Document:

EX-4.18

 Exhibit 4.18 

FORM OF DEPOSIT AGREEMENT 

Dated [                    ] 

AXIS CAPITAL HOLDINGS LIMITED, 

ISSUER, 
 COMPUTERSHARE
INC. and COMPUTERSHARE TRUST COMPANY, N.A., 
 AS DEPOSITARY, 

And 
 COMPUTERSHARE
TRUST COMPANY, N.A. AS REGISTRAR AND TRANSFER AGENT 
 And 

ALL HOLDERS FROM TIME TO TIME OF RECEIPTS ISSUED HEREUNDER 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

SHARES 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 ARTICLE II Form of Receipts, Deposit of Shares, Execution and Delivery, Transfer,
Surrender and Redemption of Receipts
	  	 	3	  
			
	 SECTION 2.01
	 	Form and Transferability of Receipts	  	 	3	  
			
	 SECTION 2.02
	 	Deposit of Shares; Execution and Delivery of Receipts in Respect Thereof	  	 	5	  
			
	 SECTION 2.03
	 	[Optional Redemption of Shares for Cash]	  	 	6	  
			
	 SECTION 2.04
	 	Registration of Transfers of Receipts	  	 	8	  
			
	 SECTION 2.05
	 	Combinations and Split-ups of Receipts	  	 	8	  
			
	 SECTION 2.06
	 	Surrender of Receipts and Withdrawal of Shares	  	 	8	  
			
	 SECTION 2.07
	 	 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange
of Receipts
	  	 	9	  
			
	 SECTION 2.08
	 	Lost Receipts, etc	  	 	9	  
			
	 SECTION 2.09
	 	Cancellation and Destruction of Surrendered Receipts	  	 	10	  
			
	 SECTION 2.10
	 	No Pre-Release	  	 	10	  
		
	 ARTICLE III Certain Obligations of Holders of Receipts and the Company
	  	 	10	  
			
	 SECTION 3.01
	 	Filing Proofs, Certificates and Other Information	  	 	10	  
			
	 SECTION 3.02
	 	Payment of Fees and Expenses	  	 	10	  
			
	 SECTION 3.03
	 	Representations and Warranties as to Shares	  	 	11	  
			
	 SECTION 3.04
	 	Representation and Warranty as to Receipts and Depositary Shares	  	 	11	  
		
	 ARTICLE IV The Shares; Notices
	  	 	11	  
			
	 SECTION 4.01
	 	Cash Distributions	  	 	11	  
			
	 SECTION 4.02
	 	Distributions Other Than Cash	  	 	11	  
			
	 SECTION 4.03
	 	Subscription Rights, Preferences or Privileges	  	 	12	  
			
	 SECTION 4.04
	 	Notice of Dividends; Fixing of Record Date for Holders of Receipts	  	 	13	  
			
	 SECTION 4.05
	 	Voting Rights	  	 	13	  
			
	 SECTION 4.06
	 	Changes Affecting Shares and Reorganization Events	  	 	14	  
			
	 SECTION 4.07
	 	Inspection of Reports	  	 	14	  
			
	 SECTION 4.08
	 	Lists of Receipt Holders	  	 	14	  
		
	 ARTICLE V The Depositary and the Company
	  	 	15	  
			
	 SECTION 5.01
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar	  	 	15	  

  
 i 

							
			
	 SECTION 5.02
	 	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company
	  	 	15	  
			
	 SECTION 5.03
	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	 	16	  
			
	 SECTION 5.04
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	19	  
			
	 SECTION 5.05
	 	Indemnification by the Company	  	 	20	  
			
	 SECTION 5.06
	 	Fees, Charges and Expenses	  	 	20	  
		
	 ARTICLE VI Amendment and Termination
	  	 	21	  
			
	 SECTION 6.01
	 	Amendment	  	 	21	  
			
	 SECTION 6.02
	 	Termination	  	 	21	  
		
	 ARTICLE VII Miscellaneous
	  	 	22	  
			
	 SECTION 7.01
	 	Counterparts	  	 	22	  
			
	 SECTION 7.02
	 	Exclusive Benefits of Parties	  	 	22	  
			
	 SECTION 7.03
	 	Invalidity of Provisions	  	 	22	  
			
	 SECTION 7.04
	 	Notices	  	 	22	  
			
	 SECTION 7.05
	 	Depositary’s Agents	  	 	23	  
			
	 SECTION 7.06
	 	Holders of Receipts Are Parties	  	 	23	  
			
	 SECTION 7.07
	 	Governing Law	  	 	23	  
			
	 SECTION 7.08
	 	Inspection of Deposit Agreement [and Certificate of Designations]	  	 	23	  
			
