or
Climate Exchange ADSs pursuant to the Acquisition measured by the 
  

 62 

 
difference between the amount realized on the disposition of Climate Exchange Shares or Climate Exchange ADSs and the U.S. Holder’s adjusted tax basis in such Climate Exchange Shares or
Climate Exchange ADSs, each determined in U.S. dollars. Any gain or loss will be long term capital gain or loss if the U.S. Holder’s holding period in the Climate Exchange Shares or Climate Exchange ADSs exceeds one year. Certain non corporate
U.S. Holders (including individuals) may be eligible for preferential rates of U.S. federal income tax in respect of long term capital gains. The deductibility of capital losses is subject to limitations under the Code. 

Any gain or loss recognized on the conversion of the UK pounds sterling received by a U.S. Holder or the ADS Depositary will be U.S. source ordinary
income or loss. 
 Capital gain or loss, if any, realized by a U.S. Holder on the disposition of Climate Exchange Shares or Climate Exchange
ADSs generally will be treated as U.S.-source gain or loss for U.S. foreign tax credit purposes. 
 Passive Foreign Investment Company Rules

 Special U.S. federal income tax rules apply to U.S. persons owning shares of a PFIC. A non-U.S. corporation generally will be classified
as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying relevant look-through rules with respect to the income and assets of subsidiaries, either: 

 

	 	(A)	at least 75% of its gross income is “passive income”; or 

  

	 	(B)	on average at least 50% of the gross value of its assets is attributable to assets that produce passive income or are held for the production of passive income.

 For this purpose, passive income generally includes, among other things, dividends, interest, rents, royalties and gains from
the disposition of passive assets. In addition, if the non U.S. corporation owns, directly or indirectly, at least 25%, by value, of the shares of another corporation, it will be treated as if it holds directly its proportionate share of the assets
and receives directly its proportionate share of the income of such other corporation. 
 The determination as to whether a non-U.S. corporation
is a PFIC is based on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, the composition of the income and assets (including goodwill) of the non-U.S. corporation from time to time and the
nature of the activities performed by such non-U.S. corporation. Based on the nature of its business and the market price of its shares and ADSs, Climate Exchange believes that it should not be treated as a PFIC were its status determined at the
present time, although there can be no assurance that the IRS would not reach a contrary conclusion. In addition, Climate Exchange’s actual PFIC status for any taxable year is not determinable until after the end of such taxable year, and
Climate Exchange does not intend to make a determination for the current (or any prior) taxable year. Because of these uncertainties, it is possible that Climate Exchange may be a PFIC for the current taxable year or may have been a PFIC in any
prior taxable year. 
 If Climate Exchange is a PFIC or was a PFIC during a U.S. Holder’s holding period, any gain realized on a sale of
Climate Exchange Shares or Climate Exchange ADSs would generally be treated as realized rateably over the U.S. Holder’s holding period for such Climate Exchange Shares or Climate Exchange ADSs, amounts allocated to prior years in which Climate

  

 63 

 
Exchange was a PFIC would be taxed at the highest tax rate in effect for such years, and an additional interest charge would apply to the portion of the U.S. federal income tax liability on gains
treated under the PFIC rules as having been deferred by the U.S. Holder. Amounts allocated to the current year and to any year before Climate Exchange became a PFIC would be taxed as ordinary income in the current year. 

Backup Withholding and Information Reporting 

In general, payments of the proceeds of a disposition of Climate Exchange Shares or Climate Exchange ADSs, paid within the United States or through
certain U.S.-related financial intermediaries to a U.S. Holder are subject to information reporting and may be subject to backup withholding at a current rate of 28% unless the holder (i) establishes that it is an exempt recipient or
(ii) provides an accurate taxpayer identification number and certifies that it is a U.S. person and that no loss of exemption from backup withholding has occurred. 

Backup withholding is not an additional tax. The amount of any backup withholding tax from a payment to a U.S. Holder will be allowed as a credit against
the U.S. Holder’s U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. A U.S. Holder generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed its
U.S. federal income tax liability by timely filing a refund claim with the IRS. 
 THE ABOVE DESCRIPTION IS NOT INTENDED TO CONSTITUTE A
COMPLETE ANALYSIS OF ALL TAX CONSEQUENCES RELATING TO DISPOSITION OF CLIMATE EXCHANGE SHARES OR CLIMATE EXCHANGE ADSs. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR CONCERNING THE TAX CONSEQUENCES OF YOUR PARTICULAR SITUATION. 

