Document:

DEPOSIT AGREEMENT

 Exhibit 4.2 
 EXECUTION VERSION 
 DEPOSIT AGREEMENT 

among 
 THE PNC
FINANCIAL SERVICES GROUP, INC., 
 COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, 

COMPUTERSHARE INC., 
 and 
 THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 Dated as of April 24, 2012 

 TABLE OF CONTENTS 

 

							
	 Article I DEFINED TERMS
	  			
	 Section 1.1
	 	 Definitions
	  	 	1	  
	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF SERIES P PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND
REDEMPTION OF RECEIPTS
	  			
	 Section 2.1.
	 	 Form and Transfer of Receipts
	  	 	3	  
	 Section 2.2.
	 	 Deposit of Series P Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	  
	 Section 2.3.
	 	 Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.4.
	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series P Preferred Stock
	  	 	5	  
	 Section 2.5.
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
	 Section 2.6.
	 	 Lost Receipts, etc.
	  	 	7	  
	 Section 2.7.
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.8.
	 	 Redemption of Series P Preferred Stock
	  	 	7	  
	 Section 2.9
	 	 Bank Accounts
	  	 	8	  
	 Section 2.10
	 	 Receipts Issuable in Global Registered Form
	  	 	9	  
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	  			
	 Section 3.1.
	 	 Filing Proofs, Certificates and Other Information
	  	 	10	  
	 Section 3.2.
	 	 Payment of Taxes or Other Governmental Charges
	  	 	10	  
	 Section 3.3.
	 	 Warranty as to Series P Preferred Stock
	  	 	10	  
	 Section 3.4.
	 	 Warranty as to Receipts
	  	 	10	  
		
	 ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	  			
	 Section 4.1.
	 	 Cash Distributions
	  	 	11	  
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	12	  
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	13	  
	 Section 4.5.
	 	 Voting Rights
	  	 	13	  
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	  
	 Section 4.7.
	 	 Delivery of Reports
	  	 	14	  
	 Section 4.8.
	 	 Lists of Receipt Holders
	  	 	14	  
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	  			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	14	  
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation
	  	 	15	  

  
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	 Section 5.3.
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	 	16	  
	 Section 5.4.
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	17	  
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	18	  
	 Section 5.6.
	 	 Indemnification by the Corporation
	  	 	18	  
	 Section 5.7.
	 	 Fees, Charges and Expenses
	  	 	18	  
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  			
	 Section 6.1.
	 	 Amendment
	  	 	19	  
	 Section 6.2.
	 	 Termination
	  	 	19	  
		
	 ARTICLE VII MISCELLANEOUS
	  			
	 Section 7.1.
	 	 Counterparts
	  	 	20	  
	 Section 7.2.
	 	 Exclusive Benefit of Parties
	  	 	20	  
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	20	  
	 Section 7.4.
	 	 Notices
	  	 	20	  
	 Section 7.5.
	 	 Depositary’s Agents
	  	 	21	  
	 Section 7.6.
	 	 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Receipts
	  	 	21	  
	 Section 7.7.
	 	 Appointment of Calculation Agent
	  	 	21	  
	 Section 7.8.
	 	 Holders of Receipts Are Parties
	  	 	22	  
	 Section 7.9.
	 	 Governing Law
	  	 	22	  
	 Section 7.10.
	 	 Inspection of Deposit Agreement
	  	 	22	  
	 Section 7.11.
	 	 Headings
	  	 	22	  
	 Section 7.12.
	 	 Force Majeure
	  	 	22	  
	 Section 7.13
	 	 Further Assurances
	  	 	22	  
	 Section 7.14.
	 	 Confidentiality
	  	 	23	  

  
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 DEPOSIT AGREEMENT dated as of April 24, 2012, among (i) The PNC Financial Services
Group, Inc., a Pennsylvania corporation, (ii) Computershare Trust Company, N.A., (iii) Computershare Inc., and (iv) the Holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series P Preferred
Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series P Preferred Stock so deposited; and

 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate
insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows: 
 Article I 

DEFINED TERMS 
 Section 1.1
Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective
terms used in this Deposit Agreement: 
 “Statement” shall mean the relevant Statement with Respect to Shares filed
with the Department of State of the Commonwealth of Pennsylvania establishing the Series P Preferred Stock as a series of preferred stock of the Corporation. 
 “Computershare” shall mean Computershare Inc. 
 “Corporation”
shall mean The PNC Financial Services Group, Inc., a Pennsylvania corporation, and its successors. 
 “Deposit
Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof. 
 “Depositary” shall mean, collectively, Computershare Trust Company, N.A. and Computershare Inc., and any successor as Depositary hereunder. 

“Depositary Shares” shall mean the depositary shares, each representing 1/4,000th of one share of the Series P Preferred Stock, evidenced by a
Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to
Section 7.5. 
 “Depositary’s Office” shall mean the principal office of the Depositary at which at
any particular time its depositary receipt business shall be administered, which is currently in Canton, MA. 

  
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 “DTC” shall mean the Depository Trust Company. 

“Effective Date” shall mean the date first stated above. 

