Document:

Intellectual Property Security Agreement

 EXHIBIT 10.5 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This INTELLECTUAL PROPERTY SECURITY AGREEMENT (this
“Agreement”) is dated as of June 15, 2007 and entered into by and among DAYSTAR TECHNOLOGIES, INC., a Delaware corporation (the “Company”), each of the Subsidiaries of the Company identified under the caption
“Subsidiary Guarantors” on the signature pages hereto or which from time to time may become party hereto as contemplated by the Security Agreement (as defined below) (individually a “Subsidiary Guarantor” and, collectively the
“Subsidiary Guarantors” and, together with the Company, the “Obligors”), and LAMPE, CONWAY & CO., LLC, a Delaware limited liability company, as the agent and as collateral agent (in such capacity, together with its
successors in such capacity, the “Collateral Agent”) for the Secured Parties (as defined herein). 
 In accordance with the
Security Agreement of even date herewith (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), by and among the Obligors and the Collateral Agent, the Obligors
have agreed to grant to the Collateral Agent a continuing security interest in, among other things, the Copyright Collateral, the Patent Collateral and the Trademark Collateral (each as defined herein). 
 To induce said Collateral Agent to enter into and be bound by the terms of the Security Agreement, and for other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 
 1. Unless the context otherwise requires,
all capitalized terms used but not defined herein shall have the meanings set forth in the Security Agreement. As used herein, the following terms shall have the following meanings: 
 “Copyright Collateral” means all Copyrights, whether now owned or hereafter acquired by any Obligor, including each registered Copyright
identified on Schedule 1 hereto. 
 “Copyrights” means all copyrights, copyright registrations and applications for
copyright registrations, including, without limitation, all renewals and extensions thereof, the right to recover for all past, present and future infringements thereof, and all other rights of any kind whatsoever accruing thereunder or pertaining
thereto. 
 “Patent Collateral” means all Patents, whether now owned or hereafter acquired by any Obligor, including each
Patent identified on Schedule 2 hereto. 
 “Patents” means all patents and patent applications, including, without
limitation, the inventions and improvements described and claimed therein together with the reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof, including the right to sue for past, present and future
infringements thereof, and all rights corresponding thereto throughout the world. 
 “Trademark Collateral” means all
Trademarks, whether now owned or hereafter acquired by any Obligor, including each Trademark identified on Schedule 3 hereto. Notwithstanding the foregoing, the Trademark Collateral does not and shall not include any Trademark that would be
rendered invalid, abandoned, void or unenforceable by reason of its being included as part of the Trademark Collateral. 
 “Trademarks” means all trade names, trademarks and service marks, logos, trademark and service mark registrations, and applications for trademark and service mark registrations, including, without limitation, all renewals
of trademark and service mark registrations, all rights corresponding thereto throughout the world, the right to recover for all past, present and future infringements thereof, all 

  

					
		 		 	IP Security Agreement

 
other rights of any kind whatsoever accruing thereunder or pertaining thereto, together, in each case, with the product lines and goodwill of the business
connected with the use of, and symbolized by, each such trade name, trademark and service mark. 
 2. As collateral security for the prompt
payment or performance in full when due, whether at stated maturity, by acceleration or otherwise (including, without limitation, the payment of amounts that would become due but for the operation of the automatic stay under Section 362(c) of the
Bankruptcy Code or any similar legislation in any other relevant jurisdiction) of the Secured Obligations, whether now existing or hereafter from time to time arising, each Obligor hereby grants to the Collateral Agent, for the benefit of the
Secured Parties, a security interest in all of such Obligor’s right, title and interest in, to and under the Copyright Collateral, the Patent Collateral and the Trademark Collateral. 
 3. This Agreement is made to secure the satisfactory performance and payment of all the Secured Obligations. Upon termination of the Security Agreement
or release of an Obligor’s obligations thereunder, the Collateral Agent shall, upon such satisfaction, execute, acknowledge, and deliver to the Obligors or an Obligor, as the case may be, (a) an instrument in writing releasing the security
interest in the Copyright Collateral, the Patent Collateral and the Trademark Collateral acquired under this Agreement and (b) such other documents as shall be reasonably requested by the Obligors or an Obligor, as the case may be, to effect the
termination and release of the security interest in the Copyright Collateral, the Patent Collateral and the Trademark Collateral. Additionally, upon such satisfaction, the Collateral Agent shall reasonably cooperate with any efforts made by an
Obligor to make of record or otherwise confirm such satisfaction including, but not limited to, the release and/or termination of this Agreement and any security interest in, to or under the subject collateral. 
 4. The security interest in this Agreement has been granted as a supplement to, and not in limitation of, the security interest granted to the Collateral
Agent under the Security Agreement. The Security Agreement (and all rights and remedies of the Collateral Agent) shall remain in full force and effect in accordance with its terms. The rights and remedies of the Collateral Agent with respect to the
security interest granted herein are without prejudice to, and are in addition to those set forth in the Security Agreement, all terms and provisions of which are incorporated herein by reference. 
 5. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
 6. THE COMPANY, THE PURCHASER AND THE AGENT EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. THE COMPANY, THE PURCHASER AND THE AGENT EACH
REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT. 
  

					
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 7. Each party hereto hereby irrevocably and unconditionally: 
 (a) AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN
THE STATE AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN, STATE OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT
AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE COMPANY, THE PURCHASER AND THE AGENT EACH WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE
LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 7(a); 
 (b) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Obligor at its address as specified in Section 6.1 of the Security Agreement or at such other address of which the Collateral Agent and the Lenders have been notified pursuant
thereto; and 
 (c) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction. 
 8. This Agreement may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Upon delivery, facsimiles of original signatures shall be effective as originals for all purposes. 
  

					
		 		 	IP Security Agreement

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

			
	The Company:
	
	DAYSTAR TECHNOLOGIES, INC., a Delaware corporation
		
	By:	 	 /s/ Stephan J. De Luca

	Name:	 	Stephan J. De Luca
	Title:	 	Chief Executive Officer
	
	Subsidiary Guarantors:
	
	DAYSTAR SOLAR LLC, a Colorado limited liability company
		
	By:	 	 /s/ Stephan J. De Luca

	Name:	 	Stephan J. De Luca
	Title:	 	Chief Executive Officer

  

					
		 		 	IP Security Agreement

			
	The Collateral Agent:
	
	 LAMPE, CONWAY & CO., LLC

		
	 By:
	 	 /s/ Richard F. Conway

	 Name:
	 	Richard F. Conway
	 Title:
	 	Managing Member

  

					
		 		 	IP Security AgreementTrust Deed dated Oct. 29, 2002 between VNU N.V. and Deutsche Trustee Co. Limited

 Exhibit 4.8(a) 
 CONFORMED COPY 
 Dated 29 October 2002 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands,
with its corporate seat in Haarlem, The Netherlands) 
 and 
 DEUTSCHE TRUSTEE COMPANY LIMITED 
 AMENDED AND RESTATED TRUST DEED 
 relating to 
 VNU N.V. 
 €2,000,000,000 
 Euro Medium Term Note
Programme 
 arranged by 
 MERRILL LYNCH INTERNATIONAL 
 

 
 Ref: SFO/MARB/JALP/JPXR 

 This Trust Deed is made on 29 October 2002 between: 
  

	(1)	VNU N.V. (a company incorporated with limited liability in the Netherlands, with its corporate seat in Haarlem, The Netherlands) (the “Issuer”) and

  

	(2)	DEUTSCHE TRUSTEE COMPANY LIMITED (the “Trustee”, which expression, where the context so admits, includes any other trustee for the time being of this Trust
Deed). 

  

	(A)	The Issuer proposes to issue from time to time euro medium term notes in an aggregate nominal amount outstanding at any one time not exceeding the Programme Limit in accordance with
the Dealer Agreement (the “Programme”) and to be constituted under this Trust Deed. 

  

	(B)	This Trust Deed amends and restates the trust deed dated 5 October 2001 between the Issuer, the Trustee and the Agents named therein in respect of all Notes issued pursuant to
the Programme on or after the date of this Trust Deed. This Trust Deed will not be effective in respect of any Notes issued under the Programme prior to the date hereof. 

  

	(C)	The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions. 

 This deed witnesses and it is declared as follows: 
  

	1	Interpretation 

  

	1.1	Definitions: Capitalised terms used in this Trust Deed but not defined in this Trust Deed shall have the meanings given to them in the Conditions. In this Trust Deed:

 “Agency Agreement” means the agency agreement relating to the Programme dated 5 October 2001 as amended
and restated or supplemented from time to time between the Issuer, Deutsche Trustee Company Limited as Trustee, Deutsche Bank AG London as initial Issuing and Paying Agent and the other agents mentioned in it 
 “Agents” means the Issuing and Paying Agent, the other Paying Agents, the Calculation Agent or any of them 
 “Auditors” means the auditors for the time being of the Issuer, or, if they are unable or unwilling to carry out any action requested of
them under this Trust Deed, such other firm of accountants as may be nominated or approved in writing by the Trustee for the purpose 
 “Calculation Agent” means any person named as such in the Conditions or any Successor Calculation Agent 
 “Clearstream, Luxembourg” means Clearstream Banking, société anonyme 
 “Conditions”
means in respect of the Notes of each Series the terms and conditions applicable thereto which shall be substantially in the form set out in Schedule 2 as modified, with respect to any Notes represented by a Global Note, by the provisions of such
Global Note, shall incorporate any additional provisions forming part of such terms and conditions set out in the Pricing Supplement(s) relating to the Notes of that Series and shall be endorsed on the Definitive Notes subject to amendment and
completion as referred to in the first paragraph of Schedule 2 Part B and any reference to a particularly numbered Condition shall be construed accordingly 

 “Contractual Currency” means, in relation to any payment obligation of any Note or under
this Trust Deed, the currency in which that payment obligation is expressed and, in relation to Clause 9, pounds sterling or such other currency as may be agreed between the Issuer and the Trustee from time to time 
 “Coupons” means the bearer coupons relating to interest bearing Notes or, as the context may require, a specific number of them and
includes any replacement Coupons issued pursuant to the Conditions 
 “Dealer Agreement” means the Amended and Restated
Dealer Agreement relating to the Programme dated 29 October 2002 between the Issuer, Merrill Lynch International and the other dealers named in it 
 “Definitive Note” means a Note in definitive form having, where appropriate, Coupons, Receipt(s) and/or a Talon attached on issue and includes any replacement Note issued pursuant to the Conditions

 “Euroclear” means Euroclear Bank S.A./N.V. as operator of the Euroclear System 
 “Event of Default” means an event described in Condition 9 that, if so required by that Condition, has been certified by the Trustee to
be, in its opinion, materially prejudicial to the interests of the Noteholders 
 “Extraordinary Resolution” has the meaning
set out in Schedule 3 
 “Global Note” means a temporary Global Note and/or, as the context may require, a permanent Global
Note 
 “holder” in relation to a Note, Receipt, Coupon or Talon, “Couponholder” and
“Noteholder” have the meanings given to them in the Conditions 
 “Issuing and Paying Agent” means the
person named as such in the Conditions or any Successor Issuing and Paying Agent in each case at its specified office 
 “Notes” means the euro medium term bearer notes to be issued by the Issuer pursuant to the Dealer Agreement, constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific
number of them 
 “outstanding” means, in relation to the Notes, all the Notes issued except (a) those that have been
redeemed in accordance with the Conditions, (b) those in respect of which the date for redemption has occurred and the redemption moneys (including all interest accrued on such Notes to the date for such redemption and any interest payable
after such date) have been duly paid to the Trustee or to the Issuing and Paying Agent as provided in Clause 2 and remain available for payment against presentation and surrender of Notes, Receipts and/or Coupons, as the case may be, (c) those
that have become void or in respect of which claims have become prescribed, (d) those that have been purchased and cancelled as provided in the Conditions, (e) those mutilated or defaced Notes that have been surrendered in exchange for
replacement Notes, (f) (for the purpose only of determining how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which
replacement Notes have been issued, and (g) any temporary Global Note to the extent that it shall have been exchanged for a permanent Global Note and any Global Note to the extent that it shall have been exchanged for one or more Definitive
Notes, in either case pursuant to its provisions provided that for the purposes of (1) ascertaining the right to attend and vote at any meeting of the Noteholders, (2) the 

  

