Document:

Fiscal and Paying Agency Agreement, dated as of July 3, 2003

 Exhibit 4.8 
 FISCAL AND PAYING AGENCY AGREEMENT 
 among 
 General Motors Corporation, 
 and 
 Deutsche Bank AG London 
 and

 Banque Générale du Luxembourg S.A. 
  

 
 Dated as of July 3, 2003 
  
  
  

 FISCAL AND PAYING AGENCY AGREEMENT 
 THIS FISCAL AND PAYING AGENCY AGREEMENT is made the 3rd day of July 2003, among: 
  

	(1)	General Motors Corporation of 300 Renaissance Center, Detroit, Michigan 48265-3000 (the “Company”); 

  

	(2)	Deutsche Bank AG London. (the “Fiscal Agent”) of Winchester House, 1 Great Winchester Street, London EC2N 2DB, England (which expression shall include any successor fiscal
agent appointed in accordance with Clause 18); 

  

	(3)	Banque Générale du Luxembourg S.A. of 50 Avenue J.F. Kennedy, L-2951 Luxembourg (together with the Fiscal Agent, the “Paying Agents,” which expression shall
include any additional or successor Paying Agent appointed in accordance with Clause 20). 

 IT IS HEREBY AGREED as follows:

  

	 	1.	Definitions and Interpretation 

 (a)
In this Agreement, unless there is something in the subject or context inconsistent therewith the expressions used herein shall have the same meanings as in the Subscription Agreement. 
 (b) The following expressions shall have the following meanings: 
 “Month” means calendar month; 
 “outstanding” means in relation to the Notes, all the Notes issued other than (i) those which have been redeemed in full in accordance with the Conditions, (ii) those in respect of which the date for redemption in
accordance with the Conditions has occurred and the redemption moneys therefor (including all interest accrued thereon to the date for such redemption) have been duly paid to the Fiscal Agent as provided in this Agreement (and, where appropriate,
notice has been given to the Noteholders in accordance with Condition 12) and remain available for payment against presentation of Notes, (iii) those which have become void under Condition 15, (iv) those which have been purchased and
cancelled as provided in Condition 5, (v) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes pursuant to Condition 13, (vi) (for the purpose only of determining how many Notes are outstanding and
without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 13, (vii) Temporary Global Notes to the extent
that they shall have been duly exchanged for Permanent Global Notes and Permanent Global Notes to the extent that they shall have been duly exchanged for Definitive Notes, in each case pursuant to their respective provisions and
(viii) Temporary Global Notes and Permanent Global Notes which have become void in accordance with their terms and, provided that for the purpose of the right to attend and vote at any meeting of the Noteholders or any of them, 

 
those Notes (if any) which are for the time being held by any person (including but not limited to the Company or any Subsidiary of the Company) for the
benefit of the Company or any Subsidiary of the Company shall (unless and until ceasing to be so held) be deemed not to remain outstanding; 
 “repay” shall include “redeem” and vice versa and “repaid,” “repayable” and “repayment” and “redeemed,” “redeemable” and “redemption” shall be construed
accordingly; and 
 “Subscription Agreement” means the Subscription Agreement dated July 1, 2003 among the Company and the
Managers concerning the purchase of the Notes. 
 (c) All references in this Agreement to principal and/or interest or both in
respect of the Notes or to any moneys payable by the Company under this Agreement shall be deemed to include (a) a reference to any Additional Amounts which may be payable under Condition 6 and (b) any other amounts which may be payable in
respect of the Notes. 
 (d) Expressions defined in the Conditions shall have the same meanings herein unless otherwise
stated. 
  

	 	2.	Appointment of Fiscal Agent and other Paying Agents 

 (a) The Fiscal Agent is hereby appointed as agent of the Company, upon the terms and subject to the conditions set out below, for the purposes of: 
 (i) completing, authenticating and issuing Notes and the coupons; 
 (ii) paying sums due on Global Notes; 
 (iii) arranging on behalf of the Company for notices to be communicated to the Noteholders in accordance with the Conditions; 
 (iv) receiving notice from Euroclear and/or Clearstream relating to the certificates of Non-U.S. beneficial ownership of the Notes;

 (v) determining the date of completion of distribution of the Notes represented by each Temporary Global Note, upon
notification from the Managers and notifying such determination to the Company, the Managers and Euroclear and Clearstream; 
 (vi) ensuring that all necessary action is taken to comply with applicable periodic reporting requirements with respect to the Notes; and 
  

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 (viii) otherwise fulfilling its duties and obligations as set forth in the Conditions.

 (b) Each Paying Agent is hereby appointed by the Company as Paying Agent of the Company, upon the terms and subject to the
conditions set out below, for the purposes of paying sums due on Notes and/or coupons. 
  

	 	3.	Issue of Temporary Global Notes 

 (a) Upon the execution and delivery of this Agreement, 2013 Notes in an aggregate outstanding principal amount not in excess of €1,000,000,000 and 2033 Notes in an aggregate outstanding principal amount not in excess of
€1,500,000,000, may be executed by the Company and delivered to the Fiscal Agent for authentication, and the Fiscal Agent shall thereupon authenticate and deliver such Notes upon the written order of the Company, signed by any authorized
officer of the Company without any further action by the Company. Until a Note has been authenticated it shall have no effect. 
 (b) The Notes initially will be issued in the form of one or more Temporary Global Notes in bearer form without coupons substantially in the form set forth in Schedule 3 Part I, hereto. The Temporary Global Notes shall be signed on behalf
of the Company by any authorized officer. The Temporary Global Notes shall be authenticated by the Fiscal Agent upon the same conditions, in substantially the same manner and with the same effect as the Permanent Global Notes or Definitive Notes.
The Fiscal Agent will, upon the order of the Company, deposit the Temporary Global Notes with Deutsche Bank AG London., as the common depositary (the “Common Depositary”) for Euroclear Bank S.A./N.V., as operator of the Euroclear System
(“Euroclear”), and Clearstream Banking, societe anonyme (“Clearstream”). 
  

	 	4.	Issue of Permanent Global Notes 

 Upon the
occurrence of any event which, pursuant to the terms of the Temporary Global Notes, requires the issuance of one or more Permanent Global Notes, the Temporary Global Notes may be surrendered to the Fiscal Agent at such office to be exchanged, as a
whole or in part, for interests in the Permanent Global Notes substantially in the form set forth in Schedule 3 Part II hereto, in denominations of €1,000, €10,000 or €100,000 or integral multiples thereof without charge, and the
Fiscal Agent shall authenticate and deliver, in exchange for such Temporary Global Note or the portions thereof to be exchanged, an equal aggregate principal amount of the Permanent Global Note, but only upon presentation to the Fiscal Agent by the
Common Depository of a certificate or certificates (in substantially the form attached to the Temporary Global Note as Schedule Three) of Euroclear or Clearstream with respect to the Temporary Global Note or portions thereof being exchanged, to the
effect that it has received in writing or by facsimile a certification or certifications (in substantially the form attached to the Temporary Global Note as Certificate “A”) signed by the person appearing in its records as the owner of the
Temporary Global Note or portions thereof being exchanged. 
  

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	 	5.	Issue of Definitive Notes 

 Upon the occurrence of
any event which, pursuant to the terms of the Permanent Global Notes, requires the issuance of one or more Definitive Note(s), the Permanent Global Note shall be surrendered to or to the order of the Fiscal Agent. In exchange for the Permanent
Global Note, the Company will deliver to the relevant Holders, or procure the delivery of, in either case at its own expense, an equal aggregate principal amount of Definitive Notes substantially in the form set forth in Schedule 3 Part III hereto,
in denominations of €1,000, €10,000 or €100,000 (having attached to them all Coupons in respect of interest which has not already been paid on the Permanent Global Note), printed in accordance with any applicable legal and stock
exchange requirements and in or substantially in the form set out in this Agreement. 
  

	 	6.	Exchanges 

 Upon any exchange of all or a portion of
an interest in a Temporary Global Note for an interest in a Permanent Global Note or upon any exchange of a Permanent Global Note for Definitive Notes, the relevant Global Note shall be endorsed to reflect the reduction of its principal amount by
the aggregate principal amount so exchanged. Until exchanged in full, the holder of an interest in any Global Note shall in all respects be entitled to the same benefits under this Agreement as the holder of Notes and Coupons authenticated and
delivered hereunder, subject as set out in the Conditions. The Fiscal Agent is hereby authorized on behalf of the Company (i) to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the principal
amount represented thereby by the amount so exchanged, and sign in the relevant space on the relevant Global Note recording such exchange and (ii) in the case of a total exchange, to cancel or arrange for the cancellation of the relevant Global
Note. 
  

	 	7.	Payment 

 (a) The Company shall, on
each date on which any payment in respect of any of the Notes becomes due, transfer to an account outside the United States specified by the Fiscal Agent such amount in Euros as shall be sufficient for the purposes of such payment in funds settled
through such payment system as the Fiscal Agent may designate. 
 (b) The Company shall ensure that no later than two Business
Days immediately preceding the date on which any payment is to be made to the Fiscal Agent pursuant to subclause (a) above, the Fiscal Agent shall receive a copy of an irrevocable payment instruction to the bank through which the payment is to
be made. For purposes of this Agreement, “Business Day” means a day other than a Saturday or Sunday that is not (a) a day on which banks and foreign exchange markets in London, New York City and the place where such Note or Coupon, as
the case may be, is presented for payment to a Paying Agent are generally authorized or obligated by law or executive order to close and (b) not a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System
(“TARGET”) is closed. 
  

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 (c) Subject to the Fiscal Agent or, as the case may be, the relevant other Paying Agents
being satisfied in its sole discretion that payment will be duly made as provided in subclause (a) above, the Fiscal Agent and each other Paying Agent shall pay or cause to be paid on behalf of the Company the amounts of principal and interest
due on the Notes in the manner provided in the Conditions. Payments on Temporary Global Notes will be made only to the extent that certification that the beneficial owners are not certain United States persons has been received by Euroclear or
Clearstream. If any payment provided for in subclause (a) above is made late but otherwise in accordance with the provisions of this Agreement, the Fiscal Agent and each other Paying Agent shall nevertheless make payments in respect of the
Notes as aforesaid following receipt by it of such payment from the Company. 
 (d) If for any reason the Fiscal Agent
considers in its sole discretion (exercised in good faith) that the amounts to be received by the Fiscal Agent pursuant to subclause (a) above will be, or the amounts actually received by it pursuant thereto are, insufficient to satisfy all
claims in respect of all payments then falling due on the Notes, neither the Fiscal Agent nor any other Paying Agent shall be obliged to pay any such claims until the Fiscal Agent has received the full amount of all moneys due and payable in respect
of such Notes. 
 (e) Without prejudice to subclauses (c) and (d) above, and without any requirement to do so, if
the Fiscal Agent pays any amounts to the Noteholders or to any other Paying Agent at a time when it has not received payment in full in respect of such Notes in accordance with subclause (a) above (the excess of the amounts so paid over the
amounts so received being the “Shortfall”), the Company shall, in addition to paying amounts due under subclause (a) above, pay to the Fiscal Agent on demand interest at a rate determined by the Fiscal Agent to represent its cost of
funding the Shortfall for the relevant period (with proof thereof if requested by the Company) (or the unreimbursed portion thereof) until the receipt in full by the Fiscal Agent of the Shortfall. 
 (f) The Fiscal Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Notes properly made by such Paying
Agent in accordance with this Agreement and the Notes unless the Fiscal Agent shall have notified such Paying Agent prior to the opening of business in the location of the office of such Paying Agent through which payment on the Notes can be made on
the due date of payment under such Notes that the Fiscal Agent does not expect to receive sufficient funds to make payment of all amounts falling due in respect of such Notes. 
 (g) While any Notes are represented by Global Notes, all payments due in respect of such Notes shall be made to, or to the order of, the
holder of the Global Notes, subject to and in accordance with the provisions of the Global Notes. On the occasion of any such payment, the Paying Agent, on behalf of the Company, to which the Global Note was presented for the purpose of making such
payment shall cause the relevant Part of Schedule One to the relevant Global Note to be annotated so as to evidence the amounts and dates of such payments of principal, and/or interest as applicable. 
  

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 If the amount of principal, and/or interest then due for payment is not paid in full (otherwise than by
reason of a deduction required by law to be made therefrom), the Paying Agent to which a Global Note is presented for the purpose of making such payment shall make a record of such shortfall on the relevant Part of Schedule One to the relevant
Global Note and such record shall, in the absence of manifest error, be prima facie evidence that the payment in question has not to that extent been made. 
  

	 	8.	Notice of any Withholding or Deduction 

 If the
Company is, in respect of any payment of principal or interest in respect of the Notes, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental charges as specifically contemplated under the
Conditions, the Company shall give notice thereof to the Fiscal Agent as soon as it becomes aware of the requirement to make such withholding or deduction and shall give to the Fiscal Agent such information as the Fiscal Agent shall require to
enable it to comply with such requirement. 
  

	 	9.	Duties of the Fiscal Agent in Connection with Redemption of Notes 

 If the Company decides to redeem all the Notes for the time being outstanding in accordance with the Conditions, it shall give notice of such decision to the Fiscal Agent a reasonable length of time (at least 40 days)
before the relevant redemption date to enable the Fiscal Agent to undertake its obligations herein and in the Conditions. 
  

	 	10.	Receipt and Publication of Notices 

 (a) Forthwith upon the receipt by the Fiscal Agent of a demand or notice from any Noteholder in accordance with Condition 8, the Fiscal Agent shall forward a copy thereof to the Company. 
 (b) On behalf of and at the request and expense of the Company, the Fiscal Agent shall cause to be given in accordance with the
Conditions, all notices required to be given by the Company to the Noteholders under the Conditions or this Agreement. 
  

	 	11.	Cancellation of Notes and Coupons 

 (a) All Notes which are redeemed or exchanged (together with all unmatured Coupons attached thereto or delivered therewith) and all Coupons which are paid shall be cancelled by the Paying Agent by which they are paid. Each of the Paying
Agents shall give to the Fiscal Agent details of all payments made by it and shall deliver all cancelled Notes and Coupons to the Fiscal Agent or as the Fiscal Agent may specify. Where Notes are purchased by or on behalf of the Company, the Company
may, at its option, procure that such Notes (together with all unmatured Coupons appertaining thereto) are promptly surrendered to the Fiscal Agent or its authorized agent for cancellation. 
  

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 (b) The Fiscal Agent shall (unless required by law or otherwise instructed by the Company
in writing and save as provided in Clause 13(a) below) destroy all cancelled Notes and Coupons and, upon request, furnish the Company with a certificate of destruction containing serial numbers of the Notes and the number of Coupons so destroyed.

  

	 	12.	Issue of Replacement Notes or Coupons 

 (a) The Company shall cause a sufficient quantity of additional forms of Notes to be available, upon request, to the Fiscal Agent at its specified office for the purpose of issuing replacement Notes or Coupons as provided below. 

(b) The Fiscal Agent shall, subject to and in accordance with the Conditions and the following provisions of this Clause 12, cause to
be authenticated and delivered any replacement Notes or Coupons which the Company and the Fiscal Agent may determine to issue in place of Notes or Coupons which have been lost, stolen, mutilated, defaced or destroyed. 
 (c) In the case of a mutilated or defaced Note, the Fiscal Agent shall ensure that (unless otherwise covered by such indemnification as
the Company may require) any replacement Note only has attached to it Coupons corresponding to those attached to the mutilated or defaced Note which is presented for replacement. 
 (d) The Fiscal Agent shall obtain verification, in the case of an allegedly lost, stolen or destroyed Note in respect of which the serial
number is known, that such Note or Coupon has not previously been redeemed or paid. The Fiscal Agent shall not issue any replacement Note or Coupon unless and until the Fiscal Agent and the Company agree that the applicant therefor has: 

(i) paid such costs as may be incurred in connection therewith; 
 (ii) furnished it with such evidence and indemnification as the Company and the Fiscal Agent may reasonably require; and 
 (iii) in the case of any mutilated or defaced Note or Coupon, surrendered it to the Fiscal Agent. 
 (e) The Fiscal Agent shall cancel any mutilated or defaced Notes or Coupons in respect of which replacement Notes or Coupons have been
issued pursuant to this Clause 12. The Fiscal Agent shall furnish the Company with a certificate stating the serial numbers of the Notes or Coupons received by it and cancelled pursuant to this Clause 12 and shall, unless otherwise required by the
Company, destroy all such Notes and Coupons and furnish the Company with a destruction certificate containing the information specified in Clause 11(b) above. 
  

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 (f) The Fiscal Agent shall, on issuing any replacement Note or Coupon, forthwith inform
the Company and the Paying Agent of the serial number of such replacement Note or Coupon issued and (if known) of the serial number of the Note or Coupon in place of which such replacement Note or Coupon has been issued. 
 (g) Whenever any Note or Coupon for which a replacement Note or Coupon has been issued and of which the serial number is known is
presented to any of the Paying Agents for payment, the relevant Paying Agent shall immediately send notice thereof to the Company and the Fiscal Agent; no payment shall be made on such cancelled Note or Coupon. 
  

	 	13.	Records and Certificates 

 (a) The
Fiscal Agent shall (i) keep a full and complete record of all Notes and Coupons and of their redemption, purchase, cancellation or payment (as the case may be) and of all replacement Notes or Coupons issued in substitution for lost, stolen,
mutilated, defaced or destroyed Notes or Coupons and (ii) in respect of the Coupons, retain until the expiry of five years from the Relevant Date (as defined in Condition 15) in respect of such Coupons either all paid Coupons or a list of the
total number of Coupons of that maturity still remaining unpaid. The Fiscal Agent shall at all reasonable times make such records and Coupons available to the Company. 
 (b) A certificate stating (i) the aggregate principal amounts of Notes which have been redeemed and the aggregate amounts in respect
of Coupons which have been paid, (ii) the serial numbers of such Notes, (iii) the total numbers of each denomination of such Coupons, (iv) the serial numbers of those Notes (if any) which have been purchased by or on behalf of the
Company or any of its Subsidiaries and cancelled (subject to delivery thereof to the Fiscal Agent) and the total number of Coupons attached thereto or surrendered therewith and (v) the aggregate principal amounts of Notes and the aggregate
amounts in respect of Coupons which have been surrendered and replaced and the serial numbers of such Notes and the total numbers by maturity date of such Coupons shall be given to the Company by the Fiscal Agent as soon as possible and in any event
within three months after the date of such redemption, purchase, payment or replacement (as the case may be). 
 (c) The
Fiscal Agent shall submit (on behalf of the Company) such reports or information as may be required from time to time by applicable law, regulations and guidelines in connection with this Agreement. 
  

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	 	14.	Copies of this Agreement Available for Inspection 

 (a) The Fiscal Agent and the Paying Agents shall hold copies of this Agreement available for inspection by Noteholders and Couponholders. For this purpose, the Company shall furnish the Fiscal Agent and the Paying
Agents with sufficient copies of this Agreement. 
  

	 	15.	Fees and Expenses 

 (a) The Fiscal
Agent shall be entitled to the compensation to be agreed upon with the Company for all services rendered by it, and the Company agrees to pay such compensation promptly and to reimburse the Fiscal Agent and the Paying Agents for reasonable out of
pocket expenses (including reasonable fees and expenses of counsel pursuant to Clause 18(b) below) reasonably incurred by either of them in connection with the services rendered by them hereunder. 
 (b) The Company shall pay to the Fiscal Agent such fees in respect of the services of the Paying Agents under this Agreement as shall be
agreed between the Company and the Fiscal Agent. The Company shall not be concerned with the apportionment of payment among the Paying Agents. 
 (c) In respect of the said fees the Company shall also pay to the Fiscal Agent such sum as is appropriate in respect of value added tax together with all reasonable expenses (including, inter alia, postage expenses)
reasonably incurred by the Paying Agents in connection with their said services. 
 (d) The fees under subclause
(b) above shall be paid in U.S. Dollars. The Fiscal Agent shall arrange for payment of the fees due to the Paying Agents and arrange for the reimbursement of their expenses promptly after receipt of the relevant moneys from the Company.

 (e) At the request of the Fiscal Agent, the parties hereto may from time to time during the continuance of this Agreement
review the fees agreed initially pursuant to subclause (b) above with a view to determining whether the parties hereto can mutually agree upon changes therein. 
  

	 	16.	Indemnification 

 (a) The Company
shall indemnify and keep indemnified each of the Paying Agents and the Fiscal Agent against any losses, liabilities, costs, claims (or actions in respect thereof) and reasonable expenses (including reasonable legal fees) which it may incur or which
may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement except such as may result from its own willful default, negligence or bad faith or that of its officers or
employees or any of them, or breach by it of the terms of this Agreement. The obligations of the Company under this Clause (a) shall survive the payment of the Notes and the resignation or removal of the Fiscal Agent or any Paying Agent, as the
case may be. 
  

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 (b) Each of the Paying Agents and the Fiscal Agent shall severally indemnify the Company
against any losses, liabilities, costs, claims (or actions in respect thereof) and reasonable expenses (including reasonable legal fees) which the Company may incur or which may be made against the Company as a result of the willful default,
negligence or bad faith of that Paying Agent or Fiscal Agent or that of its officers or employees or any of them, or breach by it of the terms of this Agreement. 
  

	 	17.	Repayment by Fiscal Agent 

 Any monies paid by the
Company to the Fiscal Agent or any Paying Agent for payment in respect of any of the Notes or Coupons and remaining unclaimed for two years after the date on which such amounts shall have become due and payable shall then be repaid to the Company
and, upon such payment, all liability of the Fiscal Agent or any Paying Agent with respect to such monies shall cease, without, however, relieving the Company of the obligation to pay the amounts in respect of any such Note or Coupon upon the due
subsequent presentation thereof to the Company at its registered office until such Notes or Coupons become void. Notes will become void unless presented for payment within periods of ten years and five years, respectively, from the due date for
payment thereof, in accordance with the Conditions. 
  

	 	18.	Conditions of Appointment 

 The Fiscal Agent and
each of the Paying Agents accept their obligations set forth herein and in the Notes upon the terms and conditions hereof and thereof, including the following, to all of which the Company agree and to all of which the rights of the holders from time
to time of the Notes and Coupons shall be subject: 
 (a) In acting under this Agreement and in connection with the Notes and
Coupons, the Fiscal Agent and the Paying Agents are acting solely as agents of the Company and do not assume any obligation towards or relationship of agency or trust for or with any of the beneficial owners or holders of the Notes and Coupons
except that all funds held by the Paying Agents for a payment in respect of the Notes and Coupons shall be held in trust by them and applied as set forth herein and in such Notes, but need not be segregated from other funds held by them, except as
required by law; provided that monies paid by the Company to the Paying Agents for payment in respect of any of the Notes and Coupons and remaining unclaimed for two years after the date on which such payment shall have become due and payable shall
be repaid to the Company as provided and in the manner set forth in Clause 17 hereof, whereupon the aforesaid trust shall terminate and liability of the Paying Agents to the Company with respect to such monies shall cease. 
 (b) Each of the Fiscal Agent and the Paying Agents may consult at its own expense (unless the Company has agreed in writing as to the need
for such consultation and as to the counsel to be consulted) with counsel satisfactory to it (who may be an employee of or legal advisor to the Company) in its reasonable 

  

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judgment and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted to be taken by any of them hereunder in good faith and in accordance with such advice or opinion. 
 (c) The Fiscal
Agent and the Paying Agents shall be protected and shall incur no liability for or in respect of any action taken or omitted to be taken or being suffered by it in reliance upon any Note, instrument of transfer, notice, direction, consent,
certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper party or parties. 
 (d) Each of the Paying Agents or any agent of the Company or of the Paying Agent, if it is not a United States person as defined in this
Agreement or if it is the foreign branch of a U.S. financial institution as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(6), in its individual capacity or any other capacity, may become the owner of, or acquire any interest
in, any Notes or other obligations of the Company with the same rights that it would have if it were not a Paying Agent or any agent of the Company or of the Paying Agent, and each Paying Agent may engage or be interested in any financial or other
transaction with the Company, and may act on, or as depositary, trustee or Manager for, any committee or body of holders of Notes or other obligations of the Company, as freely as if it were not a Paying Agent or any agent of the Company or of the
Paying Agent. 
 (e) None of the Fiscal Agent or the Paying Agents shall be under any liability for interest on any monies
received by it pursuant to any of the provisions of this Agreement or the Notes except as otherwise agreed with the Company in writing. 
 (f) The recitals contained in this Agreement and in the Notes or Coupons (except in the Fiscal Agent’s certificate of authentication) shall be taken as the statements of the Company, and neither the Fiscal Agent
nor any Paying Agent assumes any responsibility for the correctness of the same. Neither the Fiscal Agent nor any Paying Agent makes any representation as to the validity or sufficiency of this Agreement or the Notes, except for their due
authorization to execute and perform their obligations under this Agreement. Neither the Fiscal Agent nor any Paying Agent shall be accountable for the use or application by the Company of any of the Notes or by the Company of the proceeds of any
Notes. 
 (g) The Fiscal Agent and the Paying Agents shall be obligated to perform such duties and only such duties as are
herein and in the Notes specifically set forth, and no implied duties or obligations shall be read into this Agreement or the Conditions against the Fiscal Agent or any Paying Agent. Neither the Fiscal Agent nor any Paying Agent shall be under any
obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. 
  

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 (h) The Company shall provide the Fiscal Agent and each other Paying Agent with a copy of
the certified list of persons authorized to take action on behalf of the Company in connection with this Agreement (as referred to in paragraph 3 of Appendix A to the Subscription Agreement) and shall notify the Fiscal Agent and each Paying Agent
immediately in writing if any of such persons ceases to be so authorized or if any additional person becomes so authorized together, in the case of an additional authorized person, with evidence satisfactory to the Fiscal Agent that such person has
been so authorized. 
 (i) No Paying Agent shall exercise any right of set off or lien against the Company or any Noteholders
or Couponholders in respect of any monies payable to or by it under the terms of this Agreement. 
 (j) To the extent
permitted by law, each of the Paying Agents shall be entitled to treat the bearer of any Note or Coupon as the absolute owner thereof (notwithstanding any notice to the contrary and whether or not such Note or Coupon shall be overdue and
notwithstanding any notation of ownership or writing thereon or notice of previous loss or theft thereof) for all purposes subject, in relation to any Global Note, as provided in the Conditions. 
 (k) Each of the Company, the Fiscal Agent and the Paying Agents agree that this Agreement will, subject to the other provisions herein,
continue in full force and effect for so long as any of the Notes are outstanding. 
  

	 	19.	Communications with Paying Agents 

 A copy of all
communications relating to the subject matter of this Agreement between the Company and any of the Paying Agents other than the Fiscal Agent shall be sent to the Fiscal Agent. 
  

	 	20.	Termination of Appointment 

 (a) The
Company may terminate the appointment of the Fiscal Agent or any Paying Agent at any time and/or appoint additional or other Paying Agents by giving to the Fiscal Agent or the Paying Agent whose appointment is concerned and, in the case of any
Paying Agent other than the Fiscal Agent, the Fiscal Agent at least 60 days’ prior written notice to that effect, provided that, so long as any of the Notes are outstanding, (i) such notice shall not expire less than 30 days before any due
date for the payment of any Note or Coupon and (ii) notice shall be given in accordance with the Conditions at least 30 days prior to any removal or appointment of the Fiscal Agent or any Paying Agent. 
 (b) Notwithstanding the provisions of subclause (a) above, if at any time the Fiscal Agent or any Paying Agent becomes incapable of
acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or 

  

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makes an assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of
all or any substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or of all or a substantial part of its property is appointed, or it admits in writing its inability to pay or meet its debts as
they may mature or suspends payment thereof, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if any public officer takes charge or control
of such Fiscal Agent or Paying Agent or of its property or affairs for the purpose of rehabilitation, administration or liquidation, the Company may forthwith without notice terminate the appointment of such Fiscal Agent or Paying Agent, as the case
may be, in which event notice thereof shall be given to the Noteholders and the Couponholders in accordance with the Conditions as soon as practicable thereafter. 
 (c) The termination of the appointment of the Fiscal Agent or any Paying Agent hereunder shall not entitle such Fiscal Agent or Paying
Agent to any amount by way of compensation but shall be without prejudice to any amount then accrued due. 
 (d) The Fiscal
Agent or all or any of the Paying Agents may resign their respective appointments hereunder at any time by giving to the Company and (except in the case of resignation of the Fiscal Agent) the Fiscal Agent at least 60 days’ prior written notice
to that effect. Following receipt of a notice of resignation from the Fiscal Agent or any Paying Agent, the Company shall promptly, but no later than 10 days prior to the expiration of any resignation of the Fiscal or Paying Agent; give notice
thereof to the Noteholders and the Couponholders in accordance with the Conditions. The Fiscal Agent and Paying Agent may appoint a replacement Fiscal Agent on behalf of the Company, if the Company has not already done so. 
 (e) Notwithstanding the provisions of subclauses (a), (b), (c) and (d) above, so long as any of the Notes are outstanding, the
termination of the appointment of any Paying Agent (whether by the Company or by the resignation of such Paying Agent) shall not be effective unless upon the expiry of the relevant notice there is (i) a Fiscal Agent and (ii) at least one
Paying Agent with a specified office in a European city which, so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require, shall be Luxembourg. 
 (f) Any successor Fiscal Agent or Paying Agent appointed hereunder shall execute and deliver to its predecessor, the Company any (unless
its predecessor is the Fiscal Agent) the Fiscal Agent, an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent or Paying Agent, without any further act, deed or conveyance, shall become vested with all the
authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent or a Paying Agent under this Agreement. 
  