	 SECTION 7.09
	 	Headings	  	 	23	  
			
	 SECTION 7.10
	 	Confidentiality	  	 	24	  
			
	 SECTION 7.11
	 	Further Assurances	  	 	24	  
			
	 SECTION 7.12
	 	Force Majeure	  	 	24	  

  

			
	 EXHIBIT A
	 	 Form of Depositary Receipt

	 [EXHIBIT B
	 	 Certificate of Designations]

  
 ii 

 DEPOSIT AGREEMENT, dated
[                    ], among AXIS CAPITAL HOLDINGS LIMITED, a Bermuda exempted company, COMPUTERSHARE INC., a Delaware corporation
(“Computershare”) and COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust company (the “Trust Company”), jointly as Depositary (as hereinafter defined), the Trust Company as Registrar and Transfer Agent
(each as hereinafter defined) and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 
 WITNESSETH: 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of the Company’s Shares (as
hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional interest in the Shares deposited and for the execution and delivery of
Receipts evidencing Depositary Shares; 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 [WHEREAS, the
terms and conditions of the Shares are substantially set forth in the Certificate of Designations attached hereto as Exhibit B;] and NOW, THEREFORE, in consideration of the promises contained herein, it is agreed by and among the parties hereto as
follows: 
 ARTICLE I 

Definitions 
 The
following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

[“Certificate of Designations” shall mean the certificate adopted by the Board of Directors of the Company or a duly
authorized committee thereof, establishing and setting forth the powers, preferences and rights of the Shares, attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time.] 

“Company” shall mean AXIS Capital Holdings Limited, a Bermuda exempted company, and its successors. 

“Computershare” shall have the meaning set forth in the Preamble hereto. 

“Deposit Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time to time. 

“Depositary” shall mean Computershare and the Trust Company, acting jointly, and any successor as depositary hereunder.

 “Depositary Office” shall mean the office of the Depositary at which at any
particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at Computershare Inc, 480 Washington Blvd. - 29th Floor, Jersey City, New
Jersey 07310. 
 “Depositary Share” shall mean the security representing a [    ] fractional
interest in a Share deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such Share and held under this Deposit Agreement, all as evidenced by the Receipts
issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the powers, preferences and rights of the Share represented by such Depositary Share [(including the
dividend, voting, redemption and liquidation rights contained in the Certificate of Designations)]. 
 “Depositary’s
Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.05. 

“Dividend Payment Date” shall have the meaning [set forth in the Certificate of Designations]. 

“DTC” means The Depository Trust Company. 

“DTC Receipts” has the meaning set forth in Section 2.01. 

“Shares” shall mean the Company’s [[    ]% Series [     preference shares
(liquidation preference $[        ] per share), par value $[        ] per share][common shares, par value $0.0125 per share], heretofore validly issued, fully paid and
nonassessable]. 
 “Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in
definitive or temporary form, substantially in the form set forth as Exhibit A hereto. 
 “record date” shall mean the date
fixed pursuant to Section 4.04. 
 “Record holder” or “holder” as applied to a Receipt shall mean the
individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 

[“redemption date” has the meaning set forth under Section 2.03. “redemption price” has the meaning set
forth under Section 2.03.] 
 “Registrar” shall mean the Trust Company or any bank or trust company appointed to register
ownership and transfers of Receipts and the deposited Shares, as herein provided. 
 “Reorganization Event” shall mean:

 (1) any consolidation, merger or amalgamation of the Company with or into another person (other than a merger,
consolidation or amalgamation in which the 

  
 2 

 
Company is the continuing entity and in which the common shares of the Company outstanding immediately prior to the merger, consolidation or amalgamation are not exchanged for cash, securities
other property of the Company or another entity); 
 (2) any sale, transfer, lease or conveyance to another person of all or
substantially all of the property and assets of the Company; or 
 (3) any statutory exchange of securities of the Company
with another person (other than in connection with a merger, acquisition or amalgamation) or any binding share exchange which reclassifies or changes its outstanding common shares. 

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

“Transfer Agent” shall mean the Trust Company or any bank or trust company appointed to transfer the Receipts and the
deposited Shares, as herein provided. 
 “Trust Company” shall have the meaning set forth in the Preamble hereto. 

ARTICLE II 
 Form of Receipts,
Deposit of Shares, Execution and Delivery, Transfer, Surrender and Redemption of Receipts 
 SECTION 2.01 Form and Transferability of
Receipts. Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of
definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be
substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which
do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After
the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one
or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with
respect to the Shares deposited, as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual or facsimile
signature of a duly authorized signatory of the Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile signature of a
duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or 

  
 3 

 
obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered
as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory
ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or regulation or with the rules and regulations of any
securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case as
directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or
accompanied by a properly executed instrument of transfer or endorsement, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to receive distributions of dividends or other distributions or payments with respect to the Shares, to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for all other
purposes. 
 Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company will make application to DTC for
acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full
power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for
book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded with book-entry settlement through DTC shall be represented by one or more receipts (the “DTC Receipts”), which shall be deposited
with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipts as
custodian for DTC. Ownership of beneficial interests in the DTC Receipts shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipts, or (ii) institutions that
have accounts with DTC. 

