Document:

Form of Advisory Agreement

 Exhibit 10.1 
  
 FORM OF ADVISORY AGREEMENT 
  
 between 
  
 KBS REAL ESTATE INVESTMENT TRUST, INC. 
  
 and 
  
 KBS CAPITAL ADVISORS LLC

  
                     , 2005 
  
  

 TABLE OF CONTENTS 
  

 

			
	 	  	Page

	 ARTICLE 1 - DEFINITIONS
	  	1
	 ARTICLE 2 - APPOINTMENT
	  	8
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	8
	 3.01 Organizational and Offering Services
	  	8
	 3.02 Acquisition Services
	  	8
	 3.03 Asset Management Services
	  	9
	 3.04 Stockholder Services
	  	12
	 3.05 Other Services
	  	12
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	12
	 4.01 General
	  	12
	 4.02 Powers of the Advisor
	  	12
	 4.03 Approval by the Board of Directors
	  	13
	 4.04 Modification or Revocation of Authority of Advisor
	  	13
	 ARTICLE 5 - BANK ACCOUNTS
	  	13
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	13
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	14
	 ARTICLE 8 - FEES
	  	14
	 8.01 Acquisition Fees
	  	14
	 8.02 Asset Management Fees
	  	15
	 8.03 Disposition Fees
	  	15
	 8.04 Subordinated Share of Net Sales Proceeds
	  	15
	 8.05 Subordinated Incentive Fee
	  	16
	 8.06 Changes to Fee Structure
	  	16
	 ARTICLE 9 - EXPENSES
	  	16
	 9.01 General
	  	16
	 9.02 Timing of and Limitations on Reimbursements
	  	18
	 ARTICLE 10 – VOTING AGREEMENT
	  	19
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	19
	 11.01 Relationship
	  	19
	 11.02 Time Commitment
	  	19
	 11.03 Investment Opportunities and Allocation
	  	19
	 ARTICLE 12 - THE KBS NAME
	  	20
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	20
	 13.01 Term
	  	20
	 13.02 Termination by Either Party
	  	20
	 13.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	20
	 ARTICLE 14 - ASSIGNMENT
	  	21
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	21
	 ARTICLE 16 - MISCELLANEOUS
	  	22
	 16.01 Notices
	  	22

  

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	 16.02 Modification
	  	22
	 16.03 Severability
	  	22
	 16.04 Construction
	  	22
	 16.05 Entire Agreement
	  	23
	 16.06 Waiver
	  	23
	 16.07 Gender
	  	23
	 16.08 Titles Not to Affect Interpretation
	  	23
	 16.09 Counterparts
	  	23

  
  

 ii 

 ADVISORY AGREEMENT 
  
 This Advisory Agreement, dated as of
                    , 2005 (the “Agreement”), is between KBS Real Estate Investment Trust, Inc., a Maryland corporation (the
“Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company, all as provided herein; and 
  
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors of the Company, on the terms
and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 The following defined terms used in this Agreement shall have the meanings specified below: 
  
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company,
the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property or other potential investment, whether or not acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, and title insurance premiums. 
  
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and
commissions paid by any Person to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of Property by the Company. Included in the computation of such fees
or commissions shall be any real estate commission, selection fee, 

  

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Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be
Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 
  

“Advisor” means (i) KBS Capital Advisors LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 

 
 “Affiliate or Affiliated.” An Affiliate of another Person
includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or
more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common
control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity.

  
 “Appraised Value” means the value according to an
appraisal made by an Independent Appraiser. 
  
 “Articles of
Incorporation” means the Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 
  
 “Asset Management Fee” shall have the meaning set forth in Section
8.02. 
  
 “Average Invested Assets” means, for a
specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or
other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
  
 “Board of Directors or Board” means the persons holding such office, as of any particular time, under the Articles of Incorporation of the
Company, whether they be the Directors named therein or additional or successor Directors. 
  
 “Bylaws” means the bylaws of the Company, as amended from time to time. 
  
 “Cash from Financings” means the net cash proceeds realized by the Company from the financing of Properties, Loans or other Permitted
Investments or from the refinancing of any Company indebtedness. 
  

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 “Cash from Sales” means the net cash proceeds realized by the Company from the sale, exchange
or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
  
 “Cash from Sales and Financings” means the total sum of Cash from Sales and Cash from Financings. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable
regulations as in effect from time to time. 
  
 “Company” means KBS Real Estate Investment Trust, Inc., a corporation organized under the laws of the State of Maryland. 
  
 “Competitive Real Estate Commission” means a real estate or brokerage commission for the purchase or sale of property that is reasonable,
customary, and competitive in light of the size, type, and location of the property. 
  
 “Conflicts Committee” shall have the meaning set forth in the Company’s Articles of Incorporation. 
  
 “Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements,
supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
  
 “Contract Sales Price” means the total consideration received by the Company for the sale of a Property. 
  
 “Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned by the Company, the amount actually paid or
allocated to the purchase, development, construction or improvement of Properties, inclusive of expenses related thereto, plus the amount of any outstanding debt attributable to such Properties and (ii) in the case of properties owned by any Joint
Venture or partnership in which the Company is a co-venturer or partner, the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of properties, inclusive of expenses related thereto, plus the
amount of any outstanding debt associated with such properties that is attributable to the Company’s investment in the Joint Venture or partnership. 
  
 “Cumulative Return” means, for the period for which the calculation is being made, the percentage resulting from dividing (A) the total
Distributions paid on each Distribution date during such period (without regard to Distributions paid out of Cash from Sales and Financings), by (B) the product of (i) the average Invested Capital for 
  

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 such period (calculated on a daily basis), and (ii) the number of days elapsed during such period. 
  
 “Dealer Manager” means (i) KBS Capital Markets Group LLC, a
Delaware limited liability company, or (ii) any successor dealer manager to the Company. 
  
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the
Property, either initially or at a later date. 
  
 “Director” means a member of the Board of Directors of the Company. 
  
 “Disposition Fee” shall have the meaning set forth in Section 8.03. 
  
 “Distributions” means any distributions of money or other property by the Company to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
  
 “GAAP” means accounting principals generally accepted in the United States. 
  
 “Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for Organization and Offering Expenses.  
  
 “Independent Appraiser” means a person or entity with no material
current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified
appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers
(“S.R.E.A.”) shall be conclusive evidence of such qualification. 
  
 “Invested Capital” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net
Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
  
 “Joint Venture” means any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf
of the Company any Properties, Loans or other Permitted Investments. 
  
 “Listed” or “Listing” shall have the meaning set forth in the Company’s Articles of Incorporation. 
  

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 “Loans” means mortgage loans and other types of debt financing purchased by the Company.

  
 “NASAA Guidelines” means the NASAA Statement of
Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
  
 “Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other
similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
  
 “Net Sales Proceeds” means in the case of a transaction described
in clause (i) (A) of the definition of Sale, the proceeds of any such transaction less the amount of all real estate commissions and closing costs and any legal and other selling expenses incurred in connection with such transaction paid by the
Company. In the case of a transaction described in clause (i) (B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of any legal and other selling expenses incurred in connection with such transaction.
In the case of a transaction described in clause (i) (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Company from the joint venture. In the case of a transaction described in clause
(ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby and reinvested in one or more Properties, Loans or other Permitted Investments within 180 days
thereafter and less the amount of any real estate commissions, closing costs, and legal and other selling expenses incurred by or allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall not
include any reserves established by the Company in its sole discretion.  
  
 “Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
  
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, which in any
way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash
expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property,
and other expenses connected with the acquisition, disposition, and ownership of real estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of
property). 
  

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 “Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company
in connection with and in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total
underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses
for printing, engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under
Federal and State laws, including taxes and fees, accountants’ and attorneys’ fees. 
  
