Document:

Form of Depositary Agreement

 Exhibit 4.1 
  

 TRINTECH GROUP PLC 
 AND 
 THE BANK OF NEW YORK 
 As Depositary 
 AND 
 OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY 
 RECEIPTS 
 Deposit Agreement 
 Dated as of September 27, 1999 
 As Amended and Restated as of
March 16, 2000 
 As Further Amended and Restated as of May 24, 2002 
  

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT dated as of September 27, 1999, as amended and restated as of March 16, 2000, as further amended and restated as of May 24, 2002 among TRINTECH GROUP PLC, incorporated under the
laws of The Republic of Ireland (herein called the Company), THE BANK OF NEW YORK, a New York banking corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued
hereunder. 
 WITNESSETH: 
 WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time with the Depositary or with the Custodian (as
hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American Depositary
Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be substantially in the
form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 
 1. DEFINITIONS.

 The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this
Deposit Agreement: 
 SECTION 1.1 American Depositary Shares. 
 The term “American Depositary Shares” shall mean the securities representing the interests in the Deposited Securities and evidenced by the
Receipts issued hereunder. Each American Depositary Share shall represent the number of Shares specified in Exhibit A annexed hereto, until there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in
Deposited Securities covered by Section 4.8 with respect to which additional Receipts are not executed and delivered, and thereafter American Depositary Shares shall evidence the amount of Shares or Deposited Securities specified in such
Sections. 

 SECTION 1.2 Article; Section. 
 Wherever references are made in this Deposit Agreement to an “Article” or “Articles” or to a “Section” or
“Sections”, such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise required by the context. 
 SECTION 1.3 Beneficial Owner. 
 The terms “Beneficial Owner” shall mean each person owning
from time to time any beneficial interest in the American Depositary Shares evidenced by any Receipt. 
 SECTION 1.4 Commission.

 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency
in the United States. 
 SECTION 1.5 Company. 
 The term “Company” shall mean Trintech Group PLC, incorporated under the laws of The Republic of Ireland, and its successors. 
 SECTION 1.6 Consultation. 
 The term “Consultation” shall mean the good faith attempt by the
Depositary to discuss, if practicable, the relevant issue in a timely manner with a person employed by the Company reasonably believed by the Depositary to be empowered by the Company to engage in such discussion on behalf of the Company.

 SECTION 1.7 Custodian. 
 The term “Custodian” shall mean the principal Dublin, Ireland office of Allied Irish Banks PLC, as agent of the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be
appointed by the Depositary pursuant to the terms of Section 5.5, as substitute or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively. 
 SECTION 1.8 Deposit Agreement. 
 The
term “Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof. 
  

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 SECTION 1.9 Depositary; Corporate Trust Office. 
 The term “Depositary” shall mean The Bank of New York, a New York banking corporation and any successor as depositary hereunder. The term
“Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Agreement is 101 Barclay Street, New York, New York, 10286. 
 SECTION 1.10 Deposited Securities. 
 The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received by the Depositary or the
Custodian in respect thereof and at such time held hereunder, subject as to cash to the provisions of Section 4.5. 
 SECTION 1.11
Dollars; Euros. 
 The term “Dollars” shall mean the lawful currency of the United States. The term “Euros” shall
mean the common currency of the participating member countries in the European Monetary Union. 
 SECTION 1.12 Exchange Act.

 The term “Exchange Act” shall mean the United States Securities and Exchange Act of 1934, as from time to time amended.

 SECTION 1.13 Foreign Registrar. 
 The term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company
for the transfer and registration of Shares. 
 SECTION 1.14 Owner. 
 The term “Owner” shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose.

 SECTION 1.15 Receipts. 
 The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing American Depositary Shares. 
  

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 SECTION 1.16 Registrar. 
 The term “Registrar” shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be
appointed to register Receipts and transfers of Receipts as herein provided. 
 SECTION 1.17 Restricted Securities. 
 The term “Restricted Securities” shall mean Shares, or Receipts representing such Shares, which are acquired directly or indirectly from the
Company or its affiliates (as defined in Rule 144 under the Securities Act of 1933) in a transaction or chain of transactions not involving any public offering or which are subject to resale limitations under Regulation D under that Act or both, or
which are held by an officer, director (or persons performing similar functions) or other affiliate of the Company, or which are subject to other restrictions on sale or deposit under the laws of the United States or The Republic of Ireland, or
under a shareholder agreement or the Memorandum and Articles of Association of the Company. 
 SECTION 1.18 Securities Act of 1933.

 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended. 

SECTION 1.19 Shares. 
 The term
“Shares” shall mean ordinary shares in registered form of the Company, heretofore validly issued and outstanding and fully paid, nonassessable and as to which any pre-emptive rights of the holders of outstanding Shares were validly
exercised or waived or hereafter validly issued and outstanding and fully paid, nonassessable and as to which any pre-emptive rights of the holders of outstanding Shares will have been validly exercised or waived. 
 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS. 
 SECTION 2.1 Form and Transferability of Receipts. 
 Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary
and, if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized officer 

  

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 of the Registrar. The Depositary shall maintain books on which each Receipt so executed and delivered as hereinafter
provided and the transfer of each such Receipt shall be registered. 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 has 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. 
 The Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute owner thereof for the
purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 SECTION 2.2 Deposit of Shares. 
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments of
transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary
requires, together with a written order directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or Receipts for the number of American Depositary Shares representing
such deposit. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in The Republic of Ireland which is then performing the function
of the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an
agreement or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, 

  

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or right to subscribe for additional Shares or to receive other property which any person in whose name the Shares are or have been recorded may thereafter
receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 At the request and risk and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive certificates for Shares to be deposited, together with the other
instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 
 Upon each
delivery to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents above specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate
or certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
 Notwithstanding anything to the contrary, the Depositary shall have no obligation to accept Shares for deposit hereunder from persons identified by the
Company as holding Restricted Securities except upon compliance with the provisions of Section 5.12 hereof. 
 Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. Neither the Depositary nor the Custodian shall deliver Shares or
Deposited Securities except upon the cancellation of the Receipt or Receipts evidencing the American Depositary Shares representing such Shares or Deposited Securities. 
 SECTION 2.3 Execution and Delivery of Receipts. 
 Upon receipt by any Custodian of any deposit
pursuant to Section 2.2 hereunder (and in addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the
Company that any Deposited Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary
Shares to be evidenced thereby. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the
receipt of Shares by the Depositary, the Depositary, subject to the terms and conditions of 

  

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this Deposit Agreement, shall execute and deliver at its Corporate Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or
Receipts, registered in the name or names and evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment to the Depositary of the fees of the Depositary for the execution and delivery of
such Receipt or Receipts as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited Securities. 
 SECTION 2.4 Transfer of Receipts; Combination and Split-up of Receipts. 
 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its transfer books from time to
time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the
United States of America. Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute
and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated
transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to Receipts and will be
entitled to protection and indemnity to the same extent as the Depositary. 
 SECTION 2.5 Surrender of Receipts and Withdrawal of
Shares. 
 Upon surrender at the Corporate Trust Office of the Depositary of a Receipt for the purpose of withdrawal of the Deposited
Securities represented by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as provided in Section 5.9 and payment of all taxes and governmental charges payable
in connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to delivery, to him or upon his order, of the amount of
Deposited Securities at the time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the delivery of (a) certificates in the name of such Owner or as 

  

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ordered by him or by certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and (b) any
other securities, property and cash to which such Owner is then entitled in respect of such Receipts to such Owner or as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 
 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank, and if the Depositary so requires, the Owner thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the principal Dublin, Ireland office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other terms and
conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt, except that the Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 
 At the request, risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian to forward any cash or other property (other than rights)
comprising, and forward a certificate or certificates and other proper documents of title for, the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt to the Depositary for delivery at the Corporate Trust
Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission. 
 Except as otherwise expressly permitted by this Deposit Agreement neither the Depositary nor the Custodian shall deliver Deposited Securities (by physical delivery, book entry or otherwise) or otherwise permit
Deposited Securities to be withdrawn from the facility created hereby, except upon receipt and cancellation of the relevant Receipts. 
 SECTION 2.6 Limitations on Execution and Delivery, Transfer and Surrender of Receipts. 
 As a condition precedent to the
execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from 

  

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the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as
to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.

 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer
of Receipts in particular instances may be refused, or the registration of transfer of outstanding Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary
or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, the Memorandum and Articles
of Association of the Company or for any other reason, subject to the provisions of Section 7.7 hereof. Notwithstanding any other provision of this Deposit Agreement, the Memorandum and Articles of Association of the Company or the Receipts,
the surrender of outstanding Receipts and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection
with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to
the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of
1933, unless a registration statement is in effect as to such Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares, which, if sold by the holder thereof in the
United States (as defined in Regulation S), would be subject to the registration provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares or such sale would be exempt from such provisions. The
Depositary shall comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may be specified in such instructions in order to
facilitate the Company’s compliance with the securities laws of the United States. 
 SECTION 2.7 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor in exchange and
substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in 

  

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substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost
or stolen Receipt, the Owner 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 bona fide purchaser and (ii) a
sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.8 Cancellation
and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The
Depositary is authorized to destroy Receipts so cancelled. 
 SECTION 2.9 Pre-Release of Receipts. 
 Unless requested in writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, execute and deliver Receipts
prior to the receipt of Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such
cancellation is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be
(a) preceded or accompanied by a written representation from the person to whom Receipts are to be delivered that such person, or its customer, owns the Shares or Receipts to be remitted, as the case may be, (b) at all times fully
collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations
as the Depositary deems appropriate. The number of American Depositary Shares which are outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that
the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. 
 The Depositary may retain
for its own account any compensation received by it in connection with the foregoing. 
 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.

 SECTION 3.1 Filing Proofs, Certificates and Other Information. 
 Any person presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or
the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such
representations and 

  

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warranties, as the Company or the Depositary may deem necessary or proper or as the Company may require by written request to the Depositary or the
Custodian. The Depositary may withhold the delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such
proof or other information is filed or such certificates are executed or such representations and warranties made. Copies of any documentation which the Depositary receives pursuant to this Section 3.1 shall be provided by the Depositary to the
Company upon the Company’s written request. 
 SECTION 3.2 Liability of Owner or Beneficial Owner for Taxes. 
 If any tax or other governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax
or other governmental charge shall be payable by the Owner or Beneficial Owner of such Receipt to the Depositary. The Depositary may refuse to effect any transfer of such Receipt or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner or Beneficial Owner thereof any part or all of the Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner or Beneficial Owner of
such Receipt shall remain liable for any deficiency. 
 SECTION 3.3 Warranties on Deposit of Shares. 
 Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that the person making such deposit is duly
authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are not restricted under the Securities
Act of 1933. Such representations and warranties shall survive the deposit of Shares and issuance of Receipts. 
 SECTION 3.4 Disclosure
of Interests. 
 (a) Notwithstanding any other provision of this Deposit Agreement, the Memorandum and Articles of Association of the
Company or applicable Irish law, each Owner agrees to be bound by and subject to applicable Irish law provisions of the Irish Companies Act, 1990, and the Memorandum and Articles of Association of the Company in each case as in effect on the date
hereof, to the same extent as if such Owner held Shares directly. Each Owner agrees to comply with requests from the Company or the Depositary made under the Irish Companies Act, 1990 and the Memorandum and Articles of Association of the company, to
provide information, inter alia, as to the capacity in which such Owner owns Receipts and regarding the identity of any other 
  

