Document:

EX-10.2

 Exhibit 10.2 
  

 
 December 19, 2018 

Aflac Incorporated 
 1932 Wynnton Road 

Columbus, GA 31999 
 USA 

Re: Strategic Alliance Based on Capital Relationship 

Ladies and Gentlemen: 
 Reference is made to the
Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship” (the “Basic Agreement”) which we have entered into today to broaden and strengthen the long-standing collaboration between Aflac Incorporated
(the “Company”) and Japan Post Holdings Co., Ltd. (“Japan Post”) in Japan. 
 In connection with the Basic
Agreement, the parties wish to formalize the terms of a significant capital investment in the Company by an independent investment and voting trust that will be established and funded by Japan Post. The trust and the investment will be governed by
the voting trust agreement (the “Trust Agreement”) and shareholders agreement (the “Shareholders Agreement”) that are attached hereto as Exhibits A and B, respectively. Capitalized terms used hereafter
without definition shall have the meanings provided for in the Trust Agreement and Shareholders Agreement, as applicable. 
 In furtherance
of such proposed capital investment:
  

	 	1.	 Japan Post hereby irrevocably and unconditionally agrees: 

 

	 	a.	 to establish and to fund a trust (the “J&A Alliance Trust”) in accordance with the Trust
Agreement no later than February 28, 2019; 

  

	 	b.	 that in connection with and upon the establishment of the J&A Alliance Trust, (i) the Trustee (in its
capacity as trustee) and the Trustee Owner will be irrevocably instructed to promptly execute and deliver the Shareholders Agreement, and any failure by the Trustee or the Trustee Owner to execute and deliver the Shareholders Agreement shall be
deemed a breach of Japan Post’s obligations under this letter agreement, and (ii) the Trustee will be mandated to commence the purchase of shares of the Company in accordance with the Trust Agreement and Shareholders Agreement;

  

	 	c.	 to execute and deliver the Shareholders Agreement promptly and no later than concurrently with the execution
and delivery of such agreement by the Trustee and the Trustee Owner; and 

	 	d.	 that prior to the execution and delivery of the Shareholders Agreement, neither Japan Post nor any of its
controlled Affiliates (other than Japan Post Investment Funds) will purchase or otherwise acquire or obtain any common shares or other securities of the Company without the prior written consent of the Company. 

 

	 	2.	 The Company hereby irrevocably and unconditionally agrees: 

 

	 	a.	 to execute and deliver the Shareholders Agreement concurrently with the execution and delivery of such
agreement by Japan Post; and 

  

	 	b.	 promptly following the execution and delivery of the Basic Agreement, to file a Form 8-K with the SEC (i) attaching (x) the Basic Agreement and (y) this letter agreement and the exhibits attached hereto and (ii) disclosing any information the Company has provided to Japan Post prior
to the date hereof which the Company reasonably believes constitutes material non-public information. 

  

	 	3.	 Each of the parties agrees that (i) the Company will issue a press release in the United States and
(ii) the parties will issue a joint press release in Japan, in each case, promptly following the execution and delivery of the Basic Agreement announcing the transactions contemplated by the Basic Agreement and this letter agreement in the
forms mutually agreed by the parties and in accordance with Article 7 of the Basic Agreement. 

  

	 	4.	 Each of the parties agrees that each of the Trust Agreement and the Shareholders Agreement attached hereto as
Exhibits A and B, respectively, is in its definitive and final form and that no changes shall be made to such forms of the Trust Agreement or Shareholders Agreement prior to the execution and delivery thereof by the parties thereto
without the prior written consent of Japan Post and the Company. 

  

	 	5.	 Each of the parties agrees that, if required by the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as
amended (the “HSR Act”), it shall file a notification and report form pursuant to the HSR Act with the Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice with respect to the transactions
contemplated by this letter agreement and the Shareholders Agreement no later than thirty (30) Business Days after the date of this letter agreement and supply as promptly as practicable to the appropriate Governmental Authority any additional
information and documentary material that may be requested pursuant to the HSR Act. 

  

	 	6.	 The Company shall promptly notify Japan Post in writing of any facts or developments of which it becomes aware
that would cause any of the representations and warranties set forth in Section 7.1(c), Section 7.1(d)(ii) or Section 7.1(e) of the Shareholders Agreement to be untrue as if such representation and warranty were not solely made as of
the date hereof. 

  
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	 	7.	 Japan Post shall promptly notify the Company in writing of any facts or developments of which it becomes aware
that would cause any of the representations and warranties set forth in Section 7.2(c), Section 7.2(d)(ii) or Section 7.2(e) of the Shareholders Agreement to be untrue as if such representation and warranty were not solely made as of
the date hereof. 

  

	 	8.	 Each of the parties agrees that the provisions set forth in each of Sections 7.1(a)-(e) (Representations and
Warranties of the Company), Sections 7.2(a)-(e) (Representations and Warranties of the Japan Post Parties), other than those provisions that relate to the Trustee, J&A Alliance Trust or the Trustee Owner, Section 8.2(a) (Further
Assurances), Section 10.3 (Specific Performance), Section 10.8 (Governing Law; Arbitration) and Section 10.9 (Waiver of Sovereign Immunity) of the Shareholders Agreement constitute part of this letter agreement mutatis mutandis
with respect to this letter agreement and the parties hereto with the same force and effect as though fully set forth herein. 

  

	 	9.	 Upon execution and delivery of the Shareholders Agreement by the parties thereto, the Shareholders Agreement
shall supersede in all respects this letter agreement, except for paragraph 5 of this letter agreement. 

  
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 If the above correctly reflects our understanding and agreement with respect to the
foregoing matters, please so confirm by signing the enclosed duplicate of this letter, whereupon it will become a binding agreement between us. 
  

					
	Sincerely,
	
	JAPAN POST HOLDINGS CO., LTD.
		
	By:	 	 /s/ Masatsugu Nagato

		 	Name:	 	Masatsugu Nagato
		 	Title:	 	President & CEO, Director and Representative Executive Officer

					
	Agreed and acknowledged on the date first above written.
	
	AFLAC INCORPORATED
		
	By:	 	 /s/ Daniel P. Amos

		 	Name:	 	Daniel P. Amos
		 	Title:	 	Chairman, Chief Executive Officer and President

 Exhibit A 

Trust Agreement 
 See
attached. 

 Exhibit A 

FORM OF 
 J&A
ALLIANCE TRUST 
 VOTING TRUST AGREEMENT 

THIS VOTING TRUST AGREEMENT is made as of the [●] day of [●], [●] 

BETWEEN: 
 JAPAN POST HOLDINGS
CO., LTD., a company organized under the laws of Japan 
 (hereinafter referred to as both the “Settlor”
and the “Beneficiary”, as applicable) 
 -AND- 

J&A Alliance Holdings Corporation, a corporation organized under the laws of the State of Delaware 

(hereinafter referred to as the “Trustee”) 

RECITALS: 
  

	 	A.	 The Settlor desires to settle a grantor trust to be known as the “J&A Alliance Trust”.

  

	 	B.	 Aflac Incorporated (the “Company”), a Georgia corporation, the Settlor, the Trustee, in its
capacity as trustee of the Trust, and General Incorporated Association J&A Alliance (“ISH”), a Japanese general incorporated association and sole record owner of the Trustee, intend to enter into a shareholders agreement (the
“Shareholders Agreement”) in the form attached to that certain letter agreement, dated as of December 19, 2018, by and between the Settlor and the Company. 

 

	 	C.	 For the purpose of settling the trust, the Settlor will transfer to the Trustee from time to time cash to
purchase Company Common Stock in accordance with the Shareholders Agreement to be held in trust in accordance with this Agreement (the “Aflac Shares”). 

 

	 	D.	 The Trustee has agreed to hold the Aflac Shares together with all other amounts and properties subsequently
received by it in trust for the benefit of the Beneficiary in accordance with the provisions hereinafter set forth. 

 NOW THEREFORE the Settlor and the Trustee hereby agree as follows:

 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

In this Agreement and in the recitals, unless there is something in the subject matter or context inconsistent therewith: 

 

	 	(a)	 “Aflac Shares” has the meaning set forth in the recitals above; 

 

	 	(b)	 “Basic Agreement” means that certain Basic Agreement regarding the “Strategic Alliance
Based on Capital Relationship” dated as of December 19, 2018 by and among, the Company, Aflac Life Insurance Japan Ltd., a Japanese corporation and wholly owned subsidiary of the Company, and the Settlor; 

 

	 	(c)	 “Beneficiary” has the meaning set forth in the recitals above; 

 

	 	(d)	 “Company” has the meaning set forth in the recitals above; 

 

	 	(e)	 “Company Common Stock” means the outstanding and issued common stock, par value $0.10 per
share, of the Company; 

  

	 	(f)	 “Domiciliary Regulators” means (i) the Director of the Nebraska Department of Insurance,
(ii) the Superintendent of the New York State Department of Financial Services, (iii) the Commissioner of the Oklahoma Insurance Department, and (iv) any other insurance regulator in a state where a United States insurance company
Subsidiary of the Company is domiciled; provided, if all United States insurance company Subsidiaries of the Company domiciled in any one of the foregoing states redomesticates, merges or otherwise cease to exist as domestic insurers in such
state, then the Director, Commissioner, Superintendent or other insurance regulatory authority in such state shall no longer be a Domiciliary Regulator; 

  

	 	(g)	 “Expiration Date” means the date upon which the Initial Term or a Renewal Term, as the case
may be, expires without renewal in accordance with section 2.5 hereof; 

  

	 	(h)	 “Independence Criteria” has the meaning set forth in section 5.3 hereof;

  

	 	(i)	 “Initial Term” has the meaning set forth in section 2.5 hereof; 

  
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	 	(j)	 “In-Kind Distributions” means any distribution of
Company Common Stock or other equity securities or interests of the Company having voting rights in the Company or any of its United States insurance company Subsidiaries (whether directly or indirectly through one or more other entities) that is
paid by the Company upon the Subject Shares; 

  

	 	(k)	 “ISH” has the meaning set forth in the recitals above; 

 

	 	(l)	 “Losses” means any and all liabilities, obligations, losses, damages, penalties, taxes,
claims, suits, costs, expenses or disbursements (including without limitation legal fees and expenses) of any kind and nature; 

  

	 	(m)	 “Person” means any individual, corporation, company, voluntary association, partnership, joint
venture, trust, limited liability company, unincorporated organization, governmental authority or any agency, instrumentality or political subdivision thereof or any other form of entity; 

 

	 	(n)	 “Renewal Term” has the meaning set forth in section 2.5 hereof; 

 

	 	(o)	 “Settlor” has the meaning set forth in the recitals above; 

 

	 	(p)	 “Shareholders Agreement” has the meaning set forth in the recitals above;

  

	 	(q)	 “Subject Shares” means, collectively, the Aflac Shares and any other Company Common Stock held
by the Trust. 

  

	 	(r)	 “Subsidiary” means, as to any Person, any corporation or other entity of which: (i) such
Person, or a Subsidiary of such Person, is a general partner (if a limited partnership) or managing member (if a limited liability company) or (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary
voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries;

  

	 	(s)	 “Termination Date” means the earlier of: 

 

	 	(i)	 the Expiration Date; and 

 

	 	(ii)	 the Voluntary Termination Date; 

 

	 	(t)	 “this Agreement”, “hereto”, “hereunder”,
“hereof”, “herein”, “herewith” and similar expressions refer to this Voting Trust Agreement and not to any particular Article, section, subsection, paragraph, clause, subdivision or other portion
hereof; 

  
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	 	(u)	 “Trust” means the trust set out in this Agreement; 

 

	 	(v)	 “Trustee” has the meaning set forth in the recitals above; 

 

	 	(w)	 “Trustee Director Qualifications” has the meaning set forth in section 5.3 hereof;

  

	 	(x)	 “Trustee Directors” means the individuals selected as the directors of the board of directors
of the Trustee and meeting the Trustee Director Qualifications set forth in section 5.3; 

  

	 	(y)	 “Trust Fund” means: 

 

	 	(i)	 the Subject Shares; 

  

	 	(ii)	 all other moneys, securities, property and assets paid or transferred to and accepted by or in any manner
acquired by the Trustee and held by the Trustee on the trust herein declared; and 

  

	 	(iii)	 all moneys, securities, property or assets substituted for or representing all or any part of the foregoing;
and 

  

	 	(z)	 “Voluntary Termination Date” has the meaning set forth in section 2.5 hereof.

  

	1.2	 Interpretation Not Affected by Headings, etc. 

The division of this Agreement into Articles, sections, subsections and paragraphs, and the insertion of headings are for convenience of
reference only and shall not affect the construction or interpretation of this Agreement. In this Agreement, words importing the masculine gender include the feminine and neuter genders and vice versa. 

 

	1.3	 Invalidity of Provisions 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such
provision by an arbitral panel shall not affect the validity or enforceability of any other provision hereof. 
  

	1.4	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of
laws principles thereof, and the laws of the United States applicable therein; provided that any doctrine of sovereign immunity is expressly waived. The courts of the United States and its political subdivisions shall have primary supervision
over the administration of the Trust. 

  
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	1.5	 Enurement 

This Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors and assigns including,
without limitation, a liquidator, receiver, trustee or debtor-in-possession of any party. 
  

	1.6	 Counterparts 

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute
one and the same instrument. 
 ARTICLE 2 

CREATION OF THE TRUST 
  

	2.1	 Settlement of Trust 

 

	 	(a)	 The Settlor hereby establishes, pursuant to the provisions of this Agreement and the laws of the state of New
York, a grantor trust to be known as the “J&A Alliance Trust.” 

  

	 	(b)	 The Trustee hereby accepts appointment as the Trustee under this Agreement and acknowledges that it is holding,
and shall continue to hold, for the exclusive benefit of the Beneficiary, the Trust Fund upon the trust and subject to the powers and provisions contained in this Agreement until the Termination Date. 

 

	2.2	 Irrevocable Trust 

The Trust is intended and is hereby declared to be irrevocable until it is terminated by the Beneficiary in accordance with section 2.5 hereof.

  

	2.3	 Principal Office 

The principal office of the Trust shall be located at such place or places as the Trustee may designate from time to time. The principal office
of the Trust is initially located at [●]. 
  

	2.4	 Purpose of the Trust 

 

	 	(a)	 The purpose of the Trust is to conserve and protect the assets in the Trust Fund for the exclusive use and
benefit of the Beneficiary. So long as this Agreement remains in effect, the Trust (or the Trustee acting on behalf of the Trust) shall not undertake any business, activity or transaction except as expressly provided herein or contemplated hereby.

  
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	 	(b)	 Notwithstanding any other provision of this Agreement, the Trustee shall use the assets of the Trust deposited
with the Trustee by the Settlor or for the benefit of the Beneficiary to purchase Company Common Stock as instructed by the Settlor from time to time in accordance with the Shareholders Agreement, and subject to any required regulatory approvals and
applicable law. The Trustee shall hold and shall not convert, sell, transfer, mortgage, pledge or in any manner dispose of the Subject Shares prior to the Termination Date, except as instructed, directly or indirectly, by the Settlor from time to
time in accordance with the Shareholders Agreement, and subject to any required regulatory approvals and applicable law. 

  

	 	(c)	 Notwithstanding the foregoing, each of the Settlor and the Trustee hereby agrees that it will not purchase,
promise or threaten to purchase, dispose of, or promise or threaten to dispose of Subject Shares or Company Common Stock in any manner as a condition or inducement of specific action or non-action by the
Company or any of its United States insurance company Subsidiaries. 

  

	2.5	 Term and Termination of Trust 

 

	 	(a)	 This Agreement shall be effective as of the date hereof and shall expire on the ten (10) year anniversary
of the date hereof (the “Initial Term”), unless earlier terminated pursuant to section 2.5(b) or renewed pursuant to this section 2.5(a). This agreement may be renewed for successive ten (10) year terms (each a “Renewal
Term”), unless earlier terminated pursuant to section 2.5(b), upon written notice by the Beneficiary to the Trustee not earlier than 90 days prior to the end of the Initial Term or a Renewal Term, as applicable. 

 

	 	(b)	 The Beneficiary may, at any time, deliver a written instrument signed by the Beneficiary expressing its intent
to terminate this Agreement as of a particular date (the “Voluntary Termination Date”); provided that as of such date, no Aflac Shares or any other Company Common Stock shall be held by the Trust. 

 

	 	(c)	 This Agreement and Trust shall terminate on the Termination Date. 

  
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	2.6	 Standard of Care 

The Trustee will exercise its powers and duties hereunder honestly, in good faith and in the best interest of the Beneficiary and in connection
therewith will exercise that degree of care, diligence and skill that a reasonably prudent person would exercise in dealing with its own assets and affairs. 
  

	2.7	 Legal Title 

Legal title to the assets in the Trust Fund shall be vested in the Trustee in its capacity as trustee of the Trust. 

 

	2.8	 Tax Treatment 

For U.S. federal income tax purposes, the Trust shall constitute a disregarded entity or a grantor trust. 

 

	2.9	 No Trust Certificates 

No trust certificates shall be issued for any reason. 

ARTICLE 3 

DISTRIBUTIONS OF INCOME AND CAPITAL 
  

	3.1	 Distributions Prior to the Termination Date 

Prior to the Termination Date: 
  

	 	(a)	 The Trustee shall irrevocably instruct the Company to pay all dividends and distributions, other than In-Kind Distributions, upon the Subject Shares directly to the Beneficiary. Upon such instructions being given by the Trustee to the Company, all liability of the Trustee with respect to such dividends and
distributions shall cease, except that the Trustee shall be obligated to pay to the Beneficiary any dividend or distribution paid by the Company to the Trustee in contravention of the instructions given by the Trustee. All such dividends and
distributions shall be promptly paid to the Beneficiary and in no event shall the Trustee accumulate or reinvest any such dividends or distributions; 

  

	 	(b)	 The Trustee shall irrevocably instruct the Company to pay all In-Kind
Distributions directly to the Trust for the sole benefit of the Beneficiary in accordance with this Agreement; 

  
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	 	(c)	 The Trustee shall promptly pay to the Beneficiary all proceeds from the sale, exchange or other disposition of
the Subject Shares or other property held by the Trustee or the Trust, and the Trustee shall irrevocably instruct the Company to pay such proceeds directly to the Beneficiary to the extent payable by Company; and 

 

	 	(d)	 The Trustee shall pay the whole of the annual net income from the Trust Fund (to the extent not otherwise paid
to the Beneficiary pursuant to sections 3.1(a) and 3.1(c) hereof) to the Beneficiary. 

  

	 	(e)	 For the avoidance of doubt, the Trustee shall from time to time pay to the Beneficiary any cash that is
contributed to the Trust Fund to purchase Aflac Shares to the extent that such funds exceed the amount necessary to purchase such Aflac Shares and all related expenses. 

 

	3.2	 Distribution on the Termination Date 

On the Termination Date, the Trustee shall pay or transfer the Trust Fund to the Beneficiary. 

ARTICLE 4 
 POWERS AND
DUTIES OF THE TRUSTEE 
  

	4.1	 Actions Upon Instructions 

The business and affairs of the Trust shall be managed by, and under the direction of, the Trustee. 

 

	4.2	 Rights and Powers of Trustee with respect to the Subject Shares 

 

	 	(a)	 The Trustee shall execute and deliver the Shareholders Agreement prior to acquiring any Subject Shares and no
later than February 28, 2019. 

  

	 	(b)	 The Trustee shall purchase Company Common Stock and hold as registered owner all Subject Shares pursuant to the
provisions of section 2.4(b) of this Agreement. 

  

	 	(c)	 The Trustee shall possess and be entitled to exercise, subject to the provisions hereof, the Shareholders
Agreement, the Company’s articles of incorporation and by-laws (as each may be amended from time to time) and applicable law, all the rights and powers of registered owners of the Subject Shares as long
as they are subject to this Agreement, including, but without limitation, the right and power (i) to vote and exercise all other rights with respect to the Subject Shares on every matter for which the

  
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Subject Shares may be voted, or to give written consent in lieu of voting thereon, (ii) to waive notice of any regular or special meeting of stockholders of the Company, (iii) to call
meetings of stockholders of the Company and (iv) to exercise all other voting rights and powers pertaining to ownership of the Subject Shares; it being expressly stipulated that, subject to section 4.4, no voting right shall pass to others
under this Agreement or by or under any other agreement express or implied. 

