Document:

EX-10.1

 Exhibit 10.1 

Targa Resources Partners LP 

and 
 Targa Resources
Partners Finance Corporation 
 $750,000,000 

5% Senior Notes Due 2028 

PURCHASE AGREEMENT 

October 10, 2017 
 Citigroup Global Markets
Inc. 
 As representative of the 
 several Initial Purchasers
listed 
 in Schedule 1 hereto 
 c/o Citigroup Global Markets
Inc. 
 388 Greenwich Street 
 New York, New York 10013 

Ladies and Gentlemen: 
 Targa Resources Partners
LP, a limited partnership organized under the laws of Delaware (the “Partnership”), along with Targa Resources Partners Finance Corporation, a Delaware corporation (“Finance Co” and, together with the Partnership,
the “Issuers”), hereby confirm their agreement with the several Initial Purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom Citibank Global Markets Inc. is acting as representative
(the “Representative”) as set forth below. 
 Targa Resources GP LLC, a Delaware limited liability company (the
“General Partner”), owns a 2% general partnership interest in the Partnership. The Partnership’s direct or indirect majority-owned subsidiaries are listed in Schedule 2 hereto and are referred to herein as the
“Subsidiaries”; and the Subsidiaries listed in Schedule 3 hereto are referred to herein as the “Non-Guarantor Subsidiaries.” 

Section 1. The Securities. Subject to the terms and conditions herein contained, the Issuers propose to issue and sell to the
Initial Purchasers $750,000,000 aggregate principal amount of their 5% Senior Notes due 2028 (the “Notes”), which will be unconditionally guaranteed on a senior basis as to principal, premium, if any, and interest (the
“Guarantees”) by the Subsidiaries of the Partnership named in Schedule 4 hereto (each individually, a “Guarantor” and collectively, the “Guarantors” and, together with the entities named in
Schedule 5 hereto, the “Material Subsidiaries”). The Guarantors, other than Targa SouthOk NGL Pipeline LLC, an 

 
Oklahoma limited liability company (“SouthOk”), are referred to herein as the “Covered Guarantors”, and the Guarantors, other than the entities named on
Schedule 6 hereto, are referred to herein as the “Non-TPL Guarantors.” The Notes are to be issued under an indenture (the “Indenture”) to be dated as of October 17, 2017, by and among the Issuers, the
Guarantors and U.S. Bank National Association, as Trustee (the “Trustee”). 
 The Notes will be offered and sold to the
Initial Purchasers without being registered under the Securities Act of 1933, as amended (the “Act”), in reliance on exemptions therefrom. 

In connection with the sale of the Notes, the Issuers have prepared a preliminary offering memorandum dated October 10, 2017 (including
any documents incorporated therein by reference, the “Preliminary Memorandum”) setting forth or including a description of the terms of the Notes, the terms of the offering of the Notes, a description of the Partnership and any
material developments relating to the Partnership after the date of the most recent historical financial statements included therein. As used herein, “Pricing Disclosure Package” shall mean the Preliminary Memorandum, as
supplemented or amended by the written communications listed on Annex A hereto in the most recent form that has been prepared and delivered by the Issuers to the Initial Purchasers in connection with their solicitation of offers to purchase
Notes prior to the time when sales of the Notes were first made (the “Time of Execution”). Promptly after the Time of Execution and in any event no later than the second Business Day following the Time of Execution, the Issuers will
prepare and deliver to each Initial Purchaser a final offering memorandum (including any documents incorporated therein by reference, the “Final Memorandum”), which will consist of the Preliminary Memorandum with such changes
therein as are required to reflect the information contained in the amendments or supplements listed on Annex A hereto. The Issuers hereby confirm that each of the Issuers has authorized the use of the Pricing Disclosure Package, the Final
Memorandum and the Recorded Road Show (defined below) in connection with the offer and sale of the Notes by the Initial Purchasers. 
 All
references in this Agreement to financial statements and schedules and other information which are “contained,” “included” or “stated” in the Offering Memorandum (as defined below) (or other references of like import)
shall be deemed to mean and include all such financial statements and schedules and other information which are incorporated by reference in the Offering Memorandum; and all references in this Agreement to amendments or supplements to the Offering
Memorandum shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934 (the “Exchange Act”) which is incorporated by reference in the Offering Memorandum. 

The Initial Purchasers and their direct and indirect transferees of the Notes will be entitled to the benefits of a Registration Rights
Agreement (the “Registration Rights Agreements”), pursuant to which the Issuers and the Guarantors will agree, among other things, to file a registration statement (the “Registration Statement”) with the Securities
and Exchange Commission (the “Commission”) registering the Notes or the Exchange Notes (as defined in the Registration Rights Agreement) under the Act, unless (i) the Notes are freely transferable without volume restrictions by
holders that are not affiliates of the Issuers in accordance with Rule 144 (or any similar provision then in effect), (ii) the Notes do not bear a restrictive legend and (iii) the Notes do not bear a restricted CUSIP number as of the 370th day after the Closing Date. 

  
 2 

 Section 2. Representations and Warranties. As of the Time of Execution and at the
Closing Date, the Issuers and the Guarantors jointly and severally represent and warrant to and agree with each of the Initial Purchasers as follows (references in this Section 2 to the “Offering Memorandum” are to (i) the
Pricing Disclosure Package in the case of representations and warranties made as of the Time of Execution and (ii) both the Pricing Disclosure Package and the Final Memorandum in the case of representations and warranties made at the Closing
Date): 
 (a) The Preliminary Memorandum, on the date thereof, did not contain any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Time of Execution, the Pricing Disclosure Package did not, and on the Closing Date, will
not, and the Final Memorandum as of its date and on the Closing Date will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that the Issuers and the Guarantors make no representation or warranty as to the information contained in or omitted from the Pricing Disclosure Package and Final Memorandum, in
reliance upon and in conformity with information furnished in writing to the Partnership by or on behalf of the Initial Purchasers through the Representative specifically for inclusion therein. The Issuers and the Guarantors have not distributed or
referred to and will not distribute or refer to any written communications (as defined in Rule 405 of the Act) that constitute an offer to sell or solicitation of an offer to buy the Notes (each such communication by the Issuers and the Guarantors
or each of their agents and representatives (other than the Pricing Disclosure Package and Final Memorandum), an “Issuer Written Communication”) other than the Pricing Disclosure Package, the Final Memorandum and the recorded
electronic road show made available to investors (the “Recorded Road Show”). Any information in an Issuer Written Communication that is not otherwise included in the Pricing Disclosure Package and the Final Memorandum does not
conflict with the Pricing Disclosure Package or the Final Memorandum and, each Issuer Written Communication, when taken together with the Pricing Disclosure Package does not at the Time of Execution and when taken together with the Final Memorandum
at the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(b) Each of the Partnership, the General Partner and the Material Subsidiaries has been duly organized or formed and is validly
existing as a limited partnership or limited liability company, as applicable, in good standing under the laws of the jurisdiction set forth opposite its name in Schedule 2 attached hereto, with full power and authority to own or lease its
properties and to conduct its business, in each case as described in the Offering Memorandum in all material respects. Each of the Partnership, the General Partner and the Material Subsidiaries is duly registered or qualified to do business as a
foreign limited partnership or limited liability company, as applicable, and 

  
 3 

 
is in good standing under the laws of each jurisdiction which requires such registration or qualification, except where the failure to be so registered or qualified would not reasonably be
expected to have a Material Adverse Effect. “Material Adverse Effect” shall mean a material adverse effect on (i) the business or properties, earnings, condition (financial or otherwise) or prospects, taken as a whole, of the
Partnership and its Subsidiaries, considered as one enterprise, whether or not in the ordinary course of business, or (ii) the ability of each Issuer and each Guarantor to perform its obligations under the Notes. 

(c) Finance Co has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware. 
 (d) The General Partner is the sole general partner of the Partnership with an approximate 2.0% general
partner interest in the Partnership, taking into account the general partner interests which will be issued on or before a record date, end of a month or end of a quarter pursuant to Section 5.2(c) of the Partnership Agreement; such general
partner interest has been duly and validly authorized and issued in accordance with the agreement of limited partnership of the Partnership (as the same has been amended or restated, the “Partnership Agreement”); and the General
Partner owns such general partner interest free and clear of all liens, encumbrances, security interests, charges or other claims (“Liens”) other than (i) those created by or arising under the Delaware Revised Uniform Limited
Partnership Act (the “Delaware LP Act”) or the Partnership Agreement, (ii) restrictions on transferability and other Liens described in the Offering Memorandum, (iii) those arising under that certain Third Amended and
Restated Credit Agreement, dated October 7, 2016, by and among the Partnership, Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank AG—New York Branch, RBC Capital Markets, and Wells Fargo Bank, National Association, as Co-Syndication Agents, BBVA Compass, Capital One, National Association, JPMorgan Chase Bank,
N.A., and TD Bank, N.A., as Co-Documentation Agents and the other lenders party thereto (as the same will be supplemented, amended or restated at or prior to the Closing Date and, together with the agreements, exhibits, and attachments contemplated
or included therein, the “Partnership Credit Agreement”), or (iv) those arising under the Credit Agreement, dated February 27, 2015, by and among Targa Resources Corp., Bank of America, N.A. as administrative
agent, collateral agent, swing line lender and letter of credit issuer and each lender from time to time party thereto (the “TRC Credit Agreement”). 

(e) All of the issued and outstanding equity interests of each Material Subsidiary (i) have been duly authorized and
validly issued (in accordance with the limited partnership or limited liability company agreement (collectively, the “Organizational Agreements”) or the certificate of limited partnership, formation or conversion or other similar
organizational document (in each case as in effect on the date hereof and as the same has been amended or restated) (collectively with the Organizational Agreements, the “Material Subsidiary Organizational Documents”), as
applicable, of such Material Subsidiary), are fully paid (except in the case of an interest in a limited partnership or limited liability company, to the extent required under the 

  
 4 

 
Organizational Documents of such Material Subsidiary) and nonassessable (except as such nonassessability may be affected by Sections 17-607 and 17-804 of the Delaware LP Act, Sections 18-607 and
18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”) or Sections 153.102, 153.103, 153.202 and 153.210 of the Texas Business Organizations Code (“TBOC”), as applicable), other than equity
interests that are not owned, directly or indirectly, by the Partnership, and (ii) other than Cedar Bayou Fractionators, L.P., a Delaware limited partnership (“CBF”), Targa Pipeline Mid-Continent WestOk LLC, a Delaware limited
liability company (“WestOk”) and Targa Pipeline Mid-Continent WestTex LLC, a Delaware limited liability company (“WestTex”), are owned, directly or indirectly, by the Partnership, free and clear of all Liens, other
than those arising under the Partnership Credit Agreement and the applicable Material Subsidiary Organizational Documents. The Partnership owns, directly or indirectly, (A) an 88.24% interest in CBF, (B) all of the outstanding Class B
Units in WestOk and (C) all of the outstanding Class B Units in WestTex, in each case free and clear of all Liens except those arising under the Partnership Credit Agreement and the applicable Organizational Documents. The Subsidiaries other
than the Material Subsidiaries did not, individually or in the aggregate, account for (x) more than 10% of the total assets of the Subsidiaries, taken as a whole, as of June 30, 2017 or (y) more than 10% of the net income of the
Partnership and the Subsidiaries, taken as a whole, for the six months ended June 30, 2017. 
 (f) The authorized,
issued and outstanding equity interests of the Partnership are as set forth in the Offering Memorandum as of the dates specified therein. All of the issued equity interests of the Partnership and all of the issued shares of capital stock of Finance
Co have been duly authorized and validly issued and are fully paid (to the extent required in the Partnership Agreement with respect to the Partnership) and nonassessable (except as such nonassessability may be affected by Sections 17-607 and 17-804
of the Delaware LP Act with respect to the Partnership); and none of the outstanding equity interests of the Partnership and none of the outstanding shares of capital stock of Finance Co were issued in violation of the preemptive or other similar
rights of any security holder of the Partnership or Finance Co, respectively. 
 (g) Except as otherwise disclosed in the
Offering Memorandum and except with respect to the incentive distribution rights held by the General Partner, there are no outstanding (i) securities or obligations of the Partnership convertible into or exchangeable for any equity interests of
the Partnership, (ii) warrants, rights or options to subscribe for or purchase from the Partnership any such equity interests or any such convertible or exchangeable securities or obligations or (iii) obligations of the Partnership to
issue any such equity interests, any such convertible or exchangeable securities or obligations, or any such warrants, rights or options. 

(h) Each of the Issuers and each Guarantor has all requisite corporate, partnership or limited liability company power and
authority to execute, deliver and perform each of its obligations under the Notes, the Exchange Notes and the Private Exchange Notes (as defined in the Registration Rights Agreement). The Notes, the Exchange Notes and the Private Exchange Notes have
each been duly authorized by the Issuers and, when executed by each of the Issuers and authenticated by the Trustee in 

  
 5 

 
accordance with the provisions of the Indenture and, in the case of the Notes, when delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement, and, in the
case of any Exchange Notes or Private Exchange Notes, when issued in exchange for the Notes as provided in the Registration Rights Agreement, will constitute valid and legally binding obligations of each of the Issuers, entitled to the benefits of
the Indenture, and enforceable against each of the Issuers in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors’ rights generally, and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought (collectively, the “Enforceability Exceptions”). The
Guarantees have been duly authorized and, upon the due issuance and delivery of the related Notes and the due endorsement of the notations of Guarantee thereon, will constitute valid and legally binding obligations of each Guarantor, enforceable
against each Guarantor in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 

(i) Each of the Issuers and each Guarantor has all requisite corporate, partnership or limited liability company power and
authority to execute, deliver and perform each of its obligations under the Indenture. The Indenture meets the requirements for qualification under the Trust Indenture Act of 1939, as amended (the “TIA”). The Indenture has been duly
authorized by each of the Issuers and Guarantors and, when executed and delivered by each of the Issuers and each Guarantor (assuming the due authorization, execution and delivery by the Trustee), will constitute a valid and legally binding
agreement of each of the Issuers and each Guarantor, enforceable against each of the Issuers and each Guarantor in accordance with its terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 

(j) Each of the Issuers and each Guarantor has all requisite corporate, partnership or limited liability company power and
authority to execute, deliver and perform each of its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly authorized by the Issuers and the Guarantors and, when executed and delivered by each of the
Issuers and each Guarantor (assuming the due authorization, execution and delivery by the Initial Purchasers), will constitute a valid and legally binding agreement of each of the Issuers and each Guarantor, enforceable against each of the Issuers
and each Guarantor in accordance with its terms, except that (A) the enforcement thereof may be subject to the Enforceability Exceptions and (B) any rights to indemnity or contribution thereunder may be limited by federal and state
securities laws and public policy considerations. 
 (k) Each of the Issuers and each Guarantor has all requisite corporate,
partnership or limited liability company power and authority to execute, deliver and perform each of its obligations under this Agreement and to consummate the transactions contemplated hereby. This Agreement and the consummation by each of the
Issuers and each Guarantor of the transactions contemplated hereby have been duly authorized by each of the Issuers and each Guarantor. This Agreement has been duly executed and delivered by each of the Issuers and each Guarantor. 

  
 6 

 (l) No permit, consent, approval, authorization, order, registration, filing or
qualification (“Permits”) of or with any court or governmental agency or body having jurisdiction over any of the Issuers or any Material Subsidiary or any of their respective properties or assets is required in connection with the
issuance and sale by the Issuers of the Notes to the Initial Purchasers or the consummation by the Issuers of the other transactions contemplated hereby, except (i) such Permits as may be required under the Act, the Exchange Act and state
securities or “Blue Sky” laws of any jurisdiction, (ii) such Permits as have been obtained or will be obtained prior to the Closing Date, (iii) such Permits that, if not obtained, could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (iv) such Permits as are disclosed in the Offering Memorandum. 

(m) Neither of the Issuers nor any Material Subsidiary is in (i) violation of its Organizational Documents,
(ii) violation of any statute, law, rule or regulation, or any judgment, order, injunction or decree of any court, governmental agency or body or arbitrator having jurisdiction over any of the Issuers or Material Subsidiaries or any of their
respective properties or assets or (iii) breach, default (or an event which, with notice or lapse of time or both, would constitute such an event) or violation in the performance of any obligation, agreement or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, which in the case of either clause (ii) or (iii) would, if continued,
have a Material Adverse Effect. 
 (n) None of (i) the execution, delivery and performance by either of the Issuers or
any Guarantor of this Agreement, the Indenture and the Registration Rights Agreement or (ii) the consummation by either of the Issuers or any Guarantor of the transactions contemplated hereby (including, without limitation, the issuance and
sale of the Notes to the Initial Purchasers) (A) conflicts or will conflict with or constitutes or will constitute a violation of the Organizational Documents of either of the Issuers or any Guarantor, (B) conflicts or will conflict with
or constitutes or will constitute a breach or violation of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default) under any indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which either of the Issuers or any Guarantor is a party or by which any of them or any of their respective properties may be bound, or (C) (assuming compliance with all applicable state securities or “Blue Sky” laws
and assuming the accuracy of the representations and warranties of the Initial Purchasers in Section 8 hereof) violates or will violate any statute, judgment, decree, order, rule or regulation applicable to either of the Issuers or any
Guarantor or any of their respective properties or assets, except, with respect to clauses (B) and (C) only, for any such conflict, breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect or
materially impair the ability of the Issuers or the Guarantors, as applicable, to consummate the transactions contemplated by this Agreement. 

(o) The Partnership Agreement has been duly authorized, executed and delivered by the General Partner, and is a valid and
legally binding agreement of the General Partner, enforceable against the General Partner in accordance with its terms; provided, that, with respect to the Partnership Agreement, the enforceability thereof may be limited by the Enforceability
Exceptions; provided, further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and public policy. 

  
 7 

 (p) The Organizational Agreements of the Material Subsidiaries, as applicable,
have been duly authorized, executed and delivered by the parties thereto, and are valid and legally binding agreements of such parties, enforceable against such parties in accordance with their terms; provided, that, with respect to such
agreements, the enforceability thereof may be limited by the Enforceability Exceptions; provided, further, that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable laws and
public policy. 
 (q) The historical consolidated financial statements of the Partnership and its Subsidiaries included in
the Offering Memorandum present fairly in all material respects the financial position, results of operations and cash flows of the Partnership and its consolidated Subsidiaries purported to be shown thereby on the basis stated therein at the
respective dates or for the respective periods to which they apply, and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except to the extent disclosed therein. The
summary and selected financial, statistical and operating information in the Offering Memorandum is accurately presented in all material respects and prepared on a basis consistent with the audited and unaudited historical consolidated financial
statements, as applicable, from which it has been derived. PricewaterhouseCoopers LLP (the “Independent Accountants”), which has certified certain financial statements of the Partnership and its Subsidiaries and delivered its report
with respect to the audited consolidated financial statements incorporated by reference in the Offering Memorandum, is an independent public accounting firm within the meaning of the Act and the rules and regulations promulgated thereunder. The
interactive data in eXtensbile Business Reporting Language included or incorporated by reference in the Pricing Disclosure Package and the Final Memorandum fairly presents the information called for in all material respects and has been prepared in
accordance with the Commission’s rules and guidelines applicable thereto in all material respects. 
 (r) Except as set
forth or contemplated in the Offering Memorandum, there is (i) no action, suit or proceeding before or by any court, arbitrator or governmental agency, body or official, domestic or foreign, now pending or, to the knowledge of the Partnership,
threatened, to which any of the Issuers or Material Subsidiaries is or may be a party or to which the business or property of any of the Issuers or Material Subsidiaries is or may be subject, (ii) to the knowledge of the Partnership, no
statute, rule, regulation or order that has been enacted, adopted or issued by any governmental agency and (iii) no injunction, restraining order or order of any nature issued by a federal or state court or foreign court of competent
jurisdiction to which any of the Issuers or Material Subsidiaries is or may be subject, that, in the case of clauses (i), (ii) and (iii) above, is reasonably expected to (A) individually or in the aggregate have a Material Adverse
Effect, (B) prevent the consummation of the issuance or sale of the Notes to be sold hereunder, or (C) draw into question the validity of this Agreement. 

  
 8 

 (s) Each of the Issuers and the Material Subsidiaries possesses such permits,
licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct their respective
businesses, except where the failure so to possess would not, individually or in the aggregate, result in a Material Adverse Effect; each of the Issuers and each Material Subsidiary is in compliance with the terms and conditions of all such
Governmental Licenses, except where the failure so to comply would not, individually or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except when the invalidity of
such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, individually or in the aggregate, result in a Material Adverse Effect; and except as described in the Offering Memorandum, neither of
the Issuers and no Material Subsidiary has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or
finding, would result in a Material Adverse Effect. 
 (t) Since the date of the most recent financial statements appearing
in the Offering Memorandum and except as set forth or contemplated in the Offering Memorandum, (i) none of the Issuers or the Material Subsidiaries has incurred any liabilities or obligations, direct or contingent, or entered into or agreed to
enter into any transactions or contracts (written or oral) not in the ordinary course of business, which liabilities, obligations, transactions or contracts would, individually or in the aggregate, be material to the general affairs, management,
business, condition (financial or otherwise), prospects or results of operations of the Partnership and its Subsidiaries, taken as a whole and (ii) the Partnership has not purchased any of its outstanding equity interests, nor declared, paid or
otherwise made any distribution of any kind on its equity interests (other than (A) the Partnership’s quarterly distributions and the Partnership’s monthly distributions on its Series A Fixed-to-Floating Rate Cumulative Redeemable
Preferred Units, (B) with respect to any of the Subsidiaries, the purchase of, or dividend or distribution on, capital stock or equity interests owned by the Partnership and (C) distribution equivalent rights on any of the
Partnership’s equity-based awards). 
 (u) Except as set forth or contemplated in the Offering Memorandum, each of the
Issuers and the Material Subsidiaries has filed all foreign, federal, state and local tax returns that are required to be filed or has requested extensions thereof, except in any case in which the failure so to file, individually or in the
aggregate, would not have a Material Adverse Effect, and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such tax,
assessment, fine or penalty that is currently being contested in good faith or as, individually or in the aggregate, would not have a Material Adverse Effect. 