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 person interested (as defined in the Irish Companies Act, 1990) in such Receipts and the nature of such interest. The
Company has informed the Depositary that the following information is accurate, as of the date hereof, and the Depositary has made no independent investigation regarding such information. 
 Sections 67 to 79 of the Irish Companies Act, 1990 provide that a person (including a company and other legal entities) that acquires an interest of
5 per cent or more of any class of shares (including through American Depositary Receipts) that comprise part of a public company’s “relevant share capital” (i.e., the Company’s issued share capital carrying the right
to vote in all circumstances at a general meeting of the Company) is required to notify the company in writing in a prescribed manner of its interest within five days following the day on which the obligation arises. After the 5 per cent level
is exceeded, similar notifications must be made in respect of any change in such person’s interest following which the percentage level of interest previously notified has changed until after, if ever, the percentage level drops below
5 per cent. Fractional numbers are rounded down for the purposes of establishing changes in percentage levels. Failure to notify the acquisition of an interest, no right or interest whatsoever in respect of any of the relevant shares will be
enforceable, whether directly or indirectly, by action or legal proceeding by the person having such an interest. Application may be made to the Irish High Court to remove this restriction, and if the court is satisfied that the failure to notify
was accidental or due to inadvertence, or some other sufficient cause, or that it is just and equitable to grant relief then the court may grant such relief as is sees fit. 
 For purposes of such notification obligation, the interest of a person in shares means any kind of interest in shares including interests in any shares
(a) in which a spouse, or child under the age of 18, is interested, (b) in which a corporate body is interested and either (i) that corporate body or its directors are accustomed to act in accordance with that person’s directions
or instructions or (ii) that person is entitled to exercise or to control one-third or more of the voting power of that corporate body or (c) in which another party is interested and the person and that other party are parties to a
“concert party” agreement under Section 73 of the Irish Companies Act, 1990. A concert party agreement is one which provides for one or more parties to acquire interests in the relevant share capital of a particular public company and
imposes obligations or restrictions on any of the parties as to the use, retention or disposal of such interests acquired pursuant to such agreement. An interest in the Company’s shares must also in fact be acquired by any of the parties
pursuant to the agreement. The agreement must be legally binding or involve mutuality. 
 In addition, Section 81 of the Irish
Companies Act, 1990 provides that a public company may by written notice require a person whom the company knows, or has reasonable cause to believe, to be or to have been, at any time during the three years immediately preceding the date on which
the notice is issued, interested in shares consisting of the company’s “relevant share capital” to confirm that fact or to indicate 

  

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whether or not that is the case, and where such person holds or during the relevant time had held an interest in such shares, he may be required to give such
further information as may be required relating to such interest and any other interest in the shares of which such person is aware. 
 Where notice is served by the Company under the foregoing provisions on a person who is or was interested in the Shares and that person fails to give the Company any information required by the notice within such time as is specified in the
notice, the Company may apply to the Irish court for an order directing that the Shares in question be subject to restrictions prohibiting, among other things, (i) any transfer of those Shares, (ii) the exercise of the voting rights in
respect of such Shares, (iii) the taking up of rights in respect of such Shares, and (iv) other than in liquidation, payments in respect of such Shares. If the information requested in the notice is not provided, the Articles of
Association of the Company also enable the service of a restriction notice (as described below) imposing sanctions on the shareholder without the need for court involvement. 
 A person who fails to fulfil the obligation imposed by Section 81 of the Irish Companies Act, 1990 described above may be subject to criminal
penalties. 
 The Directors of the Company also have the power, pursuant to the Articles of Association of the Company, to serve a notice (a
“Disclosure Notice”) on any shareholder, or any other person appearing to be interested in issued Shares, requiring such person to disclose to the Company such information as they shall require relating to the ownership of any interest in
such Shares as lies within the knowledge of the relevant person. This can include information which the Issuer is entitled to seek pursuant to Section 81 of the Irish Companies Act, 1990. 
 If a shareholder, or a person appearing to be interested in Shares held by such shareholder, has been duly served with a notice under Section 81 of
the Irish Companies Act, 1990 or a Disclosure Notice requesting information pursuant to the Articles and is in default in supplying the Company with the information thereby required, the Issuer may serve a further notice (a “Restriction
Notice”) on that shareholder. After the expiration of 14 days from the date of service of the Restriction Notice and for so long as the Restriction Notice remains in effect, no holder or holders of the relevant shares shall be entitled to
attend, speak or vote at any general meeting, either in person or by proxy. In addition, where the relevant shares represent 0.25% of the total number of the issued shares of the class of shares concerned the Restriction Notice may also direct that
any dividend or other money which would otherwise be payable on such shares shall be retained by the Company without liability to pay interest and no transfer of shares by the shareholder (unless such transfer is an arm’s length sale) or any
renunciation of or any allotment of new shares or debentures made in respect thereof shall be registered. 
  

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 (b) At the request of the Company and at the Company’s expense, the Depositary shall forward to any
Owner any request by the Company for information or any other communications relating to the application of the provisions summarized in this Section 3.4. Owners seeking to communicate with the Company or the Directors of the Company on matters
relating to the application of the provision summarized in this Section 3.4 may send their communications to the Depositary for forwarding to the Company. 
 If the Company requests information from the Depositary or the Custodian, as the holders of Shares, pursuant to the Articles of Association of the Company or the Irish Companies Acts, the obligations of the Depositary
or the Custodian, as the case may be, shall be limited to disclosing to the Company such information relating to the Shares in question’s as has in each case been recorded by it pursuant to the terms of the Deposit Agreement. 
 4. THE DEPOSITED SECURITIES. 
 SECTION 4.1
Cash Distributions. 
 Whenever the Depositary shall receive any cash dividend, other cash distribution or net proceeds from the sale
of securities, property or rights on any Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees of
the Depositary as provided in Section 5.9 hereof, if applicable) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that
in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes, the amount distributed to the Owner of the Receipts evidencing
American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such
fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to the appropriate governmental agency in The Republic of Ireland, the United States, Germany or
elsewhere, all amounts withheld and owing to such agency. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports
with governmental agencies, and the Depositary or the Company or its agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
  

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 SECTION 4.2 Distributions Other Than Cash, Shares or Rights. 
 Subject to the provisions of Section 4.11 and Section 5.9, whenever the Depositary shall receive any distribution other than a distribution
described in Sections 4.1, 4.3 or 4.4, the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made
proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that such
securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or Beneficial Owners of Receipts) the Depositary, after Consultation with the Company, deems such distribution not to be feasible, the Depositary
may, after Consultation with the Company, adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in the case of a distribution received
in cash. 
 SECTION 4.3 Distributions in Shares. 
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company shall so request, distribute to the Owners of outstanding
Receipts entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate number of American Depositary Shares representing the
amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the
withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of fees of the Depositary as provided in Section 5.9. In lieu of delivering Receipts for fractional American Depositary Shares in any such
case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If additional Receipts are not so
distributed, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
  

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 SECTION 4.4 Rights. 
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall, after
consultation with the Company, have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the
terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights to
lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other Owners, the Depositary may distribute to
any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has
elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the
exercise of the rights, and upon payment of the fees of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the
Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit Agreement,
and shall, pursuant to Section 2.3 of this Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second paragraph of this section, such Receipts shall be legended in accordance with
applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws. 
  

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 If the Depositary determines in its discretion that it is not lawful and feasible to make such rights
available to all or certain Owners, it may, after Consultation with the Company, sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection with such rights and subject
to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners
because of exchange restrictions or the date of delivery of any Receipt or otherwise. 
 The Depositary will not offer rights to Owners
unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided,
that nothing in this Deposit Agreement shall create, any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared
effective. If an Owner of a Receipt or Receipts requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under such Act, the Depositary shall not effect such distribution unless it has
received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular. 
 SECTION 4.5 Conversion of Foreign Currency. 
 Whenever the Depositary shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as
provided in Section 5.9. 
  

 -17- 

 If such conversion or distribution can be effected only with the approval or license of any government or
agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may
distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest
thereon for the respective accounts of, the Owners entitled to receive the same and shall distribute such foreign currency upon the request of each such Owner. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution
in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled thereto and shall distribute such foreign currency upon the request of each such Owner. 
 SECTION 4.6
Fixing of Record Date. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than
cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever
the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, the Depositary shall fix a record date, which shall be the record date, if any, established by the Company for such purpose or, if different, as
close thereto as practicable, (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of
this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount 

  

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distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in proportion to the
number of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 
 SECTION 4.7 Voting of Deposited Securities. 
 Upon receipt of notice of any meeting of holders of Shares or other Deposited
Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary, which shall contain (a) all of
the information contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of
Irish law and of the Memorandum and Articles of Association of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective
American Depositary Shares, (c) a statement that Owners who instruct the Depositary as to the exercise of their voting rights will be deemed to have instructed the Depositary or its authorized representative to call for a poll with respect to
each matter for which such instructions are given, subject to any applicable provisions of Irish law and of the Memorandum and Articles of Association of the Company and (d) if applicable, a statement as to the manner in which such instructions
may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person designated
by the Company. Upon the written request of an Owner on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount
of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. Accordingly, pursuant to the Company’s Memorandum and Articles of
Association and applicable Irish law, the Depositary will cause its authorized representative to attend each meeting of holders of Shares and call for a poll as instructed in accordance with clause (c) above for the purpose of effecting such
vote. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions or deemed instructions. If no instructions are received by the
Depositary from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Owner’s Receipts on or before the date established by the Depositary for such purpose, the Depositary will
deem such Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary will give a discretionary proxy to a person designated by the Company
to vote such Deposited Securities; provided, that no such instructions will be deemed given and 

  

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no such discretionary proxy will be given when the Company notifies the Depositary (and the Company agrees to provide such notice as promptly as practicable
in writing) that the matter to be voted upon is one of the following: 
  

	 	1.	is a matter not submitted to shareholders by means of a proxy statement comparable to that specified in Schedule 14-A of the Commission; 

  

	 	2.	is the subject of a counter-solicitation, or is part of a proposal made by a shareholder which is being opposed by management (i.e., a contest); 

  

	 	3.	relates to a merger or consolidation (except when the Company’s proposal is to merge with its own wholly-owned subsidiary, provided its shareholders dissenting thereto do not
have rights of appraisal); 

  

	 	4.	authorizes mortgaging of property; 

  

	 	5.	authorizes or creates indebtedness or increases the authorized amount of indebtedness; 

  

	 	6.	authorizes or creates preferred shares or increases the authorized amount of existing preferred shares; 

  

	 	7.	alters the terms or conditions of any shares of the Company’s stock then outstanding or existing indebtedness; 

  

	 	8.	involves waiver or modification of preemptive rights (except when the Company’s proposal is to waive such rights with respect to Shares being offered pursuant to stock option
or purchase plans involving the additional issuance of not more than 5% of the Company’s outstanding Shares (see Item 12 below)); 

  

	 	9.	alters voting provisions or the proportionate voting power of a class of shares, or the number of its votes per share (except where cumulative voting provisions govern the number of
votes per share for election of directors and the Company’s proposal involves a change in the number of its directors by not more than 10% or not more than one) 

  

	 	10.	changes existing quorum requirements with respect to shareholder meetings; 

  

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	 	11.	authorizes issuance of Shares, or options to purchase Shares, to directors, officers, or employees in an amount which exceeds 5% of the total amount of the class outstanding (when
no plan is amended to extend its duration, the Company shall factor into the calculation the number of Shares that remain available for issuance, the number of Shares subject to outstanding options and any Shares being added; should there be more
than one plan being considered at the same meeting, all Shares are aggregated). 