  
 4 

 If issued, the DTC Receipts shall be exchangeable for definitive Receipts only if (i) DTC
notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so
informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in
writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipts shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive
Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the
Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipts, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners
of the Depositary Shares previously evidenced by the DTC Receipts definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipts shall be in such form and shall bear such legend or legends as may be appropriate or required
by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement through DTC, delivery of
Shares and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant Receipt otherwise requests and such request is
reasonably acceptable to the Depositary and the Company. 
 SECTION 2.02 Deposit of Shares; Execution and Delivery of Receipts in Respect
Thereof. Subject to the terms and conditions of this Deposit Agreement, the Company may from time to time deposit Shares under this Deposit Agreement by delivery to the Depositary of a certificate or certificates, registered in the name of the
Depositary and evidencing the Shares to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such
certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, (ii) a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or
persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Shares registered in such names specified in such written order and (iii) an opinion of counsel to the Company addressed to the Depositary
containing opinions, or a letter of counsel to the Company authorizing reliance on such counsel’s opinions delivered to the underwriters named therein, relating to, (A) the existence and good standing of the Company, (B) the due authorization
of the Depositary Shares and the status of the Depositary Shares as legal and valid interests in the Shares, and (C) the effectiveness of any registration statement under the Securities Act relating to the Depositary Shares or whether exemption from
such registration is applicable. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Shares deposited hereunder and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the
number of shares (including any fractional shares) of deposited Shares held by it by notation, book-entry or other appropriate method. 

  
 5 

 Upon receipt by the Depositary of a certificate or certificates for Shares deposited hereunder,
together with the other documents specified above, and upon registering such Shares in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, or upon the order of, the
person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary Shares representing the Shares so deposited and registered in
such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the request, risk and expense of any person requesting such delivery, such
delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other reclassifications affecting the Shares, or in the case of dividends or other distributions of Shares, if any, there
shall be deposited hereunder not more than [●][the number of shares constituting the Shares as set forth in the Certificate of Designations, as such may be amended]. To the extent that the Company issues Shares in excess of [●][the
amount set forth in the Certificate of Designations as of the date hereof] (which shares have been validly authorized by the Company), the Company shall notify the Depositary of such issuance in writing. 

SECTION 2.03 [Optional Redemption of Shares for Cash. Whenever the Company shall elect to redeem shares of deposited Shares for cash in
accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 nor more than 60 days’ prior written notice of the date fixed for
redemption of such Shares (the “redemption date”) and of the number of such Shares held by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Certificate
of Designations. The Depositary shall mail, first-class, notice of the redemption of Shares and the proposed simultaneous redemption of the Depositary Shares representing the Shares to be redeemed, not less than 30 and not more than 60 days prior to
the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the
records of the Depositary; but neither the failure to mail any such notice to one or more such holder nor any defect in any such notice shall affect the validity of the proceedings for redemption except as to the holder to whom notice was defective
or not given. 
 The Company shall prepare and provide the Depositary with such notice, and each such notice shall state: (i) the redemption
date; (ii) the redemption price (including any declared and unpaid dividends); (iii) the number of deposited Shares and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of
such Depositary Shares held by such holder to be so redeemed; (v) the place or places where the Shares and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the
redemption date dividends in respect of the Shares represented by the Depositary Shares to be redeemed will cease to accrue. 
 In the event
that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the

  
 6 

 
Shares deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Shares so called for redemption by the Company and on the
redemption date (unless the Company shall have failed to pay for the Shares to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the Shares called for redemption shall
cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price (including any
declared and unpaid dividends thereon to the date fixed for redemption)) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary Share equal to [        ] of the
redemption price per share paid in respect of the Shares (determined pursuant to the Certificate of Designations), plus declared and unpaid dividends thereon to the date fixed for redemption. 

If less than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such
prior Receipt and not called for redemption; provided, however, that such replacement Receipt shall be issued only in denominations of whole Depositary Shares and cash will be payable in respect of fractional interests. 

If less than all of the Shares are redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary will
select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis or by lot or in such other manner as the Company may determine to be fair and equitable (which determination the Company will promptly notify the
Depositary in writing). 
 All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by
Computershare in the performance of services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.
Until paid pursuant to this Deposit Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by
Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940,
or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P
(LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds
that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time
receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.] 