 14 

 (g) If the appointment of the Fiscal Agent or any Paying Agent hereunder is terminated
(whether by the Company or by the resignation of such Fiscal Agent or Paying Agent), such Fiscal Agent or Paying Agent shall on the date on which such termination takes effect deliver to the Fiscal Agent or the successor Fiscal Agent all Notes and
Coupons surrendered to it but not yet destroyed and shall deliver to such successor Paying Agent (or if none, the Fiscal Agent) all records concerning the Notes and Coupons maintained by it (except such documents and records as it is obliged by law
or regulation to retain or not to release) and pay to its successor Fiscal Agent or Paying Agent (or, if none, to the Fiscal Agent) the amounts held by it in respect of Notes or Coupons which have become due and payable but which have not been
presented for payment, but shall have no other duties or responsibilities under this Agreement. 
 (h) If the Fiscal Agent or
any of the Paying Agent changes its specified office, it shall give to the Company and the Fiscal Agent (if applicable), not less than 45 days’ written notice to that effect giving the address of the new specified office. As soon as practicable
thereafter and in any event at least 30 days prior to such change, the Fiscal Agent shall give to the Noteholders notice of such change and the address of the new specified office in accordance with the Conditions. The Company reserves the right to
approve any change in the specified office of any Paying Agent. 
 (i) Any corporation into which the Fiscal Agent or any
Paying Agent for the time being may be merged or converted or any corporation with which such Fiscal Agent or Paying Agent may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Fiscal Agent or
Paying Agent shall be a party shall, to the extent permitted by applicable law, be the successor Fiscal Agent or Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto. Notice of any such merger, conversion or consolidation shall forthwith be given to the Company and, where appropriate, the Fiscal Agent. 
  

	 	21.	Meetings of Noteholders 

 (a) The
provisions of Schedule 4 hereto shall apply to meetings of the Noteholders and shall have effect in the same manner as if set out in this Agreement. 
 (b) Without prejudice to subclause (a) above, each of the Paying Agents shall, on the request of any Noteholder, issue voting certificates and block voting instructions together, if so required by the Company,
with reasonable proof satisfactory to the Company of due execution thereof on behalf of such Paying Agent in accordance with the provisions of Schedule 4 hereto and shall forthwith give notice to the Company in accordance with the said Schedule 4 of
any 

  

 15 

 
revocation or amendment of a voting certificate or block voting instruction. Each Paying Agent shall keep a full and complete record of all voting
certificates and block voting instructions issued by it and shall not later than 24 hours before the time appointed for holding any meeting or adjourned meeting deposit, at such place as the Fiscal Agent shall designate or approve, full particulars
of all voting certificates and block voting instructions issued by it in respect of such meeting or adjourned meeting. 
  

	 	22.	Communications 

 All communications shall be by
facsimile or letter delivered by hand or (but only where specifically provided in the Appendix hereto) by telephone. Each communication shall be made to the relevant party at the facsimile number or address or telephone number and, in the case of a
communication by facsimile or letter, marked for the attention of, or (in the case of a communication by telephone) made to, the person(s) from time to time specified in writing by that party to the other for the purpose. The initial telephone
number, facsimile number and address of, and person(s) so specified by, each party are set out on the signature pages of this Agreement. 
 A
communication shall be deemed received, (if by facsimile) when an acknowledgment of receipt is received, (if by telephone) when made or (if by letter) when delivered, in each case in the manner required by this Clause 22 provided, however, that if a
communication is received after business hours it shall be deemed to be received and become effective on the next Business Day. Every communication shall be irrevocable save in respect of any manifest error therein. 
  

	 	23.	Taxes 

 The Company will pay all stamp or other
documentary taxes or duties, if any, to which the execution or delivery of this Agreement or the original issuance of the Notes or Coupons may be subject as a result of compliance with the terms of the Subscription Agreement. 
  

	 	24.	Descriptive Headings  

 The descriptive headings in
this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
  

	 	25.	Amendments 

 This Agreement, the Notes and the
Coupons may be amended by the Company and the Fiscal Agent, without the consent of the Noteholders or the Couponholders so as to modify any of the provisions of this Agreement, the Notes and the Coupons which are of a formal, minor or technical
nature in the opinion of the Company or to add any covenant, restriction, condition or provision as the Company shall consider to be for the protection of the Noteholders or is made for the purpose of curing any ambiguity, or correcting or
supplementing any provision contained herein or therein which may be defective or inconsistent with any other provision contained herein or therein, or to make 

  

 16 

 
such other provisions in regard to matters or questions arising under this Agreement as shall not adversely affect the interests of the holders of the Notes
or Coupons. Any such modification shall be binding on all the Noteholders and the Couponholders, and if the Fiscal Agent so requires, shall be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 12. 

 

	 	26.	Governing Law 

 This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, United States of America, without giving effect to the principles of conflicts of law. Each party to this Agreement irrevocably agrees that any legal action or proceeding against it
arising out of or in connection with this Agreement or for recognition or enforcement of any judgment rendered against it in connection with this Agreement may be brought in any Federal or New York State court sitting in the Borough of Manhattan,
and, by execution and delivery of this Agreement, such party thereby irrevocably accepts and submits to the jurisdiction of each of the aforesaid courts in person, generally and unconditionally with respect to any such action or proceeding for
itself and in respect of its property, assets and revenues. Each party hereby also irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding
brought in any such court and any claim that any such action or proceeding has been brought in an inconvenient forum. Nothing contained in this Clause 26 shall limit any right to bring any legal action or proceeding in any other court of competent
jurisdiction. The Company hereby appoints its New York office as its agent for the service of process in New York. 
  

 17 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	 /s/ Warren G. Andersen

	Name:	 	Warren G. Andersen
	Title:	 	Assistant General Counsel
		 	and Assistant Secretary

 [Signature Page for GM Euro Fiscal and Paying Agency Agreement] 

			
	DEUTSCHE BANK AG LONDON
		
	By:	 	 /s/ CA Morris

	Name:	 	CA Morris
	Title:	 	Vice President
		
	By:	 	 /s/ C. Wilson

	Name:	 	C. Wilson
	Title:	 	Vice President
	
	BANQUE GÉNÉRALE DU LUXEMBOURG S.A.
		
	By:	 	 /s/ Jean Marie Moes

	Name:	 	 Jean Marie Moes

	Title:	 	Head of Back-Offices & Securities Handling
		
	By:	 	 /s/ Karine Antignac

	Name:	 	Karine Antignac
	Title:	 	Head of Paying Agency Recovery

 [Signature Page for GM Euro Fiscal and Paying Agency Agreement] 

 SCHEDULE 1 
 TERMS AND CONDITIONS OF NOTES 
 The following are the Terms and Conditions of Notes (sometimes referred to herein as the
“Terms and Conditions” or “Conditions’) of the Company that (subject to completion and amendment) will be attached to or incorporated by reference into each Global Note and which will be attached to or endorsed upon each
Definitive Note. 
 This Note is one of the Notes issued subject to, and with the benefit of, the Fiscal and Paying Agency Agreement (as
amended from time to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) dated July 3, 2003 and made among General Motors Corporation (the “Company”), Deutsche Bank AG London, as issuing agent and
principal Paying Agent (the “Fiscal Agent” which expression shall include any successor as fiscal agent) and Banque Générale du Luxembourg S.A., as Paying Agent (together with the Fiscal Agent, the “Paying Agents”
which expression shall include any additional or successor Paying Agents). 
 The holders for the time being of the Notes (the
“Noteholders”), which expression shall, in relation to any Notes be construed to include the holders of the Coupons (as defined below) appertaining to Definitive Notes (the “Couponholders”), are deemed to have notice of, and are
entitled to the benefit of, all the provisions of the Fiscal and Paying Agency Agreement, which are binding on them. Words and expressions defined in the Fiscal and Paying Agency Agreement or on the face of this Note shall have the same meanings
where used in these Terms and Conditions unless the context otherwise requires or unless otherwise stated. Copies of the Fiscal and Paying Agency Agreement are available from the principal office of the Fiscal Agent and the Paying Agents set out at
the end of this Agreement. 
  

	1.	Form, Denomination and Title 

 Each of the 2013
Notes and 2033 Notes will be represented initially by one or more Temporary Global Notes in bearer form (each a “Temporary Global Note”), without Coupons, which will be deposited on or about July 3, 2003 with a common depositary of
Euroclear Bank S.A./N.V. as operator for the Euroclear System (“Euroclear”) and Clearstream Banking, societe anonyme (“Clearstream”) for credit to certain accounts maintained by Euroclear or Clearstream. 
 Interests in Temporary Global Notes will be exchangeable for interests in Permanent Global Notes in bearer form (the “Permanent Global Note”)
without Coupons, not earlier than 40 days after July 3, 2003 (as extended as described below, the “Exchange Date”). The Company may issue further 2013 Notes and 2033 Notes which shall be consolidated and form a single series with the
2013 
 Notes and 2033 Notes (as applicable), provided, however, that such further Notes may be issued only if they are fungible with the
original Notes for United States federal income tax purposes. If any further 2013 Notes and 2033 Notes are issued prior to the originally scheduled Exchange Date, then the Exchange Date may be extended, without 

  

 20 

 
the consent of the applicable Noteholders, to a date being not earlier than 40 days after the issue of such further Notes. In addition, the exchange of a
Temporary Global Note for a Permanent Global Note will only be made upon certification that each beneficial owner of an interest in the Temporary Global Note is not a United States person or, if it is a United States person, that either it is a
foreign branch of a U.S. financial institution that meets certain requirements or it acquired the 2013 Notes or 2033 Notes through such a foreign branch and continues to hold such 2013 Notes or 2033 Notes through that financial institution and, if
it is a financial institution, that it has not acquired such 2013 Notes or 2033 Notes for resale to any United States person or persons in the United States or its possessions. A Permanent Global Note may be exchanged in whole but not in part for
definitive Notes, in bearer form with Coupons, in denominations of €1,000, €10,000 and €100,000, either upon request by any holder of an interest in the Permanent Global Notes or in certain other circumstances set out in the Permanent
Global Note as further described below. No Definitive Note delivered in exchange for a Permanent Global Note will be mailed or otherwise delivered to any location in the United States in connection with such exchange. 
 Title to the Notes and the Coupons will pass by delivery. The holder of each Coupon, whether or not such Coupon is attached to a Note, in the
holder’s capacity as such, shall be subject to and bound by all the provisions contained in the relevant Note. To the extent permitted by law, the Company, the Fiscal Agent and the Paying Agents, as the case may be, shall be entitled to deem
and treat the bearer of any Note and the bearer of any Coupon as the absolute owner thereof (notwithstanding any notice to the contrary and whether or not such Note or Coupon shall be overdue and notwithstanding any notice of ownership or writing
thereon or any notice of previous loss or theft or trust or other interest therein) for the purpose of making payment and for all other purposes. 
  

	2.	Status of the Notes 

 The Notes and the Coupons
appertaining thereto will be unsecured obligations of the Company and will rank equally with all other unsecured and unsubordinated indebtedness of the Company save for that preferred by mandatory provisions of law. 
 The Fiscal and Paying Agency Agreement and the Notes do not limit other indebtedness or securities which may be issued by the Company and contain no
financial or similar restrictions on the Company. 
  

	3.	Interest 

 The Notes will bear interest from and
including July 3, 2003 to but excluding July 3, 2013 (in the case of the 2013 Notes) and from and including July 3, 2003 to but excluding July 5, 2033 (in the case of the 2033 Notes) at a rate of 7.25 percent per annum, in the
case of the 2013 Notes, and 8.375 percent per annum in the case of the 2033 Notes, payable annually in arrears on July 3 (in the case of the 2013 Notes) and July 5 (in the case of the 2033 Notes) in each year the Notes are outstanding. The
first payment shall be payable on July 3, 2004 (in the case of the 2013 Notes) and July 5, 2004 (in the case of the 2033 Notes). 
  

 21 

 Interest will cease to accrue on the Notes on the applicable Maturity Date (as defined below) or on the
date the 2013 Notes or the 2033 Notes, as the case may be, are due to be redeemed unless, upon due presentation thereof, payment of principal is improperly withheld or refused, in which event interest will continue to accrue (both before and after
judgment) until whichever is the earlier of (i) the day on which all the sums due in respect of the 2013 Notes or 2033 Notes, as the case may be, Notes up to that day are received by or on behalf of the holders of the 2013 Notes or 2033 Notes,
as the case may be, and (ii) the day on which the Fiscal Agent has notified the holder thereof (in accordance with Condition 12) of its receipt of all sums due in respect thereof up to that date and that, upon presentation thereof being duly
made by the holder of Notes or Coupons, payment will be made, provided that upon presentation thereof being duly made, payment is in fact made. 
 When interest is required to be calculated in respect of a period of less than a full year, it shall be calculated on the basis of the actual number of days elapsed since the date of issuance of the Notes, or if more recent, the last
interest payment date divided by 365 (or if any portion of this period falls in a leap year, the sum of (A) the actual number of days in that portion of the period falling in a leap year divided by 366 and (B) the actual number of days in
the portion of the period falling in a non-leap year by 365). 
  

	4.	Payments 

 Principal of and interest (which term
includes any Additional Amounts, as defined herein, unless the context otherwise requires) on the Notes will be payable in Euros against surrender of such Notes or Coupons, as the case may be, at such paying agencies outside the United States and
its possessions as the Company may appoint from time to time or, at the option of the holder, by credit or transfer to a designated Euro account maintained by the payee with a bank located outside the United States and its possessions, subject in
each case to all applicable laws and regulations. If the date for payment of any amount in respect of any Note or Coupon is not a Business Day in the relevant place, the holder thereof shall not be entitled to payment until the next following
Business Day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay. For these purposes, “Business Day” means a day other than a Saturday or Sunday that is not (a) a day on which
banks and foreign exchange markets in London, New York City and the place where such Note or Coupon, as the case may be, is presented for payment to a Paying Agent are generally authorized or obligated by law or executive order to close and
(b) not a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”) System is closed. No payment of principal of, or interest on, any Note may be made at any office of the Fiscal Agent or any
other Paying Agent maintained by the Company in the United States, nor may payment be made to any address in the United States or by transfer to an account maintained in the United States. 
 The Company may at any time terminate the appointment of any Paying Agent and appoint additional or other Paying Agents outside the United States and its
possessions, provided that, until all outstanding Notes have been cancelled and delivered to the Fiscal Agent, or monies sufficient to pay the principal of and interest on all 

  

 22 

 
outstanding Notes have been made available for payment and either paid or returned to the Company, as the case may be, as provided in the Notes, the Company
will maintain a Paying Agent in a European city for payments on Notes or Coupons (which will be Luxembourg so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require). Notice of any
such termination or appointment and of any change in the office through which any Paying Agent will act will be given in accordance with Condition 12. The names of the initial Fiscal Agent and the initial Paying Agents and their respective initial
offices are set forth at the end of the Fiscal and Paying Agency Agreement. 
 In case of early redemption, the 2013 Notes or the 2033 Notes
(as applicable) should be presented for payment together with all relative unmatured Coupons, failing which the full amount of any such missing unmatured Coupons will be deducted from the sum due for payment. Each amount so deducted will be paid in
the manner mentioned above against surrender of the relative missing Coupon at any time before the expiry of five years following the due date for payment of such principal on redemption (whether or not such Coupons would have become unenforceable
pursuant to Condition 15). 
 All monies paid by the Company to the Fiscal Agent for the payment of principal of, or interest on, any Note
which remains unclaimed at the end of two years after such principal or interest shall have become due and payable, will be repaid to the Company upon the Company’s request and the holder of such Note or any Coupon will thereafter look only to
the Company for payment thereof. 
  

	5.	Redemption 

 (a) Maturity 
 The Notes are not redeemable before maturity except as provided under this Condition. The Notes will be redeemed by the Company in full at a redemption
price equal to 100 percent of the principal amount of the Notes on July 3, 2013 (in the case of the 2013 Notes) and July 5, 2033 (in the case of the 2033 Notes) (in either case, the “Maturity Date”) if they have not been
otherwise redeemed as described herein. 
 (b) Redemption for Tax Reasons 
 If, as the result of any change in or amendment to the laws (including any regulations or rulings promulgated thereunder) of the United States or any
political subdivision thereof or therein affecting taxation, including any official proposal for such a change in or amendment to such laws, which became effective after the date of the Offering Circular or which proposal is made after such date, or
any change in the official application or interpretation of such laws, including any official proposal for such a change, amendment or change in the application or interpretation of such laws, which change, amendment, application or interpretation
is announced or becomes effective after the date of the Offering Circular or which proposal is made after such date, or as the result of any action taken by any taxing authority of the United States which action is taken or becomes generally known
after the date of the Offering Circular, or any 

  

 23 

 
commencement of a proceeding in a court of competent jurisdiction in the United States after such date, whether or not such action was taken or such
proceeding was brought with respect to the Company, there is, in such case, in the written opinion of independent legal counsel of recognized standing to the Company, a material increase in the probability that the Company has or may become
obligated to pay Additional Amounts (as described below in Condition 6), and the Company in its business judgment, determines that such obligation cannot be avoided by the use of reasonable measures available to it, not including assignment of the
2013 Notes or the 2033 Notes, the 2013 Notes and/or the 2033 Notes (as applicable) may be redeemed, as a whole but not in part, at the Company’s option at any time thereafter, at a redemption price equal to 100 percent of the principal amount
of the 2013 Notes or the 2033 Notes (as applicable) to be redeemed together with (as applicable) accrued and unpaid interest thereon to (but not including) the date fixed for redemption (the “Redemption Price). Before the publication of any
notice of redemption of the 2013 Notes or the 2033 Notes (as applicable), pursuant to the foregoing, the Company shall deliver to the Fiscal Agent the opinion of a nationally recognized independent tax advisor to the Company as described above and a
certificate setting out facts showing that the conditions precedent to the right of the Company so to redeem have occurred. 
 (c) Special
Tax Redemption 
 If the Company shall determine, based upon an opinion of a nationally recognized independent tax advisor to the Company,
that any payment made outside the United States and its possessions by the Company or any of its Paying Agents of principal of or interest on any Note or Coupon would, under any present or future laws or regulations of the United States affecting
taxation or otherwise, be subject to any certification, identification, documentation, information or other reporting requirement of any kind with regard to the nationality, residence or identity of a beneficial owner of such Note or of any Coupon
who is a Non-U.S. Holder (as defined under Condition 6) (other than such a requirement which can be satisfied by the custodian, nominee or other agent (if any) of the beneficial owner certifying to the effect that such beneficial owner is a Non-U.S.
Holder, provided that payment by such custodian, nominee or agent to such beneficial owner is not otherwise subject to any such requirement), the Company shall, at its election, either redeem the 2013 year Notes or 2033 Notes (as applicable) in
whole at a redemption price equal to 100 percent of the principal amount of the 2013 year Notes or 2033 Notes (as applicable) together with (as applicable) accrued and unpaid interest to (but not including) the date fixed for redemption, or, if the
conditions of the second succeeding paragraph are satisfied, pay the Additional Amounts specified in such paragraph. The Company shall make such determination and election as soon as practicable and publish prompt notice thereof (the
“Determination Notice”) stating the effective date of such certification, documentation, identification, information or other reporting requirement, whether the Company has elected to redeem the 2013 Notes and/or the 2033 Notes (as
applicable) or pay the Additional Amounts specified in the second succeeding paragraph, and (if applicable) the last date by which the redemption of the 2013 year Notes or 2033 Notes (as applicable) must take place, as provided in the next
succeeding sentence. If the Company elects to redeem the 2013 Notes or the 2033 Notes (as applicable), such redemption shall take place on such date, not later than one 

  

 24 

 
year after the publication of the Determination Notice, as the Company shall elect by notice to the Fiscal Agent at least 15 days before notice is given to
the holders of the 2013 year Notes or 2033 Notes (as applicable) of the date fixed for redemption as described below. Notwithstanding the foregoing, the Company will not so redeem the 2013 year Notes or 2033 Notes if the Company shall subsequently
determine, not less than 30 days before the date fixed for redemption, that subsequent payments on the 2013 year Notes or 2033 Notes (as applicable) would not be subject to any such certification, identification, documentation, information or other
reporting requirement, in which case the Company shall publish prompt notice of such determination and any earlier redemption notice shall be revoked and of no further effect. 
 Each notice referred to in the preceding paragraph shall be given in the manner described below under Condition 12. 
 If, and so long as, the certification, identification, documentation, information or other reporting requirement referred to in the second preceding
paragraph would be fully satisfied by payment of a backup withholding tax or similar charge, the Company may elect to pay as Additional Amounts such amounts as may be necessary so that every net payment made outside the United States and its
possessions following the effective date of such requirement by the Company or any Paying Agent of principal of, or interest on, any Note or Coupon of which the beneficial owner is a Non-U.S. Holder (but without any requirement that the nationality,
residence or identity of such beneficial owner be disclosed to the Company or any Paying Agent or any governmental authority), after deduction or withholding for or on account of such backup withholding tax or similar charge, will not be less than
the amount provided for in such Note or Coupon to be then due and payable. However, the Company may elect not to pay such Additional Amounts in respect of any backup withholding tax or similar charge, which (a) would not be applicable to a
payment of principal of, or interest on, any Note or Coupon made by the Company or any one of its Paying Agents (i) directly to the beneficial owner or (ii) to a custodian, nominee or other agent of the beneficial owner of such Note if
such custodian, nominee or other agent were to certify to the effect that such beneficial owner is a Non-U.S. Holder or (b) is imposed as a result of presentation of such Note or Coupon for payment more than 10 days after the date on which such
payment became due and payable or on which payment thereof is duly provided for, whichever occurred later. In the event the Company elects to pay any Additional Amounts pursuant to this paragraph, the Company shall have the right to redeem the 2013
Notes and/or 2033 Notes at any time pursuant to the applicable provisions of the second preceding paragraph, the redemption price of which shall not be reduced for applicable withholding taxes. If the Company elects to pay Additional Amounts
pursuant to this paragraph and the condition specified in the first sentence of this paragraph should not be satisfied, then the Company shall redeem the 2013 Notes and/or 2033 Notes pursuant to the applicable provisions of the second preceding
paragraph. 
 (d) Notice 
 Notice of redemption will be given by the Company not less than 30 nor more than 60 days before the date fixed for redemption, which date and the applicable 

  

 25 

 
redemption price will be specified in the notice. Such notice shall be published in accordance with Condition 12 below. Notice having been so given, the 2013
Notes and/or 2033 Notes (as applicable) shall become due and payable on the redemption date upon presentation and surrender thereof (together with all Coupons, if any, maturing subsequent to the redemption date) and will be paid at the redemption
price, at the offices or agencies in Luxembourg and in the manner specified therein. Notes shall be presented for redemption accompanied by all unmatured Coupons, if any, failing which the amount of the missing unmatured Coupons will be deducted
from the sum due for payment. Any amount of payment so deducted will be paid in the manner mentioned above in Condition 4 against surrender of the related missing Coupons within the period of time set forth in Condition 15. 
 All unpaid interest installments represented by Coupons which shall have matured on or prior to the date of redemption specified in such notice shall
continue to be payable to the holders of such Coupons, and the amount payable to the holders of Notes presented for redemption shall not include such unpaid installments of interest (and any Additional Amounts with respect thereto), unless Coupons
representing such installments shall accompany the Notes presented for redemption. From and after the redemption date, if monies for the redemption of all the 2013 Notes or the 2033 Notes (as applicable) shall have been made available as provided
herein for redemption on the redemption date, such Notes shall cease to bear interest, the Coupons appertaining thereto maturing subsequent to the redemption date shall be void and the only right of the holders of Notes and Coupons appertaining
thereto shall be to receive payment of the applicable redemption price, and all unpaid interest installments represented by Coupons which shall have matured on or prior to the date of redemption, in accordance with the terms hereof. If any Note
called for redemption by the Company shall not be so paid upon surrender thereof for redemption, the principal and interest of such Note shall, until paid pursuant to Condition 4 hereof, bear interest from the redemption date at the rate borne by
the 2013 Notes or the 2033 Notes, as the case may be. 
 (e) Purchase by Company and Subsidiaries 
 The Company or any of its subsidiaries may at any time purchase or otherwise acquire Notes in the open market or otherwise. Notes purchased or otherwise
acquired by the Company or any of it subsidiaries may be held or, at the discretion of the Company, surrendered to the Fiscal Agent for cancellation (together with (in the case of Definitive Notes) any unmatured Coupons attached thereto or purchased
therewith). The Company may not resell or reissue those Notes purchased or otherwise acquired. 
  

	6.	Payment of Additional Amounts 

 The Company will pay
to the holder of any Note or any Coupon who is a Non-U.S. Holder (as defined below) such additional amounts (the “Additional Amounts”) as may be necessary in order that every net payment in respect of the principal of, premium, if any, or
interest, if any, on such Note or Coupon, after deduction or withholding by the Company or any Paying Agent for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such payment by the United
States 

  

 26 

 
or any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in such Note or in such Coupon to be then
due and payable before any such deduction or withholding for or on account of any such tax, assessment or governmental charge; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply to: 
 (a) any tax, assessment or other governmental charge which would not have been so imposed but for (i) the existence of any present or former
connection between such holder (or a fiduciary, settlor, beneficiary, member, or shareholder of, or holder of a power over, such holder, if such holder is an estate, trust, partnership or corporation) and the United States, including, without
limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder of, or holder of a power) being or having been a citizen or resident or treated as a resident thereof or being or having been engaged in a trade or business
therein or being or having been present therein or having or having had a permanent establishment therein, or (ii) such holder’s present or former status as a personal holding company or foreign personal holding company or controlled
foreign corporation or passive foreign investment company for United States federal income tax purposes or corporation which accumulates earnings to avoid United States federal income tax; 
 (b) any tax, assessment or other governmental charge which would not have been so imposed but for the presentation by the holder of such Note or Coupon
for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 
 (c) any estate, inheritance, gift, sales, transfer, personal property or excise tax or any similar tax, assessment or governmental charge; 
 (d) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments in respect of principal of, premium, if
any, or interest, if any, on any Note or Coupon; 
 (e) any tax, assessment or other governmental charge imposed on interest received by a
holder or beneficial owner of a Note or Coupon who actually or constructively owns 10% or more of the total combined voting power of all classes of stock of the Company entitled to vote within the meaning of Section 871(h)(3) of the Code;

 (f) any tax, assessment or other governmental charge imposed as a result of the failure to comply with (i) certification,
information, documentation, reporting or other similar requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Note or Coupon, if such compliance is required by
statute, or by regulation of the United States Treasury Department, as a precondition to relief or exemption from such tax, assessment or other governmental charge (including backup withholding) or (ii) any other certification, information,
documentation, reporting or other similar requirements under United States income tax laws or regulations that would establish entitlement to otherwise applicable relief or exemption from such tax, assessment or other governmental charge;

  

 27 

 (g) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any
payment of the principal of, premium, if any, or interest, if any, on any Note or Coupon, if such payment can be made without such withholding by at least one other Paying Agent; 
 (h) Any Note or Coupon where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European
Union Directive on the taxation of savings implementing the conclusions of the ECOFIN (European Union’s Economic and Finance Ministers) Council meeting of 26-27 November 2000 or any law implementing or complying with, or introduced in
order to conform to, such Directive; 
 (i) any Note or Coupon presented for payment by or on behalf of a holder who would have been able to
avoid such withholding or deduction by presenting the relevant Note or Coupon to another Paying Agent in a Member State of the European Union; or 
 (j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) or (i); 
 nor will Additional Amounts be paid to any holder who is a
fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon to the extent a settlor or beneficiary with respect to such fiduciary or a member of such partnership or a beneficial owner of the Note or Coupon would not have
been entitled to payment of the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of the Note or Coupon. The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or
judicial interpretation applicable to the Notes. Except as specifically provided by this Condition 6 and the paragraph entitled “Special Tax Redemption” in Condition 5, the Company will not be required to make any payment for any tax,
assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. 
 As used in this Condition 6 and under the paragraph entitled “Special Tax Redemption” in Condition 5, the term “United States” means the United States of America (including the states and the
District of Columbia) and its territories, possessions and other areas subject to its jurisdiction; and the term “Non-U.S. Holder” means a person that is for United States federal income tax purposes, a (i) non resident alien
individual, (ii) foreign corporation, (iii) non resident alien fiduciary of a foreign estate or trust, or (iv) a foreign partnership one or more members of which is, for United States federal income tax purposes, a non resident
individual, a foreign corporation or a non resident alien fiduciary of a foreign estate or trust. 
  