 “Partnership” means KBS Limited Partnership, a Delaware limited partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 
  
 “Permitted Investments” means all investments (other than
Properties, Loans and interests in properties owned by any Joint Venture or partnership in which the Company is a co-venturer or partner) that the Company may acquire pursuant to its Articles of Incorporation, Bylaws and the investment objectives
and policies adopted by the Board of Directors of the Company from time to time, other than short-term investments acquired for purposes of cash management. 
  
 “Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the
Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other
entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
  
 “Property or Properties” means any real property or properties
transferred or conveyed to the Company or the Partnership, either directly or indirectly. 
  
 “Property Manager” means an entity that has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors
retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
  
 “Registration Statement” means the registration statement filed by
the Company with the Securities and Exchange Commission on Form S-11 (Reg. No. 333-126087), as amended from time to time, in connection with the initial public offering of the Company’s Shares. 
  

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 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the
Code. 
  
 “Sale or Sales” means (i) any transaction or
series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that
is the subject of a ground lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership
sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any joint venture in which it is a co-venturer or partner; or (C) any joint venture in which the
Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or
other Permitted Investment that gives rise to insurance claims or condemnation awards but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction
or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 
  
 “Shares” means the shares of common stock of the Company, par value $.01 per share. 
  
 “Stockholders” means the registered holders of the Shares.

  
 “Stockholders’ 8% Return” means, as of each
date, an aggregate amount equal to an 8% Cumulative Return. 
  
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if the Shares are Listed. 
  
 “Subordinated Performance Fee Due Upon Termination” means a fee equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the
Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus the net asset value of all other Loans and Permitted Investments of the Company plus total Distributions through the
Termination Date exceeds (b) the sum of Invested Capital, plus Distributions attributable to Net Sales Proceeds, plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through
the termination date less (2) any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. 
  
 “Subordinated Share of Net Sales Proceeds” has the meaning set forth in Section 8.04. 
  
 “Termination Date” means the date of termination of the Agreement.

  

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 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period
of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

 
 ARTICLE 2 
  
 APPOINTMENT 
  
 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor
hereby accepts such appointment. 
  
 ARTICLE 3 
  
 DUTIES OF THE ADVISOR 
  
 The Advisor is responsible for managing, operating, directing and supervising
the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities and to provide the Company with a continuing and suitable investment program
consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board of Directors. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and
exclusive authority of the Board of Directors over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties: 
  
 3.01 Organizational and Offering Services. The Advisor shall perform all
services related to the organization of the Company or any Offering or private sale of the Company’s securities other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would
require the Advisor to register as a broker-dealer with the SEC or any state. 
  
 3.02 Acquisition Services. 
  
 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and
policies; 
  
 (ii) Subject to Section 4 hereof
and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other
Permitted Investments will be made; (c) acquire Properties, Loans and other Permitted Investments on behalf of the Company; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in
Properties, Loans and other 
  

 8 

 Permitted Investments; and (e) enter into leases, service contracts and other agreements for Properties;

  
 (iii) Perform due diligence on prospective
investments and create due diligence reports summarizing the results of such work; 
  
 (iv) Prepare reports regarding prospective investments that include recommendations and supporting documentation necessary for the
Directors to evaluate the proposed investments; 
  
 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company; 
  
 (vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with
the Company’s investments; and 
  
 (vii)
Negotiate and execute approved investments and other transactions. 
  
 3.03 Asset Management Services. 
  
 (i)
Real Estate Services: 
  
 (a) Investigate, select
and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to
consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property
Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
  

(b) Negotiate and service the Company’s debt facilities and other financings; 
  
 (c) Monitor applicable markets and obtain reports (which may
be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company; 
  
 (d) Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio assets, provide daily
management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 
  

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 (e) Formulate and oversee the implementation of strategies for the administration,
promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
  
 (f) Consult with the officers and the Board of Directors of
the Company and assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company; 
  
 (g) Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and
payment of Property expenses and maintenance; 
  
 (h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers;

  
 (i) Review, analyze and comment upon the
operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 
  
 (j) Coordinate and manage relationships between the Company and any joint venture partners; and 

 
 (k) Consult with the officers and Board of Directors of
the Company and provide assistance with the evaluation and approval of potential asset dispositions, sales and refinancings. 
  
 (ii) Accounting and Other Administrative Services: 
  
 (a) Provide the day-to-day management of the Company and perform and supervise the various administrative
functions reasonably necessary for the management of the Company; 
  
 (b) From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Agreement; 
  

 10 

 (c) Make reports to the Conflicts Committee each quarter of the investments that have
been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 
  
 (d) Provide or arrange for any administrative services and
items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations; 
  
 (e) Provide financial and operational planning services; 
  
 (f) Maintain accounting and other record-keeping functions at
the Company level and the investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with
the Securities and Exchange Commission, the Internal Revenue Service and any other regulatory agency; 
  
 (g) Maintain and preserve all appropriate books and records of the Company; 
  
 (h) Provide tax and compliance services and coordinate with appropriate third parties, including the
Company’s independent auditors and other consultants, on related tax matters; 
  
 (i) Provide the Company with all necessary cash management services; 
  
 (j) Manage and coordinate with the transfer agent the quarterly dividend process and payments to
Stockholders; 
  
 (k) Consult with the officers
and Board of Directors of the Company and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
  
 (l) Provide the officers and Board of Directors of the Company with timely updates related to the overall regulatory environment affecting
the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 
  

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 (m) Consult with the officers and Board of Directors of the Company relating to the
corporate governance structure and appropriate policies and procedures related thereto; 
  
 (n) Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with
applicable law, including the Sarbanes-Oxley Act; 
  
 (o) Notify the Board of Directors of all proposed material transactions before they are completed; and 
  
 (p) Do all things necessary to assure its ability to render the services described in this Agreement. 
  
 3.04 Stockholder Services. 
  
 (i) Manage communications with Stockholders, including
answering phone calls, preparing and sending written and electronic reports and other communications; 
  
 (ii) Oversee the performance of the transfer agent and registrar; and 
  
 (iii) Establish technology infrastructure to assist in providing Stockholder support and service.

  
 3.05 Other Services. Except as provided in Article 7, the
Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
  
 ARTICLE 4 
  
 AUTHORITY OF ADVISOR 
  
 4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights
and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any
other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Articles of Incorporation of the Company. 
  
 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive
authority of the Board of Directors over the management of the Company, the power to direct the management, operation and policies of the Company shall be vested in the Advisor, which shall have the power by itself and 
  

 12 

 shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and
purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement.

  
 4.03 Approval by the Board of Directors. Notwithstanding the
foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of Directors or duly authorized committees thereof if the Articles of Incorporation or Maryland General Corporation law require the prior
approval of the Board of Directors. The Advisor will deliver to the Board of Directors all documents required by it to evaluate a proposed investment (and any related financing). 
  
 4.04 Modification or Revocation of Authority of Advisor. The Board of Directors may, at any time upon the giving of notice
to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to
investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
  
 ARTICLE 5 
  
 BANK ACCOUNTS 
  
 The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account
or accounts, any money on behalf of the Company, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate
accountings of such collections and payments to the Board and the auditors of the Company. 
  
 ARTICLE 6 
  
 RECORDS AND FINANCIAL
STATEMENTS 
  
 The Advisor, in the conduct of its responsibilities
to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and
accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal
business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over 
  

 13 

 accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or
fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The
Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
  
 ARTICLE 7 
  
 LIMITATION ON ACTIVITIES 
  
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith,
would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or
statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the U.S. Securities and Exchange Commission or any state,
or (v) violate the Articles of Incorporation or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board of Directors of the Company, the Advisor shall notify the Board
of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event, the Advisor shall have
no liability for acting in accordance with the specific instructions of the Board of Directors so given. 
  
