Document:

EXHIBIT 4-ppp

 

[FORM OF FACE OF NOTE]

FIXED RATE SENIOR NOTE

 

	REGISTERED 	REGISTERED
	No. FXR 	[PRINCIPAL AMOUNT]
	 	CUSIP:

 

Unless this certificate is presented by
an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such
other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede &
Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.1

 

THIS NOTE HAS NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (LAW NO.25 OF 1948, AS AMENDED, THE “FIEA”).
THIS NOTE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO OR FOR THE ACCOUNT OR BENEFIT OF ANY RESIDENT OF
JAPAN (AS DEFINED UNDER ITEM 5, PARAGRAPH 1, ARTICLE 6 OF THE FOREIGN EXCHANGE AND FOREIGN TRADE ACT (LAW NO. 228 OF 1949, AS
AMENDED)) OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO OR FOR THE ACCOUNT OR BENEFIT OF A RESIDENT
OF JAPAN, EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF AND OTHERWISE IN COMPLIANCE WITH THE FIEA AND
ANY OTHER APPLICABLE LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN.2

 

 

 

1
Applies only if this Note is a Registered Global Security.

2
If this Note is offered in Japan or denominated in Japanese Yen, appropriate legends need to be added.

 

    

    

    

 

MORGAN STANLEY
FINANCE LLC 

FIXED RATE SENIOR
NOTE 

SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES
A

 

	 ORIGINAL ISSUE DATE:	 INITIAL
    REDEMPTION DATE: 	 INTEREST
    RATE: 	 MATURITY
    DATE:
	 INTEREST
    ACCRUAL DATE:	 INITIAL REDEMPTION
    PERCENTAGE:	 INTEREST PAYMENT DATE(S):	 OPTIONAL REPAYMENT
    DATE(S):
	 SPECIFIED
    CURRENCY:	 ANNUAL REDEMPTION
    PERCENTAGE REDUCTION:	 INTEREST PAYMENT PERIOD:	 APPLICABILITY OF MODIFIED
    PAYMENT UPON ACCELERATION, REPAYMENT OR REDEMPTION:
	 IF
    SPECIFIED CURRENCY OTHER THAN U.S. DOLLARS, OPTION TO ELECT PAYMENT IN U.S. DOLLARS: [YES]3	 REDEMPTION NOTICE
    PERIOD:4	 APPLICABILITY OF ANNUAL
    INTEREST PAYMENTS:	 If yes, state Issue
    Price:
	 EXCHANGE
    RATE AGENT:  [Morgan Stanley & Co. LLC]	 TAX REDEMPTION AND
    PAYMENT OF ADDITIONAL AMOUNTS: [NO]5	 	 ORIGINAL YIELD TO
    MATURITY:
	 OTHER
        PROVISIONS6:

         

         The
        Holder of this Note and the owner of any beneficial interest herein, by their purchase of this Note or such beneficial
        interest herein, are hereby deemed to have consented to any amendment to this Note that conforms the terms of this Note
        to the terms as set forth in Pricing Supplement No. ___ dated _______[, as amended by Amendment No. ___ thereto dated
        _____]7, and the prospectus supplement [, any index supplement or other supplement] and prospectus referred
        to therein, each related to this Note and filed with the Securities and Exchange Commission, and the Trustee is hereby
        authorized to enter into any such amendment to this Note without any further consent thereto of the Holder hereof or of
        such owner.

         
	 IF YES, STATE INITIAL
    OFFERING DATE: [N/A]	 	 

 

Morgan Stanley Finance LLC, a Delaware limited
liability company (together with its successors and assigns, the “Issuer”), for value received, hereby promises to
pay to                                , or registered assignees, the

 

 

3
Applies if this is a Registered Global Security, unless new arrangements are made with DTC outside of existing Letters of Representations.

4
Applicable if other than 30-60 calendar days. If this is a Registered Global Security, minimum notice period is [10] calendar days
[current DTC limitation].

5
Default provision is NO. Indicate YES only for certain notes issued on a global basis if specified in pricing supplement.

6
Specify if this Note is subject to contingent payment and, if so, the manner of calculating such payment.

7
Applicable if there is an amendment to the pricing supplement filed with the Securities and Exchange Commission prior
to settlement of this Note.

 

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principal [sum of          
]8 [amount specified in Schedule A hereto]9 [the amount of cash, as determined in accordance with the provisions
set forth under “[Payment at Maturity]” above, due with respect to the principal sum of ________]10 on
the Maturity Date specified above (except to the extent redeemed or repaid prior to maturity) and to pay interest thereon at the
Interest Rate per annum specified above, from and including the Interest Accrual Date specified above until the principal hereof
is paid or duly made available for payment weekly, monthly, quarterly, semiannually or annually in arrears as specified above
as the Interest Payment Period on each Interest Payment Date (as specified above), commencing with the first Interest Payment
Date next succeeding the Interest Accrual Date specified above, and on the Maturity Date (or any redemption or repayment date);
provided, however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest
Payment Date, interest payments will commence on the second Interest Payment Date succeeding the Interest Accrual Date to the
registered holder of this Note on the Record Date with respect to such second Interest Payment Date; and provided, further, that
if this Note is subject to “Annual Interest Payments,” interest payments shall be made annually in arrears and the
term “Interest Payment Date” shall be deemed to mean the first day of March in each year.

 

Any payment due on, including any property
deliverable under, this Note is fully and unconditionally guaranteed (the “Guarantee”) by Morgan Stanley, a Delaware
corporation (the “Guarantor”).

 

Interest on this Note will accrue from
and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly
provided for, from and including the Interest Accrual Date, until but excluding the date the principal hereof has been paid or
duly made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, subject to certain exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the date [one Business Day prior to such Interest Payment Date]11
[15 calendar days prior to such Interest Payment Date (whether or not a Business Day (as defined below))]12 (each such
date, a “Record Date”); provided, however, that interest payable at maturity (or any redemption or repayment date)
shall be payable to the person to whom the principal hereof shall be payable. As used herein, “Business Day” means
any day, other than a Saturday or Sunday, (a) that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law or regulation to close (x) in The City of New York or (y) if this Note is denominated in a Specified Currency
other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency,
or (z) if this Note is denominated in Australian dollars, in Sydney and (b) if this Note is denominated in euro, that is also
a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (“TARGET”),
which utilizes a single shared platform and was launched on November 19, 2007, is open for the settlement of payment in euro (a
“TARGET Settlement Day”).

 

Payment of the principal of, premium, if
any, and interest on this Note due at maturity (or any redemption or repayment date), unless this Note is denominated in a Specified
Currency other than U.S. dollars and is to be paid in whole or in part in such Specified Currency, will be made in immediately
available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined on the reverse hereof, maintained
for that purpose in the Borough of Manhattan, The City of New York, or at such other paying agency as the Issuer may determine,
in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity or on any date of redemption or repayment,
will be made by U.S. dollar check mailed to the address of the person entitled thereto as such address shall appear in the Note
register. A holder of U.S. $10,000,000 (or the equivalent in a Specified Currency) or more in aggregate principal amount of Notes
having the same Interest Payment Date, the interest on which is payable in U.S. dollars, shall be entitled to receive payments
of interest, other than interest due at maturity or on any date of redemption or repayment, by wire transfer of immediately available
funds if appropriate wire transfer instructions have been received by the Paying Agent in writing not less than 15 calendar days
prior to the applicable Interest Payment Date.

 

 

8
Applies if this Note is not issued as part of, or in relation to, a Unit.

9
Applies if this Note is issued as part of, or in relation to, a Unit.

10
Applies if this Note has contingent payment.

11
Applies only for a Registered Global Security.

12
Applies for a Registered Note that is not in global form.

 

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If this Note is denominated in a Specified
Currency other than U.S. dollars, and the holder does not elect (in whole or in part) to receive payment in U.S. dollars pursuant
to the next succeeding paragraph, payments of principal, premium, if any, or interest with regard to this Note will be made by
wire transfer of immediately available funds to an account maintained by the holder hereof with a bank located outside the United
States if appropriate wire transfer instructions have been received by the Paying Agent in writing [not less than 15 calendar
days prior to the applicable payment date]13 [, with respect to payments of interest, on or prior to the fifth Business
Day prior to the applicable Record Date and, with respect to payments of principal or any premium, at least ten Business Days
prior to the Maturity Date or any redemption or repayment date, as the case may be]14; provided that, if payment of
interest, principal or any premium with regard to this Note is payable in euro, the account must be a euro account in a country
for which the euro is the lawful currency, provided, further, that if such wire transfer instructions are not received, such payments
will be made by check payable in such Specified Currency mailed to the address of the person entitled thereto as such address
shall appear in the Note register; and provided, further, that payment of the principal of, premium, if any, and interest on this
Note due at maturity (or on any redemption or repayment date) will be made upon surrender of this Note at the office or agency
referred to in the preceding paragraph.

 

If so indicated on the face hereof, the
holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect to receive all or a portion of payments
on this Note in U.S. dollars by transmitting a written request to the Paying Agent, on or prior to the fifth Business Day prior
to such Record Date or at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may
be. Such election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or a portion
of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least ten calendar
days prior to the Maturity Date or any redemption or repayment date, for payments of principal, as the case may be.

 

If the holder elects to receive all or a
portion of payments of principal of, premium, if any, and interest on this Note, if denominated in a Specified Currency other than
U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on the reverse hereof) will convert such payments into U.S.
dollars. In the event of such an election, payment in respect of this Note will be based upon the exchange rate as determined by
the Exchange Rate Agent based on the highest bid quotation in The City of New York received by such Exchange Rate Agent at approximately
11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized foreign
exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent is an affiliate of the Issuer) for
the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment date in the amount
of the Specified Currency payable in the absence of such an election to such holder and at which the applicable dealer commits
to execute a contract. If such bid quotations are not available, such payment will be made in the Specified Currency. All currency
exchange costs will be borne by the holder of this Note by deductions from such payments.

 

Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefit under the Senior Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose.

 

 

13
Applies for a Registered Note that is not in global form.

14
Applies only for a Registered Global Security.

 

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IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed.

 

	 	 	MORGAN STANLEY FINANCE LLC
	 	 	 
	Dated:	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

	
        TRUSTEE’S CERTIFICATE
        OF

        AUTHENTICATION

        

	 
	 
	
        This is one of the
Notes

referred to in the

within-mentioned Senior

Indenture 

	 
	
        THE BANK OF NEW YORK
MELLON,

as Trustee 

	 
	By:	 
	 	Authorized Signatory

 

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[FORM OF REVERSE OF NOTE]

SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES
A

 

This Note is one of a duly authorized issue
of Senior Global Medium-Term Notes, Series A (the “Notes”), of the Issuer. The Notes are issuable under a Senior Indenture,
dated as of February 16, 2016, among the Issuer, the Guarantor and The Bank of New York Mellon, a New York banking corporation,
as Trustee (the “Trustee,” which term includes any successor trustee under the Senior Indenture) (as the same may be
amended or supplemented from time to time, the “Senior Indenture”), to which Senior Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities of the
Issuer, the Guarantor, the Trustee and holders of the Notes and the terms upon which the Notes are, and are to be, authenticated
and delivered. The Issuer has appointed The Bank of New York Mellon at its corporate trust office in The City of New York as the
paying agent (the “Paying Agent,” which term includes any additional or successor Paying Agent appointed by the Issuer)
with respect to the Notes. The terms of individual Notes may vary with respect to interest rates, interest rate formulas, issue
dates, maturity dates, or otherwise, all as provided in the Senior Indenture. To the extent not inconsistent herewith, the terms
of the Senior Indenture are hereby incorporated by reference herein.

 

Unless otherwise indicated on the face hereof,
this Note will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions
of the following two paragraphs, will not be redeemable or subject to repayment at the option of the holder prior to maturity.

 

If so indicated on the face hereof, this
Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date specified on the face
hereof on the terms set forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption. If
this Note is subject to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated on the
face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified
on the face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest accrued
and unpaid hereon to the date of redemption. If the face hereof indicates that this Note is subject to “Modified Payment
upon Acceleration, Repayment or Redemption,” the amount of principal payable upon redemption will be limited to the aggregate
principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage of the
aggregate principal amount) plus the original issue discount accrued from the Interest Accrual Date to the date of redemption (expressed
as a percentage of the aggregate principal amount), with the amount of original issue discount accrued being calculated using a
constant yield method (as described below). Notice of redemption shall be mailed to the registered holders of the Notes designated
for redemption at their addresses as the same shall appear on the Note register not less than 30 nor more than 60 calendar days
prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, subject to all the
conditions and provisions of the Senior Indenture. In the event of redemption of this Note in part only, a new Note or Notes for
the amount of the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

 

If so indicated on the face of this Note,
this Note will be subject to repayment at the option of the holder on the Optional Repayment Date or Dates specified on the face
hereof on the terms set forth herein. On any Optional Repayment Date, this Note will be repayable in whole or in part in increments
of $1,000 or, if this Note is denominated in a Specified Currency other than U.S. dollars, in increments of 1,000 units of such
Specified Currency (provided that any remaining principal amount hereof shall not be less than the minimum authorized denomination
hereof) at the option of the holder hereof at a price equal to 100% of the principal amount to be repaid, together with interest
accrued and unpaid hereon to the date of repayment, provided that if the face hereof indicates that this Note is subject to “Modified
Payment upon Acceleration, Repayment or Redemption,” the amount of principal payable upon repayment will be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage
of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual Date to the date of repayment
(expressed as a percentage of the aggregate principal amount), with the amount of original issue discount accrued being calculated
using a constant yield method (as described below). For this Note to be repaid at the option of the holder hereof, the Paying Agent
must receive at its corporate trust office in the Borough of Manhattan, The City of New York, at least 15 but not more than 30
calendar days prior to the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment” below
duly completed or (ii) a telegram, telex, facsimile transmission or a letter from a member of a

 

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national securities exchange or
the Financial Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the United States setting forth the
name of the holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this Note’s
tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being exercised thereby
and a guarantee that this Note, together with the form entitled “Option to Elect Repayment” duly completed, will be
received by the Paying Agent not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission
or letter; provided, that such telegram, telex, facsimile transmission or letter shall only be effective if this Note and form
duly completed are received by the Paying Agent by such fifth Business Day. Exercise of such repayment option by the holder hereof
shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion
hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

 

Interest payments on this Note will include
interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date),
as the case may be. Unless otherwise provided on the face hereof, interest payments for this Note will be computed and paid on
the basis of a 360-day year of twelve 30-day months.

 

In the case where the Interest Payment Date
or the Maturity Date (or any redemption or repayment date) does not fall on a Business Day, payment of interest, premium, if any,
or principal otherwise payable on such date need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the Interest Payment Date or on the Maturity Date (or any redemption or repayment
date), and no interest on such payment shall accrue for the period from and after the Interest Payment Date or the Maturity Date
(or any redemption or repayment date) to such next succeeding Business Day.

 

This Note and all the obligations of the
Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves and pari
passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency. Any payment due on, including any property deliverable under, this Note
is fully and unconditionally guaranteed by the Guarantor on an unsecured basis.

 

This Note, and any Note or Notes issued
upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if denominated in U.S. dollars,
unless otherwise stated above, is issuable only in denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess
thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless a higher minimum denomination
is required by applicable law, it is issuable only in denominations of the equivalent of U.S. $1,000 (rounded to an integral multiple
of 1,000 units of such Specified Currency), or any amount in excess thereof which is an integral multiple of 1,000 units of such
Specified Currency, as determined by reference to the noon dollar buying rate in The City of New York for cable transfers of such
Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”) on the Business Day
immediately preceding the date of issuance.