  

	 	(d)	 The Trustee is authorized to sell Subject Shares as instructed, directly or indirectly, by the Settlor in
accordance with the provisions of sections 2.4(b) and 2.4(c) of this Agreement, and subject to any required prior regulatory approval and applicable law. 

  

	 	(e)	 The Trustee is authorized to become a party to or prosecute or defend or intervene in any suits or legal
proceedings in its capacity as stockholder of the Company. 

  

	4.3	 Additions to Trust Fund 

The Settlor, or any other person with the approval of the Trustee, may from time to time add to the Trust Fund assets or property acceptable to
the Trustee; provided that assets deposited in the Trust Fund shall be limited to (i) the Subject Shares, (ii) cash transferred from time to time to purchase Company Common Stock and interest payments received thereon, (iii) In-Kind Distributions, and (iv) proceeds from the sale, exchange or other disposition of the Subject Shares and interest payments received thereon. Trust Fund assets shall be used by the Trustee in
accordance with this Agreement. 
  

	4.4	 Shareholders Agreement 

The Trustee shall enter into the Shareholders Agreement and shall act in accordance with the terms of the Shareholders Agreement including,
without limitation, with respect to voting the Subject Shares. 
  

	4.5	 No Interest in Trust 

For the avoidance of doubt, in no event shall the Trustee hold any beneficial or economic interest in the corpus or income of the Trust,
including in the Trust Fund. 

  
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	4.6	 No Government Influence 

The Trustee shall exercise all such powers, and take all such steps and actions, as the Trustee considers reasonably necessary or advisable to
ensure that neither the Settlor, except as expressly provided herein, nor the Government of Japan, directly or indirectly, exercises any control under U.S. insurance laws over the manner in which the Trustee discharges its powers and duties under
this Agreement. 
  

	4.7	 Books and Records 

The Trustee shall maintain records and books of account relating to the assets in the Trust Fund maintained on a basis to facilitate compliance
with the tax reporting requirements of the Trust and shall, at all reasonable times, permit the Beneficiary to have access, during normal business hours and upon reasonable notice, to inspect and/or copy (at the Beneficiary’s own expense), the
financial records relating to the Trust. 
  

	4.8	 Information Requests; Other 

Upon written request of the Beneficiary, the Trustee shall provide the Beneficiary with information within the control of the Trustee and
reasonably requested by the Beneficiary to allow the Beneficiary to comply with any tax return filing, regulatory filing, reporting or record keeping requirements of applicable law or for the Beneficiary’s equity accounting method purposes, or
required under the Shareholders Agreement. The Trustee shall also file (or cause to be filed) any other applications, filings, statements, returns or disclosures relating to the Trust that are required by any governmental authority or required under
the Shareholders Agreement. 
  

	4.9	 Ancillary Powers 

The Trustee shall possess and be entitled to exercise such ancillary and incidental powers as may be necessary or desirable to carry out and
give effect to any of the foregoing powers, or any other provisions of this Agreement. 
  

	4.10	 Powers and Discretions Absolute 

Every discretion or power hereby conferred on the Trustee shall be an absolute and uncontrolled discretion or power, except as provided in this
Agreement. 

  
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 ARTICLE 5 

CONCERNING THE TRUSTEE AND TRUSTEE DIRECTORS 
  

	5.1	 Number of Trustees 

From the date hereof and at any given time thereafter, the number of Trustees shall be one (1). 

 

	5.2	 Initial Trustee Directors 

As of the date hereof and until such individual’s resignation, incapacity, disqualification or removal for cause pursuant to section 5.5
hereof, [●], [●] and [●] shall be the Trustee Directors of the Trustee. 
  

	5.3	 Number of Trustee Directors 

From the date hereof and at any given time thereafter, the number of Trustee Directors shall be three (3), subject to the requirements that
(i) two (2) such Trustee Directors be individuals who qualify as independent from each of the Settlor, the Beneficiary and the Company under the criteria set forth in section 303A.02(b) of the New York Stock Exchange Listed Company Manual as in
effect on the date hereof (the “Independence Criteria”) and (ii) one (1) such Trustee Director be an individual nominated by the Beneficiary who either (a) qualifies as independent from each of the Settlor, the Beneficiary
and the Company under the Independence Criteria or (b) has given an undertaking, substantially in the form attached hereto as Exhibit A, to act independently (the requirements in (i) and (ii), collectively, the “Trustee
Director Qualifications”). 
  

	5.4	 Replacement of a Trustee Director 

In the event of resignation, incapacity, disqualification or removal for cause pursuant to section 5.5 hereof, the Settlor shall promptly
nominate after the vacancy arising, a substitute Trustee Director for election in accordance with the bylaws of the Trustee; provided that the successor Trustee Director must (i) meet the Trustee Director Qualifications set forth in
section 5.3 and (ii) be approved by the Domiciliary Regulators as provided in section 5.7. 
  

	5.5	 Removal of a Trustee Director 

If at any time a Trustee Director (i) commits a material breach of this Agreement or the Shareholders Agreement, (ii) is disqualified
due to conduct involving fraud or dishonesty or charges of the same by a government agency, (iii) is disqualified due to disqualification as a director, officer or controlling person of a U.S. or Japanese public company or a U.S. or Japanese
domestic insurer or (iv) suffers incapacity, the Trustee Director shall be automatically and immediately removed as a Trustee Director in accordance with the bylaws of the Trustee without any further steps or formalities. 

  
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	5.6	 Director Trustee Ceasing to Meet the Trustee Director Qualifications 

If a Trustee Director ceases for any reason to meet the Trustee Director Qualifications set forth in section 5.3, such Trustee Director shall
be disqualified from serving as a Trustee Director and shall be deemed to have resigned (without further action) as a Trustee Director effective immediately upon so ceasing to meet the Trustee Director Qualifications. 

 

	5.7	 Approval of the Domiciliary Regulators 

All appointments of Trustee Directors under Article 5 shall be subject to the prior approval of the Domiciliary Regulators to the extent
required by applicable law or by the Domiciliary Regulators. 
  

	5.8	 Compensation of Trustee 

The Trustee shall serve without compensation. The Trustee will be entitled to reimbursement, to be paid by the Settlor, for: 

 

	 	(a)	 Reasonable out-of-pocket
expenses incurred by the Trustee to register and hold the Subject Shares and make distributions or remit proceeds in accordance with this Agreement, including, without limitation, (i) fees paid to Trustee Directors for their time and expertise,
(ii) fees paid for outsourcing tax, accounting, legal and other administrative services regarding the Trustee’s corporate affairs, (iii) payments of corporate tax and any other tax applicable to the Trustee and (iv) any other
maintenance costs of the Trustee; and 

  

	 	(b)	 Reasonable costs for securing professional advice as the Trustee reasonably determines to be necessary for the
proper performance of its Trustee duties. 

  

	5.9	 Action by Trustee 

The Trustee may act by a written consent signed by a majority of the Trustee Directors or by the affirmative vote of a majority of the Trustee
Directors at a meeting called by any Trustee Director where there is a quorum upon two (2) days’ notice to the other Trustee Directors, unless such notice is waived by each Trustee Director not receiving such notice. For the avoidance of
doubt, with respect to any removal under section 5.5, the Trustee Director who is being removed shall not be included in the calculation of a majority of the Trustee Directors. Two (2) Trustee Directors shall constitute a quorum for the
transaction of business at a meeting thereof. The Trustee Directors shall have the power to designate one Trustee Director to execute certificates and other documents on behalf of all of them in furtherance of their collective decisions. The Trustee
Directors may, from time to time, adopt and/or amend their own rules of procedure, provided that such amended rules of procedure shall not be inconsistent with this Agreement, and shall record and keep records of all their proceedings at
their office. 

  
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	5.10	 Designation with Domiciliary Regulators 

The Trustee shall take such steps as are necessary to have itself designated as a controlling person of the Company’s United States
insurance company Subsidiaries in the Form A or change of control applications to be filed with the Domiciliary Regulators and any similar filings with other Domiciliary Regulators for any United States insurance company Subsidiary formed or
acquired by the Company after the date of this Agreement, and consistent with the terms of this Trust shall comport itself and the actions of the Trust consistent with the requirements of applicable law with respect thereto. 

 

	5.11	 Notice to Domiciliary Regulators 

The Trustee shall provide the Domiciliary Regulators with written notice promptly after, or if required by applicable law or by the Domiciliary
Regulators, prior to the occurrence of (i) the appointment of a replacement Trustee Director pursuant to section 5.4 hereof, (ii) the termination of this Trust and (iii) any amendment to this Agreement pursuant to section 7.1 hereof.

  

	5.12	 Liability of Trustee and Directors 

The Trustee and Trustee Directors shall retain no liability for actions under this Agreement other than for willful misconduct or gross
negligence and, in the case of the Trustee Directors, individual willful misconduct or gross negligence. No bond or other security is required. The provisions of this section 5.12 shall survive termination of the Trust and this Agreement. 

 

	5.13	 Indemnification 

The Settlor hereby assumes liability for and agrees to indemnify, reimburse and hold harmless the Trustee and each Trustee Director from and
against any and all Losses, liabilities or expenses that may be imposed on, incurred by or asserted against the Trustee or such Trustee Director, as the case may be, arising out of, in connection with or related to such Trustee’s or Trustee
Director’s performance under this Agreement, except (i) with respect to the Trustee, in the case of gross negligence or willful misconduct on the part of the Trustee and (ii) with respect to a Trustee Director, in the case of
individual gross negligence or willful misconduct on the part of such Trustee Director. The provisions of this section 5.13 shall survive termination of the Trust and this Agreement. 

  
 13 

 ARTICLE 6 

DISSOLUTION OR REORGANIZATION OF COMPANY 
  

	6.1	 Dissolution of the Company 

In the event of the dissolution or total or partial liquidation of the Company, whether voluntary or involuntary, the Trustee shall instruct
the Company to make any distribution of moneys, securities, rights or property in respect of the Subject Shares directly to the Beneficiary and the Trustee shall distribute to the Beneficiary any distribution received by the Trustee in contravention
of such instructions. In no event shall the Trustee accumulate or reinvest any such moneys, securities, rights or property. 
  

	6.2	 Reorganization of the Company 

In the event the Company is merged into or consolidated with another corporation, or all or substantially all of the assets of the Company are
transferred to another corporation, then in connection with such merger, consolidation or transfer the term “Company” for all purposes of this Agreement shall be deemed to include such successor corporation, and the Trustee shall receive
and hold under this Agreement any stock of such successor corporation having voting powers received on account of the ownership, as Trustee hereunder, of the shares held hereunder prior to such merger, consolidation or transfer. Any other moneys,
securities, rights or property received by the Trustee in connection with such merger, consolidation or transfer to which the Beneficiary is entitled shall be distributed promptly by the Trustee to the Beneficiary and in no event shall the Trustee
accumulate or reinvest any such moneys, securities, rights or property. 
 ARTICLE 7 

MISCELLANEOUS 
  

	7.1	 Amendment and Waiver 

The Settlor and the Trustee may, with the prior written consent of the Domiciliary Regulators, from time to time prior to the Termination Date
by written instrument add to, remove, waive or otherwise vary all or any of the trusts, powers and provisions of this Agreement, other than the definitions of “Beneficiary”, “Domiciliary Regulators” and “Termination
Date” in section 1.1 and sections 2.2, 2.6, 3.1, 3.2, 4.4, 4.6 and this section 7.1, in relation to all or any part of the Trust Fund in such manner as the Settlor and the Trustee consider is for the benefit of the Beneficiary. 

  
 14 

	7.2	 Notices 

  

	 	(a)	 Any notice hereunder shall be sent to all the parties by registered or certified mail, return receipt
requested, as follows: 

 The Settlor and the Beneficiary: 

Japan Post Holdings Co., Ltd. 

2-3-1, Otemachi,
Chiyoda-ku 
 Tokyo 100-8791, Japan 

Attn:       Hiroaki Kawamoto 

               Managing Executive Officer 

Email:     [●] 

Fax:        [●] 

With a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:       Nicholas F. Potter 

               E. Drew Dutton 

Email:     nfpotter@debevoise.com 

               eddutton@debevoise.com 

Fax:        (212) 909-6836 

Nishimura & Asahi 

Otemon Tower, 1-1-2 Otemachi,
Chiyoda-ku 
 Tokyo 100-8124, Japan 

Attn:       Tatsuya Tanigawa 

               Tatsuya Nakayama 

Email:     t_tanigawa@jurists.co.jp 

               t2_nakayama@jurists.co.jp 

Fax:        
+81-3-6250-7200 
 The Trustee: 

J&A Alliance Holdings Corporation 

[●] 
 Attn:
    [●] 
 Fax:      [●] 

  
 15 

 With a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:      Nicholas F. Potter 

               E. Drew Dutton 

Email:    nfpotter@debevoise.com 

               eddutton@debevoise.com 

Fax:       (212) 909-6836 

Nishimura & Asahi 

Otemon Tower, 1-1-2 Otemachi,
Chiyoda-ku 
 Tokyo 100-8124, Japan 

Attn:      Tatsuya Tanigawa 

               Tatsuya Nakayama 

Email:    t_tanigawa@jurists.co.jp 

               t2_nakayama@jurists.co.jp 

Fax:       +81-3-6250-7200

  

	 	(b)	 All distributions of cash, securities or other property hereunder by the Trustee to the Beneficiary may be made
in the same manner as hereinabove provided for the giving of notices to the Beneficiary or in such other manner as may be described in writing from time to time by notice from the Beneficiary to the Trustee. 

 

	 	(c)	 All notices concerning amendments, extensions or the termination of this Agreement or concerning the
resignation, disqualification, incapacity or removal of any of the Trustee Directors shall also be delivered to the Domiciliary Regulators. 

  
 16 

 IN WITNESS WHEREOF Japan Post Holdings Co., Ltd., in its capacity as Settlor and in
its capacity as Beneficiary, and the Trustee, have executed this Agreement as of the date first above written. 
  

			
	JAPAN POST HOLDINGS CO., LTD., as Settlor and Beneficiary
	
	  

	By:	 	Masatsugu Nagato
	Title:	 	President & CEO, Director and Representative Executive Officer
	
	J&A ALLIANCE HOLDINGS CORPORATION
	
	  

	By:	 	
	Title:	 	

  
 17 

 EXHIBIT A 

Form of Director Undertaking 

See attached. 

 [FORM OF DIRECTOR UNDERTAKING] 

The Honorable Maria T. Vullo 
 Superintendent of Financial
Services 
 New York State Department of Financial Services 

One State Street 
 New York, NY 10004-1511 

Special Commitment to the New York State Department of Financial Services 

Dear Superintendent Vullo: 
 I, [NAME], in my
capacity as a director of the board of directors of J&A Alliance Holdings Corporation, a Delaware corporation (the “Trustee”), agree that I will take all such steps and actions as I consider necessary or advisable to ensure that
neither Japan Post Holdings Co., Ltd. nor the Government of Japan, directly or indirectly, exercises any control or controlling influence over the manner in which I discharge my powers and duties as a director of the board of directors of the
Trustee. 
  

			
	Very truly yours,
	
	  

	Name:	 	
	Title:	 	Director
		
	Date:	 	

 Exhibit B 

Shareholders Agreement 

See attached. 

 Exhibit B 

FORM OF 
 SHAREHOLDERS
AGREEMENT 
 by and among 

AFLAC INCORPORATED, 

JAPAN POST HOLDINGS CO., LTD., 

J&A ALLIANCE HOLDINGS CORPORATION, in its capacity as trustee of J&A ALLIANCE TRUST 

and 
 GENERAL
INCORPORATED ASSOCIATION J&A ALLIANCE 
 Dated as of [●] 

 Table of Contents 

 

							
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 Section 1.2
	 	 Additional Defined Terms
	  	 	5	 
	 Section 1.3
	 	 Interpretation and Construction
	  	 	6	 
		
	 ARTICLE II PURCHASE OF COMPANY COMMON STOCK
	  	 	7	 
	 Section 2.1
	 	 Purchase of Company Common Stock
	  	 	7	 
	 Section 2.2
	 	 Ownership of Company Common Stock
	  	 	8	 
	 Section 2.3
	 	 Securities Laws
	  	 	9	 
	 Section 2.4
	 	 Acquisition Notice
	  	 	9	 
	 Section 2.5
	 	 Preemptive Rights
	  	 	9	 
		
	 ARTICLE III STANDSTILL
	  	 	12	 
	 Section 3.1
	 	 Standstill
	  	 	12	 
	 Section 3.2
	 	 Standstill Fall-Away
	  	 	14	 
		
	 ARTICLE IV TRANSFERS
	  	 	14	 
	 Section 4.1
	 	 Transfer Restrictions
	  	 	14	 
	 Section 4.2
	 	 Volume Limitation
	  	 	15	 
	 Section 4.3
	 	 Mandatory Transfers
	  	 	15	 
	 Section 4.4
	 	 Optional Sale Right
	  	 	16	 
		
	 ARTICLE V REGISTRATION RIGHTS
	  	 	17	 
	 Section 5.1
	 	 Registration Rights
	  	 	17	 
		
	 ARTICLE VI GOVERNANCE AND INVESTOR RIGHTS
	  	 	17	 
	 Section 6.1
	 	 Voting Agreement
	  	 	17	 
	 Section 6.2
	 	 Voting Agreement Fall-Away
	  	 	18	 
	 Section 6.3
	 	 Information Rights
	  	 	18	 
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES
	  	 	19	 
	 Section 7.1
	 	 Representations and Warranties of the Company
	  	 	19	 
	 Section 7.2
	 	 Representations and Warranties of the Japan Post Parties
	  	 	20	 
		
	 ARTICLE VIII COVENANTS; COMMITMENTS
	  	 	21	 
	 Section 8.1
	 	 Regulatory Matters
	  	 	21	 
	 Section 8.2
	 	 Further Assurances
	  	 	24	 
	 Section 8.3
	 	 Public Announcements
	  	 	26	 
	 Section 8.4
	 	 Material Non-Public Information
	  	 	26	 
	 Section 8.5
	 	 Trust Agreement
	  	 	27	 
	 Section 8.6
	 	 Confidentiality
	  	 	27	 

  
 i 

							
	 ARTICLE IX TERMINATION
	  	 	28	 
	 Section 9.1
	 	 Termination
	  	 	28	 
	 Section 9.2
	 	 Effect of Termination
	  	 	28	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	28	 
	 Section 10.1
	 	 Notices
	  	 	28	 
	 Section 10.2
	 	 Amendment and Waiver
	  	 	31	 
	 Section 10.3
	 	 Specific Performance
	  	 	32	 
	 Section 10.4
	 	
Section 14-2-732
Agreement
	  	 	32	 
	 Section 10.5
	 	 Headings
	  	 	32	 
	 Section 10.6
	 	 Severability
	  	 	32	 
	 Section 10.7
	 	 Entire Agreement; No Third Party Beneficiaries
	  	 	32	 
	 Section 10.8
	 	 Governing Law; Arbitration
	  	 	32	 
	 Section 10.9
	 	 Waiver of Sovereign Immunity
	  	 	35	 
	 Section 10.10
	 	 Successors and Assigns
	  	 	36	 
	 Section 10.11
	 	 Counterparts
	  	 	36	 

  

			
	Schedules	 	
		
	 Schedule A
	 	 Authorized Individuals

		
	Exhibits	 	
		
	 Exhibit A
	 	 Trust Agreement

		
	 Exhibit B
	 	 Basic Agreement

  
 ii 

 SHAREHOLDERS AGREEMENT 

This Shareholders Agreement, dated as of [●] (this “Agreement”), by and among Aflac Incorporated, a Georgia corporation
(the “Company”), Japan Post Holdings Co., Ltd., a Japanese corporation (“Japan Post”), J&A Alliance Holdings Corporation, a Delaware corporation, solely in its capacity as trustee (the
“Trustee”) of J&A Alliance Trust, a New York voting trust (“J&A Alliance Trust”) and General Incorporated Association J&A Alliance, a Japanese general incorporated association and the sole shareholder of
the Trustee (the “Trustee Owner”, and together with Japan Post and the Trustee, the “Japan Post Parties”). The Company, Japan Post, the Trustee and the Trustee Owner each may be referred to in this Agreement
individually as a “Party” and collectively as the “Parties”. 
 WHEREAS, immediately prior to the
execution of this Agreement, Japan Post and the Trustee have entered into that certain Trust Agreement, in the form set forth as Exhibit A attached hereto, whereby J&A Alliance Trust was established; 

WHEREAS, prior to the execution of this Agreement, the Company, Aflac Life Insurance Japan Ltd., a Japanese corporation and an indirect wholly
owned subsidiary of the Company (“Aflac Japan”), and Japan Post entered into that certain Basic Agreement regarding the “Strategic Alliance Based on Capital Relationship” (the “Basic Agreement”), in the
form set forth as Exhibit B attached hereto (with the English translation thereof); 
 WHEREAS, in furtherance of the strategic
alliance contemplated by the Basic Agreement, and subject to the terms and conditions of this Agreement, J&A Alliance Trust desires to acquire ownership of approximately 7% of the outstanding common stock, par value $0.10 per share, of the
Company (the “Company Common Stock”) through open market or private block purchases by the Trustee or J&A Alliance Trust; and 

WHEREAS, in consideration of the benefits to be obtained by the Company by virtue of the arrangements described above, and in light of the
undertakings made by the Japan Post Parties herein, the Company is willing to cooperate as contemplated by Section 8.1 with J&A Alliance Trust’s acquisition of record ownership of shares of Company Common Stock in
accordance with and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and premises of
this Agreement and for 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    Definitions. For purposes of this Agreement: 

“Activist Hedge Fund” means any Person set forth on a list provided by the Company to Japan Post prior to the date hereof,
which may be periodically updated by the Company on a reasonable and good faith basis from time to time using substantially the same criteria. 