 ARTICLE 8 
  
 FEES 
  
 8.01 Acquisition Fees. As compensation for the
investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay Acquisition Fees to the Advisor for each such investment. With respect to the acquisition of a
Property to be wholly owned by the Company, the Acquisition Fee payable to the Advisor shall equal 0.75% of the sum of the amount actually paid or allocated to the purchase, development, construction or improvement of such Property, inclusive of the
Acquisition Expenses associated with such Property, and the amount of any debt attributable to such Property. With respect to the acquisition of real property through any Joint Venture or partnership in which the Company is a co-venturer or partner,
the Acquisition Fee payable to the Advisor shall equal 0.75% of the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of the property, inclusive of the Acquisition Expenses associated with
such property, plus the amount of any outstanding debt associated with such property that is attributable to the Company’s investment in the 
  

 14 

 Joint Venture or partnership. With respect to Loans and other Permitted Investments, the Acquisition Fee payable to the
Advisor shall equal 0.75% of the cost of such investment, inclusive of Acquisition Expenses associated with such investment. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the
limitations contained in the Company’s Articles of Incorporation. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition, accompanied by a computation of the Acquisition Fee. The Acquisition Fee
payable to the Advisor shall be paid at the closing of the acquisition upon receipt of the invoice by the Company. 
  
 8.02 Asset Management Fees. The Company shall pay the Advisor as compensation for the services described in Article 3 hereof a monthly fee (the
“Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the sum of the Cost of Real Estate Investments and the outstanding principal amount of the Loans and other Permitted Investments, as of the end of the preceding month.
The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be payable on the last day of such month, or the first business day
following the last day of such month. The Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fee not taken as to any fiscal year shall
be deferred without interest and may be taken in such other fiscal year as the Advisor shall determine. 
  
 8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in
connection with the Sale of one or more Properties, Loans or other Permitted Investments, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1.0% of the Contract Sales Price; provided,
however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business combination transaction
(as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this Section 8.03 may be paid in
addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i)
6.0% of the aggregate Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. Substantial assistance in connection with the sale of a property includes the Advisor’s preparation of an investment
package for the property (including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the
Advisor in connection with a sale. 
  
 8.04 Subordinated Share of
Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum 
  

 15 

 of the Stockholders’ 8% Return and 100% of Invested Capital. Following Listing, no Subordinated Share of Net Sales
Proceeds will be paid to the Advisor. 
  
 8.05 Subordinated
Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15.0% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by taking the average closing
price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions
paid to Stockholders from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the
Stockholders’ 8% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive
Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the
Advisor. 
  
 8.06 Changes to Fee Structure. In the event of
Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
  
 ARTICLE 9 
  
 EXPENSES 
  
 9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of
the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 
  
 (i) All Organization and Offering Expenses; provided, however, that the Company shall not reimburse the Advisor to the extent such
reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that within 60 days after the end of the month
in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the
Advisor for any Organization and Offering Expenses that the Conflicts Committee decides are not fair and commercially reasonable to the Company. 
  

 16 

 (ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection
and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding anything herein to the
contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Articles of Incorporation; 
  
 (iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor; 
  
 (iv) Interest and
other costs for borrowed money, including discounts, points and other similar fees; 
  
 (v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the
Company and its business, assets or income; 
  
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 
  
 (vii) Expenses of managing, improving, developing, operating and selling Properties owned by the Company; 
  
 (viii) All out-of-pocket expenses in connection with payments
to the Board of Directors and meetings of the Board of Directors and Stockholders; 
  
 (ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3
hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees of the Advisor
or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees or Disposition Fees; 
  
 (x) Out-of-pocket expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing
annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
  
 (xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such
fees incurred at the request, or on behalf of, the Conflicts Committee or any committee of the Board of Directors; 
  

 17 

 (xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations
and ordinances; 
  
 (xiii) Expenses connected with
payments of Distributions made or caused to be made by the Company to the Stockholders; 
  
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation
or the Bylaws; and 
  
 (xv) All other
out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 
  
 9.02 Timing of and Additional Limitations on Reimbursements. 
  
 (i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 
  
 (ii) Notwithstanding anything else in this Article 9 to the
contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in its initial public offering. 
  
 (iii) The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses
that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless
the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess
Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed
Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall send to the Stockholders a written disclosure of such fact, together with an explanation of the factors the
Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing
computation shall be determined in accordance with GAAP applied on a consistent basis. 
  

 18 

 ARTICLE 10 
  
 VOTING AGREEMENT 
  
 The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the
stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the
Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 
  
 ARTICLE 11 
  
 RELATIONSHIP OF
ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
  
 11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including
other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or
its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other
participant therein. The Advisor shall promptly disclose to the Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the
Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
  
 11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company
such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective
employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
  
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to
present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any
particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation procedure set 

  

 19 

 
forth under the caption “Conflicts of Interest – Certain Conflict Resolution Procedures – Allocation of Investment Opportunities” in the
Registration Statement shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
  
 ARTICLE 12 
  
 THE KBS NAME 
  
 The Advisor and its Affiliates have a proprietary interest in the name “KBS.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name
“KBS” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will,
promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “KBS” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does
not contain the name “KBS” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such
time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “KBS.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more
of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “KBS” as a
part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 
  
 ARTICLE 13 
  
 TERM AND TERMINATION OF THE AGREEMENT 
  
 13.01 Term.
This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate
the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 
  
 13.02 Termination by Either Party. This Agreement may be terminated upon 60
days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 
  
 13.03 Payments on Termination and Survival of Certain Rights and Obligations.
Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
  

 20 

 (i) After the Termination Date, the Advisor shall not be entitled to compensation for
further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to
termination of this Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive
Fee. 
  
 (ii) The Advisor shall promptly upon
termination: 
  
 (a) pay over to the Company all
money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
  
 (b) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
  
 (c) deliver to the Board of Directors all assets and documents of the Company then in the custody of the Advisor; and 
  
 (d) cooperate with the Company to provide an orderly
transition of advisory functions. 
  
 ARTICLE 14 
  
 ASSIGNMENT 
  
 This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may
assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an
assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment
in the same manner as the Company is bound by this Agreement. 
  
 ARTICLE 15 
  
 INDEMNIFICATION AND LIMITATION OF LIABILITY

  
 The Company shall indemnify, defend and hold harmless the
Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and 
  

 21 

 employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and
related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Company’s the Articles of
Incorporation. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
  
 ARTICLE 16 
  
 MISCELLANEOUS 
  
 16.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  
 To the Company or the Board of Directors: 
  
 KBS Real Estate Investment Trust, Inc. 
 4343 Von Karman Avenue 
 Newport Beach, California 92660 
  
 To the Advisor: 
  
 KBS Capital Advisors LLC 
 4343 Von Karman Avenue 
 Newport Beach, California 92660 
  
 Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 16.01. 
  
 16.02 Modification. This Agreement shall not be changed, modified, terminated
or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
  
 16.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
  
 16.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 

 

 22 

 16.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

  
 16.06 Waiver. Neither the failure nor any delay on the part of
a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No
waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
  
 16.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular
or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
  
 16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof. 
  
 16.09 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
  
 [The remainder of this page is intentionally left blank. 
 Signature page follows.] 
  
  

 23 

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

			
	KBS Real Estate Investment Trust, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	KBS Capital Advisors LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 24Form of Deposit Agreement

 Exhibit 4.1 
  

  
 PUBLIC STORAGE, INC. 
  