 

The Trustee has been appointed registrar
for the Notes (the “Registrar,” which term includes any successor registrar appointed by the Issuer), and the Registrar
will maintain at its office in The City of New York a register for the registration and transfer of Notes. This Note may be transferred
at the aforesaid office of the Registrar by surrendering this Note for cancellation, accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Registrar and duly executed by the registered holder hereof in person or by the holder’s
attorney duly authorized in writing, and thereupon the Registrar shall issue in the name of the transferee or transferees, in exchange
herefor, a new Note or Notes having identical terms and provisions and having a like aggregate principal amount in authorized denominations,
subject to the terms and conditions set forth herein; provided, however, that the Registrar will not be required (i) to register
the transfer of or exchange any Note that has been called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any Note if the holder thereof has exercised his right,
if any, to require the Issuer to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased,
or (iii) to register the transfer of or exchange Notes to the extent and during the period so provided in the Senior Indenture
with respect to the redemption of Notes. Notes are exchangeable at said office for other Notes of other authorized denominations
of equal aggregate principal amount having identical terms and provisions. All such exchanges and transfers of Notes will be free
of charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith.
All Notes surrendered for exchange shall be accompanied by a

 

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written instrument of transfer in form satisfactory to the Issuer
and the Registrar and executed by the registered holder in person or by the holder’s attorney duly authorized in writing.
The date of registration of any Note delivered upon any exchange or transfer of Notes shall be such that no gain or loss of interest
results from such exchange or transfer.

 

In case this Note shall at any time become
mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction thereof (together
with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered
to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note, but, if this Note
is destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee, the Issuer and the Guarantor that this
Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them. All expenses
and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new
Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

 

The Senior Indenture provides that (a) if
an Event of Default (as defined in the Senior Indenture) due to the default in payment of principal of, premium, if any, or interest
on any series of debt securities issued under the Senior Indenture, including the series of Senior Medium-Term Notes of which this
Note forms a part, or due to the default in the performance or breach of any other covenant or warranty of the Issuer applicable
to the debt securities of such series but not applicable to all outstanding debt securities issued under the Senior Indenture shall
have occurred and be continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding
debt securities of each affected series, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by
the securityholders, may then declare the principal of all debt securities of all such series and interest accrued thereon to be
due and payable immediately and (b) if an Event of Default due to a default in the performance of any other of the covenants or
agreements in the Senior Indenture applicable to all outstanding debt securities issued thereunder, including this Note, or due
to certain events of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred and be continuing, either the
Trustee or the holders of not less than 25% in aggregate principal amount of all outstanding debt securities issued under the Senior
Indenture, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may declare
the principal of all such debt securities and interest accrued thereon to be due and payable immediately, but upon certain conditions
such declarations may be annulled and past defaults may be waived (except a continuing default in payment of principal or premium,
if any, or interest on such debt securities) by the holders of a majority in aggregate principal amount of the debt securities
of all affected series then outstanding.

 

If the face hereof indicates that this Note
is subject to “Modified Payment upon Acceleration, Repayment or Redemption,” then (i) if the principal hereof is declared
to be due and payable as described in the preceding paragraph, the amount of principal due and payable with respect to this Note
shall be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof
(expressed as a percentage of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual
Date to the date of declaration (expressed as a percentage of the aggregate principal amount), with the amount of original issue
discount accrued being calculated using a constant yield method (as described in the next paragraph), (ii) for the purpose of any
vote of securityholders taken pursuant to the Senior Indenture prior to the acceleration of payment of this Note, the principal
amount hereof shall equal the amount that would be due and payable hereon, calculated as set forth in clause (i) above, if this
Note were declared to be due and payable on the date of any such vote and (iii) for the purpose of any vote of securityholders
taken pursuant to the Senior Indenture following the acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated as set forth in clause (i) above.

 

The constant yield shall be calculated using
a 30-day month, 360-day year convention, a compounding period that, except for the initial period (as defined below), corresponds
to the shortest period between Interest Payment Dates (with ratable accruals within a compounding period), and an assumption that
the maturity will not be accelerated. If the period from the Original Issue Date to the first Interest Payment Date (the “initial
period”) is shorter than the compounding period for this Note, a proportionate amount of the yield for an entire compounding
period will be accrued. If the initial period is longer than the compounding period, then the period will be divided into a regular
compounding period and a short period with the short period being treated as provided in the preceding sentence.

 

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If the face hereof indicates that this Note
is subject to “Tax Redemption and Payment of Additional Amounts,” this Note may be redeemed, as a whole, at the option
of the Issuer at any time prior to maturity, upon the giving of a notice of redemption as described below, at a redemption price
equal to 100% of the principal amount hereof, together with accrued interest to the date fixed for redemption (except that if this
Note is subject to “Modified Payment upon Acceleration, Repayment or Redemption,” the amount of principal so payable
will be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof
(expressed as a percentage of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual
Date to the date of redemption (expressed as a percentage of the aggregate principal amount), with the amount of original issue
discount accrued being calculated using a constant yield method (as described above)), if the Issuer determines that, as a result
of any change in or amendment to the laws (including a holding, judgment or as ordered by a court of competent jurisdiction), or
any regulations or rulings promulgated thereunder, of the United States or of any political subdivision or taxing authority thereof
or therein affecting taxation, or any change in official position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment occurs, becomes effective or, in the case of a change in official position, is announced
on or after the Initial Offering Date hereof, the Issuer has or will become obligated to pay Additional Amounts, as defined below,
with respect to this Note as described below. Prior to the giving of any notice of redemption pursuant to this paragraph, the Issuer
shall deliver to the Trustee (i) a certificate stating that the Issuer is entitled to effect such redemption and setting forth
a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred, and (ii) an opinion
of independent legal counsel satisfactory to the Trustee to such effect based on such statement of facts; provided that no such
notice of redemption shall be given earlier than 60 calendar days prior to the earliest date on which the Issuer would be obligated
to pay such Additional Amounts if a payment in respect of this Note were then due.

 

Notice of redemption will be given not less
than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified
on the face hereof, which date and the applicable redemption price will be specified in the notice.

 

If the face hereof indicates that this Note
is subject to “Tax Redemption and Payment of Additional Amounts,” the Issuer will, subject to certain exceptions and
limitations set forth below, pay such additional amounts (the “Additional Amounts”) to the holder of this Note with
respect to any interest in this Note held by a beneficial owner who is a U.S. Alien (as defined below) as may be necessary in order
that every net payment of the principal of and interest on this Note and any other amounts payable on this Note, after withholding
or deduction for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such
payment by the United States, or any political subdivision or taxing authority of or in the United States, will not be less than
the amount provided for in this Note to be then due and payable. The Issuer will not, however, make any payment of Additional Amounts
to the holder of this Note with respect to any interest in this Note held by any beneficial owner who is a U.S. Alien (as defined
below) for or on account of:

 

		•	any present or future tax, assessment or other governmental
charge that would not have been so imposed but for:

 

		o	the existence of any present or former connection between
the beneficial owner of an interest in this Note, or between a fiduciary, settlor, beneficiary, member or shareholder of the beneficial
owner, if the beneficial owner is an estate, a trust, a partnership or a corporation for U.S. federal income tax purposes, and
the United States, including, without limitation, the beneficial owner, or the fiduciary, settlor, beneficiary, member or shareholder,
being or having been a citizen or resident of the United States or being or having been engaged in the conduct of a trade or business
or present in the United States or having, or having had, a permanent establishment in the United States; or

 

		o	the presentation by or on behalf of the beneficial owner
of an interest in this Note for payment on a date more than 15 days after the date on which payment became due and payable or
the date on which payment of this Note is duly provided for, whichever occurs later;

 

		•	any estate, inheritance, gift, sales, transfer, excise
or personal property tax or any similar tax, assessment or governmental charge;

 

    9

    

    

 

		•	any tax, assessment or other governmental charge imposed
by reason of the beneficial owner’s past or present status as a controlled foreign corporation or passive foreign investment
company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax or as
a private foundation or other tax-exempt organization;

 

		•	any tax, assessment or other governmental charge that
is payable otherwise than by withholding or deduction from payments on or in respect of this Note;

 

		•	any tax, assessment or other governmental charge required
to be withheld by any Paying Agent from any payment of principal of, or interest on, this Note, if payment can be made without
withholding by at least one other Paying Agent;

 

		•	any tax, assessment or other governmental charge imposed
solely because the holder or the beneficial owner of an interest in this Note (1) is a bank purchasing this Note in the ordinary
course of its lending business or (2) is a bank that is neither (A) buying this Note for investment purposes nor (B) buying this
Note for resale to a third party that either is not a bank or holding this Note for investment purposes only;

 

		•	any tax, assessment or other governmental charge that
would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning
the nationality, residence, identity or connection with the United States of the beneficial owner of an interest in this Note,
if compliance is required by statute or by regulation of the United States or of any political subdivision or taxing authority
of or in the United States as a precondition to relief or exemption from the tax, assessment or other governmental charge;

 

		•	any tax, assessment or other governmental charge imposed
or collected pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”),
any intergovernmental agreements entered into in connection with the implementation of such sections of the Code, or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such sections of the Code;

 

		•	any tax, assessment or other governmental charge imposed
pursuant to Section 871(m) of the Code and any applicable Treasury regulations promulgated thereunder or published administrative
guidance implementing such section;

 

		•	any tax, assessment or other governmental charge imposed
by reason of the beneficial owner’s past or present status as the actual or constructive owner of 10% or more of the total
combined voting power of all classes of stock entitled to vote of the Issuer or as a direct or indirect subsidiary of the Issuer;
or

 

		•	any combination of the items listed above.

 

In addition, the Issuer will not be required
to make any payment of Additional Amounts with respect to any interest in this Note presented for payment:

 

		•	where such withholding or deduction is imposed on a payment
to an individual and is required to be made pursuant to any law implementing or complying with, or introduced in order to conform
to, any European Union Directive on the taxation of savings; or

 

		•	by or on behalf of a beneficial owner who would have
been able to avoid such withholding or deduction by presenting this Note to another Paying Agent in a member state of the European
Union.

 

Nor will the Issuer pay Additional Amounts
with respect to any payment with respect to any interest in this Note to a U.S. Alien who is a fiduciary or partnership or limited
liability company or other than the sole beneficial owner of the payment to the extent the payment would be required by the laws
of the United States (or any political subdivision of the United States) to be included in the income, for tax purposes, of a beneficiary
or settlor with respect to the fiduciary or a member of the partnership or interestholder of that limited liability company or
a beneficial owner who would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial
owner held its interest in this Note directly.

 

    10

    

    

 

The Senior Indenture permits the Issuer,
the Guarantor and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then outstanding and affected (voting as one class), to execute
supplemental indentures adding any provisions to or changing in any manner the rights of the holders of each series so affected;
provided that the Issuer, the Guarantor and the Trustee may not, without the consent of the holder of each outstanding debt security
affected thereby, (i) extend the final maturity of any such debt security, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change the currency
of payment thereof, or reduce the amount of any original issue discount security payable upon acceleration or provable in bankruptcy,
or modify or amend the provisions for conversion of any currency into any other currency, or modify or amend the provisions for
conversion or exchange of the debt security for securities of the Issuer or other entities or for other property or the cash value
of the property (other than as provided in the antidilution provisions or other similar adjustment provisions of the debt securities
or otherwise in accordance with the terms thereof), or alter certain provisions of the Senior Indenture relating to debt securities
not denominated in U.S. dollars, or impair or affect the rights of any holder of any series to institute suit for the payment thereof,
or (except in accordance with Section 13.13 of the Senior Indenture) remove the Guarantee on this Note or (ii) reduce the aforesaid
percentage in principal amount of debt securities of any series the consent of the holders of which is required for any such supplemental
indenture.

 

Except as set forth below, if the principal
of, premium, if any, or interest on this Note is payable in a Specified Currency other than U.S. dollars and such Specified Currency
is not available to the Issuer or the Guarantor, if applicable, for making payments hereon due to the imposition of exchange controls
or other circumstances beyond the control of the Issuer and the Guarantor, if applicable, or is no longer used by the government
of the country issuing such currency or for the settlement of transactions by public institutions within the international banking
community, then the Issuer or the Guarantor, if applicable, will be entitled to satisfy its obligations to the holder of this Note
by making such payments in U.S. dollars on the basis of the Market Exchange Rate on the date of such payment or, if the Market
Exchange Rate is not available on such date, as of the most recent practicable date; provided, however, that if the euro has been
substituted for such Specified Currency, the Issuer or the Guarantor, if applicable, may at its option (or shall, if so required
by applicable law) without the consent of the holder of this Note effect the payment of principal of, premium, if any, or interest
on any Note denominated in such Specified Currency in euro in lieu of such Specified Currency in conformity with legally applicable
measures taken pursuant to, or by virtue of, the Treaty establishing the European Community, as amended. Any payment made under
such circumstances in U.S. dollars or euro where the required payment is in an unavailable Specified Currency will not constitute
an Event of Default. If such Market Exchange Rate is not then available to the Issuer or the Guarantor, if applicable, or is not
published for a particular Specified Currency, the Market Exchange Rate will be based on the highest bid quotation in The City
of New York received by the Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding
the date of such payment from three recognized foreign exchange dealers (the “Exchange Dealers”) for the purchase by
the quoting Exchange Dealer of the Specified Currency for U.S. dollars for settlement on the payment date, in the aggregate amount
of the Specified Currency payable to those holders or beneficial owners of Notes and at which the applicable Exchange Dealer commits
to execute a contract. One of the Exchange Dealers providing quotations may be the Exchange Rate Agent unless the Exchange Rate
Agent is an affiliate of the Issuer or the Guarantor, if applicable. If those bid quotations are not available, the Exchange Rate
Agent shall determine the market exchange rate at its sole discretion.

 

The “Exchange Rate Agent” shall
be Morgan Stanley & Co. LLC, unless otherwise indicated on the face hereof.

 

All determinations referred to above made
by, or on behalf of, the Issuer or the Guarantor, if applicable, or by, or on behalf of, the Exchange Rate Agent shall be at such
entity’s sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and binding on holders
of Notes.

 

So long as this Note shall be outstanding,
the Issuer will cause to be maintained an office or agency for the payment of the principal of, premium, if any, and interest on
this Note as herein provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan
for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate other agencies for the payment
of said principal, premium and interest at such place or places (subject to applicable laws and regulations) as the Issuer may
decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations

 

    11

    

    

 

of such
agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force, the Issuer will,
to the extent possible as a matter of law, maintain a Paying Agent in a Member State of the European Union that will not be obligated
to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced in order to conform
to, such Directive.

 

With respect to moneys paid by the Issuer
and held by the Trustee or any Paying Agent for payment of the principal of, premium, if any, or interest on any Notes that remain
unclaimed at the end of two years after such principal, interest or premium shall have become due and payable (whether at maturity
or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the holders of such Notes that such
moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer or the Guarantor,
as the case may be, for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability
of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of, premium, if any, or interest on this Note as the same shall become
due.

 

No provision of this Note or of the Senior
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium,
if any, and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise
agreed between the Issuer and the registered holder of this Note.

 

Prior to due presentment of this Note for
registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may
treat the holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue,
and none of the Issuer, the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for the payment
of the principal of, premium, if any, or interest on this Note, for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or the Guarantor or of any successor, either directly or through the
Issuer, the Guarantor or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

This Note shall for all purposes be governed
by, and construed in accordance with, the laws of the State of New York.