  

	 	12.	authorizes 

 (a) a new profit-sharing or special
remuneration plan, or a new retirement plan, the annual cost of which will amount to more than 10% of average annual income before taxes for the preceding five years, or 
 (b) the amendment of an existing plan which would bring its costs above 10% of such average annual income before taxes (should there be more than one plan being considered at the same meeting, all costs are
aggregated; exceptions may be made in cases of (a) retirement plans based on agreement or negotiations with labor unions (or which have been or are to be approved by such unions); and (b) any related retirement plan for benefit of
non-union employees having terms substantially equivalent to the terms of such union-negotiated plan, which is submitted for action of stockholders concurrently with such union-negotiated plan); 
  

	 	13.	changes the purposes or powers of the Company to an extent which would permit it to change a materially different line of business and it is the Company’s stated intention to
make such a change; 

  

	 	14.	authorizes the acquisition of property, assets, or a company, where the consideration to be given has a fair value of 20% or more of the market value of the previously outstanding
shares; 

  

	 	15.	authorizes the sale or other disposition of assets or earning power of 20% or more of those existing prior to the transaction; 

  

	 	16.	authorizes a transaction not in the ordinary course of business in which an officer, director or substantial security holder has a direct or indirect interest;

  

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	 	17.	reduces earned surplus by 51% or more, or reduces earned surplus to an amount less than the aggregate of three years’ Share dividends computed at the current dividend rate.

 For the avoidance of doubt, a signed but unmarked proxy that includes the statement “IF NO MARK IS MADE, THE SHARES REPRESENTED BY THIS
PROXY WILL BE VOTED [FOR/AGAINST] EACH OF THE PROPOSALS ON THE REVERSE SIDE HEREOF AND FOR SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING AS THE PROXIES DEEM ADVISABLE” or words of similar intent shall constitute an instruction by
the signatory thereof to vote in accordance with such statement. In accordance with the Articles of Association of the Company and Irish law, failure by an Owner, or a person holding an interest in Shares through an Owner, to comply with the
Company’s request for information of the nature referred to in Section 3.5 may result, inter alia, in withdrawal of the voting rights of the Shares underlying the Receipts held by that Owner and consequently of the rights
described in this Section 4.7 to direct the voting of the Deposited Securities underlying such Receipts. 
 There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in this Section 4.7 sufficiently prior to the date established by the Depositary to ensure that the Depositary will vote the Shares or Deposited Securities in
accordance with the provisions set forth in this Section 4.7. 
 SECTION 4.8 Changes Affecting Deposited Securities. 

In circumstances where the provisions of Section 4.3 do not apply, upon any change in nominal value, change in par value, split-up, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary
or a Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the
existing Deposited Securities, the right to receive the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may, and shall if
the Company shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities.

 SECTION 4.9 Reports. 
 The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary
as the 

  

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holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall
also send to the Owners copies of any such reports furnished by the Company pursuant to Section 5.6. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be
furnished in English. 
 SECTION 4.10 Lists of Owners. 
 Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons
in whose names Receipts are registered on the books of the Depositary. 
 SECTION 4.11 Withholding. 
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or
other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner
as the Depositary deems necessary and practicable to pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the
number of American Depositary Shares held by them respectively. 
 5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER. 
 SECTION 5.1 Maintenance of Office and Transfer Books by the Depositary. 
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York,
facilities for the execution and delivery, registration, registration of transfers and surrender of Receipts in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall
not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or the Receipts. 
 The Depositary may close the transfer books, at any time or from time to time, after Consultation with the Company, when deemed expedient by it in
connection with the performance of its duties hereunder. 
  

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 The Company shall have the right to inspect the transfer and registration records of the Depositary
relating to Receipts and, at the Company’s expense, to make copies thereof and to require the Depositary, the Registrar and any co-transfer agents or co-Registrars to supply copies of such portions of such records as the Company may request in
writing. 
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United
States or Germany, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registry of such Receipts in accordance with any requirements of such exchange or exchanges. 
 SECTION 5.2 Prevention or Delay in Performance by the Depositary or the Company. 
 Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Beneficial Owners of any Receipt, if by reason of any provision of any present or future law or regulation of the European Union, the United States, or any other country, or of any governmental or regulatory authority or stock exchange, or by reason
of any provision, present or future, of the Memorandum and Articles of Association of the Company, or by reason of any act of God or war or other circumstances beyond its control, the Depositary or the Company shall be prevented or forbidden from,
or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be done or performed; nor shall the Depositary or the
Company or any of their respective directors, employees, agents or affiliates incur any liability to any Owner or Beneficial Owners of any Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing
which by the terms of this Deposit Agreement it is provided 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. Where, by the terms of a distribution
pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to
lapse. 
 SECTION 5.3 Obligations of the Depositary, the Custodian and the Company. 
 The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to Owners or Beneficial Owners of Receipts, except
that it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
  

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 The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit
Agreement to any Owner or Beneficial Owners of any Receipt (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that it agrees to perform its obligations specifically set forth in this
Deposit Agreement without negligence or bad faith. 
 Neither the Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and
liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. 
 Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such advice or information. 
 The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary. 
 The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement. 
 SECTION 5.4 Resignation and Removal of the Depositary. 
 The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do 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. 
  

 -25- 

 The Depositary may at any time be removed by the Company by written notice of such removal effective upon
the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the
Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every
successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor a list of the Owners of all
outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to the Owners. 
 Any corporation into or
with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5 The Custodian. 
 The Custodian shall be subject at all times and in all respects to the
directions of the Depositary and shall be responsible solely to it. Any Custodian may resign and be discharged from its duties hereunder by written notice of such resignation delivered to the Depositary at least 30 days prior to the date on which
such resignation is to become effective. If upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter
be a Custodian hereunder. Whenever the Depositary in its discretion determines that it is in the best interest of the Owners to do so, it may appoint substitute or additional custodian or custodians, which shall thereafter be one of the Custodians
hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or
additional custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. 
 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or
writing, the agent hereunder of such successor depositary and the appointment of such 

  

 -26- 

 
successor depositary shall in no way impair the authority of each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the
written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor depositary. 
 SECTION 5.6 Notices and Reports. 
 On
or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action in respect of any
cash or other distributions or the offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities.

 The Company will arrange for the translation into English and the prompt transmittal by the Company to the Depositary and the Custodian of
such notices and any other reports and communications which are made generally available by the Company to holders of its Shares. The Depositary will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and
communications to all Owners. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings.

 SECTION 5.7 Distribution of Additional Shares, Rights, etc. 
 The Company agrees that in the event of any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares,
(3) securities convertible into Shares, or (4) rights to subscribe for such securities, (each a “Distribution”) the Company will promptly furnish to the Depositary a written opinion from U.S. counsel for the Company, which
counsel shall be satisfactory to the Depositary, stating whether or not the Distribution requires a Registration Statement under the Securities Act of 1933 to be in effect prior to making such Distribution available to Owners entitled thereto. If in
the opinion of such counsel a Registration Statement is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement in effect which will cover such Distribution. 
 The Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will
at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933 or unless such Shares
are accompanied by an opinion on which the Depositary may rely, satisfactory to the Depositary from recognized U.S. counsel for the Company, that upon deposit of such 

  

 -27- 

 
Shares, such Shares and the American Depositary Shares issued in respect thereof will not be “restricted securities” as such term is defined under
Rule 144(a)(3) of the Securities Act of 1933 and that the offer and sale of such securities would not require registration under such Act. 
 SECTION 5.8 Indemnification. 
 The Company agrees to indemnify the Depositary, its directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of any registration with the Commission of Receipts,
American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or out of acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the Receipts, as the same may be amended,
modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of
them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 
 The Depositary agrees to indemnify the
Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the
Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 
 SECTION
5.9 Charges of Depositary. 
 The Company agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and
those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three
months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The following charges shall be incurred by
any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.3), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect
for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as are 

  

 -28- 

 
expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of Foreign Currency pursuant to
Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4, and the surrender of Receipts pursuant to Section 2.5
or 6.2, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement including, but not limited to, Sections 4.1 through 4.4 hereof, and (7) a fee for the
distribution of securities pursuant to Section 4.2, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such
securities (for purposes of this clause (7) treating all such securities as if they were Shares), but which securities are instead distributed by the Depositary to Owners. 
 The Depositary, subject to Section 2.9 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts.

 SECTION 5.10 Retention of Depositary Documents. 
 The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary
unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary. 
 SECTION 5.11 Exclusivity. 
 The Company agrees not to appoint any other depositary for issuance of American Depositary
Receipts so long as The Bank of New York is acting as Depositary hereunder. 
 SECTION 5.12 List of Restricted Securities Owners.

 From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons
or entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for
deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

 -29- 

 6. AMENDMENT AND TERMINATION. 
 SECTION 6.1 Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at
any time and from time to time be amended by agreement between the Company and the Depositary without the express consent of Owners or Beneficial Owners in any respect which the Company and the Depositary may deem necessary or desirable. Any
amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every
Owner at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the
right of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
 SECTION 6.2 Termination. 
 The
Depositary shall at any time at the direction of the Company terminate this Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such
termination. The Depositary may likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the Depositary shall have
delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4. On or after the date of termination, the Owner of a Receipt
will, upon (a) surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5, and (c) payment of any applicable taxes
or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of
termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this
Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in this Deposit Agreement, and shall continue to deliver Deposited
Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the 

  

 -30- 

 
sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for
the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of one
year from the date of termination, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such
sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses
for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 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 under Sections 5.8 and 5.9 hereof. 
 7.
MISCELLANEOUS. 
 SECTION 7.1 Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same instrument. Copies of this Deposit
Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Beneficial Owners or Owner during business hours. 
 SECTION 7.2 No Third Party Beneficiaries. 
 This Deposit Agreement is for the exclusive benefit of the
parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
 SECTION 7.3
Severability. 
 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. 
  

 -31- 

 SECTION 7.4 Beneficial Owners and Owners as Parties; Binding Effect. 
 The Beneficial Owners and Owners of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance thereof. 
 SECTION 7.5 Notices. 
 Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or
facsimile transmission confirmed by letter, addressed to Trintech Group PLC, Trintech Building, South County Business Park, Leopardstown, Dublin 18, Ireland, or any other place to which the Company may have transferred its principal office.

 Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent
by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary
may have transferred its Corporate Trust Office. 
 Any and all notices to be given to any Owner shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for Receipts of the Depositary, or, if such Owner shall have
filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 
 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a
cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable,
telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
 SECTION 7.6 Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by the laws of the State of New York. 
  

 -32- 

 SECTION 7.7 Compliance with U.S. Securities Laws. 
 Notwithstanding anything in this Deposit Agreement to the contrary, the Company and the Depositary each agrees that it will not exercise any rights it has
under this Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6
Registration Statement, as amended from time to time, under the Securities Act of 1933. 
  

 -33- 

 IN WITNESS WHEREOF, TRINTECH GROUP PLC and THE BANK OF NEW YORK have duly executed this agreement as of
the day and year first set forth above and all Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof. 
  