 EQUISERVE TRUST
COMPANY, N. A., AS DEPOSITARY 
  
 AND 
  
 THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 RELATING TO SERIES F PREFERRED STOCK 
  

  
 DEPOSIT AGREEMENT 
  

  
 Dated as of October 3,
2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page

	ARTICLE I
	
	Definitions
	
	ARTICLE II
	
	 Form of Receipts, Deposit of Stock,
 Execution and Delivery, Transfer,
 Surrender and Redemption of
Receipts

			
	 SECTION 2.1
	 	Form And Transfer Of Receipts	  	2
	 SECTION 2.2
	 	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	  	3
	 SECTION 2.3
	 	Registration of Transfer of Receipts	  	4
	 SECTION 2.4
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	4
	 SECTION 2.5
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	5
	 SECTION 2.6
	 	Lost Receipts, etc.	  	5
	 SECTION 2.7
	 	Cancellation and Destruction of Surrendered Receipts	  	5
	 SECTION 2.8
	 	Redemption of Stock	  	6
	
	ARTICLE III
	
	 Certain Obligations of
 Holders of Receipts and the Company

			
	 SECTION 3.1
	 	Filing Proofs, Certificates and Other Information	  	7
	 SECTION 3.2
	 	Payment of Taxes or Other Governmental Charges	  	7
	 SECTION 3.3
	 	Warranty as to Stock	  	8
	
	ARTICLE IV
	
	The Deposited Securities; Notices
			
	 SECTION 4.1
	 	Cash Distributions	  	8
	 SECTION 4.2
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	8
	 SECTION 4.3
	 	Subscription Rights, Preferences or Privileges	  	8
	 SECTION 4.4
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	9
	 SECTION 4.5
	 	Voting Rights	  	10
	 SECTION 4.6
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	10
	 SECTION 4.7
	 	Delivery of Reports	  	10
	 SECTION 4.8
	 	List of Receipt Holders	  	11

  

 i 

					
	ARTICLE V
	
	The Depositary, the Depositary’s Agents, the Registrar and the Company
			
	 SECTION 5.1
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	11
	 SECTION 5.2
	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	12
	 SECTION 5.3
	 	Obligation of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	12
	 SECTION 5.4
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	13
	 SECTION 5.5
	 	Corporate Notices and Reports	  	14
	 SECTION 5.6
	 	Indemnification by the Company	  	14
	 SECTION 5.7
	 	Charges and Expenses	  	15
	 SECTION 5.8
	 	Tax Compliance	  	15
	
	ARTICLE VI
	
	Amendment and Termination
			
	 SECTION 6.1
	 	Amendment	  	15
	 SECTION 6.2
	 	Termination	  	16
	
	ARTICLE VII
	
	Miscellaneous
			
	 SECTION 7.1
	 	Counterparts	  	16
	 SECTION 7.2
	 	Exclusive Benefit of Parties	  	16
	 SECTION 7.3
	 	Invalidity of Provisions	  	16
	 SECTION 7.4
	 	Notices	  	16
	 SECTION 7.5
	 	Appointment of Registrar	  	17
	 SECTION 7.6
	 	Holders of Receipts Are Parties	  	17
	 SECTION 7.7
	 	Governing Law	  	18
	 SECTION 7.8
	 	Inspection of Deposit Agreement	  	18
	 SECTION 7.9
	 	Headings	  	18
	
	Form of Depositary Shares
		
	 Form of Face of Receipt
	  	 
	 Form of Reverse of Receipt
	  	 

  

 ii 

 DEPOSIT AGREEMENT, dated as of October 3, 2005, among PUBLIC STORAGE, INC., a California corporation (the
“Company”), Computershare Shareholder Services, Inc., a Delaware corporation and its wholly-owned subsidiary, EquiServe Trust Company, N. A., a national banking association (collectively, the “Depositary” or individually
“CSS” and the “Trust Company” respectively), and the holders from time to time of the Receipts described herein. 
  
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the additional deposit of shares of Series F Preferred Stock of
the Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and 
  
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
  
 NOW, THEREFORE, in consideration of the promises contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 The following definitions shall, for all purposes, unless otherwise
indicated, apply to the respective terms used in this Deposit Agreement: 
  
 “Certificate” shall mean the Certificate of Determination filed with the Secretary of State of the State of California establishing the Stock as a series of preferred stock of the Company. 
  
 “Deposit Agreement” shall mean this Deposit Agreement, as amended
or supplemented from time to time. 
  
 “Depositary”
shall mean the Depositary as defined above and any successor as Depositary hereunder. 
  
 “Depositary Shares” shall mean Depositary Shares, each representing 1/1,000 of a share of Stock and evidenced by a Receipt. 
  
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 5.1 and shall
include the Registrar if such Registrar is not the Depositary. 
  
 “Depositary’s Office” shall mean the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered. 
  
 “Receipt” shall mean one of the Depositary Receipts, substantially in the form set forth as Exhibit A hereto,
issued hereunder, whether in definitive or temporary form and 

 
evidencing the number of Depositary Shares held of record by the record holder of such Depositary Shares. 
  
 “record holder” or “holder” as applied to a Receipt shall
mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. 
  
 “Registrar” shall mean the Depositary or such other bank or trust company which shall be appointed to register ownership and transfers of
Receipts as herein provided. 
  
 “Securities Act” shall
mean the Securities Act of 1933, as amended. 
  
 “Stock”
shall mean shares of the Company’s 6.45% Cumulative Preferred Stock, Series F, $.01 par value per share. 
  
 ARTICLE II 
  
 Form of Receipts, Deposit of Stock, 
 Execution and Delivery, Transfer, 
 Surrender and Redemption of Receipts 
  
 SECTION 2.1 Form And Transfer Of Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders, with
appropriate insertions, modifications and omissions, as hereinafter provided, if and to the extent required by any securities exchange on which the Receipts are listed. Pending the preparation of definitive Receipts or if definitive Receipts are not
required by any securities exchange on which the Receipts are listed, the Depositary, upon the written order of the Company or any holder of Stock, as the case may be, delivered in compliance with Section 2.2, shall execute and deliver temporary
Receipts which are printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable
delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary
shall determine, without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares
as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge to the holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Agreement, and with respect to the Stock, as definitive Receipts. 
  
 Receipts shall be executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be
valid or obligatory for any purpose unless it shall 

  

 2 

 
have been executed in accordance with the foregoing sentence. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter
provided. 
  
 Receipts shall be in denominations of any number of
whole Depositary Shares. The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 
  
 Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any
securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

  
 Title to Depositary Shares evidenced by a Receipt, which is
properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered
on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled
to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
  
 SECTION 2.2 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company or, subject to Section 2.4, any holder of Stock may from time to time deposit shares of Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or
accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the
provisions of this Deposit Agreement, and together with a written order of the Company or such holder, as the case may be, directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a
Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 
  
 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. 
  
 Upon receipt by the Depositary of a certificate or certificates for Stock deposited in accordance with the provisions of
this Section, together with the other documents required as above specified, and upon recordation of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the whole number of
Depositary Shares representing, in the aggregate, 

  

 3 

 
the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such
Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 
  
 SECTION 2.3 Registration of Transfer of Receipts. Subject to the terms
and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, properly endorsed or accompanied by a
properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new
Receipt or Receipts to or upon the order of the person entitled thereto. 
  
 SECTION 2.4 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may
designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary
Share. 
  