(v) Immediately after the consummation of the transactions contemplated by this Agreement, the fair value and present fair
saleable value of the assets of each of the Issuers and the Material Subsidiaries (each on a consolidated basis) will exceed the sum of its stated liabilities and identified contingent liabilities. Each of the Issuers and the

  
 9 

 
Guarantors is not now nor, after giving effect to the issuance of the Notes and the execution, delivery and performance of this Agreement, the Registration Rights Agreement and the Indenture and
the consummation of the transactions contemplated thereby or described in the Offering Memorandum, will be (i) insolvent, (ii) left with unreasonably small capital with which to engage in its anticipated business or (iii) incurring
debts or other obligations beyond its ability to pay such debts or obligations as they become due. 
 (w) Any statistical and
market-related data included in the Offering Memorandum are based on or derived from sources that each of the Issuers and the Guarantors believe to be reliable and accurate, and the Issuers have obtained the written consent to the use of such data
from such sources to the extent required. 
 (x) Each of the Issuers and the Material Subsidiaries has good and marketable
title to all real property and good title to all personal property described in the Offering Memorandum as being owned by it free and clear of all Liens, except (i) as described, and subject to limitations contained, in the Offering Memorandum,
(ii) Liens that arise under the Partnership Credit Agreement or the TRC Credit Agreement or (iii) to the extent the failure to have such title or the existence of such Liens would not, individually or in the aggregate, have a Material
Adverse Effect; provided that, with respect to any real property and buildings held under lease by the Partnership and the Material Subsidiaries, such real property and buildings are held under valid and subsisting and enforceable leases with
such exceptions as do not materially interfere with the use of the properties of the Partnership and the Material Subsidiaries taken as a whole as they have been used in the past as described in the Offering Memorandum and are proposed to be used in
the future as described in the Offering Memorandum, except to the extent the failure to hold such valid and subsisting and enforceable leases would not, individually or in the aggregate, have a Material Adverse Effect. 

(y) The Partnership and the Material Subsidiaries have such easements or rights-of-way (collectively,
“rights-of-way”) as are necessary to conduct their business in the manner described, and subject to the limitations contained, in the Offering Memorandum, except for (i) qualifications, reservations and encumbrances that would
not have, individually or in the aggregate, a Material Adverse Effect, (ii) such rights-of-way that, if not obtained, would not have, individually or in the aggregate, a Material Adverse Effect and (iii) rights-of-way held by affiliates of
the Partnership as nominee for the benefit of the Partnership and the Material Subsidiaries. 
 (z) Except for such
exceptions that would not reasonably be expected to result in a Material Adverse Effect, (i) each of the Issuers and each Material Subsidiary owns or possesses, or can acquire or use on reasonable terms, adequate patents, patents rights,
licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property
(collectively, “Intellectual Property”) necessary to carry out their respective businesses now or proposed to be operated by them as described in the Offering Memorandum, and (ii) each of the Issuers and each Material
Subsidiary has not received any notice and is not otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances that would render any Intellectual
Property invalid or inadequate to protect any of its interest therein. 

  
 10 

 (aa) There are no legal or governmental proceedings pending or, to the knowledge
of the Partnership, threatened or contemplated, against either of the Issuers or the Material Subsidiaries or any of their respective properties or assets that would be required to be described in a prospectus pursuant to the Act that are not
described in the Offering Memorandum, nor are there any agreements, contracts, indentures, leases or other instruments that would be required to be described in a prospectus pursuant to the Act that are not described in the Offering Memorandum.
Except as set forth or contemplated in the Offering Memorandum, to the knowledge of the Partnership, no legal or governmental proceedings are pending or threatened to which either of the Issuers or any of the Material Subsidiaries is a party or to
which the property or assets of the Issuers or any Material Subsidiary is subject that, if determined adversely to the Issuers or the Material Subsidiaries, could be reasonably expected to result, individually or in the aggregate, in a Material
Adverse Effect. 
 (bb) The Partnership is in compliance in all material respects with all applicable provisions of the
Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes Oxley Act”). 

(cc) Except as disclosed in the Offering Memorandum and as would not, individually or in the aggregate, result in a Material
Adverse Effect: (i) the Partnership and the Material Subsidiaries are and, during the relevant time periods specified in all applicable statutes of limitation, have been in compliance with applicable Environmental Laws (as defined below);
(ii) the Partnership and the Material Subsidiaries have obtained and are in compliance with all Environmental Permits (as defined below) required of them under applicable Environmental Laws to conduct the Partnership’s business as
presently conducted; (iii) none of the Partnership or the Material Subsidiaries has received any written notice of an action, suit, demand, claim, hearing, notice of violation or investigation, or proceeding, which matter remains unresolved and
alleges liability of the Partnership or any Material Subsidiary under, or violation by the Partnership or any Material Subsidiary of, any Environmental Law, and to the knowledge of the Partnership, no facts, circumstances or conditions exist that
would reasonably be expected to result in the receipt of such notice; and (iv) to the knowledge of the Partnership, there are no releases of Hazardous Materials (as defined below) that would reasonably be expected to give rise to liabilities or
obligations under any Environmental Law. 
 For purposes of this Agreement: (i) “Environmental Law” means all federal,
state and local laws, rules (including but not limited to rules of common law), regulations, ordinances, orders, decrees and other legally-enforceable requirements of any governmental entity relating to pollution, protection of human health (to the
extent relating to exposure to Hazardous Materials) or the Environment, including those relating to the generation, storage, treatment, disposal, transport or release of Hazardous Materials; (ii) “Hazardous Materials” means any
pollutant or contaminant, chemical, material, waste or substance in any form regulated under any applicable Environmental 

  
 11 

 
Law including, but not limited to any: (A) “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended;
(B) “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended; (C) petroleum or petroleum product, natural gas, natural gas liquids, or crude oil or any fraction thereof; (D) polychlorinated
biphenyls; and (E) naturally occurring radioactive materials; (iii) “Environmental Permits” means any permit, authorization, license, variance, and approvals required under applicable Environmental Law; and
(iv) “Environment” means ambient air, indoor air, surface water, groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 

(dd) There is no strike, labor dispute, slowdown or work stoppage with the employees of the Issuers or the Material
Subsidiaries that is pending or, to the knowledge of the Partnership, threatened that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(ee) Except as disclosed in the Offering Memorandum, no proceedings for the merger, consolidation, liquidation or dissolution
of either of the Issuers or the Material Subsidiaries or the sale of all or a material part of the assets of either of the Issuers or the Material Subsidiaries or any material acquisition by either of the Issuers or any Material Subsidiary are
pending that would be required by the Act to be disclosed in a prospectus included in a Registration Statement on Form S-1 under the Act. 

(ff)(i) The Issuers and the Material Subsidiaries have not sustained, since the date of the latest audited financial statements
included in the Offering Memorandum (exclusive of any amendment or supplement thereto), any material loss or interference with its business or properties from fire, explosion, flood, accident or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree (whether domestic or foreign) otherwise than as set forth in the Offering Memorandum (exclusive of any amendment or supplement thereto) and (ii) since such date, there
has not occurred any change or development, in each case, that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(gg) Each of the Issuers and the Material Subsidiaries carries or is entitled to the benefits of insurance relating to their
assets, with financially sound and reputable insurers, in such amounts and covering such risks as is commercially reasonable, and all such insurance is in full force and effect. Each of the Issuers and the Material Subsidiaries has no reason to
believe that it will not be able (i) to renew their existing insurance coverage relating to their respective assets as and when such policies expire or (ii) to obtain comparable coverage relating to their respective assets from similar
institutions as may be necessary or appropriate to conduct such business as now conducted and at a cost that would not reasonably be expected to have a Material Adverse Effect. 

  
 12 

 (hh) Except (i) as disclosed in the Offering Memorandum and (ii) in
regard to regulation by the Federal Energy Regulation Commission, neither of the Issuers nor any Material Subsidiary is subject to rate regulation under federal law. 

(ii) Except as would not, individually or in the aggregate, have a Material Adverse Effect, each of the Issuers and each
Material Subsidiary is in compliance with its obligations under all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(“ERISA”); with respect to each “plan” (as defined in Section 3(3) of ERISA) in which any current or former employees of the Partnership or of any trade or business that, together with the Partnership, is or has been
treated, within the six years preceding such date, as a single employer under Section 4001(b)(1) of ERISA or Section 414 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder
(the “Code”), are or have been eligible to participate, no “reportable event” (as defined in ERISA) has occurred with respect to any such plan that is a “pension plan” (as defined in ERISA, hereinafter, a
“Pension Plan”) for which any of the Issuers or a Material Subsidiary would have any liability, excluding any reportable event for which a waiver could apply; none of the Issuers or Material Subsidiaries expects to incur liability
under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any Pension Plan or (ii) Sections 430 or 4971 of the Code with respect to any Pension Plan. 

(jj) Except as disclosed in the Offering Memorandum, the Partnership and the Material Subsidiaries maintain a system of
internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Offering Memorandum, the
Partnership’s and the Material Subsidiaries’ internal controls over financial reporting are effective and none of the Partnership and the Material Subsidiaries is aware of any material weakness in their internal control over financial
reporting. 
 (kk) Except as disclosed in the Offering Memorandum (i) the Partnership has established and maintains
disclosure controls and procedures (to the extent required by and as such term is defined in Rule 13a-15 under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed
by the Partnership in the reports filed or to be filed or submitted under the Exchange Act, as applicable, is accumulated and communicated to management of the General Partner, including its principal executive officers and principal financial
officers, as appropriate, to allow timely decisions regarding required disclosure to be made and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established to
the extent required by Rule 13a-15 of the Exchange Act. 

  
 13 

 (ll) Neither of the Issuers nor any Guarantor is an “investment
company” or “promoter” or “principal underwriter” for an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the
rules and regulations thereunder. 
 (mm) The descriptions of the Notes, the Indenture and the Registration Rights Agreements
contained in the Offering Memorandum are accurate in all material respects. 
 (nn) No holder of securities of either of the
Issuers or the Material Subsidiaries will be entitled to have such securities registered under the registration statements that may be required to be filed by the Issuers pursuant to the Registration Rights Agreements other than as expressly
permitted thereby. 
 (oo) None of the Issuers, any Material Subsidiary or, to the knowledge of the Issuers, any of their
respective Affiliates (as defined in Rule 501(b) of Regulation D under the Act) has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as
defined in the Act) that is or could be integrated with the sale of the Notes in a manner that would require the registration under the Act of the Notes or (ii) engaged in any form of general solicitation or general advertising (as those terms
are used in Regulation D under the Act) in connection with the offering of the Notes or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act. Assuming the accuracy of the representations and warranties of
the Initial Purchasers in Section 8 hereof, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchasers or the endorsement of the Guarantees by the Guarantors in the manner contemplated by this
Agreement to register any of the Notes under the Act or to qualify the Indenture under the TIA. 
 (pp) No securities of
either of the Issuers or the Guarantors are of the same class (within the meaning of Rule 144A under the Act) as the Notes and listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S.
automated inter-dealer quotation system. 
 (qq) None of the Issuers or the Material Subsidiaries has taken, nor will any of
them take, directly or indirectly, any action designed to, or that would constitute or that might be reasonably expected to result in, stabilization or manipulation of the price of the Notes. 

(rr) None of the Issuers, the Material Subsidiaries or, to the knowledge of the Issuers, any of their respective Affiliates or
any person acting on its or their behalf (other than the Initial Purchasers) has engaged in any directed selling efforts (as that term is defined in Regulation S under the Act (“Regulation S”)) with respect to the Notes; the
Issuers, the Material Subsidiaries and, to the knowledge of the Issuers, their respective Affiliates and any person acting on its or their behalf (other than the Initial Purchasers) have complied with the offering restrictions requirement of
Regulation S. 

  
 14 

 (ss) There are no stamp or other issuance or transfer taxes or duties or other
similar fees or charges required to be paid in the United States in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuers of the Notes. 

(tt) None of the Issuers, the Subsidiaries or, to the knowledge of the Issuers, any director, officer, agent, employee or
Affiliate of the Issuers or any of the Subsidiaries (in their capacity as directors, officers, agents or employees) is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Issuers, the Subsidiaries and, to the knowledge of the Issuers, their affiliates have conducted their businesses in
compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(uu) The operations of the Issuers and the Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the USA PATRIOT Act, the rules and regulations thereunder, and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Issuers or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Issuers, threatened. 

(vv) No Material Subsidiary is currently prohibited, directly or indirectly, from paying any distributions to the Partnership,
from making any other distribution on such Subsidiary’s equity interests, from repaying to the Partnership any loans or advances to such Subsidiary from the Partnership or from transferring any of such Subsidiary’s property or assets to
the Partnership or any other Subsidiary of the Partnership, except (i) as described in or contemplated by the Offering Memorandum, (ii) arising under the Partnership Credit Agreement, (iii) such prohibitions mandated by the laws of
each such Subsidiary’s state of formation and the terms of any such Subsidiary’s governing instruments or (iv) where such prohibition would not reasonably be expected to have a Material Adverse Effect. 

(ww) None of the Issuers, the Subsidiaries or, to the knowledge of the Issuers, any director, officer, agent, employee or
Affiliate of the Issuers or any of the Subsidiaries (in their capacity as directors, officers, agents or employees) is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.

  
 15 

 
Department of the Treasury (“OFAC”) nor is either Issuer or the Subsidiaries located, organized or resident in a country or territory that is the subject or target of U.S.
sanctions; and the Issuers will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of
financing or facilitating the activities of any person currently subject to any U.S. sanctions administered by OFAC or in any sanctioned country. 

Any certificate signed by any officer of the Issuers or the Guarantors and delivered to any Initial Purchaser or to counsel for the Initial
Purchasers in connection with the offering of the Notes shall be deemed a representation and warranty by each of the Issuers or each Guarantor to the Initial Purchasers as to the matters covered thereby. 

Section 3. Purchase, Sale and Delivery of the Notes. On the basis of the representations, warranties, agreements and covenants
herein contained and subject to the terms and conditions herein set forth, the Issuers agree to issue and sell to the Initial Purchasers, and the Initial Purchasers, acting severally and not jointly, agree to purchase the Notes in the respective
amounts set forth on Schedule 1 hereto from the Issuers at 99.25% of their principal amount. One or more certificates in global form for the Notes that the Initial Purchasers have agreed to purchase hereunder, each in such principal
amount as the Initial Purchasers request upon notice to the Issuers at least 36 hours prior to the Closing Date, shall be delivered by or on behalf of the Issuers to the Trustee, as custodian for The Depository Trust Company
(“DTC”), and the Notes in book-entry form shall be delivered to the Initial Purchasers through the facilities of DTC, against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire transfer (same
day funds), to such account or accounts as the Partnership shall specify prior to the Closing Date, or by such means as the parties hereto shall agree prior to the Closing Date. Such delivery of the certificates and payment for the Notes shall be
made at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas at 9:00 A.M. Houston time, on October 17, 2017, or at such other place, time or date as the Initial Purchasers, on the one hand, and the
Issuers, on the other hand, may agree upon, such time and date of delivery against payment being herein referred to as the “Closing Date.” 

Section 4. Offering by the Initial Purchasers. The Initial Purchasers propose to make an offering of the Notes at the price and
upon the terms set forth in the Pricing Disclosure Package and the Final Memorandum as soon as practicable after this Agreement is entered into and as in the judgment of the Initial Purchasers is advisable. 

Section 5. Covenants of the Issuers and the Guarantors. Each Issuer and each Guarantor covenants and agrees with each of the
Initial Purchasers as follows: 
 (a) Until the later of (i) the completion of the distribution of the Notes by the
Initial Purchasers and (ii) the Closing Date, the Issuers will not amend or supplement the Pricing Disclosure Package or the Final Memorandum or otherwise distribute or refer to any Issuer Written Communication (other than the Recorded Road
Show) unless the Initial Purchasers shall previously have been advised and furnished a copy for a reasonable period of time prior to the proposed amendment or supplement. The Issuers will promptly, upon the reasonable request of the Initial
Purchasers or counsel for the Initial Purchasers, make any amendments or supplements to the Pricing Disclosure Package and the Final Memorandum that may be necessary or advisable in connection with the resale of the Notes by the Initial Purchasers.

  
 16 

 (b) The Issuers will cooperate with the Initial Purchasers in arranging for the
qualification of the Notes for offering and sale under the securities or “Blue Sky” laws of such jurisdictions as the Initial Purchasers may designate and will continue such qualifications in effect for as long as may be necessary to
complete the resale of the Notes; provided, however, that in connection therewith, the Issuers shall not be required to qualify as a foreign limited partnership or corporation or to execute a general consent to service of process in
any jurisdiction or subject itself to taxation in any such jurisdiction where it is not then so subject. 
 (c)(1) If, at any
time prior to the completion of the sale by the Initial Purchasers of the Notes, any event occurs or information becomes known as a result of which the Final Memorandum as then amended or supplemented would include any untrue statement of a material
fact, or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if for any other reason it is necessary at any time to amend or supplement the Final
Memorandum to comply with applicable law, the Issuers will promptly notify the Initial Purchasers thereof and will prepare, at the expense of the Partnership, an amendment or supplement to the Final Memorandum that corrects such statement or
omission or effects such compliance and (2) if at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Pricing Disclosure Package as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or any Issuer Written Communication
would conflict with the Pricing Disclosure Package as then amended or supplemented, or (ii) it is necessary to amend or supplement any of the Pricing Disclosure Package so that any of the Pricing Disclosure Package or any Issuer Written
Communication will comply with law, the Issuers will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (a) above, furnish to the Initial Purchasers such amendments or supplements to any of the
Pricing Disclosure Package or any Issuer Written Communication (it being understood that any such amendments or supplements may take the form of an amended or supplemented Final Memorandum) as may be necessary so that the statements in any of the
Pricing Disclosure Package as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading or so that any Issuer Written Communication will not conflict with the Pricing Disclosure Package or so that
the Pricing Disclosure Package or any Issuer Written Communication as so amended or supplemented will comply with law. 
 (d)
The Issuers will, without charge, provide to the Initial Purchasers and to counsel for the Initial Purchasers as many copies of the Pricing Disclosure Package, any Issuer Written Communication and the Final Memorandum or any amendment or supplement
thereto as the Initial Purchasers may reasonably request. 

  
 17 

 (e) The Partnership will apply the net proceeds from the sale of the Notes as set
forth under “Use of Proceeds” in the Pricing Disclosure Package and the Final Memorandum. 
 (f) Prior to the
Closing Date, the Issuers will furnish to the Initial Purchasers, as soon as they have been prepared, a copy of any unaudited interim financial statements of the Issuers for any period subsequent to the period covered by the most recent financial
statements appearing in the Pricing Disclosure Package and the Final Memorandum; provided, however, that the Issuers do not need to furnish such financial statements to the Initial Purchasers if they are available on the Commission’s website.

 (g) None of the Issuers or any of its affiliates that it controls will, and the Issuers will use their commercially
reasonable efforts to cause their other affiliates not to, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Act) that could be integrated with the sale of the Notes in a
manner which would require the registration under the Act of the Notes. 
 (h) The Issuers will not, and will not permit any
of their subsidiaries or their respective affiliates that they control or persons acting on their behalf to, and the Issuers will use their commercially reasonable efforts to cause their other affiliates not to, engage in any form of general
solicitation or general advertising (as those terms are used in Regulation D under the Act) in connection with the offering of the Notes or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act. 

(i) For so long as any of the Notes remain outstanding, the Issuers or Targa Resources Corp. will make available at their
expense, upon request, to any holder of such Notes and any prospective purchasers thereof the information specified in Rule 144A(d)(4) under the Act, unless either of the Issuers or Targa Resources Corp. is then subject to Section 13 or
15(d) of the Exchange Act. 
 (j) The Issuers will use their commercially reasonable efforts to permit the Notes to be
eligible for clearance and settlement through DTC. 
 (k) During the period beginning on the date hereof and continuing to
the date that is 45 days after the Closing Date, without the prior written consent of the Representative, the Issuers will not offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, any securities of the Issuers (or
guaranteed by the Issuers) that are substantially similar to the Notes (except for the Notes which would be issuable pursuant to the exchange offer described in the Preliminary Memorandum and the Final Memorandum). 

(l) In connection with Notes offered and sold in an offshore transaction (as defined in Regulation S) the Issuers will not
register any transfer of such Notes not made in accordance with the provisions of Regulation S and will not, except in accordance with the provisions of Regulation S, if applicable, issue any such Notes in the form of definitive securities. 

  
 18 

 (m) None of the Issuers or any of their affiliates that they control will engage
in any directed selling efforts (as that term is defined in Regulation S) with respect to the Notes. 
 (n) For a period of
one year (calculated in accordance with paragraph (d) of Rule 144 under the Act) following the date any Notes are acquired by either of the Issuers or any of their affiliates, if the Notes are Registrable Securities (as defined in the
Registration Rights Agreement), neither of the Issuers nor any of their respective affiliates that they control will sell any such Notes. 

(o) For so long as any Notes are outstanding, the Issuers and the Guarantors will conduct their operations in a manner that
will not subject the Issuers or any Guarantor to registration as an investment company under the Investment Company Act. 

(p) Each Note will bear a legend substantially to the following effect until such legend shall no longer be necessary or
advisable because the Notes are no longer subject to the restrictions on transfer described therein: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY
ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT
WILL NOT WITHIN [IN THE CASE OF NOTES SOLD IN RELIANCE ON RULE 144A: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH AN ISSUER OR ANY AFFILIATE OF AN ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY)] [IN THE CASE OF NOTES SOLD IN RELIANCE ON REGULATION S: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S)] (THE “RESALE RESTRICTION TERMINATION DATE”) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE 

  
 19 

 
RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM
THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER
MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUERS SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION, NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS USED HEREIN. THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER
THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER OR AN ISSUER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.” 