 

 64 

 PART NINE: DEFINITIONS 

 

			
	“2006 Plan”	  	Climate Exchange plc 2006 Share Option Plan
		
	“Acquisition”	  	the acquisition of Climate Exchange by Bidco, through the transfer of the issued share capital of Climate Exchange in accordance with the Scheme
		
	“ADS”	  	an American depositary share evidenced by an American depositary receipt
		
	“ADS Depositary”	  	The Bank of New York Mellon, as depositary under the Deposit Agreement
		
	“ADS Voting Instruction Card”	  	the voting instruction card accompanying this document for use by registered Climate Exchange ADS Holders to provide their instructions to the ADS Depositary as to how to vote at
the Court Meeting and the Climate Exchange EGM in respect of the Climate Exchange Shares underlying their Climate Exchange ADSs
		
	“ADS Voting Record Time”	  	5.00 p.m. (New York time) on 3 June 2010
		
	“AIM”	  	the alternative investment market of the London Stock Exchange
		
	“AIM Rules”	  	the AIM Rules for Companies published by the London Stock Exchange, as amended from time to time
		
	“Announcement”	  	the announcement of the Acquisition and the Scheme made by Bidco on 30 April 2010
		
	“Bidco”	  	Aether Ios Limited, a private company with limited liability incorporated in the United Kingdom with registered number 07227809 and its registered office address at
5th Floor, Milton Gate, 60 Chiswell Street, London EC1Y
4SA
		
	“Bidco Directors”	  	the persons whose names are set out in paragraph 2.2 of Part Seven of this document or, where the context so requires, the directors of Bidco from time to time
		
	“Board” or “Directors”	  	the board of directors of Climate Exchange
		
	“Business Day”	  	a day (other than a Saturday, Sunday, or public holiday) on which banks are generally open for business in the City of London and the Isle of Man

 

 65 

			
		
	“certificated” or “in certificated form”	  	a share or other security which is not in uncertificated form (that is, not in CREST)
		
	“City Code”	  	The City Code on Takeovers and Mergers
		
	“CLE ECX Plan”	  	the Climate Exchange plc (European Climate Exchange Limited Commutation) Share Option Plan
		
	“Climate Exchange”	  	Climate Exchange plc, a public company with limited liability incorporated in the Isle of Man with registered number 109015C whose registered office is at IOMA House, Hope
Street, Douglas, Isle of Man, IM1 1AP
		
	“Climate Exchange ADSs”	  	American depositary shares, evidenced by an American depositary receipt, issued by the ADS Depositary in accordance with the Deposit Agreement, each two such depositary shares
representing one Climate Exchange Share
		
	“Climate Exchange ADS Holder”	  	a holder of a Climate Exchange ADS
		
	“Climate Exchange Directors”	  	the persons whose names are set out in paragraph 2.1 of Part Seven of this document or, where the context so requires, the directors of Climate Exchange from time to
time
		
	“Climate Exchange EGM”	  	the extraordinary general meeting of Climate Exchange convened by the notice set out on pages 55 to 56 of this document, including any adjournment thereof
		
	“Climate Exchange Group”	  	Climate Exchange, its subsidiaries and subsidiary undertakings
		
	“Climate Exchange Meetings”	  	the Court Meeting and the Climate Exchange EGM
		
	“Climate Exchange Shareholders”	  	the holders of Climate Exchange Shares
		
	“Climate Exchange Shares”	  	the ordinary shares of £0.01 pence each in the capital of Climate Exchange
		
	“Climate Exchange Share Schemes”	  	the 2006 Plan, CLE ECX Plan and the LTIP
		
	“Computershare”	  	Computershare Investor Services (Jersey) Limited
		
	“Conditions”	  	the conditions to the implementation of the Acquisition as set out in Part Three of this document
		
	“Court”	  	the High Court of Justice of the Isle of Man

  

 66 

			
		
	“Court Meeting”	  	the meeting of the holders of Scheme Shares convened by order of the Court pursuant to section 152 of the Isle of Man Companies Act, notice of which is set out on pages 53 to 54
of this document, including any adjournment thereof
		
	“Court Order”	  	the order of the court sanctioning the Scheme
		
	“CREST”	  	the relevant system (as defined in the Regulations) in respect of which Euroclear is the Operator (as defined in the Regulations)
		