  
 1 

 “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled” and “controlling” have correlative meanings. 

“Beneficial Ownership” shall be defined consistent with such term’s meaning under Rule
13d-3 or 13d-5 under the Exchange Act and shall include securities that are beneficially owned, directly or indirectly, by a Counterparty (or any of such
Counterparty’s Affiliates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person’s Affiliates is a Benefiting Party;
provided, however, that the number of shares of Company Common Stock that a Person is deemed to be the beneficial owner of, or to beneficially own, in connection with a particular Derivatives Contract shall not exceed the number of
Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of securities beneficially owned by each Counterparty (including its Affiliates) under a Derivatives Contract shall be deemed to
include all securities that are beneficially owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates) under any Derivatives Contract to which such first Counterparty (or any of such first
Counterparty’s Affiliates) is a Benefiting Party, with this provision being applied to successive Counterparties as appropriate. Other terms of similar import shall have comparable meanings. 

“Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in the State of New York) on
which banks are open for business in New York, New York and Tokyo, Japan. 
 “Company Board” means the board of directors
of the Company. 
 “Company Securities” means (i) any shares of capital stock or other equity interests of the Company
or of any of its Subsidiaries; (ii) any other securities of the Company or of any of its Subsidiaries granting voting rights; (iii) any warrants, options, convertible or exchangeable securities, subscriptions, calls or other rights
(including any preemptive or similar rights, but excluding any such rights granted pursuant to this Agreement) to subscribe for or purchase or acquire any of the securities described in the foregoing clauses (i) and (ii); or (iv) any
security, instrument or agreement granting economic rights based upon the value of, or the value of which is determined by reference to any of the securities described in the foregoing clauses (i) through (iii), regardless of whether such
security, instrument or agreement is or may be settled in securities, cash or other assets. 
 “Derivatives Contract” means
a contract between two parties (the “Benefiting Party” and the “Counterparty”) that is designed to produce economic benefits and risks to the Benefiting Party that correspond substantially to the ownership by the
Benefiting Party of a number of shares of Company Common Stock specified or referenced in such contract (the 

  
 2 

 
number corresponding to such economic benefits and risks, the “Notional Common Shares”), regardless of whether obligations under such contract are required or permitted to be
settled through the delivery of cash, shares of Company Common Stock or other property, without regard to any short position under the same or any other Derivative Contract. For the avoidance of doubt, interests in broad-based index options,
broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate Governmental Authority shall not be deemed to be Derivatives Contracts. 

“Domiciliary Regulators” means (i) the Director of the Nebraska Department of Insurance, (ii) the Superintendent of
the New York State Department of Financial Services, and (iii) the Commissioner of the Oklahoma Insurance Department; provided, if all United States insurance company Subsidiaries of the Company domiciled in any one of the foregoing states
redomesticate, merge or otherwise cease to exist as domestic insurers in such state, then the Commissioner, Superintendent or other insurance regulatory authority in such state shall no longer be a Domiciliary Regulator. 

“Emergency Arbitrator” means an emergency arbitrator appointed by the SIAC in accordance with the SIAC Rules, as specified in
Section 10.8. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Transferee” means (i) any Person who is a competitor of the Company or any of its Subsidiaries with respect to
the sale of cancer insurance or supplemental health care insurance, as set forth on a list provided by the Company to Japan Post prior to the date hereof, which may be periodically updated by the Company on a reasonable and good faith basis from
time to time using substantially the same criteria, or any of such Person’s Affiliates or (ii) any Activist Hedge Fund. 

“Governmental Authority” means any supranational, national, federal, state, provincial or local government, foreign or
domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry or other similar body exercising executive, legislative, judicial, regulatory or administrative authority or functions of or
pertaining to government, including any authority or other quasi-governmental entity established by any of the foregoing to perform any of such functions (including any national securities exchange or the equivalent) with relevant jurisdiction. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. 

“Japan-US Tax Treaty” means the Convention Between the Government of the United
States of America and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income as in effect on the date hereof and any successor convention. 

“Japan Post Investment Funds” means any investment funds, trusts (not including J&A Alliance Trust), pension or other
similar investment vehicles or accounts affiliated with, but not controlled by, Japan Post, or for the benefit or account of Affiliates of Japan Post but not controlled by Japan Post, solely to the extent that such investments are made in the
ordinary 

  
 3 

 
course and Japan Post does not have investment discretion to determine which securities or assets to purchase or sell on behalf of such vehicle or account or voting discretion with respect to
voting securities held by such vehicles or accounts. 
 “Law” means any federal, state, provincial, local, domestic or
foreign law, common law, ordinance, code, statute, rule or regulation of any Governmental Authority. 
 “Order” means any
order, decision, judgment, writ, injunction, decree, award or other determination of any Governmental Authority. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization, Governmental Authority or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“PII” means any information possessed by the Company, any of its Subsidiaries or any of its Affiliates with respect to any
customer, policyholder, employee or independent contractor of the Company’s U.S. business, which specifically identifies such individual Person, including any contact information (e.g., address, electronic mail address, phone number(s)),
Social Security Number, and financial account information of such Person; provided, however, that such Person’s name alone, without being presented, associated, or stored with any other identifying data element, shall not be deemed PII.

 “Pre-Issuance Ownership Percentage“ means J&A Alliance Trust’s
Beneficial Ownership, expressed as a percentage, of the outstanding shares of Company Common Stock as of immediately prior to the applicable issuance of New Securities. 

“Required Regulatory Approvals” means (i) the expiration of any applicable waiting period under the HSR Act,
(ii) the approval of the applicable Domiciliary Regulator of each respective Form A Filing, (iii) the approval of or confirmation or nondisapproval by the Japan Fair Trade Commission, (iv) notice to the Japanese Financial Services
Agency and (v) confirmation or nondisapproval by the Japanese Kanto Local Finance Bureau in connection with the transactions contemplated by this Agreement. 

“Restricted Period” means the period beginning on the date on which J&A Alliance Trust first acquires any shares of
Company Common Stock and ending on the earlier of (i) the date that is the fourth anniversary of the date on which J&A Alliance Trust first acquires 7% of the outstanding shares of Company Common Stock, (ii) the date that is the
fifth anniversary of the date on which J&A Alliance Trust first acquires 5% of the outstanding shares of Company Common Stock and (iii) the date that is the tenth anniversary of the date on which J&A Alliance Trust first acquires any
shares of Company Common Stock. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Standstill Period” means the period commencing on the date J&A Alliance Trust first acquires any shares of Company
Common Stock and ending on the date that the Standstill Restrictions terminate pursuant to Section 3.2. 

  
 4 

 “Subsidiary” means, as to any Person, any corporation or other entity of
which: (i) such Person, or a Subsidiary of such Person, is a general partner (if a limited partnership) or managing member (if an LLC) or; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary
voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries. 

Section 1.2    Additional Defined Terms. The following terms have the meanings set forth in the Sections set
forth below: 
  

					
	Term	  	Section	 
	 $
	  	 	1.3(a)	 
	 10-for-1
Voting
	  	 	6.3(b)	 
	 Acceptance Notice
	  	 	2.5(b)	 
	 Affiliate
	  	 	1.1	 
	 Aflac Japan
	  	 	Recitals	 
	 Agreement
	  	 	Preamble	 
	 Approved Tender Offer
	  	 	4.1(a)	 
	 Arbitral Tribunal
	  	 	10.8(b)	 
	 Basic Agreement
	  	 	Recitals	 
	 Beneficial Ownership
	  	 	1.1	 
	 Benefiting Party
	  	 	1.1	 
	 Board Change of Control
	  	 	3.2(e)	 
	 Business Combination
	  	 	4.1(a)	 
	 Business Day
	  	 	1.1	 
	 Change of Control
	  	 	3.2(e)	 
	 Company
	  	 	Preamble	 
	 Company Board
	  	 	1.1	 
	 Company Common Stock
	  	 	Recitals	 
	 Company SEC Documents
	  	 	7.1(f)	 
	 Company Securities
	  	 	1.1	 
	 Counterparty
	  	 	1.1	 
	 Daily Volume Limitation
	  	 	2.1(b)	 
	 Decision on Interim Relief
	  	 	10.8(b)	 
	 Domiciliary Regulatory
	  	 	1.1	 
	 Exchange Act
	  	 	1.1	 
	 Excluded Transferee
	  	 	1.1	 
	 Form A Filings
	  	 	8.1(b)	 
	 Fundamental Transaction
	  	 	3.2(b)	 
	 Governmental Authority
	  	 	1.1	 
	 HSR Act
	  	 	1.1	 
	 Interim Relief
	  	 	10.8(b)	 
	 J&A Alliance Trust
	  	 	Preamble	 
	 Japan-US Tax Treaty
	  	 	1.1	 
	 Japan Post
	  	 	Preamble	 
	 Japan Post Investment Funds
	  	 	1.1	 
	 Japan Post Parties
	  	 	Preamble	 

  
 5 

					
	 Law
	  	 	1.3(a), 1.1	 
	 Laws
	  	 	1.3(a)	 
	 New Securities
	  	 	2.5(a)	 
	 NYSE Rule
	  	 	2.5(a)	 
	 Optional Sale Exercise Notice
	  	 	4.4(b)(i)	 
	 Optional Sale Right
	  	 	4.4(a)	 
	 Optional Sale Shares
	  	 	4.4(a)	 
	 Order
	  	 	1.1	 
	 Outside Date
	  	 	8.1(a)	 
	 Ownership Cap
	  	 	2.2(a)	 
	 Parties
	  	 	Preamble	 
	 Party
	  	 	Preamble	 
	 Permitted Non-Public Transfer
	  	 	4.1(b)(i)	 
	 Permitted Public Transfer
	  	 	4.1(b)(ii)	 
	 Person
	  	 	1.1	 
	 PII
	  	 	1.1	 
	 Preemptive Rights Notice
	  	 	2.5(b)	 
	 Preemptive Rights Shares
	  	 	2.5(a)	 
	 Preferential Rate
	  	 	8.1(g)	 
	 Pre-Issuance Ownership Percentage
	  	 	1.1	 
	 Pre-Notice
	  	 	2.5(b)	 
	 Receiving Party
	  	 	8.6	 
	 Registration Statement
	  	 	5.1	 
	 Representatives
	  	 	8.6	 
	 Required Regulatory Approvals
	  	 	1.1	 
	 Restricted Period
	  	 	1.1	 
	 Rules
	  	 	10.8(b)	 
	 SEC
	  	 	2.2(b)	 
	 Securities Act
	  	 	1.1	 
	 SIAC
	  	 	10.8(b)	 
	 Standstill Restrictions
	  	 	3.1(l)	 
	 Subsequent Offering
	  	 	4.1(a)	 
	 Subsidiary
	  	 	1.1	 
	 Transfer
	  	 	4.1(a)	 
	 Trustee
	  	 	Preamble	 
	 Trustee Owner
	  	 	Preamble	 
	 U.S.
	  	 	1.3(a)	 
	 Voting Rights Cap
	  	 	2.2(a)	 

 Section 1.3    Interpretation and Construction. 

(a)    In this Agreement, except to the extent otherwise provided or that the context otherwise requires: (i) when a
reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference is to an Article or Section of, or a Schedule or Exhibit to, this Agreement; (ii) the table of contents and headings for this Agreement are for
reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; (iii) whenever the words “include,” “includes” or “including” are used in this Agreement, they 

  
 6 

 
are deemed to be followed by the words “without limitation”; (iv) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) the words “exceed”, “exceeding” and “excess” and words of similar import, when used in this Agreement
with respect to a number of shares of Company Common Stock, shall mean such number plus one additional share of Company Common Stock; (vi) terms defined in this Agreement have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto; (vii) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; (viii) references to a Person are also to its successors and permitted assigns;
(ix) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and (x) “$” refers to United States (“U.S.”) dollars. References to “Law”,
“Laws” or to a particular statute or Law shall be deemed also to include such Laws or statutes as such Laws or statutes are from time to time amended, modified or supplemented, including by succession of comparable successor Laws.

 (b)    Unless otherwise expressly stated herein, any reference to the Trustee in this Agreement shall be deemed to
refer to the Trustee acting in its capacity as trustee of J&A Alliance Trust and on behalf of J&A Alliance Trust. 

(c)    The Parties have participated jointly in the negotiation and drafting of this Agreement and the other agreements,
documents and instruments executed and delivered in connection herewith with counsel sophisticated in investment transactions. If an ambiguity or question of intent or interpretation arises, this Agreement and the agreements, documents and
instruments executed and delivered in connection herewith shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of
this Agreement and the agreements, documents and instruments executed and delivered in connection herewith. 
 ARTICLE II 

PURCHASE OF COMPANY COMMON STOCK 

Section 2.1    Purchase of Company Common Stock. 

(a)    Subject to the receipt of all of the Required Regulatory Approvals, the Trustee shall use commercially reasonable
efforts to acquire on behalf of J&A Alliance Trust, through open market or private block purchases in the U.S., within a period of twelve (12) months following the date on which J&A Alliance Trust first acquires any shares of Company
Common Stock, Beneficial Ownership of shares of Company Common Stock representing, in the aggregate, approximately 7% of the outstanding shares of Company Common Stock; provided, that, for the avoidance of doubt, the Trustee and/or J&A
Alliance Trust may, prior to obtaining all of the Required Regulatory Approvals, begin to purchase shares of Company Common Stock in an amount up to, but not exceeding, the amount of such shares J&A Alliance Trust may Beneficially Own under
applicable Law prior to receipt of the relevant Required Regulatory Approvals. 

  
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 (b)    Notwithstanding the foregoing, the Trustee shall not, on any
single day, purchase or otherwise acquire through open market purchases Beneficial Ownership of a number of shares of Company Common Stock that, in the aggregate, exceeds 15% of the average daily trading volume of shares of Company Common Stock on
the New York Stock Exchange during a period of thirty (30) trading days immediately preceding the date of such acquisition of shares of Company Common Stock (the “Daily Volume Limitation”). 

Section 2.2    Ownership of Company Common Stock. 

(a)    Subject to Section 4.3, J&A Alliance Trust shall not Beneficially Own shares of
Company Common Stock in excess of (i) 10% of the outstanding shares of Company Common Stock during the Restricted Period and (ii) after the expiration of the Restricted Period, the greater of (A) 10% of the outstanding shares of Company Common
Stock and (B) shares of Company Common Stock representing 22.5% of the aggregate voting rights of the outstanding shares of Company Common Stock as of the record date of the most recent annual or special meeting of the shareholders of the
Company (the “Voting Rights Cap” and, in each case of Clauses (i) and (ii), the “Ownership Cap”); provided, however, that, if, following the expiration of the Restricted Period, J&A Alliance
Trust Transfers a number of shares of Company Common Stock resulting in its Beneficial Ownership of shares of Company Common Stock being less than 6% of the outstanding shares of Company Common Stock, then the Ownership Cap shall thereafter be 10%
of the outstanding shares of Company Common Stock; provided, further, that, for the avoidance of doubt, the foregoing proviso shall not apply in the event that J&A Alliance Trust’s Beneficial Ownership of shares of Company
Common Stock falls below 6% of the outstanding shares of Company Common Stock as a result of dilutive issuances of shares of Company Common Stock by the Company. 

(b)    For purposes of this Agreement, unless otherwise expressly stated herein, all determinations of the amount of
outstanding shares of Company Common Stock shall be based on information set forth in the most recent quarterly or annual report, or the most recent applicable current report subsequent thereto, filed by the Company with, or furnished by the Company
to, the U.S. Securities and Exchange Commission (the “SEC”), unless the Company shall have updated such information by delivery of written notice to Japan Post, the Trustee or J&A Alliance Trust. 

(c)    For purposes of this Agreement, unless otherwise expressly stated herein, all determinations of the amount or
percentage of J&A Alliance Trust’s voting rights with respect to the Company Common Stock shall be based on the information provided pursuant to Section 6.3(b)(ii) in the Company’s most recent Form 8-K. 
 (d)    The shares of Company Common Stock acquired by or on behalf of J&A
Alliance Trust shall be recorded as directly registered shares held by the Trustee in its capacity as trustee of J&A Alliance Trust on the share register of the Company. Neither Japan Post nor any of its controlled Affiliates, other than Japan
Post Investment Funds, shall at any time Beneficially Own any shares of Company Common Stock other than as the settlor or beneficiary of J&A Alliance Trust in accordance with the terms of the Trust Agreement; provided that, for the
avoidance of doubt, for purposes of this Section 2.2(d), none of J&A Alliance Trust, the Trustee and the Trustee Owner shall be deemed controlled “Affiliates” of Japan Post. 

  
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 (e)    The Japan Post Parties shall cause any shares of Company Common
Stock acquired by or on behalf of J&A Alliance Trust through a broker to be transferred into the Trustee’s name, in its capacity as trustee of the J&A Alliance Trust, and recorded as directly registered shares held by the Trustee in its
capacity as trustee of the J&A Alliance Trust on the books of the Company within ten (10) Business Days of such acquisition and the Trustee shall maintain such direct registration until any such shares are Transferred in accordance with
this Agreement. The Company shall take all action necessary to cause the Company’s transfer agent to accept such Company Common Stock and register them in the name of the Trustee, in its capacity as trustee of the J&A Alliance Trust and to
facilitate any Transfer through facilities of The Depository Trust Company. 
 Section 2.3    Securities
Laws. Each of the Japan Post Parties shall, in the course of the Trustee’s or J&A Alliance Trust’s acquisition of any shares of Company Common Stock, comply with all applicable Laws, including pursuant to Section 13(d) of the
Exchange Act and the Financial Instruments and Exchange Act of Japan; provided, that the Japan Post Parties shall use their reasonable best efforts to provide drafts to the Company, in the case of United States filings and submissions, and to
Aflac Japan, in the case of Japanese filings and submissions, of any filing to be made with, or written materials to be submitted to, any Governmental Authority in compliance with such applicable Laws in connection with the Trustee’s or J&A
Alliance Trust’s acquisition of any shares of Company Common Stock, and the Japan Post Parties shall consider in good faith any comments or views of the Company thereon; provided, however, that such obligation shall not extend to
communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily related to other matters, or (ii) reasonably expected in the course of ordinary regulatory interaction or required by such
Japanese Governmental Authority to remain confidential. 
 Section 2.4    Acquisition Notice. As promptly as
reasonably practicable following the end of each calendar month during which J&A Alliance Trust acquires Beneficial Ownership of any shares of Company Common Stock, Japan Post shall notify the Company in writing of the number of shares of
Company Common Stock so acquired during such month. 
 Section 2.5    Preemptive Rights. 