 Any holder of a Receipt or Receipts representing any
number of whole shares of Stock may (unless the related Depositary Shares have previously been called for redemption) withdraw the Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the
Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals and paying any unpaid amount due the Depositary. Thereafter, without unreasonable delay, the Depositary shall deliver to such holder or to the
person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares
of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares
in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if any,
to be so withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing such excess number of Depositary Shares, provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary
Share. Delivery of the Stock and money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate which, if required by the Depositary, shall
be properly endorsed or accompanied by proper instruments of transfer. 
  
 If the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being 

  

 4 

 
surrendered for withdrawal of Stock, such holders shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary
may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 
  
 Delivery of the Stock and the money and other property, if any, represented
by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such
delivery may be made at such other place as may be designated by such holder. 
  
 SECTION 2.5 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination,
surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment,
the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Sections 3.2 and 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and may also
require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement. 
  
 The deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and
the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed, or (ii) if any such action is deemed necessary or advisable by the
Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

 
 SECTION 2.6 Lost Receipts, etc. In case any receipt shall be
mutilated, destroyed, lost or stolen, the Depositary in its reasonable discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed,
lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership
thereof, (ii) the furnishing of the Depositary with indemnification reasonably satisfactory to it and the Company and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary) in connection with
such execution and delivery. 
  
 SECTION 2.7 Cancellation and
Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Company is authorized to destroy all
Receipts so cancelled. 
  

 5 

 SECTION 2.8 Redemption of Stock. Whenever the Company shall be permitted and shall elect to
redeem shares of Stock in accordance with the provisions of the Certificate, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 60 days’ notice of the date of such
proposed redemption or exchange of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, as set forth in the Certificate, which notice shall be accompanied by a certificate from the
Company stating that such redemption of Stock is in accordance with the provisions of the Certificate. Notice of redemption of Stock will also be given by the Company by publication in a newspaper of general circulation in the County of Los Angeles
and the City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date, and the Depositary will publish a notice of redemption of the Depositary
Shares containing the same type of information and in the same manner as the Company’s notice of redemption. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the
redemption price of the Stock to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of the Certificate, the Depositary shall redeem the number of
Depositary Shares representing such Stock. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class
mail, postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”) to the record holders of the Receipts evidencing the Depositary Shares to
be so redeemed, at the address of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of
Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. The Company will provide the Depositary with the information necessary for the Depositary to prepare such notice
and each such notice shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such
holder to be so redeemed; (iii) the redemption price per Depositary Share; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Stock
represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be determined pro rata or by
lot in a manner determined by the Board of Directors. 
  
 Notice
having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on
the shares of Stock so called for redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing
any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary 

  

 6 

 
Shares shall be redeemed by CSS at a redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to
the shares of Stock as the fraction each Depositary Share represents of a share of Stock plus the same fraction of all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of
dividends which on the Redemption Date have accumulated on the shares of Stock to be so redeemed and have not theretofore been paid. Any funds deposited by the Company with CSS for any Depositary Shares that the holders thereof fail to redeem will
be returned to the Company after a period of five years from the date such funds are so deposited. 
  
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption, provided, however, that the Depositary shall not
issue any Receipt evidencing a fractional Depositary Share. 
  
 ARTICLE III 
  
 Certain Obligations of 

Holders of Receipts and the Company 
  
 SECTION 3.1 Filing Proofs, Certificates and Other Information. Any holder of a Receipt may be required from time to time to file such
proof of residence, or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper or otherwise reasonably request. The
Depositary or the Company may withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the withdrawal or conversion of the Stock represented by the Depositary Shares evidenced by any Receipt or the
distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made.

  
 SECTION 3.2 Payment of Taxes or Other Governmental
Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property,
if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Stock or other property
represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest
payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 
  
 SECTION 3.3 Warranty as to Stock. The Company hereby represents and warrants that the Stock, when issued, will be
duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
  

 7 

 ARTICLE IV 
  
 The Deposited Securities; Notices 
  
 SECTION 4.1 Cash Distributions. Whenever CSS shall receive any cash dividend or other cash distribution on Stock, CSS shall, subject to Sections
3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Company or CSS shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of
taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend
or other cash distribution to be paid to any record holder on the aggregate number of Depositary Receipts held by such holder results in an amount which is a fraction of a cent, the amount CSS shall distribute to such record holder shall be rounded
to the next highest whole cent if such fraction of a cent is equal to or greater than $.005, otherwise such fractional interest shall be disregarded; and upon request of CSS, the Company shall pay the additional amount to CSS for distribution.

  
 SECTION 4.2 Distributions Other than Cash, Rights,
Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other
reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it
deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may
deem equitable and appropriate. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section
4.1 in the case of a distribution received in cash. 
  
 SECTION 4.3 Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of
Receipts in such manner as the Depositary may determine, either by the issue to such record holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with
the approval of the Company; provided, however, that (i) if at the time of issue or offer of any such rights, 

  

 8 

 
preferences or privileges the Depositary determines that it is not lawful or (after consultation with the Company) not feasible to make such rights,
preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to execute such rights, preferences or privileges, then the
Depositary, in its discretion (with approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights,
preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections
3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 
  
 If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required
in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company will file promptly a registration statement pursuant to the Securities Act with respect to such rights,
preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to
enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until it
has received written notice from the Company that such registration statement shall have become effective, or that the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and
the Company shall have provided to the Depositary an opinion of counsel reasonably satisfactory to the Depositary to such effect. 
  
 If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for
such rights, preferences or privileges to be made available to holders of Receipts, the Company will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of
such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
  
 SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution
shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at which holders of
Stock are entitled to vote or of which holders of Stock are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as
the record date fixed by the Company with respect to or otherwise in accordance with the terms of the Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
  

 9 

 SECTION 4.5 Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may,
subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be
given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders of Receipts on the relevant record
date, the Depositary shall use its best efforts to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts
as to which any particular voting instructions are received. The Company hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the
absence of specific instructions from the holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the
extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 
  
 SECTION 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par value or liquidation preference, split-up, combination or any other
reclassification of the Stock, or upon any recapitalization, reorganization, merger or consolidation affecting the Company or to which it is a party, the Depositary may in its discretion with the approval (not to be unreasonably withheld) of, and
shall upon the instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments in the fraction of an interest in one share of Stock represented by one Depositary Share as may be
necessary (as certified by the Company) fully to reflect the effects of such change in par value or liquidation preference, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger or
consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such
Stock. In any such case, the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par value or liquidation preference, split-up, combination or
other reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or
for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts would have been converted or for which such Stock would have been exchanged or surrendered
had such Receipt been surrendered immediately prior to the effective date of such transaction. 
  
 SECTION 4.7 Delivery of Reports. The Depositary shall furnish to holders of Receipts any reports and communications received from the Company which are received by the Depositary as the holder of Stock.

  

 10 

 SECTION 4.8 List of Receipt Holders. Promptly upon request from time to time by the Company, the
Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. The Company shall be entitled to receive such list four times annually
without charge. 
  
 ARTICLE V 
  
 The Depositary, the Depositary’s 
 Agents, the Registrar and the Company 
  
 SECTION 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary’s office facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books during normal
business hours shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to
such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
  
 The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 
  
 The Depositary may, with the approval of the Company, appoint a Registrar for
registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the
Depositary will appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the
requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed on one or more other
stock exchanges, the Depositary will, at the request and at the expense of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock
as may be required by law or applicable securities exchange regulation. 
  
 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate
the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 
  

 11 

 SECTION 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Articles of
Incorporation or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected
to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur liability to
any holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except, in the case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence or willful misconduct of
the party charged with such exercise or failure to exercise. 
  