Section 6. Expenses. The Partnership agrees to pay all costs and expenses incident to the performance of the Issuers’ and
Guarantors’ obligations under this Agreement, whether or not the transactions contemplated herein are consummated or this Agreement is terminated pursuant to Section 11 hereof, including all costs and expenses incident to (i) the
printing, word processing or other production of documents with respect to the transactions contemplated hereby, including any costs of printing the Pricing Disclosure Package and the Final Memorandum and any amendment or supplement thereto, and any
“Blue Sky” memoranda, (ii) all arrangements relating to the delivery to the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of the counsel, the accountants and any other experts or
advisors retained by the Issuers, (iv) preparation (including printing), issuance and delivery to the Initial Purchasers of the Notes, (v) the qualification of the Notes under state securities and “Blue Sky” laws, including
filing fees and fees and disbursements of counsel for the Initial Purchasers relating thereto, (vi) one half of the expenses in connection with the “roadshow” and any other meetings with prospective investors in the Notes,
(vii) fees and expenses of the Trustee including fees and expenses of counsel, and (viii) any fees charged by investment rating agencies for the rating of the Notes. If the sale of the Notes provided for herein is not consummated because
any condition to the obligations of the Initial Purchasers set forth in Section 7 hereof is not satisfied, because this Agreement is terminated pursuant to Sections 11(a)(i), (ii) or (vi) or because of any failure, refusal or
inability on the part of the Issuers to perform all obligations and satisfy all conditions on their part to be performed or satisfied hereunder (other than solely by 

  
 20 

 
reason of a default by the Initial Purchasers of their obligations hereunder after all conditions hereunder have been satisfied in accordance herewith), the Issuers agree to promptly reimburse
the Initial Purchasers upon demand for all out-of-pocket expenses (including reasonable fees, disbursements and charges of Gibson, Dunn & Crutcher LLP, counsel for the Initial Purchasers) that shall have been incurred by the Initial
Purchasers in connection with the proposed purchase and sale of the Notes. 
 Section 7. Conditions of the Initial Purchasers’
Obligations. The obligation of the Initial Purchasers to purchase and pay for the Notes shall, in their sole discretion, be subject to the satisfaction or waiver of the following conditions on or prior to the Closing Date: 

(a) On the Closing Date, the Initial Purchasers shall have received the opinion, dated as of the Closing Date and addressed to
the Initial Purchasers, of Vinson & Elkins L.L.P., counsel for the Issuers, in form and substance satisfactory to counsel for the Initial Purchasers, to the effect that: 

(i) Each of the Issuers and the Non-TPL Guarantors has been duly incorporated or formed, as the case may be, under the laws of
its jurisdiction of incorporation or formation, as the case may be. 
 (ii) Each of the Issuers and the Covered Guarantors is
validly existing as a limited partnership, limited liability company or corporation, as applicable, and is in good standing under the laws of its jurisdiction of formation or incorporation, as applicable, and has all requisite limited partnership,
limited liability company or corporate power and authority necessary to own or lease its properties and to conduct its business, in each case as described in the Pricing Disclosure Package and the Final Memorandum in all material respects. 

(iii) The Partnership has the authorized, issued and outstanding capitalization set forth in the Pricing Disclosure Package and
the Final Memorandum as of the dates specified therein; all of the issued and outstanding equity interests (other than general partner interests) of each of the Issuers and the Non-TPL Guarantors have been duly authorized and validly issued (in
accordance with the Organizational Documents of each such entity), are fully paid (in the case of an interest in a limited partnership or limited liability company, to the extent required under the Organizational Documents of such entity) and
nonassessable (except as such nonassessability may be affected by Sections 17-607 and 17-804 of the Delaware LP Act, Sections 18-607 and 18-804 of the Delaware LLC Act or Sections 153.102, 153.103, 153.202 and
153.210 of the TBOC, as applicable) and, to the knowledge of such counsel, were not issued in violation of any preemptive or similar right; all of the issued and outstanding equity interests of Finance Co and each Non-TPL Guarantor are owned,
directly or indirectly, by the Partnership, free and clear of all Liens (other than (i) those created by or arising under the Delaware General Corporation Law, the Delaware LLC Act or the Delaware LP Act, as the case may be;
(ii) restrictions on transferability and other Liens described in the Pricing Disclosure Package, the Final Memorandum or the Organizational Documents; (iii) those arising under the Partnership Credit

  
 21 

 
Agreement; and (iv) those imposed by the Act and the securities or “Blue Sky” laws of certain jurisdictions) (A) in respect of which a financing statement under the Uniform
Commercial Code of the State of Delaware naming the Partnership as debtor or, in the case of equity interests of a Non-TPL Guarantor owned directly by one or more other Non-TPL Guarantors, naming any such other Non-TPL Guarantors as debtor(s), is on
file as of a recent date in the office of the Secretary of State of the State of Delaware or (B) otherwise known to such counsel, without independent investigation. 

(iv) The Issuers and each Covered Guarantor have all requisite corporate, limited partnership or limited liability company
power and authority to execute, deliver and perform each of their obligations under the Indenture, the Notes, the Exchange Notes and the Private Exchange Notes (each as defined in the Registration Rights Agreement); the Indenture meets the
requirements for qualification under the TIA; the Indenture has been duly and validly authorized by the Issuers and each Covered Guarantor and, when duly executed and delivered by the Issuers and each Covered Guarantor (assuming the due
authorization, execution and delivery thereof by the Trustee and SouthOk), will constitute the valid and legally binding agreement of the Issuers and each Guarantor, enforceable against the Issuers and each Guarantor in accordance with its terms,
except that the enforcement thereof may be subject to the Enforceability Exceptions. 
 (v) The Notes have each been duly and
validly authorized by the Issuers and, when duly executed and delivered by the Issuers and paid for by the Initial Purchasers in accordance with the terms of this Agreement (assuming the due authorization, execution and delivery of the Indenture by
the Trustee and due authentication and delivery of the Notes by the Trustee in accordance with the Indenture), will constitute the valid and legally binding obligations of the Issuers, entitled to the benefits of the Indenture, and enforceable
against the Issuers in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 

(vi) The Guarantees have been duly and validly authorized by the Covered Guarantors and when the Notes have been paid for by
the Initial Purchasers in accordance with the terms of this Agreement (assuming the due authorization, execution and delivery of the Indenture by the Trustee and SouthOk and the due authentication of the Notes by the Trustee in accordance with the
Indenture), will constitute the valid and legally binding obligations of the Guarantors, entitled to the benefits of the Indenture, and enforceable against the Guarantors in accordance with their terms, except that the enforcement thereof may be
subject to the Enforceability Exceptions. 
 (vii) The Exchange Notes and the Private Exchange Notes have been duly and
validly authorized by the Issuers, and if and when the Exchange Notes and the Private Exchange Notes are duly executed and delivered by the Issuers in accordance with the terms of the Registration Rights Agreement and the Indenture

  
 22 

 
(assuming the due authorization, execution and delivery of the Indenture by the Trustee and due authentication and delivery of the Exchange Notes and the Private Exchange Notes by the Trustee in
accordance with the Indenture), will constitute the valid and legally binding obligations of the Issuers, entitled to the benefits of the Indenture, and enforceable against the Issuers in accordance with their terms, except that the enforcement
thereof may be subject to the Enforceability Exceptions. 
 (viii) The Issuers and the Covered Guarantors have all requisite
partnership, limited liability company or corporate power and authority to execute, deliver and perform their obligations under the Registration Rights Agreement; the Registration Rights Agreement has been duly and validly authorized by the Issuers
and the Covered Guarantors and, when duly executed and delivered by the Issuers and the Covered Guarantors (assuming due authorization, execution and delivery thereof by the Initial Purchasers and SouthOk), will constitute the valid and legally
binding agreement of the Issuers and the Guarantors, enforceable against the Issuers and the Guarantors in accordance with its terms, except that (A) the enforcement thereof may be subject to the Enforceability Exceptions and (B) any
rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. 

(ix) The Issuers and the Covered Guarantors have all requisite corporate, partnership or limited liability company power and
authority to execute, deliver and perform their obligations under this Agreement and to consummate the transactions contemplated hereby; this Agreement and the consummation by the Issuers and the Covered Guarantors of the transactions contemplated
hereby have been duly and validly authorized by the Issuers and the Covered Guarantors. This Agreement has been duly executed and delivered by the Issuers and the Covered Guarantors. 

(x)(a) The descriptions of the Indenture, the Notes and the Registration Rights Agreement contained in the Pricing Disclosure
Package and the Final Memorandum are accurate in all material respects, and (b) the statements under the caption “Certain United States Federal Income Tax Considerations” in the Pricing Disclosure Package and the Final Memorandum
insofar as they purport to constitute a summary of United States federal tax law and regulations or legal conclusions with respect thereto, constitute accurate summaries of the matters described therein in all material respects, subject to the
assumptions and qualifications set forth therein. 
 (xi) The execution, delivery and performance of this Agreement, the
Indenture, the Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby (including, without limitation, the issuance and sale of the Notes to the Initial Purchasers) will not constitute or result in a
breach or a default under (or an event that with notice or passage of time or both would constitute a default under) any of (i) the terms or provisions of 

  
 23 

 
any Contract listed on Annex B hereto, (ii) the Organizational Documents of any of the Issuers or the Covered Guarantors, or (iii) any statute, judgment, decree, order, rule or
regulation (excluding any securities laws, rules or regulations) known to such counsel to be applicable to the Issuers or any of the Covered Guarantors or any of their respective properties or assets, except, with respect to clauses (i) and
(iii) only, for any such conflict, breach or violation that could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 

(xii) No consent, approval, authorization or order of any governmental authority is required for the issuance and sale by the
Issuers of the Notes to the Initial Purchasers or the consummation by the Issuers of the other transactions contemplated hereby, except such as may be required under securities laws, as to which such counsel need express no opinion in this
paragraph, and those which have previously been obtained. 
 (xiii) None of the Issuers or the Covered Guarantors is, or
immediately after the sale of the Notes to be sold hereunder and the application of the proceeds from such sale (as described in the Pricing Disclosure Package and the Final Memorandum under the caption “Use of Proceeds”) will be, an
“investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (xiv) No
registration under the Act of the Notes is required in connection with the sale of the Notes to the Initial Purchasers or in connection with the initial resale of the Notes by the Initial Purchasers, in each case, as contemplated by this Agreement
and the Pricing Disclosure Package and the Final Memorandum, and prior to the commencement of the Exchange Offer (as defined in the Registration Rights Agreement) or the effectiveness of the Shelf Registration Statement (as defined in the
Registration Rights Agreement), the Indenture is not required to be qualified under the TIA.
 At the time the foregoing opinion is
delivered, Vinson & Elkins L.L.P. shall additionally state that it has participated in conferences with officers and other representatives of the Issuers, representatives of the independent registered public accountants for the Issuers,
representatives of the Initial Purchasers and counsel for the Initial Purchasers, at which conferences the contents of the Pricing Disclosure Package and the Final Memorandum and related matters were discussed, and, although it has not independently
verified, and is not passing on and assumes no responsibility for the accuracy, completeness or fairness of the statements contained in the Pricing Disclosure Package and the Final Memorandum (except to the extent specified in
subsection 7(a)(ix)), no facts have come to its attention which lead it to believe that the Pricing Disclosure Package, as of the Time of Execution or at the Closing Date, or that the Final Memorandum, as of its date or at the Closing Date,
contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading (it being understood that such firm
need make no comment with respect to the financial statements and related notes thereto and the other financial and accounting data derived from the Issuers’ books and records included in the Pricing Disclosure Package or the Final Memorandum).

  
 24 

 The opinion and advice of Vinson & Elkins L.L.P. described in this Section 7 shall
be rendered to the Initial Purchasers at the request of the Partnership and shall so state therein. 
 (b) On the Closing
Date, the Initial Purchasers shall have received the opinion, in form and substance satisfactory to the Initial Purchasers, dated as of the Closing Date and addressed to the Initial Purchasers, of Gibson, Dunn & Crutcher LLP, counsel for
the Initial Purchasers, with respect to certain legal matters relating to this Agreement and such other related matters as the Initial Purchasers may reasonably require. In rendering such opinion, Gibson, Dunn & Crutcher LLP shall have
received and may rely upon such certificates and other documents and information as it may reasonably request to pass upon such matters. 

(c) On the date hereof, the Initial Purchasers shall have received from the Independent Accountants a comfort letter dated the
date hereof, in form and substance satisfactory to counsel for the Initial Purchasers with respect to the audited and any unaudited financial information in the Pricing Disclosure Package. On the Closing Date, the Initial Purchasers shall have
received from the Independent Accountants a comfort letter dated the Closing Date, in form and substance satisfactory to counsel for the Initial Purchasers, which shall refer to the comfort letter dated the date hereof and reaffirm or update as of a
more recent date, the information stated in the comfort letter dated the date hereof and similarly address the audited and any unaudited financial information in the Final Memorandum. 

(d) The representations and warranties of the Issuers and the Guarantors contained in this Agreement shall be true and correct
on and as of the Time of Execution and on and as of the Closing Date as if made on and as of the Closing Date; the statements of the Issuers’ officers made pursuant to any certificate delivered in accordance with the provisions hereof shall be
true and correct on and as of the date made and on and as of the Closing Date; the Issuers shall have performed all covenants and agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing
Date; and, except as described in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), subsequent to the date of the most recent financial statements in such Pricing
Disclosure Package and the Final Memorandum, there shall have been no event or development, and no information shall have become known, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect. 

(e) The sale of the Notes hereunder shall not be enjoined (temporarily or permanently) on the Closing Date. 

  
 25 

 (f) Subsequent to the date of the most recent financial statements in the Pricing
Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), none of the Issuers nor any of the Material Subsidiaries shall have sustained any loss or interference with respect to its business
or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute, slow down or work stoppage or from any legal or governmental proceeding, order or decree, which loss or
interference, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect. 
 (g)
The Initial Purchasers shall have received: 
 (x) a certificate, dated the Closing Date, signed by the Chief Executive
Officer or Chief Financial Officer of the General Partner, to the effect that: 
 (i) the representations and warranties of
the Partnership and the Guarantors contained in this Agreement are true and correct on and as of the Time of Execution and on and as of the Closing Date, and the Partnership and the Guarantors have performed all covenants and agreements and
satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date; 
 (ii) at the
Closing Date, since the date hereof or since the date of the most recent financial statements in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or
development has occurred, and no information has become known, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect; and 

(iii) the sale of the Notes hereunder has not been enjoined (temporarily or permanently); and 

(y) a certificate, dated the Closing Date, signed by the Chief Executive Officer or the Chief Financial Officer of Finance Co,
to the effect that: 
 (i) the representations and warranties of Finance Co contained in this Agreement are true and correct
on and as of the Time of Execution and on and as of the Closing Date, and Finance Co has performed all covenants and agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; 

(ii) at the Closing Date, since the date hereof or since the date of the most recent financial statements in the Pricing
Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or development has occurred, and no information has become known, that, individually or in the aggregate, has or would be
reasonably likely to have a Material Adverse Effect; and 
 (iii) the sale of the Notes hereunder has not been enjoined
(temporarily or permanently). 

  
 26 

 (h) On the Closing Date, the Initial Purchasers shall have received the
Registration Rights Agreement executed by the Issuers and the Guarantors and such agreement shall be in full force and effect. 
 On or
before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall have received such further documents, opinions, certificates, letters and schedules or instruments relating to the business, corporate, legal and financial
affairs of the Issuers and the Guarantors as they shall have heretofore reasonably requested from the Issuers. 
 All such documents,
opinions, certificates, letters, schedules or instruments delivered pursuant to this Agreement will comply with the provisions hereof only if they are reasonably satisfactory in all material respects to the Initial Purchasers and counsel for the
Initial Purchasers. The Issuers shall furnish to the Initial Purchasers such conformed copies of such documents, opinions, certificates, letters, schedules and instruments in such quantities as the Initial Purchasers shall reasonably request. 

Section 8. Offering of Notes; Restrictions on Transfer. 

(a) Each of the Initial Purchasers agrees with the Issuers (as to itself only) that (i) it has not and will not solicit
offers for, or offer or sell, the Notes by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any manner involving a public offering within the meaning of Section 4(a)(2) of the
Act; and (ii) it has and will solicit offers for the Notes only from, and will offer the Notes only to (A) in the case of offers inside the United States, persons whom the Initial Purchasers reasonably believe to be QIBs, in transactions
under Rule 144A and (B) in the case of offers outside the United States, to persons other than U.S. persons (“non-U.S. purchasers,” which term shall include dealers or other professional fiduciaries in the United States
acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)); provided, however, that, in the case of this clause (B), in purchasing such Notes such persons are deemed to have represented and agreed
as provided under the caption “Transfer Restrictions” contained in the Pricing Disclosure Package and the Final Memorandum. 

(b) Each of the Initial Purchasers represents and warrants (as to itself only) that (1) it is a QIB and (2) with
respect to offers and sales outside the United States that (i) the Notes have not been and will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under
the Act or pursuant to an exemption from the registration requirements of the Act; and (ii) it has offered the Notes and will offer and sell the Notes (A) as part of its distribution at any time and (B) otherwise until 40 days after
the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its behalf have engaged or will engage in any directed selling efforts
(within the meaning of Regulation S) with respect to the Notes, and any such persons have complied and will comply with the offering restrictions requirement of Regulation S. 

  
 27 

 (c) Each Initial Purchaser, severally and not jointly, represents and warrants
and agrees with the Issuers that: 
 (i) in relation to each Member State of the European Economic Area (each, a
“Member State”), it has not made and will not make an offer of Notes to the public in that Member State prior to the publication of an offering memorandum in relation to the notes which has been approved by the competent authority
in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Directive, other than: (A) to any legal entity which is a qualified
investor as defined in the Prospectus Directive; (B) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior
consent of the Representative; or (C) in any other circumstances falling within Article 3(2) of the Prospectus Directive; provided that no such offer of Notes shall require the Issuers or the Representative to publish a prospectus pursuant to
Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. 
 For
the purposes of this provision, the expression an “offer of Notes to the public” in relation to any Notes in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression
“Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive), and includes any relevant implementing measure in the Member State and the expression “2010 PD Amending
Directive” means Directive 2010/73/EU. 
 (ii) it has only communicated or caused to be communicated and will only
communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act of 2000 (the “FSMA”)) received by it in connection
with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuers; and 

(iii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to the Notes in, from or otherwise involving the United Kingdom. 
 Terms used in this Section 8 and not
defined in this Agreement have the meanings given to them in Regulation S. 

  
 28 

 Section 9. Indemnification and Contribution. 

(a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless the Initial Purchasers, their
directors, officers, affiliates and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which any
Initial Purchaser, any such director, officer, affiliate or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon the following: 
 (i) any untrue statement or alleged untrue statement of any material fact contained in
the Pricing Disclosure Package, any Issuer Written Communication or Final Memorandum or any amendment or supplement thereto; or 

(ii) the omission or alleged omission to state, in the Pricing Disclosure Package, any Issuer Written Communication or the
Final Memorandum or any amendment or supplement thereto, a material fact necessary to make the statements therein not misleading; 
 and
will reimburse, as incurred, the Initial Purchasers, any such director, officer, affiliate and controlling person for any legal or other expenses reasonably incurred by the Initial Purchasers, their directors, officers, affiliates or controlling
persons in connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, neither the Issuers nor the Guarantors will be
liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in the Pricing Disclosure Package or
Final Memorandum or any amendment or supplement thereto in reliance upon and in conformity with written information concerning such Initial Purchaser furnished to the Partnership by the Initial Purchasers through the Representative specifically for
use therein. The indemnity provided for in this Section 9 will be in addition to any liability that the Partnership may otherwise have to the indemnified parties. Neither the Issuers nor the Guarantors will be liable under this Section 9
for any settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld. 

(b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless each of the Issuers and
Guarantors, and their respective directors, officers and each person, if any, who controls the Issuers or Guarantors within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or
liabilities to which the Issuers or Guarantors or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in the Pricing Disclosure Package or Final Memorandum or any amendment or supplement thereto, or (ii) the omission
or the alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information concerning the Initial Purchasers, furnished to the Issuers and Guarantors by 

  
 29 

 
the Initial Purchasers through the Representative specifically for use therein; and subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal
or other expenses reasonably incurred by the Issuers or Guarantors or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third party witness in connection with any such loss,
claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 9 will be in addition to any liability that the Initial Purchasers may otherwise have to the indemnified parties. The Initial Purchasers shall not
be liable under this Section 9 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld. 

(c) Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any action for
which such indemnified party is entitled to indemnification under this Section 9, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party
of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results in the forfeiture
by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a)
and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each such case, the
indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of
such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the
indemnifying party will not be liable to such indemnified party under this Section 9 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense
thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the indemnifying party shall
not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or circumstances,
designated by the Initial Purchasers in the case of paragraph (a) of this Section 9 or the Issuers and Guarantors in the case of paragraph (b) of this Section 9, representing the indemnified parties under such paragraph (a)
or paragraph (b), as the case may 

  
 30 

 
be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying
party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs
and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnifying party waived in writing its
rights under this Section 9, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement or compromise of
any pending or threatened proceeding in respect of which any indemnified party is or could have been a party, or indemnity could have been sought hereunder by any indemnified party, unless such settlement (A) includes an unconditional written
release of the indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of
fault, culpability or failure to act by or on behalf of any indemnified party. 
 (d) In circumstances in which the indemnity
agreement provided for in the preceding paragraphs of this Section 9 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each
indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or
omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the Issuers and Guarantors on the one hand and the Initial Purchasers on the
other shall be deemed to be in the same proportion as the total proceeds from the offering (after deducting discounts and commissions but before deducting expenses) received by the Issuers and Guarantors bear to the total discounts and commissions
received by such Initial Purchaser. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Issuers and Guarantors on the one hand, or such Initial Purchaser on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission or alleged statement or omission, and any other equitable considerations appropriate in the circumstances. The Issuers, the Guarantors and the Initial Purchasers agree that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of
this paragraph (d), no Initial Purchaser shall be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial Purchaser under this Agreement, less the
aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason 

  
 31 

 
of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Initial Purchasers are several and not joint. For purposes of this paragraph (d),
each director, officer and affiliate of the Initial Purchasers and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Initial Purchasers, and each director of either of the Issuers or any of the Guarantors, each officer of either of the Issuers or any of the Guarantors and each person, if any, who controls either of the Issuers or any of the
Guarantors within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Partnership. 

Section 10. Survival Clause. The respective representations, warranties, agreements, covenants, indemnities and other statements
of each of the Issuers, Guarantors, their respective officers and the Initial Purchasers set forth in this Agreement or made by or on behalf of them pursuant to this Agreement shall remain in full force and effect, regardless of (i) any
investigation made by or on behalf of any of the Issuers, Guarantors, any of their respective officers or directors, the Initial Purchasers, any of their officers, directors, affiliates or controlling persons referred to in Section 9 hereof and
(ii) delivery of and payment for the Notes. The respective agreements, covenants, indemnities and other statements set forth in Sections 6, 9, 10 and 15 hereof shall remain in full force and effect, regardless of any termination or
cancellation of this Agreement. 
 Section 11. Termination. 