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

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation that
it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Corporation
has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 
 (2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer
be represented by such Global Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with respect to any
Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” means a
global registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” means any
applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 
 “Officer’s
Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series P Preferred Stock to be
issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series P Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on
the books of the Depositary maintained for such purpose. 
 “Redemption Date” shall have the meaning set forth in
Section 2.8. 
 “Registrar” shall mean the Depositary or such other successor bank or trust company which
shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided; and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository shall be
deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

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

“Series P Preferred Stock” shall mean the shares of the Corporation’s Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock Series P, $1.00 par value, with a liquidation preference of $100,000 per share, designated in the Statement and described in the Officer’s Certificate delivered pursuant to Section 2.2 hereof. 

ARTICLE II 
 FORM
OF RECEIPTS, DEPOSIT OF SERIES P PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 
 Section 2.1.
Form and Transfer of Receipts. 
 The definitive Receipts shall be substantially in the form set forth in
Exhibit A annexed to this Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered
in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and
the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at
an office described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor
definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No
Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature by a duly authorized officer of the Depositary or, if a Registrar
for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature by a duly authorized officer of such
Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts
shall be in denominations of any number of whole Depositary Shares. 

  
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 Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules
and regulations of any securities exchange upon which the Series P Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or
accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures; provided, however, that
until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the
absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

The Company shall provide an opinion of counsel to the Depositary prior to the Effective Date, to set up a reserve, stating in form and
substance reasonably satisfactory to the Depositary and an opinion of counsel at the Effective Date in form and substance reasonably satisfactory to the Depositary. 
 Section 2.2. Deposit of Series P Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series P Preferred Stock under this Deposit Agreement by delivery to the Depositary
of a certificate or certificates for such shares of Series P Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other
information required to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts
evidencing in the aggregate the number of Depositary Shares representing such deposited Series P Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to
be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates. 

The Series P Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or
places as the Depositary shall determine. The Depositary shall not lend any Series P Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of a certificate or certificates for Series P Preferred Stock deposited in accordance with the provisions
of this Section, together with the other documents 

  
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required as above specified, and upon recordation of the Series P Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its
nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph
of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series P Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The
Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such
delivery. 
 Section 2.3. Registration of Transfer of Receipts. 

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

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of
business 15 days next preceding any selection of Depositary Shares and Series P Preferred Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another
Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 

Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series P Preferred Stock. 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 

Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series P Preferred Stock and all money and other property,
if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver
to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series P Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for
withdrawal, but Holders of such whole shares of Series P Preferred Stock will not thereafter be entitled to deposit 

  
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such Series P Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal
shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series P Preferred Stock, the Depositary shall at the same time, in addition to such number of whole shares of
Series P Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such excess number of Depositary Shares. 

In no event will fractional shares of Series P Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary.
Delivery of the Series P Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 

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

Delivery of the Series P Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal
shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other
place as may be designated by such Holder. 
 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of
Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination,
surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such
payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and
may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of the Series P Preferred Stock may be refused, the delivery of Receipts against Series P Preferred Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 

  
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 Section 2.6. Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to
the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond satisfactory
to the Depositary. Applicants for such substitute Receipts shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial
Code. 
 Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
 Section 2.8. Redemption
of Series P Preferred Stock. 
 Whenever the Corporation shall be permitted and shall elect to redeem shares of Series P
Preferred Stock in accordance with the terms of the Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not more than
60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series P Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price,
which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series P Preferred Stock is in accordance with the provisions of the Certificate of Designations. On the date of such redemption, provided
that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Series P Preferred Stock to be redeemed, plus (i) an amount equal to any declared and unpaid dividends thereon to the date fixed
for redemption, or (ii) in the case of a Regulatory Capital Treatment Event (as defined in the Statement) plus any declared and unpaid dividends and any accrued and unpaid dividends thereon to the date fixed for redemption, in each case in
accordance with the provisions of the Statement, the Depositary shall redeem the number of Depositary Shares representing such Series P Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of Series P Preferred
Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Series P Preferred Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the
date fixed for redemption of such Series P Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they
appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such Holders nor any 

  
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defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall
be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such
Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that
dividends in respect of the Series P Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares
to be so redeemed shall be selected either pro rata or by lot or in such other manner determined by the Depositary to be fair and equitable. 
 Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Series P Preferred Stock
evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series P Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such
proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and
terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so
require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/4,000th of the redemption price per share of Series P Preferred Stock so redeemed plus all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends in accordance with the provisions of the Statement. 
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary or Computershare, as appropriate, will deliver to the Holder of such Receipt upon its surrender
to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. In any such case, we shall redeem Depositary Shares only in increments of 10
Depositary Shares and any multiple thereof. 
 Section 2.9. Bank Accounts. 

The Company acknowledges that the bank accounts maintained by Computershare in connection with the services provided under this Deposit
Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit of funds held in those accounts from time to time. Neither the
Company nor the Holders will receive interest on any deposits. 

  
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 Section 2.10. Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such Series, which
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt
Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such
Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to
receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with
respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the
Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global
Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary or Computershare, as appropriate,
shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and
delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate
principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt. 