	7.	Certain Covenants 

 (a) Limitation on Liens.
The Company will not, and will not permit any Manufacturing Subsidiary to, issue or assume any Debt secured by a Mortgage upon any 

  

 28 

 
Principal Domestic Manufacturing Property of the Company or any Manufacturing Subsidiary or upon any shares of stock or indebtedness of any Manufacturing
Subsidiary (whether such Principal Domestic Manufacturing Property, shares of stock or indebtedness are now owned or hereafter acquired) without in any such case effectively providing concurrently with the issuance or assumption of any such Debt
that the Notes (together with, if the Company shall so determine, any other indebtedness of the Company or such Manufacturing Subsidiary ranking equally with the 2013 Notes and the 2033 Notes as then existing or thereafter created) shall be secured
equally and ratably with such Debt, unless the aggregate amount of Debt issued or assumed and so secured by Mortgages, together with all other Debt of the Company and its Manufacturing Subsidiaries which (if originally issued or assumed at such
time) would otherwise be subject to the foregoing restrictions, but not including Debt permitted to be secured under clauses (i) through (vi) of the immediately following paragraph, does not at the time exceed 20% of the stockholders’
equity of the Company and its consolidated subsidiaries, as determined in accordance with generally accepted accounting principles in the U.S. and shown on the audited consolidated balance sheet contained in the latest published annual report to
stockholders of the Company. 
 The above restrictions shall not apply to Debt secured by: 
 (i) Mortgages on property, shares of stock or indebtedness of any corporation existing at the time such corporation becomes a Manufacturing Subsidiary;

 (ii) Mortgages on property existing at the time of acquisition of such property by the Company or a Manufacturing Subsidiary, or Mortgages
to secure the payment of all or any part of the purchase price of such property upon the acquisition of such property by the Company or a Manufacturing Subsidiary or to secure any Debt incurred prior to, at the time of, or within 180 days after, the
later of the date of acquisition of such property and the date such property is placed in service, for the purpose of financing all or any part of the purchase price thereof, or Mortgages to secure any Debt incurred for the purpose of financing the
cost to the Company or a Manufacturing Subsidiary of improvements to such acquired property; 
 (iii) Mortgages securing Debt of a
Manufacturing Subsidiary owing to the Company or to another Subsidiary; 
 (iv) Mortgages on property of a corporation existing at the time
such corporation is merged or consolidated with the Company or a Manufacturing Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to the Company or a
Manufacturing Subsidiary; 
 (v) Mortgages on property of the Company or a Manufacturing Subsidiary in favor of the United States of America
or any State thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or in favor of any other country, or any political subdivision thereof, to secure partial, progress,
advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Mortgages; or

  

 29 

 (vi) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole
or in part of any Mortgage referred to in the foregoing clauses (i) to (v); provided, however, that the principal amount of Debt secured thereby shall not exceed by more than 115% the principal amount of Debt so secured at the time of such
extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Mortgage so extended, renewed or replaced (plus improvements on such property). 
 (b) Limitation on Sale and Lease-backs. The Company will not, and will not permit any Manufacturing Subsidiary to, enter into any arrangement with
any person providing for the leasing by the Company or any Manufacturing Subsidiary of any Principal Domestic Manufacturing Property owned by the Company or any Manufacturing Subsidiary on the date that the Notes are originally issued (except for
temporary leases for a term of not more than five years and except for leases between the Company and a Manufacturing Subsidiary or between Manufacturing Subsidiaries), which property has been or is to be sold or transferred by the Company or such
Manufacturing Subsidiary to such person, unless either: 
 (i) the Company or such Manufacturing Subsidiary would be entitled,
pursuant to the provisions of the covenant on limitation on liens set forth above, to issue, assume, extend, renew or replace Debt secured by a Mortgage upon such property equal in amount to the Attributable Debt in respect of such arrangement
without equally and ratably securing the 2013 Notes and 2033 Notes; provided, however, that from and after the date on which such arrangement becomes effective the Attributable Debt in respect of such arrangement shall be deemed for all purposes
under the covenant on limitation on liens set forth above and this covenant on limitation on sale and lease-back to be Debt subject to the provisions of the covenant on limitation on liens described above (which provisions include the exceptions set
forth in clauses (i) through (vi) of such covenant); or 
 (ii) the Company shall apply an amount in cash equal to
the Attributable Debt in respect of such arrangement to the retirement (other than any mandatory retirement or by way of payment at maturity), within 180 days of the effective date of any such arrangement, of Debt of the Company or any Manufacturing
Subsidiary (other than Debt owned by the Company or any Manufacturing Subsidiary) which by its terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such Debt.

 For purposes of the foregoing, the following definitions shall apply: 
 (i) “Attributable Debt” means, at the time of determination as to any lease, the present value (discounted at the actual rate, if stated, or,
if no rate is stated, the implicit rate of interest of such lease transaction as determined by the chairman, 

  

 30 

 
president, any vice chairman, any vice president, the treasurer or any assistant treasurer of the Company), calculated using the interval of scheduled rental
payments under such lease, of the obligation of the lessee for net rental payments during the remaining term of such lease (excluding any subsequent renewal or other extension options held by the lessee). The term “net rental payments”
means, with respect to any lease for any period, the sum of the rental and other payments required to be paid in such period by the lessee thereunder, but not including, however, any amounts required to be paid by such lessee (whether or not
designated as rental or additional rental) on account of maintenance and repairs, insurance, taxes, assessments, water rates, indemnities or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such
lessee thereunder contingent upon the amount of sales, earnings or profits or of maintenance and repairs, insurance, taxes, assessments, water rates, indemnities or similar charges; provided, however, that, in the case of any lease which is
terminable by the lessee upon the payment of a penalty in an amount which is less than the total discounted net rental payments required to be paid from the later of the first date upon which such lease may be so terminated and the date of the
determination of net rental payments, “net rental payments” shall include the then current amount of such penalty from the later of such two dates, and shall exclude the rental payments relating to the remaining period of the lease
commencing with the later of such two dates. 
 (ii) “Debt” means notes, bonds, debentures or other similar evidences of
indebtedness for money borrowed. 
 (iii) “Manufacturing Subsidiary” means any Subsidiary (A) substantially all the property
of which is located within the continental United States of America, (B) which owns a Principal Domestic Manufacturing Property and (C) in which the Company’s investment, direct or indirect and whether in the form of equity, debt,
advances or otherwise, is in excess of $2,500,000,000 as shown on the Company’s books as of the end of the fiscal year immediately preceding the date of determination; provided, however, that “Manufacturing Subsidiary” shall not
include Hughes Electronics Corporation and its Subsidiaries, General Motors Acceptance Corporation and its Subsidiaries (or any corporate successor of any of them) or any other Subsidiary which is principally engaged in leasing or in financing
installment receivables or otherwise providing financial or insurance services to the Company or others or which is principally engaged in financing the Company’s operations outside the continental United States of America. 
 (iv) “Mortgage” means any mortgage, pledge, lien, security interest, conditional sale or other title retention agreement or other similar
encumbrance. 
 (v) “Principal Domestic Manufacturing Property” means any manufacturing plant or facility owned by the Company or
any Manufacturing Subsidiary which is located within the continental United States of America and, in the opinion of the Company’s Board of Directors, is of material importance to the total business conducted by the Company and its consolidated
affiliates as an entity. 
  

 31 

 (vi) “Subsidiary” means any corporation of which at least a majority of the outstanding stock
having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or might have voting
power by reason of the happening of any contingency) is at the time owned by the Company, or by one or more Subsidiaries, or by the Company and one or more Subsidiaries. 
  

	8.	Events of Default 

 In case one or more of the
following events (“Events of Default”) shall have occurred and be continuing: 
 (a) default in the payment of the principal of the
2013 Notes or the 2033 Notes as and when the same shall become due and payable either at maturity, upon redemption, by declaration or otherwise; or 
 (b) default in the payment of any installment of interest or in the payment of any Additional Amounts upon the 2013 Notes or the 2033 Notes as and when the same shall become due, and continuance of such default for a period of thirty days;
or 
 (c) failure on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company
applicable to the 2013 Notes or the 2033 Notes or contained in the Fiscal and Paying Agency Agreement and the Conditions for a period of ninety days after the date on which written notice of such failure, requiring the Company to remedy the same,
shall have been given to the Company by the Fiscal Agent, or to the Company and the Fiscal Agent by the holders of at least 25 percent in aggregate principal amount of the 2013 Notes or the 2033 Notes at the time outstanding (as applicable); or

 (d) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of ninety days; or 
 (e) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case
under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or for any substantial part of its property, or shall make any
general assignment for the benefit of creditors; 
 then if an Event of Default described in clause (a), (b) or (c) shall have occurred and be
continuing, and in each and every such case, unless the principal amount of all the 2013 Notes or the 2033 Notes, as the case may be, shall have already become due and payable, 

  

 32 

 
the holders of not less than 25 percent in aggregate principal amount of the 2013 Notes or the 2033 Notes affected thereby then outstanding (as applicable)
hereunder, by notice in writing to the Company and the Fiscal Agent, may declare the principal amount of the 2013 Notes or the 2033 Notes (as applicable) affected thereby to be due and payable immediately, and upon any such declaration the same
shall become and shall be immediately due and payable, any provision of the Fiscal and Paying Agency Agreement or the Notes contained to the contrary notwithstanding, or, if an Event of Default described in clause (d) or (e) shall have
occurred and be continuing, and in each and every such case, the holders of not less than 25 percent in aggregate principal amount of the 2013 Notes or the 2033 Notes then outstanding (as applicable)), by notice in writing to the Company and the
Fiscal Agent, may declare the principal of the 2013 Notes or the 2033 Notes (as applicable) to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any provision in the Fiscal
and Paying Agency Agreement or in the Notes to the contrary notwithstanding. The foregoing provisions, however, are subject to the conditions that if, at any time after the principal of the 2013 Notes or the 2033 Notes shall have been so declared
due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Fiscal Agent a sum sufficient to pay all matured
installments of interest, if any, and all Additional Amounts, if any, due upon the 2013 Notes or the 2033 Notes (as applicable) and the principal of the 2013 Notes or the 2033 Notes (as applicable) which shall have become due otherwise than by
acceleration (with interest, if any, upon such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest and Additional Amounts, if any, at the same rate as the rate of
interest specified in the 2013 Notes or the 2033 Notes, as the case may be, to the date of such payment or deposit), and such amount as shall be payable to the Fiscal Agent pursuant to the Fiscal and Paying Agency Agreement, and any and all defaults
under the Fiscal and Paying Agency Agreement shall have been remedied, then and in every such case the holders of a majority in aggregate principal amount of the 2013 Notes or the 2033 Notes (as applicable) then outstanding, by written notice to the
Company and to the Fiscal Agent, may waive all defaults with respect to the 2013 Notes or the 2033 Notes (as applicable) and rescind and annul such declaration and its consequences; but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent thereon. 
 In case the Fiscal Agent shall have proceeded to enforce
any right under the Fiscal and Paying Agency Agreement and such proceedings shall have been discontinued or abandoned because of such recession and annulment or for any other reason or shall have been determined adversely to the Fiscal Agent, then
and in every such case the Company, the Fiscal Agent and the holders of the 2013 Notes or the 2033 Notes, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the
Company, the Fiscal Agent and the holders of the 2013 Notes or the 2033 Notes, as the case may be, shall continue as though no such proceedings had been taken. 
  

 33 

	9.	Fiscal and Paying Agents 

 The Fiscal Agent and each
of the Paying Agents will act solely as agents of the Company and will not assume any obligations or relationships of agency or trust towards or with any Noteholder or Couponholder, except that any funds received by the Fiscal Agent for the payment
of any sums due in respect of the Notes and the Coupons relating thereto shall be held by it in trust for the relevant Noteholders and Couponholders (as the case may be) until the expiration of the relevant period under Condition 4. The Fiscal and
Paying Agency Agreement contains provisions for the indemnification of the Fiscal Agent and for its relief from responsibility in certain circumstances. 
  

	10.	Consolidation, Merger or Sale of Assets 

 The
Company covenants that it will not merge or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation, unless (i) either the Company shall be the continuing corporation,
or the successor corporation (if other than the Company) shall be a corporation organized and existing under the laws of the United States of America or a state thereof and such corporation shall expressly assume the due and punctual payment of the
principal of interest, and Additional Amounts, if any, on the Notes, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Fiscal and Paying Agency Agreement to be performed by
the Company, in an instrument executed and delivered to the Fiscal Agent by such corporation and (ii) the Company or such successor corporation, as the case may be, shall not, immediately after such merger or consolidation, or such sale or
conveyance, be in default in the performance of any such covenant or condition. 
 In case of any such consolidation, merger, sale or
conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named in the Fiscal and Paying Agency Agreement. 

The Fiscal Agent may receive an opinion of counsel (which counsel may be an employee of or counsel to the Company, or who may be other counsel
acceptable to the Fiscal Agent) as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption, complies with the provisions of this Condition 10. 
  

	11.	Meetings of Noteholders and Modification 

 The
Fiscal and Paying Agency Agreement contains provisions for convening meetings of Noteholders to consider matters affecting their interests including modifications by Extraordinary Resolution with respect to the 2013 Notes or the 2033 Notes of the
Terms and Conditions of the Notes, the Coupons and the Fiscal and Paying Agency Agreement. The quorum at any such meeting for passing a resolution proposed as an Extraordinary Resolution will be one or more persons holding or representing a clear
majority in principal amount of the 2013 Notes or the 2033 Notes (as applicable) for the time being outstanding, except that at any meeting, the business of which includes, 

  

 34 

 
inter alia, (i) modification of the Maturity Date of the 2013 Notes or the 2033 Notes or reduction or cancellation of the principal amount payable upon
maturity, (ii) reduction of the amount payable or modification of the payment date in respect of any interest on the 2013 Notes or 2033 Notes, (iii) modification of the currency in which payments under the Notes and/or Coupons are to be
made, (iv) modification of the majority required to pass an Extraordinary Resolution or (v) modification of the provisions of the Fiscal and Paying Agency Agreement concerning this exception, the necessary quorum for passing an
Extraordinary Resolution will be one or more persons holding or representing not less than two-thirds, or at any adjourned meeting not less than a clear majority, in principal amount of the 2013 Notes or the 2033 Notes (as applicable) for the time
being outstanding. Any resolution duly passed at any such meeting shall be binding on all Noteholders (whether or not they were present at such meeting) and on all Couponholders. 
 The Fiscal Agent may agree with the Company, without the consent of the Noteholders or Couponholders, to any modification to any of the provisions of the
Fiscal and Paying Agency Agreement, the Notes or the Coupons which is of a formal, minor or technical nature in the opinion of the Company or to add any covenant, restriction, condition or provision as the Company shall consider to be for the
protection of the Noteholders or is made for the purpose of curing any ambiguity, or correcting or supplementing any provision contained therein which may be defective or inconsistent with any other provision contained therein, or to make such other
provisions in regard to matters or questions arising under the Fiscal and Paying Agency Agreement as shall not adversely affect the interests of the holders of the Notes or Coupons. Any such modification shall be binding on all the Noteholders and
Couponholders, and, if the Fiscal Agent so requires, shall be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 12. 
  

	12.	Notices 

 Notices to Note holders will be given by
publication in a daily morning newspaper in the English language of general circulation in London, England. In addition, so long as the 2013 Notes and 2033 Notes are listed on the Luxembourg Stock Exchange and the rules of such Exchange shall so
require, notices to holders of the 2013 Notes or 2033 Notes (as applicable) will be given by publication in a daily newspaper of general circulation in Luxembourg. The terms “daily morning newspaper” and
“daily newspaper” shall be deemed to mean a newspaper customarily published on each Business Day (as defined under Condition 4) (in morning editions, in the case of “daily morning newspaper”), whether or not
it shall be published in Saturday, Sunday, or holiday editions. If, by reason of the temporary or permanent suspension of publication of any newspaper, or by reason of any other cause, it shall be impossible to make publication of such notice in a
daily morning newspaper in the English language of general circulation in London, England and Luxembourg, then such publication or other notice in lieu thereof as shall be made by the Fiscal Agent shall constitute sufficient publication of such
notice, if such publication or other notice shall be in an English language newspaper with general circulation in Europe and, so far as may be possible, shall approximate the terms and conditions of the publication in lieu of which it is given.

  

 35 

 
In addition, any notice shall be published in a manner which complies with the rules and regulations of the Luxembourg Stock Exchange. Such publication is
expected to be made in the Financial Times and the Luxemburger Wort. Such notice shall be deemed to have been given on the date of publication, or, if published on more than one date, on the date of first publication. 
 Notices to be given by any Noteholder shall be in writing and given by lodging the same, together with the relevant Note or Notes, with the Fiscal Agent.
Couponholders shall be deemed for all purposes to have notice of the contents of any notice given Noteholders in accordance with this Condition 12. 
  

	13.	Replacement of Notes and Coupons 

 Notes (including
any Coupons appertaining to the Notes) that become mutilated, defaced, destroyed, stolen or lost will be replaced by the Company at the expense of the holder upon delivery to the Fiscal Agent (the “Replacement Agent”) of such Notes and
Coupons or evidence of the loss, theft or destruction thereof satisfactory to the Company and the Replacement Agent. In the case of a mutilated, defaced, destroyed, stolen or lost Note or Coupon, an indemnity and/or security satisfactory to the
Replacement Agent and the Company may be required at the expense of the holder of such Note or Coupon before a replacement Note or Coupon, as the case may be, will be issued. 
  

	14.	Further Issues 

 The Company from time to time
without the consent of the holder of any Note or Coupon, to create and issue further 2013 Notes and/or 2033 Notes ranking equally in all respects and on the same terms and conditions in all respects (or in all respects save for the date and amount
of the first payment of interest thereon) as so that such issue shall be consolidated and form a single series with the 2013 Notes or the 2033 Notes (as applicable) for all purposes, provided, however, that such further Notes may be issued only if
they are fungible with the original Notes for United States federal income tax purposes. 
  

	15.	Prescription 

 The Notes and Coupons will become
void unless presented for payment within a period of 10 years (in the case of principal) and five years (in the case of interest) after the Relevant Date (as defined in this Condition 15). 
 The “Relevant Date” in respect of any payment means (in the case of Notes) the due date for payment and (in the case of Coupons) the date for
payment shown on the Coupons. 
  

	16.	Governing Law 

 The Fiscal and Paying Agency
Agreement, the Notes (including the Terms and Conditions of Notes) and the coupons will be governed by, and construed in accordance with, the laws of the State of New York, United States of America, without giving effect to the principles of
conflicts of law. 
  

 36 

 The Company irrevocably agrees that any legal action or proceeding against them arising out of or in
connection with the Notes or the Coupons may be brought in any federal or New York State court sitting in the Borough of Manhattan, and, the Company irrevocably waives, to the fullest extent permitted by law, any objection it may have to the laying
of venue of any such action or proceeding brought in any such court and any claim that any such action or proceeding has been brought in an inconvenient forum. 
  

 37 

 SCHEDULE 2 
 SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE 
 REPRESENTED BY THE GLOBAL NOTES 
 The following is a summary of certain additional provisions to be contained in the Temporary Global Note and the Permanent Global Note (together, the “Global
Notes”), with respect to each of the 2013 Notes and the 2033 Notes, which will apply to, and to the extent that they are inconsistent with modify, the terms and conditions of the Notes set forth under “Terms and Conditions of the
Notes”. 
  

	1.	EXCHANGE 

 The Temporary Global Note is exchangeable
in whole or in part (free of charge to the holder) for interests in the Permanent Global Note not earlier than 40 days after the Closing Date (the “Exchange Date”) upon certification as to non-U.S. beneficial ownership in the form set out
in the Temporary Global Note. The Company may issue further 2013 Notes and 2033 Notes which shall be consolidated and form a single series with the 2013 Notes or 2033 Notes, as the case may be. If any further Notes are issued prior to the originally
scheduled Exchange Date then the Exchange Date may be extended, without the consent of the Noteholders, to a date being not earlier than 40 days after the issue of such further Notes. The Permanent Global Note will be exchangeable in whole but not
in part (free of charge to the holder) for Definitive Notes in bearer form, with Coupons, if: 
 (a) any holder of an interest in the
Permanent Global Notes requests such exchange upon 45 days written notice; or 
 (b) an event of default (as set out in Condition 8 above)
has occurred and is continuing; or 
 (c) the Company has been notified that both Euroclear and Clearstream have been closed for business for
a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and no successor clearing system is available; or 
 (d) the Company has or will become subject to adverse tax consequences which would not be suffered were the Notes in definitive form. 
 The occurrence of the circumstances described in (a), (b), (c) or (d) above is referred to herein as an “Exchange Event”. In the case
of (a) or (b) above, the holder of the Permanent Global Note, acting on the instructions of one or more of the Accountholders (as defined below), may give notice to the Company and the Fiscal Agent and, in the case of (d) above, the
Company may give notice to the Fiscal Agent of its intention to exchange the Permanent Global Note for Definitive Notes on or after the Definitive Exchange Date (as defined below). 
  

 38 

 On or after the Definitive Exchange Date the holder of the Permanent Global Note may or, in the case of
(d) above, shall surrender the Permanent Global Note to or to the order of the Fiscal Agent. In exchange for the Permanent Global Note the Company will deliver, or procure the delivery of, an equal aggregate principal amount of Definitive Notes
(having attached to them all Coupons in respect of interest which has not already been paid on the Permanent Global Note), security printed in accordance with any applicable legal and stock exchange requirements and in or substantially in the form
set out in the Fiscal and Paying Agency Agreement. On exchange of the Permanent Global Note, the Fiscal Agent will ensure that it is cancelled and, if the Company so requests, returned to the Company. No Definitive Note delivered in exchange for a
Permanent Global Note will be mailed or otherwise delivered to any location in the United States in connection with such exchange. 
 Transfers of the Notes while represented by the Global Notes will be effected in accordance with the rules and regulations of Euroclear and Clearstream. 
 “Definitive Exchange Date” means a day specified in the notice requiring exchange falling not less than 45 days after that on which such notice is given, being a day on which banks are open for business in
the place in which the specified office of the Fiscal Agent is located and, except in the case of exchange pursuant to (b) above, in the place in which the relevant clearing system is located. 
  

	2.	PAYMENTS 

 On and after the Exchange Date, no
payment will be made on the Temporary Global Note unless exchange for an interest in the Permanent Global Note is improperly withheld or refused. Payments of principal and interest in respect of Notes represented by a Global Note will, subject as
set out below, be made against presentation outside the United States for endorsement and, if no further payment is to be made in respect of the Notes, surrender of such Global Note to the order of the Fiscal Agent or such other Paying Agent as
shall have been notified to the Noteholders for such purpose. A record of each payment made will be endorsed on the appropriate part of the schedule to the relevant Global Note by or on behalf of the Fiscal Agent, which endorsement shall be prima
facie evidence that such payment has been made in respect of the Notes. Payments of interest on the Temporary Global Note (if permitted by the first sentence of this paragraph) will be made upon certification as to non-U.S. beneficial ownership (as
described in Condition 1 above) unless such certification has already been made. 
  

	3.	NOTICES 

 For so long as all of the Notes are
represented by one or both of the Global Notes and such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream (as the case may be)
for communication to the relative Accountholders rather than by publication as required by Condition 12, provided that, so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require,
notices to Noteholders will be given by publication in a daily 

  

 39 

 
newspaper of general circulation in Luxembourg. Such publication is expected to be made in the Luxemburger Wort. In addition, any notice shall be published
in a manner which complies with the rules and regulations of the Luxembourg Stock Exchange. Any such notice shall be deemed to have been given to the Noteholders on the seventh day after the day on which such notice is delivered to Euroclear and/or
Clearstream (as the case may be) as aforesaid. 
  

	4.	ACCOUNTHOLDERS 

 For so long as all of the Notes are
represented by one of the Global Notes and such Global Note is held on behalf of Euroclear and/or Clearstream, each person who is for the time being shown in the records of Euroclear or Clearstream as the holder of a particular principal amount of
such Notes (each an “Accountholder”) (in which regard any certificate or other document issued by Euroclear or Clearstream, as to the principal amount of such Notes standing to the account of any person shall be conclusive and binding for
all purposes) shall be treated as the holder of such principal amount of such Notes for all purposes (including for the purposes of any quorum requirements of, or the right to demand a poll at, meetings of the Noteholders) other than with respect to
the payment of principal and interest on such Notes, the right to which shall be vested, as against the Company solely in the bearer of the relevant Global Note in accordance with the subject to its terms. Each Accountholder must look solely to
Euroclear or Clearstream (as the case may be) for its share of each payment made to the bearer of the relevant Global Note. 
  

	5.	PRESCRIPTION 

 Claims against the Company in respect
of principal and interest on the Notes represented by a Global Note will be prescribed after 10 years (in the case of principal) and five years (in the case of interest) from the Relevant Date (as defined in Condition 15). 
  

	6.	CANCELLATION 

 Cancellation of any Note represented
by a Global Note and required by the Terms and Conditions of the Notes to be cancelled following its redemption or purchase will be effected by endorsement by or on behalf of the Fiscal Agent of the reduction in the principal amount of the relevant
Global Note on the relevant part of the schedule thereto. 
  

	7.	EUROCLEAR AND CLEARSTREAM 

 References herein to
Euroclear and Clearstream shall be deemed to include references to any other clearing system through which interests in the Notes are held. 
  

 40 

 SCHEDULE 3 
 FORMS OF GLOBAL AND DEFINITIVE NOTES AND COUPONS, 
 PART I 
 FORM OF TEMPORARY GLOBAL NOTE 
 Common Code No.: 

ISIN No.: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS
POSSESSIONS, ITS TERRITORIES OR OTHER AREAS SUBJECT TO ITS JURISDICTION (THE “UNITED STATES”) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY CITIZEN OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR
ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR ANY POLITICAL SUBDIVISION THEREOF OR THEREIN, AN ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR A TRUST IF BOTH 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 OF ITS SUBSTANTIAL DECISIONS OR A TRUST THAT HAS MADE A VALID ELECTION TO BE TREATED AS A DOMESTIC
TRUST FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (“UNITED STATES PERSONS”); PROVIDED, HOWEVER, THAT THE TERM “UNITED STATES PERSON” SHALL NOT INCLUDE A BRANCH OR AGENCY OF A UNITED STATES BANK OR INSURANCE
COMPANY THAT IS OPERATING OUTSIDE THE UNITED STATES FOR VALID BUSINESS REASONS AS A LOCALLY REGULATED BRANCH OR INSURANCE BUSINESS AND NOT SOLELY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE SECURITIES ACT. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTION 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 THIS NOTE IS A TEMPORARY GLOBAL NOTE WITHOUT COUPONS, EXCHANGEABLE
FOR A PERMANENT GLOBAL NOTE WITHOUT COUPONS AT THE MAIN OFFICE OF THE FISCAL AGENT (AS DEFINED HEREIN) IN LONDON. THE RIGHTS ATTACHING TO THIS TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR A PERMANENT GLOBAL
NOTE, ARE AS SPECIFIED IN THE FISCAL AND PAYING AGENCY AGREEMENT (AS DEFINED HEREIN). 
  