 

As used herein, the term “U.S. Alien”
means any person who is, for U.S. federal income tax purposes, (i) a nonresident alien individual, (ii) a foreign corporation,
(iii) a foreign trust as defined by the Internal Revenue Code of 1986, as amended or (iv) a foreign partnership one or more of
the members of which is, for U.S. federal income tax purposes, a nonresident alien individual, a foreign corporation or a nonresident
alien fiduciary of a foreign estate or trust.

 

All terms used in this Note which are defined
in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them in the Senior Indenture.

 

    12

    

    

 

ABBREVIATIONS

 

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

 

	TEN COM	-	as tenants in common
	TEN ENT	-	as tenants by the entireties
	JT TEN	-	as joint tenants with right of survivorship and not as tenants in common

 

	UNIF GIFT MIN ACT	 	 	Custodian	 
	 	 	(Minor)	 	(Cust)

 

	Under Uniform Gifts to Minors Act	 
	 	(State)

 

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

 

 

  

    13

    

    

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

	 	 
	[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]	 
	 
	 
	 
	[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing ________ attorney to transfer such Note on the books of the Issuer, with full power of substitution
in the premises.

 

Dated:_______________________

 

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

 

    14

    

    

 

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests
and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to
the principal amount thereof, together with interest to the Optional Repayment Date, to the undersigned at

 

	 
	 
	 
	(Please print or typewrite name and address of the undersigned)

 

 

If less than the entire principal amount
of the within Note is to be repaid, specify the portion thereof which the holder elects to have repaid: _________________; and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be
issued to the holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note
will be issued for the portion not being repaid): __________________.

 

 

	Dated:	 	 	 
	 	 	 	NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

 

    15

    

    

 

[SCHEDULE A]15

 

GLOBAL NOTE

SCHEDULE OF EXCHANGES

 

The initial principal amount of this Note
is $__________. [In accordance with the [Unit Agreement dated [ ], 20[__] among the Issuer, the Guarantor, The Bank of New York
Mellon, as Unit Agent, as Collateral Agent and as Trustee under the Indenture referred to therein and the Holders from time to
time of the Units described therein] [the Unit Agreement Without Holders’ Obligations dated as of [ ], 20[__], among the
Company, the Guarantor and The Bank of New York Mellon, as Unit Agent, as Trustee and Paying Agent under the Indenture referred
to therein, and as Warrant Agent under the Warrant Agreement referred to therein], the following (A) reductions of the principal
amount of this Note by cancellation upon the application of such amount to the settlement of Purchase Contracts or the exercise
of Warrants or for any other reason or (B) exchanges of portions of this Note for an interest in a Note that has been separated
from a Unit (a “Separated Note”) have been made:]16 [The following (A) reductions of the principal amount
of this Note by cancellation upon the application of such amount to the settlement of Purchase Contracts or the exercise of Warrants
or for any other reason or (B) exchanges of an interest in a Note that is part of a Unit (an “Attached Unit Note”)
for an interest in this Note have been made:]17

 

	
        Date
of Exchange or Cancellation
	 	
        Principal
Amount Cancelled
	 	
        Principal
Amount Exchanged For Separated Note (13)
	 	
        Reduced
Principal Amount Outstanding Following Such Exchange or Cancellation 
	 	
        Principal
Amount of Attached Unit Note Exchanged For Interest in this Note(14) 
	 	
        Increased
Principal Amount of this Note Outstanding Following Such Exchange(14) 
	 	
        Notation
Made by or on Behalf of Paying Agent 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

15
Schedule A needed only if this Note is issued as part of, or in relation to, a Unit.

16
Applies only if this Note remains part of a Unit.

17
Applies only if this Note has been separated from a Unit.

 