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

  
 9 

 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation
determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 Section 3.1. Filing Proofs, Certificates and Other Information. 

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

Section 3.3. Warranty as to Series P Preferred Stock. 
 The Corporation hereby represents and warrants that the Series P Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall
survive the deposit of the Series P Preferred Stock and the issuance of the related Receipts. 
 Section 3.4. Warranty as to
Receipts. 
 The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid
interests in the Series P Preferred Stock. Such representation and warranty shall survive the deposit of the Series P Preferred Stock and the issuance of the Receipts. 

  
 10 

 ARTICLE IV 
 THE DEPOSITED SECURITIES; NOTICES 
 Section 4.1. Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the Series P Preferred Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold and shall withhold from any cash dividend or
other cash distribution in respect of the Series P Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare shall distribute
or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by Computershare
(without liability for interest thereon) and shall be added to and be treated as part of the next sum received by Computershare for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as
amended, may require withholding by Computershare of a portion of any of the distributions to be made hereunder. 
 Section 4.2.
Distributions Other than Cash, Rights, Preferences or Privileges. 
 Whenever the Depositary shall receive any
distribution other than cash, rights, preferences or privileges upon the Series P Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant
to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that
the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any
requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation,
adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable
manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in 

  
 11 

 
cash. The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the
Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.

 Section 4.3. Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series P Preferred Stock is recorded
on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
made available by the Depositary to the Record Holders of Receipts in such manner as the Depositary may determine, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as
may be approved by the Depositary in its discretion with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it
is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders
of Receipts who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such
terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in
the case of a distribution received in cash. 
 The Corporation shall notify the Depositary whether registration under the
Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation
agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause
such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make
available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary
an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best 

  
 12 

 
efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise
such rights, preferences or privileges. 
 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

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

 Section 4.5. Voting Rights. 
 Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Series P Preferred Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to
any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series P Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions
may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the
relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series P Preferred Stock represented by
the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the
Depositary to vote such Series P Preferred Stock or cause such Series P Preferred Stock to be voted. In the absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any
meeting with respect to such Series P Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the Series P Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

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

Upon any change in par or stated value, split-up, combination or any other reclassification of the Series P Preferred Stock, subject to
the provisions of the Certificate of Designations, or 

  
 13 

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

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which is received by the
Depositary and which the Corporation is required to furnish to the holders of the Series P Preferred Stock. 
 Section 4.8. Lists of
Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the
Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION 
 Section 5.1. Maintenance of Offices, Agencies and
Transfer Books by the Depositary; Registrar. 
 Upon execution of this Deposit Agreement, the Depositary shall maintain at
the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery,
registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

  
 14 

 The Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that
such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series P Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series P Preferred Stock are listed on one or more other securities exchanges, the
Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series P Preferred Stock as may be required by law or
applicable securities exchange regulation. 
 Section 5.2. Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in
the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Amended and Restated Articles of Incorporation (including the Certificate of Designations) or by
reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on
account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a
Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

  
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 Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any
obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. Notwithstanding anything in this Deposit Agreement to the contrary, excluding
the Depositary’s willful misconduct or bad faith, the Depositary’s aggregate liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all services provided or
omitted to be provided under this Deposit Agreement, whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Depositary as fees and charges, but not including reimbursable
expenses. 
 Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the
Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits). 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Series P Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series P Preferred Stock for deposit, any
Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or
omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series P Preferred Stock or for the manner or effect of any such vote made, as long as any
such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied
covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary,
the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Corporation
and its affiliates. 
 The Depositary shall not be under any liability for interest on any monies at any time received by it
pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series P Preferred Stock nor shall it be obligated to segregate such 

  
 16 

 
monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to
make any payments if it has not timely received sufficient funds to make timely payments. 
 In the event the Depositary
believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this
Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the
Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary
receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary.

 From time to time, Company may provide the Depositary with instructions concerning the services performed by the Depositary
under this Deposit Agreement. In addition, at any time, the Depositary may apply to any officer of Company for instruction, and may consult with legal counsel for the Depositary or Company with respect to any matter arising in connection with the
services to be performed by the Depositary under this Deposit Agreement. The Depositary and its agents and subcontractors shall not be liable and shall be indemnified by Company for any action taken or omitted by the Depositary in reliance upon any
Company instructions or upon the advice or opinion of such counsel. The Depositary shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from Company. 

Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the
United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such
notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument
in writing accepting its appointment 

  
 17 

 
hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series P Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a
list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. 
 Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and
notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 
 Section 5.5. Corporate Notices and Reports. 
 The Corporation agrees
that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports
(including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series P Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and
Restated Articles of Incorporation (including the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such
number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.