(a)    If the Company proposes to issue any shares of Company Common Stock (including issuances of shares of Company Common
Stock pursuant to exchangeable or convertible securities of the Company or other securities exercisable for shares of Company Common Stock (upon exercise or in accordance with the terms thereof)) or any other Company Securities carrying voting
rights that are entitled to vote together with Company Common Stock (collectively, “New Securities”), the Trustee shall have the right to purchase, and J&A Alliance Trust shall have the right to acquire, up to such number of
shares of Company Common Stock that would allow J&A Alliance Trust to maintain Beneficial Ownership of the issued and outstanding shares of Company Common Stock, after giving effect to the issuance of the applicable New Securities, that is no
less than J&A Alliance Trust’s Pre-Issuance Ownership Percentage (such shares, the “Preemptive Rights Shares”); provided, however, that (subject to
Section 2.5(g), below) the Trustee shall not have this purchase right, and J&A Alliance Trust shall not have this acquisition right, to the extent that an issuance of the Preemptive Rights Shares to J&A Alliance
Trust would require approval of the shareholders of the Company 

  
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pursuant to Rule 312 of the New York Stock Exchange Listed Company Manual or any successor rule thereof (the “NYSE Rule”), unless such shareholder approval is obtained.
Notwithstanding the foregoing, to the extent the Company issues securities, other than Company Common Stock, that are exchangeable for, or convertible into, or otherwise exercisable for, shares of Company Common Stock, the Trustee shall only be
entitled to exercise its right to purchase Preemptive Rights Shares pursuant to this Section 2.5 concurrently with, or as promptly as practicable following, the issuance of the shares of Company Common Stock underlying such
securities. 
 (b)    In the case of an issuance of New Securities which are exchangeable for, or convertible into, or
otherwise exercisable for, shares of Company Common Stock, the Company shall, prior to or concurrently with such issuance of New Securities, deliver a written notice to the Trustee (the
“Pre-Notice”) (i) stating the Company’s intention to issue such securities, (ii) stating the amount of such securities that the Company proposes to issue in the aggregate and,
correspondingly, the number of Preemptive Rights Shares that the Trustee could be entitled to purchase and J&A Alliance Trust could be entitled to acquire in the future, (iii) informing the Trustee that it may have a future right to elect
to purchase such Preemptive Rights Shares, which right shall be exercisable upon delivery of a Preemptive Rights Notice (defined below) and (iv) stating the price of such Preemptive Rights Shares based on the issuance price of such New
Securities (or if such prices are not clearly identifiable, the formula for determining the price upon exchange, conversion or exercise or, if no such formula is available, such effective price per share as is reasonably determined by the Company in
good faith). The Company shall provide the right contemplated by Section 2.5(a) to the Trustee and J&A Alliance Trust by delivering a written notice to the Trustee (the “Preemptive Rights Notice”)
stating (i) in the case of an issuance of Company Common Shares, (x) the Company’s intention to issue New Securities, (y) the amount of such New Securities that the Company proposes to issue in the aggregate and, correspondingly,
the number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire and (z) the price of such New Securities (or (1) if such prices are not clearly identifiable, such effective
price per share as is reasonably determined by the Company in good faith or (2) in the case of issuances of restricted stock, the fair market value of such restricted stock as determined by the Company in the ordinary course in connection with
such issuance) and (ii) in the case of an issuance of Company Common Stock upon the exchange, conversion, or exercise of New Securities described in a Pre-Notice, the amount of such securities that will
or have been exchanged, converted or exercised for Company Common Stock and the resulting number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire. Within ten (10) Business
Days following the delivery of the Preemptive Rights Notice by the Company to the Trustee, the Trustee may, by delivery of a written notice of acceptance to the Company (the “Acceptance Notice”), elect to purchase all, or any
portion, of the Preemptive Rights Shares that the Trustee is then entitled to purchase and J&A Alliance Trust is then entitled to acquire pursuant to this Section 2.5 for the price (or the price determined by
application of any applicable formula) indicated in the Pre-Notice or the Preemptive Rights Notice, as applicable. The delivery of the Acceptance Notice shall be evidence of the Trustee’s irrevocable
commitment to purchase the number of Preemptive Rights Shares indicated in the Acceptance Notice for the price indicated in the Pre-Notice or the Preemptive Rights Notice, as applicable, and the consummation
of the sale and purchase of the Preemptive Rights Shares shall occur concurrently with or as promptly as practicable following the Company’s issuance of the corresponding New Securities. 

  
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 (c)    Notwithstanding anything in this
Section 2.5 to the contrary, if the amount of New Securities to be issued is for any reason less than the amount that was initially proposed to be issued as indicated in the Preemptive Rights Notice, the Company may
(whether before or after the Trustee has delivered an Acceptance Notice to the Company) decrease the number of Preemptive Rights Shares that the Trustee is entitled to purchase and J&A Alliance Trust is entitled to acquire pursuant to this
Section 2.5 to an amount not less than the amount necessary to allow J&A Alliance Trust to maintain (but not exceed) its Pre-Issuance Ownership Percentage after giving effect to
the issuance of the applicable New Securities. 
 (d)    Notwithstanding anything in this
Section 2.5 to the contrary, if the amount of New Securities to be issued is for any reason greater than the amount that was initially proposed to be issued as indicated in the Preemptive Rights Notice, the Trustee may, by
delivery of an Acceptance Notice (whether or not the Trustee has previously delivered an Acceptance Notice to the Company), increase the number of Preemptive Rights Shares it elects to purchase and J&A Alliance Trust elects to acquire pursuant
to this Section 2.5 to an amount not less than the amount necessary to allow J&A Alliance Trust to maintain (but not exceed) its Pre-Issuance Ownership Percentage after giving
effect to the issuance of the applicable New Securities. 
 (e)    Notwithstanding anything in this
Section 2.5 to the contrary, Section 2.5(a) shall not apply, and the Company shall have no obligation to sell, and the Trustee shall have no right to purchase from the Company and J&A Alliance
Trust shall have no right to acquire, any shares of Company Common Stock or any other securities of the Company, if the Company proposes to issue New Securities: 

(i)    pursuant to any employee benefits or other compensation plan approved by the Board and the
shareholders of the Company; 
 (ii)    in connection with any acquisition by the Company, whether by
merger, consolidation, acquisition of assets, sale or exchange of stock, other business combination or otherwise, in each case, pursuant to which any such New Securities are being issued as consideration therefor; 

(iii)    upon any stock dividend, stock split or other pro rata distribution, subdivision or combination of
securities or other recapitalization of the Company; 
 (iv)    pursuant to any direct stock purchase and
dividend reinvestment plan (or any similar successor plan) of the Company; or 
 (v)    pursuant to the
terms of a “poison pill” or other similar shareholder rights plan approved by the Board. 
 (f)    Upon the
Company’s issuance of any Preemptive Rights Shares, such Preemptive Rights Shares shall be (i) validly issued, fully paid and nonassessable and (ii) duly authorized by all necessary corporate action of the Company. 

  
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 (g)    In the event that the Company proposes an issuance of New
Securities and the full number of Preemptive Rights Shares that would be issued to the Trustee and J&A Alliance Trust pursuant to Section 2.5(a) in connection with such issuance of New Securities would exceed the amount
that the Company could issue to the Trustee and J&A Alliance Trust without shareholder approval pursuant to the NYSE Rule (a “Shareholder Approval Issuance”), the Company shall use its reasonable best efforts to obtain approval
for such Preemptive Rights Shares by the shareholders of the Company for the issuance to J&A Alliance Trust of the Preemptive Rights Shares (it being understood that no Shareholder Approval Issuance will be conditioned on the receipt of approval
for issuance to J&A Alliance Trust of the applicable Preemptive Rights Shares); provided, that, if shareholder approval of the issuance to J&A Alliance Trust is not obtained, the applicable number of Preemptive Rights Shares shall
automatically be decreased to one share of Company Common Stock less than as would require shareholder approval pursuant to the NYSE Rule. 

ARTICLE III 
 STANDSTILL

 Section 3.1    Standstill. During the Standstill Period, except with the prior written consent of, or
waiver by, the Company or otherwise pursuant to approval by the Company Board, none of the Japan Post Parties shall, or shall permit any of its controlled Affiliates, other than Japan Post Investment Funds, to, directly or indirectly, alone or in
concert with any Person, solicit, encourage, participate in or facilitate, or enter into any agreement, arrangement or understanding with, any Person in connection with, or engage in: 

(a)    the acquisition of, or the obtaining (other than as a result of acts or omissions taken solely by (i) the
Company, such as share repurchases, or (ii) any third party, such as Transfers of shares resulting in the loss of voting rights) of any economic interest in, any right to direct the voting or disposition of, or any other right with respect to,
any securities of the Company (including shares of Company Common Stock or other Company Securities) in excess of the Ownership Cap or other obligations or any assets of the Company or any of its Subsidiaries; 

(b)    any tender or exchange offer for securities of the Company (including shares of Company Common Stock or other
Company Securities) or any of its Subsidiaries, or any merger, consolidation, business combination or acquisition or disposition of all or substantially all assets of the Company or any of its Subsidiaries, other than by the Trustee voting J&A
Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1; 

(c)    solicit or support any offers to acquire the Company, other than by the Trustee voting J&A Alliance
Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1; 

(d)    any other actions that would, or would reasonably be expected to, result in, or lead to, a Change of Control, other
than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1; 

  
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 (e)    any recapitalization, restructuring, liquidation, dissolution or
other similar extraordinary transaction with respect to the Company or any of its Subsidiaries; 
 (f)    forming,
joining or in any way participating in a “partnership, limited partnership, syndicate, or other group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) for purposes of acquiring, holding, voting or
disposing of any securities of the Company; 
 (g)    disposition of any shares of Company Common Stock in response to
an unsolicited tender or exchange offer for securities of the Company or other proposed offer or business combination, except as otherwise permitted by Section 4.1; 

(h)     the nomination for election, or election, of any individual as a director of the Company or any Affiliate of the
Company, or the proposal, formally or informally, of any individual as a director of the Company or any Affiliate of the Company, other than by (i) the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance
with, or as permitted by, Section 6.1 or (ii) recommending to the Corporate Governance Committee of the Company Board a candidate for nomination as a director of the Company in accordance with the procedures set forth
in the Company’s most recent proxy statement on Schedule 14A filed with the SEC related to an annual meeting of the Company’s shareholders; 

(i)    any other action or activity in support of controlling or changing the Company Board, other than by the Trustee
voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1; 

(j)    any proposal or action in respect of the Company by any Activist Hedge Fund to change or influence the business,
operations, governance, plans or direction of the Company, other than by the Trustee voting J&A Alliance Trust’s shares of Company Common Stock in accordance with, or as permitted by, Section 6.1; 

(k)    a public announcement regarding any of the types of matters set forth in this Section 3.1
or any action (including any public announcement or communication with or to the Company) that would reasonably be expected to require the Company to make a public announcement regarding any of the types of matters set forth in this
Section 3.1; or 
 (l)    any act or proposal to seek to amend or obtain a waiver of any of
the foregoing (the restrictions set forth in the foregoing clauses (a) through (l), the “Standstill Restrictions”); 

provided, that none of the Standstill Restrictions shall prevent, restrict, encumber or limit in any manner the Japan Post Parties or any of their
controlled Affiliates from exercising their respective rights, performing their respective obligations or otherwise consummating the transactions contemplated by this Agreement (including the right of J&A Alliance Trust to acquire, vote,
Beneficially Own or Transfer shares of Company Common Stock) or the Basic Agreement, in each case, in accordance with the terms and provisions hereof and thereof. 

  
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 Section 3.2    Standstill Fall-Away. The Standstill
Restrictions shall terminate upon the occurrence of any of the following events: 
 (a)    any Person is or becomes the
Beneficial Owner, directly or indirectly, of voting securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities; 

(b)    the Company consummates a merger, consolidation, share exchange or other similar transaction (a
“Fundamental Transaction”) with any other Person, other than a Fundamental Transaction in which the voting securities of the Company that are outstanding immediately prior to such Fundamental Transaction continue to represent
(either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) at least a majority of the combined voting power immediately after such Fundamental Transaction of (i) the Company’s
outstanding securities or (ii) the surviving or parent entity’s outstanding securities; 
 (c)    the security
holders of the Company approve a plan of complete liquidation or winding-up of the Company; 

(d)    the sale or disposition (in one transaction or a series of related transactions) of all or substantially all of the
Company’s assets is consummated; or 
 (e)    a change of a majority of the membership of the Company Board
(excluding any change approved by a majority of the directors serving on the Company Board prior to such change) (a “Board Change of Control”) (each event set forth in the foregoing clauses (a) through (e) occurring after the
date of this Agreement, with respect to the Company, shall constitute a “Change of Control”). 
 ARTICLE IV 

TRANSFERS 

Section 4.1    Transfer Restrictions. 

(a)    Without the Company’s prior written consent, which consent shall not be unreasonably withheld, the Trustee
shall not, and shall cause J&A Alliance Trust not to, directly or indirectly, sell, transfer, assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of (whether by operation of law or otherwise) (each, a
“Transfer”) any Company Securities or any right, title or interest therein or thereto; provided, however, that the Trustee and J&A Alliance Trust may, subject to Section 4.1(b), without
the Company’s prior written consent, Transfer Company Securities (i) at any time during the Restricted Period to the extent that J&A Alliance Trust would, after giving effect to such Transfer, maintain Beneficial Ownership and record
ownership of at least 7% of the outstanding shares of Company Common Stock, (ii) at any time during the Restricted Period if the Basic Agreement has been previously terminated in accordance with its terms (unless the Basic Agreement was
terminated pursuant to Section 1(2) of Article 9 thereof as a result of Japan Post’s non-performance thereunder), (iii) at any time after the Restricted Period, (iv) at any time pursuant to an
Approved Tender Offer or a Subsequent Offering (each as hereinafter defined) or (v) at any time following a Change of Control; provided, further, that, for the avoidance of doubt, a merger, amalgamation, plan of arrangement or
consolidation or similar business combination transaction (“Business  

  
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Combination” in which Japan Post is a constituent corporation (or otherwise a party including, for the avoidance of doubt, a transaction pursuant to which a Person acquires all or a
portion of Japan Post, whether by tender or exchange offer, by share exchange, or otherwise) shall not be deemed to be a “Transfer” of any Company Securities or any right, title or interest therein or thereto. For purposes of this
Agreement: “Approved Tender Offer” shall mean a tender offer or Business Combination relating to outstanding shares of Company Common Stock that has been approved or recommended by the Company Board; and “Subsequent
Offering” shall mean any subsequent offering period of a completed tender offer for at least a majority of the outstanding shares of Company Common Stock by any third party so long as a majority of the outstanding shares of Company Common
Stock have been previously tendered to such third party and are not subject to withdrawal. For the avoidance of doubt, Japan Post shall have the right to pledge its beneficial interest in J&A Alliance Trust to a controlled Affiliate in
connection with any financing related to the purchase of Company Common Stock, subject to any applicable regulatory requirements and such pledgee agreeing to be fully bound by all of the terms and conditions of this Agreement and the Trust Agreement
in the event that such pledgee forecloses on its lien on such beneficial interest in J&A Alliance Trust. 

(b)    In respect of any Transfer permitted by clauses (i), (ii) or (iii) of
Section 4.1(a), such Transfer shall: 
 (i)    not involve any block trade
to an Excluded Transferee or that would result in a Transfer by the Trustee or J&A Alliance Trust of Company Securities (on a fully-diluted basis) representing more than 4% of the outstanding shares of Company Common Stock to any Person and its
Affiliates or any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) (a “Permitted Non-Public Transfer”); or 

(ii)    subject to Section 4.2, be to the general public that is effected through
a public stock exchange or electronic market based within the U.S. pursuant to (A) Rule 144 (if then applicable) or under any successor rule thereof under the Securities Act or (B) the Registration Statement (a “Permitted Public
Transfer”). 
 Section 4.2    Volume Limitation. Notwithstanding anything in this Article IV
to the contrary, J&A Alliance Trust shall not, without the Company’s prior written consent, Transfer pursuant to a Permitted Public Transfer, on any single day, a number of shares of Company Common Stock that, in the aggregate, exceeds the
Daily Volume Limitation. 
 Section 4.3    Mandatory Transfers. If, at any time, including as a result of
any share repurchase program or self-tender or otherwise, J&A Alliance Trust Beneficially Owns shares of Company Common Stock in excess of the Ownership Cap, then the Trustee shall use its reasonable best efforts, or use its reasonable best
efforts to cause J&A Alliance Trust, to within ninety (90) days of first obtaining knowledge that J&A Alliance Trust’s Beneficial Ownership of shares of Company Common Stock exceeds the Ownership Cap, Transfer such number of shares
of Company Common Stock pursuant to Permitted Non-Public Transfers or Permitted Public Transfers as shall be necessary to reduce J&A Alliance Trust’s Beneficial Ownership and the Trustee’s (in
its capacity as trustee of J&A Alliance Trust) record ownership of shares of Company Common Stock to the Ownership Cap, subject to all of the terms and conditions of this Article IV; provided that the provision in
Section 4.2 shall not apply to any such Transfer. 

  
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 Notwithstanding the foregoing, from and after the Restricted Period and in the event that the Voting Rights
Cap is applicable, any Transfer required pursuant to this Section 4.3 shall be subject to the Company’s first providing written notice to J&A Alliance Trust setting forth, to the knowledge of the Company, J&A
Alliance Trust’s Beneficial Ownership of shares of Company Common Stock in excess of the Ownership Cap, including the basis of such determination, and a ten (10) Business Day period following the date of such notice during which the
Trustee and J&A Alliance Trust may dispute the Company’s assertion that the Ownership Cap has been exceeded by presenting evidence to the Company to the contrary, which the Company shall consider in good faith, and if at the end of such ten
(10) Business Day period, the Trustee and J&A Alliance Trust have not presented any such evidence or after the presentation of any such evidence, the Company reaffirms by written notice to the Trustee that J&A Alliance Trust
Beneficially Owns shares of Company Common Stock in excess of the Ownership Cap, the Trustee shall, and shall cause J&A Alliance Trust to, Transfer such shares of Company Common Stock as required by this Section 4.3
(provided, that the ninety (90)-day Transfer period set forth in this Section 4.3 shall begin on the date of such subsequent written notice). 

Section 4.4    Optional Sale Right. 

(a)    In the event that the Basic Agreement has been terminated in accordance with its terms (unless the Basic Agreement
was terminated pursuant to Section 1(2) of Article 9 thereof as a result of the Company’s or Aflac Japan’s non-performance thereunder), the Company shall have the right, but not the obligation
(the “Optional Sale Right”), to require the Trustee to Transfer all of J&A Alliance Trust’s shares of Company Common Stock in excess of 4% of the outstanding shares of Company Common Stock (such number of shares of Company
Common Stock, the “Optional Sale Shares”) in accordance with Section 4.4(b) and subject to all of the terms and conditions of Article IV. 

(b)    Optional Sale Procedures. 

(i)    If the Company desires to require the Trustee to Transfer J&A Alliance Trust’s Optional
Sale Shares pursuant to the Optional Sale Right, the Company shall deliver to the Trustee a written notice (the “Optional Sale Exercise Notice”) within ten (10) Business Days following the termination of the Basic Agreement
exercising the Optional Sale Right and specifying the number of Optional Sale Shares. Delivery of the Optional Sale Exercise Notice shall be deemed a waiver of the provisions of Section 4.2 with respect to the Optional Sale
Shares. 
 (ii)    The Japan Post Parties shall use their reasonable best efforts to cause all of the
Optional Sale Shares to be Transferred within a period of twelve (12) months following receipt by the Trustee of the Optional Sale Exercise Notice pursuant to Permitted Public Transfers or Permitted
Non-Public Transfers. 