	“CREST Manual”	  	the CREST manual issued by Euroclear
		
	“Dealing Disclosure”	  	an announcement pursuant to Rule 8 of the City Code containing details of interests or short positions in, or rights to subscribe for, any relevant securities of a party to an
offer in whose securities the person disclosing has dealt as well as the person’s positions (if any) in the relevant securities of any other party to the offer
		
	“Deposit Agreement”	  	the deposit agreement dated as of 14 July 2008, among Climate Exchange, The Bank of New York Mellon, as ADS Depositary, and the owners and holders of American depositary receipts
issued thereunder
		
	“disclosure period”	  	the period commencing on 1 May 2009 (being the date 12 months prior to the Announcement) and ending on 26 May 2010 (being the last practicable date prior to the publication of
this document)
		
	“Effective Date”	  	the date on which the Scheme becomes effective in accordance with its terms
		
	“Euroclear”	  	Euroclear UK & Ireland Limited
		
	“Exchange Act”	  	the U.S. Securities Exchange Act of 1934, as amended
		
	“Explanatory Statement”	  	the explanatory statement relating to the Scheme, as set out in Part Two of this document
		
	“Financial Supervision Commission”	  	the Companies Registry of the Isle of Man Financial Supervision Commission
		
	“Fox-Pitt, Kelton”	  	Fox-Pitt, Kelton Limited
		
	“Hearing”	  	the hearing by the Court of the petition to sanction the Scheme

  

 67 

			
		
	“Hearing Date”	  	the date of the Hearing
		
	“holder”	  	a registered holder and includes any person(s) entitled by transmission
		
	“ICE”	  	IntercontinentalExchange, Inc., a Delaware corporation with its principal office address at 2100 RiverEdge Parkway, Suite 500, Atlanta, GA 30328, United States of
America
		
	“ICE Directors”	  	the persons whose names are set out in paragraph 2.3 of Part Seven of this document or, where the context so requires, the directors of ICE from time to time
		
	“ICE Group”	  	ICE and its subsidiaries and subsidiary undertakings
		
	“Isle of Man Companies Act”	  	the Isle of Man Companies Act 1931 (as amended)
		
	“J.P. Morgan Cazenove”	  	J.P. Morgan plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove
		
	“Kinmont”	  	Kinmont Limited, a corporate finance advisory business based in London, United Kingdom
		
	“London Stock Exchange”	  	London Stock Exchange plc
		
	“LTIP”	  	the Climate Exchange Long Term Incentive Plan
		
	“Morgan Stanley”	  	Morgan Stanley & Co. Incorporated
		
	“Notice of Termination”	  	the notice of termination relating to the Deposit Agreement, which is to be sent to Climate Exchange ADS Holders after the Effective Date
		
	“Offer”	  	should Bidco so elect, the offer to be made by Bidco to acquire the entire issued and to be issued share capital of Climate Exchange by means of contractual offer pursuant to the
City Code
		
	“Opening Position Disclosure”	  	an announcement pursuant to Rule 8 of the City Code containing details of interests or short positions in, or rights to subscribe for, any relevant securities of a party to an
offer
		
	“Order Date”	  	the date on which the Order is made or, if later, the date on which the Order is expressed to take effect
		
	“Panel”	  	The Panel on Takeovers and Mergers

  

 68 

			
		
	“Regulations”	  	the Uncertificated Securities Regulations 2005 of the Isle of Man
		
	“Regulatory Information Service”	  	any of the services set out in appendix 3 of the listing rules of the UK Listing Authority, being the competent authority for the purposes of Part VI of the UK Financial Services
and Markets Act 2000
		
	“Relevant Authority”	  	a government or governmental, quasi-governmental, supranational, statutory or regulatory, environmental or investigative body, court, association, institution or agency
(including trading agency) or any other similar body or person (including any professional body) whatsoever in any jurisdiction
		
	“Relevant Holders”	  	holders of Scheme Shares whose names appear in the register of members of Climate Exchange at the Scheme Record Time
		
	“Resolutions”	  	the resolution set out in the Notice of Court Meeting in Part Ten of this document and the Special Resolution
		
	“Scheme” or “Scheme of Arrangement”	  	the proposed scheme of arrangement under section 152 of the Isle of Man Companies Act between Climate Exchange and holders of Scheme Shares, as set out in Part Four of this
document, with or subject to any modification, addition or condition approved or imposed by the Court
		