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

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered
by the Depositary hereunder and to reimburse the 

  
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Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without gross negligence, willful misconduct or bad faith on its
part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of
the Series P Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series P Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series P Preferred Stock at the option of the
Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of
Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and
expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts.
The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have
been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed,
by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and
2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series P Preferred Stock and all money and other property,
if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 

Section 6.2. Termination. 
 This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8,
(ii) there shall have been made a final distribution in respect of the Series P Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of
Receipts representing 

  
 19 

 
Depositary Shares pursuant to Section 4.1 or 4.2, as applicable or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of
the Depositary Shares outstanding. 
 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from
all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original
signature. 
 Section 7.2. Exclusive Benefit of Parties. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any
other person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 Section 7.4. Notices. 
 Any and all notices to be given to the Corporation hereunder
or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed
to the Corporation at: 
 The PNC Financial Services Group, Inc. 

One PNC Plaza 249 Fifth Avenue 
 Pittsburgh PA 15222-22707 
 Attention: Legal Department 

or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

  
 20 

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

Computershare Trust Company, N.A. 
 250 Royall Street 
 Canton, MA 02021 

Attention: Client Services 
 or
at any other addresses of which the Depositary shall have notified the Corporation in writing. 
 Any and all notices to be
given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such
Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address,
at the address designated in such request. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to
be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however,
act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Depositary’s Agents. 
 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 
 Section 7.6. Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of Receipts. 
 The Corporation hereby appoints Computershare Trust Company, N.A. as Registrar, and Computershare Inc. as dividend disbursing agent and redemption agent in respect of the Receipts, and Computershare Trust
Company, N.A. and Computershare Inc. hereby accept such respective appointments. 
 Section 7.7. Appointment of Calculation Agent.

 The Corporation hereby names PNC Bank, National Association the calculation agent with respect to calculating the amount of
dividends to be paid with respect to the Series P Preferred Stock, and PNC Bank, National Association shall be deemed to be appointed as calculation agent only if PNC Bank, National Association has accepted such appointment in writing as agreed
between PNC Bank, National Association and the Corporation. If PNC Bank, National Association is appointed as such calculation agent, each of the Corporation and such calculation agent, in their respective capacities under such appointment, shall be
entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depositary hereunder, respectively, 

  
 21 

 
as if explicitly named in each such provision. Also, if PNC Bank, National Association is appointed as such calculation agent, it shall be entitled to receive a description of the calculations
required under the Series P Preferred Stock and the categories of information under which it is entitled to seek guidance from the Corporation. In furtherance thereof, such calculation agent may seek guidance from the Corporation with one day notice
in making any determinations thereunder. 
 Section 7.8. Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts and of the Officer’s Certificate by acceptance of delivery thereof. 
 Section 7.9. Governing
Law. 
 This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania without giving effect to applicable conflicts of law principles, except that the rights, duties, and obligations of the Depositary under
this Deposit Agreement shall be governed by and construed in accordance with the laws of the state of Delaware. 
 Section 7.10.
Inspection of Deposit Agreement. 
 Copies of this Deposit Agreement shall be filed with the Depositary and the
Depositary’s Agents and shall be open to inspection during business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt. 

Section 7.11. Headings. 
 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded
as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
 Section 7.12 Force Majeure. 
 Notwithstanding anything to the contrary
contained herein, the Depositary will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or
malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

Section 7.13 Further Assurances. 

The Company agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered, all such further and other acts,
documents, instruments and assurances as the Depositary may reasonably require to perform the provisions of this Deposit Agreement. 

  
 22 

 Section 7.14 Confidentiality. 
 The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public Holder information and
the fees for services, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law
or legal process. 
 [Remainder of page intentionally left blank; signature page follows.] 

  
 23 

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

 

			
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	 /s/ Randy C. King

	Name:	 	Randy C. King
	Title:	 	Senior Vice President
	
	COMPUTERSHARE TRUST COMPANY, N.A. and COMPUTERSHARE INC. (on behalf of both entities)
		
	By:	 	 /s/ Dennis V. Moccia

	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract Administration

 [Signature Page to Deposit Agreement] 

 EXHIBIT A 
 [FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to PNC Financial Services Group, Inc. or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	DEPOSITARY SHARES	 	$            

 DEPOSITARY RECEIPT NO.
             FOR              DEPOSITARY SHARES, EACH REPRESENTING
1/4,000th OF ONE SHARE OF 

FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES P 

OF 
 THE PNC
FINANCIAL SERVICES GROUP, INC. 
 INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA 

CUSIP 693475 857 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning August 1, 2012, each November 1, February 1, May 1 and August 1. 

COMPUTERSHARE TRUST COMPANY, N.A., as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the
registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing
1/4,000th of one share of Fixed-to-Floating Rate
Non-Cumulative Perpetual Preferred Stock, Series P, liquidation preference $100,000 per share, par value $1.00 per share (the “Series P Preferred Stock”), of The PNC Financial Services Group, Inc., a Pennsylvania corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of April 24, 2012 (the “Deposit Agreement”), among the Corporation, the Depositary and the
Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be
valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the
Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof. 
  