(a) This Agreement may be terminated in the sole discretion of the Initial Purchasers by notice to the Issuers given prior to
the Closing Date in the event that the Issuers shall have failed, refused or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if, after the date hereof and
at or prior to the Closing Date, 
 (i) trading in securities of the Partnership or Targa Resources Corp. shall have been
suspended by the Commission or the New York Stock Exchange; 
 (ii) there shall have been, in the sole judgment of the
Representative, any event or development that, individually or in the aggregate, has or could be reasonably likely to have a Material Adverse Effect (including without limitation a change in control of the Issuers or the Guarantors), except in each
case as described in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto); 

(iii) trading in securities generally on the New York Stock Exchange shall have been suspended or materially limited or minimum
or maximum prices shall have been established on any such exchange or market; 

  
 32 

 (iv) a banking moratorium shall have been declared by New York or United States
authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States shall have occurred; 

(v) there shall have been (A) an outbreak or escalation of hostilities between the United States and any foreign power or
(B) an outbreak or escalation of any other insurrection or armed conflict involving the United States or any other national or international calamity or emergency, which in the case of (A) and (B) above and in the sole judgment of the
Representative, makes it impracticable or inadvisable to proceed with the offering or the delivery of the Notes as contemplated by the Pricing Disclosure Package and the Final Memorandum; or 

(vi) any securities of the Partnership shall have been downgraded by any nationally recognized statistical rating organization
or any such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its ratings of any securities of the Partnership (other than an announcement with positive implications of a
possible upgrading). 
 (b) Termination of this Agreement pursuant to this Section 11 shall be without liability of any
party to any other party except as provided in Section 10 hereof. 
 Section 12. Default of One or More of the Several Initial
Purchasers. 
 (a) If any one or more of the several Initial Purchasers shall fail or refuse to purchase the Notes that
it or they have agreed to purchase hereunder on the Closing Date, and the aggregate number of the Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase does not exceed 10% of the aggregate
number of the Notes to be purchased on such date, the other Initial Purchasers shall be obligated, severally, in the proportions that the number of Securities set forth opposite their respective names on Schedule 1 bears to the
aggregate number of the Notes set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as may be specified by the Initial Purchasers with the consent of the non-defaulting Initial Purchasers, to
purchase the Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on the Closing Date. If any one or more of the Initial Purchasers shall fail or refuse to purchase the Notes and the aggregate
number of the Notes with respect to which such default occurs exceeds 10% of the aggregate number of the Notes to be purchased on the Closing Date, and arrangements satisfactory to the Initial Purchasers and the Issuers for the purchase of such
Notes are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Sections 6 and 9 hereof shall at all times be effective and shall survive such
termination. In any such case either the Initial Purchasers or the Issuers shall have the right to postpone the Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Final
Offering Memorandum or any other documents or arrangements may be effected. 

  
 33 

 (b) As used in this Agreement, the term “Initial Purchaser” shall be
deemed to include any person substituted for a defaulting Initial Purchaser under this Section 12. Any action taken under this Section 12 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such
Initial Purchaser under this Agreement. 
 Section 13. Information Supplied by the Initial Purchasers. The statements set forth
in the last paragraph on the front cover page (as such paragraph is supplemented by the item on Annex A) and in the fourth paragraph and the tenth through twelfth paragraphs under the heading “Plan of Distribution” in the
Preliminary Memorandum and the Final Memorandum (to the extent such statements relate to the Initial Purchaser) constitute the only information furnished by the Initial Purchasers to the Issuers for the purposes of Sections 2(a) and 9 hereof.

 Section 14. Notices. All communications hereunder shall be in writing and, if sent to the Initial Purchasers, shall be mailed
or delivered to Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, Facsimile: (646) 291-1469; and if sent to the Partnership, shall be mailed or delivered to the Partnership at 1000
Louisiana Street, Suite 4300, Houston, Texas 77002, Attention: Chief Financial Officer; with a copy to Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002, Attention: Christopher S. Collins. 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; and one business day after being timely delivered to a next-day air courier. 

Section 15. Successors. This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Issuers and
their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this
Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that (i) the
indemnities of the Issuers contained in Section 9 of this Agreement shall also be for the benefit of the directors, officers and employees of the Initial Purchasers and any person or persons who control the Initial Purchasers within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act and (ii) the indemnities of the Initial Purchasers contained in Section 9 of this Agreement shall also be for the benefit of the directors of the Issuers, their officers
and any person or persons who control the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act. No purchaser of Notes from the Initial Purchasers will be deemed a successor because of such purchase. 

Section 16. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR
NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT, DIRECTLY OR INDIRECTLY, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW. 

  
 34 

 Section 17. No Advisory or Fiduciary Responsibility. The Issuers and the Guarantors
acknowledge and agree that (i) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Issuers, on the one hand, and the Initial Purchasers, on the other, (ii) in connection
therewith and with the process leading to such transaction each Initial Purchaser is acting solely as a principal and not the agent or fiduciary of either of the Issuers, (iii) no Initial Purchaser has assumed an advisory or fiduciary
responsibility in favor of either of the Issuers with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Initial Purchaser has advised or is currently advising either of the Issuers on other
matters) or any other obligation to the Issuers except the obligations expressly set forth in this Agreement and (iv) each of the Issuers has consulted its own legal and financial advisors to the extent it deemed appropriate. Each of the
Issuers agrees that it will not claim that any Initial Purchaser has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to either of the Issuers, in connection with such transaction or the process leading
thereto. 
 Section 18. USA PATRIOT Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Issuers, which information may include the name and address of their
respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

Section 19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 

  
 35 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof
in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Issuers and the Initial Purchasers. 
  

					
	 Very truly yours,

	
	TARGA RESOURCES PARTNERS LP
		
	 By:
	 	Targa Resources GP LLC,
		 	 Its general partner

		
	 By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

	
	 TARGA RESOURCES PARTNERS FINANCE

    CORPORATION

		
	 By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to the Purchase Agreement 

 
							
		 	FCPP PIPELINE, LLC
		 	FLAG CITY PROCESSING PARTNERS, LLC
		 	SLIDER WESTOK GATHERING, LLC
		 	TARGA BADLANDS LLC
		 	TARGA CAPITAL LLC
		 	TARGA CHANEY DELL LLC
		 	TARGA COGEN LLC
		 	TARGA DOWNSTREAM LLC
		 	TARGA GAS MARKETING LLC
		 	TARGA GAS PIPELINE LLC
		 	TARGA GAS PROCESSING LLC
		 	TARGA INTRASTATE PIPELINE LLC
		 	TARGA LIQUIDS MARKETING AND TRADE LLC
		 	TARGA LOUISIANA INTRASTATE LLC
		 	TARGA MIDKIFF LLC
		 	TARGA MIDSTREAM SERVICES LLC
		 	TARGA MLP CAPITAL LLC
		 	TARGA NGL PIPELINE COMPANY LLC
		 	 TARGA PIPELINE MID-CONTINENT

    HOLDINGS LLC

		 	TARGA PIPELINE MID-CONTINENT LLC
		 	TARGA PIPELINE PARTNERS GP LLC
		 	TARGA RESOURCES OPERATING GP LLC
		 	TARGA RESOURCES OPERATING LLC
		 	TARGA SOUND TERMINAL LLC
		 	TARGA SOUTHOK NGL PIPELINE LLC
		 	TARGA TERMINALS LLC
		 	TARGA TRANSPORT LLC
		 	TPL ARKOMA HOLDINGS LLC
		 	TPL ARKOMA INC.
		 	TPL ARKOMA MIDSTREAM LLC
		 	TPL GAS TREATING LLC
		 	TPL LAUREL MOUNTAIN LLC
		 	TPL SOUTHTEX MIDSTREAM LLC
		 	TPL SOUTHTEX PIPELINE COMPANY LLC
		 	 VELMA INTRASTATE GAS TRANSMISSION

    COMPANY, LLC

 
							
			
		 	 By:
	 	 /s/ Matthew J. Meloy

		 		 	 Name:
	 	 Matthew J. Meloy

		 		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to the Purchase Agreement 

 
					
	TARGA PIPELINE OPERATING PARTNERSHIP LP
	TARGA PIPELINE PARTNERS LP
		
	 By:
	 	Targa Pipeline Partners GP LLC, its general partner

 
					
		
	             By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 
					
	
	TPL BARNETT LLC
		
	 By:
	 	Targa Pipeline Mid-Continent Holdings LLC, its sole member

 
					
		
	             By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 
					
	
	PECOS PIPELINE LLC
	TESUQUE PIPELINE, LLC
		
	 By:
	 	TPL Barnett LLC, its sole member
		
	 By:
	 	Targa Pipeline Mid-Continent Holdings LLC, its sole member

 
					
		
	             By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to the Purchase Agreement 

 
					
	VELMA GAS PROCESSING COMPANY, LLC
		
	 By:
	 	Targa Pipeline Mid-Continent LLC, its sole member

 
					
		
	             By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 
					
	
	TARGA SOUTHTEX MIDSTREAM COMPANY LP
	TPL SOUTHTEX GAS UTILITY COMPANY LP
	 TPL SOUTHTEX MIDSTREAM HOLDING

    COMPANY LP

	TPL SOUTHTEX PROCESSING COMPANY LP
	TPL SOUTHTEX TRANSMISSION COMPANY LP
		
	 By:
	 	TPL SouthTex Pipeline Company LLC, its general partner

 
					
		
	             By:
	 	 /s/ Matthew J. Meloy

		 	 Name:
	 	Matthew J. Meloy
		 	 Title:
	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to the Purchase Agreement 

			
	 The foregoing Agreement is hereby confirmed

and accepted as of the date first above written.

	
	CITIGROUP GLOBAL MARKETS INC.
	
	Acting on behalf of itself and as the Representative of the several Initial Purchasers
		
	 By:    
	 	CITIGROUP GLOBAL MARKETS INC.

			
		
	       By:
	 	 /s/ Bradley Epstein

		 	 Name: Bradley Epstein

		 	 Title: Director

 Signature Page to the Purchase Agreement 

 SCHEDULE 1 
  

					
	 Initial Purchasers
	  	Principal Amount of the Notes	 
	 Citigroup Global Markets Inc.
	  	$	150,000,000	 
	 Merrill Lynch, Pierce, Fenner & Smith

                   
  Incorporated
	  	$	75,000,000	 
	 Deutsche Bank Securities Inc.
	  	$	75,000,000	 
	 MUFG Securities Americas Inc.
	  	$	75,000,000	 
	 RBC Capital Markets, LLC
	  	$	75,000,000	 
	 Wells Fargo Securities, LLC
	  	$	75,000,000	 
	 PNC Capital Markets LLC
	  	$	37,500,000	 
	 BBVA Securities Inc.
	  	$	30,000,000	 
	 Capital One Securities, Inc.
	  	$	30,000,000	 
	 Credit Suisse Securities (USA) LLC
	  	$	30,000,000	 
	 TD Securities (USA) LLC
	  	$	30,000,000	 
	 ING Financial Markets LLC
	  	$	15,000,000	 
	 BB&T Capital Markets, a division of BB&T Securities, LLC
	  	$	11,250,000	 
	 Commonwealth Bank of Australia
	  	$	11,250,000	 
	 Citizens Capital Markets, Inc.
	  	$	11,250,000	 
	 Scotia Capital (USA) Inc.
	  	$	11,250,000	 
	 U.S. Bancorp Investments, Inc.
	  	$	7,500,000	 
		  	  
	  
	 
	 Total
	  	$	750,000,000	 

  
 Schedule 1-1 

 SCHEDULE 2 

Jurisdiction of Formation for the Partnership and General Partner 

 

			
	 Name
	  	 Jurisdiction of Organization

	 Targa Resources Partners LP
	  	Delaware
	 Targa Resources GP LLC
	  	Delaware

 Subsidiaries of the Partnership 

 

			
	 Name
	  	 Jurisdiction of Organization

	 Cedar Bayou Fractionators, L.P.
	  	Delaware
	 Centrahoma Processing, LLC
	  	Delaware
	 DEVCO Holdings LLC
	  	Delaware
	 Downstream Energy Ventures Co., L.L.C.
	  	Delaware
	 FCPP Pipeline, LLC
	  	Delaware
	 Flag City Processing Partners, LLC
	  	Delaware
	 Grand Prix Pipeline LLC
	  	Delaware
	 NOARK Energy Services, L.L.C.
	  	Oklahoma
	 Pecos Pipeline LLC
	  	Delaware
	 Salta Properties LLC
	  	Delaware
	 Setting Sun Pipeline Corporation
	  	Delaware
	 Slider WestOk Gathering, LLC
	  	Delaware
	 T2 LaSalle Gas Utility LLC
	  	Texas
	 T2 LaSalle Gathering Company LLC
	  	Delaware
	 Targa Badlands LLC
	  	Delaware
	 Targa Canada Liquids Inc.
	  	British Columbia, Canada
	 Targa Capital LLC
	  	Delaware
	 Targa Chaney Dell LLC
	  	Delaware
	 Targa Cogen LLC
	  	Delaware
	 Targa Delaware LLC
	  	Delaware
	 Targa Downstream LLC
	  	Delaware
	 Targa Gas Marketing LLC
	  	Delaware
	 Targa Gas Pipeline LLC
	  	Delaware
	 Targa Gas Processing LLC
	  	Delaware
	 Targa Intrastate Pipeline LLC
	  	Delaware
	 Targa Liquids Marketing and Trade LLC
	  	Delaware
	 Targa Louisiana Intrastate LLC
	  	Delaware
	 Targa Midkiff LLC
	  	Delaware
	 Targa Midland Gas Pipeline LLC
	  	Delaware
	 Targa Midland LLC
	  	Delaware
	 Targa Midstream Services LLC
	  	Delaware
	 Targa MLP Capital LLC
	  	Delaware

  
 Schedule 2-1 

			
	 Targa NGL Pipeline Company LLC
	  	Delaware
	 Targa Pipeline Escrow LLC
	  	Delaware
	 Targa Pipeline Finance Corporation
	  	Delaware
	 Targa Pipeline Mid-Continent Holdings LLC
	  	Delaware
	 Targa Pipeline Mid-Continent LLC
	  	Delaware
	 Targa Pipeline Mid-Continent WestOk LLC
	  	Delaware
	 Targa Pipeline Mid-Continent WestTex LLC
	  	Delaware
	 Targa Pipeline Operating Partnership LP
	  	Delaware
	 Targa Pipeline Partners GP LLC
	  	Delaware
	 Targa Pipeline Partners LP
	  	Delaware
	 Targa Receivables LLC
	  	Delaware
	 Targa Resources Operating GP LLC
	  	Delaware
	 Targa Resources Operating LLC
	  	Delaware
	 Targa Resources Partners Finance Corporation
	  	Delaware
	 Targa Sound Terminal LLC
	  	Delaware
	 Targa Southern Delaware LLC
	  	Delaware
	 Targa SouthOk NGL Pipeline LLC
	  	Oklahoma
	 Targa SouthTex Midstream Company LP
	  	Texas
	 Targa Terminals LLC
	  	Delaware
	 Targa Transport LLC
	  	Delaware
	 Tesuque Pipeline, LLC
	  	Delaware
	 TPL Arkoma Holdings LLC
	  	Delaware
	 TPL Arkoma Inc.
	  	Delaware
	 TPL Arkoma Midstream LLC
	  	Delaware
	 TPL Barnett LLC
	  	Delaware
	 TPL Gas Treating LLC
	  	Delaware
	 TPL Laurel Mountain LLC
	  	Delaware
	 TPL SouthTex Gas Utility Company LP
	  	Texas
	 TPL SouthTex Midstream Holding Company LP
	  	Texas
	 TPL SouthTex Midstream LLC
	  	Delaware
	 TPL SouthTex Pipeline Company LLC
	  	Texas
	 TPL SouthTex Processing Company LP
	  	Texas
	 TPL SouthTex Transmission Company LP
	  	Texas
	 Velma Gas Processing Company, LLC
	  	Delaware
	 Velma Intrastate Gas Transmission Company, LLC
	  	Delaware
	 Venice Energy Services Company, L.L.C.
	  	Delaware
	 Versado Gas Processors, L.L.C.
	  	Delaware
	 Warren Petroleum Company LLC
	  	Delaware

  
 Schedule 2-2 

 SCHEDULE 3 

Non-Guarantor Subsidiaries 
  

			
	 Name
	  	 Jurisdiction of Organization

	 Cedar Bayou Fractionators, L.P.
	  	Delaware
	 Centrahoma Processing, LLC
	  	Delaware
	 DEVCO Holdings LLC
	  	Delaware
	 Downstream Energy Ventures Co., L.L.C.
	  	Delaware
	 Grand Prix Pipeline LLC
	  	Delaware
	 NOARK Energy Services, L.L.C.
	  	Oklahoma
	 Salta Properties LLC
	  	Delaware
	 Setting Sun Pipeline Corporation
	  	Delaware
	 T2 LaSalle Gas Utility LLC
	  	Texas
	 T2 LaSalle Gathering Company LLC
	  	Delaware
	 Targa Canada Liquids Inc.
	  	British Columbia, Canada
	 Targa Delaware LLC
	  	Delaware
	 Targa Midland LLC
	  	Delaware
	 Targa Midland Gas Pipeline LLC
	  	Delaware
	 Targa Pipeline Escrow LLC
	  	Delaware
	 Targa Pipeline Finance Corporation
	  	Delaware
	 Targa Pipeline Mid-Continent WestOk LLC
	  	Delaware
	 Targa Pipeline Mid-Continent WestTex LLC
	  	Delaware
	 Targa Receivables LLC
	  	Delaware
	 Targa Resources Partners Finance Corporation
	  	Delaware
	 Targa Southern Delaware LLC
	  	Delaware
	 Venice Energy Services Company, L.L.C.
	  	Delaware
	 Versado Gas Processors, L.L.C.
	  	Delaware
	 Warren Petroleum Company LLC
	  	Delaware

  
 Schedule 3-1 

 SCHEDULE 4 

Guarantors 
  

			
	 Name
	  	 Jurisdiction of Organization

	 FCPP Pipeline, LLC
	  	Delaware
	 Flag City Processing Partners, LLC
	  	Delaware
	 Pecos Pipeline LLC
	  	Delaware
	 Slider WestOk Gathering, LLC
	  	Delaware
	 Targa Badlands LLC
	  	Delaware
	 Targa Capital LLC
	  	Delaware
	 Targa Chaney Dell LLC
	  	Delaware
	 Targa Cogen LLC
	  	Delaware
	 Targa Downstream LLC
	  	Delaware
	 Targa Gas Marketing LLC
	  	Delaware
	 Targa Gas Pipeline LLC
	  	Delaware
	 Targa Gas Processing LLC
	  	Delaware
	 Targa Intrastate Pipeline LLC
	  	Delaware
	 Targa Liquids Marketing and Trade LLC
	  	Delaware
	 Targa Louisiana Intrastate LLC
	  	Delaware
	 Targa Midkiff LLC
	  	Delaware
	 Targa Midstream Services LLC
	  	Delaware
	 Targa MLP Capital LLC
	  	Delaware
	 Targa NGL Pipeline Company LLC
	  	Delaware
	 Targa Pipeline Mid-Continent Holdings LLC
	  	Delaware
	 Targa Pipeline Mid-Continent LLC
	  	Delaware
	 Targa Pipeline Operating Partnership LP
	  	Delaware
	 Targa Pipeline Partners GP LLC
	  	Delaware
	 Targa Pipeline Partners LP
	  	Delaware
	 Targa Resources Operating GP LLC
	  	Delaware
	 Targa Resources Operating LLC
	  	Delaware
	 Targa Sound Terminal LLC
	  	Delaware
	 Targa SouthOk NGL Pipeline LLC
	  	Oklahoma
	 Targa SouthTex Midstream Company LP
	  	Texas
	 Targa Terminals LLC
	  	Delaware
	 Targa Transport LLC
	  	Delaware
	 Tesuque Pipeline, LLC
	  	Delaware
	 TPL Arkoma Holdings LLC
	  	Delaware
	 TPL Arkoma Inc.
	  	Delaware
	 TPL Arkoma Midstream LLC
	  	Delaware
	 TPL Barnett LLC
	  	Delaware
	 TPL Gas Treating LLC
	  	Delaware
	 TPL Laurel Mountain LLC
	  	Delaware
	 TPL SouthTex Gas Utility Company LP
	  	Texas
	 TPL SouthTex Midstream Holding Company LP
	  	Texas

  
 Schedule 4-1 

			
	 TPL SouthTex Midstream LLC
	  	Delaware
	 TPL SouthTex Pipeline Company LLC
	  	Texas
	 TPL SouthTex Processing Company LP
	  	Texas
	 TPL SouthTex Transmission Company LP
	  	Texas
	 Velma Gas Processing Company, LLC
	  	Delaware
	 Velma Intrastate Gas Transmission Company, LLC
	  	Delaware

  
 Schedule 4-2 

 SCHEDULE 5 

Material Subsidiaries 
  

			
	 Name
	  	 Jurisdiction of Organization

	 Cedar Bayou Fractionators, L.P.
	  	Delaware
	 Targa Chaney Dell LLC
	  	Delaware
	 Targa Delaware LLC
	  	Delaware
	 Targa Downstream LLC
	  	Delaware
	 Targa Liquids Marketing and Trade LLC
	  	Delaware
	 Targa Midkiff LLC
	  	Delaware
	 Targa Midstream Services LLC
	  	Delaware
	 Targa Pipeline Mid-Continent LLC
	  	Delaware
	 Targa Pipeline Mid-Continent WestOk LLC
	  	Delaware
	 Targa Pipeline Mid-Continent WestTex LLC
	  	Delaware

  
 Schedule 5-1 

 SCHEDULE 6 

Non-TPL Guarantors 
  

			
	 Name
	  	 Jurisdiction of Organization

	 FCPP Pipeline, LLC
	  	Delaware
	 Flag City Processing Partners, LLC
	  	Delaware
	 Pecos Pipeline LLC
	  	Delaware
	 Slider WestOk Gathering, LLC
	  	Delaware
	 Targa Chaney Dell LLC
	  	Delaware
	 Targa Midkiff LLC
	  	Delaware
	 Targa Pipeline Mid-Continent Holdings LLC
	  	Delaware
	 Targa Pipeline Mid-Continent LLC
	  	Delaware
	 Targa Pipeline Operating Partnership LP
	  	Delaware
	 Targa Pipeline Partners GP LLC
	  	Delaware
	 Targa Pipeline Partners LP
	  	Delaware
	 Targa SouthOk NGL Pipeline LLC
	  	Oklahoma
	 Targa SouthTex Midstream Company LP
	  	Texas
	 Tesuque Pipeline, LLC
	  	Delaware
	 TPL Arkoma Holdings LLC
	  	Delaware
	 TPL Arkoma Inc.
	  	Delaware
	 TPL Arkoma Midstream LLC
	  	Delaware
	 TPL Barnett LLC
	  	Delaware
	 TPL Gas Treating LLC
	  	Delaware
	 TPL Laurel Mountain LLC
	  	Delaware
	 TPL SouthTex Gas Utility Company LP
	  	Texas
	 TPL SouthTex Midstream Holding Company LP
	  	Texas
	 TPL SouthTex Midstream LLC
	  	Delaware
	 TPL SouthTex Pipeline Company LLC
	  	Texas
	 TPL SouthTex Processing Company LP
	  	Texas
	 TPL SouthTex Transmission Company LP
	  	Texas
	 Velma Gas Processing Company, LLC
	  	Delaware
	 Velma Intrastate Gas Transmission Company, LLC
	  	Delaware

  
 Schedule 6-1 

 ANNEX A 

US $750,000,000 
  

 
 TARGA RESOURCES PARTNERS LP 

TARGA RESOURCES PARTNERS FINANCE CORPORATION 

5% Senior Notes due 2028 

October 10, 2017 
  

 
 This Pricing Supplement is qualified in its entirety
by reference to the Preliminary Offering Memorandum dated October 10, 2017. The information in this Pricing Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the
extent inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used but not defined in this Pricing Supplement have the respective meanings ascribed to them in the Preliminary Offering Memorandum. 