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 determination of how many Notes are outstanding for the purposes of Conditions 9 and 10 and Schedule 3,
(3) the exercise of any discretion, power or authority that the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of the Noteholders and (4) the certification (where relevant) by the Trustee as to
whether a Potential Event of Default is in its opinion materially prejudicial to the interests of the Noteholders, those Notes that are beneficially held by or on behalf of the Issuer or any of its subsidiaries and not cancelled shall (unless no
longer so held) be deemed not to remain outstanding 
 “Paying Agents” means the persons (including the Issuing and Paying
Agent) referred to as such in the Conditions or any Successor Paying Agents in each case at their respective specified offices 
 “permanent Global Note” means a Global Note representing Notes of one or more Tranches of the same Series, either on issue or upon exchange of a temporary Global Note and which shall be substantially in the form set out in
Schedule 1 Part B 
 “Potential Event of Default” means an event or circumstance that could with the giving of notice, lapse
of time, and/or fulfilment of any other requirement provided for in Condition 9 become an Event of Default 
 “Pricing
Supplement” means, in relation to a Tranche, a pricing supplement, supplemental to the offering circular relating to the Programme, issued specifying the relevant issue details of such Tranche, substantially in the form of Schedule C to the
Dealer Agreement 
 “Procedures Memorandum” means administrative procedures and guidelines relating to the settlement of
issues of Notes as shall be agreed upon from time to time by the Issuer, the Trustee, the Permanent Dealers (as defined in the Dealer Agreement) and the Issuing and Paying Agent and which, at the date of this Agreement, are set out in Schedule A to
the Dealer Agreement 
 “Programme Limit” means the maximum aggregate nominal amount of Notes that may be issued and
outstanding at any time under the Programme, as such limit may be increased pursuant to the Dealer Agreement 
 “Receipts”
means the receipts for the payment of instalments of principal in respect of Notes of which the principal is repayable in instalments or, as the context may require, a specific number of them and includes any replacement Receipts issued pursuant to
the Conditions 
 “Redemption Amount” means the Final Redemption Amount, Early Redemption Amount or Optional Redemption
Amount, as the case may be, all as defined in the Conditions 
 “Series” means a series of Notes comprising one or more
Tranches, whether or not issued on the same date, that (except in respect of the first payment of interest and their issue price) have identical terms on issue and are expressed to have the same series number 
 “specified office” means, in relation to a Paying Agent, the office identified with its name at the end of the Conditions or any other
office approved by the Trustee and notified to Noteholders pursuant to Clause 8.10 
 “Successor” means, in relation to an
Agent such other or further person as may from time to time be appointed by the Issuer as such Agent with the written approval of, and on terms approved in writing by, the Trustee (each such approval not to be unreasonably withheld or delayed) and
notice of whose appointment is given to Noteholders pursuant to Clause 8.10 
  

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 “Talons” mean talons for further Coupons or, as the context may require, a specific
number of them and includes any replacement Talons issued pursuant to the Conditions 
 “TARGET System” means the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System or any successor thereto 
 “temporary Global
Note” means a Global Note representing Notes of one or more Tranches of the same Series on issue and which shall be substantially in the form set out in Schedule 1 Part A 
 “Tranche” means, in relation to a Series, those Notes of that Series that are issued on the same date at the same issue price and in
respect of which the first payment of interest is identical 
 “trust corporation” means a trust corporation (as defined in
the Law of Property Act 1925) or a corporation entitled to act as a trustee pursuant to applicable foreign legislation relating to trustees. 
  

	1.2	Construction of Certain References: References to: 

  

	 	1.2.1	costs, charges, remuneration or expenses include any value added, turnover or similar tax charged in respect thereof and 

  

	 	1.2.2	an action, remedy or method of judicial proceedings for the enforcement of creditors’ rights include references to the action, remedy or method of judicial proceedings
in jurisdictions other than England as shall most nearly approximate thereto and 

  

	 	1.2.3	any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made
thereunder or under such modification or re-enactment. 

  

	1.3	Headings: Headings shall be ignored in construing this Trust Deed. 

  

	1.4	Contracts: References in this Trust Deed to this Trust Deed or any other document are to this Trust Deed or those documents as amended, supplemented or replaced from time to
time in relation to the Programme and include any document that amends, supplements or replaces them. 

  

	1.5	Schedules: The Schedules are part of this Trust Deed and have effect accordingly. 

  

	1.6	Alternative Clearing System: References in this Trust Deed to Euroclear and/or Clearstream, Luxembourg shall, wherever the context so permits, be deemed to include reference
to any additional or alternative clearing system approved by the Issuer, the Trustee and the Issuing and Paying Agent. 

  

	1.7	Contracts (Rights of Third Parties) Act 1999: A person who is not a party to this Trust Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Trust Deed except and to the extent that this Trust Deed expressly provides for such Act to apply to any of its terms. 

  

	2	Issue of Notes and Covenant to pay 

  

	2.1	 Issue of Notes: The Issuer may from time to time issue Notes in Tranches of one or more Series on a continuous basis with no minimum issue size in accordance
with the Dealer Agreement. Before issuing any Tranche, the Issuer shall give written notice or procure that it is 

  

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 given to the Trustee of the proposed issue of such Tranche, specifying the details to be included in the
relevant Pricing Supplement. Upon the issue by the Issuer of any Notes expressed to be constituted by this Trust Deed, such Notes shall forthwith be constituted by this Trust Deed without any further formality and irrespective of whether or not the
issue of such debt securities contravenes any covenant or other restriction in this Trust Deed or the Programme Limit. 
  

	2.2	Separate Series: The provisions of sub-Clauses 2.3, 2.4, 2.5 and 2.6 and of Clauses 3 to 17 and Schedule 3 (all inclusive) shall apply mutatis mutandis separately and
independently to the Notes of each Series and in such Clauses and Schedule the expressions “Noteholders”, “Receipts”, “Coupons”, “Couponholders” and “Talons”, together with all other terms that
relate to Notes or their Conditions, shall be construed as referring to those of the particular Series in question and not of all Series unless expressly so provided, so that each Series shall be constituted by a separate trust pursuant to
sub-Clause 2.3 and that, unless expressly provided, events affecting one Series shall not affect any other. 

  

	2.3	Covenant to Pay: The Issuer shall on any date when any Notes become due to be redeemed, in whole or in part, unconditionally pay to or to the order of the Trustee in the
Contractual Currency, in the case of any Contractual Currency other than euro, in the principal financial centre for the Contractual Currency and in the case of euro, in a city in which banks have access to the TARGET System, in same day funds the
Redemption Amount of the Notes becoming due for redemption on that date together with any applicable premium and shall (subject to the Conditions) until such payment (both before and after judgment) unconditionally so pay to or to the order of the
Trustee interest in respect of the nominal amount of the Notes outstanding as set out in the Conditions (subject to sub-Clause 2.6) provided that (1) payment of any sum due in respect of the Notes made to the Issuing and Paying Agent as
provided in the Agency Agreement shall, to that extent, satisfy such obligation except to the extent that there is failure in its subsequent payment to the relevant Noteholders or Couponholders under the Conditions and (2) a payment made after
the due date or as a result of the Note becoming repayable following an Event of Default shall be deemed to have been made when the full amount due has been received by the Issuing and Paying Agent or the Trustee and notice to that effect has been
given to the Noteholders (if required under Clause 8.8), except to the extent that there is failure in its subsequent payment to the relevant Noteholders or Couponholders under the Conditions. This covenant shall only have effect each time Notes are
issued and outstanding, when the Trustee shall hold the benefit of this covenant on trust for the Noteholders and Couponholders of the relevant Series. 

  

	2.4	Discharge: Subject to sub-Clause 2.5, any payment to be made in respect of the Notes, Receipts or the Coupons by the Issuer or the Trustee may be made as provided in the
Conditions and any payment so made shall (subject to sub-Clause 2.5) to that extent be a good discharge to the Issuer or the Trustee. 

  

	2.5	Payment after a Default: At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: 

  

	 	2.5.1	by notice in writing to the Issuer and the Agents require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law:

  

	 	(i)	 to act as Agents of the Trustee under this Trust Deed and the Notes on the terms of the Agency Agreement (with consequential amendments as necessary and except that
the Trustee’s liability for the indemnification, remuneration and expenses of the Agents shall be limited to the amounts for the time being held 

  

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by the Trustee in respect of the Notes on the terms of this Trust Deed) and thereafter to hold all Notes, Receipts, Coupons and Talons and all moneys,
documents and records held by them in respect of Notes, Receipts, Coupons and Talons to the order of the Trustee or 

  

	 	(ii)	to deliver all Notes, Receipts, Coupons and Talons and all moneys, documents and records held by them in respect of the Notes, Receipts, Coupons and Talons to the Trustee or as the
Trustee directs in such notice and 

  

	 	2.5.2	by notice in writing to the Issuer require it to make all subsequent payments in respect of the Notes, Receipts, Coupons and Talons to or to the order of the Trustee and not
to the Issuing and Paying Agent. 

  

	2.6	Rate of Interest After a Default: If the Notes bear interest at a floating or other variable rate and they become immediately payable under the Conditions, the rate of
interest payable in respect of them shall continue to be calculated by the Calculation Agent in accordance with the Conditions (with consequential amendments as necessary) except that the rates of interest need not be published unless the Trustee
otherwise requires. The first period in respect of which interest shall be so calculable shall commence on the expiry of the Interest Period during which the Notes become so repayable. 

  

	3	Form of the Notes 

  

	3.1	The Global Notes: The Notes shall initially be represented by a temporary Global Note or a permanent Global Note in the nominal amount of the Tranche being issued. Interests
in temporary Global Notes shall be exchangeable for (where relevant) Definitive Notes, or interests in permanent Global Notes as set out in each temporary Global Note. Interests in permanent Global Notes shall (where relevant) be exchangeable for
Definitive Notes as set out in each permanent Global Note. 

  

	3.2	The Definitive Notes: The Definitive Notes, Receipts, Coupons and Talons shall be security printed in accordance with applicable legal and stock exchange requirements
substantially in the forms set out in Schedule 2. The Notes shall be endorsed with the Conditions. 

  

	3.3	Signature: The Notes, Receipts, Coupons and Talons shall be signed manually or in facsimile by a Director of the Issuer and the Notes shall be authenticated by or on behalf
of the Issuing and Paying Agent. The Issuer may use the facsimile signature of a person who at the date of this Trust Deed is such a Director even if at the time of issue of any Notes, Receipts, Coupons or Talons he no longer holds that office.
Notes, Receipts, Coupons and Talons so executed and, in the case of the Notes, authenticated shall be binding and valid obligations of the Issuer. 

  

	4	Stamp Duties and Taxes 

  

	4.1	Stamp Duties: The Issuer shall pay any stamp, issue, documentary or other taxes and duties, including interest and penalties, payable in The Netherlands, Belgium, Luxembourg
and the United Kingdom in respect of the creation, issue and offering of the Notes, Receipts, Coupons and Talons and the execution or delivery of this Trust Deed. The Issuer shall also indemnify the Trustee, the Noteholders and the Couponholders
from and against all stamp, issue, documentary or other taxes paid by any of them in any jurisdiction in connection with any action taken by or on behalf of the Trustee or, as the case may be, the Noteholders or the Couponholders to enforce the
Issuer’s obligations under this Trust Deed or the Notes, Receipts, Coupons or Talons. 

  

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	4.2	Change of Taxing Jurisdiction: If the Issuer becomes subject generally to the taxing jurisdiction of a territory or a taxing authority of or in that territory with power to
tax other than or in addition to The Netherlands or any such authority of or in such territory then the Issuer shall (unless the Trustee otherwise agrees) give the Trustee an undertaking satisfactory to the Trustee in terms corresponding to the
terms of Condition 7 with the substitution for, or (as the case may require) the addition to, the references in that Condition to The Netherlands of references to that other or additional territory or authority to whose taxing jurisdiction the
Issuer has become so subject. In such event this Trust Deed and the Notes, Receipts, Coupons and Talons shall be read accordingly. 

  

	5	Application of moneys received by the Trustee 

  

	5.1	Declaration of Trust: All moneys received by the Trustee in respect of the Notes or amounts payable under this Trust Deed shall, despite any appropriation of all or part of
them by the Issuer, be held by the Trustee on trust to apply them (subject to Clause 5.2): 

 first, in payment of all costs,
charges, expenses and liabilities properly incurred by the Trustee (including remuneration payable to it) in carrying out its functions under this Trust Deed 
 secondly, in payment of any amounts owing in respect of the Notes, Receipts or Coupons pari passu and rateably and 
 thirdly, in payment of any balance to the Issuer for itself. 
 If the Trustee holds any moneys in respect of
Notes, Receipts or Coupons that have become void or in respect of which claims have become prescribed, the Trustee shall hold them on these trusts. 
  