 SECTION 5.3 Obligation of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be
subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it
against expense and liability be furnished as often as may be reasonably required. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants,
or information from any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, the Registrar and the
Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 The Depositary shall not be responsible for any failure to carry out any
instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is in good faith. The Depositary will indemnify the Company and hold it harmless from any loss, liability or
expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this
Agreement due to its or their gross negligence, willful misconduct or bad faith. The 

  

 12 

 
indemnification obligations of the Depositary set forth in this Section 5.3 shall survive any termination of this Agreement and any succession of any
Depositary. 
  
 The Depositary, its parent, affiliates or
subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which
the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The
Depositary may also act as trustee, transfer agent or registrar of any of the securities of the Company and its affiliates. 
  
 It is intended that neither the Depositary nor any Depositary’s Agent nor the Registrar, acting as the Depositary’s Agent or Registrar, as the
case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary, any Depositary’s Agent and the
Registrar are acting only in a ministerial capacity as Depositary or Registrar for the Stock. 
  
 Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent nor the Registrar makes any representation or has any responsibility as to the validity of the registration
statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein. 
  
 The
Depositary assumes no responsibility for the correctness of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this Deposit Agreement. Notwithstanding any other provision
herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of
this Deposit Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable for the use or application by the
Company of the Depositary Shares or the Receipts or the proceeds thereof. 
  
 SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the
Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having 

  

 13 

 
its principal office in the United States of America and having a combined capital and surplus of at least $150,000,000. If no successor Depositary shall
have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor
Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor,
and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment to
the record holders of Receipts. 
  
 Any corporation into or with
which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary
may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 
  
 SECTION 5.5 Corporate Notices and Reports. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after
receipt thereof, transmit to the record holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law or by the rules
of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed, to be furnished to the record holders of Receipts. Such transmission will be at the Company’s expense and the Company will provide the
Depositary with such number of copies of such documents as the Depositary may reasonably request. 
  
 SECTION 5.6 Indemnification by the Company. The Company shall indemnify the Depositary, any Depositary’s Agent and the Registrar against, and
hold each of them harmless from, any loss, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted in connection with this Deposit Agreement and the Receipts by the
Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The
obligations of the Company set forth in this Section 5.6 shall survive any succession of any Depositary or Depositary’s Agent. Subject to the foregoing, the Depositary may, at any time, apply to any officer of the Company for instruction, and
may consult with legal counsel for the Company with respect to any matter arising in connection with the services to be performed by the Depositary under this Agreement, and Depositary and its agents and subcontractors shall not be liable and shall
be indemnified by the Company for any action taken or omitted by it in reliance upon such instructions or upon the advice or opinion of such counsel. 
  

 14 

 SECTION 5.7 Charges and Expenses. The Company shall pay all transfer and other taxes and
governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, all
withdrawals of shares of the Stock by owners of Depositary Shares, and any redemption of the Stock at the option of the Company. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. If,
at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. All other charges and expenses of the Depositary and any
Depositary’s Agent hereunder (including, in each case, reasonable fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the
Company as to the amount and nature of such charges and expenses. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree. 
  
 SECTION 5.8 Tax Compliance. The Depositary, on its own behalf
and on behalf of the Company, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with
respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, without
limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 
  
 The Depositary shall comply with any direction received from the Company with
respect to the application of such requirements to particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof.

  
 The Depositary shall maintain all appropriate records
documenting compliance with such requirements, and shall make such records available on request to the Company or to its authorized representatives. 
  
 The Company acknowledges that the bank accounts maintained by CSS in connection with the services provided hereunder will be in CSS’s name and that,
to the extent permitted by law, CSS may receive investment earnings in connection with the investment at CSS’s risk and for its benefit of funds held in those accounts from time to time. 
  
 ARTICLE VI 
  
 Amendment and Termination 
  
 SECTION 6.1 Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be
amended by agreement between the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary or Registrar, which
shall go into effect not sooner than three months after notice thereof to the 

  

 15 

 
holders of the Receipts) which shall materially adversely alter the rights of the holders of Receipts shall be effective unless such amendment shall have
been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to be bound
by the Deposit Agreement as amended thereby. Notwithstanding the foregoing, in no event may any amendment impair the right of any holder of any Depositary Shares, upon surrender of the Receipts evidencing such Depositary Shares and subject to any
conditions specified in this Deposit Agreement, to receive shares of Stock and any money or other property represented thereby, except in order to comply with mandatory provisions of applicable law. 
  
 SECTION 6.2 Termination. This Deposit Agreement may be terminated by
the Company at any time upon not less than 60 days’ prior written notice to the Depositary, in which case, on a date that is not later than 30 days after the date of such notice, the Depositary shall deliver or make available for delivery to
holders of Depositary Shares, upon surrender of the Receipts evidencing such Depositary Shares, such number of whole or fractional shares of Stock as are represented by such Depositary Shares. This Deposit Agreement will automatically terminate
after (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and
such distribution shall have been distributed to the holders of Depositary Receipts pursuant to Section 4.1 or 4.2, as applicable. 
  
 Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary, the Registrar and any Depositary’s Agent under Sections 5.6 and 5.7. 
  
 ARTICLE VII 
  
 Miscellaneous 
  
 SECTION 7.1 Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts
taken together shall constitute one and the same instrument. 
  
 SECTION 7.2 Exclusive Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right,
remedy or claim to any other person whatsoever. 
  
 SECTION 7.3
Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
  
 SECTION 7.4 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given 

  

 16 

 
if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to the Company at: 
  
 Public Storage, Inc. 
 701 Western Avenue, 2nd Floor 
 Glendale,
California 91201-2397 
 Facsimile No.: (818) 244-9267 
  
 or at any other address of which the Company shall have notified the Depositary in writing. 
  
 Any and all notices to be given to the Depositary hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram or facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office, at:

  
 EquiServe Trust Company, N. A. 
 250 Royall Street 
 Mail Stop: 3B 

Canton, MA 02021 
 Attention: Client
Administration 
 Facsimile No.: (617) 575-2549 
  
 or at any other address of which the Depositary shall have notified the Company in writing. 
  
 Any and all notices to be given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and
shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the
Depositary, or if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 
  
 Delivery of a notice sent by mail or by telegram or facsimile transmission
shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a telegram or facsimile transmission) is deposited for mailing by first class mail, postage prepaid. The Depositary
or the Company may, however, act upon any telegram or facsimile transmission received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile transmission shall not subsequently be confirmed by letter or
as aforesaid. 
  
 SECTION 7.5 Appointment of
Registrar. The Company hereby also appoints the Depositary as Registrar in respect of the Receipts and the Depositary hereby accepts such appointments. 
  
 SECTION 7.6 Holders of Receipts Are Parties. The holders of Receipts from time to time shall be parties to
this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 
  

 17 

 SECTION 7.7 Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER
AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW. 
  
 SECTION 7.8 Inspection of
Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agent and shall be open to inspection during business hours at the Depositary’s Office or respective offices of the
Depositary’s Agent, if any, by any holder of a Receipt. 
  
 SECTION 7.9 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 18 

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

									
	 	 	 	 	PUBLIC STORAGE, INC.
			
	 Attested by:
	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 Name:
	 	John Reyes	 	 	 	 Name:
	 	David Goldberg
	 Title:
	 	Senior Vice President and Chief Financial Officer	 	 	 	 Title:
	 	Vice President and Senior Counsel
			
	 Attested by:
	 	 	 	EQUISERVE TRUST COMPANY, N. A.
					