The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being offered only to
qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The notes are not transferable except in accordance with
the restrictions described under “Transfer Restrictions” in the Preliminary Offering Memorandum. 
 Terms Applicable to the
5% Senior Notes due 2028 
  

			
	Issuers:	  	 Targa Resources Partners LP
 Targa Resources
Partners Finance Corporation

		
	Principal Amount:	  	$750,000,000
		
	Title of Securities:	  	5% Senior Notes due 2028
		
	Final Maturity Date:	  	January 15, 2028
		
	Issue Price:	  	100%, plus accrued interest, if any, from October 17, 2017
		
	Coupon:	  	5%
		
	Yield to Maturity:	  	5%
		
	Interest Payment Dates:	  	January 15 and July 15, beginning on July 15, 2018
		
	Record Dates:	  	January 1 and July 1
		
	Make-Whole Redemption	  	Make-whole redemption at T+50 basis points prior to January 15, 2023

  
 Annex A-1 

							
	Optional Redemption:	  	In addition, on or after January 15, 2023, the Issuers may redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest
and Liquidated Damages, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on January 15 of each year indicated below:
				
	 	  	 Year
	  	 Price
	  	 
	  	 2023
	  	 102.500%
	  
	  	 2024
	  	 101.667%
	  
	  	 2025
	  	 100.833%
	  
	  	 2026 and thereafter
	  	 100.000%
	  
		
	Optional Redemption After Certain Equity Offerings:	  	 Up to 35% at 105.000% prior to January 15, 2021

		
	Initial Purchasers:	  	 Citigroup Global Markets Inc.

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

Deutsche Bank Securities Inc.
 MUFG Securities Americas Inc.

RBC Capital Markets, LLC
 Wells Fargo Securities, LLC

PNC Capital Markets LLC
 BBVA Securities Inc.

Capital One Securities, Inc.
 Credit Suisse Securities (USA)
LLC
 TD Securities (USA) LLC
 ING Financial Markets LLC

BB&T Capital Markets, a division of BB&T Securities, LLC

Commonwealth Bank of Australia
 Citizens Capital Markets, Inc.

Scotia Capital (USA) Inc.
 U.S. Bancorp Investments,
Inc.

		
	Trade Date:	  	 October 10, 2017

		
	Settlement Date:	  	 October 17, 2017 (T+5 business days)

		
	Denominations:	  	 $2,000 and integral multiples of $1,000 in excess thereof

		
	Distribution:	  	 144A and Regulation S with registration rights as set forth in the Preliminary
Offering Memorandum

			
	CUSIP and ISIN Numbers:	  	 144A Notes:
	  	 Reg S Notes:

	  
	  	 CUSIP: 87612BBF8
 ISIN: US87612BBF85
	  	 CUSIP: U87569AB2
 ISIN:
USU87569AB26

 Other information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have
changed to the extent effected by the changes described herein. 
 This material is confidential and is for your information only and is not intended
to be used by anyone other than you. This information does not purport to be a complete description of these notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description. 

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices
were automatically generated as a result of this communication being sent via Bloomberg email or another communication system. 

 ANNEX B 
  

	1.	Third Amended and Restated Credit Agreement, dated October 7, 2016, among Targa Resources Partners LP, as Borrower, Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and L/C
Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank AG—New York Branch, RBC Capital Markets, and Wells Fargo Bank, National Association, as Co-Syndication Agents,
BBVA Compass, Capital One, National Association, JPMorgan Chase Bank, N.A., and TD Bank, N.A., as Co-Documentation Agents and the other lenders party thereto, as amended 

 

	2.	Indenture dated as of February 2, 2011, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	3.	Indenture dated as of January 31, 2012, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	4.	Indenture dated as of October 25, 2012, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	5.	Indenture dated as of May 14, 2013, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	6.	Indenture dated as of October 28, 2014, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	7.	Indenture dated as of January 30, 2015 among Targa Resources Partners LP, Targa Resources Partners Finance Corporation and the Guarantors named therein and U.S. Bank National Association, as supplemented

  

	8.	Indenture dated as of May 11, 2015, among Targa Resources Partners LP, Targa Resources Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented 

 

	9.	Indenture dated as of September 14, 2015, among Targa Resources Partners LP, Targa Resources Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented 

 

	10.	Indenture dated as of October 6, 2016, among Targa Resources Partners LP, Targa Resources Finance Corporation, the Guarantors named therein and U.S. Bank National Association, as supplemented 

  
 Annex B-1EX-4.1

 Exhibit 4.1 
  

 
 THE BANK OF NOVA SCOTIA, 

Issuer 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., 

U.S. Trustee 
 and 

COMPUTERSHARE TRUST COMPANY OF CANADA, 

Canadian Trustee 
  

 
 Indenture

 Dated as of October 12, 2017 
  

 
 Subordinated
Debt Securities 
 (Non-Viability Contingent Capital (NVCC)) 

(subordinated indebtedness) 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	6	 
		
	 SECTION 101 DEFINITIONS
	  	 	6	 
	 SECTION 102 COMPLIANCE CERTIFICATES AND
OPINIONS
	  	 	12	 
	 SECTION 103 FORM OF DOCUMENTS DELIVERED
TO TRUSTEES
	  	 	12	 
	 SECTION 104 ACTS OF HOLDERS; RECORD
DATES
	  	 	13	 
	 SECTION 105 NOTICES, ETC., TO TRUSTEES
AND BANK 
	  	 	15	 
	 SECTION 106 NOTICE TO HOLDERS; WAIVER 
	  	 	15	 
	 SECTION 107 CONFLICT WITH TRUST INDENTURE
LEGISLATION 
	  	 	16	 
	 SECTION 108 EFFECT OF HEADINGS AND
TABLE OF CONTENTS 
	  	 	16	 
	 SECTION 109 SUCCESSORS AND ASSIGNS 
	  	 	16	 
	 SECTION 110 SEPARABILITY CLAUSE 
	  	 	16	 
	 SECTION 111 BENEFITS OF INDENTURE 
	  	 	16	 
	 SECTION 112 GOVERNING LAW 
	  	 	16	 
	 SECTION 113 LEGAL HOLIDAYS 
	  	 	16	 
		
	ARTICLE TWO SECURITY FORMS 	  	 	17	 
		
	 SECTION 201 FORMS GENERALLY 
	  	 	17	 
	 SECTION 202 FORM OF FACE OF SECURITY

	  	 	17	 
	 SECTION 203 FORM OF REVERSE OF SECURITY

	  	 	18	 
	 SECTION 204 FORM OF LEGEND FOR GLOBAL
SECURITIES 
	  	 	21	 
	 SECTION 205 FORM OF TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
	  	 	21	 
		
	ARTICLE THREE THE SECURITIES 	  	 	21	 
		
	 SECTION 301 AMOUNT UNLIMITED; ISSUABLE IN
SERIES 
	  	 	21	 
	 SECTION 302 DENOMINATIONS 
	  	 	24	 
	 SECTION 303 EXECUTION, AUTHENTICATION, DELIVERY AND
DATING 
	  	 	24	 
	 SECTION 304 TEMPORARY SECURITIES 
	  	 	25	 
	 SECTION 305 REGISTRATION, REGISTRATION OF TRANSFER
AND EXCHANGE 
	  	 	26	 
	 SECTION 306 MUTILATED, DESTROYED, LOST AND
STOLEN SECURITIES 
	  	 	28	 
	 SECTION 307 PAYMENT OF INTEREST; INTEREST
RIGHTS PRESERVED 
	  	 	28	 
	 SECTION 308 PERSONS DEEMED OWNERS 
	  	 	29	 
	 SECTION 309 CANCELLATION 
	  	 	30	 
	 SECTION 310 COMPUTATION OF INTEREST 
	  	 	30	 
	 SECTION 311 CUSIP NUMBERS
	  	 	30	 
	 SECTION 312 ORIGINAL ISSUE DISCOUNT 
	  	 	30	 
		
	ARTICLE FOUR SATISFACTION AND DISCHARGE 	  	 	30	 
		
	 SECTION 401 SATISFACTION AND DISCHARGE OF
INDENTURE 
	  	 	30	 
	 SECTION 402 APPLICATION OF TRUST MONEY 
	  	 	31	 
		
	ARTICLE FIVE REMEDIES 	  	 	31	 
		
	 SECTION 501 EVENTS OF DEFAULT 
	  	 	31	 
	 SECTION 502 ACCELERATION OF MATURITY 
	  	 	32	 
	 SECTION 503 SUITS FOR ENFORCEMENT BY
TRUSTEES 
	  	 	32	 
	 SECTION 504 TRUSTEES MAY FILE PROOFS OF
CLAIM 
	  	 	32	 
	 SECTION 505 TRUSTEES MAY ENFORCE CLAIMS
WITHOUT POSSESSION OF SECURITIES
	  	 	32	 
	 SECTION 506 APPLICATION OF MONEY COLLECTED
	  	 	33	 
	 SECTION 507 LIMITATION ON SUITS
	  	 	33	 

					
	 SECTION 508 RIGHT OF HOLDERS TO RECEIVE
PRINCIPAL 
	  	 	33	 
	 SECTION 509 RESTORATION OF RIGHTS AND
REMEDIES 
	  	 	33	 
	 SECTION 510 RIGHTS AND REMEDIES CUMULATIVE 
	  	 	34	 
	 SECTION 511 DELAY OR OMISSION NOT
WAIVER 
	  	 	34	 
	 SECTION 512 CONTROL BY HOLDERS 
	  	 	34	 
	 SECTION 513 WAIVER OF PAST DEFAULTS 
	  	 	34	 
	 SECTION 514 UNDERTAKING FOR COSTS
	  	 	34	 
	 SECTION 515 WAIVER OF USURY, STAY OR
EXTENSION LAWS 
	  	 	35	 
	 SECTION 516 BANK ACT LIMITATION ON
PAYMENT 
	  	 	35	 
		
	 ARTICLE SIX THE TRUSTEES 
	  	 	35	 
		
	 SECTION 601 CERTAIN DUTIES AND RESPONSIBILITIES

	  	 	35	 
	 SECTION 602 NOTICE OF DEFAULTS 
	  	 	35	 
	 SECTION 603 CERTAIN RIGHTS OF TRUSTEES 
	  	 	36	 
	 SECTION 604 NOT RESPONSIBLE FOR RECITALS
OR ISSUANCE OF SECURITIES 
	  	 	37	 
	 SECTION 605 MAY HOLD SECURITIES 
	  	 	37	 
	 SECTION 606 MONEY HELD IN TRUST 
	  	 	37	 
	 SECTION 607 COMPENSATION AND REIMBURSEMENT 
	  	 	37	 
	 SECTION 608 CONFLICTING INTERESTS 
	  	 	38	 
	 SECTION 609 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY

	  	 	38	 
	 SECTION 610 RESIGNATION AND REMOVAL; APPOINTMENT
OF SUCCESSOR 
	  	 	39	 
	 SECTION 611 ACCEPTANCE OF APPOINTMENT BY
SUCCESSOR 
	  	 	40	 
	 SECTION 612 MERGER, CONVERSION, CONSOLIDATION OR
SUCCESSION TO BUSINESS 
	  	 	41	 
	 SECTION 613 PREFERENTIAL COLLECTION OF CLAIMS
AGAINST BANK 
	  	 	41	 
	 SECTION 614 APPOINTMENT OF AUTHENTICATING AGENT

	  	 	41	 
	 SECTION 615 JOINT TRUSTEES 
	  	 	42	 
	 SECTION 616 NOT BOUND TO ACT 
	  	 	43	 
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEES AND BANK 
	  	 	43	 
		
	 SECTION 701 BANK TO FURNISH TRUSTEES
NAMES AND ADDRESSES OF HOLDERS 
	  	 	43	 
	 SECTION 702 PRESERVATION OF INFORMATION;
COMMUNICATIONS TO HOLDERS 
	  	 	44	 
	 SECTION 703 REPORTS BY TRUSTEES 
	  	 	44	 
	 SECTION 704 REPORTS BY BANK 
	  	 	44	 
		
	 ARTICLE EIGHT CONSOLIDATION, AMALGAMATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
	  	 	44	 
		
	 SECTION 801 BANK MAY CONSOLIDATE, ETC.,
ONLY ON CERTAIN TERMS 
	  	 	44	 
	 SECTION 802 SUCCESSOR SUBSTITUTED 
	  	 	45	 
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES 
	  	 	45	 
		
	 SECTION 901 SUPPLEMENTAL INDENTURES WITHOUT CONSENT
OF HOLDERS 
	  	 	45	 
	 SECTION 902 SUPPLEMENTAL INDENTURES WITH CONSENT
OF HOLDERS 
	  	 	46	 
	 SECTION 903 EXECUTION OF SUPPLEMENTAL INDENTURES

	  	 	47	 
	 SECTION 904 EFFECT OF SUPPLEMENTAL INDENTURES

	  	 	47	 
	 SECTION 905 CONFORMITY WITH TRUST INDENTURE
LEGISLATION 
	  	 	47	 
	 SECTION 906 REFERENCE IN SECURITIES TO
SUPPLEMENTAL INDENTURES 
	  	 	47	 
		
	 ARTICLE TEN COVENANTS 
	  	 	48	 
		
	 SECTION 1001 PAYMENT OF PRINCIPAL AND
INTEREST 
	  	 	48	 
	 SECTION 1002 MAINTENANCE OF OFFICE OR AGENCY

	  	 	48	 
	 SECTION 1003 MONEY FOR SECURITIES PAYMENTS
TO BE HELD IN TRUST 
	  	 	48	 
	 SECTION 1004 STATEMENT BY OFFICERS AS TO
DEFAULT 
	  	 	49	 
	 SECTION 1005 EXISTENCE 
	  	 	49	 
	 SECTION 1006 WAIVER OF CERTAIN COVENANTS
	  	 	49	 

					
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES 
	  	 	49	 
		
	 SECTION 1101 APPLICABILITY OF ARTICLE 
	  	 	49	 
	 SECTION 1102 ELECTION TO REDEEM; NOTICE
TO TRUSTEES 
	  	 	50	 
	 SECTION 1103 SELECTION BY TRUSTEES OF
SECURITIES TO BE REDEEMED 
	  	 	50	 
	 SECTION 1104 NOTICE OF REDEMPTION 
	  	 	50	 
	 SECTION 1105 DEPOSIT OF REDEMPTION PRICE 
	  	 	51	 
	 SECTION 1106 SECURITIES PAYABLE ON REDEMPTION
DATE 
	  	 	51	 
	 SECTION 1107 SECURITIES REDEEMED IN PART 
	  	 	51	 
		
	 ARTICLE TWELVE SUBORDINATION OF SECURITIES 
	  	 	52	 
		
	 SECTION 1201 SECURITIES SUBORDINATE TO DEPOSIT
LIABILITIES AND OTHER INDEBTEDNESS 
	  	 	52	 
	 SECTION 1202 FURTHER ASSURANCES OF SUBORDINATION

	  	 	52	 
	 SECTION 1203 RELIANCE ON JUDICIAL ORDER
OR CERTIFICATE OF LIQUIDATING AGENT 
	  	 	52	 
	 SECTION 1204 TRUSTEES’ COMPENSATION NOT
PREJUDICED 
	  	 	52	 
	 SECTION 1205 TRUSTEES ENTITLED TO ASSUME
PAYMENTS NOT PROHIBITED IN ABSENCE OF NOTICE 
	  	 	52	 
	 SECTION 1206 NO FIDUCIARY DUTY OF
TRUSTEES TO HOLDERS OF SENIOR INDEBTEDNESS OF THE BANK 
	  	 	53	 
		
	 ARTICLE THIRTEEN CONVERSION INTO COMMON SHARES UPON A TRIGGER EVENT 
	  	 	53	 
		
	 SECTION 1301 NVCC AUTOMATIC CONVERSION 
	  	 	53	 
	 SECTION 1302 AGREEMENT WITH RESPECT TO
A TRIGGER EVENT 
	  	 	53	 
	 SECTION 1303 GENERAL 
	  	 	53	 
		
	 ARTICLE FOURTEEN MISCELLANEOUS PROVISION 
	  	 	54	 
		
	 SECTION 1401 CONSENT TO JURISDICTION AND
SERVICE OF PROCESS 
	  	 	54	 
	 SECTION 1402 INDENTURE AND SECURITIES SOLELY
CORPORATE OBLIGATIONS 
	  	 	55	 
	 SECTION 1403 EXECUTION IN COUNTERPARTS 
	  	 	55	 
	 SECTION 1404 WAIVER OF JURY TRIAL
	  	 	55	 
	 SECTION 1405 FATCA
	  	 	55	 

 Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of
1939, as amended: 
  

					
	 Trust Indenture Act Section
	 	 	  	 Indenture Section

	§ 310(a)(1)	 		  	609
	(a)(2)	 		  	609
	(a)(3)	 		  	Not Applicable
	(a)(4)	 		  	Not Applicable
	(b)	 		  	608
		 		  	610
	§ 311(a)	 		  	613
	(b)	 		  	613
	§ 312(a)	 		  	701
	(b)	 		  	702
	(c)	 		  	702
	§ 313(a)	 		  	703
	(b)	 		  	703
	(c)	 		  	703
	(d)	 		  	703
	§ 314(a)	 		  	704
	(a)(4)	 		  	101
		 		  	1004
	(b)	 		  	Not Applicable
	(c)(1)	 		  	102
	(c)(2)	 		  	102
	(c)(3)	 		  	Not Applicable
	(d)	 		  	Not Applicable
	(e)	 		  	102
	§ 315(a)	 		  	601
	(b)	 		  	602
	(c)	 		  	601
	(d)	 		  	601
	(e)	 		  	514
	§ 316(a)	 		  	101
	(a)(1)(A)	 		  	512
	(a)(1)(B)	 		  	513
	(a)(2)	 		  	Not Applicable
	(b)	 		  	508
	(c)	 		  	104
	§ 317(a)(1)	 		  	503
	(a)(2)	 		  	504
	(b)	 		  	1003
	§ 318(a)	 		  	107

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

 INDENTURE, dated as of October 12, 2017, among The Bank of Nova Scotia, a Canadian chartered
bank (herein called the “Bank”), having its principal executive offices located at 44 King Street West, Scotia Plaza, Toronto, Ontario, Canada M5H 1H1, Computershare Trust Company, N.A., a trust company organized under the laws of
the United States, as United States trustee (the “U.S. Trustee”) and Computershare Trust Company of Canada, a trust company duly organized and existing under the laws of Canada, as Canadian trustee (the “Canadian
Trustee” and, together with the U.S. Trustee, the “Trustee” or “Trustees”). 
 RECITALS OF THE
BANK 
 WHEREAS, the Bank has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of
its unsecured subordinated indebtedness (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) (herein called the “Securities”), to be issued in one or more series as provided
in this Indenture. 
 WHEREAS, this Indenture is subject to the provisions of the Bank Act and the Trust Indenture Act, to the extent
applicable under Rule 4d-9 thereunder, and shall, to the extent applicable, be governed by such provisions and by other applicable provisions of Trust Indenture Legislation; and 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Bank, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 

SECTION 101 Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
  

	 	(a)	the terms defined in this Article One have the meanings assigned to them in this Article One and include the plural as well as the singular; 

 

	 	(b)	all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

 

	 	(c)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with IFRS, including the accounting requirements of the Superintendent, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

  

	 	(d)	unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 

  
 6 

	 	(e)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and

  

	 	(f)	all references to dollars and $ shall mean U.S. dollars unless otherwise indicated. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 104. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by a Trustee pursuant to Section 614 to act on behalf of a Trustee to
authenticate Securities of one or more series. 
 “Bank” means the Person named as the “Bank” in the first
paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Bank” shall mean such successor Person. 

“Bank Act” means the Bank Act (Canada), and any statute hereafter enacted in substitution therefor, as such Act, or
substituted statute, may be amended from time to time. 
 “Bank Request” or “Bank Order” means a written
request or order signed in the name of the Bank by any one of the President and Chief Executive Officer, a Vice-Chairman, a Group Head, the Group Head and Chief Financial Officer, the Executive Vice-President and Group Treasurer, the Managing
Director and Head, Funding or any other natural person designated as an officer of the Bank by by-law or by Board Resolution and delivered to the Trustees. 

“Board of Directors” means either the board of directors of the Bank or any duly authorized committee of that board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Bank to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustees. 

“Business Day”, when used with respect to any Place of Payment, means, unless otherwise specified as contemplated by
Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 

“Canadian Trustee” means Computershare Trust Company of Canada and its successors hereunder. 

“Commission” means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or,
if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

  
 7 

 “Common Shares” means the common shares in the capital of the Bank. 

“Corporate Trust Office”, with respect to the U.S. Trustee, means the principal corporate trust office of the U.S. Trustee in
Highland Ranch, Colorado at which at any particular time its corporate trust business shall be administered, or such other address as the U.S. Trustee may designate from time to time by notice to the Holders and the Bank; and, with respect to the
Canadian Trustee, means the principal corporate trust office of the Canadian Trustee in Toronto, Ontario at which at any particular time its corporate trust business shall be administered, or such other address as the Canadian Trustee may designate
from time to time by notice to the Holders and the Bank. 
 “corporation” means a corporation, association, company,
limited liability company, joint-stock company, business trust or other entity. 
 “Defaulted Interest” has the
meaning specified in Section 307. 
 “Depositary” means, with respect to Securities of any series issuable in whole or
in part in the form of one or more Global Securities, any Person that is designated to act as Depositary for such Securities as contemplated by Section 301. 

“Early Payment Restrictions” has the meaning specified in Section 516. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time
to time. 
 “Existing Trust Indentures” means, collectively, the deeds, indentures or other instruments, including any
supplement or amendment thereto, to which the Bank is a party and under which the Bank has issued the following: (i) 8.90% Subordinated Debentures due June 2025; (ii) Floating Rate Subordinated Capital Debentures due August 2085; (iii) 3.015%
Subordinated Callable Notes due November 2037; (iv) 3.37% Subordinated Callable Notes due April 2038; (v) 3.036% Subordinated Debentures due October 2024; (vi) 2.58% Subordinated Debentures due March 30, 2027; (vii) 3.367% Subordinated
Debentures due December 8, 2025; and (viii) 4.500% Subordinated Notes due 2025 (Non-Viability Contingent Capital (NVCC)(subordinated indebtedness). 