	5.2	Accumulation: If the amount of the moneys at any time available for payment in respect of the Notes under sub-Clause 5.1 is less than 10 per cent of the nominal amount
of the Notes then outstanding, the Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income until the investments and the accumulations, together with any other funds for the
time being under its control and available for such payment, amount to at least 10 per cent of the nominal amount of the Notes then outstanding and then such investments, accumulations and funds (after deduction of, or provision for, any
applicable taxes) shall be applied as specified in sub-Clause 5.1. 

  

	5.3	Investment: Moneys held by the Trustee may be invested in its name or under its control in any investments or other assets anywhere whether or not they produce income or
deposited in its name or under its control at such bank or other financial institution in such currency as the Trustee may, in its absolute discretion, think fit. If that bank or institution is the Trustee or a subsidiary, holding or associated
company of the Trustee, it need only account for an amount of interest equal to the largest amount of interest payable by it on such a deposit to an independent customer. The Trustee may at any time vary or transpose any such investments or assets
or convert any moneys so deposited into any other currency, and shall not be responsible for any resulting loss, whether by depreciation in value, change in exchange rates or otherwise. 

  

	5.4	Appropriation of Moneys: If, when the Trustee receives moneys under this Trust Deed, amounts are also due but unpaid under another obligation owed by the Issuer for which it
is Trustee (including other Series of Notes constituted by this Trust Deed), the Trustee shall apportion such moneys rateably between this trust and such other trust or trusts unless that other obligation is subordinated to the Notes.

  

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	6	Enforcement 

  

	6.1	Proceedings brought by the Trustee: At any time after the Notes of any Series shall have become immediately due and repayable, the Trustee may at its discretion and without
further notice take such proceedings as it may think fit against the Issuer to enforce repayment thereof together with premium (if any) and accrued interest and any other moneys payable pursuant to this Trust Deed. 

  

	6.2	Proof of default: Should the Trustee take legal proceedings against the Issuer to enforce any of the provisions of this Trust Deed: 

  

	 	6.2.1	proof therein that as regards any specified Note the Issuer has made default (beyond any applicable grace period) in paying any principal, premium or interest due in respect
of such Note shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Notes which are then due and repayable and 

  

	 	6.2.2	proof therein that as regards any specified Coupon the Issuer has made default (beyond any applicable grace period) in paying any interest due in respect of such Coupon shall
(unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Coupons which are then due and payable. 

  

	6.3	Calculation of rate of interest: The rate of interest payable in respect of any Notes bearing interest at a floating rate in the event of such Notes having become immediately
due and repayable shall be calculated at the same intervals as the rate of interest payable pursuant to the Conditions of such Notes, commencing on the expiry of the interest period during which such Notes become immediately due and repayable
mutatis mutandis in accordance with the provisions of Condition 4 except that no notices need be published in respect thereof. 

  

	7	Proceedings 

  

	7.1	Action taken by Trustee: The Trustee shall not be bound to take any such proceedings as are mentioned in Clause 6.1 unless respectively directed or requested to do so
(i) by an Extraordinary Resolution or (ii) in writing by the holders of at least one-fifth in nominal amount of the Notes of the relevant Series then outstanding and in either case then only if it shall be indemnified to its satisfaction
against all actions, proceedings, claims and demands to which it may thereby render itself liable and all costs, charges, damages and expenses which it may incur by so doing. 

  

	7.2	Trustee only to enforce: Only the Trustee may enforce the provisions of this Trust Deed. No holder shall be entitled to proceed directly against the Issuer to enforce the
performance of any of the provisions of this Trust Deed unless the Trustee having become bound as aforesaid to take proceedings fails to do so within a reasonable period and such failure shall be continuing. 

  

	8	Covenants 

 So long as any Note is outstanding, the
Issuer shall: 
  

	8.1	 Books of Account: keep, and procure that each of its subsidiaries keeps, proper books of account and, at any time after an Event of Default or
Potential Event of Default has occurred or 

  

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if the Trustee reasonably believes that such an event has occurred, so far as permitted by applicable law, allow, and procure that each such subsidiary shall
allow, the Trustee and anyone appointed by it to whom the Issuer and/or the relevant subsidiary has no reasonable objection, access to its books of account at all reasonable times during normal business hours 

  

	8.2	Notice of Events of Default: notify the Trustee in writing immediately on becoming aware of the occurrence of any Event of Default or Potential Event of Default

  

	8.3	Information: so far as permitted by applicable law, give the Trustee such information as it reasonably requires to perform its functions under this Trust Deed

  

	8.4	Financial Statements etc.: send to the Trustee at the time of their issue and in the case of annual financial statements in any event within 180 days of the end of each
financial year 3 copies in English (and shall make available to the Trustee and the Agents as many further copies as they may reasonably request in order to satisfy requests from Noteholders for them) of every balance sheet, profit and loss account,
report or other notice, statement or circular issued, or that legally or contractually should be issued, to the members or creditors (or any class of them) of the Issuer or any holding company thereof generally in their capacity as such

  

	8.5	Certificate of Directors: send to the Trustee, within 14 days of its annual audited financial statements being made available to its members, and also within 14 days of any
request by the Trustee a certificate of the Issuer signed by any one of its Directors that, having made all reasonable enquiries, to the best of the knowledge, information and belief of the Issuer as at a date (the “Certification
Date”) not more than 5 days before the date of the certificate no Event of Default or Potential Event of Default or other breach of this Trust Deed had occurred since the Certification Date of the last such certificate or (if none) the date
of this Trust Deed or, if such an event had occurred, giving details of it 

  

	8.6	Notices to Noteholders: send to the Trustee for its approval, (such approval not to be unreasonably withheld or delayed), the form of each notice to be given to Noteholders
and, once given, 2 copies of each such notice 

  

	8.7	Further Acts: so far as permitted by applicable law, do such further things as may be necessary in the opinion of the Trustee to give effect to this Trust Deed

  

	8.8	Notice of Late Payment: forthwith upon request by the Trustee give notice to the Noteholders of any unconditional payment to the Issuing and Paying Agent or the
Trustee of any sum due in respect of the Notes, the Receipts or Coupons made after the due date for such payment 

  

	8.9	Listing: if the Notes are so listed, use all reasonable endeavours to maintain the listing of the Notes on the Luxembourg Stock Exchange but, if it is unable to do so, having
used such endeavours, or if the maintenance of such listing is agreed by the Trustee to be unduly onerous and the Trustee is satisfied that the interests of the Noteholders would not be thereby materially prejudiced (such agreement not to be
unreasonably withheld or delayed), instead use all reasonable endeavours to obtain and maintain a listing of the Notes on another stock exchange approved in writing by the Trustee 

  

	8.10	Change in Agents: give at least 14 days’ prior notice to the Noteholders of any future appointment, resignation or removal of an Agent or of any change by an Agent of
its specified office and not make any such appointment or removal or change without the Trustee’s written approval 

  

 - 9 - 

	8.11	Provision of Legal Opinions: procure the delivery of legal opinions addressed to the Trustee dated the date of such delivery, in form and content acceptable to the Trustee:

  

	 	8.11.1	from the Issuer’s internal legal counsel as to the law of The Netherlands and in relation to those matters opined upon by the Issuer’s internal legal counsel in
relation to the establishment of the Programme, from De Brauw Blackstone Westbroek as to Dutch taxation and from Linklaters as to the laws of England on each occasion when the Offering Circular is updated or amended and on the date of any amendment
to this Trust Deed 

  

	 	8.11.2	from legal advisers, reasonably acceptable to the Trustee as to such law as may reasonably be requested by the Trustee, on the issue date for the Notes in the event of a
proposed issue of Notes of such a nature and having such features as might lead the Trustee to conclude that it would be prudent, having regard to such nature and features, to obtain such legal opinion(s) or in the event that the Trustee considers
it prudent in view of a change (or proposed change) in (or in the interpretation or application of) any applicable law, regulation or circumstance affecting the Issuer, the Trustee, the Notes, the Receipts, the Coupons, the Talons, this Trust Deed
or the Agency Agreement and 

  

	 	8.11.3	on each occasion on which a legal opinion is given to any Dealer in relation to any Notes pursuant to the Programme Agreement from the legal adviser and/or Issuer’s
internal counsel giving such opinion 

  

	8.12	Notes Held by Issuer etc.: send to the Trustee as soon as practicable after being so requested by the Trustee a certificate of the Issuer signed by any one of its Directors
stating the number of Notes held at the date of such certificate by or on behalf of the Issuer or its respective subsidiaries 

  

	8.13	Material Subsidiaries: give to the Trustee at the same time as sending the certificate referred to in sub-Clause 8.5 or within 28 days of a request by the Trustee, a
certificate by the Auditors listing those Subsidiaries of the Issuer that as at the last day of the last financial year of the Issuer or as at the date specified in such request were Material Subsidiaries (as defined in the Conditions)

  

	8.14	Early Redemption: give notice to the Trustee of any proposed early redemption of Notes pursuant to Condition 5. 

  

	9	Remuneration and Indemnification of the Trustee 

  

	9.1	Normal Remuneration: So long as any Note is outstanding the Issuer shall pay the Trustee as remuneration for its services as Trustee such sum on such dates in each case as
they may from time to time agree. Such remuneration shall accrue from day to day from the date of this Trust Deed. However, if any payment to a Noteholder or Couponholder of moneys due in respect of any Note, Receipts or Coupon is improperly
withheld or refused, such remuneration shall again accrue as from the date of such withholding or refusal until payment to such Noteholder or Couponholder is duly made. 

  

	9.2	 Extra Remuneration: If an Event of Default or a Potential Event of Default shall have occurred or if the Trustee finds it expedient or necessary or is
requested by the Issuer to undertake duties that they both agree to be of an exceptional nature or otherwise outside the scope of the Trustee’s normal duties under this Trust Deed, the Issuer shall pay such additional remuneration as they may
agree or, failing agreement as to any of the matters in this sub-Clause (or as to such sums referred to in sub-Clause 9.1), as determined by an investment bank (acting as an expert) selected by the Trustee and approved by the Issuer or, failing such

  

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approval, nominated by the President for the time being of The Law Society of England and Wales. The expenses involved in such nomination and such investment
bank’s fee shall be paid by the Issuer. The determination of such investment bank shall be conclusive and binding on the Issuer, the Trustee, the Noteholders and the Couponholders save in the case of manifest error. 
  

	9.3	Expenses: The Issuer shall also on demand by the Trustee pay or discharge all costs, charges, liabilities and expenses properly incurred by the Trustee in the preparation and
execution of this Trust Deed and the performance of its functions under this Trust Deed including, but not limited to, legal and travelling expenses and any stamp, documentary or other taxes or duties paid by the Trustee in connection with any legal
proceedings reasonably brought or contemplated by the Trustee against the Issuer to enforce any provision of this Trust Deed, the Notes, the Receipts, the Coupons or the Talons. Such costs, charges, liabilities and expenses shall:

  

	 	9.3.1	in the case of payments made by the Trustee before such demand, carry interest from the date of the demand at the rate of 2 per cent. per annum over the base rate of
Barclays Bank PLC on the date on which the Trustee made such payments and 

  

	 	9.3.2	in other cases, carry interest at such rate from 30 days after the date of the demand or (where the demand specifies that payment is to be made on an earlier date, not being
earlier than the eighth day after the date of such demand) from such earlier date. 

  

	9.4	Indemnity: The Issuer will indemnify on demand the Trustee in respect of Amounts or Claims properly paid or incurred by it in acting as trustee under this Trust Deed
(including (1) any Agent/Delegate Liabilities and (2) in respect of disputing or defending any Amounts or Claims made against the Trustee or any Agent/Delegate Liabilities). The Issuer will on demand by such agent or delegate indemnify it
against such Agent/Delegate Liabilities. “Amounts or Claims” are losses, liabilities, costs, claims, actions, demands or expenses and “Agent/Delegate Liabilities” are Amounts or Claims which the Trustee is or would
be obliged to pay or reimburse to any of its agents or delegates appointed pursuant to this Trust Deed. The Contracts (Rights of Third Parties) Act 1999 applies to this Clause 9.4. 

  

	9.5	Continuing Effect: Sub-Clauses 9.3 and 9.4 shall continue in full force and effect as regards the Trustee even if it no longer is Trustee. 

  

	10	Provisions supplemental to the Trustee Act 1925 and the Trustee Act 2000 

  

	10.1	Advice: The Trustee may act on the opinion or advice of, or information obtained from, any expert, whether addressed to the Trustee or not, and shall not be responsible to
anyone for any loss occasioned by so acting. Any such opinion, advice or information may be sent or obtained by letter, telex or fax and the Trustee shall not be liable to anyone for acting in good faith on any opinion, advice or information
purporting to be conveyed by such means even if it contains some error or is not authentic. 