 41 

 NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
  

 42 

 GENERAL MOTORS CORPORATION 
 (incorporated in the State of Delaware, United States of America) 
 TEMPORARY GLOBAL NOTE 
 representing 
 € 
 % NOTES DUE 
 This Note is a Temporary Global
Note in respect of a duly authorized issue of % Notes Due [date of maturity] (the “Notes”) of General Motors Corporation (the “Company”), limited to the aggregate principal amount of Euros
(€            ). 
 This Temporary Global Note is issued subject to, and
with the benefit of, the Conditions and a Fiscal and Paying Agency Agreement (as amended from time to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) dated July 3, 2003 and made among the Company, Deutsche
Bank AG London (the “Fiscal Agent”) and the Paying Agent named therein (the “Paying Agents”). 
 References herein to the
Conditions shall be to the Terms and Conditions of Notes as set out in the relevant part of Schedule 1 and 2 to the Fiscal and Paying Agency Agreement as amended by the information set forth on the face of this Note and, in the event of any conflict
between the provisions of the Conditions and the information set forth on the face of this Note, the latter will prevail. 
 For value
received, the Company, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the [Maturity Date], or on such earlier date as the Notes may become due and repayable in accordance with the Conditions, the principal
sum of Euros (€            ) and to pay interest annually on [            ] of each year from the date of issuance or the
later date to which interest has been paid or provided for at the rate of [ ]% per annum in arrears on the principal amount of the Notes represented by this Temporary Global Note calculated and payable as provided in the Conditions together with any
such sums payable under the Conditions, upon presentation and, at maturity, surrender of this Temporary Global Note at the offices of the Fiscal Agent at Winchester House, 1 Great Winchester Street, London EC2N 2DB, England or at the offices of any
of the Paying Agent located outside the United States from time to time appointed by the Company in respect of the Notes, but in each case subject to the requirements as to certification provided herein. On any payment of interest being made details
of such payment shall be entered by or on behalf of the Company in Schedule One hereto and the relevant space in Schedule One hereto recording such payment shall be signed by or on behalf of the Company. 
 Prior to the Exchange Date (as defined below), payments of interest on this Temporary Global Note will only be made to the bearer hereof to the extent
that there is presented to the Fiscal Agent by Clearstream or Euroclear S.A./N.V., as operator of the Euroclear System a certificate, substantially in the form set out in Schedule Three hereto, to the effect that it has received from or in respect
of a person entitled to a particular 

  

 43 

 
principal amount of the Notes (as shown by its records) a certificate from such person in or substantially in the form of Certificate “A” as set
out in Schedule Three hereto. After the Exchange Date the holder of this Temporary Global Note will not be entitled to receive any payment of interest or principal hereon. 
 On or after the date (as extended, as described in the Offering Circular, the “Exchange Date”) which is not earlier than 40 days after the
Closing Date, this Temporary Global Note may be exchanged in whole or in part (free of charge) for a Permanent Global Note in the form set out in Part II of Schedule 3 to the Fiscal and Paying Agency Agreement, upon presentation of this Temporary
Global Note by the bearer hereof at the offices in London of the Fiscal Agent (or at such other place outside the United States as the Fiscal Agent may agree). The Permanent Global Note shall be so issued and delivered in exchange for only that
portion of this Temporary Global Note in respect of which there shall have been presented to the Fiscal Agent by Euroclear or Clearstream a certificate, substantially in the form set out in Schedule Three hereto, to the effect that it has received
from or in respect of a person entitled to a particular principal amount of the Notes (as shown by its records) a certificate from such person in or substantially in the form of Certificate “A” as set out in Schedule Three hereto. After
the Exchange Date the holder of this Temporary Global Note will not be entitled to receive any payment of interest hereon. 
 On an exchange
of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to the Fiscal Agent. On an exchange of part only of this Temporary Global Note, details of such exchange shall be entered by or on behalf of the Company in
Schedule Two hereto and the relevant space in Schedule Two hereto recording such exchange shall be signed by or on behalf of the Company. If, following the issue of a Permanent Global Note in exchange for some of the Notes represented by this
Temporary Global Note, further Notes represented by this Temporary Global Note are to be exchanged pursuant to this paragraph, such exchange may be effected, without the issue of a new Permanent Global Note, by the Company or its Fiscal Agent
endorsing Schedule Two of the Permanent Global Note previously issued to reflect an increase in the aggregate principal amount of such Permanent Global Note by an amount equal to the aggregate principal amount of the Permanent Global Note which
would otherwise have been issued on such exchange. 
 Notwithstanding the foregoing, where this Temporary Global Note has been exchanged in
part for the Permanent Global Note pursuant to the terms hereof and Definitive Notes and Coupons have been issued in exchange for the total amount of Notes represented by the Permanent Global Note pursuant to its terms because Euroclear and/or
Clearstream do not regard the Permanent Global Note to be fungible with such Definitive Notes, then interests in this Temporary Global Note will no longer be exchangeable for interests in the Permanent Global Note and may only thereafter be
exchanged for Definitive Notes and Coupons pursuant to the terms hereof. 
  

 44 

 Until the exchange of the whole of this Temporary Global Note as aforesaid, the bearer hereof shall in
all respects (except as otherwise provided herein) be entitled to the same benefits as if such person were the bearer of Definitive Notes and Coupons in the form set out in the relevant Part of Schedule 3 to the Fiscal and Paying Agency Agreement.

 The Company may deem and treat the bearer hereof as the absolute owner of this Temporary Global Note for all purposes (notwithstanding any
notice to the contrary and whether or not this Temporary Global Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous loss or theft or trust or other interest herein). 
 Payment of principal, interest and Additional Amounts (if any) on this Global Note will be made in Euros. 
 This Temporary Global Note shall be governed by, and shall be construed in accordance with, the laws of the State of New York, United States of America,
without giving effect to the principles of conflicts of law. 
 Title to this Temporary Global Note shall pass by delivery. This Temporary
Global Note shall not be valid or obligatory until the Certificate of Authentication thereon shall have been duly signed by the Fiscal Agent acting in accordance with the Fiscal and Paying Agency Agreement. 
  

 45 

 IN WITNESS whereof the Company has caused this Temporary Global Note to be duly executed on its behalf.

  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	  

	Name:	 	
		 	Duly Authorized Officer

 Dated: July     , 2003 
  

 46 

 CERTIFICATE OF AUTHENTICATION 
 This is the Temporary Global Note described in the within-mentioned Fiscal and Paying Agency Agreement. 
  

			
	DEUTSCHE BANK AG LONDON,
	 as Fiscal Agent without warranty, recourse or liability

		
	By:	 	  

	Name:	 	
	Title:	 	
		 	Authorized Officer

  

 47 

 Schedule One 
 INTEREST PAYMENTS 
  

									
	 Interest on Payment Date
	  	Date of Payment	  	Total Amount of
Interest Payable	  	Amount of
Interest Paid	  	Confirmation of
Payment by or on
Behalf of
Company
	 First
	  		  		  		  	
	 Second
	  		  		  		  	
	 Third
	  		  		  		  	
	 Fourth
	  		  		  		  	
	 Fifth
	  		  		  		  	

  

 48 

 Schedule Two 
 SCHEDULE OF EXCHANGES 
 FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE 
 The following exchanges of a part of this Temporary Global Note for Notes represented by a Permanent Global Note have been made: 
  

							
	 Date of Exchange
	  	Principal Amount of
Permanent Global Notes
Issued in Exchange for a
Portion of this Temporary
Global Note	  	Remaining Principal
Amount of this
Temporary Global Note
Following such
Exchange	  	Notation Made by
or on Behalf of the
Company
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 49 

 Schedule Three 
 [FORM OF CERTIFICATION TO BE GIVEN 
 BY EUROCLEAR OR CLEARSTREAM] 
 CERTIFICATION 
 GENERAL MOTORS CORPORATION

 (the “Company”) 
 %
Notes due 
 (the “Notes”) 
 This is to certify that, based solely on certifications we have received in writing, by electronic transmission from member organizations appearing in our records as persons being entitled to a portion of the principal amount set forth
below (our “Member Organizations”) substantially to the effect set forth in the Fiscal and Paying Agency Agreement relating to the Notes, as of the date hereof,
                     principal amount of the above-captioned Notes (i) is owned by persons that are not citizens or residents of the
United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States federal income taxation regardless of its source (“United States persons”), (ii) is owned by United
States persons that are (a) foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) (“financial institutions”) purchasing for their own account or for resale,
or (b) United States persons who acquired the Notes through foreign branches of United States financial institutions and who hold the Notes through such United States financial institutions on the date hereof (and in either case (a) or
(b), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the Company or the Company’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they
have not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States. Any such certification by electronic transmission satisfies the requirements set forth in the United States
Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(ii). We will retain all certifications from our member organizations for the period specified in the United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(3)(i)(C). As used
herein, “United States” means the United States of America (including the States and the District of Columbia) and its possessions (including the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and
the Northern Mariana Islands). 
  

 50 

 We further certify (i) that we are not making available herewith for exchange (or, if relevant,
exercise of any rights or collection of any interest) any portion of the Global Note excepted in such Member Organization certifications and (ii) that as of the date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and
cannot be relied upon as of the date hereof. 
 We understand that this certification is required in connection with certain securities and
tax laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this
certification to any interested party in such proceedings. 
 Dated:            ,
200     * 
  

			
	Yours faithfully,
	
	 [EUROCLEAR BANK S.A./NV,
 as operator of the
Euroclear System]
  
 or
  

	[CLEARSTREAM]
		
	By:	 	  

  

	*	[To be dated no earlier than the Exchange Date as set forth in the Fiscal and Paying Agency Agreement relating to the Notes.] 

  

 51 

 CERTIFICATE “A” 
 [FORM OF PARTICIPANT CERTIFICATION INCORPORATED 
 BY REFERENCE TO A CERTIFICATION INSTRUCTION] 
 CERTIFICATE 
 GENERAL MOTORS CORPORATION

 % Notes due 
 (the
“Notes”) 
 This is to certify that as of the date hereof, and except as set forth below, the above-captioned Notes held by you for
our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States federal income taxation
regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations
Section 1.165-12(c)(1)(iv) (“financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who acquired the Notes through foreign branches of United States financial institutions and who
hold the Notes through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the
Company or the Company’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United
States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Notes is a United States or foreign
financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that such financial institution has not acquired the Notes for purposes of resale directly or
indirectly to a United States person or to a person within the United States. 
 As used herein, “United States” means the United
States of America (including the States and the District of Columbia) and its possessions (including the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 
 We undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your certification relating to the Notes held by
you for our account to the Fiscal Agent under the Fiscal and Paying Agency Agreement relating to the Notes in accordance with your Operating Procedures if any applicable statement herein is not correct on such date, and in the absence of any such
notification it may be assumed that this certification applies as of such date. 
  

 52 

 This certification excepts and does not relate to [currency amount] of such interest in the above Notes
in respect of which we are not able to certify and as to which we understand exchange and delivery of Definitive Notes (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so certify. 
 We understand that this certification is required in connection with certain securities and tax laws of the United States and other jurisdictions. In
connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification to any interested party in such
proceedings. 
 Dated:            , 200     * 
 Name of Person Making Certification 
  

			
	By:	 	  

  

	*	To be dated no earlier than 15 days prior to the Certification Date. 

  

 53 

 PART II 
 FORM OF PERMANENT GLOBAL NOTE 
 Common Code No.: 
 ISIN No.: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS POSSESSIONS, ITS TERRITORIES OR OTHER AREAS SUBJECT TO
ITS JURISDICTION (THE “UNITED STATES”) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY CITIZEN OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR
ANY POLITICAL SUBDIVISION THEREOF OR THEREIN, AN ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR A TRUST IF BOTH 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 OF ITS SUBSTANTIAL DECISIONS OR A TRUST THAT HAS MADE A VALID ELECTION TO BE TREATED AS A DOMESTIC TRUST FOR UNITED STATES FEDERAL INCOME TAX PURPOSES
(“UNITED STATES PERSONS”); PROVIDED, HOWEVER, THAT THE TERM “UNITED STATES PERSON” SHALL NOT INCLUDE A BRANCH OR AGENCY OF A UNITED STATES BANK OR INSURANCE COMPANY THAT IS OPERATING OUTSIDE THE UNITED STATES FOR
VALID BUSINESS REASONS AS A LOCALLY REGULATED BRANCH OR INSURANCE BUSINESS AND NOT SOLELY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE SECURITIES ACT. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTION 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE 
 THIS NOTE IS A PERMANENT GLOBAL NOTE WITHOUT COUPONS, EXCHANGEABLE FOR
DEFINITIVE NOTES WITH COUPONS AT THE MAIN OFFICE OF THE FISCAL AGENT (AS DEFINED HEREIN) IN LONDON. THE RIGHTS ATTACHING TO THIS PERMANENT GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED
IN THE FISCAL AND PAYING AGENCY AGREEMENT (AS DEFINED HEREIN). 
  

 54 

 NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
  

 55 

 GENERAL MOTORS CORPORATION 
 (incorporated in the State of Delaware, United States of America) 
 PERMANENT GLOBAL NOTE 
 representing 
 % NOTES DUE 
 This Note is a Permanent Global Note in respect of a duly authorized issue of % Notes Due
             (the “Notes”) of General Motors Corporation (the “Company”), limited to the aggregate principal amount of
             Hundred Million Euros (€            ). 
 This Permanent Global Note is issued subject to, and with the benefit of, the Conditions and a Fiscal and Paying Agency Agreement (as amended from time
to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) dated July 3, 2003 and made among the Company, Deutsche Bank AG London (the “Fiscal Agent”) and the Paying Agent named therein (the “Paying
Agent”). 
 References herein to the Conditions shall be to the Terms and Conditions of Notes as set out in Schedule 1 and 2 to the
Fiscal and Paying Agency Agreement as amended by the information set forth on the face of this Note and, in the event of any conflict between the provisions of the Conditions and the information set forth on the face of this Note, the latter will
prevail. 
 For value received, the Company, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the
Maturity Date, or on such earlier date as the Notes may become due and repayable in accordance with the Conditions, the principal sum of              Euros
(€            ) and to pay interest annually [    ] of each year from the date of issuance or the later date to which interest has been paid or provided for at the
rate of [    ]% per annum in arrears on the principal amount of the Notes represented by this Permanent Global Note, calculated and payable as provided in the Conditions together with any such sums payable under the Conditions,
upon presentation and, at maturity, surrender of this Global Note at the offices of the Fiscal Agent at Winchester House, 1 Great Winchester Street, London EC2N 2DB, England or at the offices of any of the Paying Agents located outside the United
States from time to time appointed by the Company in respect of the Notes. On any payment of interest being made details of such payment shall be entered by or on behalf of the Company in Schedule One hereto and the relevant space in Schedule One
hereto recording such payment shall be signed by or on behalf of the Company. On any redemption and cancellation of any of the Notes represented by this Global Note, details of such redemption or purchase and cancellation shall be entered by or on
behalf of the Company in Schedule Two hereto and the relevant space in Schedule Two hereto recording any such redemption and cancellation shall be signed by or on behalf of the Company. Upon any such redemption or purchase and cancellation the
principal amount of this Global Note and the Notes represented by this Global Note shall be reduced by the principal amount so redeemed or purchased and canceled. 
  

 56 

 The Notes represented by this Permanent Global Note were originally represented by a Temporary Global
Note. Unless such Temporary Global Note was exchanged in whole on the issue hereof, such Temporary Global Note may be further exchanged, on the terms and conditions set out therein, for this Permanent Global Note. If any such exchange occurs
following the issue hereof, the Company or its Fiscal Agent shall endorse Schedule Two hereto to reflect the increase in the aggregate principal amount of this Permanent Global Note due to each such exchange, whereupon the principal amount hereof
shall be increased for all purposes by the amount so exchanged and endorsed. 
 This Permanent Global Note may be exchanged (free of charge)
in whole but not in part, under certain circumstances as set forth in the Conditions. Subject as aforesaid and to at least 45 days’ written notice being given to the Fiscal Agent by Euroclear S.A./N.V., as operator of the Euroclear System or by
Clearstream, this exchange will be made upon presentation of this Permanent Global Note by the bearer hereof on any day on which banks are open for business in London at the offices of the Fiscal Agent at the address aforesaid. 
 Until the exchange of the whole of this Permanent Global Note as aforesaid, the bearer hereof shall in all respects be entitled to the same benefits as
if he were the bearer of Definitive Notes and Coupons in the form set out in Parts III and IV respectively of Schedule 3 to the Fiscal and Paying Agency Agreement. 
 Upon exchange in full of the Permanent Global Note for Definitive Notes, the Permanent Global Note shall become void; provided, however, that if the Company does not perform or comply with any one or more of its
obligations under any Definitive Notes, then any right or remedy relating in any way to the obligation(s) in question may be exercised or pursued on the basis of the Permanent Global Note despite its stated cancellation after its exchange in full,
as an alternative, or in addition, to the Definitive Notes (or the Coupons appertaining to them as appropriate). 
 The Company may deem and
treat the bearer hereof as the absolute owner of this Permanent Global Note for all purposes (notwithstanding any notice to the contrary and whether or not this Permanent Global Note shall be overdue and notwithstanding any notice of ownership or
writing hereon or notice of any previous loss or theft or trust or other interest herein). 
 Payment of principal, interest and Additional
Amounts (if any) on this Global Note will be made in Euros. 
 This Permanent Global Note shall be governed by, and shall be construed in
accordance with, the laws of the State of New York, United States of America, without giving effect to the principles of conflicts of law. 
 Title to this Permanent Global Note shall pass by delivery. This Permanent Global Note shall not be valid or obligatory until the Certificate of Authentication thereon shall have been duly signed by the Fiscal Agent acting in accordance
with the Fiscal and Paying Agency Agreement. 
  

 57 

 IN WITNESS whereof the Company has caused this Permanent Global Note to be duly executed on its behalf.

  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	  

	Name:	 	
		 	Duly Authorized Officer

 Dated: July     , 2003 
  

 58 

 CERTIFICATE OF AUTHENTICATION 
 This is the Permanent Global Note described in the within-mentioned Fiscal and Paying Agency Agreement. 
  

			
	DEUTSCHE BANK AG LONDON,
	 as Fiscal Agent without warranty, recourse or liability

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 59 

 Schedule One 
 INTEREST PAYMENTS 
  

									
	 Interest on Payment Date
	  	Date of Payment	  	Total Amount of
Interest Payable	  	Amount of
Interest Paid	  	Confirmation of
Payment by or on
Behalf of
Company
	 First
	  		  		  		  	
	 Second
	  		  		  		  	
	 Third
	  		  		  		  	
	 Fourth
	  		  		  		  	
	 Fifth
	  		  		  		  	

  

 60 

 Schedule Two 
 SCHEDULE OF EXCHANGES 
 FOR NOTES REPRESENTED BY A TEMPORARY GLOBAL NOTE 
 The following exchanges of a part of a Temporary Global Note for Notes represented by this Permanent Global Note have been made: 
  

							
	 Date of Exchange
	  	Principal Amount of
Permanent Global Notes
Issued in Exchange for a
Portion of this Temporary
Global Note	  	Remaining Principal
Amount of this
Temporary Global Note
Following such
Exchange	  	Notation Made by
or on Behalf of the
Company
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 61 

 PART III 
 FORM OF DEFINITIVE NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS POSSESSIONS, ITS TERRITORIES OR OTHER
AREAS SUBJECT TO ITS JURISDICTION (THE “UNITED STATES”) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY CITIZEN OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE
UNITED STATES OR ANY POLITICAL SUBDIVISION THEREOF OR THEREIN, AN ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR A TRUST IF BOTH 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 OF ITS SUBSTANTIAL DECISIONS OR A TRUST THAT HAS MADE A VALID ELECTION TO BE TREATED AS A DOMESTIC TRUST FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES (“UNITED STATES PERSONS”); PROVIDED, HOWEVER, THAT THE TERM “UNITED STATES PERSON” SHALL NOT INCLUDE A BRANCH OR AGENCY OF A UNITED STATES BANK OR INSURANCE COMPANY THAT IS OPERATING OUTSIDE THE UNITED
STATES FOR VALID BUSINESS REASONS AS A LOCALLY REGULATED BRANCH OR INSURANCE BUSINESS AND NOT SOLELY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE SECURITIES ACT. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 €1,000/€10,000/E100,000 
  

 62 

 GENERAL MOTORS CORPORATION 
 (incorporated under the laws of the State of Delaware, United States of America) 
 € 
 % NOTES DUE 
 GENERAL MOTORS CORPORATION, a
Delaware corporation (the “Company”), for value received, hereby promises to pay to the bearer on [Maturity Date], upon surrender hereof, the principal amount of 
 One Thousand/Ten Thousand/One Hundred Thousand Euros 
 €1,000/E10,000/€100,000 
 and to pay interest at the rate of     % per annum in arrears from the date of issuance or the later date to which interest has been
paid or provided for on said principal amount annually on each             , beginning             , 2004, until payment of said
principal amount has been made or duly provided for, but only, in the case of interest due on or before maturity, upon presentation and surrender of interest coupons attached hereto (the “Coupons”) as they shall severally mature. Such
payments shall be made in Euros. 
 Reference is made to the further provisions set forth under Terms and Conditions of the Note endorsed on
the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 Holders
of this Note and holders of the Coupons appertaining hereto are deemed to have notice of all of the provisions of the Fiscal and Paying Agency Agreement applicable to them. Copies of the Fiscal and Paying Agency Agreement are available for
inspection at the specified offices of the Fiscal Agent. 
 Title to this Note and to any Coupon appertaining hereto shall pass by delivery.
The Company may treat the bearer hereof as the absolute owner of this Note for all purposes (notwithstanding any notice to the contrary and whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon or
notice of any previous loss or theft or trust or other interest herein). 
 Neither this Note nor any Coupon shall be valid or become
obligatory for any purpose until the Certificate of Authentication hereon shall have been duly signed by the Fiscal Agent acting in accordance with the Fiscal and Paying Agency Agreement. 
  

 63 

 IN WITNESS whereof the Company has caused this Note to be duly executed on its behalf. 
  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	  

	Name:	 	
		 	Duly Authorized Officer

 Dated: July     , 2003 
  

 64 

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-mentioned Fiscal and Paying Agency Agreement. 
  

			
	 DEUTSCHE BANK AG LONDON,
 as Fiscal Agent without warranty, recourse or liability

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 65 

 PART IV 
 FORM OF COUPON 
 [Face of Coupon] 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 GENERAL MOTORS CORPORATION 
 (incorporated under the laws of the State of Delaware, United States of America) 
 € 
 % NOTES DUE 
 Part A 
  

					
	This Coupon is payable to bearer, separately negotiable and subject to the Terms and Conditions of the said Notes.	 	Coupon for	 	
	 	[            ]	 	
	 	due on	 	
	 	[            ] [    ] 20    ]	 	

 Payment of this Coupon will be made upon presentation and surrender hereof at the offices of such
Paying Agents as General Motors Corporation shall from time to time appoint. The initial Paying Agents are set out on the reverse hereof. 
  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 66 

 (Reverse of Coupon) 
 FISCAL AGENT AND PRINCIPAL PAYING AGENT 
 Duetsche Bank AG London. 
 Winchester House 
 1 Great Winchester Street

 London EC2N 2DB 
 England

 PAYING AGENTS 
 Banque
Générale du Luxembourg S.A. 
 50 Avenue J.F. Kennedy 
 L-2951 Luxembourg 
 and/or such other or further Fiscal Agent and other or further Paying Agents and/or
specified offices as may from time to time be duly appointed by the Company and notice of which has been given to the Noteholders. 
  

 67 

 SCHEDULE 4 
 PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
 1. As used in this Schedule the following expressions shall have
the following meanings unless the context otherwise requires: 
 (i) “voting certificate” shall mean an English language certificate
issued by a Paying Agent and dated, in which it is stated: 
 (a) that on the date thereof Notes (not being Notes in respect
of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate and any adjourned such meeting) bearing specified serial numbers were deposited with such Paying Agent or (to the
satisfaction of such Paying Agent) were held to its order or under its control and that no such Notes will cease to be so deposited or held until the first to occur of: 
 (1) the conclusion of the meeting specified in such certificate, or, if applicable, any adjourned such meeting; and 
 (2) the surrender of the certificate to the Paying Agent who issued the same; and 
 (b) that the bearer thereof is entitled to attend and vote at such meeting and any adjourned such meeting in respect of the Notes represented by such
certificate; 
 (ii) “block voting instruction” shall mean an English language document issued by a Paying Agent and dated, in
which: 
 (a) it is certified that Notes (not being Notes in respect of which a voting certificate has been issued and is
outstanding in respect of the meeting specified in such block voting instruction and any adjourned such meeting) have been deposited with such Paying Agent or (to the satisfaction of such Paying Agent) were held to its order or under its control and
that no such Notes will cease to be so deposited or held until the first to occur of: 
 (1) the conclusion of the meeting
specified in such document or, if applicable, any adjourned such meeting; and 
 (2) the surrender to the Paying Agent who
issued the same; and not less than 48 hours before the time for which such meeting or any adjourned such meeting is convened of the receipt issued by such Paying Agent in respect of each such deposited Note which is to be released or (as the case
may require) the Note or Notes ceasing with the agreement of the Paying Agent to be held to its order or under its control and the giving of notice by the Paying Agent to the Company in accordance with paragraph 17 below of the necessary amendment
to the block voting instruction; 
  

 68 

 (b) it is certified that each holder of such Notes has instructed such Paying Agent that the vote(s)
attributable to the Note or Notes so deposited or held should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjourned such meeting and that all such instructions are during the period
commencing 48 hours prior to the time for which such meeting or any adjourned such meeting is convened and ending at the conclusion or adjournment thereof neither revocable nor capable of amendment; 
 (c) the total number and the serial numbers of the Notes so deposited or held are listed distinguishing with regard to each such resolution between those
in respect of which instructions have been given as aforesaid that the votes attributable thereto should be cast in favor of the resolution and those in respect of which instructions have been so given that the votes attributable thereto should be
cast against the resolution; and 
 (d) one or more persons named in such document (each hereinafter called a “proxy”) is or are
authorized and instructed by such Paying Agent to cast the votes attributable to the Notes so listed in accordance with the instructions referred to in sub-paragraph (c) above as set out in such document. 
 The holder of any voting certificate or the proxies named in any block voting instruction shall for all purposes in connection with the relevant meeting
or adjourned meeting of Noteholders be deemed to be the holder of the Notes to which such voting certificate or block voting instruction relates and the Paying Agent with which such Notes have been deposited or the person holding the same to the
order or under the control of such Paying Agent shall be deemed for such purposes not to be the holder of those Notes. 
 2. The Company may
at any time and, upon a requisition in writing of Noteholders holding not less than one tenth of the principal amount of the 2013 Notes or the 2033 Notes for the time being outstanding, convene a meeting of the applicable Noteholders and if the
Company is in default for a period of seven days in convening such a meeting the same may be convened by the requisitionists. Whenever the Company is about to convene any such meeting they shall forthwith give notice in writing to the Fiscal Agent
of the day, time and place thereof and of the nature of the business to be transacted thereat. 
 3. At least 21 days’ notice (exclusive
of the day on which the notice is given and the day on which the meeting is held) specifying the place, day and hour of meeting shall be given to the Noteholders prior to any meeting of the Noteholders in the manner provided by Condition 12. Such
notice shall state generally the nature of the business to be transacted at the meeting thereby convened but it shall not be necessary to specify in such notice the terms of any resolution to be proposed. Such notice shall include a statement to the
effect that Notes may be deposited with Paying Agents for the purpose of obtaining voting certificates or appointing proxies not less than 1 Business Day before the time fixed for the meeting or, in the case of corporations, may appoint
representatives by resolution of their directors or other governing body. A copy of the notice shall be sent by overnight courier to the Company (unless the meeting is convened by the Company). 
  

 69 

 4. Some person (who need not be a Noteholder) nominated in writing by the Company shall be entitled to
take the chair at every such meeting but if no such nomination is made or if at any meeting the person nominated shall not be present within fifteen minutes after the time appointed for holding the meeting the Noteholders present shall choose one of
their number to be Chairman. 
 5. At any such meeting one or more persons present holding the 2013 Notes or the 2033 Notes or voting
certificates or being proxies and holding or representing in the aggregate not less than one twentieth of the principal amount of the 2013 Notes or the 2033 Notes shall form a quorum for the transaction of business and no business (other than
choosing of a Chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. An “Extraordinary Resolution” refers to any resolution affecting the interests of the Noteholders, including
modification of the Conditions, the 2013 Notes or the 2033 Notes, the Coupons or the Fiscal and Paying Agency Agreement. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more persons
present holding Notes or voting certificates or being proxies and holding or representing in the aggregate a clear majority in principal amount of the 2013 Notes or the 2033 Notes (as applicable) for the time being outstanding provided that with
respect to any of the following matters: 
 (i) modification of the Maturity Date of the 2013 Notes or the 2033 Notes or reduction or
cancellation of the amount of principal payable upon maturity; 
 (ii) reduction of the amount payable or modification of the payment date in
respect of any Coupons or variation of calculating the rate of interest in respect of the 2013 Notes or the 2033 Notes; 
 (iii) modification
of the currency in which payments under the 2013 Notes or the 2033 Notes and/or the Coupons appertaining thereto are to be made; 
 (iv)
modification of the majority required to pass an Extraordinary Resolution; 
 (v) alteration of this proviso or the proviso to paragraph 6
below; 
 the quorum for passing shall be one or more persons present holding Notes or voting certificates or being proxies and holding or representing in
the aggregate not less than two-thirds, or at any adjourned such meeting not less than a clear majority, of the principal amount of the 2013 Notes or the 2033 Notes (as applicable) for the time being outstanding. An Extraordinary Resolution passed
at any meeting of the holders of Notes will be binding on all holders of the 2013 Notes or the 2033 Notes, as the case may be, whether or not they are present at the meeting, and on all holders of Coupons appertaining to the 2013 Notes or the 2033
Notes (as applicable). Except as otherwise provided herein, the quorum at any meeting for passing any matters other than Extraordinary Resolutions shall be one or more persons present holding or representing in the aggregate not less than a clear
majority of the principal amount of the 2013 Notes or the 2033 Notes (as applicable) represented at such meeting. 
  