“Expiration Date” has the meaning specified in Section 104. 

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth
in Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 

“Holder” means a Person in whose name a Security is registered in the Security Register. 

“IFRS” means International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Indebtedness” at any time means all deposit liabilities of the Bank and all other liabilities and obligations of the Bank
which in accordance with the accounting rules established for Canadian chartered banks issued under the authority of the Superintendent pursuant to the Bank Act or with IFRS, as the case may be, would be included in determining the total liabilities
of the Bank at such time, other than liabilities for paid-up capital, contributed surplus, retained earnings and general reserves of the Bank. 

  
 8 

 “Indenture” means this instrument as originally executed and as it may from time
to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Legislation that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as
contemplated by Section 301. 
 “interest”, when used with respect to an Original Issue Discount Security which by its
terms bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with
respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Maturity”, when used
with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption, exercise of a Holder’s option to require the Bank to purchase or repay the Security or otherwise. 
 “NVCC
Automatic Conversion” has the meaning specified in Section 1301. 
 “Officer’s Certificate” means a
certificate signed by any one of the President and Chief Executive Officer, a Vice-Chairman, a Group Head, the Group Head and Chief Financial Officer, the Executive Vice-President and Group Treasurer, the Managing Director and Head, Funding or any
other natural person designated as an officer of the Bank by by-law or by Board Resolution and delivered to the Trustees. The officer signing an Officer’s Certificate given pursuant to Section 1004
shall be the principal executive, financial or accounting officer of the Bank. 
 “Opinion of Counsel” means a written
opinion of counsel, who may be internal or external counsel for the Bank, and who shall be acceptable to the Trustees. 
 “Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“OSFI” means the Office of the Superintendent of Financial Institutions (Canada). 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
  

	 	(a)	Securities theretofore cancelled by a Trustee or delivered to a Trustee for cancellation; 

  

	 	(b)	Securities, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with a Trustee or any Paying Agent (other than the Bank) in trust or set aside and segregated
in trust by the Bank (if the Bank shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustees has been made; 

  
 9 

	 	(c)	Securities that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in
respect of which there shall have been presented to the Trustees proof satisfactory to them that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Bank; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or
taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of
the principal thereof that would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is
not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more
currencies or currency units other than U.S. dollars which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such
Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by the Bank or any other obligor upon the Securities or any Affiliate of the Bank
or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether a Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other
action, only Securities that a Responsible Officer of such Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustees the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Bank or any other obligor upon the Securities or any Affiliate of the Bank or of such other obligor. 

“Paying Agent” means any Person authorized by the Bank to pay the principal of or any interest on any Securities on behalf of
the Bank and may be the Bank in such capacity. 
 “Person” means any individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of
and interest on the Securities of that series are payable as specified as contemplated by Section 301, and as determined by the Trustees and the Bank. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Record Date” means any Regular Record Date
or Special Record Date. 
 “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 

  
 10 

 “Regular Record Date” for the interest payable on any Interest Payment Date on
the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
 “Responsible
Officer” when used with respect to either Trustee, means any officer of such Trustee with direct responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means Securities
authenticated and delivered under this Indenture. 
 “Security Register” and “Security Registrar” have the
respective meanings specified in Section 305. 
 “Senior Indebtedness” means any Indebtedness other than Subordinated
Indebtedness, including any Indebtedness to which Securities are expressly subordinated pursuant to Article Twelve. 
 “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustees pursuant to Section 307. 

“Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means
the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subordinated Indebtedness” at any time means the Bank’s subordinated indebtedness within the meaning of the Bank Act.

 “Superintendent” means the Superintendent of Financial Institutions (Canada) appointed pursuant to the Office
of the Superintendent of Financial Institutions Act (Canada). 
 “Trigger Event” has the meaning set out in the OSFI,
Guideline for Capital Adequacy Requirements (CAR), Chapter 2—Definition of Capital, dated December 2016, as such term may be amended or superseded by OSFI from time to time, which term currently provides that each of the following constitutes a
Trigger Event: 
  

	 	(1)	the Superintendent publicly announces that the Bank has been advised, in writing, that the Superintendent is of the opinion that the Bank has ceased, or is about to cease, to be viable and that, after the conversion of
the Securities and all other contingent instruments issued by the Bank and taking into account any other factors or circumstances that are considered relevant or appropriate, it is reasonably likely that the viability of the Bank will be restored or
maintained; or 

  

	 	(2)	a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or
political subdivision or agent or agency thereof without which the Bank would have been determined by the Superintendent to be non-viable. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed;
provided, however, that in the event the Trust Indenture Act of 1939 is 

  
 11 

 
amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trust Indenture Legislation” means, at any time, statutory provisions relating to trust indentures and the rights, duties,
and obligations of trustees under the trust indentures and of bodies corporate, including banks, issuing debt obligations under trust indentures to the extent that such provisions are at such time in force and applicable to this Indenture, and at
the date of this Indenture means (i) the applicable provisions of the Bank Act and any statute that may be substituted therefor as from time to time amended, and any other statute of Canada or a province thereof, and of regulations under any
such statute, and (ii) the Trust Indenture Act. 
 “Trustee” or “Trustees” means the Persons named as
the “Canadian Trustee” and the “U.S. Trustee” in the first paragraph of this Indenture until a successor of either Trustee or both shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” or “Trustees” shall mean or include each Person who is then a Trustee hereunder. If the Canadian Trustee resigns or is removed and, pursuant to Section 610, the Bank is not required to appoint a successor Trustee
to the Canadian Trustee, “Trustee”, “Trustees” and any reference to “both of the Trustees” shall mean the Person named as the U.S. Trustee or any successor thereto appointed pursuant to the applicable provisions of this
Indenture. 
 “U.S. Trustee” means Computershare Trust Company, N.A. and its successors hereunder. 

SECTION 102 Compliance Certificates and Opinions. Upon any application or request by the Bank to either Trustee to take any
action under any provision of this Indenture or if otherwise requested by either Trustee, the Bank shall furnish to the applicable Trustee such certificates and opinions as may be required under the Trust Indenture Legislation. Each such certificate
or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the Bank, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Legislation and any
other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (except for certificates provided for in Section 1004) shall include: 
  

	 	(1)	a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

 

	 	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

 

	 	(3)	a statement that, in the opinion of each such individual, such individual has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant
or condition has been complied with; and 

  

	 	(4)	a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 103 Form of Documents Delivered to Trustees. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with 

  
 12 

 
respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Bank may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Bank stating that the information with respect to
such factual matters is in the possession of the Bank, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104 Acts
of Holders; Record Dates. Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustees and, where it is hereby expressly required, to the Bank. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustees
and the Bank, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustees deem sufficient. 

For the purposes of this Indenture, the ownership of Securities shall be proved by the Security Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Bank in
reliance thereon, whether or not notation of such action is made upon such Security. 
 The Bank may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Bank may not set a record date 

  
 13 

 
for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such
record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Bank from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no
action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the Bank, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Trustees in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustees may
set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any request to institute proceedings referred to in Section 507(2) or
(ii) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustees from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustees, at the Bank’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Bank in writing and to each Holder of Securities of the relevant series in the manner
set forth in Section 106. 
 With respect to any record date set pursuant to this Section, the party hereto that sets such record dates
may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is
given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section, the party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this paragraph; provided that the Expiration Date shall not be later than the 180th day after such record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

  
 14 

 Without limiting the generality of the foregoing, a Holder, including a Depositary that is the
Holder of a Global Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by
Holders, and a Depositary that is the Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security through such Depositary’s standing instructions and customary practices. 

SECTION 105 Notices, Etc., to Trustees and Bank. Any request, demand, authorization, direction, notice, consent, waiver or
Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
  

	 	(1)	the U.S. Trustee by the Canadian Trustee, any Holder or by the Bank shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the U.S. Trustee at its Corporate Trust Office
in the manner and as specified in an indenture supplemental hereto, 

  

	 	(2)	the Canadian Trustee by the U.S. Trustee, any Holder or by the Bank shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Canadian Trustee at its Corporate Trust
Office in the manner and as specified in an indenture supplemental hereto, or 

  

	 	(3)	the Bank by the Trustees or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or by overnight courier or
facsimile, to the Bank addressed to it at the address of its principal executive offices specified in an indenture supplemental hereto, or at any other address previously furnished in writing to the Trustees by the Bank. 

The Trustees agree to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured facsimile or
electronic transmission (in “.pdf” format); provided, however, that (i) the party providing such written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to such Trustee within two Business Days, (ii) such originally executed notice, instructions or directions shall be signed by an authorized representative of the party providing such notice,
instructions or directions and (iii) receipt of such unsecured facsimile or electronic transmissions is confirmed by a Responsible Officer of such Trustee. The Trustees shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustees’ reasonable reliance upon and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions or
directions. 
 SECTION 106 Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his or her address as it appears in the Security Register, not
later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder,
whether or not such Holder actually receives such notice. 
 Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the 

  
 15 

 
equivalent of such notice. Waivers of notice by Holders shall be filed with either Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to
give such notice by mail, then such notification as shall be made with the approval of the Trustees shall constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail
or otherwise), such notice shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice. 

SECTION 107 Conflict with Trust Indenture Legislation. If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Legislation that is required under the Trust Indenture Legislation to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision
of the Trust Indenture Legislation that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

SECTION 108 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof. 
 SECTION 109 Successors and Assigns. All covenants
and agreements in this Indenture by the Bank shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110
Separability Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
 SECTION 111 Benefits of Indenture. Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 112 Governing Law. This Indenture and the Securities shall be governed by and construed in accordance with the law
of the State of New York, except for Section 301(b), Article Twelve and Article Thirteen, which shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. 

SECTION 113 Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this
Section)) payment of interest or principal need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date,
Redemption Date or at the Stated Maturity; provided, however, that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to the date of such payment.

  
 16 

 ARTICLE TWO 

SECURITY FORMS 

SECTION 201 Forms Generally. The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution, other appropriate Bank authorization or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board
Resolution or other appropriate Bank authorization, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Bank and delivered to the Trustees at or prior to the delivery of the Bank Order
contemplated by Section 303 for the authentication and delivery of such Securities. If all of the Securities of any series established by action taken pursuant to a Board Resolution or other appropriate Bank authorization are not to be issued
at one time, it shall not be necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate record of such action shall be delivered at or before the time of issuance of the first Security of
such series. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

SECTION 202 Form of Face of Security. 

[Insert any legend required by Section 204] 

[Insert any legend required by the Internal Revenue Code and the Income Tax Act (Canada) and the regulations thereunder.] 

THE BANK OF NOVA SCOTIA 

[Insert title of Securities] 

This security will not constitute a deposit that is insured 

under the Canada Deposit Insurance Corporation Act or by the 

United States Federal Deposit Insurance Corporation. 
  

			
	 No.:             
	  	CUSIP No.:             
	 Issue Date:             
	  	$            
	 Stated Maturity:             
	  	

 The Bank of Nova Scotia, a Schedule I bank under the Bank Act (Canada) (herein called the
“Bank”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to             , or registered assigns,
the principal sum of                      Dollars
on                     [if the Security is to bear interest prior to Maturity, insert, and to pay interest thereon
from                     or from the most recent Interest Payment Date to which interest has been paid or duly provided for, [semi-annually]
on                 and                 each year,
commencing                     , at the rate
of                    % per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment 

  
 17 

 
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the                or                (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustees, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.] 
 [If the
Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such
case the overdue principal shall bear interest at the rate of                 % per annum (to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal shall be payable on demand.] 

Payment of the principal of and [if applicable, insert — any such] interest on this Security will be made at the office or agency
of the Bank maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert —; provided, however, that
at the option of the Bank payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register]. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by a
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed. 

Dated:     
  

			
	THE BANK OF NOVA SCOTIA 
		
	By:	 	  

		 	Name:
		 	Title:

 SECTION 203 Form of Reverse of
Security. This Security is one of a duly authorized issue of securities of the Bank (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 12, 2017 (herein
called the Indenture,” which term shall have the meaning assigned to it in such instrument), among the Bank, Computershare Trust Company, N.A. (the “U.S. Trustee”) and Computershare Trust Company of Canada (the “Canadian
Trustee” and, together with the U.S. Trustee, the “Trustee” or “Trustees”, which terms include any successor trustee under the 

  
 18 

 
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Bank, the Trustees and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert —, [initially] limited in
aggregate principal amount to $                , provided that the Bank may, without the consent of any Holder, at any time and from time to time, increase the
initial principal amount.] 
 [If the Security is subject to redemption of any kind, insert — In the event of redemption of this
Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert reference to any other right of the Bank to redeem a Security of this series.] 

[If applicable, insert provisions requiring an adjustment to the interest rate in certain circumstances.] 

The indebtedness evidenced by this Security, to the extent provided in the Indenture, ranks subordinate in right of payment to the prior
payment in full of all Senior Indebtedness and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustees on his, her or its behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints each Trustee as his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions
contained herein and in the Indenture by each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 

Upon the occurrence of a Trigger Event, this Security will automatically and immediately be converted, on a full and permanent basis, without
the consent of the Holders thereof, into a number of fully-paid Common Shares in the manner specified on the reverse of this Security (an “NVCC Automatic Conversion”). By acquiring this Security, any Holder or beneficial owner of this
Security or any interest therein, including any person acquiring any Security or interest therein after the date hereof, irrevocably consents to the principal amount of this Security and any accrued and unpaid interest thereon being deemed paid in
full by the issuance of Common Shares upon the occurrence of a Trigger Event and the resulting NVCC Automatic Conversion, which occurrence and resulting NVCC Automatic Conversion shall occur without any further action on the part of such Holder or
beneficial owner or the Trustees. 
 If an Event of Default with respect to Securities of this series shall occur, and a Trigger Event has
not occurred, the principal of the Securities of this series will become immediately due and payable as provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Bank and the rights of the Holders of the Securities of each series to be affected under the Indenture at
any time by the Bank and the Trustees with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected, or in certain cases the unanimous consent of each of such Holders. The
Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Bank with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security 

  
 19 

 
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustees written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustees to institute proceedings in respect of such Event of Default
as Trustees and offered the Trustees reasonable indemnity, and the Trustees shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 90 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 For disclosure purposes under the Interest Act (Canada), whenever in the Securities of this series or the
Indenture interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the relevant calendar
year and divided by the number of days in such period. 
 As provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in any place where the principal of and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Bank and the Trustees may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Bank, the Trustees and any agent of the Bank or the Trustees may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank, the Trustees nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 20 

 SECTION 204 Form of Legend for Global Securities. Unless otherwise specified
as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.” 
 SECTION 205 Form of
Trustee’s Certificate of Authentication. Subject to Section 614, each of the Trustee’s certificates of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A.,

 
			
	    as U.S. Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	OR

 
			
	
	COMPUTERSHARE TRUST COMPANY OF CANADA

 
			
	    as Canadian Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 ARTICLE THREE 

THE SECURITIES 

SECTION 301 Amount Unlimited; Issuable in Series. 

 

	 	(a)	The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

  

	 	(b)	Subject to the subordination provisions in Article Twelve, the Securities are unsecured subordinated indebtedness of the Bank. 

  
 21 

	 	(c)	The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution or other appropriate Bank authorization and, subject to Section 303, set forth, or determined in
the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

 

	 	(1)	the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series); 

 

	 	(2)	any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and
delivered hereunder); 

  

	 	(3)	the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest; 

  

	 	(4)	the date or dates on which the principal of any Securities of the series is payable or whether the Securities of the series are perpetual securities with no scheduled Stated Maturity with respect to the payment of
principal of the Securities of the series; 

  

	 	(5)	the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable
and the Regular Record Date for any such interest payable on any Interest Payment Date; 

  

	 	(6)	the place or places where the principal of and interest on any Securities of the series shall be payable, the place or places where the Securities of such series may be presented for registration of transfer or
exchange, any restrictions that may be applicable to any such transfer or exchange in addition to or in lieu of those set forth herein, and the place or places where notices and demands to or upon the Bank in respect of the Securities of such series
may be made; 

  

	 	(7)	the terms applicable to deferral or cancellation of payments of principal or interest, if any, including payments deferred or cancelled at the Bank’s sole discretion; 

 

	 	(8)	the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Bank and the manner in
which any election by the Bank to redeem the Securities shall be evidenced; 

  

	 	(9)	if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which any Securities of the series shall be issuable; 

  
 22 

	 	(10)	if the amount of principal of or interest on any Securities of the series may be determined with reference to an index, a financial or economic measure or pursuant to a formula, the manner in which such amounts shall be
determined; 

  

	 	(11)	if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or interest on any Securities of the series shall be payable and the manner of determining
the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101; 

 

	 	(12)	if the principal of or interest on any Securities of the series is to be payable, at the election of the Bank or the Holder thereof, in one or more currencies or currency units other than that or those in which such
Securities are stated to be payable, the currency, currencies or currency units in which the principal of or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon
which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 

  

	 	(13)	if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 502; 

  

	 	(14)	if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the
principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 

 

	 	(15)	if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of
any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in addition to or in lieu of those set forth in Clause (2) of the last paragraph of
Section 305 in which any such Global Security may be exchanged in whole or in part for registered Securities, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof and any other provisions governing exchanges or transfers of any such Global Security; 

  

	 	(16)	any addition to, deletion from or change in the covenants set forth in Article Ten which applies to Securities of the series; 

  

	 	(17)	if applicable, any conversion, exercise or exchange provisions, including the terms on which and the period during which such conversion, exercise or exchange may occur; 

  
 23 

	 	(18)	the CUSIP or other identifying numbers of the Securities 

  

	 	(19)	any applicable additional provision or provisions related to a Trigger Event and an NVCC Automatic Conversion; and 

  

	 	(20)	any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution or other appropriate Bank authorization referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such
indenture supplemental hereto. All Securities of any one series need not be issued at one time and, unless otherwise provided in or pursuant to the Board Resolution or other appropriate Bank authorization referred to above and (subject to
Section 303) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such indenture supplemental hereto with respect to a series of Securities, additional Securities of a series may be
issued, at the option of the Bank, without the consent of any Holder, at any time and from time to time. 
 If any of the terms of the
series are established by action taken pursuant to a Board Resolution or other appropriate Bank authorization, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Bank and delivered to
the Trustees at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 
 SECTION 302
Denominations. The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination
with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 303 Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Bank by any
one of the Bank’s President and Chief Executive Officer, Vice-Chairman, Group Head, Group Head and Chief Financial Officer, Executive Vice-President and Group Treasurer or the Managing Director and Head, Funding (or any Person designated by one
of them in writing as authorized to execute and deliver Securities or any Person designated by the Board of Directors as authorized to execute and deliver Securities), and delivered to the Trustee. The signature of any of these officers on the
Securities may be manual, facsimile or electronic format (i.e., “.pdf” or “.tif”). 
 Securities bearing the manual,
facsimile or electronic format (i.e., “.pdf” or “.tif”) signatures of individuals who were at any time the proper officers of the Bank shall bind the Bank, notwithstanding that such individuals or any of them have ceased to hold
such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At
any time and from time to time after the execution and delivery of this Indenture, the Bank may deliver Securities of any series executed by the Bank to the Trustees for authentication, together with a Bank Order for the authentication and delivery
of such Securities, and either Trustee in accordance with the Bank Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions or
other appropriate Bank authorization as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustees shall be entitled

  
 24 

 
to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
  

	 	(1)	if the form of such Securities has been established by or pursuant to Board Resolution or other appropriate Bank authorization as permitted by Section 201, that such form has been established in conformity with the
provisions of this Indenture; 

  

	 	(2)	if the terms of such Securities have been established by or pursuant to Board Resolution or other appropriate Bank authorization as permitted by Section 301, that such terms have been established in conformity with
the provisions of this Indenture; and 

  

	 	(3)	that such Securities, when authenticated and delivered by either Trustee and issued by the Bank in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Bank enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to
general equity principles. 

 If such form or terms have been so established, the Trustees shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustees’ own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustees. 
 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a
series are not to be originally issued at one time, including in the event that the size of a series of Outstanding Securities is increased as contemplated by Section 301, it shall not be necessary to deliver the Officer’s Certificate
otherwise required pursuant to Section 301 or the Bank Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or
prior to the authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the
date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the U.S. Trustee or by the Canadian Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by the Bank, and the Bank shall deliver such Security to the Trustees for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 SECTION 304 Temporary
Securities. Pending the preparation of definitive Securities of any series, the Bank may execute, and upon Bank Order the Trustees, or either of them, shall authenticate and deliver, temporary Securities that are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers of the Bank executing such Securities may determine, as evidenced by their execution of such Securities. 

  
 25 

 If temporary Securities of any series are issued, the Bank will cause definitive Securities of
that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the
temporary Securities of such series at the office or agency of the Bank in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Bank shall
execute and either Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 

SECTION 305 Registration, Registration of Transfer and Exchange. The Bank shall cause to be kept at the Corporate Trust
Office of the Trustees a register (the register maintained in such office and in any other office or agency of the Bank in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Bank shall provide for the registration of Securities and of transfers of Securities. The Trustees are hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security of a
series at the office or agency of the Bank in a Place of Payment for that series, the Bank shall execute, and either Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the
same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Bank shall execute, and either Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Bank, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Bank or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Securities, but the Bank and the Trustees may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1303 not involving any
transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Bank shall not be
required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of
a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

  
 26 

 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

  

	 	(1)	Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or
custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

  

	 	(2)	Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for registered Securities, and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary has notified the Bank that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary
for such Global Security and the Bank does not appoint another institution to act as Depositary within 60 days, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security, (C) the Bank so
directs the Trustees by a Bank Order or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 

 

	 	(3)	Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be
registered in such names as the Depositary for such Global Security shall direct. 

  

	 	(4)	Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or
1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof.

 Any holder of a beneficial interest in a Global Security shall, by acceptance of such beneficial interest, agree that
transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by the Holder of such Global Security (or its agent) and that ownership of a beneficial interest in such Global Security shall
be required to be reflected in book-entry form. 
 None of the Trustees or the Security Registrar shall have any obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary
participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 None of the
Trustees, the Security Registrar or any Paying Agent shall have any responsibility or obligation to any beneficial owner in a Global Security, a member of, or participant in the Depositary or other Person with respect to the accuracy of the records
of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in a Global Security or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the
Depositary or its nominee) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Global Security. All notices and communications to be given to the Holders and all

  
 27 

 
payments to be made to Holders under the Securities and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in
the case of any Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustees, the Security Registrar and the
Paying Agent shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustees, the Security Registrar and the Paying
Agent shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal and interest
and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to the
beneficial owners thereof. None of the Trustees, the Security Registrar or the Paying Agent shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security for the records of any such
Depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and any member or participant or between or among the Depositary, any such member or
participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. 