  

	10.2	Trustee to Assume Performance: The Trustee need not notify anyone of the execution of this Trust Deed or do anything to find out if an Event of Default or Potential Event of
Default has occurred. Until it has actual knowledge or express notice to the contrary, the Trustee may assume that no such event has occurred and that the Issuer is performing all its their obligations under this Trust Deed, the Notes, the Receipts,
the Coupons and the Talons. 

  

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	10.3	Resolutions of Noteholders: The Trustee shall not be responsible for having acted in good faith on a resolution purporting to have been passed at a meeting of Noteholders in
respect of which minutes have been made and signed even if it is later found that there was a defect in the constitution of the meeting or the passing of the resolution or that the resolution was not valid or binding on the Noteholders or
Couponholders. 

  

	10.4	Certificate Signed by Directors: If the Trustee, in the exercise of its functions, requires to be satisfied or to have information as to any fact or the expediency of any
act, it may call for and accept as sufficient evidence of that fact or the expediency of that act a certificate signed by any 2 Directors of the Issuer as to that fact or to the effect that, in their opinion, that act is expedient and the Trustee
need not call for further evidence and shall not be responsible for any loss occasioned by acting on such a certificate. 

  

	10.5	Deposit of Documents: The Trustee may appoint as custodian, on any terms, any bank or entity whose business includes the safe custody of documents or any lawyer or firm of
lawyers believed by it to be of good repute and may deposit this Trust Deed and any other documents with such custodian and pay all sums due in respect thereof. The Trustee is not obliged to appoint a custodian of securities payable to bearer.

  

	10.6	Discretion: Save as expressly otherwise provided in this Trust Deed, the Trustee shall have absolute and uncontrolled discretion as to the exercise of its functions and shall
not be responsible for any loss, liability, cost, claim, action, demand, expense or inconvenience that may result from their exercise or non-exercise. 

  

	10.7	Agents: Whenever it considers it expedient in the interests of the Noteholders, the Trustee may, in the conduct of its trust business, instead of acting personally, employ
and pay an agent selected by it, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including
the receipt and payment of money). 

  

	10.8	Delegation: Whenever it considers it expedient in the interests of the Noteholders, the Trustee may delegate to any person on any terms (including power to sub-delegate) all
or any of its functions. 

  

	10.9	Nominees: In relation to any asset held by it under this Trust Deed, the Trustee may appoint any person to act as its nominee on any terms. 

  

	10.10	Forged Notes: The Trustee shall not be liable to the Issuer or any Noteholder or Couponholder by reason of having accepted as valid or not having rejected any Note, Receipt,
Coupon or Talon purporting to be such and later found to be forged or not authentic. 

  

	10.11	Confidentiality: Unless ordered to do so by a court of competent jurisdiction, the Trustee shall not be required to disclose to any Noteholder or Couponholder any
confidential financial or other information made available to the Trustee by the Issuer. 

  

	10.12	Determinations Conclusive: As between itself and the Noteholders and Couponholders, the Trustee may determine all questions and doubts arising in relation to any of the
provisions of this Trust Deed. Such determinations, whether made upon such a question actually raised or implied in the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee, the Noteholders and the Couponholders.

  

	10.13	 Currency Conversion: Where it is necessary or desirable to convert any sum from one currency to another, it shall (unless otherwise provided hereby or
required by law) be converted at such rate or rates, in accordance with such method and as at such date as may 

  

 - 12 - 

 
reasonably be specified by the Trustee after consultation with the Issuer, if in the opinion of the Trustee such consultation is practicable but having
regard to current rates of exchange, if available. Any rate, method and date so specified shall be binding on the Issuer, the Noteholders and the Couponholders. 
  

	10.14	Events of Default: The Trustee may determine whether or not an Event of Default or Potential Event of Default is in its opinion capable of remedy and/or materially
prejudicial to the interests of the Noteholders. Any such determination shall be conclusive and binding on the Issuer, the Noteholders and the Couponholders. 

  

	10.15	Payment for and Delivery of Notes: The Trustee shall not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Notes, any exchange
of Notes or the delivery of Notes to the persons entitled to them. 

  

	10.16	Notes Held by the Issuer etc.: In the absence of knowledge or express notice to the contrary, the Trustee may assume without enquiry (other than requesting a certificate
under Clause 8.12) that no Notes are for the time being held by or on behalf of the Issuer or its subsidiaries. 

  

	10.17	Legal Opinions: The Trustee shall not be responsible to any person for failing to request, require or receive any legal opinion relating to any Notes or for checking or
commenting upon the content of any such legal opinion. 

  

	10.18	Programme Limit: The Trustee shall not be concerned, and need not enquire, as to whether or not any Notes are issued in breach of the Programme Limit.

  

	10.19	Responsibility for agents etc.: If the Trustee exercises reasonable care in selecting any custodian, agent, delegate or nominee appointed under this Clause (an
“Appointee”), it will not have any obligation to supervise the Appointee or be responsible for any loss, liability, cost, claim, action, demand or expense incurred by reason of the Appointee’s misconduct or default or the
misconduct or default of any substitute appointed by the Appointee. 

  

	10.20	Auditor’s Certificate: Any certificate or report of the Auditors called for by or provided to the Trustee in accordance with or for the purposes of these presents, may
be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a monetary
or other limit on the liability of the Auditors thereof and whether or not it is addressed to the Trustee. 

  

	10.21	Entitlement of the Trustee: In connection with the exercise by the Trustee of any of its trusts, powers, authorities and discretions under these presents (including, without
limitation, any modification, waiver, authorisation, determination or substitution), the Trustee shall have regard to the general interests of the Noteholders as a class and shall not have regard to any interests arising from circumstances
particular to individual Noteholders or Couponholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Noteholders or Couponholders (whatever their
number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to
require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Trustee or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders or
Couponholders except to the extent already provided for in Condition 7 and/or any undertaking given in addition thereto or in substitution therefor under these presents. 

  

 - 13 - 

	11	Trustee liable for negligence 

 Section 1 of
the Trustee Act 2000 shall not apply to any function of the Trustee, provided that if the Trustee fails to show the degree of care and diligence required of it as trustee, having regard to the provisions of this Trust Deed conferring on him any
powers, authorities or discretions, nothing in this Trust Deed or any Supplemental Trust Deed shall relieve or indemnify it from or against any liability that would otherwise attach to it in respect of any negligence, default, breach of duty or
breach of trust of which it may be guilty. 
  

	12	Waiver and proof of default 

  

	12.1	Waiver: The Trustee may, without the consent of the Noteholders or Couponholders and without prejudice to its rights in respect of any subsequent breach, from time to time
and at any time, if in its opinion the interests of the Noteholders will not be materially prejudiced thereby, waive or authorise, on such terms as seem expedient to it, any breach or proposed breach by the Issuer of this Trust Deed or the
Conditions or determine that an Event of Default or Potential Event of Default shall not be treated as such provided that the Trustee shall not do so in contravention of an express direction given by an Extraordinary Resolution or a request made
pursuant to Condition 9. No such direction or request shall affect a previous waiver, authorisation or determination. Any such waiver, authorisation or determination shall be binding on the Noteholders and the Couponholders and, if the Trustee so
requires, shall be notified to the Noteholders as soon as practicable. 

  

	12.2	Proof of Default: Proof that the Issuer has failed to pay a sum due to the holder of any one Note, Receipt or Coupon shall (unless the contrary be proved) be sufficient
evidence that it has made the same default as regards all other Notes, Receipts or Coupons relating to that Series that are then payable. 

  

	13	Trustee not precluded from entering into contracts 

 The Trustee and any other person, whether or not acting for itself, may acquire, hold or dispose of any Note, Receipt, Coupon, Talon or other security (or any interest therein) of the Issuer or any other person, may enter into or be
interested in any contract or transaction with any such person and may act on, or as depositary or agent for, any committee or body of holders of any securities of any such person in each case with the same rights as it would have had if the Trustee
were not acting as Trustee and need not account for any profit. 
  

	14	Modification and Substitution 

  

	14.1	Modification: The Trustee may agree without the consent of the Noteholders or Couponholders to any modification to this Trust Deed of a formal, minor or technical nature or
to correct a manifest error or to comply with mandatory provisions of law. The Trustee may also so agree to any modification to this Trust Deed that is in its opinion not materially prejudicial to the interests of the Noteholders, but such power
does not extend to any such modification as is mentioned in the proviso to paragraph 2 of Schedule 3. 

  

	14.2	Substitution: 

  

	 	14.2.1	 The Trustee may, without the consent of the Noteholders or Couponholders, agree to the substitution of the Issuer’s successor in business or any
Subsidiary of the Issuer or its successor in business (the “Substituted Obligor”) in place of the Issuer (or of any 

  

 - 14 - 

	 	 
previous substitute under this sub-Clause) as the principal debtor under this Trust Deed, the Notes, the Receipts, the Coupons and the Talons provided that:

  

	 	(i)	a deed is executed or undertaking given by the Substituted Obligor to the Trustee, in form and manner satisfactory to the Trustee, agreeing to be bound by this Trust Deed, the
Notes, the Receipts, the Coupons and the Talons (with consequential amendments as the Trustee may deem appropriate) as if the Substituted Obligor had been named in this Trust Deed, the Notes, the Receipts, the Coupons and the Talons as the principal
debtor in place of the Issuer 

  

	 	(ii)	if the Substituted Obligor is subject generally to the taxing jurisdiction of a territory or any authority of or in that territory with power to tax (the “Substituted
Territory”) other than the territory to the taxing jurisdiction of which (or to any such authority of or in which) the Issuer is subject generally (the “Issuer’s Territory”), the Substituted Obligor shall (unless the
Trustee otherwise agrees) give to the Trustee an undertaking satisfactory to the Trustee in terms corresponding to Condition 7 with the substitution for the references in that Condition to the Issuer’s Territory of references to the Substituted
Territory whereupon the Trust Deed, the Notes, the Receipts, the Coupons and the Talons shall be read accordingly 

  

	 	(iii)	if any 2 Directors of the Substituted Obligor certify that it will be solvent immediately after such substitution, the Trustee need not have regard to the Substituted Obligor’s
financial condition, profits or prospects or compare them with those of the Issuer 

  

	 	(iv)	the Issuer and the Substituted Obligor comply with such other requirements as the Trustee may direct in the interests of the Noteholders and 

  

	 	(v)	unless the Issuer’s successor in business is the Substituted Obligor, the obligations of the Substituted Obligor under this Trust Deed, the Notes, the Receipts, and the Coupons
are guaranteed by the Issuer. 

  

	 	14.2.2	Release of Substituted Issuer: An agreement by the Trustee pursuant to sub-Clause 14.2 shall, if so expressed, release the Issuer (or a previous substitute) from any or all
of its obligations under this Trust Deed, the Notes, the Receipts, the Coupons and the Talons. Notice of the substitution shall be given to the Noteholders within 14 days of the execution of such documents and compliance with such requirements.

  

	 	14.2.3	Completion of Substitution: On completion of the formalities set out in sub-Clause 14.2, the Substituted Obligor shall be deemed to be named in this Trust Deed, the Notes,
the Receipts, the Coupons and the Talons as the principal debtor in place of the Issuer (or of any previous substitute) and this Trust Deed, the Notes, the Receipts, the Coupons and the Talons shall be deemed to be amended as necessary to give
effect to the substitution. In the case of such a substitution the Trustee may agree, without the consent of the Noteholders or the Couponholders, to a change of the law governing the Notes, the Receipts, the Coupons, the Talons and/or the Trust
Deed provided that such change would not in the opinion of the Trustee be materially prejudicial to the interests of the Noteholders. 

  

 - 15 - 

	15	Appointment, Retirement and Removal of the Trustee 

  

	15.1	Appointment: The Issuer has the power of appointing new trustees but no-one may be so appointed unless previously approved by an Extraordinary Resolution of the Noteholders.
A trust corporation shall at all times be a Trustee and may be the sole Trustee. Any appointment of a new Trustee shall be notified by the Issuer to the Noteholders as soon as reasonably practicable. 

  

	15.2	Retirement and Removal: Any Trustee may retire at any time on giving at least 3 months’ written notice to the Issuer without giving any reason or being responsible for
any costs occasioned by such retirement and the Noteholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of a sole trust corporation shall not be effective until a trust corporation is appointed as
successor Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer shall use all reasonable endeavours to procure that another trust corporation be appointed as Trustee.

  

	15.3	Co-Trustees: The Trustee may, despite sub-Clause 15.1, by written notice to the Issuer appoint anyone to act as an additional Trustee jointly with the Trustee:

  

	 	15.3.1	if the Trustee considers the appointment to be in the interests of the Noteholders and/or the Couponholders or 

  

	 	15.3.2	to conform with a legal requirement, restriction or condition in a jurisdiction in which a particular act is to be performed or 

  

	 	15.3.3	to obtain a judgment or to enforce a judgment or any provision of this Trust Deed in any jurisdiction. 