	 	 	 	 	 	 	 	 	 
	 Name:
	 	Paul J. Alfano	 	 	 	 Name:
	 	Tyler Haynes
	 Title:
	 	Account Manager	 	 	 	 Title:
	 	Managing Director

  

 19 

 ANNEX A 
  
 TEMPORARY RECEIPT EXCHANGEABLE FOR DEFINITIVE 
 ENGRAVED RECEIPT WHEN READY FOR DELIVERY 
  
 The
Shares represented by this Depositary Receipt are subject to restrictions on ownership and transfer for the purpose of this Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as
amended. Except as set forth in this Corporation’s Articles of Incorporation or Bylaws, no person may Beneficially Own (i) more than 2.0% of the outstanding shares of Common Stock of this Corporation, or (ii) more than 9.9% of the outstanding
shares of any series of Preferred Stock or Equity Stock of this Corporation, with certain further restrictions and exceptions as are set forth in this Corporation’s Articles of Incorporation or Bylaws. Any Person who attempts to own or
Beneficially Own Shares in excess of the above limitations must immediately notify this Corporation. All capitalized terms in this legend have the meanings defined in this Corporation’s Articles of Incorporation or Bylaws. If any of the
restrictions on transfer or ownership set forth in the Articles of Incorporation or Bylaws are violated, the Shares represented hereby will be automatically transferred to the Trustee of a Trust for the benefit of a Charitable Beneficiary pursuant
to the terms of the Articles of Incorporation or Bylaws. In addition, attempted transfers of Shares in violation of the limitations described above (as modified or expanded upon in this Corporation’s Articles of Incorporation or Bylaws), may be
void ab initio. This Corporation will furnish to the holder hereof, upon request and without charge, a complete written statement of the terms and conditions of these restrictions. Requests for such documents may be directed to the
corporate secretary. 
  

							
	 	 	 	 	 	 	DEPOSITARY SHARES
				
	 	 	 	 	 	 	THIS DEPOSITARY RECEIPT
	 	 	 	 	 	 	IS TRANSFERABLE IN BOSTON,
	 	 	 	 	 	 	MA OR NEW YORK, NY
				
	 	 	 	 	 	 	CUSIP 74460D 38 0
				
	 	 	 	 	 	 	     SEE REVERSE FOR
	 	 	 	 	 	 	CERTAIN DEFINITIONS
		
	 DEPOSITARY RECEIPT FOR DEPOSITARY
	 	 
	 	 	SHARES EACH REPRESENTING 1/1,000th OF A	 	 
	 	 	SHARE OF 6.45% CUMULATIVE PREFERRED STOCK,	 	 
	 	 	SERIES F	 	 
			
	OF	 	 	 	 
	PUBLIC STORAGE, INC.	 	 	 	 
	INCORPORATED UNDER THE	 	 	 	 
	LAWS OF THE STATE OF CALIFORNIA	 	 	 	 

  

 A-1 

 EQUISERVE TRUST COMPANY, N. A., as Depositary (the “Depositary”), hereby certifies that

  
 is the registered owner of
                                        
                         DEPOSITARY SHARES 
  
 (“Depositary Shares”), each Depositary Share representing a 1/1,000 interest in one share of 6.45% Cumulative Preferred Stock,
Series F (the “Stock”), of Public Storage, Inc., a California corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of October 3, 2005
(the “Deposit Agreement”), between the Corporation and the Depositary. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This
Depositary Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer
or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by a duly authorized officer. 
  
 The Corporation is authorized to issue Common Stock, one or more series of Preferred Stock, one or more series of Equity Stock and Depositary Shares. The Corporation will
furnish without charge to each receiptholder, who so requests in writing, a statement of the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes of shares and upon the holders thereof, a copy of the
Corporation’s Bylaws and a copy of the Deposit Agreement. Any such request shall be made to the Corporation at the principal office of the Corporation at 701 Western Avenue, Glendale, California 91201-2397, Attention: Secretary. 
  
 This Depositary Receipt is continued on the reverse hereof and the additional provisions set
forth therein (including, without limitation, those relating to redemption) for all purposes have the same effect as if set forth at this place. 
  
 Dated: 
  

			
	 Countersigned

	
	 EQUISERVE TRUST COMPANY, N.A.

	
	 Depositary, Transfer Agent and Registrar

		
	By:	 	 
	 	 	Authorized Officer

  

 A-2 

 THE SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE PROVISIONS OF THE ARTICLES AND
BYLAWS, INCLUDING BUT NOT LIMITED TO (1) SECTION (C) OF THE CERTIFICATE OF DETERMINATION RELATING TO THE STOCK, WHICH CONFERS UPON THE BOARD THE RIGHT, ON OR AFTER AUGUST 23, 2010, TO CALL FOR REDEMPTION THE STOCK, (2) ARTICLE XI, SECTION 7 OF THE
BYLAWS, WHICH CONFERS UPON THE BOARD THE RIGHT TO REFUSE TO REGISTER THE TRANSFER OF AND/OR TO CALL FOR REDEMPTION THE SHARES REPRESENTED BY THIS CERTIFICATE IF NECESSARY IN ITS OPINION TO MAINTAIN THE CORPORATION’S QUALIFICATION AS A
“REAL ESTATE INVESTMENT TRUST” UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (3) THE PROVISIONS OF THE ARTICLES AND BYLAWS, WHICH SET FORTH OWNERSHIP LIMITATION PROVISIONS DESIGNED TO MAINTAIN SUCH QUALIFICATION. 
  
 1. The Deposit Agreement. Depositary Receipts, of which this
Depositary Receipt is one, are made available upon the terms and conditions set forth in the Deposit Agreement, dated as of October 3, 2005 (the “Deposit Agreement”), among the Company, the Depositary and all holders from time to time of
Depositary Receipts. The Deposit Agreement (copies of which are on file at the principal office maintained by the Depositary which at the time of the execution of the Deposit Agreement is located at 250 Royall Street, Mail Stop: 45-02-62, Canton, MA
02021 (the “Depositary’s Office”) and at the office of any agent of the Depositary) sets forth the rights of holders of Depositary Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse
of this Depositary Receipt are summaries of certain provisions of the Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Depositary
Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern. 
  
 2. Definitions. Unless otherwise expressly herein provided, all defined terms used in this summary of the Deposit Agreement shall have the meanings
ascribed thereto in the Deposit Agreement. 
  
 3. Redemption of
Stock. Whenever the Company shall elect to redeem shares of Stock, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 60 days’ notice of the date of such proposed redemption and of the number
of such shares of Stock held by the Depositary to be so redeemed and the applicable redemption price. The Depositary shall mail, first-class postage prepaid, notice of the redemption of Stock and the proposed simultaneous redemption of Depositary
Shares representing the Stock to be redeemed, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares, to the record holders of the Depositary Receipts evidencing the Depositary Shares to
be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary. Any such notice shall also be published in the same manner as notices of redemption of the Stock are required to be published by the Company. On
the date of such redemption, the Depositary shall redeem the number of Depositary Shares representing such redeemed Stock; provided, that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price of the
Stock to be redeemed, plus any accrued and unpaid dividends payable with respect thereto to the date of any such redemption. In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be
determined pro rata or by lot in a manner determined by the Board of Directors. Notice having been mailed as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the shares of
Stock evidenced by the Depositary Shares 

  

 A-3 

 
called for redemption), dividends on the shares of Stock so called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be
deemed no longer to be outstanding and all rights of the holders of Depositary Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate. Upon
surrender in accordance with said notice of the Depositary Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed at a
redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the shares of Stock as the fraction each Depositary Share represents of a share of Stock plus the same fraction of all money and
other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have accumulated on the shares of Stock to be so redeemed and have not theretofore been
paid. The foregoing is subject further to the terms and conditions of the Certificate of Determination. If fewer than all of the Depositary Shares evidenced by this Depositary Receipt are called for redemption, the Depositary will deliver to the
holder of this Depositary Receipt upon its surrender to the Depositary, together with the redemption payment, a new Depositary Receipt evidencing the Depositary Shares evidenced by such prior Depositary Receipt and not called for redemption.