SECTION 306 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to either Trustee,
the Bank shall execute and either Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Bank and to either Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Bank or the Trustees that such Security has been acquired by a
protected purchaser in good faith, the Bank shall execute and either Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Bank in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any
new Security under this Section, the Bank may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustees)
connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Bank, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 307 Payment of Interest; Interest Rights Preserved. Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest on any Security which is 

  
 28 

 
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder,
and such Defaulted Interest may be paid by the Bank, at its election in each case, as provided in Clause (1) or (2) below: 
  

	 	(1)	The Bank may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Bank shall notify the Trustees in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date
of the proposed payment, and at the same time the Bank shall deposit with either Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustees for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustees shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustees of the notice of the
proposed payment. The Trustees shall promptly notify the Bank of such Special Record Date and, in the name and at the expense of the Bank, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to
be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been provided, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2). 

  

	 	(2)	The Bank may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Bank to the Trustees of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

SECTION 308 Persons Deemed Owners. Prior to due presentment of a Security for registration of transfer, the Bank, the
Trustees and any agent of the Bank or the Trustees may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and (subject to Section 307) any interest on
such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Bank, the Trustees nor any agent of the Bank or the Trustees shall be affected by notice to the contrary. 

  
 29 

 SECTION 309 Cancellation. All Securities surrendered for payment, redemption,
registration of transfer or exchange shall, if surrendered to any Person other than a Trustee, be delivered to a Trustee and shall be promptly cancelled by it. The Bank may at any time deliver to either Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Bank may have acquired in any manner whatsoever, and may deliver to either Trustee (or to any other Person for delivery to such Trustee) for cancellation any Securities previously
authenticated hereunder which the Bank has not issued and sold, and all Securities so delivered shall be promptly cancelled by such Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in
this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustees shall be disposed of in accordance with its customary procedures. 

SECTION 310 Computation of Interest. Except as otherwise specified as contemplated by Section 301 for Securities of
any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. For disclosure purposes under the
Interest Act (Canada), whenever in this Indenture or in any Securities issued hereunder interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is
equivalent is such rate multiplied by the actual number of days in the relevant calendar year and divided by the number of days in such period. 

SECTION 311 CUSIP Numbers. The Bank in issuing any series of the Securities may use CUSIP numbers, if then generally in
use, and thereafter with respect to such series, the Trustees may use such numbers in any notice of redemption with respect to such series, provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities of that series or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities of that series, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Bank will promptly notify the Trustees, in writing, of any changes in the CUSIP numbers. 

SECTION 312 Original Issue Discount. If any of the Securities is an Original Issue Discount Security, the Bank shall file
with the Trustees promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on such Outstanding Original Issue Discount Securities as of
the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

SECTION 401 Satisfaction and Discharge of Indenture. This Indenture shall upon Bank Request cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustees, at the expense of the Bank, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when 
  

	 	(1)	either: 

  

	 	(A)	 all Securities theretofore authenticated and delivered (other than (i) Securities which have been mutilated,
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Bank and thereafter repaid
to the Bank or discharged from such 

  
 30 

	 	
trust, as provided in Section 1003) have been delivered to a Trustee for cancellation; or 

  

	 	(B)	all such Securities not theretofore delivered to either Trustee for cancellation 

  

	 	(i)	have become due and payable, or 

  

	 	(ii)	are to be called for redemption within one year under arrangements satisfactory to the Trustees for the giving of notice of redemption by the Trustees in the name, and at the expense, of the Bank, 

and the Bank, in the case of subclause (B)(i) or (ii) above, has deposited or caused to be deposited with either Trustee as trust funds in
trust for such purpose, money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to such Trustee for cancellation, for principal and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  

	 	(2)	the Bank has paid or caused to be paid all other sums payable hereunder by the Bank; and 

  

	 	(3)	the Bank has delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
have been complied with. 

 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Bank to
the Trustees under Section 607, and, if money shall have been deposited with the Trustees pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustees under Section 402 and the last paragraph of
Section 1003, shall survive. 
 SECTION 402 Application of Trust Money. Subject to the provisions of the last
paragraph of Section 1003, all money deposited with the Trustees pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Bank acting as its own Paying Agent) as the Trustees may determine, to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Trustees. 

ARTICLE FIVE 
 REMEDIES

 SECTION 501 Events of Default. 

(a) “Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): if the Bank shall become insolvent or bankrupt or subject to the provisions of the Winding-up and Restructuring Act (Canada), or any statute hereafter enacted in substitution
therefor, as such Act, or substituted Act, may be amended from time to time, or if the Bank goes into liquidation, either voluntarily or under an order of a court of competent jurisdiction, passes a resolution for the
winding-up, liquidation or dissolution of the Bank, is ordered wound-up or otherwise acknowledges its insolvency (provided that a resolution or order

  
 31 

 
for winding-up the Bank with a view to its consolidation, amalgamation or merger with another Person or the conveyance, transfer, sale or lease of its
properties and assets as an entirety to such other Person, as provided in Article Eight, shall not constitute an Event of Default under this Section 501 if such successor Person shall, as a part of such consolidation, amalgamation, merger,
conveyance, transfer, sale or lease, and, within ninety (90) days from the passing of the resolution or the date of the order for the winding-up or liquidation of the Bank or within such further period of
time as may be allowed by the Trustee, comply with the conditions for such purpose provided in Article Eight). 
 (b) Notwithstanding
Section 501(a), and for greater certainty, neither a default in the performance of any covenant of the Bank in this Indenture nor the occurrence of an NVCC Automatic Conversion shall constitute an Event of Default. 

SECTION 502 Acceleration of Maturity. If an Event of Default occurs and a Trigger Event has not
occurred, the entire principal amount of and accrued and unpaid interest on all of the outstanding Securities will become immediately due and payable without any declaration or other act on the part of the Trustees or any Holders of the Securities.

 SECTION 503 Suits for Enforcement by Trustees. If an Event of Default with respect to Securities of any series occurs
and is continuing, either Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as such Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 504 Trustees May File Proofs of Claim. In case of any judicial proceeding relative to the Bank (or any other
obligor upon the Securities), its property or its creditors, the Trustees shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Legislation in order to have
claims of the Holders and the Trustees allowed in any such proceeding. In particular, the Trustees shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustees and, in the event that the Trustees shall consent to
the making of such payments directly to the Holders, to pay to the Trustees any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustees, their agents and counsel, and any other amounts due to such Trustee
under Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustees to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustees to vote in respect of the claim of any Holder in any such
proceeding; provided, however, that the Trustees may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 505 Trustees May Enforce Claims Without Possession of Securities. All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustees without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by a Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered. 

  
 32 

 SECTION 506 Application of Money Collected. Any money collected by a Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustees and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the
Trustees under Section 607; and 
 SECOND: To the payment of the amounts then due and unpaid for principal of and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively. 

SECTION 507 Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  

	 	(1)	such Holder has previously given written notice to the Trustees of a continuing Event of Default with respect to the Securities of that series; 

 

	 	(2)	the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustees to institute proceedings in respect of such Event of Default in their own
names as Trustees hereunder; 

  

	 	(3)	such Holder or Holders have offered to the Trustees reasonable indemnity acceptable to the Trustees against the costs, expenses and liabilities to be incurred in compliance with such request; 

 

	 	(4)	the Trustees for 90 days after their receipt of such notice, request and offer of indemnity have failed to institute any such proceeding; and 

 

	 	(5)	no direction inconsistent with such written request has been given to the Trustees during such 90-day period by the Holders of a majority in principal amount of the Outstanding
Securities of that series; 

 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 508
Right of Holders to Receive Principal. Notwithstanding any other provision in this Indenture, if a Trigger Event has not occurred, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 509 Restoration of Rights
and Remedies. If either Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such
Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Bank, the 

  
 33 

 
Trustees and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustees and the Holders shall continue as
though no such proceeding had been instituted. 
 SECTION 510 Rights and Remedies Cumulative. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustees or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 511 Delay or Omission Not Waiver. No delay or omission of the Trustees or of any Holder of any Securities to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustees or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustees or by the Holders, as the case may be. 

SECTION 512 Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustees, or exercising any trust or power conferred on the Trustees, with respect to the Securities of such series, provided
that: 
  

	 	(1)	such direction shall not be in conflict with any rule of law or with this Indenture, 

  

	 	(2)	the Trustees may take any other action deemed proper by the Trustees which is not inconsistent with such direction, and 

  

	 	(3)	the Holders have provided the Trustees with reasonable indemnification acceptable to the Trustees against liability and expenses arising from such action. 

SECTION 513 Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may, on behalf of the Holders of all the Securities of such series, waive any past default hereunder with respect to such series and its consequences, except a default: 

 

	 	(1)	in the payment of the principal of or interest on any Security of such series, or 

  

	 	(2)	in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 514 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustees for any action taken, suffered or omitted by them as Trustees, a court may require any party litigant in such suit to file an undertaking to pay the costs of 

  
 34 

 
such suit, and may assess reasonable costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Legislation; provided that neither this Section
nor the Trust Indenture Legislation shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Bank. 

SECTION 515 Waiver of Usury, Stay or Extension Laws. The Bank covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Bank (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted
to the Trustees, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 516
Bank Act Limitation on Payment. If any provisions (herein referred to as “Early Payment Restrictions”) contained, from time to time, in the Bank Act or in any rules, regulations, orders or guidelines passed pursuant
thereto or in connection therewith or guidelines issued by the Superintendent in relation thereto shall limit the right of the Bank to pay the Securities on or before a date prescribed by Early Payment Restrictions, Sections 501, 502, 503, 507 and
508 shall be subject to such Early Payment Restrictions; provided that so long as any Early Payment Restriction shall be applicable to any Securities, the Trustees shall take such action as shall not be precluded by the Early Payment
Restrictions and as it shall deem appropriate, or as it shall be directed to take by the Holders pursuant to Section 512, to preserve and protect the interests of Holders of Securities then outstanding to which the Early Payment Restrictions
are applicable and to obtain or collect all amounts to which they may be entitled and to distribute the same to them at the earliest time permitted by the Early Payment Restrictions, such action to include, without limitation, the filing and proving
of claims with respect to the Securities then outstanding to which the Early Payment Restrictions are applicable in any insolvency or winding up proceedings relating to the Bank and the enforcement of such claims on behalf of the Holders of such
Securities. 
 ARTICLE SIX 

THE TRUSTEES 

SECTION 601 Certain Duties and Responsibilities. The duties and responsibilities of the Trustees shall be as provided by
the Trust Indenture Legislation. The obligation of the Trustees to commence or continue any act, action or proceeding for the purpose of enforcing any rights of the Trustees or the Holders of Securities hereunder shall be conditional upon the
Holders of Securities furnishing, when required by notice in writing from the Trustees, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustees to protect and hold harmless the
Trustees against the costs, charges and expenses and liabilities that may be incurred thereby and any loss and damage they may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Trustees to expend or risk
their own funds or otherwise incur financial liability in the performance of any of their duties or in the exercise of any of their rights or powers unless indemnified as aforesaid. 

SECTION 602 Notice of Defaults. If a Responsible Officer of the Trustees has received written notice of the occurrence of a
default hereunder with respect to Securities of any series, the Trustees shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Legislation. For the purpose of this Section,
the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series. 

  
 35 

 SECTION 603 Certain Rights of Trustees. Subject to the provisions of
Section 601: 
 (1) the Trustees may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (2) any request or direction of the Bank mentioned herein shall be sufficiently evidenced by a Bank Request
or Bank Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the
administration of this Indenture the Trustees shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, each Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 
 (4) the Trustees may consult with counsel of
its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustees shall be under no obligation to exercise any of the rights or powers vested in them by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustees security or indemnity reasonably satisfactory to them against the costs, expenses and liabilities which might be incurred by them in
compliance with such request or direction; 
 (6) the Trustees shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustees, in their discretion, may make
such further inquiry or investigation into such facts or matters as they may see fit, and, if the Trustees shall determine to make such further inquiry or investigation, they shall be entitled to examine the books, records and premises of the Bank,
personally or by agent or attorney during the Bank’s normal business hours; provided, however, that the Trustees shall cause their agents and attorneys to agree in writing to hold in confidence all such information except to the extent
disclosure may be required by law and except to the extent that the Trustees, in their sole judgment, may determine that such disclosure is consistent with their obligations hereunder; 

(7) the Trustees may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustees shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by them hereunder, and the Trustees may also employ advisors and experts to assist in the performance
of the Trustees’ powers and duties under this Indenture; 
 (8) the rights, privileges, protections, immunities and benefits given to
the Trustees, including, without limitation, their right to be indemnified, are extended to, and shall be enforceable by, the Trustees in each of their capacities hereunder; 

(9) the Trustees shall not be deemed to have notice of any Event of Default unless written notice of any event which is in fact such a default
is delivered to a Responsible Officer of the Trustees in accordance with an appropriate manner of delivery as set forth elsewhere in this Indenture, and such notice references the Securities or this Indenture; 

  
 36 

 (10) the permissive rights of the Trustees to take the actions permitted by this Indenture will
not be construed as an obligation or duty to do so; 
 (11) anything in this Indenture to the contrary notwithstanding, in no event shall the
Trustees be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Trustees have been advised of the likelihood of such loss or damage and regardless
of the form of action; 
 (12) in no event shall the Trustees be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being
understood that the Trustees shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; and 

(13) the Trustees may request that the Bank deliver a certificate setting forth the names of the individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded. 
 SECTION 604 Not Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Securities, except for a Trustee’s certificate of authentication, shall be taken as the statements of the Bank, and the Trustees assume no responsibility for their correctness. The Trustees make no
representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustees shall not be accountable for the use or application by the Bank of Securities or the proceeds thereof. 

SECTION 605 May Hold Securities. The Trustees, any Paying Agent, any Security Registrar or any other agent of the Bank, in
their individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Bank with the same rights they would have if they were not Trustee, Paying Agent, Security
Registrar or such other agent. 
 SECTION 606 Money Held in Trust. Money held by the Trustees in trust hereunder need not
be segregated from other funds except to the extent required by law. The Trustees shall be under no liability for interest on any money received by them hereunder except as otherwise agreed with the Bank. 

SECTION 607 Compensation and Reimbursement. The Bank agrees: 

(a) to pay to the Trustees from time to time such compensation as shall be agreed to in writing between the Bank and the Trustees for all
services rendered by them hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse the Trustees upon their request for all reasonable expenses, disbursements and
advances incurred or made by the Trustees (in addition to the compensation for their services) in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of their agents
and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or bad faith; 

  
 37 

 (c) to indemnify and save harmless the Trustees and their officers, directors, employees and
agents from and against any and all liabilities, losses, costs, claims, actions or demands whatsoever which may be brought against the Trustees or which they may suffer or incur as a result or arising out of the performance of their duties and
obligations under this Indenture, save only in the event of gross negligence or willful misconduct of the Trustees. It is understood and agreed that this indemnification shall survive the termination or the discharge of this Indenture or the
resignation of the Trustees. 
 (d) when the Trustees incur any expenses or render any services in connection with an Event of Default
specified in Section 501, such expenses (including the reasonable charges and expenses of their counsel) and the compensation for such services are intended to constitute expenses of administration under the
Winding-Up and Restructuring Act (Canada) or any similar Canadian or United States federal or state law for the relief of debtors; 

(e) in connection with the payment obligations of the Bank in this Section 607, the parties hereto hereby recognize that the Trustees
shall have a claim prior to the Securities on all money or property held by the Trustees in connection with this Indenture, except sums that are held in trust to pay principal and interest on particular Securities; and 

(f) the provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustees. 

SECTION 608 Conflicting Interests. If a Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Legislation, such Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Legislation and this Indenture. To the extent permitted by such
Trust Indenture Legislation, a Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee (i) under this Indenture with respect to the Securities of more than one series, (ii) under the senior debt indenture,
dated January 22, 2010, among the Bank and the Trustees, as may be amended or supplemented, or (iii) under the subordinated debt indenture, dated December 16, 2015, among the Bank and the Trustees, as amended or supplemented. 

SECTION 609 Corporate Trustee Required; Eligibility. There shall at all times be a U.S. Trustee hereunder with respect to
the Securities of each series, which may be the Trustee hereunder for Securities of one or more other series. Each U.S. Trustee shall be a Person that is eligible pursuant to the Trust Indenture Legislation to act as such and has a combined
capital and surplus of at least $15,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the
extent permitted by the Trust Indenture Legislation, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the U.S.
Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

For so long as required by the Trust Indenture Legislation, there shall be a Canadian Trustee under this Indenture. The Canadian Trustee shall
at all times be a corporation organized under the laws of Canada or any province thereof and authorized under such laws and the laws of the Province of Ontario to carry on trust business therein. If at any time the Canadian Trustee shall cease to be
eligible in accordance with this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

  
 38 

 SECTION 610 Resignation and Removal; Appointment of Successor. No resignation
or removal of either Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 Either Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Bank.
If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to such Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 Either Trustee may be
removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to such Trustee and to the Bank. If the instrument of acceptance by a
successor Trustee required by Section 611 shall not have been delivered to such Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may, at the expense of the Bank, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 If at any time: 

 

	 	(1)	either Trustee shall fail to comply with Section 608 after written request therefor by the Bank or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

 

	 	(2)	either Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Bank or by any such Holder, or 

 

	 	(3)	either Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of such Trustee or of its property shall be appointed or any public officer shall take charge or control of such
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

 then, in any such case, (A) the
Bank by a Board Resolution or other appropriate Bank authorization may remove such Trustee with respect to all Securities, or (B) subject to Section 514, any Holder may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of such Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

If either Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the U.S. Trustee or the
Canadian Trustee for any cause, with respect to the Securities of one or more series, the Bank shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one U.S. Trustee and one Canadian Trustee with respect to the Securities of any particular series) and shall comply
with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Bank and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Bank. If no successor

  
 39 

 
Trustee with respect to the Securities of any series shall have been so appointed by the Bank or the Holders and accepted appointment in the manner required by Section 611, any Holder who
has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 
 The Bank shall give notice of each resignation and each removal of a Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the successor Trustee
with respect to the Securities of such series and the address of its Corporate Trust Office. 
 If a Canadian Trustee under this Indenture
is no longer required by the Trust Indenture Legislation, then the Bank by a Board Resolution, may remove the Canadian Trustee after giving 30 days’ notice. 

SECTION 611 Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Bank and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Bank or the successor
Trustee, such retiring Trustee shall, upon payment of its charges and any fees owing, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Bank, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such appointment and that (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates; but, on request of the Bank or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

  
 40 

 Upon request of any such successor Trustee, the Bank shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 SECTION 612 Merger, Conversion, Consolidation or Succession to Business. Any corporation into
which either Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which either Trustee shall be a party, or any corporation succeeding to all or
substantially (the determination of substantially all shall be made by the Trustee in its sole and absolute discretion) of all the corporate trust business of either Trustee, shall be the successor of such Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by a Trustee then in office, any successor by merger, conversion, consolidation or sale to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities. 
 SECTION 613 Preferential Collection of Claims Against Bank. If and
when a Trustee shall be or become a creditor of the Bank (or any other obligor upon the Securities), such Trustee shall be subject to the provisions of the Trust Indenture Legislation regarding the collection of claims against the Bank (or any such
other obligor). 
 SECTION 614 Appointment of Authenticating Agent. The Trustees may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustees to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustees hereunder. Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the Trustees or either Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustees by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Bank and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $15,000,000 and subject to supervision
or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent
(including the authenticating agency contemplated by this Indenture), shall continue to be an Authenticating Agent, 

  
 41 

 
provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustees or the Authenticating Agent.

 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustees and to the Bank. The Trustees may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Bank. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustees may appoint a successor Authenticating Agent that shall be acceptable to the Bank and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Bank agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 

If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed
thereon, in addition to either Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 COMPUTERSHARE TRUST COMPANY, N.A.,

    as U.S. Trustee

		
	By:	 	  

		 	As Authenticating Agent
	
	OR
	
	 COMPUTERSHARE TRUST COMPANY OF CANADA,

    as Canadian Trustee

		
	By:	 	  

		 	As Authenticating Agent

 SECTION 615 Joint Trustees. The rights, powers, duties and obligations conferred and
imposed upon the Trustees are conferred and imposed upon and shall be exercised and performed by the U.S. Trustee and the Canadian Trustee individually, except to the extent the Trustees are required under Trust Indenture Legislation to perform such
acts jointly, and neither Trustee shall be liable or responsible for the acts or omissions of the other Trustee. Unless the context implies or requires otherwise, any written 

  
 42 

 
notice, request, direction, certificate, instruction, opinion or other document (each such document, a “Writing”) delivered pursuant to any provision of this Indenture to any of
the U.S. Trustee or the Canadian Trustee shall be deemed for all purposes of this Indenture as delivery of such Writing to the Trustees. Each such Trustee in receipt of such Writing shall notify such other Trustee of its receipt of such Writing
within two Business Days of such receipt provided, however, that any failure of such Trustee in receipt of such Writing to so notify such other Trustee shall not be deemed as a deficiency in the delivery of such Writing to the
Trustees. 
 SECTION 616 Not Bound to Act. The Trustees shall retain the right not to act and shall not be liable for
refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustees, in their sole judgment, determine that such act might cause them to be in non-compliance with any applicable
anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Trustees, in their sole judgment, determine at any time that their acting under this Indenture has resulted in their being in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline, then they shall have the right to resign on 10 days written notice to the Bank,
provided that (i) such Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to such Trustee’s satisfaction within
such 10 day period, then such resignation shall not be effective. 
 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEES AND BANK 

SECTION 701 Bank to Furnish Trustees Names and Addresses of Holders. 

 

	 	(a)	The Bank will furnish or cause to be furnished to the Trustees: 

  

	 	(1)	semi-annually either (i) not later than January 15 and July 15 in each year in the case of any series of Securities consisting solely of Original Issue Discount Securities which by their terms do not bear
interest prior to Maturity, or (ii) not more than 15 days after each Regular Record Date in the case of Securities of any other series, a list, in such form as the Trustees may reasonably require, of the names and addresses of the Holders of
Securities of each series as of the preceding January 1 or July 1 or as of such Regular Record Date, as the case may be; and 

  

	 	(2)	at such other times as the Trustees may request in writing, within such time and as of such date as necessary for the Trustees to comply with clause (b) of this Section 701, a list of similar form and content;

 excluding from any such list names and addresses received by the Trustees in their capacity as Security Registrar.