  
 7 

 SECTION 2.04 Registration of Transfers of Receipts. The Company hereby appoints the Trust
Company as the Registrar and Transfer Agent for the Receipts and the Trust Company hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person
or by a duly authorized attorney, agent or representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee from an eligible
guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by
the applicable party of any taxes as may be required by law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.05 Combinations and Split-ups of Receipts. Upon
surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the
Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.06 Surrender of Receipts and Withdrawal of Shares. Any holder of a Receipt or Receipts may withdraw any number of
whole deposited Shares represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such
other office as the Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Shares (or money and other property, if any, represented thereby) which has previously been called for
redemption. If such holder’s Depositary Shares are being held by DTC or its nominee, DTC shall be deemed the holder hereunder for all purposes. It shall be the duty of the DTC participant or the beneficial owner to request DTC to withdraw from
the book-entry system the number of Depositary Shares specified above. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.06 and payment of all taxes and governmental
charges in connection with such surrender and withdrawal of Shares, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by
such holder as hereinafter provided, the number of whole Shares and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole Shares
will not thereafter be entitled to deposit such Shares hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary
Shares in excess of the number of Depositary Shares representing the number of whole deposited Shares to be withdrawn, the Depositary shall at the same time, in addition to such number of whole Shares and such money and other property, if any, to be
withdrawn, 

  
 8 

 
deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such Shares and such money and other
property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper
instruments of transfer. 
 If the deposited Shares and the money and other property being withdrawn are to be delivered to a person or
persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Shares, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such holder for withdrawal of such Shares be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank. 

The Depositary shall deliver the deposited Shares and the money and other property, if any, represented by the Depositary Shares evidenced by
Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place
as may be designated by such holder. 
 SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender
and Exchange of Receipts. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of
the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other charge and stock transfer or registration fee with respect thereto
(including any such tax or charge with respect to the Shares being deposited or withdrawn); (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature) including, as
noted in Section 2.04 above, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may
be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which the
deposited Shares, the Depositary Shares or the Receipts may be included for quotation or listed or any applicable self-regulatory body. 

The deposit of Shares may be refused, the delivery of Receipts against Shares may be suspended, the transfer of Receipts may be refused, and
the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably
necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any other provision of
this Deposit Agreement. 
 SECTION 2.08 Lost Receipts, etc. In case any Receipt shall be mutilated and surrendered to the Depositary
or destroyed or lost or stolen, the Depositary shall execute and 

  
 9 

 
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the
holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser, (ii) evidence reasonably satisfactory
to the Depositary of the loss, theft or destruction of such Receipt and (iii) an indemnity bond satisfactory to it and holding it and the Company harmless, and (b) satisfied any other reasonable requirements imposed by the Depositary. 

SECTION 2.09 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s
Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled. 

SECTION 2.10 No Pre-Release. The Depositary shall not deliver any deposited Shares evidenced by Receipts prior to the receipt and
cancellation of such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Shares evidenced by such Receipts. At
no time will any Receipts be outstanding if such Receipts do not represent Shares deposited with the Depositary. 
 ARTICLE III 

Certain Obligations of Holders of Receipts and the Company 

SECTION 3.01 Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit or any holder of a Receipt may
be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably
require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Shares represented by the
Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed. 

SECTION 3.02 Payment of Fees and Expenses. Holders of Receipts shall be obligated to make payments to the Depositary of certain fees
and expenses and taxes or other charges to the extent provided in Section 5.06, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other charges have been paid. Until such payment is made, transfer of
any Receipt or any withdrawal of the Shares or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any part or all of the Shares or
other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such sale). Any
dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

  
 10 

 SECTION 3.03 Representations and Warranties as to Shares. In the case of the initial
deposit of the Shares hereunder, the Company represents and warrants that such Shares and each certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Shares and the
issuance of Receipts. 
 SECTION 3.04 Representation and Warranty as to Receipts and Depositary Shares. The Company hereby represents
and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid [    ] fractional interest in a deposited Share represented
by such Depositary Share. Such representation and warranty shall survive the deposit of the Shares and the issuance of Receipts evidencing the Depositary Shares. 