			
	Dated:
	
	Computershare Trust Company, N.A., Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

THE PNC FINANCIAL SERVICES GROUP, INC. 
 THE PNC FINANCIAL SERVICES GROUP, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF
FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES P OF THE PNC FINANCIAL SERVICES GROUP, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE 
 The Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock
or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 

EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

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

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

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

  
 A-2

 For value received,              hereby
sell(s), assign(s) and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and
appoint                      Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of
substitution in the premises. 
 Dated:
                     
 NOTICE: The
signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever. 
 SIGNATURE GUARANTEED 
 NOTICE: If applicable, the signature(s) should be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-3

 EXHIBIT B 
 I,                      , [title]
                     of The PNC Financial Services Group, Inc. (the “Corporation”), hereby certify that pursuant to the terms of the
Statement with Respect to Shares effective April [—], 2012, filed with the Department of State of the Commonwealth of Pennsylvania on April [—], 2012
(the “Statement”), and pursuant to resolutions adopted by Board of Directors of the Corporation on February [—], 2012 and the resolutions of the Capital Committee of the Board of Directors
of the Corporation (the “Capital Committee”) on April [—], 2012, the Corporation has established the Series P Preferred Stock which the Corporation desires to deposit with the Depositary
for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of April [—], 2012, by and among the Corporation, Computershare Trust Company, N.A.,
Computershare Inc. and the Holders of Receipts issued thereunder from time to time (the “Deposit Agreement”). In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the
terms and conditions with respect to the Series P Preferred Stock as described in the Statement attached as Annex A hereto. Any terms of the Series P Preferred Stock that are not so described in the Certificate of Designations and any terms
of the Receipts representing such Series P Preferred Stock that are not described in the Deposit Agreement are described below: 
 Aggregate
Number of shares of Series P Preferred Stock issued on the day hereof: 
 CUSIP Number for Receipt:
[—] 
 Denomination of Depositary Share per share of Series P Preferred Stock (if different
than 1/4,000th of a share of Series P Preferred Stock): 
 Redemption Provisions (if different than as set forth in the Deposit Agreement):

 Name of Global Receipt Depositary: The Depository Trust Company 
 Name of Calculation Agent: PNC Bank, National Association 
 Pursuant to the terms of the Deposit
Agreement, the Corporation hereby appoints PNC Bank, National Association, as calculation agent (the “Calculation Agent”) for the Series P Preferred Stock described in the Statement attached hereto. 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

  
 B-1

 The PNC Financial Services Group, Inc. 
 This certificate is dated: 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Agreed and Accepted by PNC Bank, National Association, as Calculation Agent 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-2Longhai Steel Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

LONGHAI STEEL INC.
RESTRICTED SHARES GRANT
AGREEMENT 

THIS RESTRICTED SHARE GRANT AGREEMENT
(“Agreement”) by and between Longhai Steel Inc., a Nevada
corporation (the “Company”) and Mr. Steve Ross (the
“Grantee”) is effective as of April 19, 2012 (the “Effective
Date”). 

BACKGROUND 

WHEREAS, the Grantee serves as a director on the board
of the Company; 

WHEREAS, the Board of Directors of the Company has
determined that it is in the best interest of the Company to grant to Grantee
Two Hundred Ninety Thousand (290,000) shares of the Company’s common stock, par
value $0.001 per share (the “Common Stock”) as partial
compensation for his service as the Senior Vice President of the Company;

WHEREAS, the Company and the Grantee wish to enter into
this Agreement to memorialize the terms on which the Common Stock is to be
granted to Grantee as provided for herein. 

NOW, THEREFORE, in consideration of the mutual premises
and undertakings hereinafter set forth, the parties agree as follows: 

1. Grant and Purchase of Restricted Shares. The
Company hereby grants to Grantee, and Grantee hereby accepts Two Hundred Ninety
Thousand (290,000) shares of Common Stock (the “Restricted
Shares”) in connection with his service as the Senior Vice President
with the Company. The Restricted Shares shall vest on April 19, 2012. The Option
Agreement dated December 21, 2011 between the Company and Grantee is hereby
cancelled. 

2. Stockholder Rights. 

(a) Voting Rights. Until such time as all or any part of
the Restricted Shares are forfeited to the Company under this Agreement, if
ever, Grantee (or any successor in interest) has the rights of a stockholder,
including voting rights, with respect to the Restricted Shares subject, however,
to the transfer restrictions or any other restrictions.

(b) Dividends and Other Distributions. During the Period
of Restriction, Participants holding Restricted Shares are entitled to all
regular cash dividends or other distributions paid with respect to all Shares
while they are so held. If any such dividends or distributions are paid in
Shares, such Shares will be subject to the same restrictions on transferability
and forfeitability as the Restricted Shares with respect to which they were
paid.

(c) Book Entry Registration of the Restricted Shares.
The Company may at its election either (i) after the Effective Date, issue a
certificate representing the Restricted Shares subject to this Agreement and
place a legend on and stop transfer notice describing the restrictions on and
forfeitability of such Restricted Shares, in which case the Company may retain
such certificates unless and until the Restricted Shares represented by such
certificate have vested and may cancel such certificate if and to the extent
that the Restricted Shares are forfeited or otherwise required to be transferred
back to the Company, or (ii) not issue any certificate representing Restricted
Shares subject to this Agreement and instead document the Grantee’s interest in
the Restricted Shares by registering the Restricted Shares with the Company's
transfer agent (or another custodian selected by the Company) in book entry form
in the Grantee’s name with the applicable restrictions noted in the book entry
system, in which case no certificate(s) representing all or a part of the
Restricted Shares will be issued unless and until the Restricted Shares become
Vested Shares.