			
	TRINTECH GROUP PLC
		
	By:	 	 /s/ Cyril McGuire

	Name:	 	Cyril McGuire
	Title:	 	Chairman
	
	 THE BANK OF NEW YORK,
     as Depositary

		
	By:	 	 /s/ Joanne F. DiGiovanni

	Name:	 	Joanne F. DiGiovanni
	Title:	 	Vice President

  

 -34- 

 Table of Contents 
  

							
	 1.
	 	DEFINITIONS.	  	1
				
		 	 SECTION 1.1
	  	AMERICAN DEPOSITARY SHARES.	  	1
		 	 SECTION 1.2
	  	ARTICLE; SECTION.	  	2
		 	 SECTION 1.3
	  	BENEFICIAL OWNER.	  	2
		 	 SECTION 1.4
	  	COMMISSION.	  	2
		 	 SECTION 1.5
	  	COMPANY.	  	2
		 	 SECTION 1.6
	  	CONSULTATION.	  	2
		 	 SECTION 1.7
	  	CUSTODIAN.	  	2
		 	 SECTION 1.8
	  	DEPOSIT AGREEMENT.	  	2
		 	 SECTION 1.9
	  	DEPOSITARY; CORPORATE TRUST OFFICE.	  	3
		 	 SECTION 1.10
	  	DEPOSITED SECURITIES.	  	3
		 	 SECTION 1.11
	  	DOLLARS; EUROS.	  	3
		 	 SECTION 1.12
	  	EXCHANGE ACT.	  	3
		 	 SECTION 1.13
	  	FOREIGN REGISTRAR.	  	3
		 	 SECTION 1.14
	  	OWNER.	  	3
		 	 SECTION 1.15
	  	RECEIPTS.	  	3
		 	 SECTION 1.16
	  	REGISTRAR.	  	4
		 	 SECTION 1.17
	  	RESTRICTED SECURITIES.	  	4
		 	 SECTION 1.18
	  	SECURITIES ACT OF 1933.	  	4
		 	 SECTION 1.19
	  	SHARES.	  	4
			
	 2.
	 	FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.	  	4
				
		 	 SECTION 2.1
	  	FORM AND TRANSFERABILITY OF RECEIPTS.	  	4
		 	 SECTION 2.2
	  	DEPOSIT OF SHARES.	  	5
		 	 SECTION 2.3
	  	EXECUTION AND DELIVERY OF RECEIPTS.	  	6
		 	 SECTION 2.4
	  	TRANSFER OF RECEIPTS; COMBINATION AND SPLIT-UP OF
RECEIPTS.	  	7
		 	 SECTION 2.5
	  	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.	  	7
		 	 SECTION 2.6
	  	LIMITATIONS ON EXECUTION AND DELIVERY, TRANSFER AND SURRENDER
OF RECEIPTS.	  	8
		 	 SECTION 2.7
	  	LOST RECEIPTS, ETC.	  	9
		 	 SECTION 2.8
	  	CANCELLATION AND DESTRUCTION OF SURRENDERED RECEIPTS.	  	10
		 	 SECTION 2.9
	  	PRE-RELEASE OF RECEIPTS.	  	10
			
	 3.
	 	CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.	  	10
				
		 	 SECTION 3.1
	  	FILING PROOFS, CERTIFICATES AND OTHER INFORMATION.	  	10
		 	 SECTION 3.2
	  	LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES.	  	11
		 	 SECTION 3.3
	  	WARRANTIES ON DEPOSIT OF SHARES.	  	11
		 	 SECTION 3.4
	  	DISCLOSURE OF INTERESTS.	  	11
			
	 4.
	 	THE DEPOSITED SECURITIES.	  	14
				
		 	 SECTION 4.1
	  	CASH DISTRIBUTIONS.	  	14
		 	 SECTION 4.2
	  	DISTRIBUTIONS OTHER THAN CASH, SHARES OR RIGHTS.	  	15
		 	 SECTION 4.3
	  	DISTRIBUTIONS IN SHARES.	  	15
		 	 SECTION 4.4
	  	RIGHTS.	  	16
		 	 SECTION 4.5
	  	CONVERSION OF FOREIGN CURRENCY.	  	17
		 	 SECTION 4.6
	  	FIXING OF RECORD DATE.	  	18
		 	 SECTION 4.7
	  	VOTING OF DEPOSITED SECURITIES.	  	19

  

 -i- 

							
		 	 SECTION 4.8
	  	CHANGES AFFECTING DEPOSITED SECURITIES.	  	22
		 	 SECTION 4.9
	  	REPORTS.	  	22
		 	 SECTION 4.10
	  	LISTS OF OWNERS.	  	23
		 	 SECTION 4.11
	  	WITHHOLDING.	  	23
			
	 5.
	 	THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.	  	23
				
		 	 SECTION 5.1
	  	MAINTENANCE OF OFFICE AND TRANSFER BOOKS BY THE
DEPOSITARY.	  	23
		 	 SECTION 5.2
	  	PREVENTION OR DELAY IN PERFORMANCE BY THE DEPOSITARY OR
THE COMPANY.	  	24
		 	 SECTION 5.3
	  	OBLIGATIONS OF THE DEPOSITARY, THE CUSTODIAN AND THE
COMPANY.	  	24
		 	 SECTION 5.4
	  	RESIGNATION AND REMOVAL OF THE DEPOSITARY.	  	25
		 	 SECTION 5.5
	  	THE CUSTODIAN.	  	26
		 	 SECTION 5.6
	  	NOTICES AND REPORTS.	  	27
		 	 SECTION 5.7
	  	DISTRIBUTION OF ADDITIONAL SHARES, RIGHTS, ETC.	  	27
		 	 SECTION 5.8
	  	INDEMNIFICATION.	  	28
		 	 SECTION 5.9
	  	CHARGES OF DEPOSITARY.	  	28
		 	 SECTION 5.10
	  	RETENTION OF DEPOSITARY DOCUMENTS.	  	29
		 	 SECTION 5.11
	  	EXCLUSIVITY.	  	29
		 	 SECTION 5.12
	  	LIST OF RESTRICTED SECURITIES OWNERS.	  	29
			
	 6.
	 	AMENDMENT AND TERMINATION.	  	30
				
		 	 SECTION 6.1
	  	AMENDMENT.	  	30
		 	 SECTION 6.2
	  	TERMINATION.	  	30
			
	 7.
	 	MISCELLANEOUS.	  	31
				
		 	 SECTION 7.1
	  	COUNTERPARTS.	  	31
		 	 SECTION 7.2
	  	NO THIRD PARTY BENEFICIARIES.	  	31
		 	 SECTION 7.3
	  	SEVERABILITY.	  	31
		 	 SECTION 7.4
	  	BENEFICIAL OWNERS AND OWNERS AS PARTIES; BINDING EFFECT.	  	32
		 	 SECTION 7.5
	  	NOTICES.	  	32
		 	 SECTION 7.6
	  	GOVERNING LAW.	  	32
		 	 SECTION 7.7
	  	COMPLIANCE WITH U.S. SECURITIES LAWS.	  	33

  

 -ii- 

 Annex A 
 FAILURE BY AN OWNER, OR A PERSON HOLDING AN INTEREST IN 
 SHARES THROUGH AN OWNER, TO COMPLY WITH THE
COMPANY’S 
 REQUEST FOR INFORMATION OF THE NATURE REFERRED TO IN SECTION 
 3.5 OF THE DEPOSIT AGREEMENT MAY RESULT, INTER ALIA, IN 
 WITHDRAWAL OF THE
VOTING RIGHTS OF THE SHARES UNDERLYING THE 
 RECEIPTS HELD BY THAT OWNER AND CONSEQUENTLY OF THE RIGHTS 
 DESCRIBED IN SECTION 4.7 OF THE DEPOSIT AGREEMENT TO DIRECT THE 
 VOTING OF THE DEPOSITED SECURITIES UNDERLYING SUCH RECEIPTS 
 Exhibit A to Deposit Agreement 
  

					
	No.	 		 	  

		 		 	AMERICAN DEPOSITARY SHARES
		 		 	(Each American Depositary Share represents two (2) deposited Shares)

 THE BANK OF NEW YORK 
 AMERICAN DEPOSITARY RECEIPT 
 FOR ORDINARY SHARES, 
 NOMINAL VALUE OF $0.0027 EACH, OF 
 TRINTECH GROUP PLC 
 (INCORPORATED UNDER THE LAWS OF THE 
 REPUBLIC OF IRELAND) 
 The Bank of New York as depositary (hereinafter called
the “Depositary”), hereby certifies that
                                       
         , or registered assigns IS THE OWNER OF  
 AMERICAN DEPOSITARY SHARES

 representing deposited ordinary shares (herein called “Shares”) of Trintech Group PLC, incorporated under the laws of The Republic of
Ireland (herein called the “Issuer”). At the date hereof, each American Depositary Share represents two (2) Shares, which are either deposited or subject to deposit under the deposit agreement at the Dublin, Ireland office of Allied
Irish Banks, PLC (herein called the “Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York,
N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 
 THE DEPOSITARY’S CORPORATE
TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 

 1. THE DEPOSIT AGREEMENT. 
 This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of September 27,
1999, as amended and restated as of March 16, 2000, as further amended and restated as of May 24, 2002 (herein called the “Deposit Agreement”), by and among the Issuer, the Depositary, and all Owners and holders from time to time
of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and holders of the Receipts and the
rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property, and
cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at the office of the Custodian. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms not defined herein shall have the meanings set forth in the Deposit Agreement. 
 2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 
 Upon surrender at the Corporate Trust
Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his order,
of the Deposited Securities at the time represented by the American Depositary Shares for which this Receipt is issued. Delivery of such Deposited Securities may be made by the delivery of (a) certificates in the name of the Owner hereof or as
ordered by him or by the delivery of certificates properly endorsed or accompanied by proper instruments of transfer and (b) any other securities, property and cash to which such Owner is then entitled in respect of this Receipt. Such delivery
will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement, the Memorandum and Articles of Association of the Company or this Receipt, the surrender of
outstanding Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by closing the transfer books of the Depositary or the Issuer or the deposit of Shares in connection with voting at a
shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of
the Deposited Securities. 
  

 -2- 

 3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 
 The transfer of this Receipt is registrable on the books of the Depositary at its Corporate Trust Office by the Owner hereof in person or by a duly
authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with
such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary
Shares as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, the
Custodian, or Registrar may require payment from the presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or
charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Receipt, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement or this Receipt. 
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular instances may be refused, or the registration of transfer of outstanding
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Issuer at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement or this Receipt, the Memorandum and Articles of Association of the Company or for any other reason, subject to Article
(22) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares, which, if sold by the holder thereof in the United States (as defined in
Regulation S), would be subject to the registration provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares or such sale would be exempt from such provisions. The Depositary shall comply with written
instructions of the Issuer not to accept for deposit under the Deposit Agreement any Shares identified in such instructions at such times and under such circumstances as may be specified in such instructions in order to facilitate the Issuer’s
compliance with the securities laws of the United States. 
  

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 4. LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES. 
 If any tax or other governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or other
governmental charge shall be payable by the Owner or Beneficial Owner hereof to the Depositary. The Depositary may refuse to effect any transfer of this Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares
evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner or Beneficial Owner hereof any part or all of the Deposited Securities represented by the American
Depositary Shares evidenced by this Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner or Beneficial Owner hereof shall remain liable for
any deficiency. 
 5. WARRANTIES OF DEPOSITORS. 
 Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to
represent that the deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing such Shares by that person are not restricted under the Securities Act of 1933. Such representations and warranties shall survive
the deposit of Shares and issuance of Receipts. 
 6. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 
 Any person presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or
the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Issuer or the Foreign Registrar, if applicable, to execute such certificates and to make such
representations and warranties, as the Company or the Depositary may deem necessary or proper or as the Company may require by written request to the Depositary or the Custodian. The Depositary may withhold the delivery or registration of transfer
of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such
representations and warranties made. Copies of any documentation which the Depositary receives pursuant to the Section 3.1 of the Deposit Agreement shall be provided by the Depositary to the Company upon the Company’s written request. No
Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in The Republic of Ireland which is then performing the function of the
regulation of currency exchange. 
  

 -4- 

 7. CHARGES OF DEPOSITARY. 
 The Issuer agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the
Issuer from time to time. The Depositary shall present its statement for such charges and expenses to the Issuer once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
 The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are
issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.3 of
the Deposit Agreement), whichever applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the
Issuer or Foreign Registrar and applicable to transfers of Shares to the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the Deposit Agreement, (3) such cable, telex and
facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee
of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement, and the surrender of Receipts pursuant to Section 2.5 or 6.2
of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement including, but not limited to Sections 4.1 through 4.4 thereof, (7) a
fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged
as a result of the deposit of such securities (for purposes of this clause (7) treating all such securities as if they were Shares), but which securities are instead distributed by the Depositary to Owners. 
 The Depositary, subject to Article (8) hereof, may own and deal in any class of securities of the Issuer and its affiliates and in Receipts.