    16<P STYLE="margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT 4-qqq</B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY FINANCE LLC,<BR>
as Issuer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY,<BR>
as Guarantor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">THE
BANK OF NEW YORK MELLON,</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">as Warrant Agent</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">_______________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">[FORM
OF WARRANT AGREEMENT]</FONT><BR> <BR> <BR> <BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">dated
as of February 16, 2016</FONT><BR> &nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><U>Page</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         1</FONT></P>
                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Warrants</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.01<I>.&nbsp; Ranking</I></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.02<I>.&nbsp; Form, Execution and Delivery of Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.03<I>.&nbsp; Number Unlimited; Issuable in Series</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.04<I>.&nbsp; Countersignature and Delivery of Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.05<I>.&nbsp; Place of Exercise; Registration of Transfers and Exchanges</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.06<I>.&nbsp; Mutilated or Missing Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.07<I>.&nbsp; Registered Holders.</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.08<I>.&nbsp; Cancellation</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.09<I>.&nbsp; Additional Warrant Agents</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.10<I>.&nbsp; Appointment of Calculation Agents</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.11<I>.&nbsp; CUSIP Numbers</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         2</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Duration and Exercise of Warrants</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    2.01<I>.&nbsp; Duration and Exercise of Warrants</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    2.02<I>.&nbsp; Return of Money Held Unclaimed for Two Years</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         3</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Other Provisions Relating to Rights of Warrantholders</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.01<I>.&nbsp; Warrantholder May Enforce Rights</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.02<I>.&nbsp; No Rights as Holder of Warrant Property Conferred by Warrants or Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.03<I>.&nbsp; Company&rsquo;s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.04.&nbsp; <I>Successor Person Substituted</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.05.&nbsp; <I>Opinion of Counsel Delivered to Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         4</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Warrants Acquired by the Company; Payment of Taxes</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    4.01<I>.&nbsp; Warrants Acquired by the Company</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    4.02<I>.&nbsp; Payment of Taxes</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         5</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Concerning the Warrant Agent</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.01<I>.&nbsp; Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.02<I>.&nbsp; Condition of Warrant Agent&rsquo;s Obligations</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 90%"><FONT STYLE="font-size: 10pt">Section
    5.03<I>.&nbsp; Resignation and Appointment of Successor</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.04. <I>Force Majeure</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         6</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Miscellaneous</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.01<I>.&nbsp; Amendment</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.02<I>.&nbsp; Notices and Demands to the Company, the Guarantor&nbsp; and the Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.03<I>.&nbsp; Addresses for Notices</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.04<I>.&nbsp; Notices to Warrantholders</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.05<I>.&nbsp; Obtaining of Approvals</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.06<I>.&nbsp; Persons Having Rights under this Agreement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.07<I>.&nbsp; Inspection of Agreement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.08<I>.&nbsp; Officer&rsquo;s Certificates and Opinions of Counsel; Statements to Be Contained Therein</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.09<I>.&nbsp; Payments Due on Saturdays, Sundays and Holidays</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.10<I>.&nbsp; Judgment Currency</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.11<I>.&nbsp; Headings</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.12<I>.&nbsp; Counterparts</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.13<I>.&nbsp; Applicable Law</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.14. <I>Waiver of Jury Trial</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.15.&nbsp; <I>Submission to Jurisdiction; Waiver of Immunity</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         7</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> guarantee</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.01<I>.&nbsp; The Guarantee</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.02<I>.&nbsp; Guarantee Unconditional</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.03<I>.&nbsp; Discharge; Reinstatement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.04<I>.&nbsp; Waiver by the Guarantor</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.05<I>.&nbsp; Subrogation</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.06<I>.&nbsp; Stay of Acceleration</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.07<I>.&nbsp; Savings Clause</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.08.&nbsp; <I>Execution and Delivery of Guarantee</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.09<I>.&nbsp; Release of Guaranty</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
7.10.&nbsp;&nbsp;<I>Guarantor&rsquo;s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.11.&nbsp;&nbsp;<I>Successor Person Substituted</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.12.&nbsp;&nbsp;<I>Termination of the Guarantee upon Merger</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.13<I>.</I>&nbsp;&nbsp;<I>Opinion of Counsel Delivered to Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.14.&nbsp;&nbsp;<I>Not Insured</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit I&#9;&ndash;&#9;Form
of Registered Call Warrant Certificate</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit II&#9;&ndash;&#9;Form
of Registered Put Warrant Certificate</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">WARRANT
AGREEMENT</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS AGREEMENT,
dated as of February 16, 2016, among MORGAN STANLEY FINANCE LLC, a Delaware limited liability company (the &ldquo;<B>Company</B>&rdquo;)
and a wholly-owned subsidiary of Morgan Stanley, MORGAN STANLEY, a Delaware corporation (the &ldquo;<B>Guarantor</B>&rdquo;),
and THE BANK OF NEW YORK MELLON (the &ldquo;<B>Warrant Agent</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has entered into a Senior Indenture dated as of February 16, 2016, among the Company, the Guarantor and The Bank of
New York Mellon, as Trustee (the &ldquo;<B>Trustee</B>&rdquo;) (as amended or supplemented from time to time, the &ldquo;<B>Indenture</B>&rdquo;),
providing for the issuance from time to time of its unsecured debt securities to be issued in one or more series as provided in
the Indenture;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has duly authorized the issue from time to time of warrants (the &ldquo;<B>Warrants</B>&rdquo;) to purchase or sell
(i) securities issued by the Company or by an entity affiliated or not affiliated with the Company, a basket of such securities,
an index or indices of such securities or any combination of the above, (ii) currencies or (iii) commodities (the property described
in clauses (i), other than the Company&rsquo;s debt securities, (ii) and (iii), in relation to a Warrant, being hereinafter referred
to as the &ldquo;<B>Unaffiliated Warrant Property</B>&rdquo; applicable to such Warrant, and the Company&rsquo;s debt securities
issued pursuant to the Indenture to be purchased or sold upon exercise of any Warrant, being hereinafter referred to as the &ldquo;<B>Warrant
Securities</B>,&rdquo; and together with the Unaffiliated Warrant Property, the &ldquo;<B>Warrant Property</B>&rdquo;) to be issued
in one or more series and in such number and with such terms as may from time to time be authorized in accordance with the terms
of this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has duly authorized the execution and delivery of this Agreement to provide, among other things, for the delivery
and administration of the Warrants;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Guarantor has duly authorized the full and unconditional guarantee of the Warrants, and in order to provide the general terms
and conditions of the Warrants and the guarantee of same, the Guarantor has duly authorized the execution and delivery of this
Agreement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
all things necessary to make this Agreement a valid agreement according to its terms have been done;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW, THEREFORE,
the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
1</FONT><FONT STYLE="font-size: 10pt"><BR>
Warrants</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.01<I>.
Ranking. </I>The Warrants are unsecured contractual obligations of the Company and will rank <I>pari passu</I> with the Company&rsquo;s
other unsecured contractual obligations and with the Company&rsquo;s unsecured and unsubordinated debt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.02<I>. Form, Execution and Delivery of Warrant Certificates. </I>(a) Certificates (&ldquo;<B>Warrant
Certificates</B>&rdquo;) evidencing the Warrants of each series shall be substantially in the form of Exhibits I and II
hereto or in such form (not inconsistent with this Agreement) as shall be established by or pursuant to one or more Board
Resolutions (as defined below) of the Company (as set forth in a Board Resolution of the Company or, to the extent
established pursuant to, rather than set forth in, a Board Resolution of the Company, in an Officer&rsquo;s Certificate (as
defined below) of the Company detailing such establishment) or in one or more agreements supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Agreement. The Warrant Certificates may have imprinted or otherwise reproduced thereon such letters, numbers or other marks
of identification or designation and such legends or endorsements as the officers of the Company executing the same may
approve (execution thereof to be conclusive evidence of such approval) and that are not inconsistent with the provisions of
this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto, or with
any rule or regulation of any self-regulatory organization (an &ldquo;<B>SRO</B>&rdquo;) on which the Warrants of such series
may be listed or quoted, or of any securities depository, or to conform to usage. Warrant Certificates shall be signed on
behalf of the Company by a manager, the president, any vice president, the treasurer or any assistant treasurer or such
other person specifically designated by the Board of the Company to execute Warrant Certificates, which signature may or may
not be attested by the secretary, an assistant secretary or a manager of the Company. The signature of any of such officers
may be either manual or facsimile. Typographical and other minor errors or defects in any such signature shall not affect the
validity or enforceability of any Warrant Certificate that has been duly countersigned and delivered by the Warrant
Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Board</B>&rdquo;
means either the Board of Directors of the Guarantor or the Board of Managers of the Company, as applicable, or any committee
of such Board duly authorized to act on its behalf for the purposes of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Board
Resolution</B>&rdquo; means a copy of one or more resolutions, certified by the secretary or an assistant secretary of the Company
or the Guarantor, as applicable, to have been duly adopted or consented to by such Board and to be in full force and effect, and
delivered to the Warrant Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Company</B>&rdquo;
means (except as otherwise provided in &lrm;Article 5), Morgan Stanley Finance LLC, a Delaware limited liability company and,
subject to &lrm;Article 3, its successors and assigns.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Guarantee</B>&rdquo;
means the guarantee of the Company&rsquo;s obligations under this Agreement and the Warrants by the Guarantor pursuant to &lrm;&lrm;Article
7.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Guarantor</B>&rdquo;
means Morgan Stanley, a Delaware corporation, and, subject to &lrm;&lrm;Article 7, its successors and assigns, in each case unless
and until the Guarantor is released from the Guarantee pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Officer&rsquo;s
Certificate</B>&rdquo; means (i) with respect to the Company, a certificate signed by any one of the following: a manager, the
president, any vice president, the treasurer, any assistant treasurer, the secretary, any assistant secretary or such other person
authorized by the Board of the Company to execute any such certificate and (ii) with respect to the Guarantor, a certificate signed
by any one of the following: the chairman of the board, the chief executive officer, the president, the chief operating officer,
the chief financial officer, any executive vice president, the treasurer, any assistant treasurer, the secretary, any assistant
secretary or such other person authorized by the Board of the Guarantor to execute any such certificate, in each case, delivered
to the Warrant Agent. Without limiting the generality of the foregoing, if the Warrants of any series are to be issued as components
of a unit (&ldquo;<B>Unit</B>&rdquo;) with one or more other securities of the Company, an officer&rsquo;s certificate or similar
certificate relating to the Warrants delivered pursuant to an indenture or unit agreement or similar agreement governing such
Units or one or more other components thereof may also constitute an Officer&rsquo;s Certificate under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT>In case any officer of the Company who shall have signed a Warrant Certificate, either manually or by facsimile
signature, shall cease to be such officer before such Warrant Certificate shall have been countersigned and delivered by the Warrant
Agent to the Company or delivered by the Company, such Warrant Certificate nevertheless may be countersigned and delivered as
though the person who signed such Warrant Certificate had not ceased to be such officer of the Company; and a Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall
be a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Agreement any
such person was not such officer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>Pending the preparation of final Warrant Certificates evidencing Warrants of any series, the Company may execute and the
Warrant Agent shall countersign and deliver temporary Warrant Certificates evidencing such Warrants (printed, lithographed, typewritten
or otherwise produced, in each case in form satisfactory to the Warrant Agent). Such temporary Warrant Certificates shall be issuable
substantially in the form of the final Warrant Certificates but with such omissions, insertions and variations as may be appropriate
for temporary Warrant</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Certificates, all as may be determined
by the Company with the concurrence of the Warrant Agent. Such temporary Warrant Certificates may contain such reference to any
provisions of this Agreement as may be appropriate. Every such temporary Warrant Certificate shall be executed by the Company
and shall be countersigned by the Warrant Agent upon the same conditions and in substantially the same manner, and with like effect,
as the final Warrant Certificates. Without unreasonable delay, the Company shall execute and shall furnish final Warrant Certificates
and thereupon such temporary Warrant Certificates may be surrendered in exchange therefor without charge, and the Warrant Agent
shall countersign and deliver in exchange for such temporary Warrant Certificates final Warrant Certificates evidencing a like
aggregate number of Warrants of the same series and of like tenor as those evidenced by such temporary Warrant Certificates. Until
so exchanged, such temporary Warrant Certificates and the Warrants evidenced thereby shall be entitled to the same benefits under
this Agreement as final Warrant Certificates and the Warrants evidenced thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.03<I>. Number Unlimited; Issuable
in Series. </I>(a) The aggregate number of Warrants that may be delivered under this Agreement is unlimited.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>The Warrants may be issued in one or more series. There shall be established in or pursuant to one or more Board Resolutions
of the Company (and to the extent established pursuant to, rather than set forth in, a Board Resolution of the Company, in an
Officer&rsquo;s Certificate of the Company detailing such establishment) or established in one or more agreements supplemental
hereto, prior to the initial issuance of Warrants of any series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the designation of the Warrants of the series, which shall distinguish the Warrants of the series from the Warrants of
all other series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>any
limit upon the aggregate number of the Warrants of the series that may be countersigned and delivered under this
Agreement (disregarding any Warrants countersigned and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Warrants of the series);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii) </FONT>the
specific Warrant Property purchasable or salable upon exercise of the Warrants of the series, and the amount thereof (or the
method for determining the same);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT>the
price at which the Warrants of the series will be issued and, if other than U.S. dollars, the coin or currency or
composite currency in which such issue price will be payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>whether the Warrants of the series are warrants to purchase (&ldquo;<B>call warrants</B>&rdquo;) or warrants to sell (&ldquo;<B>put
warrants</B>&rdquo;) the Warrant Property;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the price at which and, if other than U.S. Dollars, the coin or currency or composite currency with which the Warrant Property
may be purchased or sold upon exercise of the Warrants of the series (or the method for determining the same);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>whether the exercise price for the Warrants of the
series may be paid in cash or by the exchange of any other security of the Company, or both, or otherwise, and the method of
exercise of the Warrants of the series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
whether the exercise of the Warrants of the series is to be settled in cash or by delivery of the Warrant Property or both,
or otherwise;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT>the
terms by which (A) in the case of call warrants, the Warrant Agent shall deliver all funds received by it in payment for the
exercise of Warrants to the Company and the Company shall deliver the Warrant Property or (B) in the case of put
warrants, the Warrant Agent shall deliver the Warrant Property received to the Company in exchange for the funds delivered by
the Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the date on which the right to exercise the Warrants of the series shall commence and the date (the &ldquo;<B>Expiration
Date</B>&rdquo;) on which such right shall expire or, if the Warrants of the series are not continuously exercisable throughout
such period, the specific date or dates on which they will be exercisable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>whether the Warrant Certificates representing the Warrants of the series will be in registered form (&ldquo;<B>Registered
Warrants</B>&rdquo;) or bearer form (&ldquo;<B>Bearer Warrants</B>&rdquo;) or both;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>whether the Warrant Certificates evidencing any Registered Warrants or Bearer Warrants of the series will be issued in
global form (&ldquo;<B>Global Warrant Certificates</B>&rdquo;) or definitive form (&ldquo;<B>Definitive Warrant Certificates</B>&rdquo;)
or both, and whether and on what terms (if different from those set forth herein) Warrant Certificates in one form may be converted
into or exchanged for Warrant Certificates in the other form;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>any warrant agents, depositaries, authenticating or paying agents, transfer agents or registrars or any determination or
calculation agents or other agents with respect to Warrants of the series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>any addition to, elimination of or other change in the defaults or covenants with respect to the Warrants of such series,
including making defaults or covenants inapplicable or changing the remedies available to Holders of the Warrants of such series
upon a default or a failure by the Company or the Guarantor to perform a covenant;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>whether the Warrants of the series will be issued separately or together as a unit (a &ldquo;<B>Unit</B>&rdquo;) with one
or more other securities of the Company or any other person and, if the Warrants of the series are to be issued as components
of Units, whether and on what terms the Warrants of the series may be separated from the other components of such Units prior
to the Expiration Date of such Warrants; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>any other terms of the Warrants of the series (which terms shall not be inconsistent with the provisions of this Agreement).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;All
Warrants of any one series shall be substantially identical, except as may otherwise be provided by or pursuant to the Board Resolution
of the Company or Officer&rsquo;s Certificate of the Company referred to above or as set forth in any such agreement supplemental
hereto. All Warrants of any one series need not be issued at the same time and may be issued from time to time, consistent with
the terms of this Agreement, if so provided by or pursuant to such Board Resolution of the Company, such Officer&rsquo;s Certificate
of the Company or in any such agreement supplemental hereto.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
Section 1.03(b)(ii) hereof and unless otherwise expressly provided with respect to a series of Warrants, the aggregate number
of Warrants of a series may be increased and additional Warrants of such series may be issued up to a maximum limit upon the aggregate
number authorized with respect to such series as increased.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.04<I>. Countersignature and Delivery of Warrant Certificates. </I>  (a) The Company may deliver Warrant Certificates
evidencing Warrants of any series executed by the Company to the Warrant Agent for countersignature together with the
applicable documents referred to below in this Section, and the Warrant Agent shall thereupon countersign and deliver such
Warrant Certificates to or upon the order of the Company (contained in the Issuer Order (as defined below) referred to below
in this Section) or pursuant to such procedures acceptable to the Warrant Agent as may be specified from time to time by an
Issuer Order. Any terms of the Warrants evidenced by such Warrant Certificates may be determined by or pursuant to such
Issuer Order or such other procedures. If provided for in such procedures, such Issuer Order may authorize countersignature
and delivery pursuant to oral instructions from the Company or its duly authorized agent, which instructions shall be
promptly confirmed in writing. In countersigning such Warrant Certificates and accepting the responsibilities under this
Agreement in relation to the Warrants evidenced by such Warrant Certificates, the Warrant Agent shall be entitled to receive
(in the case of subparagraphs &lrm;1.04(a)(ii), &lrm;1.04(a)(iii) and &lrm;1.04(a)(iv) below, only at or before the time of
the first request of the Company to the Warrant Agent to countersign Warrant Certificates in a particular form evidencing
Warrants) and shall be fully protected in relying upon, unless and until such documents have been superseded or
revoked:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;an Issuer Order requesting
such countersignature and setting forth delivery instructions if the Warrant Certificates are not to be delivered to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;any Board Resolution
of the Company, Officer&rsquo;s Certificate of the Company and/or executed supplemental agreement pursuant to which the forms and
terms of the Warrants evidenced by such Warrant Certificates were established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&#9;an Officer&rsquo;s Certificate
of the Company setting forth the forms and terms of the Warrants evidenced by such Warrant Certificates stating that the form or
forms and terms of the Warrants evidenced by such Warrant Certificates have been established pursuant to Sections &lrm;1.02 and
&lrm;1.03 and comply with this Agreement, and covering such other matters as the Warrant Agent may reasonably request; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&#9;at the option of the
Company, either one or more Opinions of Counsel (as defined below) or one or more letters addressed to the Warrant Agent each permitting
it to rely on such Opinions of Counsel, substantially to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A)&#9;the forms of the Warrant
Certificates have been duly authorized and established in conformity with the provisions of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B)&#9;in the case of an underwritten
offering, the terms of the Warrants have been duly authorized and established in conformity with the provisions of this Agreement
and, in the case of an offering that is not underwritten, certain terms of the Warrants have been established pursuant to a Board
Resolution of the Company, an Officer&rsquo;s Certificate of the Company or a supplemental agreement in accordance with this Agreement,
and when such other terms as are to be established pursuant to procedures set forth in an Issuer Order shall have been established,
all terms will have been duly authorized by the Company and will have been established in conformity with the provisions of this
Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(C)&#9;when the Warrant Certificates
have been executed by the Company and countersigned by the Warrant Agent in accordance with the provisions of this Agreement and
delivered to and duly paid for by the purchasers thereof, subject to such other conditions as may be set forth in such opinion
of counsel, (i) they will have been duly issued under this Agreement and the Warrants evidenced thereby will be valid and legally
binding obligations of the Company and the Guarantor, respectively, enforceable in accordance with their respective terms, and
will be entitled to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">benefits of this Agreement and (ii) the Guarantee
with respect to such Warrants will have been duly issued under this Agreement and will be a valid and binding obligation of the
Guarantor, enforceable in accordance with its terms, and will be entitled to the benefits of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In rendering such opinions, such counsel may qualify
any opinions as to enforceability by stating that such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Such counsel may rely,
as to all matters governed by the laws of jurisdictions other than the State of New York and the federal law of the United States,
upon opinions of other counsel (copies of which shall be delivered to the Warrant Agent), who shall be counsel reasonably satisfactory
to the Warrant Agent, in which case the opinion shall state that such counsel believes he and the Warrant Agent are entitled so
to rely. Such counsel may also state that, insofar as such opinion involves factual matters, such counsel has relied, to the extent
such counsel deems proper, upon certificates of officers of the Company, the Guarantor and their respective subsidiaries and certificates
of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer Order</B>&rdquo; means
a written statement, request or order of the Company signed in its name by any one of the following: a manager, the president,
any vice president, the treasurer, any assistant treasurer or such other person specifically designated by the Board of the Company
to execute any such written instrument, request or order. Without limiting the generality of the foregoing, if the Warrants of
a series are issued as components of Units, an issuer order or similar order relating to the Warrants delivered pursuant to an
indenture or unit or similar agreement governing such Units or one or more other components thereof may also constitute an Issuer
Order under this Agreement if addressed to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo;
means an opinion in writing signed by legal counsel to the Company or the Guarantor, who may be an employee of or counsel to the
Company or the Guarantor, and who shall be satisfactory to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The Warrant Agent shall have the
right to decline to countersign and deliver any Warrant Certificates under this Section if the Warrant Agent, being advised by
counsel, determines that such action may not lawfully be taken by the Company or the Guarantor or if the Warrant Agent (i) in good
faith by its board of directors or board of trustees or by a committee of its trust officers determines that such action would
expose the Warrant Agent to personal liability to existing registered or beneficial holders of Warrants (each, a &ldquo;<B>Warrantholder</B>&rdquo;)
or would affect the Warrant Agent&rsquo;s own rights, duties or immunities under the Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificates, the Warrants, this Agreement or otherwise or (ii)
in good faith determines that the terms of such Warrants are administratively unacceptable to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If the Company shall establish pursuant to Section &lrm;1.03 that the Warrants of a series are to be evidenced in whole
or in part by one or more Global Warrant Certificates, then the Company shall execute and the Warrant Agent shall, in accordance
with this Section and the Issuer Order with respect to such series, countersign and deliver one or more Global Warrant Certificates
that (i) shall evidence all or part of the Warrants of such series issued in such form and not yet canceled, (ii) shall be registered
in the name of the Depositary (as defined below) for such Warrants or the nominee of such Depositary, (iii) shall be delivered
by the Warrant Agent to such Depositary or pursuant to such Depositary&rsquo;s instructions and (iv) shall bear a legend substantially
to the following effect: &ldquo;Unless and until it is exchanged in whole or in part for Warrants in definitive registered form,
this Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the Depositary to the nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Depositary</B>&rdquo;
means, with respect to the Warrants of any series that are or may be evidenced by one or more Global Warrant Certificates, the
person or persons designated as Depositary by the Company pursuant to Section &lrm;1.03 hereof until a successor Depositary shall
have become such pursuant to the applicable provisions of this Agreement, and thereafter &ldquo;<B>Depositary</B>&rdquo; shall
mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such person, &ldquo;<B>Depositary</B>&rdquo;
as used with respect to the Warrants of any such series shall mean the Depositary with respect to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;If so required by applicable law,
each Depositary for a series of Warrants must, at the time of its designation and at all times while it serves as Depositary, be
a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;Each Warrant Certificate shall be
dated the date of its countersignature. A Warrant Certificate shall not be valid for any purpose, and no Warrant evidenced thereby
shall be exercisable, unless and until such Warrant Certificate has been countersigned by the manual signature of an authorized
signatory of the Warrant Agent. Such countersignature by an authorized signatory of the Warrant Agent upon any Warrant Certificate
executed by the Company in accordance with this Agreement shall be conclusive evidence that the Warrant Certificate so countersigned
and the Warrants evidenced thereby have been duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.05<I>. Place of Exercise; Registration
of Transfers and Exchanges. </I>(a) Except as otherwise established pursuant to Section &lrm;1.03 with respect to Warrants of a
series, Warrants may be presented for exercise at the Warrant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agent&rsquo;s Window (as defined below) in accordance with procedures
to be established pursuant to Section &lrm;1.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;Except as otherwise provided herein
or as established pursuant to Section &lrm;1.03 with respect to the Warrants of a series, the Warrant Agent shall from time to
time register the transfer of any outstanding Registered Definitive Warrant Certificates upon the records to be maintained by it
for that purpose (the &ldquo;<B>Warrant Register</B>&rdquo;) at the Warrant Agent&rsquo;s Office (as defined below), subject to
such reasonable regulations as the Company or the Warrant Agent may prescribe with respect to the Warrants of such series, upon
surrender thereof at the Warrant Agent&rsquo;s Window (as defined below), Attention: Transfer Area, duly endorsed by, or accompanied
by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent and the Company duly executed by,
the Registered Holder(s) (as defined below) thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney, such signature to be guaranteed by a bank or trust company with a correspondent office in The City of New York or by
a broker or dealer that is a member of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;) or by a member
of a national securities exchange or in such other manner acceptable to the Warrant Agent and the Company. Upon any such registration
of transfer, one or more new Warrant Certificates of the same series and like terms evidencing a like number of unexercised Warrants
shall be issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;Except as otherwise established
for a series of Warrants pursuant to Section &lrm;1.03, at the option of a Registered Holder, Definitive Warrant Certificates may
be exchanged for other Definitive Warrant Certificates evidencing the same aggregate number of unexercised Warrants of the same