3. Vesting of Restricted Shares. 

(a) The Restricted Shares are restricted and subject to
forfeiture until vested. The Restricted Shares which have vested and are no
longer subject to forfeiture are referred to as “Vested Shares.” All Restricted
Shares which have not become Vested Shares are referred to as “Nonvested
Shares.” 

(b) Restricted Shares will vest and become nonforfeitable in
accordance with the vesting schedule. 

(c) Definitions. Terms used in section 3 and 4 have the
following meanings: 

(i) “Cause” has the meaning ascribed to such term or words of
similar import in Grantee’s written employment or service contract with the
Company or its subsidiaries and, in the absence of such agreement or definition,
means Grantee’s (i) conviction of, or plea of nolo contendere to, a felony or
crime involving moral turpitude; (ii) fraud on or misappropriation of any funds
or property of the Company or its subsidiaries, or any affiliate, customer or
vendor; (iii) personal dishonesty, incompetence, willful misconduct, willful
violation of any law, rule or regulation (other than minor traffic violations or
similar offenses), or breach of fiduciary duty which involves personal profit;
(iv) willful misconduct in connection with Grantee’s duties or willful failure
to perform Grantee’s responsibilities in the best interests of the Company or
its subsidiaries; (v) illegal use or distribution of drugs; (vi) violation of
any rule, regulation, procedure or policy of the Company or its subsidiaries; or
(vii) breach of any provision of any employment, non-disclosure,
non-competition, non-solicitation or other similar agreement executed by Grantee
for the benefit of the Company or its subsidiaries, all as determined by the
Board of Directors of the Company, which determination will be conclusive.

(ii) “Retirement” means Grantee’s retirement from Company
employ at age 65 as determined in accordance with the policies of the Company or
its subsidiaries in good faith by the Board of Directors of the Company, which
determination will be final and binding on all parties concerned. 

(d) Nonvested Shares may not be sold, transferred, assigned,
pledged, or otherwise disposed of, directly or indirectly, whether by operation
of law or otherwise. The restrictions set forth in this Section will terminate
upon a Change of Control. 

4. Forfeiture of Nonvested Shares. Except as
provided herein, if Grantee's service with the Company ceases for any reason
other than Grantee’s (a) death, (b) disability, (c) retirement, or (d) termination by the Company without Cause, any Nonvested
Shares will be automatically forfeited to the Company. 

2 

(a) Legend. Each certificate representing Restricted
Shares granted pursuant to the Notice of Restricted Shares Grant may bear a
legend substantially as follows: 

“THE SALE OR OTHER TRANSFER OF THE SHARES REPRESENTED BY THIS
CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION OF LAW, IS SUBJECT
TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN A RESTRICTED SHARE GRANT
AGREEMENT. A COPY OF SUCH AGREEMENT MAY BE OBTAINED FROM LONGHAI STEEL INC.”

(b) Escrow of Nonvested Shares. The Company has the
right to retain the certificates representing Nonvested Shares in the Company’s
possession until such time as all restrictions applicable to such shares have
been satisfied. 

(c) Removal of Restrictions. The Participant is entitled
to have the legend removed from certificates representing Vested Shares. 

5. Recapitalizations, Exchanges, Mergers, Etc.
The provisions of this Agreement apply to the full extent set forth
herein with respect to any and all shares of capital stock of the Company or
successor of the Company which may be issued in respect of, in exchange for, or
in substitution for the Restricted Shares by reason of any stock dividend,
split, reverse split, combination, recapitalization, reclassification, merger,
consolidation or otherwise which does not terminate this Agreement. Except as
otherwise provided herein, this Agreement is not intended to confer upon any
other person except the parties hereto any rights or remedies hereunder. 

6. Grantee Representations. 

Grantee represents to the Company the
following: 

(a) Restrictions on Transfer. Grantee acknowledges that
the Restricted Shares to be issued to Grantee must be held indefinitely unless
subsequently registered and qualified under the Securities Act or unless an
exemption from registration and qualification is otherwise available. In
addition, Grantee understands that the certificate representing the Restricted
Shares will be imprinted with a legend which prohibits the transfer of such
Restricted Shares unless they are sold in a transaction in compliance with the
Securities Act or are registered and qualified or such registration and
qualification are not required in the opinion of counsel acceptable to the
Company. 

(b) Relationship to the Company; Experience. Grantee
either has a preexisting business or personal relationship with the Company or
any of its officers, directors or controlling persons or, by reason of Grantee’s
business or financial experience or the business or financial experience of
Grantee’s personal representative(s), if any, who are unaffiliated with and who
are not compensated by the Company or any affiliate or selling agent, directly
or indirectly, has the capacity to protect Grantee’s own interests in connection
with Grantee’s acquisition of the Restricted Shares to be issued to Grantee hereunder. Grantee
and/or Grantee’s personal representative(s) have such knowledge and experience
in financial, tax and business matters to enable Grantee and/or them to utilize
the information made available to Grantee and/or them in connection with the
acquisition of the Restricted Shares to evaluate the merits and risks of the
prospective investment and to make an informed investment decision with respect
thereto.