	“Scheme Document”	  	this circular dated 28 May 2010 addressed to Climate Exchange Shareholders containing the Scheme and an Explanatory Statement
		
	“Scheme Record Time”	  	6.00 p.m. on the Business Day immediately prior to the Effective Date
		
	“Scheme Shares”	  	 (i)     the Climate Exchange Shares in issue at the date of this
document;
  

(ii)    any Climate Exchange Shares issued after the date of this document and prior to the
Voting Record Time; and
  

(iii)  any Climate Exchange Shares issued at or after the Voting Record Time and prior to
6.00 p.m. on the Order Date in respect of which the original or any subsequent holder thereof is bound by the Scheme, or shall by such time have agreed in writing to be bound by the Scheme, in any case, other than Climate Exchange Shares held
or beneficially owned by ICE

  

 69 

			
		
	“Special Resolution”	  	the special resolution to be proposed at the Climate Exchange EGM for the purposes of approving certain amendments to the articles of association of Climate Exchange as set out
in Part Eleven of this document
		
	“subsidiary”	  	has the meaning given in section 1159 of the UK Companies Act
		
	“subsidiary undertaking”	  	has the meaning given in section 1162 of the UK Companies Act
		
	“UK” or “United Kingdom”	  	the United Kingdom of Great Britain and Northern Ireland
		
	“UK Companies Act”	  	the UK Companies Act 2006, as amended
		
	“UK Listing Authority”	  	the Financial Services Authority as the competent authority for listing in the United Kingdom
		
	“uncertificated” or “in uncertificated form”	  	a share or other security recorded on the relevant register as being held in uncertificated form in CREST and title to which, by virtue of the Regulations, may be transferred by
means of CREST
		
	“U.S.” or “United States”	  	the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia
		
	“Voting Record Time”	  	6.00 p.m. on the day which is 2 days before the date of the Court Meeting or any adjournment thereof (as the case may be)
		
	“Warrants”	  	any warrants issued by the Climate Exchange Group or to be issued by it pursuant to any contractual arrangement in existence (without amendment) at 30 April 2010, which entitle
the holder of those warrants to subscribe for shares in Climate Exchange

  

 70 

			
	“Wider Climate Exchange Group”	  	Climate Exchange and its subsidiary undertakings and any other undertaking, body corporate, partnership, joint venture or person in which Climate Exchange and/or such entities
(aggregating their interests) has or together have a direct or indirect interest of more than 10 per cent. of the voting or equity share capital or the equivalent
		
	“Wider ICE Group”	  	ICE and its subsidiary undertakings and any other undertaking, body corporate, partnership, joint venture or person in which ICE and/or such entities (aggregating their
interests) has or together have a direct or indirect interest of more than 10 per cent. of the voting or equity share capital or the equivalent

  

 71 

 PART TEN: NOTICE OF COURT MEETING 

 

			
	 IN THE HIGH COURT OF JUSTICE OF THE ISLE OF MAN
	  	Serial No. CHP 10/0076
	 CIVIL DIVISION
	  	
	 CHANCERY PROCEDURE
	  	

 IN THE MATTER OF CLIMATE EXCHANGE PLC 

and 
 IN THE
MATTER OF THE ISLE OF MAN COMPANIES ACT 1931 
 NOTICE IS HEREBY GIVEN that, by an order dated 25 May 2010 made in the above matters, the
High Court of Justice of the Isle of Man (the “Court”) has directed a meeting to be convened of the holders of Scheme Shares (as defined in the Scheme of Arrangement referred to below) for the purpose of considering and, if thought
fit, approving (with or without modification) a scheme of arrangement (the “Scheme of Arrangement”) proposed to be made between Climate Exchange plc (the “Company”) and the holders of Scheme Shares and that such
meeting will be held at One Bunhill Row, London EC1Y 8YY on 2 July 2010 at 9.30 a.m. at which place and time all holders of Scheme Shares are requested to attend. 

At the said meeting the following resolution will be proposed: 

“THAT the scheme of arrangement (the “Scheme of Arrangement”) between the Company and the holders of Scheme Shares, a print of
which has been produced to this meeting and for the purposes of identification signed by the chairman hereof, in its original form or with or subject to any modification, addition or condition approved or imposed by the Court, be approved and the
directors of the Company be authorised to take all such action as they may consider necessary or appropriate for carrying the Scheme of Arrangement into effect.” 