 Subject to the provisions of this Trust Deed the Trustee may confer on any person so appointed such functions as it thinks fit. The Trustee may by written
notice to the Issuer and that person remove that person. At the Trustee’s request, the Issuer shall forthwith do all things as may be required to perfect such appointment or removal and it irrevocably appoints the Trustee as its attorney in its
name and on its behalf to do so. 
  

	15.4	Competence of a Majority of Trustees: If there are more than 2 Trustees the majority of them shall be competent to perform the Trustee’s functions provided the majority
includes a trust corporation. 

  

	16	Notes held in Clearing Systems and Couponholders 

  

	16.1	Notes Held in Clearing Systems: So long as any Global Note is held on behalf of a clearing system, in considering the interests of Noteholders, the Trustee may have regard to
any information provided to it by such clearing system or its operator as to the identity (either individually or by category) of its accountholders or participants with entitlements to any such Global Note and may consider such interests on the
basis that such accountholders or participants were the holder(s) thereof. 

  

	16.2	Couponholders: No notices need be given to Couponholders. They shall be deemed to have notice of the contents of any notice given to Noteholders. Even if it has express
notice to the contrary, in exercising any of its functions by reference to the interests of the Noteholders, the Trustee shall assume that the holder of each Note is the holder of all Receipts, Coupons and Talons relating to it.

  

 - 16 - 

	17	Currency Indemnity 

  

	17.1	Currency of Account and Payment: The Contractual Currency is the sole currency of account and payment for all sums payable by the Issuer under or in connection with this
Trust Deed, the Notes, the Receipts and the Coupons, including damages. 

  

	17.2	Extent of Discharge: An amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment or order
of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or otherwise), by the Trustee or any Noteholder or Couponholder in respect of any sum expressed to be due to it from the Issuer shall only discharge the Issuer to the
extent of the Contractual Currency amount that the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that
date, on the first date on which it is practicable to do so). 

  

	17.3	Indemnity: If that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Trust Deed, the Notes, the
Receipts or the Coupons, the Issuer shall indemnify it against any loss sustained by it as a result. In any event, the Issuer shall indemnify the recipient against the cost of making any such purchase. 

  

	17.4	Indemnity Separate: The indemnities in this Clause 17 and in sub-Clause 9.4 constitute separate and independent obligations from the other obligations in this Trust Deed,
shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Trustee and/or any Noteholder or Couponholder and shall continue in full force and effect despite any judgment, order, claim or
proof for a liquidated amount in respect of any sum due under this Trust Deed, the Notes, the Receipts and/or the Coupons or any other judgment or order. 

  

	18	Communications 

  

	18.1	Method: Each communication under this Trust Deed shall be made by e-mail (provided that such e-mail is promptly followed by a fax), fax or otherwise in writing. Each
communication or document to be delivered to any party under this Trust Deed shall be sent to that party at the e-mail address, fax number or address, and marked for the attention of the person (if any), from time to time designated by that party to
each other party for the purpose of this Trust Deed. The initial telephone number, e-mail address, fax number, address and person so designated by the parties under this Trust Deed are set out in the Procedures Memorandum. 

 

	18.2	Deemed Receipt: Any communication from any party to any other under this Trust Deed shall be effective, (if by e-mail or fax) when good receipt is confirmed by the recipient
following enquiry by the sender and (if in writing) when delivered, except that a communication received outside normal business hours shall be deemed to be received on the next business day in the city in which the recipient is located.

  

	19	Governing Law and Jurisdiction 

  

	19.1	Governing Law: This Trust Deed is governed by and shall be construed in accordance with English law. 

  

	19.2	 Jurisdiction: The courts of England are to have jurisdiction to settle any disputes that may arise out of or in connection with this Trust Deed, the Notes,
the Receipts, the Coupons or the Talons and accordingly any legal action or proceedings arising out of or in connection with this 

  

 - 17 - 

	 	 
Trust Deed, the Notes, the Receipts, the Coupons or the Talons (“Proceedings”) may be brought in such courts. The Issuer irrevocably submits
to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is for the benefit of each of the
Trustee, the Noteholders and the Couponholders and shall not limit the right of any of them to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction (whether concurrently or not). 

  

	19.3	Service of Process: The Issuer irrevocably appoints The Law Debenture Corporation plc at its registered office for the time being in London to receive, for it and on its
behalf, service of process in any Proceedings in England. Such service shall be deemed completed on delivery to such process agent (whether or not it is forwarded to and received by the Issuer). If for any reason such process agent ceases to be able
to act as such or no longer has an address in England the Issuer irrevocably agrees to appoint a substitute process agent acceptable to the Trustee and shall immediately notify the Trustee of such appointment. Nothing shall affect the right to serve
process in any other manner permitted by law. 

  

 - 18 - 

 Schedule 1 
 Part A 
 Form of Temporary Global Note 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with
its corporate seat in Haarlem, 
 The Netherlands) 
 EURO MEDIUM TERM NOTE PROGRAMME 
 TEMPORARY GLOBAL NOTE 
 Temporary Global Note No. [•] 
 This temporary
Global Note is issued in respect of the Notes (the “Notes”) of the Tranche and Series specified in the Second Schedule hereto of VNU N.V. (the “Issuer”). 
 Interpretation and Definitions 
 References in this temporary Global
Note to the “Conditions” are to the Terms and Conditions applicable to the Notes (which are in the form set out in Schedule 2 Part B to the Trust Deed (as amended or supplemented as at the Issue Date, the “Trust
Deed”) dated 29 October 2002 between the Issuer, Deutsche Trustee Company Limited as trustee, as such form is supplemented and/or modified and/or superseded by the provisions of this temporary Global Note (including the supplemental
definitions and any modifications or additions set out in the Second Schedule hereto), which in the event of any conflict shall prevail). Other capitalised terms used in this temporary Global Note shall have the meanings given to them in the
Conditions or the Trust Deed. If the Second Schedule hereto specifies that the applicable TEFRA exemption is either “C Rules” or “not applicable”, this temporary Global Note is a “C Rules Note”, otherwise this temporary
Global Note is a “D Rules Note”. 
 Aggregate Nominal Amount 
 The aggregate nominal amount from time to time of this temporary Global Note shall be an amount equal to the aggregate nominal amount of the Notes as shall be shown by the latest entry in the fourth column of the
First Schedule hereto, which shall be completed by or on behalf of the Issuing and Paying Agent upon (i) the issue of Notes represented hereby, (ii) the exchange of the whole or a part of this temporary Global Note for a corresponding
interest in a permanent Global Note or, as the case may be, in whole for Definitive Notes, (iii) the redemption or purchase and cancellation of Notes represented hereby and/or (iv) in the case of Partly Paid Notes, the forfeiture of Notes
represented hereby in accordance with the Conditions relating to such Partly Paid Notes, all as described below. 
 Promise to Pay 
 Subject as provided herein, the Issuer, for value received, promises to pay to the bearer of this temporary Global Note, upon presentation and (when no further payment is
due in respect of this temporary Global Note) surrender of this temporary Global Note, on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in accordance with the Conditions)
the amount payable upon redemption under the Conditions in respect of the aggregate nominal amount of Notes represented by this temporary Global Note and (unless this temporary Global Note does not bear interest) to pay interest in respect of such
aggregate nominal amount of Notes from the Interest Commencement Date in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable
under the Conditions, in accordance with the Conditions. 
  

 - 19 - 

 “Exchange” 
 Subject as provided in the Conditions applicable to Partly Paid Notes, on or after the first day following the expiry of 40 days after the Issue Date (the “Exchange Date”), this temporary Global Note may be exchanged (free
of charge to the holder) in whole or (in the case of a D Rules Note only and in respect of exchange for a permanent Global Note only) from time to time in part by its presentation and, on exchange in full, surrender to or to the order of the Issuing
and Paying Agent for interests in a permanent Global Note, if so specified in the Second Schedule hereto, for Definitive Notes in an aggregate nominal amount equal to the nominal amount of this temporary Global Note submitted for exchange provided
that, in the case of any part of a D Rules Note submitted for exchange for a permanent Global Note or Definitive Notes, there shall have been Certification with respect to such nominal amount submitted for such exchange dated no earlier than the
Exchange Date. 
 “Certification” means the presentation to the Issuing and Paying Agent of a certificate or certificates with respect to
one or more interests in this temporary Global Note, signed by Euroclear or Clearstream, Luxembourg, substantially to the effect set out in Schedule 4 to the Agency Agreement to the effect that it has received a certificate or certificates
substantially to the effect set out in Schedule 3 to the Agency Agreement with respect thereto and that no contrary advice as to the contents thereof has been received by Euroclear or Clearstream, Luxembourg, as the case may be. 
 Upon the whole or a part of this temporary Global Note being exchanged for a permanent Global Note, such permanent Global Note may be exchangeable, in accordance with
its terms, for Definitive Notes. 
 The Definitive Notes for which this temporary Global Note or a permanent Global Note may be exchangeable shall be duly
executed and authenticated, shall, in the case of Definitive Notes, have attached to them all Coupons (and, where appropriate, Talons) in respect of interest, and all Receipts in respect of Instalment Amounts, that have not already been paid on this
temporary Global Note or the permanent Global Note, as the case may be, shall be security printed and shall be substantially in the form set out in the Schedules to the Trust Deed as supplemented and/or modified and/or superseded by the terms of the
Second Schedule hereto. 
 On any exchange of a part of this temporary Global Note for an equivalent interest in a permanent Global Note, the portion of the
nominal amount hereof so exchanged shall be endorsed by or on behalf of the Issuing and Paying Agent in Part I of the First Schedule hereto, whereupon the nominal amount hereof shall be reduced for all purposes by the amount so exchanged and
endorsed. 
 Benefit of Conditions 
 Except as otherwise
specified herein, this temporary Global Note is subject to the Conditions and the Trust Deed and, until the whole of this temporary Global Note is exchanged for equivalent interests in a permanent Global Note or for Definitive Notes, as the case may
be, the holder of this temporary Global Note shall in all respects be entitled to the same benefits as if it were the holder of the permanent Global Note (or the relevant part of it) or the Definitive Notes, as the case may be, for which it may be
exchanged as if such permanent Global Note or Definitive Notes had been issued on the Issue Date. 
 Payments 
 No person shall be entitled to receive any payment in respect of the Notes represented by this temporary Global Note that falls due on or after the Exchange Date unless,
upon due presentation of this temporary Global Note for exchange, delivery of (or, in the case of a subsequent exchange, due endorsement of) a permanent Global Note or delivery of Definitive Notes is improperly withheld or refused by or on behalf of
the Issuer. 
  

 - 20 - 

 Payments due in respect of a D Rules Note before the Exchange Date shall only be made in relation to such nominal amount
of this temporary Global Note with respect to which there shall have been Certification dated no earlier than such due date for payment. 
 Any payments that
are made in respect of this temporary Global Note shall be made to its holder against presentation and (if no further payment falls to be made on it) surrender of it at the specified office of the Issuing and Paying Agent or of any other Paying
Agent provided for in the Conditions. If any payment in full of principal is made in respect of any Note represented by this temporary Global Note, the portion of this temporary Global Note representing such Note shall be cancelled and the amount so
cancelled shall be endorsed by or on behalf of the Issuing and Paying Agent in the First Schedule hereto (such endorsement being prima facie evidence that the payment in question has been made) whereupon the nominal amount hereof shall be
reduced for all purposes by the amount so cancelled and endorsed. If any other payments are made in respect of the Notes represented by this temporary Global Note, a record of each such payment shall be endorsed by or on behalf of the Issuing and
Paying Agent on an additional schedule hereto (such endorsement being prima facie evidence that the payment in question has been made). 
 Cancellation 
 Cancellation of any Note represented by this temporary Global Note that is required by the Conditions to be cancelled (other
than upon its redemption) shall be effected by reduction in the nominal amount of this temporary Global Note representing such Note on its presentation to or to the order of the Issuing and Paying Agent for endorsement in the First Schedule hereto,
whereupon the nominal amount hereof shall be reduced for all purposes by the amount so cancelled and endorsed. 
 Issuer’s Options 
 Any option of the Issuer provided for in the Conditions shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in and containing
the information required by the Conditions, except that the notice shall not be required to contain the serial numbers of Notes drawn in the case of a partial exercise of an option and accordingly no drawing of Notes shall be required. 