3 

(c) Access to Data. Grantee acknowledges that during the
course of this transaction and before deciding to acquire the Restricted Shares,
Grantee has been provided with financial and other written information about the
Company. Grantee has been given the opportunity by the Company to obtain any
information and ask questions concerning the Company, the Restricted Shares, and
Grantee’s investment that Grantee felt necessary; and to the extent Grantee
availed himself of that opportunity, Grantee has received satisfactory
information and answers concerning the business and financial condition of the
Company in response to all inquiries in respect thereof. 

(d) Risks. Grantee acknowledges and understands that (i)
an investment in the Company constitutes a high risk, (ii) the Restricted Shares
are highly speculative, and (iii) there can be no assurance as to what
investment return, if any, there may be. Grantee is aware that the Company may
issue additional securities in the future which could result in the dilution of
Grantee’s ownership interest in the Company. Grantee has reviewed and is
familiar with the reports filed by the Company with the Securities and Exchange
Commission, including the Company’s last annual report on Form 10K and any
subsequent report filed by the Company, including any risks described
therein.

(e) Valid Agreement. This Agreement when executed and
delivered by Grantee will constitute a valid and legally binding obligation of
Grantee which is enforceable in accordance with its terms. 

(f) Residence. The address set forth on the Notice of
Restricted Shares Grant is Grantee’s current address and accurately sets forth
Grantee’s place of residence. 

(g) Tax Consequences. Grantee has reviewed with
Grantee’s own tax advisors the federal, state, local and foreign tax
consequences of this investment and the transactions contemplated by this
Agreement. Grantee is relying solely on such advisors and not on any statements
or representations of the Company or any of its agents. Grantee understands that
Grantee (and not the Company) is responsible for Grantee’s own tax liability
that may arise as a result of the transactions contemplated by this Agreement.
Grantee understands that Section 83 of the Internal Revenue Code of 1986, as
amended (the “Code”), taxes as ordinary income the difference between the
purchase price for the Restricted Shares and the fair market value of the
Restricted Shares as of the date any restrictions on the Restricted Shares
lapse. Grantee understands that Grantee may elect to be taxed at the time the
Restricted Shares is purchased rather than when and as the restrictions lapse by
filing an election under Section 83(b) of the Code with the Internal Revenue
Service within 30 days from the date of purchase. The form for making this
election is attached as Exhibit A hereto. 

GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE’S SOLE RESPONSIBILITY
AND NOT THE COMPANY’S TO FILE TIMELY ANY ELECTION UNDER SECTION 83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO
MAKE THIS FILING ON GRANTEE’S BEHALF. 

4 

7. No Employment Contract Created. The issuance
of the Restricted Shares is not be construed as granting to Grantee any right
with respect to continuance of employment or any service with the Company or any
of its subsidiaries. The right of the Company or any of its subsidiaries to
terminate at will Grantee's employment or terminate Grantee’s service at any
time (whether by dismissal, discharge or otherwise), with or without cause, is
specifically reserved, subject to any other written employment or other
agreement to which the Company and Grantee may be a party. 

8. Tax Withholding. The Company has the power and
the right to deduct or withhold, or require Grantee to remit to the Company, an
amount sufficient to satisfy Federal, state and local taxes (including the
Grantee’s FICA obligation) required by law to be withheld with respect to the
grant and vesting of the Restricted Shares. 

9. Interpretation. The Restricted Shares are
being issued pursuant to the terms of the Agreement, and are to be interpreted
in accordance therewith. The Administrator will interpret and construe this
Agreement, and any action, decision, interpretation or determination made in
good faith by the Administrator will be final and binding on the Company and
Grantee. 

10. Notices. All notices or other
communications which are required or permitted hereunder will be in writing and
sufficient if (i) personally delivered or sent by telecopy, (ii) sent by
nationally-recognized overnight courier or (iii) sent by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows: 

if to Grantee, to the address set forth
below:

Mr. Steve Ross 
No. 1 Jingguang
Road, Neiqiu County 
Xingtai City, Hebei Province, 054000 
People’s
Republic of China 

if to the Company, to the attention of
the Corporate Secretary at the address set forth below: 

Longhai Steel Inc.
No. 1 Jingguang
Road, Neiqiu County 
Xingtai City, Hebei Province, 054000 
People’s
Republic of China 

or to such other address as the party to whom notice is to be
given may have furnished to the other party in writing in accordance herewith.
Any such communication will be deemed to have been given (i) when delivered, if
personally delivered, or when telecopied, if telecopied, (ii) on the first
Business Day (as hereinafter defined) after dispatch, if sent by
nationally-recognized overnight courier and (iii) on the fifth Business Day
following the date on which the piece of mail containing such communication is
posted, if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day on which
banking institutions in the city to which the notice or communication is to be
sent are not required to be open. 