  

	 	(b)	 A Holder may, upon payment to either Trustee of a reasonable fee and subject to compliance with any applicable
requirement of the Trust Indenture Legislation, require such Trustee to furnish within 15 days after receiving the statutory declaration referred to below, a list setting out (i) the name and address of every registered Holder, (ii) the
aggregate principal amount of Securities owned by each registered Holder, and (iii) the aggregate principal amount of Outstanding Securities, each as shown on the records of such Trustee on the day that the statutory declaration is delivered to
such Trustee. The statutory declaration shall contain (i) the name and address of the Holder, (ii) where the Holder is a corporation, its name and address for service, and (iii) a statement that the list

  
 43 

	 	
will not be used except in connection with an effort to influence the voting of the Holders, an offer to acquire Securities, or any other matter relating to the Securities or the affairs of the
Bank. Where the Holder is a corporation, the affidavit or statutory declaration shall be made by a director or officer of the corporation. 

SECTION 702 Preservation of Information; Communications to Holders. The Trustees shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustees as provided in Section 701 and the names and addresses of Holders received by the Trustees in their capacity as Security
Registrar. The Trustees may destroy any list furnished to them as provided in Section 701 upon receipt of a new list so furnished. 

The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustees, shall be as provided by the Trust Indenture Legislation. 
 Every Holder of Securities,
by receiving and holding the same, agrees with the Bank and the Trustees that neither the Bank nor the Trustees nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Legislation. 
 SECTION 703 Reports by Trustees. The Trustees shall transmit to
Holders such reports concerning the Trustees and their actions under this Indenture as may be required pursuant to the Trust Indenture Legislation at the times and in the manner provided pursuant thereto. 

A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustees with each stock exchange upon which
any Securities are listed, with the Commission and with the Bank. The Bank will notify the Trustees when any Securities are listed on any stock exchange. 

SECTION 704 Reports by Bank. The Bank shall file with the Trustees and the Commission, and transmit to Holders, such
information, documents and other reports as may be required by the Trust Indenture Legislation; provided that any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act shall be deemed filed with, and delivered to, the Trustees at the same time as filed with the Commission. 
 Delivery of such
reports, information and documents to the Trustees is for informational purposes only and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information or documents. The Trustees’ receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Bank’s compliance with any of its covenants hereunder (as to which the Trustees are entitled to
conclusively rely exclusively on Officer’s Certificates). 
 ARTICLE EIGHT 

CONSOLIDATION, AMALGAMATION, MERGER, 

CONVEYANCE, TRANSFER OR LEASE 

SECTION 801 Bank May Consolidate, Etc., Only on Certain Terms. The Bank shall not merge, amalgamate, consolidate or
otherwise combine with another entity or sell or lease substantially all of the Bank’s assets to another entity, unless: 
 (a) in case
the Bank shall merge, amalgamate, consolidate or otherwise combine with another entity or sell or lease substantially all of the Bank’s assets to another entity, the surviving, 

  
 44 

 
resulting or acquiring entity shall be a duly organized entity and shall be legally responsible for and assume, whether by agreement, operation of law or otherwise, the Securities and the
Bank’s obligations under this Indenture; 
 (b) any such merger, amalgamation, consolidation or other combination, or sale or lease of
assets, would not result in an Event of Default, nor any event which, after any requirements for giving the Bank default notice and any requirements for lapse of time for the event to become a default were both disregarded, would become an Event of
Default; and 
 (c) the Bank has delivered to the Trustees an Officer’s Certificate and an Opinion of Counsel, each stating that such
merger, amalgamation, consolidation or other combination, or sale or lease of assets and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with. 
 SECTION 802 Successor Substituted.
Upon any consolidation or amalgamation of the Bank with, or merger of the Bank into, any other Person or any conveyance, transfer or lease of the properties and assets of the Bank substantially as an entirety in accordance with Section 801, the
successor Person formed by or resulting from such consolidation or amalgamation or into which the Bank is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Bank under this Indenture with the same effect as if such successor Person had been named as the Bank herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities. 
 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

SECTION 901 Supplemental Indentures without Consent of Holders. Without the consent of any Holders, the Bank and the
Trustees, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustees, for any of the following purposes: 

 

	 	(1)	to evidence the succession of another Person to the Bank and the assumption by any such successor of the covenants of the Bank herein and in the Securities; or 

 

	 	(2)	to add to the covenants of the Bank for the benefit of some or all of the Holders of all or any series of Securities or of particular Securities within a series (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series or such particular Securities) or to surrender any right or power herein conferred upon the Bank; or 

 

	 	(3)	to add any additional Events of Default for the benefit of some or all of the Holders of all or any series of Securities or of particular Securities within a series (and if such additional Events of Default are to be
for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series or such particular Securities); or 

 

	 	(4)	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and
with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

  
 45 

	 	(5)	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any
Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall
become effective only when there is no Security described in clause (i) Outstanding; or 

  

	 	(6)	to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 

  

	 	(7)	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 

  

	 	(8)	to comply with the provisions of the Depositary or the Trustees with respect to the provisions in this Indenture and the Securities relating to transfers and exchanges of Securities or beneficial interests in
Securities; or 

  

	 	(9)	to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising
under this Indenture, provided that such action pursuant to this Clause (9) shall not adversely affect the interests of the Holders of Securities of any series in any material respect. 

SECTION 902 Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Bank and the Trustees, the Bank and the Trustees may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture;
provided, however, that if the supplemental indenture shall expressly provide that any provision to be changed or eliminated shall apply to fewer than all the Outstanding Securities hereunder or under a particular series under this
Indenture, then, to the extent not inconsistent with the Trust Indenture Legislation, any such consent may be given by Holders of not less than a majority in principal amount of the Outstanding Securities hereunder or under such series to which such
change or elimination shall apply; provided, further, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby (whether or not such affected Securities comprise all
Securities under this Indenture or under a particular series), 
  

	 	(1)	change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon, or reduce the amount of the
principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or
currency in which, any Security or interest thereon is payable, or impair a Holder’s right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), in each case, in any manner not permitted pursuant to the terms of such Securities; or 

  
 46 

	 	(2)	reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or 

  

	 	(3)	modify the provisions of this Indenture with respect to the subordination of any Securities in a manner adverse to Holders of such Securities; or 

 

	 	(4)	modify any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section and Section 1006, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7). 

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely
for the benefit of one or more identified series of Securities or Securities within a series of Securities, or that modifies the rights of the Holders of Securities of such series or Holders of particular Securities within a series with respect to
such covenant or other provision, shall be deemed to affect only the rights under this Indenture of the Holders of Securities of the identified series or of particular Securities within the identified series, and shall be deemed not to affect the
rights under this Indenture of the Holders of any other Securities. 
 It shall not be necessary for any Act of Holders under this Section
to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 903 Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustees shall be entitled to receive, in addition to the documents required by Section 102, and (subject to
Section 601) shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. Each Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects such Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 904 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby. 
 SECTION 905 Conformity with Trust Indenture Legislation. Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Legislation. 
 SECTION 906 Reference in Securities to
Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustees, bear a notation in form approved by the Trustees
as to any matter provided for in such supplemental indenture. If the Bank shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustees and the Bank, to any such supplemental 

  
 47 

 
indenture may be prepared and executed by the Bank and authenticated and delivered by either Trustee in exchange for Outstanding Securities of such series. 

ARTICLE TEN 
 COVENANTS

 SECTION 1001 Payment of Principal and Interest. The Bank covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 

SECTION 1002 Maintenance of Office or Agency. The Bank will maintain in each Place of Payment for any series of Securities
an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Bank in
respect of the Securities of that series and this Indenture may be served. The Bank will give prompt written notice to the Trustees of the location, and any change in the location, of such office or agency. If at any time the Bank shall fail to
maintain any such required office or agency or shall fail to furnish the Trustees with the address thereof, such presentations, surrenders, notices and demands may be made or served at such location as determined by the Bank and the Trustees. 

The Bank may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Bank of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such purposes. The Bank will give prompt written notice to the Trustees of any such designation or rescission and of any change in the location of any such other office or agency.

 If the Bank issues Securities of any series through a branch, agency or office other than its head or home office, the Bank represents
that, notwithstanding the place of booking office or jurisdiction of incorporation or organization of the Bank, the obligations of the Bank in respect of such Securities are the same as if it had issued such Securities through its head or home
office. 
 SECTION 1003 Money for Securities Payments to Be Held in Trust. If the Bank shall at any time act as its own
Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or interest on any of the Securities of that series, deposit in an account established for the purpose of providing the Persons entitled
thereto a sum sufficient to pay the principal and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustees of its action or failure so to act. 

Whenever the Bank shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or
interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Legislation, and (unless such Paying Agent is the Trustee) the Bank will promptly
notify the Trustees of its action or failure so to act. 
 The Bank will cause each Paying Agent for any series of Securities other than the
Trustees to execute and deliver to the Trustees an instrument in which such Paying Agent shall agree with the Trustees, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture
Legislation applicable to it as a Paying Agent and (2) during the continuance of any default by the Bank (or any other obligor upon the Securities of that series) in the 

  
 48 

 
making of any payment in respect of the Securities of that series, upon the written request of the Trustees, forthwith pay to the Trustees all sums held in trust by such Paying Agent for payment
in respect of the Securities of that series. 
 The Bank may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Bank Order direct any Paying Agent to pay, to the Trustees all sums held by the Bank or such Paying Agent, such sums to be held by the Trustees in trust for the benefit of the Persons entitled
thereto; and, upon such payment by any Paying Agent to the Trustees, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustees or any Paying Agent in trust for the payment of the principal of or interest on any Security of any
series and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Bank on Bank Request; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the
Bank for payment thereof, and all liability of the Trustees or such Paying Agent with respect to such trust money, shall thereupon cease; provided, however, that the Trustees or such Paying Agent, before being required to make any such repayment,
may at the expense of the Bank cause to be published once, in a newspaper or newspapers published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York and
the City of Toronto, Ontario, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Bank. 
 SECTION 1004 Statement by Officers as to Default. The Bank will deliver to the Trustees, within
120 days after the end of each fiscal year of the Bank ending after the date hereof and at any other time on the demand of either Trustee, an Officer’s Certificate, stating whether or not to the best knowledge of the signatory thereof the Bank
is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Bank shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1005 Existence. Subject to Article
Eight, the Bank will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

SECTION 1006 Waiver of Certain Covenants. Subject to Section 502 and Section 902, and except as otherwise
specified as contemplated by Section 301 for Securities of such series, the Bank may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant
provided pursuant to Section 301(c)(16), 901(2) or 901(6) for the benefit of the Holders of such series or in Section 1005 if before time for such compliance the Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Bank and the duties of the Trustees in respect of any such term, provision or condition shall remain in full force and effect.

 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

SECTION 1101 Applicability of Article. Subject to any law restricting the redemption of the Securities, Securities
of any series that are redeemable before their Stated Maturity shall be redeemable 

  
 49 

 
in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 

SECTION 1102 Election to Redeem; Notice to Trustees. The election of the Bank to redeem
any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Bank of the Securities of any series (including any such
redemption affecting only a single Security), the Bank shall, at least 60 days prior to the Redemption Date fixed by the Bank (unless a shorter notice shall be satisfactory to the Trustees), notify the Trustees of such Redemption Date, of the
principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Bank
shall furnish the Trustees with an Officer’s Certificate evidencing compliance with such restriction. 
 SECTION 1103
Selection by Trustees of Securities to Be Redeemed. If less than all the Securities of any series are to be redeemed (unless all the Securities of such series are to be
redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustees, from the Outstanding Securities of such series not
previously called for redemption, (a) if the Securities of such series are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which such Securities are listed,
(b) if the Securities of such series are not so listed but are in global form, then in accordance with the procedures of the applicable Depositary or (c) if the Securities of such series are not so listed and are not in global form, then
on a pro rata basis or by lot, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If
less than all the Securities of such series are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series not previously called for redemption in accordance with the preceding sentence. 
 The
Trustees shall promptly notify the Bank in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 

The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities that has been or is to be redeemed. 

SECTION 1104 Notice of Redemption. Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 

All notices of redemption shall state: 

  
 50 

	 	(1)	the Redemption Date; 

  

	 	(2)	the Redemption Price; 

  

	 	(3)	if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal
amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed;

  

	 	(4)	that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date;

  

	 	(5)	the place or places where each such Security is to be surrendered for payment of the Redemption Price; and 

  

	 	(6)	if applicable, the CUSIP or other identifying numbers of the Securities of that series. 

Notice of redemption of Securities to be redeemed at the election of the Bank shall be given by the Bank or, at the Bank’s request, by
the Trustees in the name and at the expense of the Bank and, unless otherwise specified or contemplated by Section 301, shall be irrevocable. 

SECTION 1105 Deposit of Redemption Price. Prior to any Redemption Date, the Bank shall
deposit with either Trustee or with a Paying Agent (or, if the Bank is acting as its own Paying Agent, deposit in an account established for the purpose as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series provide otherwise) accrued interest on, all the Securities which are to be redeemed on that date. 

SECTION 1106 Securities Payable on Redemption Date. Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Bank shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Bank at the Redemption Price, together, if
applicable, with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date
will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107 Securities
Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Bank or the Trustees so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Bank and the Trustees duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Bank shall 

  
 51 

 
execute, and the Trustees shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE TWELVE 

SUBORDINATION OF SECURITIES 

SECTION 1201 Securities Subordinate to Deposit Liabilities and Other Indebtedness. The Securities will be direct unsecured
debt obligations constituting bank subordinated indebtedness within the meaning of the Bank Act and, in the event of the insolvency or winding-up of the Bank, the indebtedness evidenced by the Securities
ranks: 
  

	 	(a)	in right of payment equally with and not prior to the debentures under the Existing Trust Indentures; and 

  

	 	(b)	subordinate in right of payment to the prior payment in full of (i) Senior Indebtedness of the Bank then outstanding; and (ii) all Indebtedness to which the notes and debentures under the Existing Trust
Indentures are subordinate in right of payment to the same extent as the notes and debentures under the Existing Trust Indentures are subordinate thereto, 

in each case, whether now outstanding or hereafter incurred. 

The Bank agrees and each Holder of any Security, by his, her or its acceptance of such Security, also agrees and shall be deemed conclusively
to have agreed, for the benefit of the present and future holders of Senior Indebtedness, and for the benefit of all present and future holders of Indebtedness to which the notes and debentures under the Existing Trust Indentures are subordinate in
right of payment, to the provisions of this Article Twelve and the Bank and each Holder of any Security by his, her or its acceptance of such Security shall be bound by such provisions. 

SECTION 1202 Further Assurances of Subordination. Each Holder of Securities by his, her or its acceptance of such Security
authorizes and directs the Trustees on his, her or its behalf to take such action as may be necessary or appropriate to further assure the subordination as provided in this Article Twelve. 

SECTION 1203 Reliance on Judicial Order or Certificate of Liquidating Agent. Upon payment or distribution of assets of the
Bank, the Trustees, subject to the provisions of Article Six hereof, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or upon any certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution,
delivered to the Trustees or the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the Bank, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Twelve. 

SECTION 1204 Trustees’ Compensation Not Prejudiced. Nothing in this Article Twelve will apply to amounts due to
the Trustees pursuant to other sections in this Indenture. 
 SECTION 1205 Trustees Entitled to
Assume Payments Not Prohibited in Absence of Notice. The Trustees shall not at any time be charged with knowledge of the existence of any facts which would 

  
 52 

 
prohibit the making of any payment to or by the Trustees, and the Trustees shall not be required to withhold payment to the Holders of Securities, unless and until the Trustees shall have
received written notice thereof at its Corporate Trust Office from the Bank, or from one or more holders of Senior Indebtedness of the Bank or from any representative therefor and, prior to the receipt of any such written notice, the Trustees,
subject to the provisions of Sections 601 and 603, shall be entitled to assume conclusively that no such facts exist. 
 The Trustees,
subject to the provisions of Article Six hereof, shall be entitled to rely on the delivery to it of a written notice by the Bank or a person representing himself, herself or itself to be a holder of Senior Indebtedness of the Bank to establish that
such notice has been given. In the event that the Trustees determine in good faith that further evidence is required with respect to the right of any Person as a holder of such Senior Indebtedness of the Bank to participate in any payment or
distribution pursuant to this Article Twelve, the Trustees may request such person to furnish evidence to the reasonable satisfaction of the Trustees as to the amount of such Senior Indebtedness of the Bank held by such person, the extent to which
such person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such person under this Article Twelve, and if such evidence is not furnished the Trustee may defer any payment to such person
pending judicial determination as to the right of such person to receive such payment. 
 SECTION 1206 No Fiduciary Duty of
Trustees to Holders of Senior Indebtedness of the Bank. The Trustees shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Bank, and shall not be liable to any such holders if it shall in good faith
mistakenly pay over or distribute to the Holders of the Securities of any series or the Bank or any other Person, cash, property or securities to which any holders of Senior Indebtedness of the Bank shall be entitled by virtue of this Article Twelve
or otherwise. Nothing in this Section 1206 shall affect the obligation of any other such Person to hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness of the Bank or their representative.

 ARTICLE THIRTEEN 

CONVERSION INTO COMMON SHARES UPON A TRIGGER EVENT 

SECTION 1301 NVCC Automatic Conversion. Upon the occurrence of a Trigger Event, each outstanding Security will
automatically and immediately be converted, on a full and permanent basis, without any action on the part of, or the consent of, the Holders of Securities, into fully-paid and non-assessable Common Shares, in
a manner specified as contemplated by Section 301 for such Security or pursuant to Article Nine (an “NVCC Automatic Conversion”). 

SECTION 1302 Agreement with Respect to a Trigger Event. By acquiring any Security, each Holder or beneficial owner of such
Security or any interest therein, including any person acquiring any such Security or interest therein after the date thereof, irrevocably consents to the principal amount of the Security and any accrued and unpaid interest thereon being deemed paid
in full by the issuance of Common Shares upon the occurrence of a Trigger Event and the resulting NVCC Automatic Conversion, which occurrence and resulting NVCC Automatic Conversion shall occur without any further action on the part of such Holder
or beneficial owner or the Trustees. 
 SECTION 1303 General. 

(a) Notwithstanding any other provision of this Indenture or the Securities, the conversion of the Securities shall not be an Event of Default
and the only consequence of a Trigger Event shall be the conversion of such Securities into Common Shares. 

  
 53 

 (b) The Trustees shall have no duty to determine the occurrence of an NVCC Automatic Conversion
or any calculations in connection with any such NVCC Automatic Conversion. The Trustees make no representation as to the validity or value of any securities or assets issued upon an NVCC Automatic Conversion, and the Trustees shall not be
responsible for the Bank’s failure to comply with any provisions of this Article Thirteen. 
 ARTICLE FOURTEEN 

MISCELLANEOUS PROVISION 

SECTION 1401 Consent to Jurisdiction and Service of Process. The Bank irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture or any Security. The Bank
irrevocably waives, to the fullest extent permitted by law, any objection that it may have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in
such a court has been brought in any inconvenient forum. The Bank agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Bank and may be enforced in the courts of Canada (or
any other courts to the jurisdiction of which the Bank is subject) by a suit upon such judgment, provided that service of process is effected upon the Bank in the manner specified in the following paragraph or as otherwise permitted by law;
provided, however, that the Bank does not waive, and the foregoing provisions of this sentence shall not constitute or be deemed to constitute a waiver of, (i) any right to appeal any such judgment, to seek any stay or otherwise
to seek reconsideration or review of any such judgment or (ii) any stay of execution or levy pending an appeal from, or a suit, action or proceeding for reconsideration or review of, any such judgment. 

As long as any of the Securities remain outstanding, the Bank will at all times have an authorized agent in the Borough of Manhattan, The City
of New York upon whom process may be served in any legal action or proceeding arising out of or relating to this Indenture or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Bank shall
to the extent permitted by law be deemed in every respect effective service of process upon the Bank in any such legal action or proceeding. The Bank hereby appoints the Managing Director and Head, Global Banking and Markets U.S. of The Bank of Nova
Scotia, as its agent for such purpose, and covenants and agrees that service of process in any such legal action or proceeding may be made upon it at the office of such agent at The Bank of Nova Scotia, 250 Vesey Street, New York, New York 10281
(Attention: Managing Director and Head, Global Banking and Markets U.S., The Bank of Nova Scotia) (or at such other address in the Borough of Manhattan, The City of New York, as the Bank may designate by written notice to the Trustees). 

The Bank hereby consents to process being served in any suit, action or proceeding of the nature referred to in the preceding paragraphs by
service upon such agent together with the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to the address of the Bank in Toronto set forth in the first paragraph of this instrument or to any other
address of which the Bank shall have given written notice to the Trustee. The Bank irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service (but does not waive any right to assert lack of subject
matter jurisdiction) and agrees that such service (i) shall be deemed in every respect effective service of process upon the Bank in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be taken and
held to be valid personal service upon and personal delivery to the Bank. 

  
 54 

 Nothing in this Section shall affect the right of the Trustees or any Holder to serve process in
any manner permitted by law or limit the right of the Trustees to bring proceedings against the Bank in the courts of any jurisdiction or jurisdictions. 

SECTION 1402 Indenture and Securities Solely Corporate Obligations. No recourse under or upon any obligation, covenant or
agreement of this Indenture, any supplemental indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future,
of the Bank or of any successor corporation, either directly or through the Bank, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the
Bank or of any successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or any of the Securities or implied
therefrom; and that any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director, as such, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and the issue of such Securities. 
 SECTION 1403
Execution in Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (i.e., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “.pdf” or “.tif”) shall be deemed to be their original signatures for all
purposes. 
 SECTION 1404 Waiver of Jury Trial. EACH OF THE BANK AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 1405 FATCA. The Bank agrees (i) to provide the Trustees with such reasonable information as it has in its possession
to enable the Trustees to determine whether any payments pursuant to this Indenture are subject to the withholding requirements described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and
any regulations, or agreements thereunder or official interpretations thereof (as used in this section only, “Applicable Law”), and (ii) that the Trustees shall be entitled to make any withholding or deduction from payments
under this Indenture to the extent necessary to comply with Applicable Law. 
 [Signature page follows] 

  
 55 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of
the day and year first above written. 
  

			
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/ Christy Bunker

		 	Name: Christy Bunker
		 	Title: Managing Director, Alternate Funding
	
	 COMPUTERSHARE TRUST COMPANY, N.A.,

    as U.S. Trustee

		
	By:	 	 /s/ Robert H. Major

		 	Name: Robert H. Major
		 	Title: Vice President
	
	 COMPUTERSHARE TRUST COMPANY OF CANADA,

    as Canadian Trustee

		
	By:	 	 /s/ Morag Abraham

		 	Name: Morag Abraham
		 	Title: Corporate Trust Officer
		
	By:	 	 /s/ Ann Samuel

		 	Name: Ann Samuel
		 	Title: Associate Trust Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]