 8. LOANS AND PRE-RELEASE OF SHARES AND RECEIPTS. 
 Unless requested in writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, execute and deliver Receipts 
  

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 prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (“Pre-Release”). The
Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the
Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfactory of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation from the person
to whom Receipts are to be delivered that such person, or its customer, owns the Shares or Receipts to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems
appropriate, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of American Depositary
Shares which are outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement; provided, however, that the Depositary reserves the right to change or
disregard such limit from time to time as it deems appropriate. 
 The Depositary may retain for its own account any compensation received by
it in connection with the foregoing. 
 9. TITLE TO RECEIPTS. 
 It is a condition of this Receipt and every successive holder and Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper
instruments of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument, provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt
is registered on the books of the Depositary as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement or for all other
purposes. 
 10. VALIDITY OF RECEIPT. 
 This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly
authorized signatory of the Depositary and, if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar. 
  

 -6- 

 11. REPORTS; INSPECTION OF TRANSFER BOOKS. 
 The Issuer is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission (hereinafter called the “Commission”). 
 Such reports and communications will be available for
inspection and copying at the public reference facilities maintained by the Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549. 
 The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust Office any reports and communications, including any proxy soliciting material, received from the Issuer which are both (a) received by the
Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Issuer. The Depositary will also send to Owners of Receipts copies of any such reports when furnished by
the Issuer pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material The Depositary will keep books for the registration of Receipts and transfers of, furnished to the Depositary by the
Issuer shall be furnished in English. 
 Receipts which at all reasonable times shall be open for inspection by the Owners of Receipts and
the Issuer provided that such inspection shall not be for the purpose of communicating with Owners of Receipts in the interest of a business or object other than the business of the Issuer or a matter related to the Deposit Agreement or the
Receipts. 
 12. DIVIDENDS AND DISTRIBUTIONS. 
 Whenever the Depositary receives any cash dividend, other cash distribution or net proceeds from the sale of securities, property or rights on any Deposited Securities, the Depositary will, if at the time of receipt
thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or
distribution into dollars and will distribute the amount thus received to the Owners of Receipts entitled thereto, provided, however, that in the event that the Issuer or the Depositary is required to withhold and does withhold from any cash
dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, the amount distributed to the Owners of the Receipts evidencing American Depositary Shares representing such Deposited Securities shall be
reduced accordingly. 
 Subject to the provisions of Sections 4.11 and Section 5.9 of the Deposit Agreement, whenever the Depositary
shall receive any distribution other than a distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the 

  

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Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary
such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Issuer or the Depositary withhold an amount on account of taxes or other
governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or Beneficial Owners of Receipts) the Depositary, after Consultation with the Company, deems such distribution not
to be feasible, the Depositary may, after Consultation with the Company, adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Owners
entitled thereto as in the case of a distribution received in cash. 
 If any distribution consists of a dividend in, or free distribution
of, Shares, the Depositary may and shall if the Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, additional Receipts evidencing an aggregate number of American Depositary Shares representing the amount of
Shares received as such dividend or free distribution subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding
of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement. In lieu of delivering Receipts for fractional
American Depositary Shares in any such case, the Depositary will sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions set forth in the Deposit
Agreement. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby. 
 In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax
or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto.

  

 -8- 

 13. CONVERSION OF FOREIGN CURRENCY. 
 Whenever the Depositary shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities,
property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as
provided in Section 5.9 of the Deposit Agreement. 
 If such conversion or distribution can be effected only with the approval or
license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any
government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, the
Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for
interest thereon for the respective accounts of, the Owners entitled to receive the same and shall distribute such foreign currency upon the request of each such Owner. 
 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution
in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled thereto and shall distribute such foreign currency upon the request of each such Owner. 
  

 -9- 

 14. RIGHTS. 
 In the event that the Issuer shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall, after
Consultation with the Company, have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available in Dollars to such Owners
or, if by the terms of such rights offering or, for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall
allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other Owners, the
Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it deems
appropriate. 
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of
warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon written notice from the Issuer to
the Depositary that (a) the Issuer has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Issuer has determined in its sole discretion are reasonably required under
applicable law. 
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction
from such an Owner pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the
Shares to be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and
purchase the Shares, and the Issuer shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to
Section 2.2 of the Deposit Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution pursuant to the second paragraph of this Article, such Receipts
shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws. 
  

 -10- 

 If the Depositary determines in its discretion that it is not lawful and feasible to make such rights
available to all or certain Owners, it may, after Consultation with the Company, sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection
with such rights and subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any
distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or otherwise. 
 The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions
of such Act; provided, that nothing in the Deposit Agreement shall create, any obligation on the part of the Issuer to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration
statement declared effective. If an Owner of a Receipt or Receipts requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under such Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States for the Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such registration. 
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular. 
 15. RECORD DATES. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever
for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, the
Depositary shall fix a record date, which shall be the record date, if any, established by the Issuer for such purpose or, if different, as close thereto as practicable, (a) for the determination of the Owners of Receipts who shall be
(i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American
Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. 
  

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 16. VOTING OF DEPOSITED SECURITIES. 
 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Issuer, the Depositary shall, as
soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary, which shall contain (a) all of the information contained in such notice of meeting received by the
Depositary from the Issuer, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Irish law and of the Memorandum and Articles of Association of the
Issuer, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares, (c) a statement that Owners who
instruct the Depositary as to the exercise of their voting rights will be deemed to have instructed the Depositary or its authorized representative to call for a poll with respect to each matter for which such instructions are given, subject to any
applicable provisions of Irish law and of the Memorandum and Articles of Association of the Issuer and (d) if applicable, a statement as to the manner in which such instructions may be given, including an express indication that instructions
may be given or deemed given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary proxy to a person designated by the Issuer. Upon the written request of an Owner on such
record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. Accordingly, pursuant to the Issuer’s Memorandum and Articles of Association and applicable Irish law, the Depositary will cause
its authorized representative to attend each meeting of holders of Shares and call for a poll as instructed in accordance with clause (c) above for the purpose of effecting such vote. The Depositary shall not vote or attempt to exercise the
right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such instructions or deemed instructions. If no instructions are received by the Depositary from any Owner with respect to any of the Deposited
Securities represented by the American Depositary Shares evidenced by such Owner’s Receipts on or before the date established by the Depositary for such purpose, the Depositary will deem such Owner to have instructed the Depositary to give a
discretionary proxy to a person designated by the Issuer with respect to such Deposited Securities and the Depositary will give a discretionary proxy to a person designated by the Issuer to vote such Deposited Securities; provided, that no such
instructions will be deemed given and no such discretionary proxy will be given when the Issuer notifies the Depositary (and the Issuer agrees to provide such notice as promptly as practicable in writing) that the matter to be voted upon is one of
the following: 
 1. is a matter not submitted to shareholders by means of a proxy statement comparable to that specified in Schedule 14-A of
the Commission; 
  

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 2. is the subject of a counter-solicitation, or is part of a proposal made by a shareholder which is
being opposed by management (i.e., a contest); 
 3. relates to a merger or consolidation (except when the Issuer’s proposal is to merge
with its own wholly-owned subsidiary, provided its shareholders dissenting thereto do not have rights of appraisal); 
 4. authorizes
mortgaging of property; 
 5. authorizes or creates indebtedness or increases the authorized amount of indebtedness; 
 6. authorizes or creates preferred shares or increases the authorized amount of existing preferred shares; 
 7. alters the terms or conditions of any shares of the Issuer’s stock then outstanding or existing indebtedness; 
 8. involves waiver or modification of preemptive rights (except when the Issuer’s proposal is to waive such rights with respect to Shares being
offered pursuant to stock option or purchase plans involving the additional issuance of not more than 5% of the Issuer’s outstanding Shares (see Item 12 below)); 
 9. alters voting provisions or the proportionate voting power of a class of shares, or the number of its votes per share (except where cumulative voting
provisions govern the number of votes per share for election of directors and the Issuer’s proposal involves a change in the number of its directors by not more than 10% or not more than one); 
 10. changes existing quorum requirements with respect to shareholder meetings; 
 11. authorizes issuance of Shares, or options to purchase Shares, to directors, officers, or employees in an amount which exceeds 5% of the total amount
of the class outstanding (when no plan is amended to extend its duration, the Issuer shall factor into the calculation the number of Shares that remain available for issuance, the number of Shares subject to outstanding options and any Shares being
added; should there be more than one plan being considered at the same meeting, all Shares are aggregated). 
 12. authorizes 
 (a) a new profit-sharing or special remuneration plan, or a new retirement plan, the annual cost of which will amount to more than 10% of
average annual income before taxes for the preceding five years, or 
 (b) the amendment of an existing plan which would bring
its costs above 10% of such average annual income before taxes (should there be more 
  

 -13- 

 than one plan being considered at the same meeting, all costs are aggregated; exceptions may be made in
cases of (a) retirement plans based on agreement or negotiations with labor unions (or which have been or are to be approved by such unions); and (b) any related retirement plan for benefit of non-union employees having terms substantially
equivalent to the terms of such union-negotiated plan, which is submitted for action of stockholders concurrently with such union-negotiated plan); 
 13. changes the purposes or powers of the Issuer to an extent which would permit it to change a materially different line of business and it is the Issuer’s stated intention to make such a change; 
 14. authorizes the acquisition of property, assets, or a Issuer, where the consideration to be given has a fair value of 20% or more of the market value
of the previously outstanding shares; 
 15. authorizes the sale or other disposition of assets or earning power of 20% or more of those
existing prior to the transaction; 
 16. authorizes a transaction not in the ordinary course of business in which an officer, director or
substantial security holder has a direct or indirect interest; 
 17. reduces earned surplus by 51% or more, or reduces earned surplus to an
amount less than the aggregate of three years’ Share dividends computed at the current dividend rate. 
 For the avoidance of doubt, a
signed but unmarked proxy that includes the statement “IF NO MARK IS MADE, THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED [FOR/AGAINST] EACH OF THE PROPOSALS ON THE REVERSE SIDE HEREOF AND FOR SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE
THE MEETING AS THE PROXIES DEEM ADVISABLE” or words of similar intent shall constitute an instruction by the signatory thereof to vote in accordance with such statement. In accordance with the Articles of Association of the Company and Irish
law, failure by an Owner, or a person holding an interest in Shares through an Owner, to comply with the Company’s request for information of the nature referred to in Section 3.5 of the Deposit Agreement may result, inter
alia, in withdrawal of the voting rights of the Shares underlying the Receipts held by that Owner and consequently of the rights described in Section 4.7 of the Deposit Agreement to direct the voting of the Deposited Securities
underlying such Receipts. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in
Section 4.7 of the Deposit Agreement sufficiently prior to the date established by the Depositary to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in Section 4.7 of the
Deposit Agreement. 
  