  
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 ARTICLE V 

REGISTRATION RIGHTS 

Section 5.1    Registration Rights. Not later than the Outside Date, the Company shall file a shelf
registration statement on Form S-3 (the “Registration Statement”) registering the resale of Company Common Stock held by J&A Alliance Trust and cause it to become effective and remain
effective, including through the filing of a subsequent Form S-3 if such initial filing has expired, until such time as J&A Alliance Trust no longer holds any shares of Company Common Stock. Sales under
the Registration Statement will be subject to the Company’s blackout periods set forth in the Company’s insider trading policy or otherwise implemented by the Company with respect to all persons subject to the Company’s insider
trading policy by written notice to the Japan Post Parties. For the avoidance of doubt, (i) the Company will not be required to cooperate or otherwise facilitate an underwritten offering by Japan Post unless requested by Japan Post in order to
comply with the provisions of Section 4.4 and Section 8.1(a) hereof and (ii) the Registration Statement shall be in the form determined by the Company; provided that the Company shall
provide Japan Post with a draft of such Registration Statement and any amendment thereto prior to the filing thereof, and shall include in such Registration Statement a “Plan of Distribution” section as provided by Japan Post. Any filing
fees or reasonable and documented out-of-pocket expenses (excluding legal and accounting fees incurred in connection with the initial filing of the Registration
Statement) incurred by the Company in connection with the Registration Statement and reasonably attributable to the Japan Post Parties will be reimbursed by Japan Post. 

ARTICLE VI 
 GOVERNANCE
AND INVESTOR RIGHTS 
 Section 6.1    Voting Agreement. 

(a)    The Trustee shall cause each of the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust to
be present in person or represented by proxy at any meeting of the shareholders of the Company for the purpose of determining the presence of a quorum at such meeting. 

(b)    The Trustee shall at all times vote the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust
with respect to any action, proposal or matter to be voted on by the shareholders of the Company (including through action by written consent), including the election or removal of any director of the Company Board, in a manner consistent with the
spirit of the strategic alliance contemplated by the Basic Agreement and with due regard to the views and recommendations of the Company Board. 

(c)    Notwithstanding Section 6.1(b), the Trustee shall (i) with respect to any shares of
Company Common Stock Beneficially Owned by J&A Alliance Trust representing voting rights exceeding 20% of the aggregate voting rights represented by the outstanding shares of Company Common Stock, vote such excess shares of Company Common Stock,
in connection with any action, proposal or matter to be voted on by the shareholders of the 

  
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Company (including through action by written consent), and (ii) solely in connection with any Change of Control transaction other than a Board Change of Control, vote all of the shares of
Company Common Stock Beneficially Owned by J&A Alliance Trust, in each case of clauses (i) and (ii), in a manner proportionally equal to the vote of shares of Company Common Stock not Beneficially Owned by J&A Alliance Trust;
provided, that, for the avoidance of doubt, the Trustee shall have the right to vote all of the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust representing up to, but not exceeding, 20% of the aggregate voting
rights represented by the outstanding shares of Company Common Stock with respect to the election or removal of any director of the Company Board (including pursuant to a Board Change of Control), in its sole discretion. 

(d)    Without the prior written consent of the Company, none of J&A Alliance Trust, the Trustee, Japan Post or any
Subsidiary of Japan Post, other than Japan Post Investment Funds, shall participate in any contested solicitation by a third party of any proxy or other authority to vote shares of Company Common Stock in support of a resolution seeking the removal
or election of any director of the Company Board or the governing bodies of any of its Subsidiaries. 

(e)    Notwithstanding the foregoing and for the avoidance of doubt, nothing in this Section 6.1
shall be interpreted so as to limit the Trustee’s right to vote at least the lesser of the (i) number of shares of Company Common Stock representing 10% of the aggregate voting rights represented by the outstanding shares of Company Common
Stock and (ii) number of shares of Company Common Stock then Beneficially Owned by J&A Alliance Trust, in each case, with respect to the election or removal of any director of the Company Board. 

Section 6.2    Voting Agreement Fall-Away. The voting agreement provisions set forth in
Section 6.1 shall terminate upon the termination of the Standstill Restrictions pursuant to Section 3.2. 

Section 6.3    Information Rights. 

(a)    If, at any time on or after the record date for the first annual or special meeting of the Company’s
shareholders that is at least 48 months after the date on which J&A Alliance Trust first acquires Beneficial Ownership of more than 7% of the outstanding shares of Company Common Stock, based on information reasonably available to the Company,
the shares of Company Common Stock Beneficially Owned by J&A Alliance Trust are reasonably expected to represent voting rights of less than 20% of the aggregate voting rights represented by the outstanding shares of Company Common Stock, then
the Company shall promptly inform Japan Post by written notice. 
 (b)    In furtherance of and without limiting the
foregoing, the Company shall (i) following the written request of Japan Post (which request shall not be made more frequently than quarterly), promptly provide Japan Post the total number of outstanding shares of Company Common Stock entitled
to vote, the number of shares of Company Common Stock directly registered with the Company under the name of the Trustee (in its capacity as trustee of J&A Alliance Trust), and the total number of direct registered shares of Company Common Stock
that would be entitled to ten (10) votes per share pursuant to the Company’s articles of incorporation 

  
 18 

 
(“10-for-1 Voting”) on such date, and (ii) include within the Company’s Form 8-K announcing the results of any matter submitted to a vote of holders of Company Common Stock after any annual or special meeting of the Company’s shareholders, the total number of shares
of Company Common Stock entitled to vote, the total number of votes cast at such meeting by the shareholders of the Company (including pursuant to 10-for-1 Voting), the
total number of direct registered shares of Company Common Stock that were entitled to 10-for-1 Voting at such meeting, and the total number of shares of Company Common
Stock that were not directly registered with the Company and that claimed 10-for-1 Voting in connection with such meeting; provided, that, for the avoidance of
doubt, any information provided by the Company to Japan Post pursuant to Section 6.3(b)(i) shall be subject to Section 8.6. 

ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

Section 7.1    Representations and Warranties of the Company. The Company represents and warrants to the Japan
Post Parties that as of the date of this Agreement (except as otherwise expressly set forth below): 
 (a)    The
Company (i) is duly organized, validly existing and in good standing under the Laws of the State of Georgia, (ii) has all requisite corporate power and authority and the legal right to make, deliver and perform this Agreement and
(iii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement. 

(b)    This Agreement has been duly executed and delivered by or on behalf of the Company. This Agreement constitutes a
legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Law relating to or
affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law). 

(c)    As of December 19, 2018, no consent, approval or authorization of, filing with, notice to, or other act by or
in respect of any Governmental Authority was required by or on behalf of the Company or any of its Affiliates in connection with the execution, delivery and performance of this Agreement, except for any consents, approvals, authorizations, filings
or notices in connection with the Required Regulatory Approvals. 
 (d)    The execution and delivery of this Agreement,
and, assuming all Required Regulatory Approvals have been obtained, the performance by the Company of this Agreement and the consummation of the transactions contemplated by this Agreement, do not and will not (i) violate, conflict with or
result in the breach of the articles of incorporation or bylaws of the Company, (ii) as of December 19, 2018, in any material respect conflict with or violate any Law or Order applicable to the Company or its business or
(iii) conflict with, result in any violation or breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent, approval, authorization or other action by,
or notification to, any third party under, or give to others any rights of termination, amendment, withdrawal, first refusal, first offer, acceleration, suspension, revocation or cancellation of, any material note, bond, mortgage or indenture,
contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which the Company is a party. 

  
 19 

 (e)    As of December 19, 2018, no action, suit, proceeding or
governmental investigation was pending or, to the knowledge of the Company, threatened against the Company at law or in equity or before any Governmental Authority that seeks to delay or prevent the execution, delivery or performance of this
Agreement. 
 (f)    None of the reports, schedules, forms, statements and other documents required to be filed or
furnished by the Company with the SEC since January 1, 2016 (collectively, together with any exhibits and schedules thereto and other information incorporated therein, the “Company SEC Documents”), at the time filed or, if
amended or superseded by a subsequent filing, as of the date of the last such amendment or superseding filing, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (g)    All
of the information contained in the Company management presentation held on November 28, 2018 (EST) is true and correct in all material respects. 

(h)    Except for the representations and warranties contained in this Section 7.1, neither the
Company nor any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Company, including any representation or warranty as to the future revenue, profitability or success of
the Company, or any representation or warranty arising from statute or otherwise in Law. 

Section 7.2    Representations and Warranties of the Japan Post Parties. The Japan Post Parties jointly and
severally represent and warrant to the Company as of the date of this Agreement (except as otherwise expressly set forth below): 

(a)    Each Japan Post Party and the J&A Alliance Trust (i) is duly organized, validly existing and in good
standing under the Laws of the jurisdiction of its organization (to the extent such concepts are applicable to the relevant Japan Post Party in the relevant jurisdiction or organization), (ii) has all requisite corporate, trust or association power
and authority and the legal right to make, deliver and perform this Agreement and (iii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement. 

(b)    This Agreement has been duly executed and delivered by or on behalf of each Japan Post Party. This Agreement
constitutes a legal, valid and binding obligation of each Japan Post Party enforceable against such Japan Post Party in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar Law relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law). 

(c)    As of December 19, 2018, no consent, approval or authorization of, filing with, notice to, or other act by or
in respect of any Governmental Authority was required by or on behalf of J&A Alliance Trust, any Japan Post Party or any of its Affiliates in connection with the execution, delivery and performance of this Agreement, except for any consents,
approvals, authorizations, filings or notices in connection with the Required Regulatory Approvals. 

  
 20 

 (d)    The execution and delivery of this Agreement and, assuming all
Required Regulatory Approvals have been obtained, the performance by each Japan Post Party of this Agreement and the consummation of the transactions contemplated by this Agreement, do not and will not (i) violate, conflict with or result in
the breach of the certificate of incorporation or bylaws or similar organizational or constitutional documents of such Japan Post Party or J&A Alliance Trust, (ii) as of December 19, 2018, in any material respect conflict with or
violate any Law or Order applicable to such Japan Post Party, J&A Alliance Trust or the Japan Post Parties’ business or (iii) conflict with, result in any violation or breach of, constitute a default (or event which with the giving of
notice or lapse of time, or both, would become a default) under, require any consent, approval, authorization or other action by, or notification to, any third party under, or give to others any rights of termination, amendment, withdrawal, first
refusal, first offer, acceleration, suspension, revocation or cancellation of, any material note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which such Japan
Post Party or J&A Alliance Trust is a party. 
 (e)    As of December 19, 2018, no action, suit, proceeding or
governmental investigation was pending or, to the knowledge of any Japan Post Party, threatened against any Japan Post Party or J&A Alliance Trust at law or in equity or before any Governmental Authority that seeks to delay or prevent the
execution, delivery or performance of this Agreement. 
 (f)    Other than Company Securities held by Japan Post
Investment Funds, none of J&A Alliance Trust, the Japan Post Parties or any of their respective Affiliates Beneficially Own any shares of Company Common Stock or other Company Securities, or is a party to any contract, other arrangement or
understanding (whether written or oral) (other than this Agreement and the Trust Agreement) for the purpose of acquiring, holding, voting or disposing of any shares of Company Common Stock or other Company Securities. 

ARTICLE VIII 

COVENANTS; COMMITMENTS 

Section 8.1    Regulatory Matters. 

(a)    Subject to the terms and conditions of this Agreement, each Party agrees to use, and shall cause each of its
controlled Affiliates to use, its reasonable best efforts to exercise all such powers and take, or cause to be taken, all such steps and actions and do, or cause to be done, all such things, and to assist and cooperate with the other Parties in
doing all such things, in each case, reasonably necessary, proper or advisable, in order to (i) obtain, or cause to be obtained, the Required Regulatory Approvals and any other consents, approvals, confirmations or authorizations required by
any Governmental Authority, as soon as reasonably practicable and in any event by the one year anniversary of the date on which J&A Alliance Trust first acquires any shares of Company Common Stock (such date, the “Outside Date”)
and (ii) ensure that neither Japan Post nor the Government of Japan, directly or indirectly, owns or 

  
 21 

 
controls the Company or any of its U.S. insurance company Subsidiaries for U.S. insurance Law purposes. For the avoidance of doubt, no Party shall be considered to be in breach of this provision
as a result of the failure to take any action with respect to any regulatory requirement, condition, request or approval that would be reasonably likely to (i) conflict with the requirements of another applicable insurance regulator of the
Company or any of its U.S. insurance company Subsidiaries or (ii) cause the Company or any of its U.S. insurance company Subsidiaries to be in breach of any applicable U.S. insurance law, including with respect to government ownership or
control. For the avoidance of doubt, if any Governmental Authority determines at any time that the license or certificate of authority to conduct an insurance business of any insurance company Subsidiary of the Company must be surrendered or will be
suspended or revoked as a result of any of the Company’s U.S. insurance company Subsidiaries being deemed to be under direct or indirect government ownership or control as a result of the transactions contemplated by this Agreement, the efforts
required by this Section 8.1(a) shall include, as a last resort after exhaustion of all other available remedies, and after the Parties have, in cooperation with each other, used their respective reasonable best efforts to
cause the applicable Governmental Authority to agree to alternate remedies, causing J&A Alliance Trust to sell, transfer or otherwise dispose of its shares of Company Common Stock or other Company Securities to the extent necessary to achieve
compliance with any applicable Law or Order in an orderly manner as mutually agreed in good faith by the Parties. Each Party agrees to use its reasonable best efforts to promptly provide, or cause to be provided, all agreements, documents,
instruments, affidavits or information, including biographical information and fingerprints of individuals, that may be required or requested by any Governmental Authority relating to any Party or its or their structure, ownership, businesses,
operations, regulatory and legal compliance, assets, liabilities, financing, financial condition or results of operations, or any of its or their directors, officers, employees, partners, members or shareholders to execute and deliver this
Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement. 

(b)    In furtherance of and without limiting the foregoing, the Trustee shall, and Japan Post and the Trustee shall cause
J&A Alliance Trust to, file applications regarding the acquisition of control of or merger with a domestic insurer, together with all agreements, documents, instruments, affidavits, or information, including biographical information and
fingerprints of individuals, that may be required or requested in connection with such applications with the Domiciliary Regulators (collectively, the “Form A Filings”) within thirty (30) Business Days after the date of this
Agreement and supply as promptly as practicable to the appropriate Governmental Authority any additional information and documentary material that may be requested in connection with the Form A Filings. 

(c)    Each Party shall reasonably cooperate with the other Parties with respect to obtaining the Required Regulatory
Approvals and each Party shall keep the other Parties apprised on a prompt basis of the status of matters relating to the Required Regulatory Approvals; provided, however, that the foregoing shall not require the Company to cooperate in
obtaining any Required Regulatory Approval if such approval would be reasonably likely to cause the Company or any of its U.S. insurance company Subsidiaries to be in breach of any applicable U.S. insurance law, including with respect to government
ownership or control. Each Party shall give to the other Parties prompt written notice if it receives any notice or other communication from any Governmental Authority in connection with the Required Regulatory

  
 22 

 
Approvals or otherwise in connection with the transactions contemplated by this Agreement, and, in the case of any such notice or communication which is in writing, shall promptly furnish the
other Party with a copy thereof; provided, however, that such obligation to disclose shall not extend to communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily related to other matters or
(ii) reasonably expected in the course of ordinary regulatory interaction or required by such Japanese Governmental Authority to remain confidential. Except for each Party’s initial filing pursuant to the HSR Act, each of the
Parties shall have the right to review in advance and, to the extent practicable, and subject to any restrictions under applicable Law, each Party shall consult with the other Parties in advance on, any filing to be made with, or written materials
to be submitted to, any Governmental Authority in connection with the Required Regulatory Approvals or otherwise in connection with the transactions contemplated by this Agreement and each Party agrees to in good faith consider any comments or views
of the other Parties thereon; provided, however, that such obligation to review and consult with the other Parties shall not extend to communications with or inquiries by any Japanese Governmental Authority that are either (i) primarily
related to other matters or (ii) reasonably expected in the course of ordinary regulatory interaction or required by such Japanese Governmental Authority to remain confidential. Subject to the proviso in the preceding sentence, each
Party shall (i) promptly furnish to the other Parties copies of all such filings and written materials after their filing or submission, in each case, subject to applicable Law and (ii) give to the other Parties reasonable prior written notice
of the time and place when any meetings, telephone calls or other conferences may be held by it with any Governmental Authority in connection with the Required Regulatory Approvals or otherwise in connection with the transactions contemplated by
this Agreement, and, to the extent practicable and permitted by applicable Law and such Governmental Authority, the other Party shall have the right to have a representative or representatives attend or otherwise participate in any such meeting,
telephone call or other conference. 
 (d)    Each Party shall use its reasonable best efforts to take any action to
avoid or eliminate each and every impediment that may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement so as to enable J&A Alliance Trust to Beneficially Own shares of Company Common Stock
in accordance with this Agreement. For the avoidance of doubt, the efforts required by this Section 8.1(d) shall not include any efforts that result in a license or certificate of authority to conduct an insurance business
of any insurance company Subsidiary of the Company being suspended or revoked. 
 (e)    Each Party shall use its
reasonable best efforts to cooperate with the other Parties to exercise all such powers and take, or cause to be taken, all such steps and actions and to do, or cause to be done, all such things, and to assist and cooperate with the other Parties in
doing all such things, in each case, reasonably necessary, proper or advisable in connection with any ongoing regulatory matters related to or arising from J&A Alliance Trust’s acquisition or ownership or control of the shares of Company
Common Stock that may arise from time to time, including using reasonable best efforts to (i) make changes to J&A Alliance Trust or the Trust Agreement that may be required by a Governmental Authority, (ii) promptly respond to requests
from any Governmental Authority and prepare and submit regulatory filings or documents required to be prepared under applicable Laws or by a Governmental Authority, including any applications or filings required in connection with a direct or
indirect acquisition of control of or merger with an insurer by the Company or its Affiliates and (iii) respond to inquiries for and 

  
 23 

 
make any regulatory filings or submit any documents as may be necessary to enable the Company’s current or prospective insurance company Subsidiaries to conduct business in any jurisdiction
from time to time; provided that, in the case of clauses (ii) and (iii), such actions shall be at the sole cost and expense of the Company. 

(f)    Each of the Japan Post Parties shall, and shall cause each of its controlled Affiliates to, use its reasonable best
efforts to comply in all material respects with all applicable U.S. insurance Laws and any other applicable Laws related to foreign ownership or government control. 

(g)    Notwithstanding anything herein to the contrary, subject to the third sentence of
Section 8.1(a), none of the Japan Post Parties shall be obligated to take or refrain from taking or to agree to it, or any of their respective Affiliates taking or refraining from taking, any action, or to permit or suffer
to exist any restriction, condition, limitation or requirement which, individually or together with all such other actions, restrictions, conditions, limitations or requirements imposed by Governmental Authorities in connection with the transactions
contemplated by this Agreement, the Trust Agreement or the Basic Agreement would or would reasonably be expected to result in Japan Post’s inability to apply equity method accounting under Japanese regulations or generally accepted accounting
principles (in each case, as in effect from time to time) in respect of J&A Alliance Trust’s investment in the Company. 