5 

11. Specific Performance. Grantee expressly
agrees that the Company will be irreparably damaged if the provisions of this
Agreement are not specifically enforced. Upon a breach or threatened breach of
the terms, covenants and/or conditions of this Agreement by Grantee, the Company
will, in addition to all other remedies, be entitled to a temporary or permanent
injunction, without showing any actual damage, and/or decree for specific
performance, in accordance with the provisions hereof and thereof. The
Administrator has the power to determine what constitutes a breach or threatened
breach of this Agreement. Any such determinations will be final and conclusive
and binding upon Grantee. 

12. No Waiver. No waiver of any breach or
condition of this Agreement will be deemed to be a waiver of any other or
subsequent breach or condition, whether of like or different nature. 

13. Grantee Undertaking. Grantee hereby
agrees to take whatever additional actions and execute whatever additional
documents the Company may in its reasonable judgment deem necessary or advisable
in order to carry out or effect one or more of the obligations or restrictions
imposed on Grantee pursuant to the express provisions of this Agreement. 

14. Modification of Rights. The rights of
Grantee are subject to modification and termination in certain events as
provided in this Agreement. 

15. Governing Law. This Agreement is
governed by, and construed in accordance with, the laws of the State of Nevada,
without giving effect to its conflict or choice of law principles that might
otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction.

16. Counterparts; Facsimile Execution.
This Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original, but all of which together will constitute one
and the same instrument. Facsimile execution and delivery of this Agreement is
legal, valid and binding execution and delivery for all purposes. 

17. Entire Agreement. This Agreement
(including the Notice of Restricted Shares Grant), constitute the entire
agreement between the parties with respect to the subject matter hereof, and
supersede all previously written or oral negotiations, commitments,
representations and agreements with respect thereto. 

18. Severability. In the event one or more
of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability will not affect any other provisions of this Agreement, and
this Agreement will be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 

19. WAIVER OF JURY TRIAL. THE GRANTEE
HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM
THEREIN. 

6 

[Signature Page Follows] 

7 

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

LONGHAI STEEL INC. 

By:/s/ Chaojun
Wang                   
 
Name: Chaojun Wang 
Title: Chief Executive Officer 

GRANTEE: 

/s/ Steve
Ross                                
 
Name: Steve Ross 

8 

SPOUSE'S CONSENT TO AGREEMENT 
(Required where Grantee
resides in a community property state) 

I acknowledge that I have read the Agreement and that I know
and understand the contents of both. I am aware that my spouse has agreed
therein to the imposition of certain forfeiture provisions and restrictions on
transferability with respect to the Restricted Shares that are the subject of
the Agreement, including with respect to my community interest therein, if any,
on the occurrence of certain events described in the Agreement. I hereby consent
to and approve of the provisions of the Agreement, and agree that I will abide
by the Agreement and bequeath any interest in the Restricted Shares which
represents a community interest of mine to my spouse or to a trust subject to my
spouse's control or for my spouse's benefit or the benefit of our children if I
predecease him. 

	Dated: ___________________	
	 	Signature 
	 	  
	 	  
	 	  
	 	Print Name 

9 

Exhibit A 

ELECTION UNDER SECTION 83(b) 
OF THE INTERNAL REVENUE CODE
OF 1986 

The undersigned taxpayer hereby elects, pursuant to Sections 55
and 83(b) of the Internal Revenue Code of 1986, as amended, to include in
taxpayer’s gross income or alternative minimum taxable income, as the case may
be, for the current taxable year the amount of any compensation taxable to
taxpayer in connection with taxpayer’s receipt of the property described below.

1. The name, address, taxpayer identification number and
taxable year of the undersigned are as follows: 

	 		TAXPAYER: 	SPOUSE: 
	 	NAME: 	 	  
	 	ADDRESS: 	 	  
	 	IDENTIFICATION NO.: 	 	  
	 	TAXABLE YEAR: 	 	  

2. The property with respect to which the election is made is
described as follows: ____ shares (the “Shares”) of the Common Stock of Longhai
Steel Inc. (the “Company”). 

3. The date on which the property was transferred is:
___________________, ______. 

4. The property is subject to the following restrictions: 

The Shares may not be transferred and are subject to forfeiture
under the terms of an agreement between the taxpayer and the Company. These
restrictions lapse upon the satisfaction of certain conditions contained in such
agreement. 

5. The fair market value at the time of transfer, determined
without regard to any restriction other than a restriction which by its terms
will never lapse, of such property is: $_________________. 

6. The amount (if any) paid for such property is:
$_________________. 

The undersigned has submitted a copy of this statement to the
person for whom the services were performed in connection with the undersigned’s
receipt of the above-described property. The transferee of such property is the
person performing the services in connection with the transfer of said property.

The undersigned understands that the foregoing election may
not be revoked except with the consent of the Commissioner. 

	Dated: ______________________, ___	
	  	Taxpayer 
	               
      The undersigned spouse of taxpayer joins in this election. 
	  	  
	Dated: ______________________, ___	 
	  	Spouse of Taxpayer 

10

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