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 17. CHANGES AFFECTING DEPOSITED SECURITIES. 
 In circumstances where the provisions of Section 4.3 of the Deposit Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation, or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Issuer or to which it is a party, any securities which shall be
received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent,
in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary
may, and shall if the Issuer shall so request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such new
Deposited Securities. 
 18. LIABILITY OF THE ISSUER AND DEPOSITARY. 
 Neither the Depositary nor the Issuer nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Beneficial Owners of any Receipt, if by reason of any provision of any present or future law or regulation of the European Union, the United States, or any other country, or of any other governmental or regulatory authority, or by reason of any
provision, present or future, of the Memorandum and Articles of Association of the Issuer, or by reason of any act of God or war or other circumstances beyond its control, the Depositary or the Issuer shall be prevented or forbidden from or be
subject to any civil or criminal penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement or the Shares it is provided shall be done or performed; nor shall the Depositary or the Issuer nor any of their
respective directors, employees, agents or affiliates incur any liability to any Owner or Beneficial Owner of any Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of
the Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1,
4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such
distribution or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Issuer nor the
Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Beneficial Owners of Receipts, except that they agree to perform their obligations specifically set forth in the Deposit Agreement
without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the 

  

 -15- 

 
Depositary nor the Issuer shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited
Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian shall not
be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the Depositary nor the Issuer shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or holder of a Receipt, or any other person believed by it in good faith to be competent to give such advice or information. The Depositary
shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good
faith. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation
of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Issuer agrees to indemnify the
Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) which may arise out of
any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or out of acts performed or omitted, in accordance with the provisions of the Deposit Agreement
and of the Receipts, as the same may be amended, modified, or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense
arising out of the negligence or bad faith of either of them, or (ii) by the Issuer or any of its directors, employees, agents and affiliates. 
 The Depositary agrees to indemnify the Issuer, its directors, employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of any
performance of omitted by the Depositary or its custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. No disclaimer of liability under the Securities Act of 1933 is intended by any provision
of the Deposit Agreement. 
 19. RESIGNATION AND REMOVAL OF THE DEPOSITARY. 
 The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Issuer, such
resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Issuer by written notice of such removal,
effective 

  

 -16- 

 
upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. Whenever the Depositary in its
discretion determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a substitute or additional custodian or custodians. 
 20. AMENDMENT. 
 The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to
time be amended by agreement between the Issuer and the Depositary without the express consent of Owners or Beneficial Owners in any respect which the Issuer and the Depositary may deem necessary or desirable. Any amendment which shall impose or
increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right
of Owners of Receipts, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the
time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the
Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby except in order to comply with mandatory provisions of applicable law. 
 21. TERMINATION OF DEPOSIT AGREEMENT. 
 The Depositary shall at any time at the direction of
the Issuer terminate the Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the
Deposit Agreement by mailing notice of such termination to the Issuer and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to the Issuer a written notice of its election
to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the date of termination, the Owner of a Receipt, will upon (a) surrender of such Receipt at the
Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5 of the Deposit Agreement, and (c) payment of any applicable taxes or governmental charges,
will be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the
Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any 

  

 -17- 

 
further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the
terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). At any time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit
Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have
not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement,
except to account for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of
the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the Issuer shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary
with respect to indemnification, charges, and expenses. 
 22. COMPLIANCE WITH U.S. SECURITIES LAWS. 
 Notwithstanding anything in the Deposit Agreement or this Receipt to the contrary, the Issuer and the Depositary each agrees that it will not exercise any
rights it has under the Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form
F-6 Registration Statement, as amended from time to time, under the Securities Act of 1933. 
 23. DISCLOSURE OF INTERESTS. 
 (a) Notwithstanding any other provision of the Deposit Agreement, the Memorandum and Articles of Association of the Company or applicable Irish law, each
Owner agrees to be bound by and subject to applicable Irish law provisions of the Irish Companies Act, 1990, and the Memorandum and Articles of Association of the Company in each case as in effect on the date hereof, to the same extent as if such
Owner held Shares directly. Each Owner agrees to comply with requests from the Company or the Depositary made under the Irish Companies Act, 1990 and the Memorandum and Articles of Association of the company, to provide information, inter alia, as
to the capacity in which such Owner owns Receipts and regarding the identity of any other person 

  

 -18- 

 
interested (as defined in the Irish Companies Act, 1990) in such Receipts and the nature of such interest. The Company has informed the Depositary that the
following information is accurate, as of the date hereof, and the Depositary has made no independent investigation regarding such information. 
 Sections 67 to 79 of the Irish Companies Act, 1990 provide that a person (including a company and other legal entities) that acquires an interest of 5 per cent or more of any class of shares (including through American Depositary
Receipts) that comprise part of a public company’s “relevant share capital” (i.e., the Company’s issued share capital carrying the right to vote in all circumstances at a general meeting of the Company) is required to notify the
company in writing in a prescribed manner of its interest within five days following the day on which the obligation arises. After the 5 per cent level is exceeded, similar notifications must be made in respect of any change in such
person’s interest following which the percentage level of interest previously notified has changed until after, if ever, the percentage level drops below 5 per cent. Fractional numbers are rounded down for the purposes of establishing
changes in percentage levels. Failure to notify the acquisition of an interest, no right or interest whatsoever in respect of any of the relevant shares will be enforceable, whether directly or indirectly, by action or legal proceeding by the person
having such an interest. Application may be made to the Irish High Court to remove this restriction, and if the court is satisfied that the failure to notify was accidental or due to inadvertence, or some other sufficient cause, or that it is just
and equitable to grant relief then the court may grant such relief as is sees fit. 
 For purposes of such notification obligation, the
interest of a person in shares means any kind of interest in shares including interests in any shares (a) in which a spouse, or child under the age of 18, is interested, (b) in which a corporate body is interested and either (i) that
corporate body or its directors are accustomed to act in accordance with that person’s directions or instructions or (ii) that person is entitled to exercise or to control one-third or more of the voting power of that corporate body or
(c) in which another party is interested and the person and that other party are parties to a “concert party” agreement under Section 73 of the Irish Companies Act, 1990. A concert party agreement is one which provides for one or
more parties to acquire interests in the relevant share capital of a particular public company and imposes obligations or restrictions on any of the parties as to the use, retention or disposal of such interests acquired pursuant to such agreement.
An interest in the Company’s shares must also in fact be acquired by any of the parties pursuant to the agreement. The agreement must be legally binding or involve mutuality. 
 In addition, Section 81 of the Irish Companies Act, 1990 provides that a public company may by written notice require a person whom the company
knows, or has reasonable cause to believe, to be or to have been, at any time during the three years immediately preceding the date on which the notice is issued, interested in shares consisting of the company’s “relevant share
capital” to confirm that fact or to indicate whether or not that is the case, and where such person holds or during the relevant time 

  

 -19- 

 
had held an interest in such shares, he may be required to give such further information as may be required relating to such interest and any other interest
in the shares of which such person is aware. 
 Where notice is served by the Company under the foregoing provisions on a person who is or
was interested in the Shares and that person fails to give the Company any information required by the notice within such time as is specified in the notice, the Company may apply to the Irish court for an order directing that the Shares in question
be subject to restrictions prohibiting, among other things, (i) any transfer of those Shares, (ii) the exercise of the voting rights in respect of such Shares, (iii) the taking up of rights in respect of such Shares, and
(iv) other than in liquidation, payments in respect of such Shares. If the information requested in the notice is not provided, the Articles of Association of the Company also enable the service of a restriction notice (as described below)
imposing sanctions on the shareholder without the need for court involvement. 
 A person who fails to fulfill the obligation imposed by
Section 81 of the Irish Companies Act, 1990 described above may be subject to criminal penalties. 
 The Directors of the Company also
have the power, pursuant to the Articles of Association of the Company, to serve a notice (a “Disclosure Notice”) on any shareholder, or any other person appearing to be interested in issued Shares, requiring such person to disclose to the
Company such information as they shall require relating to the ownership of any interest in such Shares as lies within the knowledge of the relevant person. This can include information which the Issuer is entitled to seek pursuant to
Section 81 of the Irish Companies Act, 1990. 
 If a shareholder, or a person appearing to be interested in Shares held by such
shareholder, has been duly served with a notice under Section 81 of the Irish Companies Act, 1990 or a Disclosure Notice requesting information pursuant to the Articles and is in default in supplying the Company with the information thereby
required, the Issuer may serve a further notice (a “Restriction Notice”) on that shareholder. After the expiration of 14 days from the date of service of the Restriction Notice and for so long as the Restriction Notice remains in effect,
no holder or holders of the relevant shares shall be entitled to attend, speak or vote at any general meeting, either in person or by proxy. In addition, where the relevant shares represent 0.25% of the total number of the issued shares of the class
of shares concerned the Restriction Notice may also direct that any dividend or other money which would otherwise be payable on such shares shall be retained by the Company without liability to pay interest and no transfer of shares by the
shareholder (unless such transfer is an arm’s length sale) or any renunciation of or any allotment of new shares or debentures made in respect thereof shall be registered. 
 (b) At the request of the Company and at the Company’s expense, the Depositary shall forward to any Owner any request by the Company for information
or any other communications relating to the application of the provisions summarized in Section 3.4 of the Deposit Agreement. Owners seeking to communicate with the Company or the Directors of the Company on matters relating to the application
of the provision summarized in Section 3.4 of the Deposit Agreement may send their communications to the Depositary for forwarding to the Company. 
  

 -20- 

 If the Company requests information from the Depositary or the Custodian, as the holders of Shares,
pursuant to the Articles of Association of the Company or the Irish Companies Acts, the obligations of the Depositary or the Custodian, as the case may be, shall be limited to disclosing to the Company such information relating to the Shares in
question’s as has in each case been recorded by it pursuant to the terms of the Deposit Agreement. 
  

 -21-Amended and Restated Trust Agreement dated October 12, 2006

 Exhibit 4.1 
 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-2 
 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 between

 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as the Depositor 
 and 
 WILMINGTON TRUST COMPANY, 
 as the Owner Trustee 
 Dated as of October 12, 2006 

 CONTENTS 
  

					
	 Clause
	  	 Subject Matter
	  	Page
		
	 ARTICLE I         DEFINITIONS
	  	1
			
	 SECTION 1.1.
	  	 Capitalized Terms
	  	1
			
	 SECTION 1.2.
	  	 Other Interpretive Provisions
	  	1
		
	 ARTICLE II         ORGANIZATION
	  	2
			
	 SECTION 2.1.
	  	 Name
	  	2
			
	 SECTION 2.2.
	  	 Office
	  	2
			
	 SECTION 2.3.
	  	 Purposes and Powers
	  	2
			
	 SECTION 2.4.
	  	 Appointment of the Owner Trustee
	  	3
			
	 SECTION 2.5.
	  	 Initial Capital Contribution of Trust Estate
	  	3
			
	 SECTION 2.6.
	  	 Declaration of Trust
	  	3
			
	 SECTION 2.7.
	  	 Organizational Expenses; Liabilities of the Holders
	  	3
			
	 SECTION 2.8.
	  	 Title to the Trust Estate
	  	4
			
	 SECTION 2.9.
	  	 Representations and Warranties of the Seller
	  	4
			
	 SECTION 2.10.
	  	 Situs of Issuer
	  	5
		
	 ARTICLE III         RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES
	  	5
			
	 SECTION 3.1.
	  	 Initial Ownership
	  	5
			
	 SECTION 3.2.
	  	 Authorization of the Certificates
	  	5
			
	 SECTION 3.3.
	  	 Form of the Certificate
	  	5
			
	 SECTION 3.4.
	  	 Registration of the Certificates
	  	6
			
	 SECTION 3.5.
	  	 Transfer of the Certificate
	  	6
			
	 SECTION 3.6.
	  	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	7
		
	 ARTICLE IV         ACTIONS BY OWNER TRUSTEE
	  	8
			
	 SECTION 4.1.
	  	 Prior Notice to Residual Interestholder with Respect to Certain Matters
	  	8
			
	 SECTION 4.2.
	  	 Action by Residual Interestholder with Respect to Certain Matters
	  	8
			
	 SECTION 4.3.
	  	 Action by Residual Interestholder with Respect to Bankruptcy
	  	8
			