The Scheme of Arrangement must be approved by a majority in number representing three fourths in value of the Scheme Shares held by the holders of Scheme
Shares present and voting, either in person or by proxy, at the meeting. Voting on the resolution will be by poll, which may be conducted as the chairman of the meeting shall determine. For the meeting to be properly convened, a quorum of two
persons entitled to vote must be present. 
 A holder of Scheme Shares shall, for the purposes of determining the number of holders of Scheme
Shares who have voted in favour of and against the Scheme of Arrangement, always be treated as one holder. Therefore, where a holder of Scheme Shares votes his or her shares (in person or by proxy) partly in favour of and partly against the Scheme
of Arrangement, whether that holder of Scheme Shares has voted in favour of or against the Scheme of Arrangement shall be determined by reference to whether the majority of the votes cast by that holder were in favour of or against the Scheme of
Arrangement. The total value of votes placed by a holder of Scheme Shares at the meeting (either in person or by proxy) shall not exceed the total number of Scheme Shares registered in the holder’s name. 

A copy of the said Scheme of Arrangement and a copy of an explanatory statement relating thereto is incorporated in the document of which this notice
forms part. 
  

 72 

 Holders of Scheme Shares may vote in person at the meeting or they may appoint another person as their
proxy to attend, speak and vote in their stead. A proxy need not be a member of the Company. A holder of Scheme Shares may appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise the rights attached
to a different share or shares held by that holder. A blue form of proxy for use at the meeting is enclosed with this notice. Climate Exchange Shareholders with Scheme Shares held through CREST may also appoint a proxy or proxies using CREST by
following the instructions set out on pages 15 to 17 of this document. Completion and return of a form of proxy, or the appointment of proxies through CREST, will not preclude a holder of Scheme Shares from attending and voting in person at the
meeting, or any adjournment thereof. 
 In the case of joint holders of Scheme Shares the vote of the senior member who tenders a vote,
whether in person or by proxy, will be accepted to the exclusion of the votes of the other joint holder(s) and for this purpose seniority will be determined by the order in which the names stand in the register of members of the Company in respect
of the relevant joint holding. 
 It is requested that forms appointing proxies (together with any power of attorney or other authority under
which they are signed, or a notarially certified copy of such power of attorney) be lodged with Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, not later than 48 hours before the start
of the meeting but, if forms are not so lodged, they may be handed to the chairman before the start of the meeting. 
 Entitlement to attend and
vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the register of members of the Company at 6.00 p.m. on the day that is 2 days before the meeting or any adjourned meeting (as the case may be).

 By the said order, the Court has appointed Neil Eckert, or failing him, Matthew Whittell, to act as chairman of the meeting and has directed
the chairman to report the result of the meeting to the Court. 
 The said Scheme of Arrangement will be subject to the subsequent sanction of
the Court. 
 Dated 28 May 2010 

Cains Advocates Limited 
 15-19 Athol Street

 Douglas 
 Isle of Man IM1 1LB

 Advocates for the Company 
  

 73 

 PART ELEVEN: NOTICE OF EXTRAORDINARY GENERAL MEETING 

CLIMATE EXCHANGE PLC 

Notice is hereby given that an extraordinary general meeting of Climate Exchange plc (the “Company”) will be held at 9.45 a.m. on
2 July 2010 at One Bunhill Row, London EC1Y 8YY (or as soon thereafter as the meeting of the holders of Scheme Shares (as defined in the Scheme as referred to in paragraph (a) of the resolution set out below) convened for 9.30 a.m. on the
same day and at the same place, by an order of the High Court of Justice of the Isle of Man, shall have concluded or been adjourned) for the purpose of considering and, if thought fit, passing the following resolution, which will be proposed as a
special resolution. 
 SPECIAL RESOLUTION 

THAT: 
 for the purpose of giving effect to the
scheme of arrangement (the “Scheme”), between the Company and the holders of Scheme Shares (as defined in the Scheme), a copy of which has been produced to this meeting and for the purposes of identification signed by the chairman
hereof, in its original form or subject to any modification(s), addition(s), or condition(s) approved or imposed by the High Court of Justice of the Isle of Man (“Court”), with effect from the passing of this resolution, the
articles of association of the Company be altered by the adoption and inclusion of the following new article 173: 
 “Shares not subject to
Scheme of Arrangement 
  

	(a)	In this Article, references to the “Scheme” are to the Scheme of Arrangement between the Company and the holders of Scheme Shares (as defined in the Scheme)
dated 28 May 2010 (with or subject to any modification, addition or condition approved or imposed by the Court) under section 152 of the CA 1931 and terms defined in the Scheme shall have the same meanings in this article.