ARTICLE IV 
 The Shares;
Notices 
 SECTION 4.01 Cash Distributions. Whenever Computershare shall receive any cash dividend or other cash distribution on
the deposited Shares[, including any cash received upon redemption of any Shares pursuant to Section 2.03 or in payment of any Additional Amounts (as such term is defined in the Certificate of Designations),] Computershare shall, subject to Sections
3.01 and 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders; provided, however, that in case the Company or Computershare shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Shares represented by the
Receipts held by any holder an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to
such withholding shall be reduced accordingly. Computershare, however, shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one
cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability for interest thereon)
and shall be added to and be treated as part of the next succeeding distribution to record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W-8ECI or another applicable Form W-8) or Form W-9 (which form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be
applicable. Each holder of a Receipt acknowledges that, in the event of noncompliance with the preceding sentence the Internal Revenue Code of 1986 as amended, may require withholding by Computershare of a portion of any of the distribution to be
made hereunder. 
 SECTION 4.02 Distributions Other Than Cash. Whenever the Depositary shall receive any distribution other than cash
on the deposited Shares, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of Receipts on the record date fixed pursuant 

  
 11 

 
to Section 4.04 such amounts of property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The Depositary shall not make any distribution of securities to the holders of Receipts unless the Company shall have
provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered. If in the opinion of the Depositary such distribution cannot be made proportionately among
such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible,
the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the property thus received, or any part
thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be, subject to Sections 3.01 and 3.02, distributed or made available for distribution, as the case may be, by the Depositary to
record holders of Receipts as provided by Section 4.01 in the case of a distribution received in cash. 
 SECTION 4.03 Subscription
Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Shares are registered on the books of the Company any rights, preferences or privileges to subscribe for or
to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the
Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or
privileges the Company determines that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by the Company, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights,
preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the Depositary to
the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Company shall have
provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered. 

If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify the Depositary of such requirement, that it will promptly file a registration statement
pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to cause such registration statement to become effective sufficiently
in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right,

  
 12 

 
preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective or unless the offering and sale of such
securities to such holders are exempt from registration under the provisions of the Securities Act or the Company shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to the holders
are exempt from registration under the provisions of the Securities Act. 
 If any other action under the law of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such
requirement and to use its commercially reasonable efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise
such rights, preferences or privileges. 
 The Depositary will not be deemed to have any knowledge of any item for which it is supposed to
receive notification under any Section of this Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04
Notice of Dividends; Fixing of Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable, any distribution other than cash shall be made, or any powers, preferences or rights shall at any
time be offered, with respect to the deposited Shares, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Shares are entitled to vote or of which holders of such Shares are entitled to notice or (ii) any
election on the part of the Company to redeem any such Shares, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Shares) for the determination of
the holders of Receipts who shall be entitled to receive such dividend, distribution, powers, preferences or rights or the net proceeds of the sale thereof; to give instructions for the exercise of voting rights at any such meeting or to receive
notice of such meeting or whose Depositary Shares are to be so redeemed. 
 SECTION 4.05 Voting Rights. Upon receipt of notice of any
meeting at which the holders of deposited Shares are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such
information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to
instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of a Receipt on such record date, the Depositary shall insofar as practicable vote or cause to be voted the amount of Shares represented by the Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. To the extent any such instructions request the voting of a fractional interest of a deposited Share, the Depositary shall aggregate such interest with all other fractional interests resulting from requests
with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions 

  
 13 

 
received in such requests. Each Share is entitled to one vote and, accordingly, each Depositary Share is entitled to [        ] of a vote. The Company
hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Shares or cause such Shares to be voted. In the absence of specific instructions from the holder of a Receipt,
the Depositary will not vote Depositary Shares held by it. In the absence of authorization from the holder of a Receipt, the Depositary will abstain from voting (but, at its discretion, not from appearing at any meeting with respect to the Shares
unless directed to the contrary by the record holders of all the related Receipts) to the extent of the Shares (or portion thereof) represented by the applicable Depositary Shares evidenced by such Receipt. 

SECTION 4.06 Changes Affecting Shares and Reorganization Events. Upon any change in [liquidation preference,] par or stated value,
split-up, combination or any other reclassification of the Shares, any Reorganization Event or any exchange of the Shares for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting forth any of
the following adjustments, (i) reflect such adjustments in the Depositary’s books and records in (a) the fraction of an interest represented by one Depositary Share in one Share and (b) the ratio of the redemption price per Depositary Share to
the redemption price of a Share, as may be required [by or as is consistent with the provisions of the Certificate of Designations] to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination or
other reclassification of Shares, of such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the
Shares as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such
Shares. In any such case the Depositary may, upon the receipt of written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited property. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in [liquidation preference,] par or stated value, split-up,
combination or other reclassification of the Shares or any such Reorganization Event or of such exchange to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Shares represented thereby only into or
for, as the case may be, the kind and amount of shares of stock and other securities and property (including cash) into which the Shares represented by such Receipts might have been converted or for which such Shares might have been exchanged or
surrendered immediately prior to the effective date of such transaction. 
 SECTION 4.07 Inspection of Reports. The Depositary shall
make available for inspection by record holders of Receipts at the Depositary Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are
both received by the Depositary as the holder of deposited Shares and made generally available to the holders of the Shares. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders
of Receipts as provided in Section 7.04. 
 SECTION 4.08 Lists of Receipt Holders. Promptly upon request from time to time by the
Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar.