series and of like tenor upon surrender to the Warrant Agent of the Definitive Warrant Certificates to be exchanged at the Warrant
Agent&rsquo;s Window, Attention: Transfer Area. The &ldquo;<B>Warrant Agent&rsquo;s Window</B>&rdquo; shall be the window of the
Warrant Agent maintained for purposes of transfer and tender in the Borough of Manhattan, The City of New York (or at the address
of any additional agency established by the Company pursuant to Section 1.09 hereof, or at the address of any successor Warrant
Agent (as provided in &lrm;Section 5.03)), which is, on the date of this Agreement, The Bank of New York Mellon, Transfer Area,
101 Barclay Street, 7W, New York, New York 10286. If the Warrants of any series are issued in both registered and unregistered
form, except as otherwise established for such series pursuant to Section &lrm;1.03, at the option of the holder thereof, Warrant
Certificates evidencing Bearer Warrants of any series may be exchanged for Definitive Warrant Certificates evidencing an equal
number of unexercised Registered Warrants of the same series and of like tenor upon surrender of such Warrant Certificates evidencing
Bearer Warrants to be exchanged at the Warrant Agent&rsquo;s Window, Attention: Transfer Area. Unless otherwise established for
such series pursuant to Section &lrm;1.03, Registered Warrants of any series may not be exchanged for Bearer Warrants of such series.
Upon surrender of any unexercised Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate for exchange, the Warrant Agent shall cancel such
Warrant Certificate, and the Company shall execute, and the Warrant Agent shall countersign and deliver, one or more new Warrant
Certificates evidencing a like number of unexercised Warrants of the same series and of like tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;Warrants evidenced by the Warrant
Certificates issued upon transfer or exchange pursuant to paragraph &lrm;(b) or &lrm;(c) of this Section shall be valid obligations
of the Company (and the Guarantee on such Warrants shall be a valid obligation of the Guarantor), constituting the same obligations
of the Company as the Warrants evidenced by the Warrant Certificates surrendered for transfer or exchange, and entitled to the
same benefits under this Agreement as were such Warrants evidenced by the Warrant Certificates prior to such surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;Except as provided in &lrm;Section
1.06, no service charge shall be made for any registration of transfer or exchange of Warrant Certificates, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Warrant Certificates, other than exchanges pursuant to this Section not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#9;In the event that upon any exercise
of Warrants evidenced by a Warrant Certificate the number of Warrants exercised shall be less than the total number of Warrants
evidenced by such Warrant Certificate, there shall be issued to the Registered Holder thereof (or, in the case of Bearer Warrants,
the holder thereof) or his assignee a new Warrant Certificate evidencing the number of Warrants of the same series and of like
tenor not exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#9;Warrant Certificates evidencing
Bearer Warrants shall be transferable by delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#9;Notwithstanding any other provision
of this Agreement, unless and until it is exchanged in whole or in part for Definitive Warrant Certificates, a Global Warrant Certificate
evidencing all or a portion of the Warrants of a series may not be transferred except as a whole by the Depositary for such series
to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or
by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#9;If at any time the Depositary for
any series of Warrants notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any
time the Depositary for such series shall no longer be eligible under this Agreement, the Company shall appoint a successor Depositary
with respect to such series. If a successor Depositary for such series is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company&rsquo;s election pursuant to &lrm;Section 1.03
that such series be evidenced by one or more Global Warrant Certificates shall no</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">longer be effective and the Company will execute, and the Warrant
Agent, upon receipt of an Officer&rsquo;s Certificate of the Company for the countersignature and delivery of Definitive Warrant
Certificates evidencing Warrants of such series, will countersign and deliver Definitive Warrant Certificates evidencing Warrants
of such series and of like tenor in an aggregate number equal to the number of the unexercised Warrants represented by such Global
Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#9;If established pursuant to &lrm;Section
1.03 with respect to a series of Warrants evidenced in whole or in part by one or more Global Warrant Certificates, the Depositary
for such series may surrender such Global Warrant Certificate or Certificates in exchange in whole or in part for Definitive Warrant
Certificates evidencing Warrants of the same series and of like tenor on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Warrant Agent shall countersign and deliver, without service charge,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;to the person specified
by such Depositary a new Definitive Warrant Certificate of the same series and of like tenor in an aggregate number equal to and
in exchange for such person&rsquo;s beneficial interest in the Warrants evidenced by such Global Warrant Certificate or Certificates;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;to such Depositary a
new Global Warrant Certificate or Certificates evidencing Warrants of the same series and of like tenor in number equal to the
difference, if any, between the number of unexercised Warrants evidenced by the surrendered Global Warrant Certificates and the
number of unexercised Warrants evidenced by such Definitive Warrant Certificate countersigned and delivered pursuant to clause
&lrm;1.05(j)(i) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the exchange of a Global Warrant Certificate for Definitive
Warrant Certificates, such Global Warrant Certificate shall be canceled by the Warrant Agent or an agent of the Company or the
Warrant Agent. Registered Definitive Warrant Certificates issued in exchange for a Registered Global Warrant Certificate pursuant
to this Section shall be registered in such names and in such authorized denominations as the Depositary for such series, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent or an agent of the Company
or the Warrant Agent. The Warrant Agent or such agent shall deliver such Warrant Certificates to or as directed by the persons
in whose names such Warrant Certificates are so registered. Definitive Bearer Warrant Certificates issued in exchange for a Global
Bearer Warrant Certificate pursuant to this Section shall be issued in such authorized denominations as the Depositary for such
series, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent or an
agent of the Company or the Warrant Agent. The Warrant Agent or such agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shall deliver such Warrant Certificates to or as directed by
the Depositary for such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#9;Notwithstanding anything herein
or in the terms of any series of Warrants to the contrary, none of the Company, the Warrant Agent or any agent of the Company or
the Warrant Agent (any of which, other than the Company, shall rely on an Officer&rsquo;s Certificate of the Company and an Opinion
of Counsel) shall be required to exchange any Bearer Warrant for a Registered Warrant if such exchange would result in adverse
Federal income tax consequences to the Company or the Guarantor under then applicable United States Federal income tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#9;The Company will maintain one or
more offices or agencies in a city or cities located outside the United States (including any city in which such an agency is required
to be maintained under the rules of any stock exchange on which the Warrants of such series are listed) where the Bearer Warrants,
if any, of each series may be presented for exercise and payment. No payment on any Bearer Warrants will be made upon presentation
of such Bearer Warrant at an agency of the Company within the United States nor will any payment be made by transfer to an account
in, or by mail to an address in, the United States unless pursuant to applicable United States laws and regulations then in effect
such payment can be made without adverse tax consequences to the Company. Notwithstanding the foregoing, payments in United States
dollars with respect to Bearer Warrants of any series which are payable in United States dollars may be made at an agency of the
Company maintained in the Borough of Manhattan, The City of New York if such payment in United States dollars at each agency maintained
by the Company outside the United States for payment on such Bearer Warrants is illegal or effectively precluded by exchange controls
or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&#9;The Company may from time to time
designate one or more additional offices or agencies where the Warrants of a series may be presented for exercise and payment,
where the Warrants of that series may be presented for exchange as provided in this Agreement and where the Registered Warrants
of that series may be presented for registration of transfer as in this Agreement provided, and the Company may from time to time
rescind any such designation, as the Company may deem desirable or expedient; <I>provided, however</I>, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain the agencies provided for in this Section.
The Company will give to the Warrant Agent prompt written notice of any such designation or rescission thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.06<I>. Mutilated or Missing Warrant
Certificates. </I>(a) If any Warrant Certificate evidencing Warrants of any series is mutilated, lost, stolen or destroyed,
the Company may in its discretion execute, and the Warrant Agent may countersign and deliver, in exchange and substitution for
the mutilated Warrant Certificate, or in replacement for the Warrant Certificate lost, stolen or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">destroyed, a new Warrant Certificate representing an equivalent
number of unexercised Warrants of the same series and of like tenor, bearing an identification number, if applicable, not contemporaneously
outstanding, but only (in case of loss, theft or destruction) upon receipt of evidence satisfactory to the Company, the Guarantor
and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and security or indemnity, if requested, also
satisfactory to them. Applicants for such substitute Warrant Certificates shall also comply with such other reasonable regulations
and pay such other reasonable charges as the Company or the Warrant Agent may prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;In case the Warrants evidenced by
any such mutilated, lost, stolen or destroyed Warrant Certificate have been or are about to be exercised, or deemed to be exercised,
the Company in its absolute discretion may, instead of issuing a new Warrant Certificate, and subject to the conditions set forth
in clause &lrm;1.06(a) above, direct the Warrant Agent to treat the same as if it had received the Warrant Certificate together
with an irrevocable exercise notice in proper form in respect thereof, as established with respect to the Warrants of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;The Warrants evidenced by each new
Warrant Certificate issued pursuant to this Section in lieu of any lost, stolen or destroyed Warrant Certificate shall be original,
additional contractual obligations of the Company and the Guarantor, and shall be entitled to the same benefits under this Agreement
as the Warrants evidenced by the Warrant Certificate that was lost, stolen or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;Upon the issuance of any new Warrant
Certificate in accordance with this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant
Agent) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;The provisions of this Section are
exclusive and shall preclude (to the extent lawful) any other rights and remedies with respect to the replacement or payment of
mutilated, lost, stolen or destroyed Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.07<I>. Registered Holders. </I>(a)  Prior to due presentment for registration of transfer, the Company, the Guarantor, the Warrant Agent, and any agent of the Company,
the Guarantor or the Warrant Agent may deem and treat the person in whose name a Warrant Certificate shall be registered in the
Warrant Register (a &ldquo;<B>Registered Holder</B>&rdquo;) as the absolute owner of the Registered Warrants evidenced thereby
(notwithstanding any notation of ownership or other writing on the Warrant Certificate) for any purpose whatsoever, and as the
person entitled to exercise the rights represented by the Registered Warrants evidenced thereby, and none of the Company, the Guarantor
or the Warrant Agent, or any agent of the Company, the Guarantor or the Warrant Agent, shall be affected by any notice to the contrary.
All payments on account of any Registered Warrant to the Registered Holder, or upon his order, shall be valid, and to the extent
of the sum or sums so paid, effectual to satisfy and discharge the liability of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company for moneys paid upon such Registered Warrant. This Section
shall be without prejudice to the rights of Warrantholders as described elsewhere herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The Company, the Guarantor, the
Warrant Agent and any agent of the Company, the Guarantor or the Warrant Agent may treat the holder of any Bearer Warrant as the
absolute owner of such Bearer Warrant for the purpose of exercising the rights represented thereby and for all other purposes,
and none of the Company, the Guarantor or the Warrant Agent, or any agent of the Company, the Guarantor or the Warrant Agent shall
be affected by any notice to the contrary. All payments on account of such Bearer Warrant made to any such person, or upon his
order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon such Bearer Warrant. This Section shall be without prejudice to the rights of Warrantholders as described elsewhere
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.08<I>. Cancellation. </I>All Warrant
Certificates surrendered to the Warrant Agent for redemption or registration of transfer or exchange shall be promptly cancelled
by the Warrant Agent. The Company may at any time deliver to the Warrant Agent for cancellation any Warrant Certificates previously
countersigned and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Warrant Certificates
so delivered shall, upon receipt by the Warrant Agent of an Issuer Order, be promptly cancelled by the Warrant Agent. No Warrant
Certificates shall be countersigned in lieu of or in exchange for any Warrant Certificates cancelled as provided in this Section,
except as permitted by this Agreement. All cancelled Warrant Certificates held by the Warrant Agent shall be disposed of in accordance
with its customary procedures and a certificate of their disposition shall be delivered by the Warrant Agent to the Company, unless
by Issuer Order the Company shall direct that cancelled Warrant Certificates be returned to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company notifies the Trustee of its
election to redeem Warrant Securities pursuant to the Indenture or the terms thereof, the Company may elect, and shall give notice
to the Warrant Agent of its election, to cancel the unexercised Warrants to purchase or sell such Warrant Securities, the Warrant
Certificates evidencing such Warrants and the rights evidenced thereby. Promptly after receipt of such notice by the Warrant Agent,
the Company shall, or, at the Company&rsquo;s request, the Warrant Agent shall in the name of and at the expense of the Company,
give notice of such cancellation, as provided in &lrm;Section 6.04, to the Holders of such Warrant Certificates, such notice to
be so given not less than 30 nor more than 60 days (or within any other redemption notice period specified in such Warrant Securities)
prior to the date fixed for the redemption of the Warrant Securities pursuant to the Indenture or the terms thereof. The unexercised
Warrants, the Warrant Certificates and the rights evidenced thereby shall be cancelled and become void on the 15th day prior to
such date fixed for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company or any affiliate of the Company
shall acquire any Warrant Certificate, such acquisition shall not operate as a cancellation of such Warrant Certificate unless
and until such Warrant Certificate is delivered to the Warrant Agent for the purpose of cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.09<I>. Additional Warrant Agents.
</I>Whenever the Company shall appoint a warrant agent other than the Warrant Agent with respect to the Warrants of any series,
it will cause such warrant agent to execute and deliver to the Warrant Agent an instrument in which such agent shall agree with
the Warrant Agent, subject to the provisions of this Section,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;that it will hold all Warrant Property
received by it as such agent for any payment with respect to the Warrants of such series in trust for the benefit of the Warrantholders
of such series if any, or of the Warrant Agent, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;that it will give the Warrant Agent
notice of any failure by the Company to make any payment with respect to the Warrants of such series when the same shall be due
and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will, on or prior to each date
of any payment of Warrants of any such series, deposit with the Warrant Agent or any such additional warrant agent a sum sufficient
to make such payment, and the Company will promptly notify the Warrant Agent of any failure to take such action with respect to
any such additional warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.10<I>. Appointment of Calculation
Agents. </I>Pursuant to &lrm;Section 1.03 hereof, the Company may, in connection with any series of Warrants appoint Morgan Stanley
&amp; Co. LLC, Morgan Stanley &amp; Co. International plc or any other person or entity as Calculation Agent to make any calculations
as may be required pursuant to the terms of any such series of Warrants. Any such Calculation Agent shall act as an independent
expert and, unless otherwise provided by this Agreement, its calculations and determinations under this Agreement shall, absent
manifest error, be final and binding on the Company, the Warrant Agent and the Warrantholders. Any such calculations will be made
available to a Warrantholder for inspection at the Warrant Agent&rsquo;s Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.11<I>. CUSIP Numbers. </I>The
Company in issuing the Warrants may use &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; and other similar numbers (if then generally in
use), and, if so, the Warrant Agent shall use &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo; and other similar numbers in notices of redemption
as a convenience to Holders; <I>provided</I> that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Warrants or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Warrants, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Company will promptly notify the Warrant Agent of any changes in the &ldquo;CUSIP,&rdquo; &ldquo;ISIN&rdquo;
and other similar numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
2</FONT><BR>
Duration and Exercise of Warrants</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.01<I>. Duration and Exercise of
Warrants. </I>All terms with respect to duration and exercise of Warrants will be established pursuant to &lrm;Section 1.03 for
each series of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.02<I>. Return of Money Held Unclaimed
for Two Years. </I>Except as otherwise provided herein, any money or other assets deposited with or paid to the Warrant Agent for
the payment of any Warrants and not paid but remaining unclaimed for two years after the date upon which such money or other assets
shall have become due and payable shall be repaid by the Warrant Agent to the Company or the Guarantor, as the case may be, at
the Company&rsquo;s or the Guarantor&rsquo;s request, as the case may be, pursuant to an Officer&rsquo;s Certificate of the Company
or the Guarantor, as the case may be, and the holders of such Warrants shall thereafter look only to the Company or the Guarantor,
as the case may be, for any payment which such holders may be entitled to collect and all liability of the Warrant Agent with respect
to such money shall thereupon cease; <I>provided</I> that the Warrant Agent, before making any such repayment, may (but shall not
be obligated to) at the expense of the Company or the Guarantor, as the case may be, notify (i) in the case of Registered Warrants
evidenced by Definitive Warrant Certificates, the Registered Holders, (ii) in the case of Warrants evidenced by one or more Global
Warrant Certificates, the participants of the Depositary, and (iii) in the case of Bearer Warrants evidenced by Definitive Warrant
Certificates, the holders thereof, in each case as provided in &lrm;Section 6.04, that said money has not been so applied and remains
unclaimed and that after a date named in the notification any unclaimed balance of said money then remaining will be returned to
the Company or the Guarantor, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
3</FONT><BR>
Other Provisions Relating to Rights of Warrantholders</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.01<I>. Warrantholder May Enforce
Rights. </I>Notwithstanding any of the provisions of this Agreement, any Warrantholder may, without the consent of the Warrant
Agent, the Depositary, any participant of the Depositary, any other Warrantholder, the holder of any Warrant Property or, if applicable,
the common depositary for Euroclear Bank S.A./N.V., or its successor, as operator of the Euroclear System, and Clearstream Banking,
<I>soci&eacute;t&eacute; anonyme</I>, Luxembourg, or its successor, in and for its own behalf, enforce, and may institute and maintain,
any suit, action or proceeding against the Company and/or the Guarantor suitable to enforce, or otherwise in respect of, its right
to exercise its Warrants as provided in this Agreement and established with respect to such Warrants pursuant to Section &lrm;1.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.02<I>. No Rights as Holder of
Warrant Property Conferred by Warrants or Warrant Certificates. </I>No Warrant Certificate or Warrant evidenced</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">thereby shall entitle the holder or any beneficial owner thereof
to any of the rights of a holder or beneficial owner of Warrant Property, including, without limitation, the right to receive the
payment of principal of (premium, if any) or interest, if any, on Warrant Property or to vote or to enforce any rights under any
documents governing Warrant Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.03<I>. Company&rsquo;s Covenant
Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.</I> The Company covenants that it will not
merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person,
unless (i) either the Company shall be the continuing Person, or the successor Person by merger or consolidation or the Person
which acquires by sale, lease or conveyance substantially all the assets of the Company (if other than the Company) shall be a
Person organized under the laws of the United States of America or any State thereof or the District of Columbia and shall expressly
assume the due and punctual payment of the principal of and interest on all the Warrants according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Agreement to be performed or observed by
the Company, by supplemental agreement satisfactory to the Warrant Agent, executed and delivered to the Warrant Agent by such Person,
and (ii) the Company, such successor Person or such acquiring Person, as the case may be, shall not, immediately after such merger
or consolidation, or such sale, lease or conveyance, be in default in the performance of any such covenant or condition. For the
avoidance of doubt, the Person referred to in this <I>&lrm;&lrm;</I>Section 3.03 may be the Guarantor or any Subsidiary of the
Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo; means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo; means any
corporation, limited liability company, partnership or other entity of which at the time of determination the Guarantor owns or
controls directly or indirectly more than 50% of the shares of voting stock or equivalent interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.04. <I>Successor Person Substituted</I>.
In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor Person,
such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named as the
Company herein. Such successor Person may cause to be signed, and may issue (and, in the case of Warrants to purchase or sell Warrant
Securities, may execute and deliver Warrant Securities in its own name pursuant to the Indenture, in fulfillment of its obligations
to deliver Warrant Securities upon exercise of the Warrants) either in its own name or in the name of the Company prior to such
succession any or all of the Warrants issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Warrant Agent; and, upon the order of such successor Person, instead of the Company, and subject to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">all the terms, conditions and limitations in this Agreement
prescribed, the Warrant Agent shall countersign and deliver any Warrants which previously shall have been signed and delivered
by the officers of the Company to the Warrant Agent for countersignature, and any Warrants which such successor Person thereafter
shall cause to be signed and delivered to the Warrant Agent for that purpose. All of the Warrants so issued shall in all respects
have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the
terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger,
sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing
the Warrants thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such sale or conveyance
(other than a conveyance by way of lease), the Company or any successor Person which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and
the Warrant Certificates and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.05. <I>Opinion of
Counsel Delivered to Warrant Agent</I>. The Warrant Agent, subject to the provisions of &lrm; Article 5, may receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease or conveyance of the Company, and
any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
4</FONT><BR>
Warrants Acquired by the Company; Payment of Taxes</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.01<I>. Warrants Acquired by the
Company. </I> (a) In the event the Company shall purchase or otherwise acquire Warrants, such Warrants may, at the option
of the Company, be (i) in the case of Bearer Warrants or Registered Warrants evidenced by Definitive Warrant Certificates, delivered
to the Warrant Agent, and if so delivered, the Warrant Agent shall promptly cancel such Warrants on the records of the Warrant
Agent or (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, surrendered free through a participant
of the Depositary to the Depositary for credit to the account of the Warrant Agent maintained at the Depositary, and if so credited,
the Warrant Agent shall promptly note the cancellation of such Warrants by notation on the records of the Warrant Agent and the
Warrant Agent shall cause its records to be marked to reflect the reduction in the number of Warrants evidenced by the Global Warrant
Certificate or Certificates by the number of Warrants so canceled promptly after such account is credited. Warrants acquired by
the Company may also, at the option of the Company, be resold by the Company directly or to or through any of its affiliates in
lieu of being surrendered to the Warrant Agent or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">credited to its account. No Warrant Certificate shall be countersigned
in lieu of or in exchange for any Warrant that is canceled as provided herein, except as otherwise expressly permitted by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;Any canceled Warrant Certificate
held by the Warrant Agent under this Agreement shall be disposed of by the Warrant Agent in accordance with its customary procedures
unless otherwise directed by the Company, and the Warrant Agent shall deliver a certificate of disposition to the Company evidencing
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.02<I>. Payment of Taxes. </I>The
Company will pay all stamp, withholding and other duties, if any, attributable to the initial issuance of each series or tranche
of Warrants; <I>provided, however</I>, that, anything in this Agreement to the contrary notwithstanding, the Company shall not
be required to pay any tax or other governmental charge that may be payable in respect of any transfer involving any beneficial
or record interest in, or ownership interest of, any Warrants or Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
5</FONT><BR>
Concerning the Warrant Agent</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.01<I>. Warrant Agent. </I>The
Company hereby appoints The Bank of New York Mellon as Warrant Agent of the Company in respect of the Warrants upon the terms and
subject to the conditions set forth herein; and The Bank of New York Mellon hereby accepts such appointment. The Warrant Agent
shall have the powers and authority granted to and conferred upon it in this Agreement and such further powers and authority to
act on behalf of the Company as the Company may hereafter grant to or confer upon it with its consent. All of the terms and provisions
with respect to such powers and authority contained in any Warrant Certificate are subject to and governed by the terms and provisions
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.02<I>. Condition of Warrant Agent&rsquo;s
Obligations. </I>The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the
following, to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the
Warrants shall be subject:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;The Company agrees promptly to pay
the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse
the Warrant Agent for its reasonable out-of-pocket expenses (including attorneys&rsquo; fees and expenses) incurred by the Warrant
Agent without negligence or bad faith on its part in connection with the services rendered by it hereunder. The Company also agrees
to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense (including reasonable attorneys&rsquo;
fees and expenses) incurred without negligence or bad faith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">on the part of the Warrant Agent, arising out of or in connection
with its acting as such Warrant Agent hereunder, as well as the reasonable costs and expenses of defending against any claim of
liability in the premises. The obligations of the Company under this Section shall survive the expiration of all Warrants issued
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;In acting under this Agreement,
the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust
for or with any Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;The Warrant Agent may consult with
counsel satisfactory to it (including counsel to the Company or the Guarantor), and the opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the opinion of such counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;The Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any notice, direction,
consent, certificate, affidavit, opinion, statement or other paper or document reasonably believed by it to be genuine and to have
been presented or signed by the proper parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;The Warrant Agent and its officers,
directors and employees may become the owner of, or acquire any interest in, any Warrants or other obligations of the Company or
the Guarantor, with the same rights that it or they would have if it were not the Warrant Agent hereunder and, to the extent permitted
by applicable law, it or they may engage or be interested in any financial or other transaction with the Company or the Guarantor
and may act on behalf of, or as depositary, trustee or agent for, any committee or body of owners or holders of Warrants or other
obligations of the Company or the Guarantor as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement
shall be deemed to prevent the Warrant Agent from acting as Trustee under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#9;Money held by the Warrant Agent
in trust hereunder need not be segregated from other funds held by the Warrant Agent, except to the extent required by law. The
Warrant Agent shall be under no obligation to invest or pay interest on any money received by it hereunder, except as otherwise
agreed with the Company. The Warrant Agent shall not be responsible for advancing funds on behalf of the Company. Any interest
accrued on funds deposited with the Warrant Agent under this Agreement shall be paid to the Company from time to time and the Holders
of Warrants shall have no claim to any such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#9;The Warrant Agent shall not be under
any responsibility with respect to the validity or sufficiency of this Agreement or the execution and delivery hereof (except the
due authorization, execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of the Warrant
Certificates (except its countersignature thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#9;The recitals contained herein and in the Warrant Certificates (except as to the Warrant Agent&rsquo;s countersignature thereon)
shall be taken as the statements of the Company or the Guarantor, as applicable, and the Warrant Agent assumes no responsibility
for the correctness of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#9;The Warrant Agent shall be obligated
to perform such duties as are specifically set forth in this Agreement and no implied duties or obligations shall be read into
this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder likely
to involve it in any expense or liability, the payment of which is not, in its reasonable opinion, assured to it. The Warrant Agent
shall not be accountable or under any duty or responsibility for the application by the Company of any proceeds of the issuance
of any Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company or the Guarantor
in the performance of their respective covenants or agreements contained in this Agreement or in any Warrant Certificate or in
the case of the receipt of any written demand from a holder of a Warrant with respect to such default, including, without limiting
the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise
or, except as provided in &lrm;Section 6.02, to make any demand upon the Company and/or the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#9;The rights, privileges, protections,
immunities and benefits given to the Warrant Agent, including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, each agent, custodian and other person employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#9;Anything in this Agreement notwithstanding,