Notices 
 Notices required to be given in respect of the Notes
represented by this temporary Global Note may be given by their being delivered (so long as this temporary Global Note is held on behalf of Euroclear and Clearstream, Luxembourg or any other clearing system) to Euroclear, Clearstream, Luxembourg or
such other clearing system, as the case may be, or otherwise to the holder of this temporary Global Note, rather than by publication as required by the Conditions, except that so long as the Notes are listed on the Luxembourg Stock Exchange and the
rules of that exchange so require, notices shall also be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort). 
 No provision of this temporary Global Note shall alter or impair the obligation of the Issuer to pay the principal and premium of and interest on the Notes when due in accordance with the Conditions. 
 This temporary Global Note shall not be valid or become obligatory for any purpose until authenticated by or on behalf of the Issuing and Paying Agent. 
 This temporary Global Note is governed by and shall be construed in accordance with English law. 
 In witness whereof the Issuer has caused this temporary Global Note to be duly signed on its behalf. 
  

 - 21 - 

 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
 CERTIFICATE OF
AUTHENTICATION 
 This temporary Global Note is authenticated by 
 or on behalf of the Issuing and Paying Agent. 
 DEUTSCHE BANK AG LONDON 
 as Issuing and Paying Agent 
 By: 
 Authorised Signatory 
 For the purposes of authentication only. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE
CODE. 
  

 - 22 - 

 The First Schedule 
 Nominal amount of Notes represented by this temporary Global Note 
 The following (i) issue of Notes initially
represented by this temporary Global Note, (ii) exchanges of the whole or a part of this temporary Global Note for interests in a permanent Global Note or (provided the exchange is in whole), for Definitive Notes and/or (iii) cancellations
or forfeitures of interests in this temporary Global Note have been made, resulting in the nominal amount of this temporary Global Note specified in the latest entry in the fourth column below: 
  

									
	 Date
	 	 Amount of decrease in
nominal amount of this
temporary Global
Note
	 	 Reason for decrease in
nominal amount of this
temporary Global
Note
(exchange, cancellation or
forfeiture)
	 	 Nominal amount of this
temporary Global Note on
issue or following
such
decrease
	 	 Notation made by or on
behalf of the Issuing and
Paying
Agent

	 Issue Date
	 	not applicable	 	not applicable	 		 	

  

 - 23 - 

 The Second Schedule 
 [Insert the provisions of the relevant Pricing Supplement that relate to the Conditions or the Global Notes as the Second Schedule] 
  

 - 24 - 

 Schedule 1 
 Part B 
 Form of Permanent Global Note 
 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with
its corporate seat in Haarlem, The Netherlands) 
 EURO MEDIUM TERM NOTE PROGRAMME 
 PERMANENT GLOBAL NOTE 
 Permanent
Global Note No. [•] 
 This permanent Global Note is issued in respect of the Notes (the “Notes”) of the Tranche(s) and Series
specified in the Third Schedule hereto of VNU N.V. (the “Issuer”). 
 Interpretation and Definitions 
 References in this permanent Global Note to the “Conditions” are to the Terms and Conditions applicable to the Notes (which are in the form set out in
Schedule 2 Part B to the Trust Deed (as amended or supplemented as at the Issue Date, the “Trust Deed”) dated 29 October 2002 between the Issuer, Deutsche Trustee Company Limited as trustee, as such form is supplemented and/or
modified and/or superseded by the provisions of this permanent Global Note (including the supplemental definitions and any modifications or additions set out in the Third Schedule hereto), which in the event of any conflict shall prevail). Other
capitalised terms used in this permanent Global Note shall have the meanings given to them in the Conditions or the Trust Deed. 
 Aggregate Nominal
Amount 
 The aggregate nominal amount from time to time of this permanent Global Note shall be an amount equal to the aggregate nominal amount of the
Notes as shall be shown by the latest entry in the fourth column of the First Schedule hereto, which shall be completed by or on behalf of the Issuing and Paying Agent upon (i) the exchange of the whole or a part of the temporary Global Note
initially representing the Notes for a corresponding interest herein (in the case of Notes represented by a temporary Global Note upon issue), (ii) the issue of the Notes represented hereby (in the case of Notes represented by this permanent
Global Note upon issue), (iii) the exchange of the whole of this permanent Global Note for Definitive Notes (iv) the redemption or purchase and cancellation of Notes represented hereby and/or (v) in the case of Partly Paid Notes, the
forfeiture of Notes represented hereby in accordance with the Conditions relating to such Partly Paid Notes, all as described below. 
 Promise to Pay

 Subject as provided herein, the Issuer, for value received, hereby promises to pay to the bearer of this permanent Global Note, upon presentation and
(when no further payment is due in respect of this permanent Global Note) surrender of this permanent Global Note, on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become repayable in
accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the aggregate nominal amount of Notes represented by this permanent Global Note and (unless this permanent Global Note does not bear interest) to
pay interest in respect of such aggregate nominal amount of Notes from the Interest Commencement Date in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional
amounts (if any) as may be payable under the Conditions, in accordance with the Conditions. 
  

 - 25 - 

 Exchange 
 This
permanent Global Note is exchangeable (free of charge to the holder) on or after the Exchange Date in whole but not in part for the Definitive Notes represented by the Certificates described below: 
  

	1	by the Issuer giving notice to the Issuing and Paying Agent, the Trustee and the Noteholders of its intention to effect such exchange 

  

	2	otherwise, if this permanent Global Note is held on behalf of Euroclear or Clearstream, Luxembourg or any other clearing system (an “Alternative Clearing
System”) and any such clearing system is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so.

 “Exchange Date” means a day falling not less than 60 days, or in the case of failure to pay principal in respect of any
Note when due (where such failure is continuing beyond any applicable grace period) 30 days after that on which the notice requiring exchange is given and on which banks are open for business in the city in which the specified office of the Issuing
and Paying Agent is located and, except in the case of exchange pursuant to 2 above, in the cities in which Euroclear and Clearstream, Luxembourg or, if relevant, the Alternative Clearing System, are located. 
 Subject as provided in the Conditions applicable to Party Paid Notes, any such exchange may be effected on or after an Exchange Date by the holder of this permanent
Global Note surrendering this permanent Global Note to or to the order of the Issuing and Paying Agent. In exchange for this permanent Global Note, the Issuer shall deliver, or procure the delivery of, duly executed and authenticated Definitive
Notes in an aggregate nominal amount equal to the nominal amount of this permanent Global Note submitted for exchange (if appropriate, having attached to them all Coupons (and, where appropriate, Talons) in respect of interest, and all Receipts in
respect of Instalment Amounts, that have not already been paid on this permanent Global Note), security printed substantially in the form set out in Schedule 2 to the Trust Deed as supplemented and/or modified and/or superseded by the terms of the
Third Schedule hereto. 
 Benefit of Conditions 
 Except
as otherwise specified herein, this permanent Global Note is subject to the Conditions and the Trust Deed and, until the whole of this permanent Global Note is exchanged for Definitive Notes, the holder of this permanent Global Note shall in all
respects be entitled to the same benefits as if it were the holder of the Definitive Notes for which it may be exchanged and as if such Definitive Notes had been issued on the Issue Date. 
 Payments 
 No person shall be entitled to receive any payment in
respect of the Notes represented by this permanent Global Note that falls due after an Exchange Date for such Notes, unless upon due presentation of this permanent Global Note for exchange, delivery of Definitive Notes is improperly withheld or
refused by or on behalf of the Issuer or the Issuer does not perform or comply with any one or more of what are expressed to be its obligations under any Definitive Notes. 
 Payments in respect of this permanent Global Note shall be made to its holder against presentation and (if no further payment falls to be made on it) surrender of it at the specified office of the Issuing and Paying
Agent or of any other Paying Agent provided for in the Conditions. A record of each such 

  

 - 26 - 

 
payment shall be endorsed on the First or Second Schedule hereto, as appropriate, by the Issuing and Paying Agent or by the relevant Paying Agent, for and on
behalf of the Issuing and Paying Agent, which endorsement shall (until the contrary is proved) be prima facie evidence that the payment in question has been made. 
 Prescription 
 Claims in respect of principal and interest (as each is defined in the Conditions) in respect of this
permanent Global Note shall become void unless it is presented for payment within a period of 10 years (in the case of principal) and 5 years (in the case of interest) from the appropriate Relevant Date. 
 Meetings 
 The holder of this permanent Global Note shall (unless this
permanent Global Note represents only one Note) be treated as 2 persons for the purposes of any quorum requirements of a meeting of Noteholders and, at any such meeting, as having one vote in respect of each nominal amount of Notes equal to the
minimum Specified Denomination of the Notes for which this permanent Global Note may be exchanged. 
 Cancellation 
 Cancellation of any Note represented by this permanent Global Note that is required by the Conditions to be cancelled (other than upon its redemption) shall be effected
by reduction in the nominal amount of this permanent Global Note representing such Note on its presentation to or to the order of the Issuing and Paying Agent for endorsement in the First Schedule hereto, whereupon the nominal amount hereof shall be
reduced for all purposes by the amount so cancelled and endorsed. 
 Purchase 
 Notes may only be purchased by the Issuer or any of its subsidiaries if they are purchased together with the right to receive all future payments of interest and Instalment Amounts (if any) thereon. 
 Issuer’s Options 
 Any option of the Issuer provided for in the
Conditions shall be exercised by the Issuer giving notice to the Noteholders within the time limits set out in and containing the information required by the Conditions, except that the notice shall not be required to contain the serial numbers of
Notes drawn in the case of a partial exercise of an option and accordingly no drawing of Notes shall be required. 
 Noteholders’ Options

 Any option of the Noteholders provided for in the Conditions may be exercised by the holder of this permanent Global Note giving notice to the Issuing
and Paying Agent within the time limits relating to the deposit of Notes with a Paying Agent set out in the Conditions substantially in the form of the notice available from any Paying Agent, except that the notice shall not be required to contain
the serial numbers of the Notes in respect of which the option has been exercised, and stating the nominal amount of Notes in respect of which the option is exercised and at the same time presenting this permanent Global Note to the Issuing and
Paying Agent, or to a Paying Agent acting on behalf of the Issuing and Paying Agent, for notation accordingly in the Fourth Schedule hereto. 
 Notices

 Notices required to be given in respect of the Notes represented by this permanent Global Note may be given by their being delivered (so long as this
permanent Global Note is held on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system) to Euroclear, Clearstream, 

  

 - 27 - 

 
Luxembourg or such other clearing system, as the case may be, or otherwise to the holder of this permanent Global Note, rather than by publication as
required by the Conditions, except that so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of that exchange so require, notices shall also be published in a leading newspaper having general circulation in Luxembourg
(which is expected to be the Luxemburger Wort). 
 Negotiability 
 This permanent Global Note is a bearer document and negotiable and accordingly: 
  

	1	is freely transferable by delivery and such transfer shall operate to confer upon the transferee all rights and benefits appertaining hereto and to bind the transferee with
all obligations appertaining hereto pursuant to the Conditions 

  

	2	the holder of this permanent Global Note is and shall be absolutely entitled as against all previous holders to receive all amounts by way of amounts payable upon redemption,
interest or otherwise payable in respect of this permanent Global Note and the Issuer has waived against such holder and any previous holder of this permanent Global Note all rights of set-off or counterclaim that would or might otherwise be
available to it in respect of the obligations evidenced by this Global Note and 

  

	3	payment upon due presentation of this permanent Global Note as provided herein shall operate as a good discharge against such holder and all previous holders of this
permanent Global Note. 

 No provisions of this permanent Global Note shall alter or impair the obligation of the Issuer to pay the principal
and premium of and interest on the Notes when due in accordance with the Conditions. 
 This permanent Global Note shall not be valid or become obligatory
for any purpose until authenticated by or on behalf of the Issuing and Paying Agent. 
 This permanent Global Note shall be governed by and construed in
accordance with English law. 
 In witness whereof the Issuer has caused this permanent Global Note to be duly signed on its behalf. 
 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
 CERTIFICATE OF AUTHENTICATION 
 This permanent Global Note is authenticated 
 by or on behalf of the Issuing
and Paying Agent. 
 DEUTSCHE BANK AG LONDON 
 as Issuing
and Paying Agent 
 By: 
  

 - 28 - 

 Authorised Signatory 
 For
the purposes of authentication only. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX
LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
  

 - 29 - 

 The First Schedule 
 Nominal amount of Notes represented by this permanent Global Note 
 The following (i) issues of Notes initially
represented by this permanent Global Note, (ii) exchanges of interests in a temporary Global Note for interests in this permanent Global Note, (iii) exchanges of the whole of this permanent Global Note for Definitive Notes,
(iv) cancellations or forfeitures of interests in this permanent Global Note and/or (v) payments of amounts payable upon redemption in respect of this permanent Global Note have been made, resulting in the nominal amount of this permanent
Global Note specified in the latest entry in the fourth column: 
  

									
	 Date
	 	 Amount of increase/
decrease in nominal amount
of this permanent
Global
Note
	 	 Reason for increase/decrease
in nominal amount of this
permanent
Global Note
(initial issue, exchange,
cancellation, forfeiture or
payment, stating amount of
payment made)
	 	 Nominal amount of this
permanent Global Note
following such
increase/
decrease
	 	 Notation made by or on
behalf of the Issuing and
Paying
Agent

  

 - 30 - 

 The Second Schedule 
 Payments of Interest 
 The following payments of interest or Interest Amount in respect of this Permanent Global Note
have been made: 
  

							
	 Due date of payment
	 	 Date of payment
	 	 Amount of interest
	 	 Notation made by or on
 behalf of the Issuing and
 Paying
Agent

  

 - 31 - 

 The Third Schedule 
 [Insert the provisions of the relevant Pricing Supplement that relate to the Conditions or the Global Notes as the Third Schedule.] 
  