  
 14 

 ARTICLE V 

The Depositary and the Company 

SECTION 5.01 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. The Depositary shall maintain at
the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Shares and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Shares, all in accordance with the provisions of this Deposit Agreement. 

The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times,
shall be open for inspection by the record holders of Receipts as provided by applicable law and in accordance with Section 4.07. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it
in connection with the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Shares
represented by such Depositary Shares shall be listed on The New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such
Receipts or Depositary Shares in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and replaced by a substitute registrar appointed by
the Registrar upon the request or with the written approval of the Company. If the Receipts, such Depositary Shares or such Shares are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company,
arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Shares as may be required by law or applicable stock exchange regulations. 

SECTION 5.02 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Company. None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation
thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of
Designations or, in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any
Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the
Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by 

  
 15 

 
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason
of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 
 SECTION 5.03 Obligations of the
Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation or shall be subject to any liability under
this Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall
be liable for any special, indirect, incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such
damages. Notwithstanding anything to the contrary herein, any liability of the Depositary and any Depositary’s Agent, Registrar or Transfer Agent under this Deposit Agreement will be limited to the amount of annual fees paid by the Company
to the Depositary. 
 None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Shares, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it
against all expense and liability be furnished as often as may be required. 
 None of the Depositary, any Depositary’s Agent, any
Registrar or Transfer Agent or the Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Shares for deposit or any holder of a
Receipt. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties. 
 In the event the Depositary, any Depositary’s Agent, the
Transfer Agent or the Registrar shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, such party shall be entitled to act on such claims, requests or
instructions received from the Company, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.05 in connection with any action so taken. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Shares or for the manner or
effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar or Transfer Agent shall be required 

  
 16 

 
to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Agreement
against the Depositary or any Registrar or Transfer Agent. 
 The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s
Agent, and any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its
affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar hereunder. The Depositary, any Depositary’s
Agent, the Transfer Agent or the Registrar may also act as transfer agent or registrar of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates. 

It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under
the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Shares;
provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 

Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation
or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Shares, the Depositary Shares, the Receipts (except its countersignature
thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its own representations in this Deposit Agreement.

 The Company agrees that it will register the deposited Shares and the Depositary Shares in accordance with the applicable federal
securities laws. 
 In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer Agent believes any ambiguity or
uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall promptly
notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall be fully protected and
shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order,
judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s
Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar. 

  
 17 

 Whenever in the performance of its duties under this Deposit Agreement, the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the Chief Executive Officer, any Executive Vice President or any Senior Vice
President of the Company or their designees and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this
Deposit Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement
or in the Receipts (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance
with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Shares or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations
or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 
 The Depositary, any
Depositary’s Agent, Transfer Agent and any Registrar hereunder: 
 (i) shall have no duties or obligations other than those
specifically set forth herein (and no implied duties or obligations), or as may subsequently be agreed to in writing by the parties; 
 (ii)
shall have no obligation to make payment hereunder unless the Company shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect
thereto; 
 (iii) shall not be obligated to take any legal or other action hereunder; if, however, such party determines to take any legal
or other action hereunder, and, where the taking of such action might in the such party’s judgment subject or expose it to any expense or liability, such party shall not be required to act unless it shall have been furnished with an indemnity
satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar and believed by such party to be genuine and to have been signed by the proper party
or parties, and shall have no responsibility for determining the accuracy thereof; 

  
 18 

 (v) may rely on and shall be authorized and protected in acting or failing to act upon the
written, telephonic, electronic and oral instructions, with respect to any matter relating to such party’s actions covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company; 

(vi) may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by such party hereunder in accordance with the advice of such counsel; 
 (vii) shall not be called
upon at any time to advise any person with respect to the Depositary Shares or Receipts; 
 (viii) shall not be liable or responsible for
any recital herein, contained in any documents relating hereto or the Depositary Shares or Receipts; and 
 (ix) shall not be liable in any
respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for
under this Deposit Agreement. 
 The obligations of the Company and the rights of the Depositary, the Depositary’s Agent, Transfer
Agent or Registrar set forth in this Section 5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

SECTION 5.04 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign
as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, or through DTC and
in accordance with its procedures, to the holders of Receipts. 
 In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be an entity having an office in the United States of America and having a
combined capital and surplus (together with its affiliates) of at least $50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent
jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment 

  
 19 

 
hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Shares and any moneys or property held hereunder to such successor and shall deliver to such successor a list of
the record holders of all outstanding Receipts. Any successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

Any corporation or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity
to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the
Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
 Each Depositary’s Agent,
Registrar or Transfer Agent shall be entitled to the same rights, indemnities, immunities, protections and benefits as the Depository hereunder as if explicitly named in each such provision. 