in no event shall the Warrant Agreement be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to loss of profit), even if the Warrant Agent has been advised as to the likelihood of such loss or
damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#9;The Warrant Agent shall have the
same rights and protections as the Trustee granted under Sections 6.01 and 6.02 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed
to authorize the Warrant Agent to exercise any remedy against the Company or the Guarantor solely as a result of, or because it
is related directly or indirectly to, the insolvency of the Guarantor or the commencement of any proceedings relative to the Guarantor
under Title 11 of the United States Code, or the appointment of a receiver for the Guarantor under Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 or the commencement of any other applicable federal or state bankruptcy, insolvency,
resolution or other similar law, or solely as a result of, or because it is related directly or indirectly to, a receiver, assignee
or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official having been appointed for or having taken
possession of the Guarantor or its property, or solely as a result of, or because it is related directly or indirectly to, the
institution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of any other comparable judicial or regulatory proceedings relative
to the Guarantor, or to the creditors or property of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.03<I>. Resignation and Appointment
of Successor. </I> (a)The Company agrees, for the benefit of the holders from time to time of the Warrants, that there shall
at all times be a Warrant Agent hereunder with respect to each series of Warrants until all the Warrants of such series are no
longer outstanding or until monies for the payment of all outstanding Warrants of such series, if any, shall have been paid to
the Warrant Agent and shall have been returned to the Company as provided in &lrm;Section 2.02, whichever occurs earlier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The Warrant Agent may at any time
resign as such agent with respect to any series of Warrants by giving at least 30 days&rsquo; written notice to the Company and
the Guarantor of such intention on its part, specifying the date on which its desired resignation shall become effective, subject
to the appointment of a successor Warrant Agent with respect to such series and acceptance of such appointment by such successor
Warrant Agent as hereinafter provided. The Warrant Agent hereunder may be removed with respect to any series of Warrants at any
time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the
date when it shall become effective, which, other than in the case of the removal of the Warrant Agent in connection with an event
set forth in clause 5.03(c)(iii), &lrm;5.03(c)(iv), &lrm;5.03(c)(v), 5.03(c)(vi) or 5.03(c)(vii) below, shall be at least 30 days&rsquo; after the filing of such instrument. Such resignation or removal shall take
effect (subject to the passage of the foregoing 30 day periods, if applicable) upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent with respect to such series (which shall be a banking institution organized under the laws
of the United States of America or one of the states thereof, have a combined capital and surplus of at least $50,000,000 (as set
forth in its most recent reports of condition published pursuant to law or to the requirements of any United States federal or
state regulatory or supervisory authority) and having its principal place of business in the United States of America) and the
acceptance of such appointment by such successor Warrant Agent. In the event a successor Warrant Agent has not been appointed and
accepted its duties within 90 days of the Warrant Agent&rsquo;s notice of resignation, the Warrant Agent may apply to any court
of competent jurisdiction for the designation of a successor Warrant Agent with respect to such series. The obligation of the Company
under &lrm;Section 5.02(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant
Agent with respect to any series of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;In case at any time the Warrant
Agent with respect to any series of Warrants (i) shall give notice of its intent to resign, or (ii) shall be removed, or (iii)
shall become incapable of acting, or (iv) shall be adjudged as bankrupt or insolvent, or make an assignment for the benefit of
its creditors, or consent to the appointment of a receiver or custodian of all or any substantial part of its property, or (v)
shall admit in writing its inability to pay or meet its debts as they mature, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi) if a receiver or custodian of it or of all or any substantial
part of its property shall be appointed, or (vii) if any public officer shall have taken charge or control of the Warrant Agent
or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Warrant Agent, qualified
as aforesaid, shall be promptly appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon
the appointment as aforesaid of a successor Warrant Agent and acceptance by the latter of such appointment and subject to the 30
day notice period set forth in clause &lrm;5.03(b) above, if applicable, the Warrant Agent so superseded shall cease to
be Warrant Agent hereunder with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;Any successor Warrant Agent appointed
hereunder with respect to any series of Warrants shall execute, acknowledge and deliver to its predecessor and to the Company and
the Guarantor an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further
act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations
of such predecessor with like effect as if originally named as Warrant Agent with respect to such series hereunder, and such predecessor,
upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held
by such predecessor (including, without limitation, the Warrant Register) as Warrant Agent with respect to such series hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;If a successor Warrant Agent is
appointed with respect to the Warrants of one or more (but not all) series, the Company, the Guarantor, the predecessor Warrant
Agent and each successor Warrant Agent with respect to the Warrants of any applicable series shall execute and deliver an agreement
supplemental hereto that shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers and duties of the predecessor Warrant Agent with respect to the Warrants of any series as to which the predecessor Warrant
Agent is not retiring shall continue to be vested in the predecessor Warrant Agent, and shall add to or change any of the provisions
of this Agreement as shall be necessary to provide for or facilitate the administration of the Warrants hereunder by more than
one Warrant Agent, it being understood that nothing herein or in such supplemental agreement shall constitute such Warrant Agents
Co-Warrant Agents of the same Warrants and that each such Warrant Agent shall be a Warrant Agent with respect to separate series
of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#9;Any corporation into which the Warrant
Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any corporation to which
the Warrant Agent shall sell or otherwise transfer all or substantially all the corporate agency assets and business of the Warrant
Agent, provided that it shall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be qualified as aforesaid, shall be the successor Warrant Agent
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.04. <I>Force Majeure.</I> In no
event shall the Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Warrant
Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
6</FONT><BR>
Miscellaneous</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.01<I>. Amendment. </I>(a)<I>
</I>This Agreement and the terms of the Warrants of any series may be amended (by means of an agreement supplemental hereto or
otherwise) by the Company, the Guarantor and the Warrant Agent, without the consent of the Warrantholders of any series of Warrants,
(i) to evidence the merger of the Company with and into the Guarantor or the succession of another Person to the Company or the
Guarantor, as applicable, or successive successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Company or the Guarantor, as applicable, pursuant to &lrm;Article 3 and/or &lrm;Article 7, as applicable, and,
in the case of the merger of the Company with and into the Guarantor, to evidence the elimination of the Guarantee, (ii) for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision contained herein
or therein, (iii) to establish the forms or terms of Warrant Certificates or Warrants of any series as permitted by Sections &lrm;1.02
and &lrm;1.03, (iv) to evidence and provide for the acceptance of appointment hereunder by a successor Warrant Agent with respect
to the Warrants of any series and to add to or change any of the provisions of this Agreement as shall be necessary to provide
for or facilitate the administration of the Warrants hereunder by more than one Warrant Agent pursuant to &lrm;Section 5.03, (v)
to add to, change or eliminate any of the provisions of this Agreement in respect of all or any Warrants of any series (and if
such addition, change or elimination is to apply with respect to less than all Warrants of any series, stating that it is expressly
being made to apply solely with respect to such Warrants within such series); <I>provided</I> that any such addition, change or
elimination (A) shall neither (1) apply to any Warrants issued prior to the execution of such supplemental agreement and entitled
to the benefit of such provision nor (2) modify the rights of any Holder of such Warrant with respect to such provision or (B)
shall become effective only when there is no such Warrant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">outstanding, or (vi) in any other manner which the Company and
the Guarantor may deem necessary or desirable and which will not materially and adversely affect the interests of the Warrantholders
of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;The Company, the Guarantor and the
Warrant Agent may modify or amend this Agreement (by means of an agreement supplemental hereto or otherwise) with the consent of
Warrantholders holding not less than a majority in number of the then outstanding Warrants of all series affected by such modification
or amendment, for any purpose; <I>provided,</I> <I>however</I>, that no such modification or amendment that changes the exercise
price of the Warrants of any series, reduces the amount receivable upon exercise, cancellation or expiration of the Warrants other
than in accordance with the antidilution provisions or other similar adjustment provisions included in the terms of the Warrants,
shortens the period of time during which the Warrants of such series may be exercised, or otherwise materially and adversely affects
the exercise rights of the affected Warrantholders, removes the Guarantee on the Warrants (except in accordanec with &lrm;Section
7.12) or reduces the percentage of the number of outstanding Warrants of such series, the consent of whose holders is required
for modification or amendment of this Agreement, may be made without the consent of each Warrantholder affected thereby. In the
case of Warrants evidenced by one or more Global Warrant Certificates, the Company and the Warrant Agent shall be entitled to rely
upon certification in form satisfactory to each of them that any requisite consent has been obtained from holders of beneficial
ownership interests in the relevant Global Warrant Certificate. Such certification may be provided by participants of the Depositary
acting on behalf of such beneficial owners of Warrants, <I>provided</I> that any such certification is accompanied by a certification
from the Depositary as to the Warrant holdings of such participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;An amendment that changes or eliminates
any provision of this Agreement that has expressly been included solely for the benefit of one or more particular series of Warrants,
or that modifies the rights of Warrantholders of such series with respect to such provision, shall be deemed not to affect the
rights under this Agreement of the Warrantholders of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;Upon the request of the Company
and the Guarantor, accompanied by a copy of the resolutions of their respective Boards (which resolutions may provide general terms
or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant
to an Issuer Order or an Officer&rsquo;s Certificate of the Guarantor, as applicable) certified by the secretary or an assistant
secretary of the Company or the Guarantor, as applicable, authorizing the execution of any such amendment, and upon the filing
with the Warrant Agent of evidence of the consent of Warrantholders as aforesaid, the Warrant Agent shall join with the Company
and the Guarantor in the execution of such amendment unless such amendment affects the Warrant Agent&rsquo;s own rights, duties
or immunities under this Agreement or otherwise, in which case the Warrant Agent may in its discretion, but shall not be obligated
to, enter into such amendment. In executing, or accepting the additional</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">duties created by, any amendment permitted by this Article,
the Warrant Agent shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement. The fact and date of the execution of any consent
of Warrantholders, or the authority of the person executing the same, may be proved in any manner which the Warrant Agent (with
the approval of the Company) deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;It shall not be necessary for the
consent of the Warrantholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.02<I>. Notices and Demands to
the Company, the Guarantor and the Warrant Agent. </I>If the Warrant Agent shall receive any notice or demand addressed to the
Company and/or the Guarantor by any Warrantholder pursuant to the provisions of this Agreement or the terms of the Warrants of
any series, the Warrant Agent shall promptly forward such notice or demand to the Company and the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.03<I>. Addresses for Notices.
</I>Any communications to the Warrant Agent with respect to this Agreement shall be in writing addressed to The Bank of New York
Mellon, 101 Barclay Street, 7W, New York, New York 10286, Attention: Corporate Trust Administration (the &ldquo;Warrant Agent&rsquo;s
Office&rdquo;) and any communications to the Company or the Guarantor with respect to this Agreement shall be addressed to Morgan
Stanley Finance LLC and/or Morgan Stanley, in each case, at 1585 Broadway, New York, New York 10036, Attention: Treasurer (or in
each case to such other address as shall be given in writing to the other parties hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrant Agent agrees to accept and act
upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods; <I>provided, however</I>, that (a) the party providing such electronic instructions or directions, subsequent
to the transmission thereof, shall provide the originally executed instructions or directions to the Warrant Agent in a timely
manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party
providing such instructions or directions. The Warrant Agent shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Warrant Agent&rsquo;s reliance upon and compliance with such instructions or directions up until such time
as the Warrant Agent receives any subsequent written instruction or direction that supersedes such earlier written instructions
or directions. The party providing instructions or directions by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Warrant Agent, including without limitation the risk of the Warrant Agent acting on unauthorized instructions,
and the risk of interception and misuse by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.04<I>. Notices to Warrantholders. </I>The Company may cause to have notice given to the Warrantholders of any series by providing
the Warrant Agent with a form of notice to be distributed by (i) in the case of Registered Warrants evidenced by Definitive Warrant
Certificates, the Warrant Agent to Registered Holders by first class mail, (ii) in the case of Warrants evidenced by one or more
Global Warrant Certificates, the Depositary to be distributed by the Depositary to its participants in accordance with the custom
and practices of the Depositary or (iii) in the case of Bearer Warrants evidenced by Definitive Warrant Certificates, either (a)
the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Warrants are
owned if such Bearer Warrants are held only in global form or (b) publication at least once in an Authorized Newspaper (as defined
below) in The City of New York, and Western Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Authorized Newspaper</B>&rdquo;
means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall Street Journal (Eastern Edition)
and, in the case of Western Europe, will, if practicable, be the Financial Times (London Edition)) published in an official language
of the country of publication customarily published at least once a day for at least five days in each calendar week and of general
circulation in The City of New York, and Western Europe, as applicable. If it shall be impractical in the opinion of the Warrant
Agent to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu
thereof that is made or given with the approval of the Warrant Agent shall constitute a sufficient publication of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.05<I>. Obtaining of Approvals.
</I>The Company or the Guarantor will from time to time take all action that may be necessary to obtain and keep effective any
and all filings or notices under applicable law, which may be or become required in connection with the issuance, sale, trading,
transfer or delivery of the Warrant Certificates or the exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.06<I>. Persons Having Rights under
this Agreement. </I>Nothing in this Agreement expressed or implied and nothing that may be inferred from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company, the Guarantor,
the Warrant Agent and the Warrantholders any right, remedy or claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements contained in this
Agreement shall be for the sole and exclusive benefit of the Company, the Guarantor, the Warrant Agent, their respective successors
and the Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.07<I>. Inspection of Agreement.
</I>A copy of this Agreement shall be available at all reasonable times at the Warrant Agent&rsquo;s Office for inspection by the
Warrantholders, participants of the Depositary certified as such by the Depositary or any person certified by any such participant
to be an indirect</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">participant of the Depositary or any person certified by any
such participant to be a beneficial owner of a Warrant, in each case, on behalf of whom such participant holds Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.08<I>. Officer&rsquo;s
Certificates and Opinions of Counsel; Statements to Be Contained Therein. </I>(a) Each certificate or opinion provided for in
this Agreement and delivered to the Warrant Agent with respect to compliance with a condition or covenant provided for in
this Agreement shall include (i) a statement that the person making such certificate or opinion has read such covenant or
condition, (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based, (iii) a statement that, in the opinion of such person, such
person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to
whether or not such covenant or condition has been complied with and (iv) a statement as to whether or not, in the opinion of
such person, such condition or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;Any certificate, statement or opinion
of an officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion
of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to
the matters upon which such officer&rsquo;s certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based,
insofar as it relates to factual matters, information with respect to which is in the possession of the Company or the Guarantor,
as applicable, upon the certificate, statement or opinion of or representations by an officer or officers of the Company or the
Guarantor, as applicable, unless such counsel knows that the certificate, statement or opinion or representations with respect
to the matters upon which such officer&rsquo;s certificate, statement or opinion may be based as aforesaid are erroneous, or in
the exercise of reasonable care should know that the same are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;Any certificate, statement or opinion
of an officer of the Company, an officer of the Guarantor or of counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company or the
Guarantor, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect
to the accounting matters upon which such officer&rsquo;s or counsel&rsquo;s, as the case may be, certificate, statement or opinion
may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate
or opinion of any independent firm of public accountants filed with and directed to the Warrant Agent shall contain a statement
that such firm is independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.09<I>. Payments Due on Saturdays,
Sundays and Holidays. </I>If the date fixed for any payment with respect to the Warrants of any series appertaining</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">thereto shall not be a Business Day (as defined below), then
such payment need not be made on such date, but may be made on the next succeeding Business Day with same force and effect as if
made on the date fixed, and no interest shall accrue for the period after such date (unless otherwise specified).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo; means,
with respect to any Warrant, a Business Day as defined in any debt security included in any unit comprising such Warrant or as
otherwise established pursuant to Section &lrm;1.03 hereof or if the term Business Day is not so specified, Business Day means
any day that is not a Saturday or Sunday or a legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or required by law, regulation or executive order to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.10<I>. Judgment Currency.
</I>Each of the Company and the Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Warrants of
any series (the &ldquo;<B>Required Currency</B>&rdquo;) into a currency in which a judgment will be rendered (the &ldquo;<B>Judgment
Currency</B>&rdquo;), the rate of exchange used shall be the rate (as determined by the Exchange Rate Agent (as defined in the
Indenture)) at which in accordance with normal banking procedures the Exchange Rate Agent could purchase in The City of New York
the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day (as defined below), in which event, to the extent permitted by applicable law, the rate of exchange
used shall be the rate (as determined by the Exchange Rate Agent) at which in accordance with normal banking procedures the Exchange
Rate Agent could purchase in The City of New York the Required Currency with the Judgment Currency on the last New York Banking
Day preceding the day on which final unappealable judgment is entered and (b) its respective obligations under this Agreement
and the terms of the Warrants of such series to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause 6.10(a)), in any currency
other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the
payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency so expressed to be payable
and (iii) shall not be affected by judgment being obtained for any other sum due under this Agreement. For purposes of the foregoing,
&ldquo;<B>New York Banking Day</B>&rdquo; means any day except a Saturday, Sunday or a legal holiday in The City of New York or
a day on which banking institutions in The City of New York are authorized or required by law or executive order to close.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.11<I>. Headings. </I>The descriptive
headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.12<I>. Counterparts. </I>This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original; but such
counterparts shall together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.13<I>. Applicable Law. </I>This
Agreement and each Warrant and the Guarantee shall be deemed to be a contract under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said State, excluding choice of law provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.14. <I>Waiver of Jury Trial</I>.
EACH OF THE COMPANY, THE GUARANTOR AND THE WARRANT AGENT, AND EACH WARRANTHOLDER BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, THE WARRANTS OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.15. <I>Submission to Jurisdiction;
Waiver of Immunity</I>. For the benefit of the Warrantholders, each of the Company and the Guarantor hereby (i) irrevocably submits
to the non-exclusive jurisdiction of any New York State court or United States federal court sitting in the Borough of Manhattan
in the City of New York solely for purposes of any legal action or proceeding arising out of or relating to the Warrants or this
Agreement and (ii) irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of venue of any legal action or proceeding in any New York State court or United States federal court sitting in
the Borough of Manhattan in the City of New York, and any claim that any such action or proceedings brought in any such court has
been brought in an inconvenient forum. Each of the Company and the Guarantor agrees that a final judgment in any such legal action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
7</FONT><BR>
guarantee</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.01<I>. The Guarantee. </I>Subject
to the provisions of this Article, the Guarantor hereby irrevocably, fully and unconditionally guarantees, on an unsecured basis,
the full and punctual payment (whether at stated maturity, upon redemption or acceleration, or otherwise) of the principal of,
premium, if any, and interest on, and all other amounts payable, including property deliverable, under, the Warrants, and the full
and punctual payment of all other amounts payable by the Company under this Agreement. Upon failure by the Company to pay punctually
any such amount, the Guarantor shall forthwith on demand pay the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">amount not so paid at the place and in the manner specified
in this Agreement. This Guarantee constitutes a guaranty of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.02<I>. Guarantee Unconditional.
</I>The obligations of the Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing,
will not be released, discharged or otherwise affected by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;any extension, renewal, settlement,
compromise, waiver or release in respect of any obligation of the Company under this Agreement or any Warrant, by operation of
law or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;any modification or amendment of
or supplement to this Agreement or any Warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#9;any change in the corporate existence,
structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the
Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Agreement or any
Warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#9;the existence of any claim, set off
or other rights which the Guarantor may have at any time against the Company, the Warrant Agent or any other Person, whether in
connection with this Agreement or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim
by separate suit or compulsory counterclaim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#9;any invalidity or unenforceability
relating to or against the Company for any reason of this Agreement or any Warrant, or any provision of applicable law or regulation
purporting to prohibit the payment by the Company of the principal of or interest on any Warrant or any other amount payable by
the Company under this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#9;any other act or omission to act
or delay of any kind by the Company, the Warrant Agent or any other Person or any other circumstance whatsoever which might, but
for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to the Guarantor&rsquo;s obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.03<I>. Discharge; Reinstatement</I>.<I>
</I>The Guarantor&rsquo;s obligations under this Article with respect to any Warrants will remain in full force and effect until
the principal of, premium, if any, and interest on such Warrants and all other amounts payable by the Company under this Agreement
with respect to such Warrants have been paid in full. If at any time any payment of the principal of, premium, if any, or interest
on any Warrant or any other amount payable by the Company under this Agreement is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the Guarantor&rsquo;s obligations hereunder with
respect to such payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">will be reinstated as though such payment had been due but not
made at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.04<I>. Waiver by the Guarantor</I>.<I>
</I>The Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by any Person against the Company or any other Person. The Guarantor
hereby agrees that, in the event of a default in payment of the principal of, interest on, and all other amounts payable under
any Warrant, whether at its stated maturity, by declaration of acceleration, call for redemption or otherwise, legal proceedings
may be instituted by the Warrant Agent on behalf of, or by, the Holder of such Warrant, subject to the terms and conditions set
forth in this Agreement, directly against the Guarantor to enforce this Guarantee without first proceeding against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.05<I>. Subrogation</I>.<I> </I>Upon
making any payment with respect to any obligation of the Company under this Article, the Guarantor shall be subrogated to the rights
of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce any right of subrogation
with respect to such payment so long as any amount payable by the Company hereunder or under the Warrants remains unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.06<I>. Stay of Acceleration.</I>
If acceleration of the time for payment of any amount payable by the Company under this Agreement or the Warrants is stayed upon
the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms
of this Agreement are nonetheless payable by the Guarantor hereunder forthwith on demand by the Warrant Agent or the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.07<I>. Savings Clause</I>. Notwithstanding
anything to the contrary in this Article, the Guarantor, and by its acceptance of Warrants, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee not constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Warrant
Agent, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor under the Guarantee are limited
to the maximum amount that would not render the Guarantor&rsquo;s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.08. <I>Execution and Delivery
of Guarantee. </I>The execution by the Guarantor of this Agreement (or a supplemental agreement) evidences the Guarantee of the
Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of countersignature
of any Warrant. The delivery of any Warrant by the Warrant Agent after countersignature</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">constitutes due delivery of the Guarantee set forth in this
Agreement on behalf of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.09<I>. Release of Guaranty</I>.<I>
</I>The Guarantee of the Guarantor of the Warrants will terminate upon cancellation of the Warrants, as provided in &lrm;Section
1.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon delivery by the Company to the Warrant
Agent of an Officer&rsquo;s Certificate and an Opinion of Counsel to the foregoing effect, the Warrant Agent will execute any documents
reasonably required in order to evidence the release of the Guarantor from its obligations under the Guarantee of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.10.&#9;<I>Guarantor&rsquo;s Covenant
Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I>. The Guarantor covenants that it will not
merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person,
unless (i) either the Guarantor shall be the continuing Person, or the successor Person by merger or consolidation or the Person
which acquires by sale, lease or conveyance substantially all the assets of the Guarantor (if other than the Guarantor) shall be
a Person organized under the laws of the United States of America or any State thereof or the District of Columbia and shall expressly
assume the full, irrevocable and unconditional guarantee of the due and punctual payment of the principal of and interest on all
the Warrants according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions
of this Agreement to be performed or observed by the Guarantor, by supplemental agreement satisfactory to the Warrant Agent, executed
and delivered to the Warrant Agent by such Person, and (ii) the Guarantor, such successor Person or such acquiring Person, as the
case may be, shall not, immediately after such merger or consolidation, or such sale, lease or conveyance, be in default in the
performance of any such covenant or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.11.&#9;<I>Successor Person Substituted</I>.
In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor Person,
such successor Person shall succeed to and be substituted for the Guarantor, with the same effect as if it had been named as the
Guarantor herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger,
sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing
the Warrants thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such sale or conveyance
(other than a conveyance by way of lease) the Guarantor or any successor Person which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and
the Warrant Certificates and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.12.&#9;<I>Termination of the Guarantee
upon Merger</I>. The Guarantee of the Guarantor of the Warrants will terminate upon the merger of the Company with and into the
Guarantor in accordance with &lrm;Article 3 and this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.13<I>.&#9;Opinion of Counsel Delivered
to Warrant Agent</I>. The Warrant Agent, subject to the provisions of &lrm;Article 5, may receive an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale, lease or conveyance of the Guarantor, and any such assumption, and any such
liquidation or dissolution, complies with the applicable provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.14.&#9;<I>Not Insured.</I> This
Guarantee is not insured by the Federal Deposit Insurance Corporation of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">MORGAN STANLEY FINANCE LLC,</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in">ISSUER</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>
    <TD STYLE="width: 82%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">MORGAN STANLEY,</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in">GUARANTOR</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 82%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Name:&#9;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Title:&#9;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">THE BANK OF NEW YORK MELLON,</P>
                    <P STYLE="margin: 0pt 0 0pt 0.25in; text-indent: 0in">WARRANT AGENT</P>