 - 32 - 

 The Fourth Schedule 
 Exercise of Noteholders’ Option 
 The following exercises of the option of the Noteholders provided for in the
Conditions have been made in respect of the stated nominal amount of this permanent Global Note: 
  

							
	 Date of exercise
	 	 Nominal amount of this permanent
Global Note in respect of
which
exercise is made
	 	 Date of which exercise of such
 option is effective
	 	 Notation made by or on behalf of the
Issuing and Paying
Agent

  

 - 33 - 

 Schedule 2 
 Part A 
 Form of Definitive Note 
 On the front: 
  

							
	 [Denomination]
	 	 [ISIN]
	 	 [Series]
	 	 [Certif. No.]

	 [•]
	 		 		 	

 [Currency and denomination] 
 [Each transaction regarding this Note which involves physical delivery hereof shall be registered in accordance with the provisions of the Dutch Agreement of 2 February 1987 relating to the determination of a uniform code of conduct
regarding saving certificates (the “Agreement”) unless (i) this Note qualifies as commercial paper or as a certificate of deposit (as referred to in the Agreement) and (ii) the transaction is between professional
parties].* 
  

	*	Insert on the definitive bearer note if the Notes are subject to the provisions of the Dutch Savings Certificates Act and are not listed on Euronext Amsterdam.

 VNU N.V. 
 (a company incorporated with limited liability in The Netherlands, with its corporate seat in Haarlem, The Netherlands) 
 EURO
MEDIUM TERM NOTE PROGRAMME 
 Series No. [•] 
 [Title of issue] 
 This Note forms one of the Series of Notes referred to above (the “Notes”) of VNU
N.V. (the “Issuer”) designated as specified in the title hereof. The Notes are subject to the Terms and Conditions (the “Conditions”) endorsed hereon and are issued subject to, and with the benefit of, the Trust
Deed referred to in the Conditions. Expressions defined in the Conditions have the same meanings in this Note. 
 The Issuer for value received promises to
pay to the bearer of this Note, on presentation and (when no further payment is due in respect of this Note) surrender of this Note on the Maturity Date (or on such earlier date as the amount payable upon redemption under the Conditions may become
repayable in accordance with the Conditions) the amount payable upon redemption under the Conditions and (unless this Note does not bear interest) to pay interest from the Interest Commencement Date in arrear at the rates, in the amounts and on the
dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in accordance with the Conditions. 
  

 - 34 - 

 This Note shall not become valid or obligatory for any purpose until authenticated by or on behalf of the Issuing and
Paying Agent. 
 In witness whereof the Issuer has caused this Note to be signed on its behalf. 
 Dated as of the Issue Date. 
 VNU N.V. 
 By: 
 CERTIFICATE OF AUTHENTICATION 
 This Note is authenticated 
 by or on behalf of the Issuing and Paying Agent.

 DEUTSCHE BANK AG LONDON 
 as Issuing and Paying Agent

 By: 
 Authorised Signatory 
 For the purposes of authentication only. 
 ANY UNITED STATES PERSON WHO HOLDS
THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
  

 - 35 - 

 On the back: 
 Terms and Conditions of the Notes 
 [The Terms and Conditions that are set out in Schedule 2 Part B to the Trust Deed as amended by and
incorporating any additional provisions forming part of such Terms and Conditions and set out in the relevant Pricing Supplement shall be set out here.] 
 ISSUING AND PAYING AGENT 
 Deutsche Bank AG London 
 Winchester House 
 1 Great Winchester Street

 London EC2N 2DB 
 England

 PAYING AGENT 
 Deutsche Bank
Luxembourg S.A. 
 2, boulevard Konrad Adenauer 
 L-1115 Luxembourg 
  

 - 36 - 

 Schedule 2 
 Part B 
 Terms and Conditions of the Notes 
  

 - 37 - 

 Schedule 2 
 Part C 
 Form of Coupon 
 On the front: 
 VNU N.V. 
 EURO
MEDIUM TERM NOTE PROGRAMME 
 Series No. [•] 
 [Title of
issue] 
 Coupon for [[set out amount due, if known]/the amount] due on [the Interest Payment Date falling in]* [•], [•]. 
 [Coupon relating to Note in the nominal amount of [•]]** 
 This Coupon
is payable to bearer (subject to the Conditions endorsed on the Note to which this Coupon relates, which shall be binding upon the holder of this Coupon whether or not it is for the time being attached to such Note) at the specified offices of the
Issuing and Paying Agent and the Paying Agents set out on the reverse hereof (or any other Issuing and Paying Agent or further or other Paying Agents or specified offices duly appointed or nominated and notified to the Noteholders). 
 [If the Note to which this Coupon relates shall have become due and payable before the maturity date of this Coupon, this Coupon shall become void and no payment shall
be made in respect of it.]*** 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS,
INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 VNU N.V. 
 By: 
  

									
	 [Cp. No.]
	 	 [Denomination]
	 	 [ISIN]
	 	 [Series]
	 	 [Certif. No.]

					
		 	[•]	 		 		 	

  

 - 38 - 

 On the back: 
 ISSUING AND
PAYING AGENT 
 DEUTSCHE BANK AG LONDON 
 PAYING AGENT

 DEUTSCHE BANK LUXEMBOURG S.A. 
 [*Only necessary where
Interest Payment Dates are subject to adjustment in accordance with a Business Day Convention otherwise the particular Interest Payment Date should be specified.] 
 [**Only required for Coupons relating to Floating Rate or Index Linked Interest Notes that are issued in more than one denomination.] 
 [***Delete
if Coupons are not to become void upon early redemption of Note.] 
  

 - 39 - 

 Schedule 2 
 Part D 
 Form of Talon 
 On the front: 
 VNU N.V. 
 EURO
MEDIUM TERM NOTE PROGRAMME 
 Series No. [•] 
 [Title of
issue] 
 Talon for further Coupons falling due on [the Interest Payment Dates falling in]*[•] [•]. 
 [Talon relating to Note in the nominal amount of [•]]** 
 After all the
Coupons relating to the Note to which this Talon relates have matured, further Coupons (including if appropriate a Talon for further Coupons) shall be issued at the specified office of the Issuing and Paying Agent set out on the reverse hereof (or
any other Issuing and Paying Agent or specified office duly appointed or nominated and notified to the Noteholders) upon production and surrender of this Talon. 
 If the Note to which this Talon relates shall have become due and payable before the original due date for exchange of this Talon, this Talon shall become void and no exchange shall be made in respect of it. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 VNU N.V. 
 By: 
  

							
	 [Talon No.]
	 	 [ISIN]
	 	 [Series]
	 	 [Certif. No.]

 On the back: 
 ISSUING
AND PAYING AGENT 
 DEUTSCHE BANK AG LONDON 
 PAYING AGENT

 DEUTSCHE BANK LUXEMBOURG S.A. 
  

 - 40 - 

 [* The maturity dates of the relevant Coupons should be set out if known, otherwise reference should be made to the
months and years in which the Interest Payment Dates fall due.] 
 [** Only required where the Series comprises Notes of more than one denomination.]

  

 - 41 - 

 Schedule 2 
 Part E 
 Form of Receipt 
 VNU N.V. 
 EURO MEDIUM TERM NOTE PROGRAMME 
 Series No. [•] 
 Receipt for the sum of [•] being the instalment of principal payable in accordance with the Terms
and Conditions endorsed on the Note to which this Receipt relates (the “Conditions”) on [•]. 
 This Receipt is issued subject to and
in accordance with the Conditions which shall be binding upon the holder of this Receipt (whether or not it is for the time being attached to such Note) and is payable at the specified office of any of the Paying Agents set out on the reverse of the
Note to which this Receipt relates (and/or any other or further Paying Agents and/or specified offices as may from time to time be duly appointed and notified to the Noteholders). 
 This Receipt must be presented for payment together with the Note to which it relates. If the Note to which this Receipt appertains shall have become due and payable on or before the maturity date of this Receipt,
this Receipt shall become void and no payment shall be made in respect of it. The Issuer shall have no obligation in respect of this Receipt if it is presented without the Note to which it relates. 
 ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS
165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 
 VNU N.V. 
 By: 
  

 - 42 - 

 Schedule 3 
 Provisions for Meetings of Noteholders 
 Interpretation 
  

	1	In this Schedule: 

  

	1.1	references to a meeting are to a meeting of Noteholders of a single series of Notes and include, unless the context otherwise requires, any adjournment

  

	1.2	references to “Notes” and “Noteholders” are only to the Notes of the Series in respect of which a meeting has been, or is to be, called, and
to the holders of these Notes, respectively 

  

	1.3	“agent” means a holder of a voting certificate or a proxy for, or representative of, a Noteholder 

  

	1.4	“block voting instruction” means an instruction issued in accordance with paragraphs 8 to 14 

  

	1.5	“Extraordinary Resolution” means a resolution passed at a meeting duly convened and held in accordance with this Trust Deed by a majority of at least
75 per cent of the votes cast 

  

	1.6	“voting certificate” means a certificate issued in accordance with paragraphs 5, 6, 7 and 14 and 

  

	1.7	references to persons representing a proportion of the Notes are to Noteholders or agents holding or representing in the aggregate at least that proportion in nominal amount
of the Notes for the time being outstanding. 

 Powers of meetings 
  

	2	A meeting shall, subject to the Conditions and without prejudice to any powers conferred on other persons by this Trust Deed, have power by Extraordinary Resolution:

  

	2.1	to sanction any proposal by the Issuer or the Trustee for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the
Noteholders and/or the Couponholders against the Issuer, whether or not those rights arise under this Trust Deed 

  

	2.2	to sanction the exchange or substitution for the Notes of, or the conversion of the Notes into, shares, bonds or other obligations or securities of the Issuer or any other
entity 

  

	2.3	to assent to any modification of this Trust Deed, the Notes, the Receipts, the Talons or the Coupons proposed by the Issuer or the Trustee 

  

	2.4	to authorise anyone to concur in and do anything necessary to carry out and give effect to an Extraordinary Resolution 

  

	2.5	to give any authority, direction or sanction required to be given by Extraordinary Resolution 

  

	2.6	to appoint any persons (whether Noteholders or not) as a committee or committees to represent the Noteholders’ interests and to confer on them any powers or discretions
which the Noteholders could themselves exercise by Extraordinary Resolution 

  

	2.7	to approve a proposed new Trustee and to remove a Trustee 

  

	2.8	to approve the substitution of any entity for the Issuer (or any previous substitute) as principal debtor or guarantor under this Trust Deed and 

  

 - 43 - 

	2.9	to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust Deed, the Notes, the Receipts,
the Talons or the Coupons 

 provided that the special quorum provisions in paragraph 18 shall apply to any Extraordinary
Resolution (a “special quorum resolution”) for the purpose of sub-paragraph 2.2 or 2.8, any of the proposals listed in Condition 10(a) or any amendment to this proviso. 
 Convening a meeting 
  

	3	The Issuer or the Trustee may at any time convene a meeting. If it receives a written request by Noteholders holding at least 10 per cent in nominal amount of the Notes
of any Series for the time being outstanding and is indemnified to its satisfaction against all costs and expenses, the Trustee shall convene a meeting of the Noteholders of that Series. Every meeting shall be held at a time and place approved by
the Trustee. 

  

	4	At least 21 days’ notice (exclusive of the day on which the notice is given and of the day of the meeting) shall be given to the Noteholders. A copy of the notice shall
be given by the party convening the meeting to the other parties. The notice shall specify the day, time and place of meeting and, unless the Trustee otherwise agrees, the nature of the resolutions to be proposed and shall explain how Noteholders
may appoint proxies or representatives, obtain voting certificates and use block voting instructions and the details of the time limits applicable. 