	 SECTION 4.4.
	  	 Restrictions on Residual Interestholder’s Power
	  	9
			
	 SECTION 4.5.
	  	 Majority Control
	  	9
		
	 ARTICLE V         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	9
			
	 SECTION 5.1.
	  	 Application of Trust Funds
	  	9

  

 -i- 

 CONTENTS 
  

					
	 Clause
	  	 Subject Matter
	  	Page
			
	 SECTION 5.2.
	  	Method of Payment	  	9
			
	 SECTION 5.3.
	  	Sarbanes-Oxley Act	  	9
			
	 SECTION 5.4.
	  	Signature on Returns	  	9
		
	 ARTICLE VI         AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	10
			
	 SECTION 6.1.
	  	General Authority	  	10
			
	 SECTION 6.2.
	  	General Duties	  	10
			
	 SECTION 6.3.
	  	Action upon Instruction	  	10
			
	 SECTION 6.4.
	  	No Duties Except as Specified in this Agreement or in Instructions	  	11
			
	 SECTION 6.5.
	  	No Action Except under Specified Documents or Instructions	  	11
			
	 SECTION 6.6.
	  	Restrictions	  	11
		
	 ARTICLE VII         CONCERNING OWNER TRUSTEE
	  	12
			
	 SECTION 7.1.
	  	Acceptance of Trusts and Duties	  	12
			
	 SECTION 7.2.
	  	Furnishing of Documents	  	14
			
	 SECTION 7.3.
	  	Representations and Warranties	  	14
			
	 SECTION 7.4.
	  	Reliance; Advice of Counsel	  	14
			
	 SECTION 7.5.
	  	Not Acting in Individual Capacity	  	15
			
	 SECTION 7.6.
	  	The Owner Trustee May Own Notes	  	15
		
	 ARTICLE VIII         COMPENSATION OF OWNER TRUSTEE
	  	15
			
	 SECTION 8.1.
	  	The Owner Trustee’s Compensation	  	15
			
	 SECTION 8.2.
	  	Indemnification	  	15
			
	 SECTION 8.3.
	  	Payments to the Owner Trustee	  	16
		
	 ARTICLE IX         TERMINATION OF TRUST AGREEMENT
	  	16
			
	 SECTION 9.1.
	  	Termination of Trust Agreement	  	16
			
	 SECTION 9.2.
	  	Dissolution of the Issuer	  	16
			
	 SECTION 9.3.
	  	Limitations on Termination	  	17
		
	 ARTICLE X         SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	17
			
	 SECTION 10.1.
	  	Eligibility Requirements for the Owner Trustee	  	17
			
	 SECTION 10.2.
	  	Resignation or Removal of the Owner Trustee	  	17
			
	 SECTION 10.3.
	  	Successor Owner Trustee	  	18

  

 -ii- 

 CONTENTS 
  

					
	 Clause
	  	 Subject Matter
	  	Page
			
	 SECTION 10.4.
	  	Merger or Consolidation of the Owner Trustee	  	18
			
	 SECTION 10.5.
	  	Appointment of Co-Trustee or Separate Trustee	  	19
		
	 ARTICLE XI         MISCELLANEOUS
	  	20
			
	 SECTION 11.1.
	  	Amendments	  	20
			
	 SECTION 11.2.
	  	No Legal Title to Trust Estate in Residual Interestholder	  	21
			
	 SECTION 11.3.
	  	Limitations on Rights of Others	  	21
			
	 SECTION 11.4.
	  	Notices	  	21
			
	 SECTION 11.5.
	  	Severability	  	21
			
	 SECTION 11.6.
	  	Separate Counterparts	  	22
			
	 SECTION 11.7.
	  	Successors and Assigns	  	22
			
	 SECTION 11.8.
	  	No Petition	  	22
			
	 SECTION 11.9.
	  	Information Request	  	23
			
	 SECTION 11.10.
	  	Headings	  	23
			
	 SECTION 11.11.
	  	GOVERNING LAW	  	23
			
	 SECTION 11.12.
	  	RESERVED	  	23
			
	 SECTION 11.13.
	  	Information to Be Provided by the Owner Trustee	  	23

  

 -iii- 

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of October 12, 2006 (as from time
to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as the depositor (the “Seller”), and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”). 
 RECITALS

 WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of August 16, 2006 (the
“Original Trust Agreement”), pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with
the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement; 
 NOW THEREFORE, in consideration of
the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and
Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, Capital One Auto Finance, Inc, as
Servicer, and The Bank of New York, as Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
 SECTION
1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement
and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting principles; (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article;
(c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section,
Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection,
clause or other subdivision of such Section or definition; (e) the term “including” means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to
time 

 
and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 
 ARTICLE II 
 ORGANIZATION

 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Capital One Prime Auto
Receivables Trust 2006-2” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the
Owner Trustee may designate by written notice to the Residual Interestholder, the Seller and the Administrator. 
 SECTION 2.3. Purposes
and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to issue the Notes pursuant to the Indenture and, if so requested by the Residual Interestholder, to issue the Certificates, pursuant to this Agreement, and to sell, transfer and exchange the Notes and the
Certificates and to pay interest on and principal of the Notes and distributions to the Residual Interestholder; 
 (b) to
enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes between the Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of
which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing, or any combination of any of the foregoing; 
 (c) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal
Distribution Account, the Reserve Account and the Pre-Funding Account and to pay the organizational, start-up and transactional expenses of the Issuer; 
 (d) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Residual Interestholder any portion of the Trust Estate released from
the lien of, and remitted to the Issuer pursuant to, the Indenture; 
 (e) to enter into and perform its obligations under the
Transaction Documents to which it is a party; 
 (f) to engage in those activities, including entering into agreements, that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  

 2 

 (g) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Residual Interestholder and the Noteholders. 
 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in
connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 
 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred,
conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited
in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate
in trust upon and subject to the conditions set forth herein for the use and benefit of the Residual Interestholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer
constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for income and franchise tax purposes, the
Issuer will be disregarded as an entity separate from the Seller, the Seller will be disregarded as an entity separate from COAF and the Notes will be characterized as debt. The parties agree that, unless otherwise required by appropriate tax
authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its owner. In the event that the Issuer is deemed to
have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership, and this Agreement shall be amended to include such
provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with
respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Statute. Notwithstanding anything
herein or in the Statutory Trust Statute to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7. Organizational Expenses; Liabilities of the Holders. 
 (a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 
  

 3 

 (b) No Residual Interestholder (including the Seller) shall have any personal liability
for any liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all of the Trust Estate shall
be vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9. Representations and Warranties of the Seller. The
Seller hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Seller is a Delaware
limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect
the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 
 (b)
Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction Document and the Underwriting Agreement to which it is a party (i) have been duly authorized by all necessary action on the
part of the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material indenture or material agreement or instrument to which
the Seller is a party or by which it its properties are bound (other than violations of such laws, rules, regulations, indenture or agreements which do not affect the legality, validity or enforceability of any of such agreements and which,
individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its obligations under, the Transaction Documents to which it is a party). 
 (c) No Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in
connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings and other than (i) approvals and authorizations that have previously been obtained and filings which have previously been
made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to
which it is a party. 
 (d) Binding Effect. Each Transaction Document and the Underwriting Agreement to which the
Seller is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or
other similar 

  

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laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity.

 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of the Seller,
threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer. The Issuer shall be
located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of Delaware or the State of New York. The Issuer shall not have any employees in any state;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Issuer only in Delaware or New York and payments will
be made by the Issuer only from Delaware or New York. 
 ARTICLE III 
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES 
 SECTION 3.1. Initial
Ownership. As of the Closing Date, the Residual Interest shall be an uncertificated interest. Until the issuance of one or more Certificates pursuant to Section 3.2, the Seller as the initial Residual Interestholder shall be the sole
beneficiary of the Issuer. On the Closing Date, the Owner Trustee shall record on the books and records of the Trust that the Seller is owner of the Residual Interest. The Seller shall only sell, assign, pledge, or otherwise transfer the Residual
Interest if the Residual Interest is in certificated form. 
 SECTION 3.2. Authorization of the Certificates. The Seller, in its sole
discretion, may request the Owner Trustee to issue a Certificate or Certificates to represent the Residual Interest. Upon request by the Seller pursuant to this Section 3.2, the Owner Trustee shall cause the Certificates to be executed
on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any
assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Seller. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall be fully paid and nonassessable. 
 SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the form of a typewritten Certificate representing a
definitive Certificate and shall be registered in the name of “Capital One Auto Receivables, LLC” as the initial registered owner thereof. 
  

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 SECTION 3.4. Registration of the Certificates. The Owner Trustee shall maintain at its office
referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Residual Interestholder at the time of such appointment, a register for the registration and transfer of any Certificate.

 SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign, convey or otherwise transfer all or any of its
right, title and interest in the Certificate; provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such
transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, (iii) the Certificate may not be acquired by or for the account of or with the assets of (A) an employee benefit plan (as
defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA, (B) a plan described in Section 4975(e)(1) of the Code or (C) any entity whose underlying assets include plan assets by reason of an employee
benefit plan’s or other plan’s investment in the entity and (iv) if the Certificateholder is a governmental plan or foreign plan, it shall be deemed to represent, warrant and covenant that its acquisition, holding and disposition of
the Certificate or interest therein will not result in a nonexempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code. Subject to the transfer restrictions
contained herein and in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required
by this Section. Such transfer may be made by the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with
such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s
Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate
evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such
transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection
with such transfer. The Owner Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 
 (b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner Trustee may require the payment
of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 
 (c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of
the transfer restrictions stated herein. 

  

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The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
 (d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of any Certificate (or any economic
interest therein, including any contract described in Treasury Regulation section 1.7704-1(a)(2)(i)(B)) shall be effective, and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there
would be more than 50 Certificateholders (where, for purposes of determining the number of Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor trust, or S corporation (“flow-through entity”), that
owns, directly or through other flow-through entities, an interest in the Issuer, is treated as a Certificateholder if more than 50 percent of the value of such beneficial owner’s interest in the flow-through entity is attributable to the
flow-through entity’s interest (direct or indirect) in the Issuer) or such transfer would otherwise cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes; 
 (e) No transfer (or purported transfer) of a Certificate (or economic interest therein), whether to another Certificateholder or to a
person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder, and none of the Issuer, the Owner Trustee or any of the
Certificateholders will recognize such transfer (or purported transfer), unless the transferee has first represented and warranted in writing to the Issuer and the Certificateholders that: 
 (i) it is acquiring the Certificates for its own account and is the sole beneficial owner of such Certificates; 
 (ii) the transfer is not being effected on or through (x) an “established securities market” within the meaning of
Section 7704(a)(1) of the Code, including without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial
equivalent thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed, temporary or final Treasury regulations thereunder; and 
 (iii) such transfer will not cause the Issuer to be classified as a publicly traded partnership for U.S. federal income tax purposes, and
such purchaser or transferee will not take any action, including any subsequent disposition of such Certificates or economic interest therein, that would cause the Issuer to be treated as a publicly traded partnership for U.S. federal income tax
purposes. 
 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to
the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity
as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so 

  

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mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine.
Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or
exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall
constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual Interestholder shall not have notified the
Owner Trustee in writing prior to the 30th day after such notice is given that the Residual Interestholder has withheld consent or provided alternative direction: 
 (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not
required and such amendment materially adversely affects the interests of the Residual Interestholder; 
 (c) the amendment,
change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the
Residual Interestholder; or 
 (d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent
to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Residual Interestholder, to (a) except as expressly
provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or
(c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Residual
Interestholder. 
 SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy. The Owner Trustee shall
not have the power to commence a voluntary proceeding in bankruptcy 

  

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relating to the Issuer until one year and one day after the amount of all outstanding Notes has been reduced to zero and without the prior written approval
of the Residual Interestholder and the delivery to the Owner Trustee by the Residual Interestholder of a certificate certifying that the Residual Interestholder reasonably believes that the Issuer is insolvent. 
 SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual Interestholder shall not direct the Owner Trustee to take
or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall
the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Majority Control. To the extent that there is
more than one Residual Interestholder, any action which may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of
the beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of such action. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made in accordance with the provisions of the Indenture
and the Sale and Servicing Agreement. Subject to the lien of the Indenture, the Owner Trustee shall promptly distribute to the Residual Interestholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust
Estate. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Residual
Interestholder. 
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual
Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the
Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 
 SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any Transaction Document, the Owner Trustee shall not be
required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act, or any other documents pursuant to the
Sarbanes-Oxley Act. 
 SECTION 5.4. Signature on Returns. Subject to Section 2.6, the Residual Interestholder shall sign
on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Residual
Interestholder. 
  