(h)    In the event that any Required Regulatory Approval has not been obtained prior to the Outside Date and J&A
Alliance Trust then Beneficially Owns any shares of Company Common Stock, the Trustee shall, and shall cause J&A Alliance Trust to, use commercially reasonable efforts to Transfer such number of shares of Company Common Stock in excess of the
lesser of (i) 4% of the outstanding shares of Company Common Stock and (ii) the percentage of outstanding shares of Company Common Stock necessary for J&A Alliance Trust to be in compliance with all applicable Laws, within one hundred
eighty (180) days following the Outside Date pursuant to Permitted Non-Public Transfers or Permitted Public Transfers, subject to all of the terms and conditions of Article IV, other than the
provisions of Section 4.2; provided, however, that, in the event that any outstanding Required Regulatory Approval as of the Outside Date is reasonably expected by Japan Post or the Company to be obtained,
then Japan Post and the Company shall negotiate in good faith a reasonable extension of the Outside Date. 

Section 8.2    Further Assurances. 

(a)    Each of the Parties shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as may be reasonably required or desirable in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated by this Agreement. 
 (b)    The Parties agree that, if any of the arrangements contemplated
by this Agreement, the Trust Agreement or the Basic Agreement could reasonably be expected to result in Japan Post’s inability to use equity method accounting under Japanese regulations and/or generally accepted accounting principles (as in
effect from time to time) for J&A Alliance 

  
 24 

 
Trust’s investment in the Company, each of the Parties shall use its reasonable best efforts, as applicable, in each case, subject to any regulatory requirements, to adjust such arrangements
to the extent necessary so as to permit Japan Post to equity account for J&A Alliance Trust’s investment in the Company; provided, that the economic and legal substance of such adjusted arrangements shall be substantially equivalent
to that of the arrangements contemplated initially by this Agreement, the Trust Agreement and/or the Basic Agreement, as applicable. Japan Post agrees to use reasonable best efforts to (i) promptly notify the Company if at any time the
arrangements contemplated by any of this Agreement, the Trust Agreement or the Basic Agreement would result in Japan Post’s inability to use equity method accounting for J&A Alliance Trust’s investment in the Company, which notice
shall set forth in reasonable detail the basis upon which Japan Post believes it would be unable to use equity method accounting for J&A Alliance Trust’s investment in the Company, as the case may be, and (ii) make it and its
representatives available to discuss such matters with the Company and its representatives. Notwithstanding the foregoing, the Parties agree that, if Japan Post is unable to use equity method accounting under Japanese regulations and/or generally
accepted accounting principles (as may be in effect from time to time) for J&A Alliance Trust’s investment in the Company, the obligations of the Company shall be limited to those set forth in this Agreement and the Company shall have no
liability with respect to Japan Post’s inability to use equity method accounting under Japanese regulations and/or generally accepted accounting principles (as may be in effect from time to time) for J&A Alliance Trust’s investment in
the Company, other than for breach of its obligations under this Agreement. 
 (c)    The Company shall use reasonable
best efforts to provide, and to cause its Affiliates to provide, to Japan Post and its external auditor, in a timely manner and as reasonably requested, such that the request does not unduly interfere with the Company’s business or quarterly
regulatory reporting timelines, all documents and information (prepared with due care and in good faith) that Japan Post and its external auditor reasonably believe are necessary for Japan Post’s preparation of its consolidated financial
statements and to comply with applicable Law following adoption of the equity accounting method; provided, that (i) the Company reasonably believes such documents or information does not constitute material
non-public information with respect to the Company within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act, (ii) such request would not require the
application by the Company of any accounting standard other than United States GAAP to any such documents or information, (iii) such information supports financial statements of the Company that have been reviewed or audited by an independent
auditor and (iv) Japan Post shall bear the reasonable and documented cost of preparing such documents and information (which costs shall be calculated in good faith and, for the avoidance of doubt, shall not be limited to out-of-pocket costs). Subject to and without limiting the foregoing, the Company and its Affiliates shall use reasonable best efforts to provide information
(i) that reasonably assists Japan Post in understanding the contents of the accounts on the Company’s financial statements, including the trial balances, (ii) necessary for Japan Post to convert financial information prepared in
accordance with United Sates GAAP to those prepared in accordance with Japanese GAAP (PITF No.24 Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method), applying Japanese GAAP (PITF
No.18 Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for Consolidated Financial Statements), including information related to amortization of goodwill, retirement benefit accounting, research and
development fee and fair value of investment 

  
 25 

 
property, (iii) related to any material subsequent events and (iv) required for Japan Post’s impairment accounting as necessary. None of the Company or its Affiliates shall have
any liability for any inaccuracies in any documents or information specifically provided pursuant to this Section 8.2(c), other than as a result of the Company’s gross negligence or willful misconduct; provided,
that, for the avoidance of doubt, this limitation on liability does not cover the Company’s financial statements and other information filed with the SEC. 

(d)    All requests for information to the Company by the Japan Post Parties shall be made to the authorized individuals
set forth on Schedule A hereto. 
 (e)    The Company shall not provide PII to the Japan Post Parties, any of their
Affiliates or any of their representatives, and none of the Japan Post Parties, any of their Affiliates nor any of their representatives shall seek, either directly or through a third party, to obtain any PII held by the Company. 

Section 8.3    Public Announcements. No Party shall issue or cause the publication of any press release or
other public announcement with respect to this Agreement or any of the transactions contemplated by this Agreement without the prior written consent of, respectively, Japan Post and the Company; provided, however, that nothing in this
Agreement shall prohibit any Party from complying with applicable Law (including, for the avoidance of doubt, any disclosure requirements under the Exchange Act) or the rules of a securities exchange on which a Party’s securities are listed.

 Section 8.4    Material Non-Public Information. None of the Japan
Post Parties will request, and the Company will use reasonable best efforts not to provide to any of the Japan Post Parties, any information that would constitute material non-public information with respect
to the Company within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act (other than information requested by Japan Post as contemplated by Section 6.3(b) or in connection with the
transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates). In the event that any such material non-public information (other than information requested by Japan
Post as contemplated by Section 6.3(b) or in connection with the transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates) is provided to any of the
Japan Post Parties, the Company will make available to the public generally any such material non-public information by no later than 5:00 p.m. Eastern Time on the first Business Day following the provision of such material non-public information.
In the event that any commercial arrangements between the Japan Post Parties or their respective Affiliates, on the one hand, and the Company or its Affiliates, on the other hand, is material non-public
information with respect to the Company, the Company shall make available to the public generally any such material non-public information by no later than the next Form
10-Q or Form 10-K filing of the Company, as applicable. In the event that the Japan Post Parties believe that any of the information provided by the Company is material
non-public information within the meaning of the U.S. federal securities laws or the Japanese Financial Instruments and Exchange Act (other than information requested by Japan Post as contemplated by Section 6.3(b) or in connection with
the transactions contemplated by the Basic Agreement between the Japan Post Parties or their respective Affiliates and the Company or its Affiliates), the Japan Post Parties shall promptly notify the Company in writing, provided, that the Company
acknowledges that none of the Japan Post Parties has any responsibility for determining whether any information of the Company is material non-public information. 

  
 26 

 Section 8.5    Trust Agreement. 

(a)    The Trustee and the Trustee Owner shall comply in all material respects with the terms and conditions of the Trust
Agreement. 
 (b)    Japan Post and the Trustee shall not enter into or agree to any amendment, supplement or
modification of or to any provision of the Trust Agreement, or waive any of its rights or obligations thereunder, in each case, if such amendment supplement, modification or waiver would adversely affect the Company, without the prior written
consent of the Company, not to be unreasonably withheld, and receipt of all applicable required regulatory approvals. 

(c)    If, within ninety (90) days prior to the expiration of the initial or any subsequent term of the Trust
Agreement, J&A Alliance Trust then Beneficially Owns any shares of Company Common Stock, Japan Post and the Trustee shall cause the Trust Agreement to be renewed in accordance with the terms and conditions thereof for an additional ten
(10) year period. 
 Section 8.6    Confidentiality. No
non-public information received by or provided to any Party (the “Receiving Party”) in connection with this Agreement, whether prior to or following the date of this Agreement, including the
information contemplated by Section 6.3(b) or any non-public information concerning the Company, Japan Post, J&A Alliance Trust, the Trustee, the Trustee Owner or their respective
businesses, operations, plans and prospects, may be directly or indirectly (a) disclosed, in whole or in part, or summarized, excerpted from or otherwise referred to, by the Receiving Party or (b) used by the Receiving Party for purposes
not contemplated by this Agreement, in each case, without the disclosing Party’s prior written consent. Notwithstanding anything in this Section 8.6 to the contrary: (i) to the extent required by applicable Law or
otherwise requested or required by any Governmental Authority, a Receiving Party may disclose such non-public information without the disclosing Party’s prior written consent; provided, that, to
the extent permitted by applicable Law, such Receiving Party shall (A) give such other Party prompt prior written notice of such requirement and (B) reasonably cooperate with such other Party to seek a protective order or other appropriate
remedies to obtain assurance that confidential treatment will be accorded such non-public information; and (ii) a Receiving Party may disclose such nonpublic information to its Affiliates (including the
Japan Post Parties in the case of any Japan Post Party) and its and their directors, officers, employees, accountants, counsel, other advisors, financing providers and representatives (collectively, “Representatives”) to the extent
any such Person needs to know such information in connection with the Receiving Party’s rights and obligations under this Agreement; provided, that (A) such Receiving Party shall inform any such Representatives of the
confidentiality obligations contained in this Section 8.6, and (B) such Receiving Party shall be responsible for any breach of any such obligations by any such Representative. Except as required by applicable Law, the
term “non-public information” as used in this Section 8.6 shall not include information that: (1) at the time of disclosure is, or thereafter becomes, generally
available and known to the public other than as a result of, directly or indirectly, any violation of this Section 8.6 by the Receiving Party 

  
 27 

 
or any of its Representatives; (2) at the time of disclosure is, or thereafter becomes, available to the Receiving Party on a non-confidential basis
from a third-party source, provided that such third party is not and was not prohibited from disclosing such non-public information to the Receiving Party by a legal, fiduciary or contractual obligation
to the disclosing Party; (3) was known by or in the possession of the Receiving Party or its Representatives, as established by documentary evidence, prior to being disclosed by or on behalf of the disclosing Party; or (4) was or is
independently developed by the Receiving Party, as established by documentary evidence, without reference to or use of, in whole or in part, any of the disclosing Party’s non-public information. The
obligations of any Receiving Party under this Section 8.6 shall survive any termination of this Agreement until the third anniversary of the date of termination. 

ARTICLE IX 
 TERMINATION

 Section 9.1    Termination. This Agreement shall terminate only: 

(a)    by the mutual written consent of Japan Post and the Company; or 

(b)    upon J&A Alliance Trust disposing of all of its shares of Company Common Stock, or otherwise ceasing to
Beneficially Own any shares of Company Common Stock, without any further action required by any of the Parties. 

Section 9.2    Effect of Termination. If this Agreement is validly terminated in accordance with
Section 9.1, this Agreement shall thereafter become void and have no effect, and no Party shall have any liability to the other Parties or any of their respective Affiliates, directors, officers, employees, equityholders,
partners, members, agents or representatives in connection with this Agreement, except that such termination will not relieve any Party from liability for any willful and material breach of this Agreement prior to such termination or any breach of
Section 8.6 or actual fraud.  
 ARTICLE X 

MISCELLANEOUS 

Section 10.1    Notices. All notices, demands or other communications provided for or permitted hereunder
shall be (a) made in writing to all Parties and (b) sent by registered or certified first class mail, return receipt requested, e-mail, facsimile, courier service, overnight mail or personal
delivery: 
 To the Company: 

Aflac Incorporated 
 1932
Wynnton Road 
 Columbus, GA 31999 

Attn:   Audrey Boone Tillman 

  Executive Vice President and General Counsel 

Email: [●] 

Fax:    [●] 

  
 28 

 With a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

1440 New York Avenue, NW 

Washington, D.C. 20005 
 Attn:
    Richard Oliver 
 Email:   richard.oliver@skadden.com 

Fax:      +1 (202) 661-0582 

Eversheds Sutherland (US) LLP 

1114 Avenue of the Americas 

The Grace Building, 40th Floor 

New York, NY 10036-7703 
 Attn:
  Cynthia Shoss 
   Daren Moreira 

Email: cynthiashoss@eversheds-sutherland.com 

  darenmoreira@eversheds-sutherland.com 

Fax:    +1 (212) 389-5099 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attn:  Brian Fahrney 

Email: bfahrney@sidley.com 

Fax:    [●] 

To Japan Post: 
 Japan Post
Holdings Co., Ltd. 
 2-3-1, Otemachi, Chiyoda-ku 

Tokyo 100-8791, Japan 

Attn:     Hiroaki Kawamoto 

    Managing Executive Officer 

Email:   [●] 

Fax:      [●] 

With a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:     Nicholas F. Potter 

    E. Drew Dutton 

Email:  nfpotter@debevoise.com 

   eddutton@debevoise.com 

Fax:     (212) 909-6836 

  
 29 

 Nishimura & Asahi 

Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 

Tokyo 100-8124, Japan 

Attn:     Tatsuya Tanigawa 

    Tatsuya Nakayama 

Email:   t_tanigawa@jurists.co.jp 

    t2_nakayama@jurists.co.jp 

Fax:      +81-3-6250-7200 

To the Trustee: 
 J&A
Alliance Holdings Corporation 
 c/o J&A Alliance Trust 

[●] 
 Attn:
  [●] 
 Fax:    [●] 

With a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:     Nicholas F. Potter 

    E. Drew Dutton 

Email:   nfpotter@debevoise.com 

   eddutton@debevoise.com 

Fax:      (212) 909-6836 

Nishimura & Asahi 

Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 

Tokyo 100-8124, Japan 

Attn:     Tatsuya Tanigawa 

    Tatsuya Nakayama 

Email:   t_tanigawa@jurists.co.jp 

    t2_nakayama@jurists.co.jp 

Fax:      +81-3-6250-7200 

 

  
 30 

 To the Trustee Owner: 

General Incorporated Association J&A Alliance 

[●] 
 Attn:
  [●] 
 Fax:    [●] 

With a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attn:      Nicholas F. Potter 

     E. Drew Dutton 

Email:    nfpotter@debevoise.com 

     eddutton@debevoise.com 

Fax:       (212) 909-6836 

Nishimura & Asahi 

Otemon Tower, 1-1-2 Otemachi, Chiyoda-ku 

Tokyo 100-8124, Japan 

Attn:     Tatsuya Tanigawa 

    Tatsuya Nakayama 

Email:    t_tanigawa@jurists.co.jp 

     t2_nakayama@jurists.co.jp 

Fax:       +81-3-6250-7200

 Any Party may by notice given in accordance with this Section 10.1 designate another address or Person for
receipt of notices hereunder. All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by commercial courier or overnight mail, if delivered by commercial courier or
overnight mail service; and on the date sent, if sent by e-mail (which is confirmed by the recipient) or facsimile (which is confirmed by the recipient). 

Section 10.2    Amendment and Waiver. 

(a)    Any amendment, supplement or modification of or to any provision of this Agreement shall be effective (i) only
if it is made or given in writing and signed by all Parties and (ii) only in the specific instance and for the specific purpose for which made or given. No waiver of any provision of this Agreement or consent in respect of any departure from
the terms of any provision of this Agreement shall be effective unless evidenced in writing and executed by the Party providing such waiver or consent. 

(b)    No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are
not exclusive of any remedies that may be available to the Parties at law, in equity or otherwise. 

  
 31 

 Section 10.3    Specific Performance. The Parties agree that
irreparable damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached,
including if the Parties fail to take any action required of them hereunder to consummate the transactions contemplated by this Agreement, subject to the terms and conditions of this Agreement. The Parties acknowledge and agree that the Parties
shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, and such right shall be cumulative and in addition
to any other remedy to which they are entitled under this Agreement. 
 Section 10.4    Section 14-2-732 Agreement. For the avoidance of doubt, this Agreement is not intended to be, and shall not be deemed, an agreement authorized by Section 14-2-732 of the Georgia Business Corporation Code. 

Section 10.5    Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 Section 10.6    Severability. If any one or more of the
provisions contained in this Agreement, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect
and of the remaining provisions of this Agreement shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 

Section 10.7    Entire Agreement; No Third Party Beneficiaries. This Agreement and the Basic Agreement are
intended by the Parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties in respect of the subject matter contained herein and therein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein. This Agreement and the Basic Agreement supersede all prior agreements and understandings between the Parties with respect to such
subject matter. Nothing in this Agreement or the Basic Agreement, expressed or implied, is intended to confer upon any Person, other than the Parties, any rights or remedies hereunder. 

Section 10.8    Governing Law; Arbitration. 

(a)    Governing Law. This Agreement, and any dispute, controversy or claims arising out of, relating to or in
connection with this Agreement, or for the breach or alleged breach thereof, whether in contract, tort or otherwise, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of law
principles that would apply the laws of any other jurisdiction. 

  
 32 

 (b)    Arbitration. 

(i)    Any dispute, controversy or claim between or among the Parties and arising under, relating to or in
connection with, this Agreement, in any manner whatsoever, whether in contract, in tort, or otherwise, and including any dispute or controversy regarding the existence, validity or enforceability of this Agreement, or the arbitrability of any
dispute, controversy or claim (each a “Dispute”), shall be submitted to final and binding arbitration administered in accordance with the Singapore International Arbitration Centre (“SIAC”) Arbitration Rules then in
effect (the “Rules”), except as modified herein. 
 (ii)    Arbitral Tribunal. The
arbitration shall be conducted by a three-member arbitral tribunal (the “Arbitral Tribunal”). The claimant shall appoint one arbitrator at the same time it files its Notice of Arbitration and the respondent shall appoint one
arbitrator at the same time it files its Answer to the Notice of Arbitration. The third arbitrator, who shall serve as chair of the Arbitral Tribunal, shall be jointly appointed by the two party-nominated arbitrators within twenty-one (21) days of the appointment of the second arbitrator. If there are more than two Parties to the arbitration (with any Parties that are affiliates of each other being deemed for this purpose only to
be a single Party), such Parties shall have twenty-one (21) days to agree on a panel of three arbitrators. If any arbitrator is not timely appointed within the time prescribed above, then the SIAC shall
appoint that arbitrator in accordance with the Rules. 
 (iii)    Arbitration under this
Section 10.8 shall be the sole and exclusive remedy for any Dispute, and any award rendered by the Arbitral Tribunal shall be final and binding on the Parties and judgment thereupon may be entered in any court of competent
jurisdiction having jurisdiction thereof, including any court having jurisdiction over the relevant Party or its assets. 

(iv)    The Arbitral Tribunal shall have power to award any remedy, including monetary damages, specific
performance and all other forms of legal and equitable relief that is in accordance with the terms of this Agreement; provided, however, that the Arbitral Tribunal shall have no authority or power to limit, expand, alter, modify,
revoke or suspend any condition or provision of this Agreement, nor any right or power to award punitive, exemplary, or treble damages, even when such damages are provided for by law. 

(v)    The Arbitral Tribunal shall have the power to award attorney’s fees, costs and related expenses
to such extent and to such Parties as it sees fit. 
 (vi)    The seat of the arbitration shall be
Singapore and it shall be conducted in the English language. 
 (vii)    The Arbitral Tribunal may
consolidate an arbitration with respect to a dispute (including a Dispute with respect to this Agreement) with any other arbitration with respect to any other dispute, if the subject matter of the disputes is substantially similar or otherwise
arises out of or relates essentially to the same or substantially similar facts. Such consolidated arbitration shall be determined by the Arbitral Tribunal appointed for the arbitration proceeding that was commenced first in time. 

  
 33 

 (viii)    The parties agree that, to the extent a court
of competent jurisdiction has issued a final ruling interpreting or applying the Basic Agreement, that ruling shall be binding in any arbitration under this Section 10.8. For purposes of the foregoing sentence, a ruling
shall be deemed final notwithstanding the fact that it may be subject to review and reversal by an appellate court. The Arbitral Tribunal shall be empowered to address any issues involving the interpretation or application of the Basic Agreement
that are not the subject of a final ruling by a court of competent jurisdiction, but solely to the extent such issues affect the Parties’ rights and obligations under this Agreement. 