  
 4. Surrender of Depositary Receipts and Withdrawal of
Stock. Upon surrender of this Depositary Receipt to the Depositary at the Depositary’s Office or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to
withdraw, and to obtain delivery, without unreasonable delay, to or upon the order of such holder, any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Depositary Shares
evidenced by this Depositary Receipt; provided, however, that, in the event this Depositary Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the whole number of shares of Stock to be
withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Depositary Receipt or Depositary Receipts evidencing
such excess number of whole Depositary Shares. 
  
 5.
Transfers, Split-ups, Combinations. Subject to the Deposit Agreement, this Depositary Receipt is transferable on the books of the Depositary upon surrender of this Depositary Receipt to the Depositary, properly endorsed or accompanied by a
properly executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a Depositary Receipt or Depositary Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit
Agreement. This Depositary Receipt may be split into other Depositary Receipts or combined with other Depositary Receipts into one Depositary Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Depositary Receipt or
Depositary Receipts surrendered; provided, however, that the Depositary shall not issue any Depositary Receipt evidencing a fractional Depositary Share. 
  
 6. Conditions to Signing and Delivery, Transfer, etc., of Depositary Receipts. Prior to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of this Depositary Receipt, the Depositary, any of the Depositary’s Agents or the Company may 

  

 A-4 

 
require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have
made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto; (ii) production of proof satisfactory to it as to the identity and genuineness of any signature; and (iii) compliance with such reasonable
regulations, if any, as the Depositary or the Company may establish not inconsistent with the Deposit Agreement. 
  
 7. Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused, the delivery of this Depositary Receipt against Stock may be
suspended, the registration of transfer of Depositary Receipts may be refused and the registration of transfer, surrender or exchange of this Depositary Receipt may be suspended (i) during any period when the register of stockholders of the Company
is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body
or commission, or under any provision of the Deposit Agreement. 
  
 8. Amendment. The form of the Depositary Receipts and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem
necessary or desirable; provided, however, that no such amendment (other than any changes in the fees of any Depositary or Registrar which shall go into effect not sooner than three months after Notice thereof to the holders of the Depositary
Receipts) which shall materially adversely alter the rights of holders of Depositary Receipts shall be effective unless such amendment shall have been approved by at least a majority of the Depositary Shares then outstanding. The holder of this
Depositary Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this Depositary Receipt, to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the
owner of the Depositary Shares evidenced by this Depositary Receipt to surrender this Depositary Receipt with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in
order to comply with mandatory provisions of applicable law. 
  
 9. Charges and Expenses. The Company will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangement, except such charges as are expressly provided in the Deposit
Agreement to be at the expense of holders of Depositary Receipts. 
  
 10. Title to Depositary Receipts. Title to this Depositary Receipt, when properly endorsed or accompanied by a properly executed instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 
  
 11. Dividends and Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary
shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Depositary Receipts such amounts of such sums 

  

 A-5 

 
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Depositary Receipts held by such holders;
provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by
law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be
paid to any record holder on the aggregate number of Depositary Receipts held by such holder results in an amount which is a fraction of a cent, the amount the Depositary shall distribute to such record holder shall be rounded to the next highest
whole cent; and upon request of the Depositary, the Company shall pay the additional amount to the Depositary for distribution. 
  
 12. Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose name
Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each
such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record holders of Depositary Receipts in such manner as the Depositary shall determine. 
  
 13. Notice of Dividends, Fixing of Record Date. Whenever (i) any cash
dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (ii) the Depositary shall receive
notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a
record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Depositary Receipts (x) who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or (y) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or for any other appropriate reasons.

  
 14. Voting Rights. Upon receipt of notice of any
meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Depositary Receipts a notice, which shall contain (i) such information as is contained in such notice
of meeting, (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares, and (iii) a brief
statement as to the manner in which such instructions may be given. Upon the written request of a holder of this Depositary Receipt on such record date the Depositary shall use its best efforts to vote or cause to be voted the Stock represented by
the Depositary Shares evidenced by this Depositary Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all action that may be deemed necessary by the Depositary in order to enable the Depositary
to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of this Depositary Receipt, 

  

 A-6 

 
the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by this Depositary Receipt. 
  
 15. Reports, Inspection of Transfer Books. The Depositary shall
transmit to the record holders of Depositary Receipts copies of all reports and communications received from the Company that are received by the Depositary as the holder of Stock. The Depositary shall keep books at the Corporate Office for the
registration and transfer of Depositary Receipts, which books at all reasonable times will be open for inspection by the record holders of Depositary Receipts; provided that any such holder requesting to exercise such right shall certify to the
Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
  
 16. Liability of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s
Agent nor the Registrar nor the Company shall incur any liability to any holder of this Depositary Receipt, if by reason of any provision of any present or future law or regulation thereunder of any governmental authority or, in the case of the
Depositary, the Registrar or any Depositary’s Agent, by reason of any provision present or future, of the Articles of Incorporation or by reason of any act of God or war or other circumstances beyond the control of the relevant party, the
Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary’s Agent, the Registrar or the Company incur any liability to any holder of this Depositary Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the
Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement except if such exercise or failure to exercise discretion is caused by
its gross negligence or willful misconduct. 
  
 17. Obligations
of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under the
Deposit Agreement or this Depositary Receipt to the holder hereof or other persons, other than for its gross negligence, willful misconduct or bad faith. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding with respect to Stock, Depositary Shares or Depositary Receipts or Common Stock that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required. 
  
 Neither the Depositary
nor any Depositary’s Agent nor the Registrar nor the Company will be liable for any action or failure to act by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any
holder of this Depositary Receipt or any other person believed by it in good faith to be competent to give such advice or information. 
  

 A-7 

 18. Termination of Deposit Agreement. Whenever so directed by the Company upon not less than 60
days’ prior written notice, the Depositary will terminate the Deposit Agreement by mailing notice of such termination to the record holders of all Depositary Receipts then outstanding at least 30 days after the date of such notice. Upon the
termination of the Deposit Agreement, the Company shall be discharged to all obligations thereunder except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7 of the Deposit Agreement.

  
 19. Governing Law. The Deposit Agreement and this
Depositary Receipt and all rights thereunder and hereunder and provisions thereof and hereof shall be governed by, and construed in accordance with, the law of the State of New York, including without limitation Section 5-1401 of the New York
General Obligations Law. 
  

 A-8 

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

							
	TEN COM	 	 -   as tenants in common
	  	UNIF GIFT MIN ACT	 	- ______ Custodian _______
	 TEN ENT
 JT TEN
	 	 -   as tenants by the entireties
 -   as joint tenants with right of survivorship and not as tenants in common
	  	 	 	    (Cust)                    (Minor)
    under Uniform Gifts to Minors
    Act ____________
                  (State)

				
	 	 	 	  	UNIF TRF MIN ACT  	 	- ______ Custodian (until age __)
	 	 	 	  	 	 	    (Cust)
    _______ under
Uniform Transfers
    (Minor)
    to Minors Act _________________
                                       
 (State)

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

 A-9 

 For Value Received, _____________________________ hereby sell, assign and transfer unto 
  

	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

	
	  
	  
	  

  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  
 ________________________
Depositary Shares represented by the within Depositary Receipt, and do hereby irrevocably constitute and appoint ________________________ Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of
substitution in the premises. 
  

					
	 Dated ________________________
	 	 	 	 Signed

			
	  	 	 	 	  
	 	 	 	 	NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS DEPOSITARY RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

  

			
	SIGNATURE(S) GUARANTEED
		
	By	 	 
	 	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

  

 A-10

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