<P STYLE="margin: 0pt 0"></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 82%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Name:&#9;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Title:&#9;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 39 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;EXHIBIT I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF FACE OF REGISTERED CALL WARRANT
CERTIFICATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. _____</TD>
    <TD STYLE="width: 50%; text-align: right">CUSIP No. __________</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Unless and until it is exchanged in whole
or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred
except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless this Warrant Certificate is presented
by an authorized representative of the Depositary (55 Water Street, New York) to Morgan Stanley or its agent for registration of
transfer, exchange or payment, and any Warrant issued is registered in the name of Cede &amp; Co. or such other name as requested
by an authorized representative of the Depositary and any payment hereon is made to Cede &amp; Co. or such other entity as is requested
by an authorized representative of the Depositary, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede &amp; Co., has an interest herein.]<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
[Designation of Warrants]<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO _____]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">WARRANT PROPERTY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">AMOUNT OF WARRANT PROPERTY<BR>
PURCHASABLE PER WARRANT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">CALL PRICE PER WARRANT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">FORM OF PAYMENT OF<BR>
CALL PRICE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 40; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">FORM OF SETTLEMENT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">DATES OF EXERCISE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">OTHER TERMS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the &ldquo;<B>Warrants</B>&rdquo;)
[specified above]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> [specified on Schedule A hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>.
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice
in substantially identical form delivered herewith) (the &ldquo;<B>Exercise Notice</B>&rdquo;), duly completed and executed, and
the Call Price per Warrant set forth above, in the form set forth above, for each Warrant to be exercised (the &ldquo;<B>Exercise
Property</B>&rdquo;) at the Warrant Agent&rsquo;s Window, Attention: Corporate Trust Administration, in the Borough of Manhattan,
The City of New York, each Warrant evidenced hereby entitles the Registered Holder hereof to receive, subject to the terms and
conditions set forth herein and in the Warrant Agreement (as defined below), from Morgan Stanley Finance LLC (the &ldquo;<B>Company</B>&rdquo;)
the amount and form of property (the &ldquo;<B>Warrant Property</B>&rdquo;) specified above. Any payment due on, including any
property deliverable under, the Warrants is fully and unconditionally guaranteed by Morgan Stanley. Warrants will not entitle the
Warrantholder to any of the rights of the holders of any of the Warrant Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof, and such further provisions shall for all purposes have
the same effect as though fully set forth in this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">_________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to definitive warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, Morgan Stanley Finance
LLC has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">MORGAN STANLEY FINANCE LLC</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 75%; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Name:&#9;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Title:&#9;</TD>    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Attest:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important">By:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">[Secretary]]</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Countersigned as of the date above written:&nbsp;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">THE BANK
OF NEW YORK MELLON,</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 10pt">as Warrant Agen</FONT>t</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF REGISTERED CALL WARRANT
CERTIFICATE]<BR>
<BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants issued by the Company pursuant to a Warrant Agreement, dated as of February 16,
2016 (the &ldquo;<B>Warrant Agreement</B>&rdquo;), among the Company, as issuer, Morgan Stanley, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;),
and The Bank of New York Mellon (the &ldquo;<B>Warrant Agent</B>&rdquo;) and are subject to the terms and provisions contained
in the Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate
or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant
Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent&rsquo;s Office. The Warrants
constitute a separate series of Warrants under the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants are unsecured contractual obligations
of the Company and rank <I>pari passu</I> with the Company&rsquo;s other unsecured contractual obligations and with the Company&rsquo;s
unsecured and unsubordinated debt. Any payment due on, including any property deliverable under, the Warrants is fully and unconditionally
guaranteed by the Guarantor on an unsecured basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions hereof and the
Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing
to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property to the Warrant
Agent&rsquo;s Window, in the Borough of Manhattan, The City of New York, which is, on the date hereof (unless otherwise specified
herein), The Bank of New York Mellon, 101 Barclay Street, 7W, New York, New York 10286, Attention: Corporate Trust Administration,
or at such other address as the Warrant Agent may specify from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Warrant entitles the Warrantholder
to receive, upon exercise, the Warrant Property set forth on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrant Agreement and the terms of the
Warrants are subject to amendment as provided in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall be governed
by, and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exercise Notice<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon<BR>
101 Barclay Street, 7W<BR>
New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Corporate Trust Administration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned (the &ldquo;<B>Registered
Holder</B>&rdquo;) hereby irrevocably exercises __________ Warrants (the &ldquo;<B>Exercised Warrants</B>&rdquo;) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder&rsquo;s name, representing a number
of Warrants at least equal to the number of Exercised Warrants, and the Exercise Property with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registered Holder hereby directs the
Warrant Agent (a) to deliver the Warrant Property as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">and (b) if the number of Exercised Warrants
is less than the number of Warrants represented by the enclosed Warrant Certificate, to deliver a Warrant Certificate representing
the unexercised Warrants to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 10%">&nbsp;</td>
    <td style="width: 39%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 49%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Dated:</font></td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">(Registered Holder)</font></td></tr>
</table>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 14%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Authorized Signature</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Address:</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Telephone:</font></td></tr>
</table><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><BR STYLE="clear: both">