(ix)    The Arbitral Tribunal (and, if applicable, Emergency Arbitrator) shall have the full authority to
grant any pre-arbitral injunction, pre-arbitral attachment, interim or conservatory measure or other order in aid of arbitration proceedings (“Interim
Relief”). Any Interim Relief so issued shall, to the extent permitted by applicable law, be deemed a final arbitration award for purposes of enforceability. Subject to the following sentence, the Parties shall exclusively submit any
application for Interim Relief to only: (A) the Arbitral Tribunal; or (B) prior to the constitution of the Arbitral Tribunal, an Emergency Arbitrator appointed in the manner provided for in the Rules. The foregoing procedures shall
constitute the exclusive means of seeking Interim Relief, provided, however, that (i) the Arbitral Tribunal shall have the power to continue, review, vacate or modify any Interim Relief granted by an Emergency Arbitrator;
(ii) in the event an Emergency Arbitrator or the Arbitral Tribunal issues an order granting, denying or otherwise addressing Interim Relief (a “Decision on Interim Relief”), any Party may apply to enforce or require specific
performance of such Decision on Interim Relief in any court of competent jurisdiction; and (iii) either Party shall retain the right to apply to a court of competent jurisdiction for freezing orders to prevent the improper dissipation of
transfer of assets. 
 (x)    In the event any proceeding is brought in any court of competent
jurisdiction to enforce the dispute resolution provisions in this Section 10.8, to obtain relief as described in this Section 10.8, or to enforce any award, relief or decision issued by an Arbitral
Tribunal, each Party irrevocably consents to the service of process in any action by the mailing of copies of the process to the Parties hereto as provided in Section 10.1. Service effected as provided in this manner will
become effective ten (10) calendar days after the mailing of the process. 
 (xi)    Without
prejudice to the foregoing, (i) each of the Japan Post Parties hereby irrevocably appoints [NAME OF AGENT], with offices at the date of this Agreement at [ADDRESS OF SERVICE AGENT], as its authorized agent on which any and
all legal process may be served in any action, suit or proceeding referred to in this Agreement that may be brought in the Republic of Singapore and (ii) the Company hereby irrevocably appoints [NAME OF AGENT], with offices at the date
of this Agreement at [ADDRESS OF SERVICE AGENT], as its authorized agent on which any and all legal process may be served in any action, suit or proceeding referred to in 

  
 34 

 
this Agreement that may be brought in the Republic of Singapore. Each Party agrees that service of process in respect of it upon its respective agent, together with notice of
such service to the other party, shall be deemed to be effective service of process upon it in any such action, suit or proceeding. Each Party agrees that the failure of its respective agent to give notice to it of any such service shall not
impair or affect the validity of such service or any judgment rendered in any action, suit or proceeding based thereon. If for any reason such agent shall cease to be available to act as such, each Party agrees to designate a new agent in the
Republic of Singapore, on the terms and for the purposes of this Section and each Party shall, as soon as practicable, give notice to the other Parties of such new agent. Nothing herein shall be deemed to limit the ability of any other
Party to serve any such legal process in any other manner permitted by applicable Law or to obtain jurisdiction over any such party or bring actions, suits or proceedings against it in such other jurisdictions, and in such manner, as may be
permitted by applicable Law. 
 (xii)    EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.8. 

(xiii)    Without limiting the provisions of the Rules, unless otherwise agreed in writing by or among the
relevant Parties or permitted by this Agreement, the relevant Parties shall keep confidential all matters relating to the arbitration (including the existence of the proceeding and all of its elements and including any pleadings, briefs or other
documents submitted or exchanged, any testimony or other oral submissions) or the award; provided, that such matters may be disclosed (i) to the extent reasonably necessary in any proceeding brought to enforce the award or for entry of a
judgment upon the award and (ii) to the extent otherwise required by law. In the event any Party makes application to any court in connection with this Section 10.8(b)(xiii) (including any proceedings to enforce a
final award or any Interim Relief), that party shall take all steps reasonably within its power to cause such application, and any exhibits (including copies of any award or decisions of the Arbitral Tribunal or Emergency Arbitrator) to be filed
under seal, shall oppose any challenge by any third party to such sealing, and shall give the other Party immediate notice of such challenge. 

Section 10.9    Waiver of Sovereign Immunity. To the extent that any Party hereto has or hereafter may acquire
any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to himself or itself or its property, such Party: 

(a)    agrees that the execution, delivery and performance by it of this Agreement constitute private and commercial acts
done for private and commercial purposes; 

  
 35 

 (b)    agrees that, should any proceedings be brought against it or its
assets in any jurisdiction in relation to this Agreement or any transaction contemplated hereby, such Party is not entitled to sovereign immunity in respect of its obligations under this Agreement, and no sovereign immunity from such proceedings
(including, without limitation, immunity from service of process from suit, from the jurisdiction of any court, from an order or injunction of such court or the enforcement of same against its assets) shall be claimed by or on behalf of such Party
or with respect to its assets; 
 (c)    agrees that the provisions of Section 10.1 and
Section 10.8 of this Agreement concerning service of notices, including as they relate to service of legal and arbitral process, shall apply to such Party; 

(d)    waives, in any such proceedings, to the fullest extent permitted by law, any right of sovereign immunity that it or
any of its assets now has or may acquire in the future in any jurisdiction; 
 (e)    waives, to the extent permitted by
applicable law, the defense of sovereign immunity with respect to the enforcement of any judgment or award against it in any such proceedings (including, without limitation, pre-judgment attachment,
post-judgment attachment, the making, enforcement or execution against or in respect of any assets whatsoever irrespective of their use or intended use of any order or judgment that may be made or given in connection therewith); and 

(f)    specifies that, for the purposes of this provision, “assets” shall be taken as excluding “premises
of the mission” as defined in the Vienna Convention on Diplomatic Relations signed at Vienna, April 18, 1961, “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, and military property or
military assets or property of such Party. 
 Section 10.10    Successors and Assigns. Except as otherwise
provided in this Agreement, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, assigns, heirs, legatees and legal representatives. This Agreement shall not be assignable by any Party without
the prior written consent of the other Parties hereto. Any purported assignment without such prior written consent shall be null and void. 

Section 10.11    Counterparts. This Agreement may be executed in one or more counterparts (by facsimile or
otherwise), each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. 

[Signature Page Follows] 

  
 36 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by each Party or a
duly authorized officer of each Party as of the date first above written. 
  

					
	AFLAC INCORPORATED
		
	By:	 	  

		 	Name:	 	Daniel P. Amos
		 	Title:	 	Chairman, Chief Executive Officer and President

  
 [Signature Page to
Shareholders Agreement] 

 
					
	JAPAN POST HOLDINGS CO., LTD.
		
	By:	 	  

		 	Name:	 	Masatsugu Nagato
		 	Title:	 	President & CEO, Director and Representative Executive Officer

  
 [Signature Page to
Shareholders Agreement] 

			
	J&A ALLIANCE HOLDINGS CORPORATION, in its capacity as trustee of J&A ALLIANCE TRUST
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 [Signature Page to
Shareholders Agreement] 

			
	GENERAL INCORPORATED ASSOCIATION J&A ALLIANCE
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 [Signature Page to
Shareholders Agreement]Exhibit

Exhibit 10.1

                                        

HINES GLOBAL INCOME TRUST, INC.
UP TO $2,500,000,000 OF COMMON STOCK 
CLASS T SHARES AND CLASS I SHARES
SELECTED DEALER AGREEMENT

December 13, 2018

 

 

SELECTED DEALER AGREEMENT

Ameriprise Financial Services, Inc.
369 Ameriprise Financial Center
Minneapolis, MN 55474

Ladies and Gentlemen:
Each of Hines Global Income Trust, Inc., a Maryland corporation (the “Company”), Hines Securities, Inc., a Delaware Corporation (the “Dealer Manager”) and Hines Global REIT II Advisors LP, a Texas limited partnership (the “Advisor”), hereby confirms its agreement with Ameriprise Financial Services, Inc., a Delaware corporation (“Ameriprise”), as follows:
1.Introduction.  This Selected Dealer Agreement (the “Agreement”) sets forth the understandings and agreements whereby Ameriprise will offer and sell on a best efforts basis for the account of the Company, Class T shares (“Class T Shares”) and Class I shares (“Class I Shares” and together with the Class T Shares, the “Shares”) of the Company’s common stock (the “Common Stock”), par value $0.001 per share, registered pursuant to the Registration Statement (as defined below) at the per share price set forth in the Registration Statement from time to time (subject to certain volume and other discounts described therein) (the “Offering”), which Offering is the Company’s second public offering and includes Shares being offered pursuant to the Company’s distribution reinvestment plan (the “DRIP”).  Ameriprise only will offer and sell Class I Shares to its officers, directors, employees, and registered representatives of Ameriprise or its affiliates, including immediate family members of such persons.  The Shares are more fully described in the Registration Statement.
Ameriprise is hereby invited to act as a selected dealer for the Offering, subject to the other terms and conditions set forth below.  
2.Representations and Warranties of the Company, the Dealer Manager and the Advisor.  
The Company, the Dealer Manager and the Advisor (collectively, the “Issuer Entities”), jointly and severally, represent, warrant and covenant with Ameriprise for Ameriprise’s benefit that, as of the date hereof and at all times during the term of this Agreement: 
(a)    Registration Statement and Prospectus.  The Company has filed with the Securities and Exchange Commission (the “Commission”) an effective registration statement on Form S-11 (File No. 333-220046), for the registration of up to $2,500,000,000 in Class T, Class S, Class D and Class I shares of Common Stock under the Securities Act of 1933, as amended (the “Securities Act”) and the regulations thereunder (the “Regulations”).  The registration statement, as amended, and the prospectus, as amended or supplemented, on file with the Commission at the Effective Date (as defined below) of the registration statement (including financial statements, exhibits and all other documents related thereto filed as a part thereof or incorporated therein), and any registration statement filed under Rule 462(b) of the Securities Act, are respectively hereinafter referred to as the “Registration Statement” and the “Prospectus,” except that if the Registration Statement is amended by a post-effective amendment, the term “Registration Statement” shall, from and after the declaration of effectiveness of such post-effective amendment, refer to the Registration Statement as so amended and the term “Prospectus” shall refer to the Prospectus as so amended or supplemented to 

2

 

date, and if any Prospectus filed by the Company pursuant to Rule 424(b) or 424(c) of the Regulations shall differ from the Prospectus on file at the time the Registration Statement or any post-effective amendment shall become effective, the term “Prospectus” shall refer to the Prospectus filed pursuant to either Rule 424(b) or 424(c) from and after the date on which it shall have been filed with the Commission.  Further, if a separate registration statement is filed and becomes effective with respect solely to the DRIP (a “DRIP Registration Statement”), the term “Registration Statement” shall refer to such DRIP Registration Statement from and after the declaration of effectiveness of such DRIP Registration Statement, as such registration statement may be amended or supplemented from time to time.  If a separate prospectus is filed and becomes effective with respect solely to the DRIP (a “DRIP Prospectus”), the term “Prospectus” shall refer to such DRIP Prospectus from and after the declaration of effectiveness of such DRIP Prospectus, as such prospectus may be amended or supplemented from time to time.
(b)    Compliance with the Securities Act.  The Registration Statement has been prepared and filed by the Company and has been declared effective by the Commission and the Shares have been registered or qualified for sale under the respective securities laws of such jurisdictions as indicated in the Blue Sky Memorandum (defined in Section 4(d) herein), as updated from time to time pursuant to the terms of Section 4(d).  Neither the Commission nor any state securities authority has issued any order preventing or suspending the use of any Prospectus filed with the Registration Statement or any amendments or supplements thereto and no proceedings for that purpose have been instituted, or to the Company’s knowledge, are threatened or contemplated by the Commission or by any of the state securities authorities.  At the time the Registration Statement first became effective (the “Effective Date”) and at the time that any post-effective amendments thereto or any additional registration statement filed under Rule 462(b) of the Securities Act becomes effective, the Registration Statement or any amendment thereto (1) complied, or will comply, as to form in all material respects with the requirements of the Securities Act and the Regulations and (2) did not or will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading.  When the Prospectus or any amendment or supplement thereto is filed with the Commission pursuant to Rule 424(b) or 424(c) of the Regulations and at all times subsequent thereto through the date on which the Offering is terminated (“Termination Date”), the Prospectus will comply in all material respects with the requirements of the Securities Act and the Regulations, and will not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.  Any Prospectus delivered to Ameriprise will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.
(c)    The Company.  The Company has been duly incorporated and validly exists as a corporation in good standing under the laws of the State of Maryland with full power and authority to conduct the business in which it is engaged as described in the Prospectus, including without limitation to acquire properties as more fully described in the Prospectus, including land and buildings, as well as properties upon which properties are to be constructed for the Company or to be owned by the Company (the “Properties”) or make loans, or other permitted investments as referred to in the Prospectus.  The Company and each of its subsidiaries is duly qualified to do business as a foreign corporation, limited liability company or limited partnership, as applicable, and is in good standing in each other jurisdiction in which it owns or leases property of a nature, or transacts business of a type that would make such qualification necessary except where the failure to be so qualified or in good standing could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  The term “Material Adverse Effect” means a material adverse effect on, or material adverse change in, the general affairs, business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole, whether or not arising in the ordinary course of business.

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(d)    The Shares.  The Shares, when issued, will be duly and validly issued, and upon payment therefor, will be fully paid and non-assessable and will conform in all material respects to the description thereof contained in the Prospectus; no holder thereof will be subject to personal liability for the obligations of the Company solely by reason of being such a holder; such Shares are not subject to the preemptive rights of any stockholder of the Company; and all corporate action required to be taken for the authorization, issuance and sale of such Shares has been validly and sufficiently taken.  All shares of the Company’s issued and outstanding capital stock have been duly authorized and validly issued and are fully paid and non‐assessable; none of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of any stockholder of the Company.
(e)    Capitalization.  The authorized capital stock of the Company conforms in all material respects to the description thereof contained in the Prospectus under the caption “Description of Capital Stock.” Except as disclosed in the Prospectus: no shares of Common Stock have been or are to be reserved for any purpose; there are no outstanding securities convertible into or exchangeable for any shares of Common Stock; and there are no outstanding options, rights (preemptive or otherwise) or warrants to purchase or subscribe for shares of Common Stock or any other securities of the Company.
(f)    Violations.  No Issuer Entity or any respective subsidiary thereof is (i) in violation of its charter or bylaws, its partnership agreement, declaration of trust or trust agreement, or limited liability company agreement (or other similar agreement), as the case may be; (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which such Issuer Entity is a party or by which any of them may be bound or to which any of the respective properties or assets of such Issuer Entity is subject (collectively, “Agreements and Instruments”); or (iii) in violation of any law, order, rule or regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of its property, except in the case of clauses (ii) and (iii), where such conflict, breach, violation or default would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  The execution, delivery and performance by each Issuer Entity, as applicable, of this Agreement, that certain Dealer Manager Agreement between the Dealer Manager, the Advisor and the Company (the “Dealer Manager Agreement”), the Selected Dealer Agreements between the Dealer Manager and, with the exception of Ameriprise, each of the selected dealers soliciting subscriptions for shares of Common Stock pursuant to the Offering (collectively, the “Selected Dealer Agreements”) and the Amended and Restated Advisory Agreement between the Company, the Advisor and Hines Global REIT II Properties LP (the “Advisory Agreement”) and the consummation of the transactions contemplated herein and therein (including the issuance and sale of the Shares and the use of the proceeds from the sale of the Shares as described in the Prospectus under the caption “Estimated Use of Proceeds”) and compliance by the Issuer Entities with their obligations hereunder and thereunder do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, default or Repayment Event (as defined below) under any of the Agreements and Instruments, or result in the creation or imposition of any Lien (as defined below) upon any property or assets of any Issuer Entity or any respective subsidiary thereof (except for such conflicts, breaches, defaults or Repayment Events or Liens that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect) nor will such action result in any violation of the provisions of the charter or bylaws (or similar document) of any Issuer Entity or any respective subsidiary thereof; or any applicable law, rule, regulation, or governmental or court judgment, order, writ or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Issuer Entities or any of their properties, except for such violations that would not reasonably be expected to have a Material Adverse Effect.  As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right 

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to require the repurchase, redemption or repayment of all or a portion of such indebtedness by an Issuer Entity or any respective subsidiary thereof.  “Lien” means any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on any asset.
(g)    Financial Statements.  The consolidated financial statements of the Company and the financial statements of each entity acquired by the Company (each, an “Acquired Entity”), including the schedules and notes thereto, which have been filed as part of the Registration Statement and those included in the Prospectus present fairly in all material respects the financial position of the Company, its consolidated subsidiaries and each such Acquired Entity, as applicable, as of the date indicated and the results of its operations, stockholders’ equity and cash flows of the Company, and its consolidated subsidiaries and each such Acquired Entity, as applicable, for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles applied on a consistent basis or, if such entity is a foreign entity, such other accounting principles applicable to such foreign entity, (except as may be expressly stated in the related notes thereto) and comply with the requirements of Regulation S-X promulgated by the Commission.  Deloitte & Touche LLP, or such other independent accounting firm that the Company may engage from time to time, whose report is filed with the Commission as a part of the Registration Statement, is, with respect to the Company and its subsidiaries, an independent accounting firm as required by the Securities Act and the Regulations and have been registered with the Public Company Accounting Oversight Board. The selected financial data and the summary financial information included in the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement.  The pro forma financial statements and the related notes thereto included in the Registration Statement and the Prospectus present fairly the information shown therein, have been prepared in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement or the Prospectus, or incorporated by reference therein, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Securities Exchange Act of 1934 (the “Exchange Act”) and Item 10 of Regulation S-K of the Securities Act, to the extent applicable.
(h)    Reserved. 
(i)    No Subsequent Material Events.  Since the respective dates as of which information is given in the Registration Statement and the Prospectus, except as may otherwise be stated in or contemplated by the Registration Statement and the Prospectus, (a) there has not been any Material Adverse Effect, (b) there have not been any material transactions entered into by the Company except in the ordinary course of business, (c) there has not been any material increase in the long-term indebtedness of the Company and (d) except for regular distributions on the Common Stock paid in cash or reinvested in DRIP Shares, there has been no distribution of any kind declared, paid or made by the Company on any class of its capital stock.
(j)    Investment Company Act.  The Company is not, will not become by virtue of the transactions contemplated by this Agreement and the application of the net proceeds therefrom as contemplated in the Prospectus, and does not intend to conduct its business so as to be, an “investment company” as that term is defined in the Investment Company Act of 1940, as amended and the rules and regulations thereunder, and it will exercise reasonable diligence to ensure that it does not become an “investment company” within the meaning of the Investment Company Act of 1940.