 70 

 6. If within fifteen minutes after the time appointed for any such meeting a quorum is not present the
meeting shall if convened upon the requisition of Noteholders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such is a public holiday the next succeeding Business Day) at the same time and place
(except in the case of a meeting at which an Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such period being not less than 14 days nor more than 42 days, and at such place as may be appointed by the Chairman
and approved by the Fiscal Agent) and at such adjourned meeting one or more persons present holding Notes or voting certificates or being proxies (whatever the principal amount of the Notes so held or represented by them) shall (subject as provided
below) form a quorum and shall (subject as provided below) have power to pass any Extraordinary Resolution or other resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took
place had the requisite quorum been present provided that at any adjourned meeting the business of which includes any of the matters specified in the proviso to paragraph 5 above the quorum for passing on Extraordinary Resolution shall be one or
more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than a clear majority of principal amount of the 2013 Notes or the 2033 Notes (as applicable) for the time being
outstanding. 
 7. Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner
as notice of an original meeting but as if 10 were substituted for 21 in paragraph 3 above and such notice shall (except in cases where the proviso to paragraph 6 above shall apply when it shall state the relevant quorum) state that two or more
persons present holding Notes or voting certificates or being proxies at the adjourned meeting whatever the principal amount of the Notes held or represented by them will form a quorum. Subject as aforesaid it shall not be necessary to give any
notice of an adjourned meeting. 
 8. Every question, including any Extraordinary Resolution, submitted to a meeting shall be decided in the
first instance by a show of hands and in case of equality of votes the Chairman shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a holder of a
voting certificate or as a proxy. 
 9. At any meeting unless a poll is (before or on the declaration of the result of the show of hands)
demanded by the Chairman, the Company or by two or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than one fiftieth part of the principal amount of the 2013 Notes or
the 2033 Notes (as applicable) then outstanding a declaration by the Chairman that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact without
proof of the number or proportion of the votes recorded in favor or against such resolution. 
  

 71 

 10. Subject to paragraph 12 below, if at any such meeting a poll is so demanded it shall be taken in such
manner and subject as hereinafter provided either at once or after an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of
the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the motion on which the poll has been demanded. 
 11. The Chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to time and from place to place but no
business shall be transacted at any adjourned meeting except business which might lawfully (but for lack of a required quorum) have been transacted at the meeting from which the adjournment took place. 
 12. Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without
adjournment. 
 13. Any director or officer of the Company and their lawyers and financial advisers may attend and speak at any meeting. Save
as aforesaid, but without prejudice to the proviso to the definition of “outstanding” in Clause 1 of the Fiscal and Paying Agency Agreement, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any
meeting of the Noteholders or join with others in requisitioning the convening of such a meeting unless he either produces the Note or Notes of which he is the holder or a voting certificate or is a proxy. Neither the Company nor any of its
subsidiaries shall be entitled to vote at any meeting in respect of 2013 Notes or 2033 Notes held by it for the benefit of the Company and no other person shall be entitled to vote at any meeting in respect of Notes held by it for the benefit of the
Company. Nothing herein contained shall prevent any of the proxies named in any block voting instruction or voting certificate from being a director, officer or representative of or otherwise connected with the Company. 
 14. Subject as provided in paragraph 13 above, at any meeting: 
 (a) on a show of hands every person who is present in person and produces a 2013 Note or a 2033 Note or voting certificate or is a proxy shall have one vote; and 
 (b) on a poll every person who is so present shall have one vote in respect of each minimum integral amount of 2013 Notes or 2033 Notes. 
 15. The proxies named in any block voting instruction need not be Noteholders. 
 16. Each block voting instruction together (if so requested by the Company) with proof satisfactory to such Company of its due execution on behalf of the
relevant Paying Agent shall be deposited at such place as the Fiscal Agent shall approve not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the proxies named in the block voting instruction propose
to vote and in default the block voting instruction shall not be treated as valid unless the Chairman of the meeting 

  

 72 

 
decides otherwise before such meeting or adjourned meeting proceeds to business. A notarially certified copy of each block voting instruction shall be
deposited with the Fiscal Agent before the commencement of the meeting or adjourned meeting but the Fiscal Agent shall not thereby be obligated to investigate or be concerned with the validity of or the authority of the proxies named in any such
block voting instruction. 
 17. Any vote given in accordance with the terms of a block voting instruction shall be valid notwithstanding the
previous revocation or amendment of the block voting instruction or of any of the Noteholders’ instructions pursuant to which it was executed provided that no intimation in writing of such revocation or amendment shall have been received from
the relevant Paying Agent by the Company at its registered office (or such other place as may have been approved by the Fiscal Agent for the purpose) by the time being 24 hours before the time appointed for holding the meeting or adjourned meeting
at which the block voting instruction is to be used. 
 18. Without limiting the definition of Extraordinary Resolution, the following powers
shall be exercisable only by Extraordinary Resolution: 
 (a) Power to sanction any compromise or arrangement proposed to be made between the
Company and the Noteholders and Couponholders or any of them. 
 (b) Power to sanction any abrogation, modification, compromise or
arrangement in respect of the rights of the Noteholders and Couponholders against the Company or against any of its property whether such rights shall arise under these presents, the Notes or the Coupons or otherwise. 
 (c) Power to assent to any modification of the provisions contained in these presents or the Conditions, the Notes or the Coupons which shall be proposed
by the Company. 
 (d) Power to give any authority or sanction which under the provisions of these presents or the Notes is required to be
given by Extraordinary Resolution. 
 (e) Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent
the interests of the Noteholders and to confer upon such committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution. 
 (f) Power to sanction any agreement or proposal for the exchange or sale of the Notes for, or as the conversion of the Notes into, or the cancellation of
the Notes in consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Company or any other company formed or to be formed, or for or into or in consideration of cash, or partly for
or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash. 
  

 73 

 (g) Subject to Condition 10, power to approve the substitution of any entity in place of the Company (or
any previous substitute) as the principal debtor in respect of the Notes and the Coupons. 
 19. Any resolution passed at a meeting of the
Noteholders duly convened and held in accordance with these presents shall be binding upon all the Noteholders whether present or not present at such meeting and whether or not voting and upon all Couponholders and each of them shall be bound to
give effect thereto accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the Noteholders shall be
published in accordance with Condition 12 within 14 days of such result being known provided that the non publication of such notice shall not invalidate such resolution. 
 Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Company and any such minutes as aforesaid
if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings had shall be conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the
proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings had thereat to have been duly passed or had. 
  

 74 

 SIGNATORIES 
 The Company 
 General Motors Corporation 
 300
Renaissance Center 
 Detroit, Michigan 48265-2000 
 United States

  

			
	Telephone:	  	313-665-6288
	Facsimile:	  	313-665-6351

 The Fiscal Agent 
 Deutsche Bank AG London 
 Winchester House 
 1 Great
Winchester Street 
 London EC2N 2DB 
 England 
  

			
	Facsimile:	  	44-20-7547-6149
	Attention:	  	Corporate Trust and Agency Services.

 The Paying Agent 
 Banque Générale du Luxembourg 
 S.A. 
 50
Avenue J.F. Kennedy 
 L-2951 Luxembourg 
  

			
	Telephone:	  	+352 4242 8068
	Facsimile:	  	+352 4242 2887
	Attention:	  	Documentation, Fiscal and Listing Agencies

  

 75Fiscal and Paying Agency Agreement, dated as of July 10, 2003

 Exhibit 4.9 
 FISCAL AND PAYING AGENCY AGREEMENT 
 among 
 General Motors Nova Scotia Finance Company, 
 General Motors Corporation, 

 and 
 Deutsche Bank
Luxembourg S.A. 
 and 
 Banque Generale du Luxembourg S.A. 
  
  
 Dated as of July 10, 2003 
  
  

 FISCAL AND PAYING AGENCY AGREEMENT 
 THIS FISCAL AND PAYING AGENCY AGREEMENT is made the 10th day of July 2003, among: 
  

	(1)	General Motors Nova Scotia Finance Company of 1908 Colonel Sam Drive, Oshawa, Ontario LIH 8P7, Canada (the “Company”); 

  

	(2)	General Motors Corporation of 300 Renaissance Center, Detroit, Michigan 48265-3000 (the “Guarantor”); 

  

	(3)	Deutsche Bank Luxembourg S.A. (the “Fiscal Agent”) of 2 Boulevard Konrad Adenauer, L-1115 Luxembourg (which expression shall include any successor fiscal agent appointed
in accordance with Clause 18); and 

  

	(4)	Banque Generale du Luxembourg S.A. of 50 Avenue J.F. Kennedy, L-2951 Luxembourg (together with the Fiscal Agent, the “Paying Agents,” which expression shall include any
additional or successor Paying Agent appointed in accordance with Clause 20). 

 IT IS HEREBY AGREED as follows: 
  

	 	1.	Definitions and Interpretation 

 (a) In this
Agreement, unless there is something in the subject or context inconsistent therewith the expressions used herein shall have the same meanings as in the Subscription Agreement. 
 (b) The following expressions shall have the following meanings: 
 “Month” means calendar month; 
 “Noteholder” means the person in whose
name a Note is registered in the Note Register (and the expressions “Noteholders,” “holder of Notes” and related expressions shall be construed accordingly); 
 “outstanding” means in relation to the Notes, all the Notes issued other than (i) those which have been redeemed in full in
accordance with the Conditions, (ii) those in respect of which the date for redemption in accordance with the Conditions has occurred and the redemption moneys therefor (including all interest accrued thereon to the date for such redemption)
have been duly paid to the Fiscal Agent as provided in this Agreement (and, where appropriate, notice has been given to the Noteholders in accordance with Condition 13) and remain available for payment upon surrender of Notes, (iii) those which
have been purchased and cancelled as provided in Condition 6, (iv) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes pursuant to Condition 14, (v) (for the purpose only of determining how many
Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 14, (vi) Global Notes
to the extent that they shall have been duly exchanged for Definitive Notes and Definitive Notes to the 

 
extent that they shall have been duly exchanged for other Definitive Notes in accordance with this Agreement and (vii) Global Notes which have become
void in accordance with their terms and, provided that for the purpose of the right to attend and vote at any meeting of the Noteholders or any of them, those Notes (if any) which are for the time being held by any person (including but not limited
to the Company or any Subsidiary of the Company) for the benefit of the Company or any Subsidiary of the Company shall (unless and until ceasing to be so held) be deemed not to remain outstanding; 
 “repay” shall include “redeem” and vice versa and “repaid,” “repayable” and
“repayment” and “redeemed,” “redeemable” and “redemption” shall be construed accordingly; and 
 “Subscription Agreement” means the Subscription Agreement dated July 9,2003 among the Company, the Guarantor and the Managers concerning the purchase of the Notes. 
 “United States Person” has the meaning given to it by the United States Internal Revenue Code of 1986, as amended, and the regulations
thereunder. 
 (c) All references in this Agreement to principal and/or interest or both in respect of the Notes or to any moneys payable by
the Company under this Agreement shall be deemed to include (a) a reference to any Additional Amounts which may be payable under Condition 7 and (b) any other amounts which may be payable in respect of the Notes. 
 (d) Expressions defined in the Conditions shall have the same meanings herein unless otherwise stated. 
  

	 	2.	Appointment of Fiscal Agent and other Paying Agents 

 (a) The Fiscal Agent is hereby appointed as agent of the Company, upon the terms and subject to the conditions set out below, for 
 (i) completing, authenticating and issuing Notes; 
 (ii) paying sums due on Global Notes and
Definitive Notes; 
 (iii) arranging on behalf of the Company for notices to be communicated to the Noteholders in accordance
with the Conditions; 
 (iv) determining the date of completion of distribution of the Notes represented by each Global Note,
based upon notification from the Managers and notifying such determination to the Company, the Managers and Euroclear and Clearstream; 
 (v) ensuring that all necessary action is taken to comply with applicable periodic reporting requirements with respect to the Notes; and 
 (vi) otherwise fulfilling its duties and obligations as set forth in the Conditions and in this Agreement. 
  

 2 

 (b) Each Paying Agent is hereby appointed by the Company and the Guarantor as Paying Agent of the Company
and the Guarantor, upon the terms and subject to the conditions set out herein, for the purposes of paying sums due on Notes. 
  

	 	3.	Issue of Global Notes 

 (a) Upon the execution and
delivery of this Agreement, 2015 Notes in an aggregate principal amount not in excess of £350,000,000 and 2023 Notes in an aggregate principal amount not in excess of £250,000,000 may be executed by the Company and delivered to the
Fiscal Agent for authentication, and the Fiscal Agent shall thereupon authenticate and deliver such Notes upon the written order of the Company, signed by any authorized officer of the Company without any further action by the Company. Until a Note
has been authenticated it shall have no effect. The Notes shall include the terms and conditions included as Schedule 1 hereto and, if applicable, Schedule 2 hereto. 
 (b) The Notes initially will be issued in the form of one or more Global Notes in registered form without coupons substantially in the form set forth in Schedule 3 Part I, hereto. The Global Notes shall be signed on
behalf of the Company by any authorized officer. The Global Notes shall be authenticated by the Fiscal Agent upon the same conditions, in substantially the same manner and with the same effect as the Definitive Notes. The Fiscal Agent will, upon the
order of the Company, deposit the Global Notes with BT Globenet Nominees Limited, as the common depositary (the “Common Depositary”) for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream
Banking, societe anonyme (“Clearstream”). The aggregate principal amount of Global Notes may from time to time be decreased by adjustments made on the records of the Fiscal Agent, as custodian for the Common Depositary or its nominee, as
hereinafter provided. 
  

	 	4.	Issue of Definitive Notes 

 Upon the occurrence of
any event which, pursuant to the Terms and Conditions of the Global Notes, requires the issuance of one or more Definitive Note(s), the Global Notes shall be surrendered to or to the order of the Fiscal Agent against delivery of Definitive Notes.
The Definitive Notes shall be in denominations of £1,000, £10,000 or £1 00,000 and in integral multiples of £1,000, printed in accordance with any applicable legal and stock exchange requirements and in or substantially in
the form set out in this Agreement. 
  

	 	5.	Registration, Transfer and Exchange 

 The Notes are
issuable only in registered form. The Company will cause to be kept at the office or agency to be maintained for the purpose as provided in Clause 6 (the “Registrar”), a register (the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, it or its agent will register, and will register the transfer of, Notes as provided in this Clause. For the avoidance of doubt, the Notes registered will include Global Notes and Definitive Notes, to the
extent Global Notes have been duly exchanged for Definitive Notes. The name and address of the registered holder of each Note and the principal amount of each Note will be recorded in the Note Register. Such Note Register shall be in written form in
the English language or in any other form capable of being converted into such form within a reasonable time. Such Note Register shall be open for inspection by the Fiscal Agent during Business Days. 
  

 3 

 A Noteholder may register the transfer of a Note only by written application to the Registrar and/or the
office of the transfer agent referred to in the last sentence of Clause 6 stating the name and address of the proposed transferee and otherwise complying with the terms of this Agreement. No such registration of transfer shall be deemed effected
until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer by the Registrar in the Note Register. Prior to the final acceptance and registration of any transfer by a Noteholder
as provided herein, the Company, the Guarantor, the Fiscal Agent and any agent of any of them shall be entitled to treat the person in whose name the Note is registered as the owner thereof for all purposes, whether or not the Note shall be overdue,
and none of the Company, the Guarantor, the Fiscal Agent, or any such agent shall be affected by notice to the contrary. Furthermore, any Noteholder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial
interests in such Global Note may be effected only through a book entry system maintained by the Noteholder of such Global Note (or its agent) and that ownership of a beneficial interest in the Global Note shall be required to be reflected in a book
entry. At the option of the Noteholder, Notes may be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged to the Registrar, accompanied by written instructions
to such effect acceptable to the Registrar. When Notes are presented to the Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of other authorized denominations, the Registrar shall register
the transfer or make the exchange as requested if the requirements for such transactions set forth herein are met. To permit registrations of transfers and exchanges, the Company shall execute and the Fiscal Agent shall authenticate Notes at the
Registrar’s request. 
 Upon any exchange of an interest in a Global Note for an interest in a Definitive Note, the Global Note shall be
endorsed to reflect the reduction of its principal amount by the aggregate principal amount so exchanged. The Fiscal Agent is hereby authorized on behalf of the Company (i) to endorse or to arrange for the endorsement of the relevant Global
Note to reflect the reduction in the principal amount represented thereby by the amount so exchanged, and sign in the relevant space on the relevant Global Note recording such exchange and (ii) in the case of a total exchange, to cancel or
arrange for the cancellation of the relevant Global Note. 
 Every Note presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Registrar) be duly endorsed, or be accompanied by a written instrument of transfer duly executed, by the Noteholder thereof or his attorney duly authorized in writing in a form satisfactory to the Company
and the Registrar and, in connection with any such issuance of a Definitive Note, accompanied by, if applicable, a certification by the transferee on Internal Revenue Service Form W-8BEN or Form W-8ECI, as applicable, under penalties of perjury that
it is not a United States Person, and/or such other certification as may then be required under United States tax laws to evidence the transferee’s entitlement to an exemption from United States federal withholding tax. Upon registration of any
such issuance of a Definitive Note for which the transferee has not provided such tax certification, the Registrar shall promptly notify the Company of any such issuance and provide such information as the Company shall request so that it may comply
with its obligations under Condition 8 and United States tax laws. 
  

 4 

 No holder of a Definitive Note may require the transfer of a Note to be registered during the period of
15 days ending on the due date for any payment of the Redemption Price of the Notes (as defined in Condition 6). 
 The Company or the
Registrar may require payment from a Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Notes. No service charge to any Noteholder shall be
made for any such transaction. 
 All Notes issued upon any transfer or exchange of Notes shall be valid obligations of the Company,
evidencing the same debt and entitled to the same benefits under this Agreement, as the Notes surrendered upon such transfer or exchange. 
  

	 	6.	Offices for Payments, Etc. 

 So long as any of the
Notes remain outstanding, the Company will maintain in the City of London or Luxembourg, the following: (a) an office or agency where the Notes may be presented for payment, (b) an office or agency where the Notes may be presented for
registration of transfer and for exchange as provided in this Agreement and (c) an office or agency where notices and demands to or upon the Company in respect of the Notes or of this Agreement may be served. The Company will give to the Fiscal
Agent written notice of the location of any such office or agency and of any change of location thereof. The Company hereby initially designates the Luxembourg office of the Fiscal Agent as the office or agency for each such purpose. In case the
Company shall fail to maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Luxembourg office of the
Fiscal Agent. For so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require, the Company shall appoint and maintain a paying and transfer agent in Luxembourg, who shall initially be
the Paying Agent. 
  

	 	7.	Payment  

 (a) The Company shall, on each date on
which any payment in respect of any of the Notes becomes due, transfer to an account specified by the Fiscal Agent such amount in Pounds Sterling as shall be sufficient for the purposes of such payment in funds settled through such payment system as
the Fiscal Agent may designate. 
 (b) The Company shall ensure that no later than two Business Days immediately preceding the date on which
any payment is to be made to the Fiscal Agent pursuant to subclause (a) above, the Fiscal Agent shall receive a copy of an irrevocable payment instruction to the bank through which the payment is to be made. For purposes of this Agreement,
“Business Day” means (a) a day other than a Saturday or Sunday that is not a day on which banks and foreign exchange markets in Toronto, London, New York City and, in the case of a payment of principal, the place where such Note is
presented for payment to a Paying Agent are generally authorized or obligated by law or executive order to close and (b) not a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (“TARGET’) is
closed. 
  

 5 

 (c) Subject to the Fiscal Agent or, as the case may be, the relevant other Paying Agents, being satisfied
in its sole discretion that payment will be duly made as provided in subclause (a) above or otherwise, the Fiscal Agent and each other Paying Agent shall payor cause to be paid on behalf of the Company the amounts of principal and interest due
on the Notes in the manner provided in the Conditions. If any payment provided for in subclause (a) above is made late but otherwise in accordance with the provisions of this Agreement, the Fiscal Agent and each other Paying Agent shall
nevertheless make payments in respect of the Notes as aforesaid following receipt by it of such payment from the Company or the Guarantor, as the case may be. 
 (d) If for any reason the Fiscal Agent considers in its sole discretion (exercised in good faith) that the amounts to be received by the Fiscal Agent pursuant to subclause (a) above will be, or the amounts
actually received by it pursuant thereto are, insufficient to satisfy all claims in respect of all payments then falling due on the Notes, neither the Fiscal Agent nor any other Paying Agent shall be obliged to pay any such claims until the Fiscal
Agent has received the full amount of all moneys due and payable in respect of such Notes. 
 (e) Without prejudice to subclauses
(c) and (d) above, and without any requirement to do so, if the Fiscal Agent pays any amounts to the Noteholders or to any other Paying Agent at a time when it has not received payment in full in respect of such Notes (the excess of the
amounts so paid over the amounts so received being the “Shortfall”), the Company shall, in addition to paying amounts due under subclause (a) above, pay to the Fiscal Agent on demand interest at a rate determined by the Fiscal Agent
to represent its cost of funding the Shortfall for the relevant period (with proof thereof if requested by the Company) (or the unreimbursed portion thereof) until the receipt in full by the Fiscal Agent of the Shortfall. 
 (f) The Fiscal Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Notes properly made by such Paying Agent in
accordance with this Agreement and the Notes unless the Fiscal Agent shall have notified such Paying Agent prior to the opening of business in the location of the office of such Paying Agent through which payment on the Notes can be made on the due
date of payment under such Notes that the Fiscal Agent does not expect to receive sufficient funds to make payment of all amounts falling due in respect of such Notes. 
 (g) While any Notes are represented by Global Notes, all payments due in respect of such Notes shall be made to, or to the order of, the registered holder of the Global Notes, subject to and in accordance with the
provisions of the Global Notes~ On the occasion of any such payment of principal, the Paying Agent to which the Global Note was surrendered for the purpose of making such payment, on behalf of the Company, shall cause the relevant Part of Schedule A
to the relevant Global Note to be annotated so as to evidence the amounts and dates of such payments of principal. 
 If the amount of
principal, and/or interest then due for payment is not paid in full (otherwise than by reason of a deduction required by law to be made therefrom), the Paying Agent to which a Global Note is presented for the purpose of making such payment shall
make a 

  

 6 

 
record of such shortfall on the relevant Part of Schedule A to the relevant Global Note and such record shall, in the absence of manifest error, be prima
facie evidence that the payment in question has not to that extent been made. 
  

	 	8.	Notice of any Withholding or Deduction 

 The Notes
are subject to United States withholding tax requirements as described in the Offering Circular. If the Company is, in respect of any payment of principal or interest in respect of the Notes, compelled to withhold or deduct any other amount for or
on account of taxes, duties, assessments or governmental charges as specifically contemplated under the Conditions, the Company shall give notice thereof to the Fiscal Agent as soon as it becomes aware of the requirement to make such withholding or
deduction and shall give to the Fiscal Agent such information as the Fiscal Agent shall require to enable it to comply with such requirement. 
  

	 	9.	Duties of the Fiscal Agent in Connection with Redemption of Notes 

 If the Company decides to redeem all the Notes for the time being outstanding in accordance with the Conditions, it shall give notice of such decision to the Fiscal Agent a reasonable length of time (at least 40 days)
before the relevant redemption date to enable the Fiscal Agent to undertake its obligations herein and in the Conditions. 
  

	 	10.	Receipt and Publication of Notices 

 (a) Forthwith
upon the receipt by the Fiscal Agent of a demand or notice from any Noteholder in accordance with Condition 9, the Fiscal Agent shall forward a copy thereof to the Company. 
 (b) On behalf of and at the request and expense of the Company, the Fiscal Agent shall cause to be given in accordance with the Conditions, all notices
required to be given by the Company to the Noteholders under the Conditions or this Agreement. 
  

	 	11.	Cancellation of Notes 

 (a) All Notes which are
redeemed shall be cancelled by the Paying Agent by which they are paid. Each of the Paying Agents shall give to the Fiscal Agent details of all payments made by it and shall deliver all cancelled Notes to the Fiscal Agent or as the Fiscal Agent may
specify. Where Notes are purchased by or on behalf of the Company, the Company may, at its option, procure that such Notes are promptly surrendered to the Fiscal Agent or its authorized agent for cancellation. 
 (b) The Fiscal Agent shall (unless required by law or otherwise instructed by the Company in writing and save as provided in Clause 13(a) below) destroy
all cancelled Notes and, upon request, furnish the Company with a certificate of destruction containing serial numbers of the Notes so destroyed. 
  

 7 

	 	12.	Issue of Replacement Notes 

 (a) The Company and the
Fiscal Agent shall cause a sufficient quantity of additional forms of Notes to be available, upon request, to the Registrar at its specified office for the purpose of issuing replacement Notes as provided below. 
 (b) The Fiscal Agent shall, subject to and in accordance with the Conditions and the following provisions of this Clause 12, cause to be authenticated
and delivered any replacement Notes which the Company and the Registrar may determine to issue in place of Notes which have been lost, stolen, mutilated, defaced or destroyed. 
 (c) The Registrar shall obtain verification, in the case of an allegedly lost, stolen or destroyed Note in respect of which the serial number is known,
that such Note has not previously been redeemed or paid. The Registrar shall not issue any replacement Note unless and until the Registrar and the Company agree that the applicant therefor has: 
 (i) paid such costs as may be incurred in connection therewith; 
 (ii) furnished it with such evidence and indemnification as the Company and the Registrar may reasonably require; and 
 (iii) in the case of any mutilated or defaced Note, surrendered it to the Registrar. 
 (d) The Registrar shall cancel any mutilated or defaced Notes in respect of which replacement Notes have been issued pursuant to this Clause 12. The
Registrar shall furnish the Company with a certificate stating the serial numbers of the Notes received by it and cancelled pursuant to this Clause 12 and shall, unless otherwise required by the Company, destroy all such Notes and furnish the
Company with a destruction certificate containing the information specified in Clause 11(b) above. 
 (e) The Registrar shall, on issuing any
replacement Note, forthwith inform the Company, the Fiscal Agent and the Paying Agent of the serial number of such replacement Note issued and (if known) of the serial number of the Note in place of which such replacement Note has been issued.

 (f) Whenever any Note for which a replacement Note has been issued and of which the serial number is known is presented to any of the
Paying Agents for payment, the relevant Paying Agent shall immediately send notice thereof to the Company, the Fiscal Agent and the Registrar; no payment shall be made on such cancelled Note. 
  

	 	13.	Records and Certificates 

 (a) The Fiscal Agent and
the Registrar shall keep a full and complete record of all Notes and of their redemption, purchase, cancellation or payment (as the case may be) and of all replacement Notes issued in substitution for lost, stolen, mutilated, defaced or destroyed
Notes. The Fiscal Agent and the Registrar shall at all reasonable times make such records available to the Company. 
  

 8 

 (b) A certificate stating (i) the aggregate principal amounts of Notes which have been redeemed,
(ii) the serial numbers of such Notes, (iii) the serial numbers of those Notes (if any) which have been purchased by or on behalf of the Company or any of its Subsidiaries and cancelled (subject to delivery thereof to the Fiscal Agent) and
(iv) the aggregate principal amounts of Notes which have been surrendered and replaced and the serial numbers of such Notes shall be given to the Company by the Registrar and the Fiscal Agent as soon as possible and in any event within three
months after the date of such redemption, purchase, payment or replacement (as the case may be). 
 (c) The Registrar and the Fiscal Agent
shall submit (on behalf of the Company) such reports or information as may be required from time to time by applicable law, regulations and guidelines in connection with this Agreement. 
 (d) The Registrar and the Fiscal Agent shall cooperate with each other with respect to the provisions contained in Clauses 5, 11, 12 and 13 of this
Agreement. 
  

	 	14.	Copies of this Agreement Available for Inspection 

 The Fiscal Agent and the Paying Agents shall hold copies of this Agreement available for inspection by Noteholders. For this purpose, the Company shall furnish the Fiscal Agent and the Paying Agents with sufficient copies of this Agreement.

  

	 	15.	Fees and Expenses  

 (a) The Fiscal Agent shall be
entitled to the compensation to be agreed upon with the Company for all services rendered by it, and the Company agrees to pay such compensation promptly and to reimburse the Fiscal Agent and the Paying Agents for reasonable out of pocket expenses
(including reasonable fees and expenses of counsel pursuant to Clause 18(b) below) reasonably incurred by either of them in connection with the services rendered by them hereunder. 
 (b) The Company shall pay to the Fiscal Agent such fees in respect of the services of the Paying Agents under this Agreement as shall be agreed between
the Company and the Fiscal Agent. The Company shall not be concerned with, or be liable to any individual Paying Agent with respect to, the apportionment of payment among the Paying Agents. 
 (c) In respect of the said fees the Company shall also pay to the Fiscal Agent such sum as is appropriate in respect of value added tax together with all
reasonable expenses (including, inter alia, postage expenses) reasonably incurred by the Paying Agents in connection with their said services. 
 (d) The fees under subclause (b) above shall be paid in U.S. dollars. The Fiscal Agent shall arrange for payment of the fees due to the Paying Agents and arrange for the reimbursement of their expenses promptly after receipt of the
relevant moneys from the Company. 
 (e) At the request of the Fiscal Agent, the Company or the Guarantor, the parties hereto may from time
to time during the continuance of this Agreement review the fees agreed initially pursuant to subclause (b) above with a view to determining whether the parties hereto can mutually agree upon changes therein. 
  