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[If Warrant is a Global Warrant, insert
this Schedule A.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL<BR>
WARRANT<BR>
SCHEDULE OF EXCHANGES<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of February 16,
2016 among the Company, the Guarantor, The Bank of New York Mellon, as Unit Agent, as Warrant Agent, as Collateral Agent, and as
Trustee under the Indenture referred to therein and the Holders from time to time of the Units described therein, the following
(A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented by a Global Warrant that
has been separated from a Unit (a &ldquo;<B>Separated Warrant</B>&rdquo;)]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
[the number of Warrants that had been represented by a Global Warrant that is part of a Unit (an &ldquo;<B>Attached Unit Warrant</B>&rdquo;)
for a like number of Warrants represented by this Global Warrant]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
or (B) reductions as a result of the exercise of the number of Warrants indicated below have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Date
                                         of Exchange or Exercise</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         Exchanged for Separated Warrants]<SUP>1</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Reduced
                                         Number Outstanding Following Such Exchange]<SUP>1</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]<SUP>2</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Increased
                                         Number Outstanding Following Such Exchange]<SUP>2</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Number
                                         of Warrants Exercised</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Reduced
                                         Number Outstanding Following Such Exercise</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Notation
                                         Made by or on Behalf of Warrant Agent</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant is part of a Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant has been separated from a Unit.&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
[FORM OF FACE OF REGISTERED PUT WARRANT CERTIFICATE]<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. _____</TD>
    <TD STYLE="width: 50%; text-align: right">CUSIP No. __________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Unless and until it is exchanged in whole
or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred
except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless this Warrant Certificate is presented
by an authorized representative of the Depositary (55 Water Street, New York) to Morgan Stanley or its agent for registration of
transfer, exchange or payment, and any Warrant issued is registered in the name of Cede &amp; Co. or such other name as requested
by an authorized representative of the Depositary and any payment hereon is made to Cede &amp; Co. or such other entity as is requested
by an authorized representative of the Depositary, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede &amp; Co., has an interest herein.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY FINANCE LLC<BR>
<BR>
[Designation of Warrants]<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO ____]<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING
SAME):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[WARRANT PROPERTY:]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">[AMOUNT OF WARRANT PROPERTY<BR>
SALABLE PER WARRANT:]<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PUT PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER
WARRANT:]<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED
FOR SALE UPON EXERCISE OF WARRANTS:]<SUP> 2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATES OF EXERCISE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OTHER TERMS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the &ldquo;<B>Warrants</B>&rdquo;)
[specified above]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> [specified on Schedule A hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>.
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice
in substantially identical form delivered herewith)(the &ldquo;<B>Exercise Notice</B>&rdquo;), duly completed and executed, and
the Amount of Warrant Property saleable per Warrant set forth above, adjusted, if applicable, as set forth above, for each Warrant
to be exercised, delivered as set forth above at the Warrant Agent&rsquo;s Window, Attention: Corporate Trust Administration, in
the Borough of Manhattan, The City of New York (which is, on the date hereof, The Bank of New York Mellon, 101 Barclay Street,
7W, New York, New York 10286, Attention: Corporate Trust Administration), each Warrant evidenced hereby entitles the Registered
Holder hereof to receive, subject to the terms and conditions set forth herein and in the Warrant Agreement (as defined below),
from Morgan Stanley Finance LLC (the &ldquo;<B>Company</B>&rdquo;) the [Cash Settlement Value] [Put Price]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
per Warrant specified above. Any payment due on, including any property deliverable under, the Warrants is fully and unconditionally
guaranteed by Morgan Stanley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated above, a Warrant
will not require or entitle a Warrantholder to sell or deliver to the Company, nor will the Company be under any obligation to,
nor will it, purchase or take delivery from any Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the Company
will make only a cash payment in the amount of the Cash Settlement Value or Put Price per Warrant. Warrantholders will not receive
any interest on any Cash Settlement Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth in this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to definitive warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, Morgan Stanley Finance
LLC has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD COLSPAN="2">MORGAN STANLEY FINANCE LLC<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 75%; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Name:&#9;</TD>    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>    <TD>Title:&#9;</TD>    <TD>&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Attest:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important">By:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">[Secretary]]</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Countersigned as of the date above written:&nbsp;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">THE BANK
OF NEW YORK MELLON,</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 10pt">as Warrant Agen</FONT>t</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF REGISTERED PUT WARRANT
CERTIFICATE]<BR>
<BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrants evidenced by this Warrant
Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to a Warrant Agreement, dated as of
February 16, 2016 (the &ldquo;<B>Warrant Agreement</B>&rdquo;), among the Company, as issuer, Morgan Stanley, as guarantor (the
&ldquo;<B>Guarantor</B>&rdquo;), and The Bank of New York Mellon (the &ldquo;<B>Warrant Agent</B>&rdquo;) and are subject to the
terms and provisions contained in the Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance
of this Warrant Certificate or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in
and made a part of this Warrant Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent&rsquo;s
Office. The Warrants constitute a separate series of Warrants under the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrants are unsecured contractual
obligations of the Company and rank <I>pari passu</I> with the Company&rsquo;s other unsecured contractual obligations and with
the Company&rsquo;s unsecured and unsubordinated debt. Any payment due on, including any property deliverable under, the Warrants
is fully and unconditionally guaranteed by the Guarantor on an unsecured basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">Subject to the provisions hereof
and the Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering
or causing to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property
for each such Warrant to the Warrant Agent&rsquo;s Window, in the Borough of Manhattan, The City of New York, which is, on the
date hereof (unless otherwise specified herein), The Bank of New York Mellon, 101 Barclay Street, 7W, New York, New York 10286,
Attention: Corporate Trust Administration, or at such other address as the Warrant Agent may specify from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">Each Warrant entitles the Warrantholder
to receive, upon exercise, the [Cash Settlement Value] [Put Price]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
per Warrant set forth on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrant Agreement and the terms
of the Warrants are subject to amendment as provided in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">This Warrant Certificate shall be
governed by, and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 3pt 0pt; text-indent: 0pt">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Designation of Warrants]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exercise Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon<BR>
101 Barclay Street, 7W<BR>
New York, New York 10286<BR>
<BR>
Attention: Corporate Trust Administration<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned (the &ldquo;<B>Registered
Holder</B>&rdquo;) hereby irrevocably exercises __________ Warrants (the &ldquo;<B>Exercised Warrants</B>&rdquo;) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder&rsquo;s name, representing a number
of Warrants at least equal to the number of Exercised Warrants[, and the Warrant Property with respect thereto].<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registered Holder hereby directs the
Warrant Agent (a) to deliver the [Cash Settlement Value][Put Price]<SUP>1</SUP> per Warrant as follows:<BR>
<BR>
<BR>
and (b) if the number of Exercised Warrants is less than the number of Warrants represented by the enclosed Warrant Certificate,
to deliver a Warrant Certificate representing the unexercised Warrants to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 12pt">&nbsp;</td>
    <TD STYLE="width: 39%; font-size: 12pt">&nbsp;</td>
    <TD STYLE="width: 2%; font-size: 12pt">&nbsp;</td>
    <TD STYLE="width: 49%; font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 12pt"><font style="font-size: 10pt">Dated:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</td>
    <TD STYLE="font-size: 12pt">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</td>
    <TD STYLE="font-size: 12pt">&nbsp;</td>
    <TD STYLE="font-size: 12pt">&nbsp;</td>
    <TD STYLE="font-size: 12pt; text-align: center"><font style="font-size: 10pt">(Registered Holder)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 14%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Authorized Signature</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Address:</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Telephone:</font></td></tr>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt">__________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">[If Warrant
is a Global Warrant, insert this Schedule A.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL<BR>
WARRANT<BR>
SCHEDULE OF EXCHANGES<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of February 16,
2016 among the Company, the Guarantor, The Bank of New York Mellon, as Unit Agent, as Warrant Agent, as Collateral Agent, and as
Trustee under the Indenture referred to therein and the Holders from time to time of the Units described therein, the following
(A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented by a Global Warrant that
has been separated from a Unit (a &ldquo;<B>Separated Warrant</B>&rdquo;)]<SUP>1</SUP> [the number of Warrants that had been represented
by a Global Warrant that is part of a Unit (an &ldquo;<B>Attached Unit Warrant</B>&rdquo;) for a like number of Warrants represented
by this Global Warrant]<SUP>2</SUP> or (B) reductions as a result of the exercise of the number of Warrants indicated below have
been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Date
                                         of Exchange or Exercise</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">[<FONT STYLE="font-size: 9pt">Number
                                         Exchanged for Separated Warrants]<SUP>1</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Reduced
                                         Number Outstanding Following Such Exchange]<SUP>1</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]<SUP>2</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Increased
                                         Number Outstanding Following Such Exchange]<SUP>2</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Number
                                         of Warrants Exercised</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Reduced
                                         Number Outstanding Following Such Exercise</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Notation
                                         Made by or on Behalf of Warrant Agent</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-indent: 0pt">___________________<FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant is part of a Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant has been separated from a Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0"></P>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]