SECTION 5.05 Indemnification by the Company. The Company shall indemnify the Depositary, any Depositary’s Agent and any
Transfer Agent or Registrar against, and hold each of them harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself and enforcing its rights hereunder) which may arise out of (i) acts
performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising
out of bad faith, gross negligence or willful misconduct (each as determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons, or (b) by the
Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or Shares pursuant to the provisions hereof. The obligations of the Company and the rights of the Depositary set forth in this Section 5.05 shall survive
the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. In no event shall the Depositary have any right of set off or counterclaim against the
Depositary Shares or the Shares. 
 SECTION 5.06 Fees, Charges and Expenses. The Company shall pay all transfer and other taxes
and governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay all fees and expenses (including reasonable counsel fees and expenses) of the Depositary in connection with the initial deposit of
the Shares and the initial issuance of the Depositary Shares and any redemption of the Shares at the option of the Company. All other transfer and other taxes and governmental charges and fees for the withdrawal of Shares upon surrender of
Receipts shall be at the expense of holders of Depositary Shares. The Depositary may refuse to effect any transfer of a Receipt or any withdrawal of Shares evidenced thereby until all such taxes and governmental charges with respect to such
Receipt or Shares are paid by the holder thereof. If, at the request of a holder of Receipts, the 

  
 20 

 
Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses, provided, however, that the
Depositary need not incur such charges or expenses if repayment of such amounts is not reasonably assured to it. All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar and Transfer Agent
(including, in each case, fees and expenses of counsel) incurred in the preparation, delivery, amendment, administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid
by the Company as previously agreed between the Depositary and the Company. The Depositary shall present its statement for charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary
may agree. 
 ARTICLE VI 

Amendment and Termination 

SECTION 6.01 Amendment. The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time
be amended by agreement between the Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however that no such amendment
(other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and
adversely inconsistent with the rights granted to the holders of the Shares [pursuant to the Certificate of Designations] shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least a majority of
the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of any holder of any Receipts evidencing such Depositary Shares to surrender
any Receipt with instructions to the Depositary to deliver to the holder the deposited Shares and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of
an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition
precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this
Section 6.01. Notwithstanding anything to the contrary contained herein, the Depositary may, but shall not be obligated to, enter into any amendment that affects its own rights, duties, obligations, responsibilities, liabilities and indemnities
hereunder. 
 SECTION 6.02 Termination. This Deposit Agreement may be terminated by the Company or the Depositary only if
(i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03 or (ii) there shall have been made a final distribution in respect of the deposited Shares in connection with any liquidation, dissolution or winding
up of the Company and such distribution shall have been distributed to the holders of Receipts pursuant to Section 4.01 or 4.02, as applicable. 

  
 21 

 Upon the termination of this Deposit Agreement, the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Sections 5.03, 5.05 and 5.06. 

ARTICLE VII 

Miscellaneous 
 SECTION
7.01 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original,
but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile or .PDF shall be effective as delivery of a manually executed
counterpart of this Deposit Agreement. 
 SECTION 7.02 Exclusive Benefits of Parties. This Deposit Agreement is for the
exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

SECTION 7.03 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby;
provided, however, that if such provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall
be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 

AXIS Capital Holdings Limited 
 92
Pitts Bay Road 
 Pembroke HM 08 

Bermuda 
 Attention: General
Counsel, Corporate Secretary 
 or at any other address of which the Company shall have notified the Depositary in writing. 

Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, or facsimile transmission confirmed by letter, addressed to the Depositary: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 480
Washington Blvd. - 29th Floor 
 Jersey City, NJ 07310 

Attention: [●] 

Facsimile: [●] 

  
 22 

 Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be
sufficiently given if in writing and delivered in person or by first class mail, postage prepaid, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary or in any manner permitted by the
DTC; provided that any record holder may direct the Depositary to deliver notices to such record holder at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with
the Depositary and that is reasonably acceptable to the Depositary. 
 Delivery of a notice sent by mail shall be deemed to be effected at
the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with
such courier, courier fees prepaid. The Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be
confirmed by letter as aforesaid. 
 SECTION 7.05 Depositary’s Agents. The Depositary may from time to time
appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s
Agents. The Depositary will notify the Company of any such action. For the avoidance of doubt, the Trust Company in its capacities as Registrar and Transfer Agent shall be entitled to the same rights, indemnities, immunities and benefits
as the Depository hereunder as if explicitly named in each such provision. 
 SECTION 7.06 Holders of Receipts Are Parties. The
holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person
executed this Deposit Agreement. 
 SECTION 7.07 Governing Law. This Deposit Agreement and the Receipts and all rights hereunder
and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York. 