 9 

	 	16.	Indemnification 

 (a) The Company shall indemnify
and keep indemnified each of the Paying Agents and the Fiscal Agent against any losses, liabilities, costs, claims (or actions in respect thereof) and reasonable expenses (including reasonable legal fees) which it may incur or which may be made
against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement except such as may result from its own willful default, negligence or bad faith or that of its officers or employees or any
of them, or breach by it of the terms of this Agreement. The obligations of the Company under this Clause (a) shall survive the payment of the Notes and the resignation or removal of the Fiscal Agent or any Paying Agent, as the case may be.

 (b) Each of the Paying Agents and the Fiscal Agent shall severally indemnify the Company and the Guarantor against any losses,
liabilities, costs, claims (or actions in respect thereof) and reasonable expenses (including reasonable legal fees) which the Company or the Guarantor may incur or which may be made against the Company or the Guarantor as a result of the willful
default, negligence or bad faith of that Paying Agent or Fiscal Agent or that of its officers or employees or any of them, or breach by it of the terms of this Agreement. 
  

	 	17.	Repayment by Fiscal Agent  

 Any monies paid by the
Company or the Guarantor to the Fiscal Agent or any Paying Agent for payment in respect of any of the Notes and remaining unclaimed for two years after the date on which such amounts shall have become due and payable shall then be repaid to the
Company or the Guarantor (as applicable) and, upon such payment, all liability of the Fiscal Agent or any Paying Agent with respect to such monies shall cease, without, however, relieving the Company or the Guarantor (as applicable) of the
obligation to pay the amounts in respect of any such Note upon the due subsequent presentation thereof to the Company at its registered office. 
  

	 	18.	Conditions of Appointment 

 The Fiscal Agent and
each of the Paying Agents accept their obligations set forth herein and in the Notes upon the terms and conditions hereof and thereof, including the following, to all of which the Company agree and to all of which the rights of the holders from time
to time of the Notes shall be subject: 
 (a) In acting under this Agreement and in connection with the Notes, the Fiscal Agent and the Paying
Agents are acting solely as agents of the Company and the Guarantor and do not assume any obligation towards or relationship of agency or trust for or with any of the beneficial owners or holders of the Notes except that all funds held by the Paying
Agents for a payment in respect of the Notes shall be held in trust by them and applied as set forth herein and in such Notes, but need not be segregated from other funds held by them, except as required by law; provided that monies paid by the
Company or the Guarantor to the Paying Agents for payment in respect of any of the Notes and remaining unclaimed for two years after the date on which such 

  

 10 

 
payment shall have become due and payable shall be repaid to the Company or the Guarantor (as applicable) as provided and in the manner set forth in Clause
17 hereof, whereupon the aforesaid trust shall terminate and liability of the Paying Agents to the Company and the Guarantor with respect to such monies shall cease. 
 (b) Each of the Fiscal Agent and the Paying Agents may consult at its own expense (unless the Company has agreed in writing as to the need for such consultation and as to the counsel to be consulted) with counsel
satisfactory to it (who may be an employee of or legal advisor to the Company) in its reasonable judgment and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted to be taken by any of them hereunder in good faith and in accordance with such advice or opinion. 
 (c) The Fiscal Agent
and the Paying Agents shall be protected and shall incur no liability for or in respect of any action taken or omitted to be taken or being suffered by it in reliance upon any Note, instrument of transfer, notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper party or parties. 
 (d) Each of the Paying Agents or any agent of the Company or the Guarantor or of the Paying Agent, in its individual capacity or any other capacity, may become the owner of, or acquire any interest in, any Notes or
other obligations of the Company or the Guarantor with the same rights that it would have if it were not a Paying Agent or any agent of the Company or the Guarantor or of the Paying Agent, and each Paying Agent may engage or be interested in any
financial or other transaction with the Company or the Guarantor, and may act on, or as depositary, trustee or Manager for, any committee or body of holders of Notes or other obligations of the Company or the Guarantor, as freely as if it were not a
Paying Agent or any agent of the Company or the Guarantor or of the Paying Agent; provided that such Paying Agent or agent thereof provides, if applicable, the appropriate United States tax certifications to the Registrar in connection with any
acquisition of the Notes. 
 (e) None of the Fiscal Agent or the Paying Agents shall be under any liability for interest on any monies
received by it pursuant to any of the provisions of this Agreement or the Notes except as otherwise agreed with the Company and the Guarantor in writing. 
 (f) The recitals contained in this Agreement and in the Notes (except in the Fiscal Agent’s certificate of authentication) shall be taken as the statements of the Company, and neither the Fiscal Agent nor any
Paying Agent assumes any responsibility for the correctness of the same. Neither the Fiscal Agent nor any Paying Agent makes any representation as to the validity or sufficiency of this Agreement or the Notes, except for their due authorization to
execute and perform their obligations under this Agreement. Neither the Fiscal Agent nor any Paying Agent shall be accountable for the use or application by the Company of any of the Notes or by the Company of the proceeds of any Notes. 

(g) The Fiscal Agent and the Paying Agents shall be obligated to perform such duties and only such duties as are herein and in the Notes specifically
set forth, and no implied duties or obligations shall be read into this Agreement or the Conditions against the Fiscal Agent 

  

 11 

 
or any Paying Agent. Neither the Fiscal Agent nor any Paying Agent shall be under any obligation to take any action hereunder which may tend to involve it in
any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. 
 (h) The Company
shall notify the Fiscal Agent and each other Paying Agent immediately in writing if any of the persons authorized to take action on behalf of the Company in connection with this Agreement ceases to be so authorized or if any additional person
becomes so authorized together, in the case of an additional authorized person, with evidence satisfactory to the Fiscal Agent that such person has been so authorized. 
 (i) No Paying Agent shall exercise any right of set off or lien against the Company, the Guarantor or any Noteholders in respect of any monies payable to or by it under the terms of this Agreement. 
 (j) Each of the Company, the Fiscal Agent, the Guarantor and the Paying Agents agree that this Agreement will, subject to the other provisions herein,
continue in full force and effect for so long as any of the Notes are outstanding. 
  

	 	19.	Communications with Paying Agents 

 A copy of all
communications relating to the subject matter of this Agreement between the Company and any of the Paying Agents other than the Fiscal Agent shall be sent to the Fiscal Agent. 
  

	 	20.	Termination of Appointment 

 (a) The Company may
terminate the appointment of the Fiscal Agent or any Paying Agent at any time and/or appoint additional or other Paying Agents by giving to the Fiscal Agent or the Paying Agent whose appointment is concerned and, in the case of any Paying Agent
other than the Fiscal Agent, the Fiscal Agent at least 60 days’ prior written notice to that effect, provided that, so long as any of the Notes are outstanding, (i) such notice shall not expire less than 30 days before any due date for the
payment of any Note and (ii) notice shall be given in accordance with the Conditions at least 30 days prior to any removal or appointment of the Fiscal Agent or any Paying Agent. 
 (b) Notwithstanding the provisions of subclause (a) above, if at any time the Fiscal Agent or any Paying Agent becomes incapable of acting, or is
adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or any
substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or of all or a substantial part of its property is appointed, or it admits in writing its inability to payor meet its debts as they may
mature or suspends payment thereof, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if any public officer takes charge or control of such
Fiscal Agent or Paying Agent or of its property or affairs for the purpose of rehabilitation, administration or liquidation, the Company may forthwith without notice terminate the appointment of such Fiscal Agent or Paying Agent, as the case may be,
in which event notice thereof shall be given to the Noteholders in accordance with the Conditions as soon as practicable thereafter. 
  

 12 

 (c) The termination of the appointment of the Fiscal Agent or any Paying Agent hereunder shall not
entitle such Fiscal Agent or Paying Agent to any amount by way of compensation but shall be without prejudice to any amount then accrued due. 
 (d) The Fiscal Agent or all or any of the Paying Agents may resign their respective appointments hereunder at any time by giving to the Company and (except in the case of resignation of the Fiscal Agent) the Fiscal Agent at least 60
days’ prior written notice to that effect. Following receipt of a notice of resignation from the Fiscal Agent or any Paying Agent, the Company shall promptly, but no later than 10 days prior to the expiration of any resignation of the Fiscal or
Paying Agent, give notice thereof to the Noteholders in accordance with the Conditions. The Fiscal Agent and Paying Agent may appoint a replacement Fiscal Agent on behalf of the Company, if the Company has not already done so. 
 (e) Notwithstanding the provisions of subclauses (a), (b), (c) and (d) above, so long as any of the Notes are outstanding, the termination of
the appointment of any Paying Agent (whether by the Company or by the resignation of such Paying Agent) shall not be effective unless upon the expiry of the relevant notice there is (i) a Fiscal Agent and (ii) at least one Paying Agent
with a specified office in a European city which, so long as the Notes are listed on the Luxembourg Stock Exchange, shall be Luxembourg or such other place as may be approved by the Luxembourg Stock Exchange. 
 (f) Any successor Fiscal Agent or Paying Agent appointed hereunder shall execute and deliver to its predecessor, the Company, the Guarantor and (unless
its predecessor is the Fiscal Agent) the Fiscal Agent, an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent or Paying Agent, without any further act, deed or conveyance, shall become vested with all the
authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent or a Paying Agent under this Agreement. 
 (g) If the appointment of the Fiscal Agent or any Paying Agent hereunder is terminated (whether by the Company or by the resignation of such Fiscal Agent
or Paying Agent), such Fiscal Agent or Paying Agent shall on the date on which such termination takes effect deliver to the Fiscal Agent or the successor Fiscal Agent all Notes surrendered to it but not yet destroyed and shall deliver to such
successor Paying Agent (or if none, the Fiscal Agent) all records concerning the Notes maintained by it (except such documents and records as it is obliged by law or regulation to retain or not to release) and pay to its successor Fiscal Agent or
Paying Agent (or, if none, to the Fiscal Agent) the amounts held by it in respect of Notes which have become due and payable but which have not been paid, but shall have no other duties or responsibilities under this Agreement. 
 (h) If the Fiscal Agent or any of the Paying Agent changes its specified office, it shall give to the Company and the Fiscal Agent (if applicable), not
less than 45 days’ written notice to that effect giving the address of the new specified office. As soon as practicable thereafter and in any event at least 30 days prior to such change, the Fiscal Agent shall give to the Noteholders 

  

 13 

 
notice of such change and the address of the new specified office in accordance with the Conditions. The Company reserves the right to approve any change in
the specified office of any Paying Agent. 
 (i) Any corporation into which the Fiscal Agent or any Paying Agent for the time being may be
merged or converted or any corporation with which such Fiscal Agent or Paying Agent may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Fiscal Agent or Paying Agent shall be a party shall, to
the extent permitted by applicable law (including United States federal income tax laws), be the successor Fiscal Agent or Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto. Notice of any such merger, conversion or consolidation shall forthwith be given to the Company and the Noteholders in accordance with the Conditions and, where appropriate, the Fiscal Agent. 
  

	 	21.	Meetings of Noteholders 

 (a) The provisions of
Schedule 4 hereto shall apply to meetings of the Noteholders and shall have effect in the same manner as if set out in this Agreement. 
 (b)
Without prejudice to subclause (a) above, each of the Paying Agents shall, on the request of any Noteholder, issue voting certificates and block voting instructions together, if so required by the Company, with reasonable proof satisfactory to
the Company of due execution thereof on behalf of such Paying Agent in accordance with the provisions of Schedule 4 hereto and shall forthwith give notice to the Company in accordance with the said Schedule 4 of any revocation or amendment of a
voting certificate or block voting instruction. Each Paying Agent shall keep a full and complete record of all voting certificates and block voting instructions issued by it and shall not later than 24 hours before the time appointed for holding any
meeting or adjourned meeting deposit, at such place as the Fiscal Agent shall designate or approve, full particulars of all voting certificates and block voting instructions issued by it in respect of such meeting or adjourned meeting. 

 

	 	22.	Communications  

 All communications shall be by
facsimile or letter delivered by hand or (but only where specifically provided in the Appendix hereto) by telephone. Each communication shall be made to the relevant party at the facsimile number or address or telephone number and, in the case of a
communication by facsimile or letter, marked for the attention of, or (in the case of a communication by telephone) made to, the person(s) from time to time specified in writing by that party to the other for the purpose. The initial telephone
number, facsimile number and address of, and person(s) so specified by, each party are set out on the signature pages of this Agreement. 
 A
communication shall be deemed received, (if by facsimile) when an acknowledgment of receipt is received, (if by telephone) when made or (if by letter) when delivered, in each case in the manner required by this Clause 22 provided, however, that if a
communication is received after business hours it shall be deemed to be received and become effective on the next Business Day. Every communication shall be irrevocable save in respect of any manifest error therein. 
  

 14 

	 	23.	Taxes  

 The Company will pay all stamp or other
documentary taxes or duties, if any, to which the execution or delivery of this Agreement or the original issuance of the Notes may be subject as a result of compliance with the terms of the Subscription Agreement. 
  

	 	24.	Descriptive Headings  

 The descriptive headings in
this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
  

	 	25.	Amendments  

 This Agreement and the Notes may be
amended by the Company, the Guarantor and the Fiscal Agent, without the consent of the Noteholders so as to modify any of the provisions of this Agreement which are of a formal, minor or technical nature in the opinion of the Company and the
Guarantor or to add any covenant, restriction, condition or provision as the Company and the Guarantor shall consider to be for the protection of the Noteholders or is made for the purpose of curing any ambiguity, or correcting or supplementing any
provision contained herein or therein which may be defective or inconsistent with any other provision contained herein or therein, or to make such other provisions in regard to matters or questions arising under this Agreement as shall not adversely
affect the interests of the holders of the Notes. Any such modification shall be binding on the Noteholders, and if the Fiscal Agent so requires, shall be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 13.

  

	 	26.	Governing Law  

 This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, United States of America, without giving effect to the principles of conflicts of law. Each party to this Agreement irrevocably agrees that any legal action or proceeding against it
arising out of or in connection with this Agreement or for recognition or enforcement of any judgment rendered against it in connection with this Agreement may be brought in any Federal or New York State court sitting in the Borough of Manhattan,
and, by execution and delivery of this Agreement, such party thereby irrevocably accepts and submits to the jurisdiction of each of the aforesaid courts in person, generally and unconditionally with respect to any such action or proceeding for
itself and in respect of its property, assets and revenues. Each party hereby also irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding
brought in any such court and any claim that any such action or proceeding has been brought in an inconvenient forum. Nothing contained in this Clause 26 shall limit any right to bring any legal action or proceeding in any other court of competent
jurisdiction. Each of the Company and the Guarantor hereby appoints the Guarantor’s New York office as its agent for the service of process in New York. 
  

 15 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

  

			
	 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY

		
	By:	 	 /s/ A. Lim

	Name:	 	A. Lim
	Title:	 	Asst. Secretary
	
	GENERAL MOTORS CORPORATION
		
	By:	 	 /s/ Sanjir Khattri

	Name:	 	Sanjir Khattri
	Title:	 	Assistant Treasurer
	
	DEUTSCHE BANK LUXEMBOURG S.A.
		
	By:	 	 /s/ CA Morris

	Name:	 	CA Morris
	Title:	 	Attorney
		
	By:	 	 /s/ K. Turner

	Name:	 	K. Turner
	Title:	 	Attorney
	
	BANQUE GENERALE DU LUXEMBOURG S.A.
		
	By:	 	 /s/ Jean Marie Moes

	Name:	 	Jean Marie Moes
	Title:	 	Head of Back-Offices & Securities Handling
		
	By:	 	 /s/ Robert Genot

	Name:	 	Robert Genot
	Title:	 	Head of Settlements & Custody

  

 [GM NOVA SCOTIA FISCAL AND PAYING AGENCY AGREEMENT SIGNATURE PAGE] 

 SCHEDULE 1 
 TERMS AND CONDITIONS OF NOTES 
 The following are the Terms and Conditions of Notes (sometimes referred to herein as the
“Terms and Conditions” or “Conditions “) of the Company that (subject to completion and amendment) will be attached to or incorporated by reference into each Global Note and which will be attached to or endorsed upon each
Definitive Note. 
 This Note is one of the Notes issued subject to, and with the benefit of, the Fiscal and Paying Agency Agreement (as
amended from time to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) dated July 10, 2003 and made among General Motors Nova Scotia Finance Company (the “Company”), General Motors
Corporation (the “Guarantor”), Deutsche Bank Luxembourg S.A., as issuing agent and principal Paying Agent (the “Fiscal Agent” which expression shall include any successor as fiscal agent) and Banque Generale du
Luxembourg S.A., as Paying Agent (together with the Fiscal Agent, the “Paying Agents” which expression shall include any additional or successor Paying Agents). 
 The holders for the time being of the Notes (the “Noteholders”) are deemed to have notice of, and are entitled to the benefit of, all the
provisions of the Fiscal and Paying Agency Agreement and the Notes, which are binding on them. Words and expressions defined in the Fiscal and Paying Agency Agreement or on the face of this Note shall have the same meanings where used in these Terms
and Conditions unless the context otherwise requires or unless otherwise stated. Copies of the Fiscal and Paying Agency Agreement are available from the principal office of the Fiscal Agent and the Paying Agents set out at the end of the Fiscal and
Paying Agency Agreement. 
  

	 	1.	Form, Denominations and Title 

 General

 Each of the 2015 Notes and the 2023 Notes will be represented by one or more Global Notes in fully registered form (each a “Global
Note”), which will be deposited on or about July 10, 2003 with a common depositary of Euroclear Bank S.A./N.V., as operator for the Euroclear System (“Euroclear”) and Clearstream Banking, Societe Anonyme (“Clearstream”)
for credit to certain accounts maintained by Euroclear or Clearstream. The Global Notes will be registered in the name of BT Globenet Nominees Limited. 
 The Company may issue further Notes which shall be consolidated and form a single series with the 2015 Notes and the 2023 Notes (as applicable), provided, however, that such further Notes may be issued only within
three years of the issue date of the original Notes and only if they are fungible with the original Notes for United States federal income tax purposes. 
 Except in certain limited circumstances, the Notes will not be issued in definitive form. Beneficial ownership in the Global Notes can only be held in the form of book-entry interests through direct or indirect
participants in Euroclear or Clearstream. Each person having an ownership or other interest in a Global Note must rely exclusively on the rules or procedures of Euroclear and Clearstream, as applicable, and any agreement with any direct or indirect

  

 17 

 
participant of Euroclear and Clearstream, as the case may be, or any other securities intermediary through which that person holds its interest to effect any
transfer or, subject to the Conditions, to receive or direct the delivery of possession of any Definitive Note (as defined below). Notes in definitive form will be issued in denominations of £1,000, £10,000 and £100,000 and in
multiples of £1,000. 
 Issuance of Definitive Notes 
 So long as a common depositary for Euroclear and Clearstream holds the Global Note with respect to the 2015 Notes or the 2023 Notes (as applicable), such
Global Note will not be exchangeable for Notes in definitive form (“Definitive Notes”) unless (and in such case, as a whole and not in part): 
  

	 	•	 	 Euroclear and Clearstream notify the Fiscal Agent that it is unwilling or unable to continue to act as depositary for the Notes and a successor depositary is not
appointed within 120 days; 

  

	 	•	 	 both Euroclear and Clearstream are closed for business for a continuous period of 14 days (other than by reason of legal holidays) or announces an intention
permanently to cease business; 

  

	 	•	 	 the non-payment when due of amounts payable on the Notes (whether, in each case, on account of interest payments, redemption amounts or otherwise) shall have
occurred and be continuing for 30 days; or 

  

	 	•	 	 at any time the Company determines in its sole discretion that the Global Notes should be exchanged for Definitive Notes in registered form.

 Definitive Notes will be issued in registered form only. To the extent permitted by law, the Company, the Guarantor, the
Fiscal Agent and any Paying Agent shall be entitled to treat the person in whose name any Definitive Note is registered as its absolute owner. 
 If Definitive Notes are issued in exchange for a Global Note, the depositary, as holder of the Global Note, will surrender the Global Note, the book entries reflecting the ownership of beneficial interests in the Global Note of direct and
indirect participants in Euroclear and Clearstream will be cancelled, and Definitive Notes will be distributed to the holders of the Notes against receipt from each such holder, if applicable, of a certification on Internal Revenue Service Form
W-8BEN or Form W-8ECI, as applicable, under penalty of perjury that it is not a United States Person and/or such other certification as may then be required under the United States tax laws to evidence such holder’s entitlement to an exemption
from United States federal withholding tax. Upon registration of any such issuance of a Definitive Note for which the holder has not provided such tax certification, the registrar shall promptly notify the Company of any such issuance and provide
such information as the Company shall request so that it may comply with its obligations under Condition 8 and United States tax laws. 
  

 18 

 Transfers of Definitive Notes 
 The Fiscal Agent will act as registrar for the Company. Definitive Notes may be transferred at the specified office of the registrar. In addition, for so
long as the 2015 Notes and the 2023 Notes (as the case may be) are listed on the Luxembourg Stock Exchange and the rules of such exchange so require, transfer may also be made at the offices of the Paying Agent in Luxembourg. No transfer of a
Definitive Note shall be deemed effected until, and such transferee shall succeed to the rights of a Noteholder only upon, final acceptance and registration of the transfer by the registrar. Prior to the final acceptance and registration of any
transfer, the Company, the Guarantor, the Fiscal Agent and any agent of any of them shall be entitled to treat the person in whose name the Definitive Note is registered as the owner thereof for all purposes, whether or not such Definitive Note is
overdue, and none of the Company, the Guarantor, the Fiscal Agent, nor any such agent shall be affected by notice to the contrary. Notes may be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount upon
surrender of the Notes to be exchanged to the registrar, accompanied by written instructions to such effect acceptable to the registrar. If any Definitive Notes become mutilated, defaced, destroyed, stolen or lost, such Notes will be replaced in
accordance with Condition 14. 
 Every Definitive Note presented or surrendered for registration of transfer shall (if so required by the
Company or the registrar) be duly endorsed, or be accompanied by a written instrument of transfer duly executed, by the Noteholder thereof or his attorney duly authorized in writing in a form satisfactory to the Company and the registrar, and, if
applicable, a certification by the transferee on Internal Revenue Service Form W-8BEN or Form W-8ECI, as applicable, under penalty of perjury that it is not a United States Person, and/or such other certification as may then be required under United
States tax law to evidence the transferee’s entitlement to an exemption from United States federal withholding tax. Upon registration of any such transfer of a Definitive Note for which the transferee has not provided such tax certification,
the registrar shall promptly notify the Company of any such transfer and provide such information as the Company shall request so that it may comply with its obligations under Condition 8 and United States tax laws. 
 The Company or the registrar may require payment from a Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any exchange or registration of transfer of Notes. No service charge to any Noteholder shall be made for any such transaction. 
 No holder of a Definitive Note may require the transfer of a Note to be registered during the period of 15 days ending on the due date for any payment of the redemption price of the Notes. 
 All transfers of Definitive Notes and entries on the note register will be made subject to the provisions in the Fiscal and Paying Agency Agreement.

  

	 	2.	Status of the Notes 

 The Notes will be unsecured
and unsubordinated obligations of the Company and will rank equally with all other unsecured and unsubordinated indebtedness of the Company, save for 

  

 19 

 
those preferred by mandatory provisions of law. The Guarantees endorsed on the Notes will be unsecured obligations of the Guarantor and will rank equally
with all other unsecured and unsubordinated indebtedness of the Guarantor, save for those preferred by mandatory provisions of law. 
 The
Fiscal and Paying Agency Agreement, the Notes and the Guarantees endorsed on the Notes do not limit other indebtedness or securities which may be issued by the Company or the Guarantor and contain no financial or similar restrictions on the Company
or the Guarantor. 
  

	 	3.	Interest 

 The 2015 Notes will bear interest from
and including July 10,2003 to but excluding December 7,2015 at a rate of 8.375 percent per annum, payable annually in arrears on December 7 in each year the 2015 Notes are outstanding. The first payment shall be payable on
December 7, 2003. 
 The 2023 Notes will bear interest from and including July 10, 2003 to but excluding July 10, 2023 at a
rate of 8.875 percent per annum, payable annually in arrears on July 10 in each year the 2023 Notes are outstanding. The first payment shall be payable on July 10, 2004. 
 Interest will cease to accrue on the Notes on the applicable Maturity Date (as defined below) or on the due date for redemption thereof unless, upon due
presentation thereof, payment of principal is improperly withheld or refused, in which event interest will continue to accrue (both before and after judgment) until whichever is the earlier of (i) the day on which all the sums due in respect of the
2015 Notes and the 2023 Notes, as the case may be, up to that day are received by or on behalf of the holders of the 2015 Notes and the 2023 Notes, as the case may be, and (ii) the day on which the Fiscal Agent has notified the holder thereof
(in accordance with Condition 13) of its receipt of all sums due in respect thereof up to that date and that, upon presentation thereof being duly made by the holder of Notes, payment will be made, provided that upon presentation thereof being duly
made, payment is in fact made. 
 When interest is required to be calculated in respect of a period of less than a full year, it shall be
calculated on the basis of the actual number of days elapsed since the date of issuance of the Notes, or if more recent, the last interest payment date divided by 365 (of if any portion of this period falls in a leap year, the sum of (A) the
actual number of days in that portion of the period falling in a leap year divided by 366 and (B) the actual number of days in the portion of the period falling in a non-leap year by 365). 
  

	 	4.	Payments 

 Payments of interest (which term includes
any Additional Amounts, as defined herein, unless the context otherwise requires) in respect of the Notes shall be made in Pounds Sterling on the applicable interest payment dates set forth above to the holder in whose name the Note is registered at
the close of business on the November 22, with respect to the 2015 Notes, and the June 25, with respect to the 2023 Notes, preceding such interest payment date, to the address of such holder as such address shall appear on the note
register for the Notes. The common depositary or its nominee shall be the registered holder in the case of Notes evidenced by Global Notes. Payments made to the common depositary shall be made by wire transfer, and Euroclear 

  

 20 

 
or Clearstream, as applicable, will credit the relevant accounts of their participants on the applicable payment dates. Payments in respect of Notes not
evidenced by Global Notes shall be made by wire transfer, direct deposit or check mailed to the address of the holder entitled thereto as such address shall appear on the register. 
 Principal of the Notes will be payable in Pounds Sterling at maturity against surrender of such Notes at the office of the Paying Agent or such paying
agencies as the Company may appoint from time to time, subject to all applicable laws and regulations. Payments of principal will be made, at the option of the holder, by check or wire transfer. Payments made to the common depositary with respect to
the Global Notes will be credited to the relevant accounts of the participants, pursuant to the relevant Euroclear or Clearstream procedures. 
 If the date for payment of any amount in respect of any Note is not a Business Day in the relevant place, the holder thereof shall not be entitled to payment until the next following Business Day in the relevant place and shall not be
entitled to further interest or other payment in respect of such delay. For these purposes, “Business Day” means (a) a day other than a Saturday or Sunday that is not a day on which banks and foreign exchange markets in Toronto,
London, New York City and, in the case of a payment of principal, the place where such Note is presented for payment to a Paying Agent are generally authorized or obligated by law or executive order to close and (b) not a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”) System is closed. 
 The Company may at any time
terminate the appointment of any Paying Agent and appoint additional or other Paying Agents, provided that, until all outstanding Notes have been cancelled and delivered to the Fiscal Agent, or monies sufficient to pay the principal of and interest
on all outstanding Notes have been made available for payment and either paid or returned to the Company or the Guarantor, as the case may be, as provided in the Notes, the Company will maintain a Paying Agent in a European city for payments on
Notes (which will be Luxembourg so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require). Notice of any such termination or appointment and of any change in the office through which
any Paying Agent will act will be given in accordance with Condition 13. The names of the initial Fiscal Agent and the initial Paying Agents and their respective initial offices are set forth at the end of the Fiscal and Paying Agency Agreement.

 All monies paid by the Company or the Guarantor to the Fiscal Agent for the payment! of principal of, or interest on, any Note which
remains unclaimed at the end of two years after such principal or interest shall have become due and payable, will be repaid to the Company or the Guarantor (as the case may be) upon the Company’s or the Guarantor’s request and the holder
of such Note will thereafter look only to the Company or the Guarantor for payment thereof. 
  

	 	5.	Guarantee 

 The Guarantor will guarantee (the
“Guarantee”) the due and punctual payment of principal of and interest on the Notes and any Additional Amounts described under Condition 7 below, when and as the same shall become due and payable, whether at maturity, upon redemption or
upon declaration of acceleration or otherwise, under any of the provisions of the 

  

 21 

 
Notes. The Guarantee is absolute and unconditional, irrespective of any circumstance that might otherwise constitute a legal or equitable discharge of a
surety or guarantor. To evidence the Guarantee, a guarantee executed by the Guarantor will be endorsed on every Note. 
 The Guarantee will
be a direct unsecured obligation of the Guarantor and will rank equally with all other unsecured and unsubordinated obligations of the Guarantor save for those preferred by mandatory provisions of law. 
 The Fiscal and Paying Agency Agreement and the Guarantee do not limit other indebtedness which may be issued by the Guarantor and contain no financial or
similar restrictions on the Guarantor. 
  