  

	(b)	If the Company issues any Ordinary Shares (other than to Aether Ios Limited, any subsidiary of Aether Ios Limited, or any nominee of Aether Ios Limited (each a
“Bidco Company”)) on or after the date of the adoption of this Article and prior to 6.00 p.m. on the date of the hearing to sanction the Scheme (the “Hearing Date”) such Ordinary Shares shall be issued subject to the terms of the
Scheme and the holder or holders of such Ordinary Shares shall be bound by the Scheme accordingly. 

  

	(c)	If any Ordinary Shares are issued to any person (a “new member”) at or after 6.00 p.m. on the Hearing Date they will, provided that the Scheme has become
effective and that Aether Ios Limited is a member of the Company, be immediately transferred to Aether Ios Limited or its nominee(s) (unless such Ordinary Shares are issued to a Bidco Company) in consideration of and conditional on the payment to
the new member of the same cash consideration per Ordinary Share as would have been payable to a holder of the Scheme Shares under the Scheme. 

  

	(d)	 To give effect to any such transfer required by this Article 173, the Company may appoint any person to execute a form of transfer on behalf of the new
member in favour of Aether Ios Limited or its nominee(s). Pending the registration of Aether Ios Limited or 

  

 74 

	 	 
its nominee(s) as the holder of any share to be transferred pursuant to this Article 173, Aether Ios Limited shall be empowered to appoint a person nominated by the directors to act as attorney
on behalf of each holder of any such share in accordance with such directions as Aether Ios Limited may give in relation to any dealings with or disposal of such share (or any interest therein), exercising any rights attached thereto or receiving
any distribution or other benefit accruing or payable in respect thereof and the registered holder of such share shall exercise all rights attaching thereto in accordance with the directions of Aether Ios Limited but not otherwise.”

 28 May 2010 

By Order of the Board  

Philip Scales 

Company Secretary 
 Registered
Office: 
 IOMA House 
 Hope Street

 Douglas 
 Isle of Man

IM1 1AP 
 Registered in Isle of Man
No. 109015C 
 Notes: 
  

	1.	Only holders of ordinary shares of £0.01 in the capital of the Company are entitled to attend and vote at this meeting and may appoint a proxy to attend, speak
and vote instead of them. A member may appoint more than one proxy in relation to the extraordinary general meeting provided that each proxy is entitled to exercise the rights attaching to a different share or shares held by that member. A proxy
need not be a member of the Company. 

  

	2.	A yellow form of proxy is enclosed for use at this meeting. To be valid, completed forms of proxy must be returned so as to arrive at the offices of the Company’s
receiving agent, Computershare Investor Services (Jersey) Limited, Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, not later than 9.45 a.m. on 30 June 2010, or if the meeting is adjourned, at least 48 hours before the start of the
adjourned meeting. Forms of proxy may also be sent by facsimile transmission to Computershare Investor Services (Jersey) Limited on 0870 873 5851 (from within the British Isles) or +44 870 873 5851 (from outside the British Isles). Members with
shares held through CREST may also appoint a proxy or proxies using CREST by following the instructions set out on pages 15 to 17 of this document. 

  

	3.	Completion and return of a form of proxy, or the appointment of proxies through CREST, will not preclude a holder of ordinary shares from attending and voting in person
at the meeting, or any adjournment thereof. 

  

	4.	Entitlement to attend and vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the register of members of the
Company at 6.00 p.m. on 30 June 2010 (or in the event that the meeting is adjourned, by reference to the register of members at 6.00 p.m. on the day that is 2 days before the adjourned meeting). Changes to entries on the register of members
after that time (or in the event that the meeting is adjourned, on the register of members at 6.00 p.m. on the day that is 2 days before the adjourned meeting) shall be disregarded in determining the rights of any person to attend and vote at the
meeting. 

  

	5.	In the case of joint holders of ordinary shares the vote of the senior member who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of
the other joint holder(s) and for this purpose seniority will be determined by the order in which the names stand in the register of members of the Company in respect of the relevant joint holding. 

 

 75

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