SECTION 7.08 Inspection of Deposit Agreement [and Certificate of Designations]. Copies of this Deposit Agreement [and the
Certificate of Designations] shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt. 

SECTION 7.09 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in
Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision. 

  
 23 

 SECTION 7.10 Confidentiality. The Depository and the Company agree that all books,
records, information and data pertaining to the business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit
Agreement, including the fees for services contemplated hereunder, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to
subpoenas from state or federal government authorities (e.g., in divorce and criminal actions). 
 SECTION 7.11 Further
Assurances. From time-to-time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and
assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit Agreement. 

SECTION 7.12 Force Majeure. Notwithstanding anything to the contrary contained herein, the Depository will not be liable for any
delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or
loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

  
 24 

 IN WITNESS WHEREOF, AXIS Capital Holdings Limited, Computershare Inc. and Computershare Trust
Company, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms
hereof 
  

			
	AXIS CAPITAL HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	 COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A.,

as Depositary, and COMPUTERSHARE TRUST COMPANY, N.A., as Registrar and Transfer Agent,

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

Form of Depositary Receipt 

  
 1 

 UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT (INCLUDING THE DEPOSITARY) FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

			
		  	Aggregate Amount of Depositary Shares:        
		
	Certificate Number	  	Number of Depositary Shares:        
		
		  	CUSIP NO.:        

 RECEIPT FOR DEPOSITARY SHARES, 

Each Representing [    ] Interest in one 

[[    ]% Series [        ] preference share 

(par value $[        ] per share) 

(liquidation preference $[        ] per share)][common share, par value $0.0125 per share] 

of 
 AXIS CAPITAL HOLDINGS LIMITED

 Computershare Inc., a Delaware corporation, and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered
trust company (jointly, the “Depositary”), hereby certifies that Cede & Co. is the registered owner of Depositary Shares (“Depositary Shares”), equivalent to $[        ] aggregate
amount, each Depositary Share representing [    ] of one [[    ]% Series [    ] preference share, par value $[        ] per share and liquidation
preference of $[        ] per share][common share, par value $0.0125 per share], of AXIS Capital Holdings Limited, a Bermuda exempted company (the “Company”), on deposit with the

  
 2 

 
Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of [    ] (the “Deposit Agreement”), among the Company, the
Depositary and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt for the Depositary Shares, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit
Agreement. This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized
officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 

Dated:                      

 

			
	Computershare Inc. and Computershare Trust Company, N.A.,
		 	as Depositary
		
	By:	 	  

		 	Authorized Signatory

  
 3 

 The following abbreviations when used in the instructions on the face of this receipt shall be
construed as though they were written out in full according to applicable laws or regulations. 
  

			
	TEN COM - as tenant in common	  	UNIF GIFT MIN ACT -
                                         
                   
		  	Custodian
                                        

		
	TEN ENT - as tenants by the entireties	  	Under Uniform Gifts to Minors Act
		
	JT TEN - as joint tenants with right of and not as tenants in common	  	  

	  	(State)

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

ASSIGNMENT 
 For value
received,                      hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS 
 INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 

                     Depositary Shares, equivalent to
             aggregate amount, represented by the within Receipt, and do hereby irrevocably constitute and appoint
                     Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in
the premises. 
  

							
	Dated	  	  
	 		 	  

		  		 		 	NOTICE: The signature to the assignment must corresponds with the name as written upon the face of this Receipt in every particular, without alteration or enlargement

 SIGNATURE GUARANTEED 

NOTICE: The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the
Company’s transfer agent. Guarantees by a notary public are not acceptable. 

  
 4 

 [EXHIBIT B 

Certificate of Designations] 

  
 1Exhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

November 22, 2016

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust 280

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the series of Smart Trust set forth above (the “Trust”). We enclosed a list
of the Securities to be deposited in the Trust on the date hereof. The prices indicated therein reflect our evaluation of such
Securities as of close of business on November 21, 2016, in accordance with the valuation method set forth in the Standard Terms
and Conditions of Trust and Trust Agreement. We consent to the reference to The Bank of New York Mellon as the party performing
the evaluations of the Trust Securities in the Registration Statement (No. 333-213793) filed with the Securities and Exchange Commission
with respect to the registration of the sale of the Trust Units and to the filing of this consent as an exhibit thereto.

 

 

Very truly yours,

 

/s/ GERARDO CIPRIANO                    

Gerardo Cipriano

Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]