	 	6.	Redemption And Purchase 

 Maturity

 The Notes are not redeemable before maturity except as provided under this Condition 6. The Notes will be redeemed by the Company in
full at a redemption price equal to 100 percent of the principal amount of the Notes on December 7, 2015, with respect to the 2015 Notes, and on July 10,2023, with respect to the 2023 Notes (respectively, the “Maturity
Date”) if they have not been otherwise redeemed as described herein. 
 Redemption for Tax Reasons 
 If, as a result of any change in or amendment to the laws (including any regulations or rulings promulgated thereunder) of Canada or the United States or
any political subdivision thereof or therein affecting taxation, including any official proposal for such a change in or amendment to such laws, which became effective after the date of the Offering Circular or which proposal is made after such
date. or any change in the official application or interpretation of such laws, including any official proposal for such a change, amendment or change in the application or interpretation of such laws, which change, amendment, application or
interpretation is announced or becomes effective after the date of the Offering Circular or which proposal is made after such date, or any action taken by any taxing authority of Canada or the United States which action is taken or becomes generally
known after the date of the Offering Circular, or any commencement of a proceeding in a court of competent jurisdiction in Canada or the United States after such date, whether or not such action was taken or such proceeding was brought with respect
to the Company or the Guarantor, there is, in such case, in the written opinion of independent legal counsel of recognized standing to the Company or the Guarantor, a material increase in the probability that the Company has or may become (or if the
Guarantor is required to make payment under the Guarantee and in making payment, in the opinion of independent counsel chosen by the Guarantor, the Guarantor has or may become) obligated to pay either U.S. Additional Amounts or Canadian Additional
Amounts (as described below in Condition 7) and the Company or the Guarantor, in its business judgment, determines that such obligation cannot be avoided by the use of reasonable measures available to the Company and/or the Guarantor, not including
assignment of the 2015 Notes and/or the 2023 Notes (as applicable) or the Guarantee, the 2015 Notes and/or the 2023 Notes (as applicable) may be redeemed, as a whole but not in part, at the Company’s option at any time thereafter, at a
redemption price equal 

  

 22 

 
to 100 percent of the principal amount of the 2015 Notes and/or the 2023 Notes (as applicable) to be redeemed together with (as applicable) accrued and
unpaid interest thereon to (but not including) the date fixed for redemption (the “Redemption Price”). Before the publication of any notice of redemption of the 2015 Notes and/or the 2023 Notes (as applicable), pursuant to the
foregoing, the Company or the Guarantor, as the case may be, shall deliver to the Fiscal Agent the opinion of a nationally recognized independent tax advisor to the Company or the Guarantor, as the case may be, as described above and a certificate
setting out facts showing that the conditions precedent to the right of the Company so to redeem have occurred. 
 Notice of Redemption

 Notice of redemption will be given by the Company not less than 30 nor more than 60 days before the date fixed for redemption, which
date and the applicable Redemption Price will be specified in the notice. Such notice shall be published in accordance with Condition 13 below. Notice having been so given, the 2015 Notes and/or the 2023 Notes (as applicable) shall become due and
payable on the redemption date upon surrender thereof and will be paid at the Redemption Price, at the offices or agencies in Luxembourg and in the manner specified therein. 
 If any Note called for redemption by the Company shall not be so paid upon surrender thereof for redemption, the principal, and interest, of such Note
shall, until paid pursuant to Condition 4 hereof, bear interest from the redemption date at the rate borne by the 2015 Notes or the 2023 Notes, as the case may be. 
 Purchase by the Company or the Guarantor 
 The Company or the Guarantor (or any of its subsidiaries)
may at any time purchase or otherwise acquire Notes in the open market or otherwise. Notes purchased or otherwise acquired by the Company may be held or, at the discretion of the Company, surrendered to the Fiscal Agent for cancellation. The Company
may not resell or reissue those Notes purchased or otherwise acquired. 
  

	 	7.	Payment of Additional Amounts 

 United States

 The Company or the Guarantor (as applicable and if the Guarantor is required to make payments under the Guarantee) will pay to the
holder of any Note who is a Non-U.S. Holder such additional amounts as may be necessary in order that every net payment in respect of the principal or interest on such Note, after deduction or withholding by the Company, the Guarantor or any Paying
Agent for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such payment by the United States or any political subdivision or taxing authority thereof or therein, will not be less than the
amount provided for in such Note to be then due and payable before any such deduction or withholding for or on account of any such tax, assessment or governmental charge (“U.S. Additional Amounts”); provided, however, that the
foregoing obligation to pay U.S. Additional Amounts shall not apply to: 
 (a) any tax, assessment or other governmental charge which would
not have been so imposed but for (i) the existence of any present or former connection between such holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or holder of a power over, such holder, if such holder is an estate,
trust, partnership or corporation) and the United States, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder of, or holder of a power) being or having been a citizen or resident or treated as a
resident thereof or being or having been engaged in a trade or business therein or being or having been present therein or having or having had a permanent establishment therein, or (ii) such holder’s present or former status as a personal
holding company or foreign personal holding company or controlled foreign corporation for United States federal income tax purposes or corporation which accumulates earnings to avoid United States federal income tax; 
  

 23 

 (b) any tax, assessment or other governmental charge which would not have been so imposed but for the
presentation by the holder of any Note (where such presentation is required) for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever
occurs later; 
 (c) any estate, inheritance, gift, sales, transfer, personal property or excise tax or any similar tax, assessment or
governmental charge; 
 (d) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payments in
respect of principal of, or interest on, any Note; 
 (e) any tax, assessment or other governmental charge imposed on interest received by a
holder or beneficial owner of a Note who actually or constructively owns 10% or more of the total combined voting power of all classes of stock of the Company entitled to vote within the meaning of Section 871(h)(3) of the United States
Internal Revenue Code of 1986, as amended; 
 (f) any tax, assessment or other governmental charge imposed as a result of the failure to
comply with (i) certification, information, documentation, reporting or other similar requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Note, if such
compliance is required by statute, or by regulation of the United States Treasury Department, as a precondition to relief or exemption from such tax, assessment or other governmental charge (including backup withholding) or (ii) any other
certification, information, documentation, reporting or other similar requirements under United States income tax laws or regulations that would establish entitlement to otherwise applicable relief or exemption from such tax, assessment or other
governmental charge; 
 (g) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of
the principal of, or interest on, any Note, if such payment can be made without such withholding by at least one other Paying Agent; 
 (h)
any Note where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN (European Union’s
Economic and Finance Ministers) Council meeting of26-27 November 2000, or any law implementing or complying with, or introduced in order to conform to such directive; or 
  

 24 

 (i) any Note presented (where such presentation is required) for payment by or on behalf of a holder who
would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent in a Member State of the European Union; or 
 (j) any combination of items (a) through (i); 
 nor will such U.S. Additional Amounts be paid to any holder who is a
fiduciary or partnership or other than the sole beneficial owner of the Note to the extent a settlor or beneficiary with respect to such fiduciary or a member of such partnership or a beneficial owner of the Note would not have been entitled to
payment of such U.S. Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of the Note. 
 The Notes
are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided by this Condition 7, the Company or the Guarantor (as applicable) will not
be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. 
 As used in this Condition 7, the term “United States” means the United States of America (including the states and the District of
Columbia) and its territories, possessions and other areas subject to its jurisdiction; and the term “Non-U.S. Holder” means a person that is for United States federal income tax purposes, a (i) non resident alien individual,
(ii) foreign corporation, (iii) non resident alien fiduciary of a foreign estate or trust, or (iv) a foreign partnership one or more members of which is, for United States federal income tax purposes, a non resident individual, a
foreign corporation or a non resident alien fiduciary of a foreign estate or trust. 
 Canada 
 All payments of principal and interest in respect of the Notes will be made without withholding of or deduction for, or on account of, any present or
future taxes, duties, assessment or governmental charges of whatever nature imposed or levied by or on behalf of the government of Canada or any political subdivision thereof, or any authority or agency therein or thereof having power to tax, unless
the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law or the application or interpretation thereof. If such withholding or deduction is so required, the Company or the Guarantor, as applicable,
shall pay (subject to the Company’s right of redemption referred to under “Redemption for Tax Reasons” in Condition 6) as additional interest such Additional Amounts as may be necessary in order that the net amounts received by the
holders of Notes after such withholding or deduction shall equal the net payment in respect of such Notes which would have been received by them in respect of the Notes in the absence of such withholding or deduction (“Canadian Additional
Amounts”); except that no Canadian Additional Amounts shall be payable with respect to any Note: 
 (a) held by or on behalf of a
holder (i) that is not a “Non-Canadian person” as defined in the Offering Circular under the heading “Taxation of the Notes-Canadian Federal Taxation” or (ii) in respect of whom such taxes, duties, assessments or
governmental charges are required to be withheld or deducted by reason of such holder failing to comply with any certification or information reporting as may be required under Canadian income tax law to qualify for an exemption from such deduction
or withholding; 
  

 25 

 (b) presented for payment (where such presentation is required) more than 10 days after the later of
(a) the date on which payment in respect of the Notes becomes due and payable or (b) if the full amount of monies payable on such date has not been received by the Fiscal Agent on or prior to such date, the date on which notice that such
monies have been received is published, except to the extent that the holder thereof would have been entitled to such Canadian Additional Amounts on presenting such Note for payment on the last day of such period of 10 days; 
 (c) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on
the taxation of savings implementing the conclusions of the ECOFIN (European Union’s Economic and Finance Ministers) Council meeting of26-27 November 2000 or any law implementing or complying with, or introduced in order to conform to,
such Directive; 
 (d) in respect of any payment of interest or principal if payment could have been made without such deduction or
withholding by at least one other Paying Agent; 
 (e) in respect of any tax that is an estate, inheritance, gift, sales, transfer, personal
property, value added, excise or any other similar tax or governmental charge; or 
 (f) any combination of items (a) through (e);

 nor will Canadian Additional Amounts be paid to any holder who is a fiduciary or partnership or other than the sole beneficial owner of the Note to the
extent a settlor or beneficiary with respect to such fiduciary or a member of such partnership or a beneficial owner of the Note would not have been entitled to payment of the Canadian Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the holder of the Note. 
 The Company (or the Guarantor, as applicable) will indemnify and hold harmless each holder
of Notes that is a Non-Canadian person and upon written request reimburse each such holder for the amount, excluding any payment of Additional Amounts, of: 
 (i) any Canadian taxes in respect of payments made under the Notes levied or imposed on and paid by such holder if such holder would have been entitled to a payment of Additional Amounts in respect of such Canadian
taxes had such Canadian taxes been imposed or required to be collected by way of withholding; 
 (ii) any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto; and 
 (iii) any Canadian taxes imposed with respect to any reimbursement
under clause (i) or (ii) of this paragraph but excluding any such Canadian taxes on such holder’s net income. 
 The Notes are
subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. 
  

 26 

 When used in these Conditions and otherwise in respect of the Notes, “Additional
Amounts” shall mean U.S. Additional Amounts and/or Canadian Additional Amounts, as the context requires. Wherever in the Fiscal and Paying Agency Agreement there is mentioned, in any context the payment of principal or interest under or
with respect to a Note, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof, as described under this Condition
7. Except as specifically provided by this Condition 7, the Company or the Guarantor (as applicable) shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political
subdivision or taxing authority thereof or therein. 
  

	 	8.	Certain Covenants of the Guarantor 

 The following
definitions shall be applicable to the covenants of the Guarantor specified below: 
 (i) “Attributable Debt” means, at the
time of determination as to any lease, the present value (discounted at the actual rate, if stated, or, if no rate is stated, the implicit rate of interest of such lease transaction as determined by the chairman, president, any vice chairman, any
vice president, the treasurer or any assistant treasurer of the Guarantor), calculated using the interval of scheduled rental payments under such lease, of the obligation of the lessee for net rental payments during the remaining term of such lease
(excluding any subsequent renewal or other extension options held by the lessee). The term “net rental payments” means, with respect to any lease for any period, the sum of the rental and other payments required to be paid in such period
by the lessee thereunder, but not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of maintenance and repairs, insurance, taxes, assessments, water rates,
indemnities or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, earnings or profits or of maintenance and repairs, insurance, taxes,
assessments, water rates, indemnities or similar charges; provided, however, that, in the case of any lease which is terminable by the lessee upon the payment of a penalty in an amount which is less than the total discounted net rental payments
required to be paid from the later of the first date upon which such lease may be so terminated and the date of the determination of net rental payments, “net rental payments” shall include the then-current amount of such penalty from the
later of such two dates, and shall exclude the rental payments relating to the remaining period of the lease commencing with the later of such two dates. 
 (ii) “Debt” means notes, bonds, debentures or other similar evidences of indebtedness for money borrowed. 
 (iii) “Manufacturing Subsidiary” means any Subsidiary (A) substantially all the property of which is located within the continental United States of America, (B) which owns a Principal
Domestic Manufacturing Property and (C) in which the Guarantor’s investment, direct or indirect and whether in the form of equity, debt, advances or otherwise, is in excess of $2,500,000,000 as shown on the Guarantor’s books as of the
end of the fiscal year immediately preceding the date of determination; provided, however, that “Manufacturing Subsidiary” shall not include Hughes Electronics Corporation and its Subsidiaries, General Motors Acceptance 

  

 27 

 
Corporation and its Subsidiaries (or any corporate successor of any of them) or any other Subsidiary which is principally engaged in leasing or in financing
installment receivables or otherwise providing financial or insurance services to the Guarantor or others or which is principally engaged in financing the Guarantor’s operations outside the continental United States of America. 
 (iv) “Mortgage” means any mortgage, pledge, lien, security interest, conditional sale or other title retention agreement or other
similar encumbrance. 
 (v) “Principal Domestic Manufacturing Property” means any manufacturing plant or facility owned by
the Guarantor or any Manufacturing Subsidiary which is located within the continental United States of America and, in the opinion of the Guarantor’s Board of Directors, is of material importance to the total business conducted by the Guarantor
and its consolidated affiliates as an entity. 
 (vi) “Subsidiary” means any corporation of which at least a majority of the
outstanding stock having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such corporation shall have or
might have voting power by reason of the happening of any contingency) is at the time owned by the Guarantor, or by one or more Subsidiaries, or by the Guarantor and one or more Subsidiaries. 
 Limitation on Liens 
 The Guarantor
will not, and will not permit any Manufacturing. Subsidiary to, issue or assume any Debt secured by a Mortgage upon any Principal Domestic Manufacturing Property of the Guarantor or any Manufacturing Subsidiary or upon any shares of stock or
indebtedness of any Manufacturing Subsidiary (whether such Principal Domestic Manufacturing Property, shares of stock or indebtedness are now owned or hereafter acquired) without in any such case effectively providing concurrently with the issuance
or assumption of any such Debt that the Guarantees (together with, if the Guarantor shall so determine, any other indebtedness of the Guarantor or such Manufacturing Subsidiary ranking equally with the Guarantees and then existing or thereafter
created) shall be secured equally and ratably with such Debt, unless the aggregate amount of Debt issued or assumed and so secured by Mortgages, together with all other Debt of the Guarantor and its Manufacturing Subsidiaries which (if originally
issued or assumed at such time) would otherwise be subject to the foregoing restrictions, but not including Debt permitted to be secured under clauses (i) through (vi) of the immediately following paragraph, does not at the time exceed 20%
of the stockholders equity of the Guarantor and its consolidated subsidiaries, as determined in accordance with accounting principles generally accepted in the United States and shown on the audited consolidated balance sheet contained in the latest
published annual report to the Guarantor’s stockholders. 
 The above restrictions shall not apply to Debt secured by: 
 (i) Mortgages on property, shares of stock or indebtedness of any corporation existing at the time such corporation becomes a Manufacturing Subsidiary;

  

 28 

 (ii) Mortgages on property existing at the time of acquisition of such property by the Guarantor or a
Manufacturing Subsidiary, or Mortgages to secure the payment of all or any part of the purchase price of such property upon the acquisition of such property by the Guarantor or a Manufacturing Subsidiary or to secure any Debt incurred prior to, at
the time of, or within 180 days after, the later of the date of acquisition of such property and the date such property is placed in service, for the purpose of financing all or any part of the purchase price thereof, or Mortgages to secure any Debt
incurred for the purpose of financing the cost to the Guarantor or a Manufacturing Subsidiary of improvements to such acquired property; 
 (iii) Mortgages securing Debt of a Manufacturing Subsidiary owing to the Guarantor or to another Subsidiary; 
 (iv) Mortgages on
property of a corporation existing at the time such corporation is merged or consolidated with the Guarantor or a Manufacturing Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or
substantially as an entirety to the Guarantor or a Manufacturing Subsidiary; 
 (v) Mortgages on property of the Guarantor or a Manufacturing
Subsidiary in favor of the United States of America or any State thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or in favor of any other country, or any political
subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of construction of
the property subject to such Mortgages; or 
 (vi) any extension, renewal or replacement (or successive extensions, renewals or replacements)
in whole or in part of any Mortgage referred to in the foregoing clauses (i) to (v); provided, however, that the principal amount of Debt secured thereby shall not exceed by more than 115% the principal amount of Debt so secured at the time of
such extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Mortgage so extended, renewed or replaced (plus improvements on such property). 
 Limitation on Sale and Lease-Backs 
 The Guarantor will not, and will not permit any Manufacturing Subsidiary to, enter into any arrangement with any person providing for the leasing by the Guarantor or any Manufacturing Subsidiary of any Principal Domestic Manufacturing
Property owned by the Guarantor or any Manufacturing Subsidiary on the date that the Guarantees are originally issued (except for temporary leases for a term of not more than five years and except for leases between the Guarantor and a Manufacturing
Subsidiary or between Manufacturing Subsidiaries), which property has been or is to be sold or transferred by the Guarantor or such Manufacturing Subsidiary to such person, unless either: 
 (i) the Guarantor or such Manufacturing Subsidiary would be entitled, pursuant to the provisions of the limitation on liens set forth above, to issue,
assume, extend, renew or replace Debt secured by a Mortgage upon such property equal in amount to the Attributable Debt in 

  

 29 

 
respect of such arrangement without equally and ratably securing the Guarantees; provided, however, that from and after the date on which such arrangement
becomes effective the Attributable Debt in respect of such arrangement shall be deemed for all purposes under the covenant on limitation on liens set forth above and this covenant on limitation on sale and lease-back to be Debt subject to the
provisions of the covenant on limitation on liens described above (which provisions include the exceptions set forth in clauses (i) through (vi) of such covenant); or 
 (ii) the Guarantor shall apply an amount in cash equal to the Attributable Debt in respect of such arrangement to the retirement (other than any
mandatory retirement or by way of payment at maturity), within 180 days of the effective date of any such arrangement, of Debt of the Guarantor or any Manufacturing Subsidiary (other than Debt owned by the Guarantor or any Manufacturing Subsidiary)
which by its terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such Debt. 
  

	 	9.	Events of Default 

 In case one or more of the
following events (“Events of Default”) shall have occurred and be continuing: 
 (a) default in the payment of the principal of the
2015 Notes or the 2023 Notes as and when the same shall become due and payable either at maturity, upon redemption, by declaration or otherwise; or 
 (b) default in the payment of any installment of interest or in the payment of any Additional Amounts upon the 2015 Notes or the 2023 Notes as and when the same shall become due, and continuance of such default for a period of thirty days;
or 
 (c) failure on the part of the Company or the Guarantor duly to observe or perform any other of the covenants or agreements on the part
of the Company or the Guarantor applicable to the 2015 Notes or the 2023 Notes or the Guarantees or contained in the Fiscal and Paying Agency Agreement and the Conditions for a period of ninety days after the date on which written notice of such
failure, requiring the Company or the Guarantor to remedy the same, shall have been given to the Company or the Guarantor by the Fiscal Agent, or to the Company or the Guarantor and the Fiscal Agent by the holders of at least 25 percent in aggregate
principal amount of the 2015 Notes or the 2023 Notes at the time outstanding (as applicable); or 
 (d) a court having jurisdiction in the
premises shall enter a decree or order for relief in respect of the Company or the Guarantor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company or the Guarantor or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and
in effect for a period of ninety days; or 
 (e) the Company or the Guarantor shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or the Guarantor or for any substantial part of their respective property, or shall make any general assignment for the benefit of creditors; 
  

 30 

 then if an Event of Default described in clause (a), (b) or (c) shall have occurred and be continuing, and in
each and every such case, unless the principal amount of all the 2015 Notes or the 2023 Notes, as the case may be, shall have already become due and payable, the holders of not less than 25 percent in aggregate principal amount of the 2015 Notes or
the 2023 Notes affected thereby then outstanding (as applicable), by notice in writing to the Company (and the Fiscal Agent) may declare the principal amount of the 2015 Notes or the 2023 Notes (as applicable) affected thereby to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any provision of the Fiscal and Paying Agency Agreement or the Notes contained to the contrary notwithstanding, or, if an Event of Default
described in clause (d) or (e) shall have occurred and be continuing, and in each and every such case, the holders of not less than 25 percent in aggregate principal amount of the 2015 Notes or the 2023 Notes then outstanding (as
applicable», by notice in writing to the Company (and the Fiscal Agent), may declare the principal of the 2015 Notes or the 2023 Notes (as applicable) to be due and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, any provision in the Fiscal and Paying Agency Agreement or in the Notes to the contrary notwithstanding. The foregoing provisions, however, are subject to the conditions that if, at any time after the principal
of the 2015 Notes or the 2023 Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered, the Company or the Guarantor shall payor shall deposit with the
Fiscal Agent a sum sufficient to pay all matured installments of interest, if any, and all Additional Amounts, if any, due upon the 2015 Notes or the 2023 Notes (as applicable) and the principal of the 2015 Notes or the 2023 Notes (as applicable)
which shall have become due otherwise than by acceleration (with interest, if any, upon such principal, and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest and Additional Amounts,
if any, at the same rate as the rate of interest specified in the 2015 Notes or the 2023 Notes, as the case may be, to the date of such payment or deposit), and such amount as shall be payable to the Fiscal Agent pursuant to the Fiscal and Paying
Agency Agreement, and any and all defaults under the Fiscal and Paying Agency Agreement shall have been remedied, then and in every such case the holders of a majority in aggregate principal amount of the 2015 Notes or the 2023 Notes (as applicable)
then outstanding, by written notice to the Company, the Guarantor and to the Fiscal Agent, may waive all defaults with respect to the 2015 Notes or the 2023 Notes (as applicable) and rescind and annul such declaration and its consequences; but no
such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon. 
 In case the Fiscal Agent shall have proceeded to enforce any right under the Fiscal and Paying Agency Agreement and such proceedings shall have been discontinued or abandoned because of such recession and annulment or for any other reason
or shall have been determined adversely to the Fiscal Agent, then and in every such case the Company, the Guarantor, the Fiscal Agent and the holders of the 2015 Notes or the 2023 Notes, as the case may be, shall be restored respectively to their
former positions and rights hereunder, and all rights, remedies and powers of the Company, the Guarantor, the Fiscal Agent and the holders of the 2015 Notes or the 2023 Notes, as the case may be, shall continue as though no such proceedings had been
taken. 
  

 31 

	 	10.	Fiscal and Paying Agents 

 The Fiscal Agent and each
of the Paying Agents will act solely as agents of the Company and the Guarantor (as applicable) and will not assume any obligations or relationships of agency or trust towards or with any Noteholder, except that any funds received by the Fiscal
Agent for the payment of any sums due in respect of the Notes relating thereto shall be held by it in trust for the relevant Noteholders until the expiration of the relevant period under Condition 4. The Fiscal and Paying Agency Agreement contains
provisions for the indemnification of the Fiscal Agent and for its relief from responsibility in certain circumstances. 
  

	 	11.	Consolidation, Merger or Sale of Assets 

 Each of
the Company and the Guarantor covenants that it will not merge or consolidate with any other corporation or sell or convey all or substantially all of its assets to any person, firm or corporation, unless (i) either the Company or the
Guarantor, as the case may be, shall be the continuing company, or the successor corporation (if other than the Company or the Guarantor, as the case may be) shall be a company organized and existing under, in the case of a successor to the Company,
the laws of Canada or a province thereof, or in the case of a successor to the Guarantor, the United States of America or a state thereof and such corporation shall expressly assume the due and punctual payment of the principal of, interest, and
Additional Amounts, if any, on the Notes, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Fiscal and Paying Agency Agreement to be performed by the Company or the Guarantor,
as the case may be, in an instrument executed and delivered to the Fiscal Agent by such corporation and (ii) the Company, the Guarantor or such successor corporation, as the case may be, shall not, immediately after such merger or
consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition. 
 Notwithstanding the
foregoing, the Company may transfer all or any part of its assets to the Guarantor or to any other entity controlled by the Company and/or the Guarantor, provided that such transfer shall not in any way affect the rights of holders of the Notes
under the Notes or the Guarantee or to the full and punctual performance and observance of all Company and Guarantor covenants and conditions of the Fiscal and Paying Agency Agreement. 
 In case of any such consolidation, merger, sale or conveyance and upon any such assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for the Company or the Guarantor, as the case may be, with the same effect as if it had been named in the Fiscal and Paying Agency Agreement. 
 The Fiscal Agent may receive an opinion of counsel (which counsel may be an employee of or counsel to the Company, or who may be other counsel acceptable
to the Fiscal Agent) as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption, complies with the provisions of this Condition 11. 
  

	 	12.	Meetings of Noteholders and Modification 

 The
Fiscal and Paying Agency Agreement contains provisions for convening meetings of Noteholders to consider matters affecting their interests including modifications by 

  

 32 

 
Extraordinary Resolution with respect to the 2015 Notesorthe2023 Notes of the Terms and Conditions of the Notes, the Guarantees and the Fiscal and Paying
Agency Agreement. The quorum at any such meeting for passing a resolution proposed as an Extraordinary Resolution will be one or more persons holding or representing a clear majority in principal amount of the 2015 Notes or the 2023 Notes (as
applicable) for the time being outstanding, except that at any meeting, the business of which includes, inter alia, (i) modification of the Maturity Date of the 2015 Notes or the 2023 Notes or reduction or cancellation of the principal
amount payable upon maturity, (ii) reduction of the amount payable or modification of the payment date in respect of any interest on the 2015 Notes or the 2023 Notes, (iii) modification of the currency in which payments under the Notes are
to be made, (iv) modification of the majority required to pass an Extraordinary Resolution or (v) modification of the provisions of the Fiscal and Paying Agency Agreement concerning this exception, the necessary quorum for passing an
Extraordinary Resolution will be one or more persons holding or representing not less than two-thirds, or at any adjourned meeting not less than a clear majority, in principal amount of the 2015 Notes or the 2023 Notes (as applicable) for the time
being outstanding. Any resolution duly passed at any such meeting shall be binding on all Noteholders (whether or not they were present at such meeting). 
 The Fiscal Agent may agree with the Company and the Guarantor, without the consent of the Noteholders, to any modification to any of the provisions of the Fiscal and Paying Agency Agreement, the Notes or the Guarantee
which is of a fonnal, minor or technical nature in the opinion of the Company and the Guarantor or to add any covenant, restriction, condition or provision as the Company and the Guarantor shall consider to be for the protection of the Noteholders
or is made for the purpose of curing any ambiguity, or correcting or supplementing any provision contained therein which may be defective or inconsistent with any other provision contained therein, or to make such other provisions in regard to
matters or questions arising under the Fiscal and Paying Agency Agreement as shall not adversely affect the interests of the holders of the Notes. Any such modification shall be binding on all the Noteholders, and, if the Fiscal Agent so requires,
shall be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 13. 
  

	 	13.	Notices 

 Notices to Noteholders will be given by
publication in a daily morning newspaper in the English language of general circulation in London, England. In addition, so long as the 2015 Notes and the 2023 Notes are listed on the Luxembourg Stock Exchange and the rules of such Exchange shall so
require, notices to holders of the 2015 Notes or the 2023 Notes (as applicable) will be given by publication in a daily newspaper of general circulation in Luxembourg. The terms “daily morning newspaper” and “daily newspaper”
shall be deemed to mean a newspaper customarily published on each Business Day (as defined under Condition 4) (in morning editions, in the case of “daily morning newspaper”), whether or not it shall be published in Saturday, Sunday, or
holiday editions. If, by reason of the temporary or permanent suspension of publication of any newspaper, or by reason of any other cause, it shall be impossible to make publication of such notice in a daily morning newspaper in the English language
of general circulation in London, England, and Luxembourg then such publication or other notice in lieu thereof as shall be made by the Fiscal Agent shall constitute sufficient publication of such notice, if such publication or other notice shall be
in an English language newspaper with general 

  

 33 

 
circulation in Europe and, so far as may be possible, shall approximate the terms and conditions of the publication in lieu of which it is given. In
addition, any notice shall be published in a manner which complies with the rules and regulations of the Luxembourg Stock Exchange. 
 Such
publication is expected to be made in the Financial Times and the Luxemburger Wort. Such notice shall be deemed to have been given on the date of publication, or, if published on more than one date, on the date of first publication.

 Notices to be given by any Noteholder shall be in writing and given by lodging the same, together with the relevant Note or Notes, with
the Fiscal Agent. 
  