 Arrangements for voting 
  

	5	If a holder of a Note wishes to obtain a voting certificate in respect of it for a meeting, he must deposit it for that purpose at least 48 hours before the time fixed for
the meeting with a Paying Agent or to the order of a Paying Agent with a bank or other depositary nominated by the Paying Agent for the purpose. The Paying Agent shall then issue a voting certificate in respect of it. 

  

	6	A voting certificate shall: 

  

	6.1	be a document in the English language 

  

	6.2	be dated 

  

	6.3	specify the meeting concerned and the serial numbers of the Notes deposited and 

  

	6.4	entitle, and state that it entitles, its bearer to attend and vote at that meeting in respect of those Notes. 

  

	7	Once a Paying Agent has issued a voting certificate for a meeting in respect of a Note, it shall not release the Note until either: 

  

	7.1	the meeting has been concluded or 

  

	7.2	the voting certificate has been surrendered to the Paying Agent. 

  

	8	If a holder of a Note wishes the votes attributable to it to be included in a block voting instruction for a meeting, then, at least 48 hours before the time fixed for the
meeting, (i) he must deposit the Note for that purpose with a Paying Agent or to the order of a Paying Agent with a bank or other depositary nominated by the Paying Agent for the purpose and (ii) he or a duly authorised person on his
behalf must direct the Paying Agent how those votes are to be cast. The Paying Agent shall issue a block voting instruction in respect of the votes attributable to all Notes so deposited. 

  

 - 44 - 

	9	A block voting instruction shall: 

  

	9.1	be a document in the English language 

  

	9.2	be dated 

  

	9.3	specify the meeting concerned 

  

	9.4	list the total number and serial numbers of the Notes deposited, distinguishing with regard to each resolution between those voting for and those voting against it

  

	9.5	certify that such list is in accordance with Notes deposited and directions received as provided in paragraphs 8, 11 and 14 and 

  

	9.6	appoint a named person (a “proxy”) to vote at that meeting in respect of those Notes and in accordance with that list. 

 A proxy need not be a Noteholder. 
  

	10	Once a Paying Agent has issued a block voting instruction for a meeting in respect of the votes attributable to any Notes: 

  

	10.1	it shall not release the Notes, except as provided in paragraph 11, until the meeting has been concluded and 

  

	10.2	the directions to which it gives effect may not be revoked or altered during the 48 hours before the time fixed for the meeting. 

  

	11	If the receipt for a Note deposited with a Paying Agent in accordance with paragraph 8 is surrendered to the Paying Agent at least 48 hours before the time fixed for the
meeting, the Paying Agent shall release the Note and exclude the votes attributable to it from the block voting instruction. 

  

	12	Each block voting instruction shall be deposited at least 24 hours before the time fixed for the meeting at such place as the Trustee shall designate or approve, and in
default it shall not be valid unless the chairman of the meeting decides otherwise before the meeting proceeds to business. If the Trustee requires, a notarially certified copy of each block voting instruction shall be produced by the proxy at the
meeting but the Trustee need not investigate or be concerned with the validity of the proxy’s appointment. 

  

	13	A vote cast in accordance with a block voting instruction shall be valid even if it or any of the Noteholders’ instructions pursuant to which it was executed has
previously been revoked or amended, unless written intimation of such revocation or amendment is received from the relevant Paying Agent by the Issuer or the Trustee at its registered office or by the chairman of the meeting in each case at least 24
hours before the time fixed for the meeting. 

  

	14	No Note may be deposited with or to the order of a Paying Agent at the same time for the purposes of both paragraph 5 and paragraph 8 for the same meeting.

 Chairman 
  

	15	The chairman of a meeting shall be such person as the Trustee may nominate in writing, but if no such nomination is made or if the person nominated is not present within 15
minutes after the time fixed for the meeting the Noteholders or agents present shall choose one of their number to be chairman, failing which the Issuer may appoint a chairman. The chairman need not be a Noteholder or agent. The chairman of an
adjourned meeting need not be the same person as the chairman of the original meeting. 

  

 - 45 - 

 Attendance 
  

	16	The following may attend and speak at a meeting: 

  

	16.1	Noteholders and agents 

  

	16.2	the chairman 

  

	16.3	the Issuer and the Trustee (through their respective representatives) and their respective financial and legal advisers 

  

	16.4	the Dealers and their advisers. 

 No-one else may
attend or speak. 
 Quorum and Adjournment 
  

	17	No business (except choosing a chairman) shall be transacted at a meeting unless a quorum is present at the commencement of business. If a quorum is not present within 15
minutes from the time initially fixed for the meeting, it shall, if convened on the requisition of Noteholders or if the Issuer and the Trustee agree, be dissolved. In any other case it shall be adjourned until such date, not less than 14 nor more
than 42 days later, and time and place as the chairman may decide. If a quorum is not present within 15 minutes from the time fixed for a meeting so adjourned, the meeting shall be dissolved. 

  

	18	Two or more Noteholders or agents present in person shall be a quorum: 

  

	18.1	in the cases marked “No minimum proportion” in the table below, whatever the proportion of the Notes which they represent 

  

	18.2	in any other case, only if they represent the proportion of the Notes shown by the table below. 

  

					
	 COLUMN 1
	 	 COLUMN 2
	 	 COLUMN 3

	Purpose of meeting	 	 Any meeting except one referred to in column 3
  
 ______________________
	 	 Meeting previously adjourned through want of a quorum
  
 ______________________

		 	Required proportion	 	Required proportion
			
	To pass a special quorum resolution	 	75 per cent	 	25 per cent
			
	To pass any other Extraordinary Resolution	 	A clear majority	 	No minimum proportion
			
	Any other purpose	 	10 per cent	 	No minimum proportion

  

 - 46 - 

	19	The chairman may with the consent of (and shall if directed by) a meeting adjourn the meeting from time to time and from place to place. Only business which could have been
transacted at the original meeting may be transacted at a meeting adjourned in accordance with this paragraph or paragraph 17. 

  

	20	At least 10 days’ notice of a meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and that notice shall state the
quorum required at the adjourned meeting. No notice need, however, otherwise be given of an adjourned meeting. 

 Voting 
  

	21	Each question submitted to a meeting shall be decided by a show of hands unless a poll is (before, or on the declaration of the result of, the show of hands) demanded by the
chairman, the Issuer, the Trustee or one or more persons representing 2 per cent of the Notes. 

  

	22	Unless a poll is demanded a declaration by the chairman that a resolution has or has not been passed shall be conclusive evidence of the fact without proof of the number or
proportion of the votes cast in favour of or against it. 

  

	23	If a poll is demanded, it shall be taken in such manner and (subject as provided below) either at once or after such adjournment as the chairman directs. The result of the
poll shall be deemed to be the resolution of the meeting at which it was demanded as at the date it was taken. A demand for a poll shall not prevent the meeting continuing for the transaction of business other than the question on which it has been
demanded. 

  

	24	A poll demanded on the election of a chairman or on a question of adjournment shall be taken at once. 

  

	25	On a show of hands every person who is present in person and who produces a Note or a voting certificate or is a proxy or representative has one vote. On a poll every such
person has one vote in respect of each nominal amount equal to the minimum Specified Denomination of such Series of Notes so produced or represented by the voting certificate so produced or for which he is a proxy or representative. Without
prejudice to the obligations of proxies, a person entitled to more than one vote need not use them all or cast them all in the same way. 

  

	26	In case of equality of votes the chairman shall both on a show of hands and on a poll have a casting vote in addition to any other votes which he may have.

 Effect and Publication of an Extraordinary Resolution 
  

	27	An Extraordinary Resolution shall be binding on all the Noteholders, whether or not present at the meeting, and on all the Couponholders and each of them shall be bound to
give effect to it accordingly. The passing of such a resolution shall be conclusive evidence that the circumstances justify its being passed. The Issuer shall give notice of the passing of an Extraordinary Resolution to Noteholders within 14 days
but failure to do so shall not invalidate the resolution. 

 Minutes 
  

	28	Minutes shall be made of all resolutions and proceedings at every meeting and, if purporting to be signed by the chairman of that meeting or of the next succeeding meeting,
shall be conclusive evidence of the matters in them. Until the contrary is proved every meeting for which minutes have been so made and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted
at it to have been duly passed and transacted. 

  

 - 47 - 

 Trustee’s Power to Prescribe Regulations 
  

	29	Subject to all other provisions in this Trust Deed the Trustee may without the consent of the Noteholders prescribe such further regulations regarding the holding of meetings
and attendance and voting at them as it in its sole discretion determines including (without limitation) such requirements as the Trustee thinks reasonable to satisfy itself that the persons who purport to make any requisition in accordance with
this Trust Deed are entitled to do so and as to the form of voting certificates or block voting instructions so as to satisfy itself that persons who purport to attend or vote at a meeting are entitled to do so. 

  

	30	The holder of a Global Note shall (unless such Global Note represents only one Note) be treated as 2 persons for the purposes of any quorum requirements of a meeting of
Noteholders. 

  

	31	The foregoing provisions of this Schedule shall have effect subject to the following provisions: 

  

	31.1	Meetings of Noteholders of separate Series will normally be held separately. However, the Trustee may from time to time determine that meetings of Noteholders of separate
Series shall be held together 

  

	31.2	A resolution that in the opinion of the Trustee affects one Series alone shall be deemed to have been duly passed if passed at a separate meeting of the Noteholders of the
Series concerned 

  

	31.3	A resolution that in the opinion of the Trustee affects the Noteholders of more than one Series but does not give rise to a conflict of interest between the Noteholders of
the different Series concerned shall be deemed to have been duly passed if passed at a single meeting of the Noteholders of the relevant Series provided that for the purposes of determining the votes a Noteholder is entitled to cast pursuant to
paragraph 25, each Noteholder shall have one vote in respect of each €1,000 nominal amount of Notes held, converted, if such Notes are not denominated in euro, in accordance with sub-Clause 10.13 

  

	31.4	A resolution that in the opinion of the Trustee affects the Noteholders of more than one Series and gives or may give rise to a conflict of interest between the Noteholders
of the different Series concerned shall be deemed to have been duly passed only if it shall be duly passed at separate meetings of the Noteholders of the relevant Series 

  

	31.5	To all such meetings as aforesaid all the preceding provisions of this Schedule shall mutatis mutandis apply as though references therein to Notes and to Noteholders
were references to the Notes and Noteholders of the Series concerned. 

  

 - 48 - 

 In witness whereof this Trust Deed has been executed as a deed on the date stated at the beginning. 
 VNU N.V. 
  

	By:	F.J.G.M. CREMERS 

 THE COMMON SEAL OF DEUTSCHE TRUSTEE COMPANY
LIMITED was affixed in the presence of: 
  

			
	SUZIE SMITH	  	DAVID GOODCHILD
		
	Associate Director                	  	Associate Director

  

 - 49 - 

 Table of Contents 
  

					
	 Contents
	  	Page
	1	  	Interpretation	  	1
			
	2	  	Issue of Notes and Covenant to pay	  	4
			
	3	  	Form of the Notes	  	6
			
	4	  	Stamp Duties and Taxes	  	6
			
	5	  	Application of moneys received by the Trustee	  	7
			
	6	  	Enforcement	  	8
			
	7	  	Proceedings	  	8
			
	8	  	Covenants	  	8
			
	9	  	Remuneration and Indemnification of the Trustee	  	10
			
	10	  	Provisions supplemental to the Trustee Act 1925 and the Trustee Act 2000	  	11
			
	11	  	Trustee liable for negligence	  	14
			
	12	  	Waiver and proof of default	  	14
			
	13	  	Trustee not precluded from entering into contracts	  	14
			
	14	  	Modification and Substitution	  	14
			
	15	  	Appointment, Retirement and Removal of the Trustee	  	16
			
	16	  	Notes held in Clearing Systems and Couponholders	  	16
			
	17	  	Currency Indemnity	  	17
			
	18	  	Communications	  	17
			
	19	  	Governing Law and Jurisdiction	  	17
		
	Schedule 1 Part A Form of Temporary Global Note	  	19
		
	Schedule 1 Part B Form of Permanent Global Note	  	25
		
	Schedule 2 Part A Form of Definitive Note	  	34
		
	Schedule 2 Part B Terms and Conditions of the Notes	  	37

  

 i 

			
	Schedule 2 Part C Form of Coupon	  	38
		
	Schedule 2 Part D Form of Talon	  	40
		
	Schedule 2 Part E Form of Receipt	  	42
		
	Schedule 3 Provisions for Meetings of Noteholders	  	43

  

 ii

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