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 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General Authority. The Owner Trustee is
authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to
which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction of the
Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $265,000,000, Class A-2 Notes in the aggregate principal amount of $349,000,000, Class A-3 Notes in the aggregate
principal amount of $308,000,000, Class A-4 Notes in the aggregate principal amount of $293,101,000 and Class B Notes in the aggregate principal amount of $34,899,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be
obligated, to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator or the Residual Interestholder recommends or
directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder for such action. 
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Residual Interestholder, subject to Transaction Documents, and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform
any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the
Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or
collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 
 SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the
Issuer. Such direction may be exercised at any time by written instruction of the Residual Interestholder pursuant to Article IV. 
 (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by
counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 
  

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 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or is, or
appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Residual Interestholder requesting instruction as to the course of action to be adopted or
application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Residual Interestholder received, the Owner Trustee shall not be liable on account of
such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Residual Interestholder, and
shall have no liability to any Person for such action or inaction. 
 SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner
Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the
Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. Wilmington Trust Company nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens
on any part of the Trust Estate that result from actions by, or claims against, Wilmington Trust Company that are not related to the ownership or the administration of the Trust Estate. 
 SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6.
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, would (i) affect the treatment of the 

  

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Notes as indebtedness for federal income, state and local income and franchise tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for
federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal income, state and local income or
franchise tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 
 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The
Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful
misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Wilmington Trust Company in its individual capacity, (iii) for
liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set forth in the preceding sentence): 
 (a) The Owner Trustee shall not be liable for any error of judgment made in good faith by any officer of the Owner Trustee. 
 (b) Under no circumstances shall the Owner Trustee be personally liable hereunder for any indebtedness of the Issuer. 
 (c) The Owner Trustee shall not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in
the federal gross income of the Residual Interestholder. 
 (d) No provision of this Agreement shall require the Owner Trustee
to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or
adequate indemnity against such risk or liability is not assured or provided to its reasonable satisfaction. 
 (e) Under no
circumstance shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the
foregoing. 
  

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 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to
be taken by the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale
and Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 
 (g) The Owner Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement, or
for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Transaction Documents or any other document
contemplated thereby to which the Owner Trustee is not a party. 
 (h) Notwithstanding anything contained herein or in any of
the Transaction Documents to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization
or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to
personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 
 (i) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Residual Interestholder, the Servicer or the Administrator. 
 (j) The Owner Trustee shall be under no
duty to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or
written direction of the Residual Interestholder, unless such Residual Interestholder has offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be answerable for other than its gross
negligence, bad faith or willful misconduct in the performance of any such act. 
 (k) All funds deposited with the Owner
Trustee hereunder may be held in a non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Residual Interestholder. 
  

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 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Residual
Interestholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction
Documents. 
 SECTION 7.3. Representations and Warranties. Wilmington Trust Company hereby represents and warrants to the Seller for
the benefit of the Residual Interestholder, that: 
 (a) It is a banking corporation duly incorporated and validly existing in
good standing under the laws of Delaware and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks generally and to equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or by-laws. 
 SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall
incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any
vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it
in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of
its duties and obligations under this Agreement or the Transaction 

  

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Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner
Trustee shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel,
accountants and other skilled persons knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons. 
 SECTION 7.5.
Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes.
The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture
Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to Wilmington Trust Company pursuant to
Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by Wilmington Trust Company under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer
and the Owner Trustee, shall reimburse Wilmington Trust Company upon its request for all reasonable expenses, disbursements and advances incurred or made by Wilmington Trust Company in accordance with any provision of this Agreement (including the
reasonable compensation, expenses and disbursements of such agents, experts and counsel as Wilmington Trust Company may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense may be
attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with Section 4.4 of the Sale
and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Seller
shall cause the Servicer to indemnify Wilmington Trust Company in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and

  

 15 

 
all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be
imposed on, incurred by, or asserted against Wilmington Trust Company in its individual capacity and as trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the
administration of the Trust Estate or the action or inaction of Wilmington Trust Company hereunder; provided, however, that neither the Seller nor the Servicer shall be liable for or required to indemnify Wilmington Trust Company from
and against any of the foregoing expenses arising or resulting from (i) its own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by
Wilmington Trust Company in its individual capacity, (iii) liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) taxes,
fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with Section 4.4 of the Sale
and Servicing Agreement. 
 SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this
Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement (other than Article VIII) shall terminate,
upon the later of (a) the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V and
(b) the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate this Agreement or the
Issuer, nor (y) entitle the Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 SECTION 9.2. Dissolution of the Issuer.
Upon dissolution of the Issuer, the Owner Trustee shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a
certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Owner Trustee, in the absence
of actual knowledge of any other claim against the Issuer and at the written direction of the Residual Interestholder, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or
unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Statute and shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the
provisions 

  

 16 

 
of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no
further force or effect. 
 SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither the Seller
nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer. 
 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 
 SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times
be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall
publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at
any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 
 SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of resignation, the Seller and the Administrator, acting jointly, shall
promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from
any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 
 If at
any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding
sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by 

  

 17 

 
written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor
Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment
of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed
to the outgoing Owner Trustee. The Seller shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and
deliver to the Seller, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such
successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner
Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section,
the Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause to be
mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. 
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that
such corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Seller, the Administrator and the Rating Agencies.

  

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 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions
of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in
such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Seller and the Owner Trustee may consider necessary or
desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3.

 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and
conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred
upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and
obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Agreement; and 
 (iii) the Seller and the Owner Trustee acting jointly may at any time accept the resignation of or remove
any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to
each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and copies thereof given to the Seller and the Administrator. 
  

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 Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall
have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Amendments. 
 (a) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee without the consent of the Indenture Trustee, any Noteholder or the Issuer; provided that such amendment shall not, as evidenced by an
Opinion of Counsel delivered to the Indenture Trustee materially and adversely affect the interests of the Noteholders; provided, further, that such amendment shall be deemed not to materially and adversely affect the interests of any
Noteholder, and no Opinion of Counsel shall be required, if the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee, without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person to add, modify or eliminate any provisions as may
be necessary or advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a condition to any such
amendment that the Rating Agency Condition shall have been satisfied. 
 (c) This Agreement may also be amended from time to
time by the Seller and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Outstanding Notes, voting as a single class, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any
proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization
of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any such amendment, the Seller shall provide written notification of the substance of such amendment to each
Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller 

  

 20 

 
shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall
not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the Trust Estate. The Residual Interestholder shall be entitled to receive
distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Residual Interestholder to and in
its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the
Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal
or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the
recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested or via Electronic Transmission, if to the Owner Trustee, addressed as specified on Schedule II to the
Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
 (b) Any notice required or permitted to be given to a Residual Interestholder shall be given by first-class mail, postage prepaid, at the address of such Residual Interestholder as shall be designated by such party in
a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Residual Interestholder receives such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
  

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 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the
Seller, the Owner Trustee and its successors and the Residual Interestholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Residual
Interestholder shall bind the successors and assigns of the Residual Interestholder. 
 SECTION 11.8. No Petition. 
 (a) Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into this Agreement, the Seller, the
Residual Interestholder, by accepting the Residual Interest, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which is one year and one day
after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Without limiting the foregoing, in no event shall the Owner Trustee authorize, institute or join in any bankruptcy or similar proceeding described
in the preceding sentence without the prior written approval of the Residual Interestholder and the delivery to the Owner Trustee of a certificate certifying that the Residual Interestholder reasonably believes that the Issuer is insolvent.

 (b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not constitute a claim
against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner
Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that
such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions 

  

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contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either
(i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of
insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to
be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable
law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within
the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the
Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced
by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 
 SECTION 11.9. Information Request. Owner Trustee shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any
of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.12. RESERVED. 
 SECTION 11.13. Information to Be Provided by the Owner Trustee. For as long as the Issuer is
requested to report under the Exchange Act, the Owner Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for the purpose of
compliance with Item 1117 of Regulation AB; provided, however, that the Owner Trustee shall not be required to provide such 

  

 23 

 
information in the event that there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) as
promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written. 
  

			
	WILMINGTON TRUST COMPANY
		
	By:	 	/s/ Michele C. Harra
	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer

  

					
		  	S-1	  	Amended and Restated Trust Agreement

			
	CAPITAL ONE AUTO RECEIVABLES, LLC
		
	By:	 	/s/ Jerry Hamstead
	Name:	 	Jerry Hamstead
	Title:	 	Assistant Vice President

  

					
		  	S-2	  	Amended and Restated Trust Agreement

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

					
	 NUMBER
 R-____
	  		  	100% BENEFICIAL INTEREST

 CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-2 
 CERTIFICATE 
 Evidencing the 100% beneficial
interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles,
light-duty trucks and motorcycles. 
 (This Certificate does not represent an interest in or obligation of Capital One Auto Receivables,
LLC, Capital One Auto Finance, Inc. or any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
 THIS CERTIFIES THAT _______________________________ is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate
of CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2006-2, a Delaware statutory trust (the “Issuer”) formed by Capital One Auto Receivables, LLC, a Delaware limited liability company, as depositor (the “Seller”).

 The Issuer was created pursuant to a Trust Agreement dated as of August 16, 2006 (as amended and restated as of October 12,
2006, the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of October 12, 2006, between the Seller, the Issuer, The Bank of New York, as Indenture Trustee, and
Capital One Auto Finance, Inc., as Servicer, as the same may be amended or supplemented from time to time. 
 This Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and conditions
of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 
  

 A-1 

 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this
Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote
Parties (i) such Person shall not authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 This Certificate may not be acquired by or for the account of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or other plan’s investment in the entity (each, a “Benefit
Plan”). By accepting and holding this Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not purchasing on behalf of a Benefit Plan. By its acquisition and holding of this
Certificate (or any interest herein), each Certificateholder that is a governmental plan or foreign plan shall be deemed to represent and warrant that its acquisition, holding and disposition of the Certificate (or interest therein) will not result
in a nonexempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code. 
 It is the intention of the parties to the Trust Agreement that, solely for income and franchise tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity
separate from such Certificateholder, and if there is more than one Certificateholder, the Issuer will be treated as a partnership; (ii) the Seller will be disregarded as 

  

 A-2 

 
an entity separate from COAF; and (iii) the Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no
action inconsistent with the foregoing intended tax treatment. 
 By accepting this Certificate, the Certificateholder acknowledges that this
Certificate represents a beneficial interest in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no
recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 
  

 A-3 

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

									
		 		 	CAPITAL ONE PRIME AUTO RECEIVABLES
TRUST 2006-2
			
		 		 	By: Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
					
	Dated:	 	  	 		 	By:	 	  

  

 A-4 

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the Certificate referred to in the within-mentioned Trust Agreement. 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  
		 	Authenticating Agent
		
	By:	 	  
		 	Authorized Signatory

  

 A-5

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