	 	14.	Replacement of Notes 

 In the case of any Global
Notes or any Definitive Notes issued under the circumstances described under “Issuance of Definitive Notes” in Condition 1, any such Notes that become mutilated, defaced, destroyed, stolen or lost will be replaced by the Company at the
expense of the holder upon delivery to the registrar (the “Replacement Agent”) of such Notes or evidence of the loss, theft or destruction thereof satisfactory to the Company and the Replacement Agent. In the case of a mutilated,
defaced, destroyed, stolen or lost Note, an indemnity and/or security satisfactory to the Replacement Agent and the Company may be required at the expense of the holder of such Note before a replacement Note will be issued. 
  

	 	15.	Further Issues 

 The Company may from time to time,
without the consent of the holder of any Note, create and issue further 2015 Notes and/or 2023 Notes ranking equally in all respects and on the same terms and conditions in all respects (or in all respects save for the date and amount of the first
payment of interest thereon) so that such issue shall be consolidated and form a single series with the 2015 Notes or the 2023 Notes (as applicable) for all purposes, provided, however, that such further Notes may be issued only within three years
of the issue date of the original Notes and only if they are fungible with the original Notes for United States federal income tax purposes. 
  

	 	16.	Governing Law 

 The Fiscal and Paying Agency
Agreement, the Notes (including the Terms and Conditions of the Notes) and the Guarantees will be governed by and construed in accordance with the laws of the State of New York, United States of America without giving effect to the principles of
conflicts of law. 
 Each of the Company and the Guarantor irrevocably agrees that any legal action or proceeding against them arising out of
or in connection with the Notes and the Guarantees may be brought in any federal or New York State court sitting in the Borough of Manhattan and each of the Company and the Guarantor irrevocably waives, to the fullest extent permitted by law, any
objection they may have to the laying of venue of any such action or proceeding brought in any such court and any claim that any such action or proceeding has been brought in an inconvenient forum. 
  

 34 

 THE GUARANTEE 
 The following is the text of the Guarantee of the Notes that will be endorsed on the Global Notes and the definitive Notes. 
 General Motors Corporation (the “Guarantor”) hereby unconditionally guarantees to the holder of this Note duly authenticated and delivered by the Fiscal Agent, the due and punctual payment of the principal
of, and interest (together with any Additional Amounts payable pursuant to the terms of this Note), on this Note, when and as the same shall become due and payable, whether at maturity or upon redemption or upon declaration of acceleration or
otherwise according to the terms of this Note and of the Fiscal and Paying Agency Agreement. In case of default by General Motors Nova Scotia Finance Company (the “Company”) in the payment of any such principal or interest (together with
any Additional Amounts payable pursuant to the terms of this Note), the Guarantor agrees duly and punctually to pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any
extension of the time for payment of this Note, any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Fiscal and Paying Agency Agreement, any failure to enforce the same or any waiver, modification or
indulgence granted to the Company with respect thereto by the holder of this Note or the Fiscal Agent, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a demand or proceeding first against the Company, protest or notice with respect to this Note or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that this guarantee will not be discharged as to this Note except by payment in full of the principal of, and interest (together with any Additional Amounts payable pursuant to
the terms of this Note), thereon. 
 The Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or
otherwise, upon making any payment hereunder (i) to be subrogated to the rights of a holder against the Company with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Company in respect thereof or
(ii) to receive any payment, in the nature of contribution or for any other reason, from any other obligor with respect to such payment. 
 This guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on this Note shall have been signed by the Fiscal Agent. 
 This guarantee is governed by the laws of the State of New York, United States of America. 
  

 35 

 IN WITNESS WHEREOF, General Motors Corporation has caused this guarantee to be signed by facsimile by its
duly authorized officers and has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	GENERAL MOTORS CORPORATION
		
	By:	 	  

		
	By:	 	  

  

 36 

 SCHEDULE 2 
 SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE REPRESENTED BY 
 THE GLOBAL NOTES 
 The following is a summary of certain additional provisions to be contained in the Global Notes, with respect to the 2015 Notes and the 2023 Notes,
which will apply to, and to the extent that they are inconsistent with, modify the terms and conditions of the Notes set forth under “Terms and Conditions of the Notes”. 
  

	 	1.	Notices 

 For so long as all of the Notes are
represented by one or more of the Global Notes and such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream (as the case may be)
for communication to the relative Accountholders rather than by publication as required by Condition 13, provided that, so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require,
notices to Noteholders will be given by publication in a daily newspaper of general circulation in Luxembourg. Such publication is expected to be made in the Luxemburger Wort. In addition, any notice shall be published in a manner which
complies with the rules and regulations of the Luxembourg Stock Exchange. Any such notice shall be deemed to have been given to the Noteholders on the seventh day after the day on which such notice is delivered to Euroclear and/or Clearstream (as
the case may be) as aforesaid. 
  

	 	2.	Accountholders 

 For so long as all of the Notes are
represented by a Global Note and such Global Note is held on behalf of Euroclear and/or Clearstream, each person who is for the time being shown in the records of Euroclear or Clearstream as the holder of a particular principal amount of such Notes
(each an “Accountholder”) (in which regard any certificate or other document issued by Euroclear or Clearstream, as to the principal amount of such Notes standing to the account of any person shall be conclusive and binding for all
purposes) shall be treated as the holder of such principal amount of such Notes for all purposes (including for the purposes of any quorum requirements of, or the right to demand a poll at, meetings of the Noteholders) other than with respect to the
payment of principal and interest on such Notes, the right to which shall be vested, as against the Company solely to the registered owner of the Global Note in accordance with and subject to its terms. Each Accountholder must look solely to
Euroclear or Clearstream (as the case may be) for its share of each payment made to the registered owner of the relevant Global Note. 
  

	 	3.	Cancellation 

 Cancellation of any Note represented
by a Global Note and required by the Terms and Conditions of the Notes to be cancelled following its redemption or purchase will be effected by endorsement by or on behalf of the Fiscal Agent of the reduction in the principal amount of the
relevant Global Note on the relevant part of the schedule thereto. 
  

 37 

	 	4.	Euroclear And Clearstream 

 References herein to
Euroclear and Clearstream shall be deemed to include references to any other clearing system through which interests in the Notes are held. 
  

 38 

 SCHEDULE 3 
 FORMS OF GLOBAL AND DEFINITIVE NOTES 
 PART I 
 FORM OF GLOBAL NOTE 
 Common Code No.: 
 ISIN No.: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS POSSESSIONS, ITS TERRITORIES OR OTHER AREAS SUBJECT TO
ITS JURISDICTION (THE “UNITED STATES”) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY CITIZEN OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE UNITED STATES OR
ANY POLITICAL SUBDIVISION THEREOF OR THEREIN, AN ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR A TRUST IF BOTH 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 OF ITS SUBSTANTIAL DECISIONS OR A TRUST THAT HAS MADE A VALID ELECTION TO BE TREATED AS A DOMESTIC TRUST FOR UNITED STATES FEDERAL INCOME TAX PURPOSES
(“UNITED STATES PERSONS”); PROVIDED, HOWEVER, THAT THE TERM “UNITED STATES PERSON” SHALL NOT INCLUDE A BRANCH OR AGENCY OF A UNITED STATES BANK OR INSURANCE COMPANY THAT IS OPERATING OUTSIDE THE UNITED STATES FOR VALID BUSINESS
REASONS AS A LOCALLY REGULATED BRANCH OR INSURANCE BUSINESS AND NOT SOLELY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE SECURITIES ACT. 
 THIS NOTE IS A GLOBAL NOTE WITHOUT COUPONS, EXCHANGEABLE FOR DEFINITIVE NOTES WITHOUT COUPONS ONLY IN LIMITED CIRCUMSTANCES AT THE MAIN OFFICE OF THE FISCAL AGENT (AS DEFINED HEREIN) IN LUXEMBOURG. THE RIGHTS
ATTACHING TO THIS GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE TERMS AND CONDITIONS OF THIS NOTE. 
  

 39 

 NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF
INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY (organized under the laws of Nova
Scotia, Canada) 
 GLOBAL NOTE representing 
 £ 
 PERCENT NOTES DUE 
 This Note is listed on the Luxembourg Stock Exchange 
 General Motors Nova Scotia Finance Company, a company
organized under the laws of Nova Scotia, promises to pay to BT Globenet Nominees Limited or registered assigns the principal sum specified in Schedule A hereto, on         , upon surrender hereof, and to pay
interest at the rate of percent per annum in arrears from the date of issuance or the later date to which interest has been paid or provided for on said principal amount annually on
                             each
                                    , beginning,
                         until payment of said principal amount has been made or duly provided for. Such payments shall be made
in Pounds Sterling. 
 Reference is made to the further provisions set forth under Terms and Conditions of the Note endorsed on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 Holders of this Note
are deemed to have notice of all of the provisions of the Fiscal and Paying Agency Agreement dated July 10, 2003 among the Company, General Motors Corporation as Guarantor, Deutsche Bank Luxembourg S.A. as Fiscal Agent and principal Paying
Agent and Banque Generale du Luxembourg S.A., as Paying Agent (as amended from time to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) applicable to them. Copies of the Fiscal and Paying Agency Agreement
are available for inspection at the specified offices of the Fiscal Agent. 
 Title to this Note shall pass on registration of the Note in
the Note Register for the Notes. Prior to the registration of any transfer of this Note in the Note Register, the Company may treat the person in whose name this Note is registered as the absolute owner of this Note for all purposes (notwithstanding
any notice to the contrary and whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous loss or theft or trust or other interest herein). 
 This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been duly signed by the
Fiscal Agent acting in accordance with the Fiscal and Paying Agency Agreement. 
  

 40 

 IN WITNESS whereof the Company has caused this Global Note to be duly executed on its behalf. 

 

			
	 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY

		
	 By:
	 	  

	 Name:
	 	
		 	Duly Authorized Officer

 Dated: July     , 2003 
  

 41 

 CERTIFICATE OF AUTHENTICATION 
 This is the Global Note described in the within-mentioned Fiscal and Paying Agency Agreement. 
  

			
	 DEUTSCHE BANK LUXEMBOURG S.A.
as Fiscal Agent without warranty, recourse or liability

		
	By:	 	  

	Name:	 	
	Title:	 	
		 	Authorized Officer

  

 42 

 Schedule A 
 The initial principal amount of this Global Note is £             . 
 Changes in principal amount of this Global Note are set forth below: 
  

							
	 Date
	  	Principal amount
by which this
Global Note is to
be decreased and
reason for decrease	  	Remaining
principal amount of
this Global Note
after such decrease	  	Notation made
by or on
behalf of the
Company
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 43 

 Schedule B 
 SCHEDULE OF EXCHANGES 
 FOR NOTES REPRESENTED BY A GLOBAL NOTE 
 The following exchanges of a part of this Global Note for Notes represented by Definitive Notes have been made: 
  

							
	 Date of Exchange
	  	Principal Amount of
Definitive Notes
Issue in Exchange for a
Portion of this
Global Note	  	Remaining Principal
Amount of this Global
Note
Following such
Exchange	  	Notation Made
by or on Behalf of the
Company

  

 44 

 PART II 
 FORM OF DEFINITIVE NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA (INCLUDING THE STATES AND THE DISTRICT OF COLUMBIA), ITS POSSESSIONS, ITS TERRITORIES OR OTHER
AREAS SUBJECT TO ITS JURISDICTION (THE “UNITED STATES”) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY CITIZEN OR RESIDENT OF THE UNITED STATES, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY CREATED OR ORGANIZED IN OR UNDER THE LAWS OF THE
UNITED STATES OR ANY POLITICAL SUBDIVISION THEREOF OR THEREIN, AN ESTATE THE INCOME OF WHICH IS SUBJECT TO UNITED STATES FEDERAL INCOME TAXATION REGARDLESS OF ITS SOURCE OR A TRUST IF BOTH 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 OF ITS SUBSTANTIAL DECISIONS OR A TRUST THAT HAS MADE A VALID ELECTION TO BE TREATED AS A DOMESTIC TRUST FOR UNITED STATES FEDERAL INCOME TAX
PURPOSES (“UNITED STATES PERSONS”); PROVIDED, HOWEVER, THAT THE TERM “UNITED STATES PERSON” SHALL NOT INCLUDE A BRANCH OR AGENCY OF A UNITED STATES BANK OR INSURANCE COMPANY THAT IS OPERATING OUTSIDE THE UNITED STATES FOR VALID
BUSINESS REASONS AS A LOCALLY REGULATED BRANCH OR INSURANCE BUSINESS AND NOT SOLELY FOR THE PURPOSE OF INVESTING IN SECURITIES NOT REGISTERED UNDER THE SECURITIES ACT. 
 £1,000/£10,000/£100,000 
  

 45 

 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY 
 (organized under the laws of Nova Scotia, Canada) 
 £ 
 PERCENT NOTES DUE 
 This Note is listed on the
Luxembourg Stock Exchange 
 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY, a Nova Scotia company (the “Company”), for value
received, hereby promises to pay to      or registered assigns on                     , upon surrender hereof, the principal
amount of 
 One Thousand/Ten Thousand/One Hundred Thousand Pounds Sterling 
 £1,000/£10,000/£1 00,000 
 and to pay interest at the rate of percent per annum in
arrears from the date of issuance or the later date to which interest has been paid or provided for on said principal amount annually on each, beginning, until payment of said principal amount has been made or duly provided for. Such payments shall
be made in Pounds Sterling. 
 Reference is made to the further provisions set forth under Terms and Conditions of the Note endorsed on the
reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 Holders of
this Note are deemed to have notice of all of the provisions of the Fiscal and Paying Agency Agreement dated July 10, 2003 among the Company, General Motors Corporation as Guarantor, Deutsche Bank Luxembourg S.A. as Fiscal Agent and principal
Paying Agent and Banque Generale du Luxembourg S.A., as Paying Agent (as amended from time to time in accordance with its terms, the “Fiscal and Paying Agency Agreement”) applicable to them. Copies of the Fiscal and Paying Agency
Agreement are available for inspection at the specified offices of the Fiscal Agent. 
 Title to this Note shall pass on registration of the
Note in the Note Register for the Notes. Prior to the registration of any transfer of this Note in the Note Register, the Company may treat the person in whose name this Note is registered as the absolute owner of this Note for all purposes
(notwithstanding any notice to the contrary and whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous loss or theft or trust or other interest herein). 
 This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been duly signed by the
Fiscal Agent acting in accordance with the Fiscal and Paying Agency Agreement. 
  

 46 

 IN WITNESS whereof the Company has caused this Note to be duly executed on its behalf. 
  

			
	GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY
		
	By:	 	  

	Name:	 	
		 	Duly Authorized Officer
		 	

 Dated: July     , 2003 
  

 47 

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-mentioned Fiscal and Paying Agency Agreement. 
  

			
	 DEUTSCHE BANK LUXEMBOURG S.A.
as Fiscal Agent without warranty, recourse or liability

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 48 

 SCHEDULE 4 
 PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
 1. As used in this Schedule the following expressions shall have
the following meanings unless the context otherwise requires: 
 (i) “voting certificate” shall mean an English language
certificate issued by a Paying Agent and dated, in which it is stated: 
 (a) that on the date thereof Notes (not being Notes
in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified in such voting certificate and any adjourned such meeting) bearing specified serial numbers were deposited with such Paying Agent
or (to the satisfaction of such Paying Agent) were held to its order or under its control and that no such Notes will cease to be so deposited or held until the first to occur of: 
 (1) the conclusion of the meeting specified in such certificate, or, if applicable, any adjourned such meeting; and 
 (2) the surrender of the certificate to the Paying Agent who issued the same; and 
 (b) that the Noteholder is entitled to attend and vote at such meeting and any adjourned such meeting in respect of the Notes represented by such
certificate; 
 (ii) “block voting instruction” shall mean an English language document issued by a Paying Agent and dated,
in which: 
 (a) it is certified that Notes (not being Notes in respect of which a voting certificate has been issued and is
outstanding in respect of the meeting specified in such block voting instruction and any adjourned such meeting) have been deposited with such Paying Agent or (to the satisfaction of such Paying Agent) were held to its order or under its control and
that no such Notes will cease to be so deposited or held until the first to occur of: 
 (1) the conclusion of the meeting
specified in such document or, if applicable, any adjourned such meeting; and 
 (2) the surrender to the Paying Agent not
less than 48 hours before the time for which such meeting or any adjourned such meeting is convened of the receipt issued by such Paying Agent in respect of each such deposited Note which is to be released or (as the case may require) the Note or
Notes ceasing with the agreement of the Paying Agent to be held to its order or under its control and the giving of notice by the Paying Agent to the Company in accordance with paragraph 17 below of the necessary amendment to the block voting
instruction; 
  

 49 

 (b) it is certified that each holder of such Notes has instructed such Paying Agent that the vote(s)
attributable to the Note or Notes so deposited or held should be cast in a particular way in relation to the resolution or resolutions to be put to such meeting or any adjourned such meeting and that all such instructions are during the period
commencing 48 hours prior to the time for which such meeting or any adjourned such meeting is convened and ending at the conclusion or adjournment thereof neither revocable nor capable of amendment; 
 (c) the total number and the serial numbers of the Notes so deposited or held are listed distinguishing with regard to each such resolution between those
in respect of which instructions have been given as aforesaid that the votes attributable thereto should be cast in favor of the resolution and those in respect of which instructions have been so given that the votes attributable thereto should be
cast against the resolution; and 
 (d) one or more persons named in such document (each hereinafter called a “proxy”) is or
are authorized and instructed by such Paying Agent to cast the votes attributable to the Notes so listed in accordance with the instructions referred to in sub-paragraph (c) above as set out in such document. 
 The holder of any voting certificate or the proxies named in any block voting instruction shall for all purposes in connection with the relevant meeting
or adjourned meeting of Noteholders be deemed to be the holder of the Notes to which such voting certificate or block voting instruction relates and the Paying Agent with which such Notes have been deposited or the person holding the same to the
order or under the control of such Paying Agent shall be deemed for such purposes not to be the holder of those Notes. 
 2. The Company may
at any time and, upon a requisition in writing of Noteholders holding not less than one tenth of the principal amount of the 2015 Notes or the 2023 Notes for the time being outstanding, convene a meeting of the applicable Noteholders and if the
Company is in default for a period of seven days in convening such a meeting the same may be convened by the requisitionists. Whenever the Company is about to convene any such meeting they shall forthwith give notice in writing to the Fiscal Agent
of the day, time and place thereof and of the nature of the business to be transacted thereat. 
 3. At least 21 days’ notice (exclusive
of the day on which the notice is given and the day on which the meeting is held) specifying the place, day and hour of meeting shall be given to the Noteholders prior to any meeting of the Noteholders in the manner provided by Condition 13. Such
notice shall state generally the nature of the business to be transacted at the meeting thereby convened but it shall not be necessary to specify in such notice the terms of any resolution to be proposed. Such notice shall include a statement to the
effect that Notes may be deposited with Paying Agents for the purpose of obtaining voting certificates or appointing proxies not less than 1 Business Day before the time fixed for the meeting or, in the case of corporations, may appoint
representatives by resolution of their directors or other governing body. A copy of the notice shall be sent by overnight courier to the Company (unless the meeting is convened by the Company). 
 4. Some person (who need not be a Noteholder) nominated in writing by the Company shall be entitled to take the chair at every such meeting but if no
such nomination is made or if at any meeting the person nominated shall not be present within fifteen minutes after the time appointed for holding the meeting the Noteholders present shall choose one of their number to be Chairman. 
  

 50 

 5. At any such meeting one or more persons present holding the 2015 Notes or the 2023 Notes or voting
certificates or being proxies and holding or representing in the aggregate not less than one twentieth of the principal amount of the 2015 Notes or the 2023 Notes shall form a quorum for the transaction of business and no business (other than
choosing of a Chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. An “Extraordinary Resolution” refers to any resolution affecting the interests of the Noteholders,
including modification of the Conditions, the 2015 Notes or the 2023 Notes or the Fiscal and Paying Agency Agreement. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as provided below) be one or more persons
present holding Notes or voting certificates or being proxies and holding or representing in the aggregate a clear majority in principal amount of the 2015 Notes or the 2023 Notes (as applicable) for the time being outstanding provided that with
respect to any of the following matters: 
 (i) modification of the Maturity Date of the 2015 Notes or the 2023 Notes or reduction or
cancellation of the amount of principal payable upon maturity; 
 (ii) variation of calculating the rate of interest in respect of the 2015
Notes or the 2023 Notes; 
 (iii) modification of the currency in which payments under the 2015 Notes or the 2023 Notes are to be made;

 (iv) modification of the majority required to pass an Extraordinary Resolution; 
 (v) alteration of this proviso or the proviso to paragraph 6 below; 
 the quorum for passing shall be one or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than two-thirds, or at any adjourned such meeting
not less than a clear majority, of the principal amount of the 2015 Notes or the 2023 Notes (as applicable) for the time being outstanding. An Extraordinary Resolution passed at any meeting of the holders of Notes will be binding on all holders of
the 2015 Notes or the 2023 Notes, as the case may be, whether or not they are present at the meeting. Except as otherwise provided herein, the quorum at any meeting for passing any matters other than Extraordinary Resolutions shall be one or more
persons present holding or representing in the aggregate not less than a clear majority of the principal amount of the 2015 Notes or the 2023 Notes (as applicable) represented at such meeting. 
 6. If within fifteen minutes after the time appointed for any such meeting a quorum is not present the meeting shall if convened upon the requisition of
Noteholders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such is a public holiday the next succeeding Business Day) at the same time and place (except in the case of a meeting at which an
Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such period being not less than 14 days nor more than 42 days, and at such place as may be appointed by the Chairman and approved by the Fiscal Agent) and at such
adjourned meeting one or more persons present holding Notes or voting certificates or being proxies (whatever the 

  

 51 

 
principal amount of the Notes so held or represented by them) shall (subject as provided below) form a quorum and shall (subject as provided below) have
power to pass any Extraordinary Resolution or other resolution and to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had the requisite quorum been present provided that at any
adjourned meeting the business of which includes any of the matters specified in the proviso to paragraph 5 above the quorum for passing on Extraordinary Resolution shall be one or more persons present holding Notes or voting certificates or being
proxies and holding or representing in the aggregate not less than a clear majority of principal amount of the 2015 Notes or the 2023 Notes (as applicable) for the time being outstanding. 
 7. Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original
meeting but as if 10 were substituted for 21 in paragraph 3 above and such notice shall (except in cases where the proviso to paragraph 6 above shall apply when it shall state the relevant quorum) state that two or more persons present holding Notes
or voting certificates or being proxies at the adjourned meeting whatever the principal amount of the Notes held or represented by them will form a quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting.

 8. Every question, including any Extraordinary Resolution, submitted to a meeting shall be decided in the first instance by a show of
hands and in case of equality of votes the Chairman shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a holder of a voting certificate or as a
proxy. 
 9. At any meeting unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman, the
Company or by two or more persons present holding Notes or voting certificates or being proxies and holding or representing in the aggregate not less than one fiftieth part of the principal amount of the 2015 Notes or the 2023 Notes (as applicable)
then outstanding a declaration by the Chairman that a resolution has been carried or carried by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact without proof of the number or proportion
of the votes recorded in favor or against such resolution. 
 10. Subject to paragraph 12 below, if at any such meeting a poll is so demanded
it shall be taken in such manner and subject as hereinafter provided either at once or after an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at
the date of the taking of the poll. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any business other than the motion on which the poll has been demanded. 
 11. The Chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to time and from place to place but no
business shall be transacted at any adjourned meeting except business which might lawfully (but for lack of a required quorum) have been transacted at the meeting from which the adjournment took place. 
 12. Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without
adjournment. 
  

 52 

 13. Any director or officer of the Company and their lawyers and financial advisers may attend and speak
at any meeting. Save as aforesaid, but without prejudice to the proviso to the definition of “outstanding” in Clause 1 of the Fiscal and Paying Agency Agreement, no person shall be entitled to attend and speak nor shall any person be
entitled to vote at any meeting of the Noteholders or join with others in requisitioning the convening of such a meeting unless he either produces the Note or Notes of which he is the holder or a voting certificate or is a proxy. Neither the Company
nor any of its subsidiaries shall be entitled to vote at any meeting in respect of 2015 Notes or the 2023 Notes held by it for the benefit of the Company and no other person shall be entitled to vote at any meeting in respect of Notes held by it for
the benefit of the Company. Nothing herein contained shall prevent any of the proxies named in any block voting instruction or voting certificate from being a director, officer or representative of or otherwise connected with the Company.

 14. Subject as provided in paragraph 13 above at any meeting: 
 (a) on a show of hands every person who is present in person and produces a 2015 Note or a 2023 Note or voting certificate or is a proxy shall have one
vote; and 
 (b) on a poll every person who is so present shall have one vote in respect of each minimum integral amount of 2015 Notes or
2023 Notes. 
 15. The proxies named in any block voting instruction need not be Noteholders. 
 16. Each block voting instruction together (if so requested by the Company) with proof satisfactory to such Company of its due execution on behalf of the
relevant Paying Agent shall be deposited at such place as the Fiscal Agent shall approve not less than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the proxies named in the block voting instruction propose
to vote and in default the block voting instruction shall not be treated as valid unless the Chairman of the meeting decides otherwise before such meeting or adjourned meeting proceeds to business. A notarially certified copy of each block voting
instruction shall be deposited with the Fiscal Agent before the commencement of the meeting or adjourned meeting but the Fiscal Agent shall not thereby be obligated to investigate or be concerned with the validity of or the authority of the proxies
named in any such block voting instruction. 
 17. Any vote given in accordance with the terms of a block voting instruction shall be valid
notwithstanding the previous revocation or amendment of the block voting instruction or of any of the Noteholders’ instructions pursuant to which it was executed provided that no intimation in writing of such revocation or amendment shall have
been received from the relevant Paying Agent by the Company at its registered office (or such other place as may have been approved by the Fiscal Agent for the purpose) by the time being 24 hours before the time appointed for holding the meeting or
adjourned meeting at which the block voting instruction is to be used. 
 18. Without limiting the definition of Extraordinary Resolution,
the following powers shall be exercisable only by Extraordinary Resolution: 
 (a) Power to sanction any compromise or arrangement proposed
to be made between the Company and the Noteholders. 
  

 53 

 (b) Power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of
the Noteholders against the Company or against any of its property whether such rights shall arise under these presents, the Notes or otherwise. 
 (c) Power to assent to any modification of the provisions contained in these presents or the Conditions or the Notes which shall be proposed by the Company. 
 (d) Power to give any authority or sanction which under the provisions of these presents or the Notes is required to be given by Extraordinary Resolution. 
 (e) Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interests of the Noteholders and to confer
upon such committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution. 
 (f) Power to sanction any agreement or proposal for the exchange or sale of the Notes for, or as the conversion of the Notes into, or the cancellation of the Notes in consideration of, shares, stock, notes, bonds, debentures, debenture
stock and/or other obligations and/or securities of the Company or any other company formed or to be formed, or for or into or in consideration such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities
as aforesaid and partly for or into or in consideration of cash. 
 (g) Subject to Condition 11, power to approve the substitution of any
entity in place of the Company (or any previous substitute) as the principal debtor in respect of the Notes. 
 19. Any resolution passed at
a meeting of the Noteholders duly convened and held in accordance with these presents shall be binding upon all the Noteholders whether present or not present at such meeting and whether or not voting and each of them shall be bound to give effect
thereto accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the passing thereof. Notice of the result of the voting on any resolution duly considered by the Noteholders shall be published in
accordance with Condition 13 within 14 days of such result being known provided that the non publication of such notice shall not invalidate such resolution. 
 20. Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Company and any such minutes as
aforesaid if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings had shall be conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect
of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or proceedings had thereat to have been duly passed or had. 
  

 54 

 SIGNATORIES 
 The Company 
 GENERAL MOTORS NOVA SCOTIA FINANCE COMPANY 
 1908 Colonel Sam Drive 
 Oshawa, Ontario L1H 8P7 
 Canada 
 Telephone: (905) 644-7319 
 Facsimile: (905) 644-6273 
 Attention: Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer 
 By: 
 The Guarantor 
 General Motors Corporation 
 300 Renaissance Center 
 Detroit, Michigan 48265-2000 
 United States 
 Telephone: 313-665-6288 
 Facsimile: 313 644-6273 
 Attention: Vice President , Global Borrowings 
 By: 
 The Fiscal Agent 
 Deutsche Bank Luxembourg S.A. 
 2 Boulevard Konrad Adenauer 
 L-1115 Luxembourg 
 Facsimile: +352473136 
 Attention: Coupon Paying Department 
 By: 
 The Paying Agent 
 Banque Generale du Luxembourg 
 S.A. 
 50 Avenue J.F. Kennedy 
 L-2951 Luxembourg 
  

 55 

	
	Telephone: +35242428068
	Facsimile: +35242422887
	Attention: Documentation,
	Fiscal and Listing Agencies
	
	By:

  

 56

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