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(k)    Authorization of Agreements.  This Agreement, the Dealer Manager Agreement, the Selected Dealer Agreements and the Advisory Agreement between the Company, the Dealer Manager, and the Advisor, as applicable, have been duly and validly authorized, executed and delivered by the Company, the Dealer Manager, and the Advisor, as applicable, and constitute valid, binding and enforceable agreements of the Company, the Dealer Manager, and the Advisor, as applicable, except to the extent that (i) enforceability may be limited by (x) the effect of bankruptcy, insolvency or other similar laws now or hereafter in effect relating to or affecting creditors’ rights generally; or (y) the effect of general principles or equity; or (ii) the enforceability of the indemnity and/or contribution provisions contained in the Dealer Manager Agreement, the Selected Dealer Agreements, the Advisory Agreement, and Section 8 of this Agreement, as applicable, may be limited under applicable securities laws and/or the Statement of Policy Regarding Real Estate Investment Trusts, as reviewed and adopted by membership of the North American Securities Administrators Association (the “NASAA Guidelines”).
(l)    The Advisor.  The Advisor has been duly formed and validly exists as a limited partnership in good standing under the laws of the State of Texas with full power and authority to conduct the business in which it is engaged as described in the Prospectus.  The Advisor is duly qualified to do business as a foreign limited partnership and is in good standing in each other jurisdiction in which it owns or leases property of a nature, or transacts business of a type, that would make such qualification necessary, except where the failure to be so qualified or in good standing could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(m)    The Dealer Manager.  The Dealer Manager has been duly incorporated and validly exists as a corporation in good standing under the laws of the State of Delaware with full power and authority to conduct the business in which it is engaged as described in the Prospectus.  The Dealer Manager is duly qualified to do business as a foreign corporation and is in good standing in each other jurisdiction in which it owns or leases property of a nature, or transacts business of a type, that would make such qualification necessary except where the failure to be so qualified or in good standing could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(n)    Description of Agreements.  The Company is not a party to or bound by any contract or other instrument of a character required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that is not described and filed as required.
(o)    Qualification as a Real Estate Investment Trust.  The Company intends to satisfy the requirements of the Internal Revenue Code of 1986 as amended (the “Code”) for qualification and taxation of the Company as a real estate investment trust.  Commencing with its taxable year ended December 31, 2015, the Company has been organized in conformity with the requirements for qualification as a real estate investment trust under the Code and its actual method of operation and proposed method of operation as described in the Prospectus has enabled it to meet the requirements for qualification and taxation as a real estate investment trust under the Code commencing with its taxable year ended December 31, 2015.
(p)    Gramm-Leach-Bliley Act and USA Patriot Act.  The Company complies in all material respects with applicable privacy provisions of the Gramm-Leach-Bliley Act and applicable provisions of the USA Patriot Act.
(q)    Sales Material.  All advertising and supplemental sales literature prepared or approved by the Company or any of its affiliates (whether designated solely for broker-dealer use or otherwise) to be used or delivered by the Company or any of its affiliates or Ameriprise in connection with the Offering of the Shares will not contain an untrue statement of material fact or omit to state a material fact required to be 

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stated therein, in light of the circumstances under which they were made and when read in conjunction with the Prospectus, not misleading.  Furthermore, all such advertising and supplemental sales literature has, or will have, received all required regulatory approval, which may include but is not limited to, the approval of the Commission, the Financial Industry Regulatory Authority, Inc. (“FINRA”) and state securities agencies, as applicable.  Any required consent and authorization has been obtained for the use of any trademark or service mark in any sales literature or advertising delivered by the Company to Ameriprise or approved by the Company for use by Ameriprise and, to the Company’s knowledge, its use does not constitute the unlicensed use of intellectual property.
(r)    Good Standing of Subsidiaries.  Each “significant subsidiary” of the Company (as such term is defined in Rule 1-02 of Regulation S-X) and each other entity in which the Company holds a direct or indirect ownership interest that is material to the Company (each a “Subsidiary” and, collectively, the “Subsidiaries”) has been duly organized or formed and is validly existing as a corporation, partnership, limited liability company or similar entity in good standing under the laws of the jurisdiction of its incorporation, has power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect.  Except as otherwise disclosed in the Registration Statement, all of the issued and outstanding equity securities of each such Subsidiary has been duly authorized and validly issued, is fully paid and non‐assessable and is owned by the Company, directly or through subsidiaries, free and clear of any Lien, claim or equity other than such Liens, claims or equities that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  None of the outstanding shares of capital stock of any Subsidiary was issued in violation of the preemptive or similar rights of any stockholder of such Subsidiary.  The only direct subsidiaries of the Company as of the date of the Registration Statement or the most recent post-effective amendment to the Registration Statement, as applicable, are the subsidiaries listed on Exhibit 21 to the Registration Statement or such post-effective amendment to the Registration Statement.
(s)    No Pending Action.  Except as disclosed in the Registration Statement, there is no action, suit or proceeding pending, or, to the knowledge of the Company, threatened or contemplated before or by any arbitrator, court or other government body, domestic or foreign, against or affecting any Issuer Entity or any respective subsidiary thereof which is required to be disclosed in the Registration Statement (other than as disclosed therein), or which would reasonably be expected to result in a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect the properties or assets thereof or the consummation of the transactions contemplated by this Agreement. The aggregate of all pending legal or governmental proceedings to which any Issuer Entity or any respective subsidiary thereof is a party or of which any of their respective properties or assets is the subject which are not described in the Registration Statement, including ordinary routine litigation incidental to the business, would not reasonably be expected to result in a Material Adverse Effect or materially adversely affect other properties or assets of any Issuer Entity or any respective subsidiary thereof.
(t)    Possession of Intellectual Property.  The Company and its subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary to carry on the business now operated by them, and neither the Company nor any of its subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Company or any 

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of its subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.
(u)    Absence of Further Requirements.  No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any court or governmental authority or agency is necessary or required for the performance by the Company of its obligations under this Agreement, the Dealer Manager Agreement, the Selected Dealer Agreements, and the Advisory Agreement in connection with the offering, issuance or sale of the Shares or the consummation of the other transactions contemplated by this Agreement, the Dealer Manager Agreement, the Selected Dealer Agreements and the Advisory Agreement, except for such as are specifically set forth in this Agreement and for such as have been already made or obtained under the Securities Act, the Exchange Act, the rules of FINRA, including NASD rules, or as may be required under the securities laws of the states and jurisdictions indicated in the Blue Sky Memorandum (defined in Section 4(d) of this Agreement), as updated from time to time.  
(v)    Possession of Licenses and Permits.  The Company and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them,  other than filings as are required by the securities laws of certain jurisdictions in which the Company intends to qualify the Shares for sale and such permits, licenses, approvals, consents and other authorizations, the failure of which to possess, would not reasonably be expected to have a Material Adverse Effect (collectively, “Governmental Licenses”), and the Company and its subsidiaries are in compliance in all material respects with the terms and conditions of all such Governmental Licenses.  All of the Governmental Licenses are valid and in full force and effect and neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.
(w)    Partnership Agreements.  Each of the partnership agreements, declarations of trust or trust agreements, limited liability company agreements (or other similar agreements) and, if applicable, joint venture agreements to which the Company or any of its subsidiaries is a party has been duly authorized, executed and delivered by the Company or the relevant subsidiary, as the case may be, and constitutes the valid and binding agreement of the Company or such subsidiary, as the case may be, enforceable in accordance with its terms, except as (i) the enforcement thereof may be limited by (A) the effect of bankruptcy, insolvency or other similar laws now or hereafter in effect relating to or affecting creditors’ rights generally or (B) the effect of general principles of equity, or (ii) the enforcement of the indemnity and/or contribution provisions contained in such agreements may be limited under applicable securities laws and/or the NASAA Guidelines, and the execution, delivery and performance of such agreements did not, at the time of execution and delivery, and does not constitute a breach of or default under the charter or bylaws, partnership agreement, declaration of trust or trust agreement, or limited liability company agreement (or other similar agreement), as the case may be, of the Company or any of its subsidiaries or any of the Agreements and Instruments or any law, administrative regulation or administrative or court order or decree.
(x)    Properties.  Except as otherwise disclosed in the Prospectus: (i) the Company and its subsidiaries have good and insurable or good, valid and, with respect to U.S. properties, insurable title (either in fee simple or pursuant to a valid leasehold interest) to all properties and assets described in the Prospectus as being owned or leased, as the case may be, by them and to all properties reflected in the Company’s most recent consolidated financial statements included in the Prospectus, and neither the Company nor any of its subsidiaries has received notice of any claim that has been or may be asserted by anyone adverse to the rights of the Company or any subsidiary with respect to any such properties or assets (or any such lease) or affecting or questioning the rights of the Company or any such subsidiary to the continued ownership, lease, possession 

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or occupancy of such property or assets, except for such claims that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) there are no Liens, claims or restrictions on or affecting the properties and assets of the Company or any of its subsidiaries which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (iii) no person or entity, including, without limitation, any tenant under any of the leases pursuant to which the Company or any of its subsidiaries leases (as lessor) any of its properties (whether directly or indirectly through other partnerships, limited liability companies, business trusts, joint ventures or otherwise) has an option or right of first refusal or any other right to purchase any of such properties, except for such options, rights of first refusal or other rights to purchase which, individually or in the aggregate, are not expected to have a Material Adverse Effect; (iv) to the Company’s knowledge, each of the properties of the Company or any of its subsidiaries has access to public rights of way, either directly or through easements (insured easements with respect to U.S. properties), except where the failure to have such access would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (v) to the Company’s knowledge, each of the properties of the Company or any of its subsidiaries is served by all public utilities necessary for the current operations on such property in sufficient quantities for such operations, except where the failure to have such public utilities could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (vi) to the knowledge of the Company, each of the properties of the Company or any of its subsidiaries complies with all applicable codes and zoning and subdivision laws and regulations, except for such failures to comply which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (vii) all of the leases under which the Company or any of its subsidiaries holds or uses any real property or improvements or any equipment relating to such real property or improvements are in full force and effect, except where the failure to be in full force and effect could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and neither the Company nor any of its subsidiaries is in default in the payment of any amounts due under any such leases or in any other default thereunder and the Company knows of no event which, with the passage of time or the giving of notice or both, could constitute a default under any such lease, except such defaults that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (viii) to the knowledge of the Company, there is no pending or threatened condemnation, zoning change, or other proceeding or action that could in any manner affect the size of, use of, improvements on, construction on or access to the properties of the Company or any of its subsidiaries, except such proceedings or actions that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and (ix) neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any lessee of any of the real property or improvements of the Company or any of its subsidiaries is in default in the payment of any amounts due or in any other default under any of the leases pursuant to which the Company or any of its subsidiaries leases (as lessor) any of its real property or improvements (whether directly or indirectly through partnerships, limited liability companies, joint ventures or otherwise), and the Company knows of no event which, with the passage of time or the giving of notice or both, would constitute such a default under any of such leases, except in each case such defaults as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
(y)     Insurance.  The Company and/or its subsidiaries have title insurance on all U.S. real property and improvements described in the Prospectus as being owned or leased under a ground lease, as the case may be, by them and to all U.S. real property and improvements reflected in the Company’s most recent consolidated financial statements included in the Prospectus in an amount at least equal to the original purchase price paid to the sellers of such property, except as otherwise disclosed in the Prospectus, and the Company or one of its subsidiaries is entitled to all benefits of the insured thereunder.  With respect to all non-U.S. real property described in the Prospectus as being owned or leased by the Company’s subsidiaries, each such subsidiary has received a title opinion or title certificate or other customary evidence of title assurance, as appropriate for the respective jurisdiction, showing good and indefeasible title to such properties 

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in fee simple or valid leasehold estate or its respective equivalent, as the case may be, vested in the applicable subsidiary.  Each property described in the Prospectus is insured by special form coverage hazard and casualty insurance carried by either the tenant or the Company and its subsidiaries in amounts and on such terms as are customarily carried by owners or lessors of properties similar to those owned by the Company and its subsidiaries (in the markets in which the Company’s and subsidiaries’ respective properties are located), and the Company and its subsidiaries carry comprehensive general liability insurance and such other insurance as is customarily carried by owners of properties similar to those owned by the Company and its subsidiaries in amounts and on such terms as are customarily carried by owners of properties similar to those owned by the Company and its subsidiaries (in the markets in which the Company’s and its subsidiaries’ respective properties are located) and the Company or one of its subsidiaries is named as an additional insured and/or loss payee, as applicable, on all policies (except workers’ compensation) required under the leases for such properties.
(z)    Environmental Matters.  Except as otherwise disclosed in the Prospectus: (i) all real property and improvements owned or leased by the Company or any of its subsidiaries, including, without limitation, the Environment (as defined below) associated with such real property and improvements, is free of any Contaminant (as defined below) in violation of applicable Environmental Laws (as defined below)except for such violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) neither the Company, nor any of its subsidiaries has caused or suffered to exist or occur any Release (as defined below) of any Contaminant into the Environment in violation of any applicable Environmental Law, except for such violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) neither the Company nor any of its subsidiaries is aware of any notice from any governmental body claiming any violation of any Environmental Laws or requiring or calling for any work, repairs, construction, alterations, removal or remedial action or installation by the Company or any of its subsidiaries on or in connection with such real property or improvements, whether in connection with the presence of asbestos-containing materials or mold in such properties or otherwise, except for any violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or any such work, repairs, construction, alterations, removal or remedial action or installation, if required or called for, which would not result in the incurrence of liabilities by the Company, which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, nor is the Company aware of any information which may serve as the basis for any such notice that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iv) neither the Company nor any of its subsidiaries has caused or suffered to exist or occur any environmental condition on any of the properties or improvements of the Company or any of its subsidiaries that could reasonably be expected to give rise to the imposition of any Lien under any Environmental Laws except such Liens which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and (v) to the Company’s knowledge, no real property or improvements owned or leased by the Company or any of its subsidiaries is being used or has been used for manufacturing or for any other operations that involve or involved the use, handling, transportation, storage, treatment or disposal of any Contaminant, where such operations require or required permits or are or were otherwise regulated pursuant to the Environmental Laws and where such permits have not been or were not obtained or such regulations are not being or were not complied with, except in all instances where any failure to obtain a permit or comply with any regulation would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  “Contaminant” means any pollutant, hazardous substance, toxic substance, hazardous waste, special waste, petroleum or petroleum-derived substance or waste, asbestos or asbestos-containing materials, PCBs, lead, pesticides or regulated radioactive materials or any constituent of any such substance or waste, as identified or regulated under any Environmental Law.  “Environmental Laws” means the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. 6901, et seq., the Clean Air Act, 42 U.S.C. 7401, et seq., the Clean Water Act, 

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33 U.S.C. 1251, et seq., the Toxic Substances Control Act, 15 U.S.C. 2601, et seq., the Occupational Safety and Health Act, 29 U.S.C. 651, et seq., and all other federal, state and local laws, ordinances, regulations, rules, orders, decisions and permits, which are directed at the protection of human health or the Environment.  “Environment” means any surface water, drinking water, ground water, land surface, subsurface strata, river sediment, buildings, structures, and ambient air.  “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, or disposing of any Contaminant into the Environment, including, without limitation, the abandonment or discard of barrels, containers, tanks or other receptacles containing or previously containing any Contaminant or any release, emission or discharge as those terms are defined or used in any applicable Environmental Law. 
(aa)    Registration Rights.  Other than the Company, and except as otherwise disclosed in the Prospectus, there are no persons with registration or other similar rights to have any securities registered pursuant to the Registration Statement or otherwise registered by the Company under the Securities Act, or included in the Offering contemplated hereby.
(bb)    Finders’ Fees.  Neither the Company nor any affiliate thereof has received or is entitled to receive, directly or indirectly, a finder’s fee or similar fee from any person other than that as described in the Prospectus in connection with the acquisition, or the commitment for the acquisition, of the Properties by the Company.
(cc)    Taxes.  The Company and each of its subsidiaries has filed all material federal, state and foreign income tax returns and all other material tax returns which have been required to be filed on or before the due date thereof (taking into account all extensions of time to file) and all such tax returns are correct and complete in all material respects.  The Company has paid or provided for the payment of all taxes reflected on its tax returns and all assessments received by the Company and each of its subsidiaries to the extent that such taxes or assessments have become due, except where the Company is contesting such assessments in good faith and except for such taxes and assessments of immaterial amounts, the failure of which to pay would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  There are no audits, deficiencies or assessments pending against the Company or its subsidiaries relating to income taxes, except where the Company is contesting such audit, deficiency or assessments in good faith.
(dd)    Internal Controls.  The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting is effective as of December 31, 2017 and the Company is not aware of any material weaknesses in its internal control over financial reporting. Since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 
(ee)    Disclosure Controls and Procedures.  The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective as of June 30, 2018.

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(ff)    Compliance with the Sarbanes-Oxley Act.  There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.
(gg)    No Fiduciary Duty.  Each Issuer Entity acknowledges and agrees that Ameriprise is acting solely in the capacity of an arm’s length contractual counterparty to it with respect to the Offering of the Shares (including in connection with determining the terms of the Offering) and not as a financial advisor or a fiduciary to, or an agent of, such Issuer Entity or any other person.  Additionally, Ameriprise is not advising the Issuer Entities or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.  Each of the Issuer Entities shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and Ameriprise shall have no responsibility or liability to the Issuer Entities with respect thereto.  Any review by Ameriprise of the Issuer Entities, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of Ameriprise and shall not be on behalf of the Issuer Entities.
(hh)    Dealer Manager and Advisor Insurance.  Each of the Dealer Manager and the Advisor are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and which each of them deems adequate.  All policies of insurance insuring the Dealer Manager and the Advisor or each of their respective businesses, assets, employees, officers and trustees, including their respective errors and omissions insurance policies, are in full force and effect and the Dealer Manager and the Advisor are in compliance with the terms of their respective policies in all material respects. There are no claims by the Dealer Manager or the Advisor under any such policy as to which any insurance company is denying liability or defending under a reservation of rights clause. Neither the Dealer Manager nor the Advisor has been refused any insurance coverage sought or applied for. Neither the Dealer Manager nor the Advisor has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain new insurance coverage to replace the existing insurance coverage in amounts and on such terms as it deems necessary to continue its business at a cost that would not have a material adverse effect on, or material adverse change in, the general affairs, business, operations, condition (financial or otherwise) or results of operations of the Dealer Manager and the Advisor, taken as a whole, whether or not arising in the ordinary course of business, except as set forth in or contemplated in the Registration Statement and the Prospectus and provided, that, such insurance coverage is available to the Dealer Manager and the Advisor on commercially reasonable terms.
(ii)    Financial Resources.  Each of the Dealer Manager and the Advisor has the financial resources available to it that it deems necessary for the performance of its respective services and obligations as contemplated in the Registration Statement, the Prospectus and under this Agreement, the Dealer Manager Agreement, and the Advisory Agreement. 
(jj)     Transactions effectuated by the Advisor are executed in accordance with its management’s general or specific authorization under the Advisory Agreement, and access by the Advisor to the Company’s assets is permitted only in accordance with its management’s general or specific authorization under the Advisory Agreement. 
(kk)    Valuation: General.  The Company shall value its shares consistent with FINRA requirements and this Section 2(kk), and shall disclose such value in the Registration Statement, Form 10-K, Form 10-Q and/or in a Form 8-K (collectively referred to as “SEC Disclosure Documents”) filed with 

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the Commission and in the Annual Report sent to investors in accordance with regulatory requirements.  At a minimum, the Company shall provide a per share value based on the fair value of the Company’s assets less liabilities under market conditions existing as of the date of valuation, referred to as Net Asset Value (“NAV”), and assuming the allocation of the resulting NAV among the Company’s common shareholders, to arrive at a Net Asset Value Per Share (“Per Share NAV”).  Notwithstanding that generally accepted accounting principles of the Financial Accounting Standards Board (“GAAP”) generally require the fair value of real estate to reflect the price received to sell an asset in an orderly transaction between market participants at the measurement date and not on an ongoing basis, the NAV shall be determined in a manner consistent with the methods and principles used to determine fair value under GAAP, primarily as set forth in ASC 820, and the international financial reporting standards of the International Accounting Standards Board (as applicable), and consistent with the methodology set forth in Exhibit A to this Agreement.  The Board of Directors of the Company has appointed a committee comprised of a majority of independent directors of the Company that will be responsible for oversight of the valuation process (“Valuation Committee”), subject to the final approval of the Company’s Board of Directors.
Independent Valuation Firm.  The Company, with the approval of the Board of Directors, including the Valuation Committee, shall engage one or more independent third-party firms (each an “Independent Valuation Firm” and collectively, the “Independent Valuation Firms”) for valuation purposes, provided, however, the Company will discuss in advance with and thereafter notify Ameriprise in writing prior to the engagement of an Independent Valuation Firm.  However, for the avoidance of doubt, the engagement of the Independent Valuation Firms shall be the sole responsibility of the Company and the Company shall have the sole discretion to select the Independent Valuation Firms to perform the valuation.

Independent Valuations.  The valuation shall be determined by the Independent Valuation Firm or shall be determined by the Company; provided that if it is determined by the Company, the Company shall receive a conclusion from the Independent Valuation Firm with respect to the reasonableness of the valuation.  The valuation shall be determined on a monthly basis as described in the Prospectus and shall be disclosed in a supplement to the Prospectus generally within fifteen (15) calendar days following the last calendar day of each month.

The Company shall obtain a new appraisal of each real estate property approximately once every twelve (12) calendar months.  The acquisition cost of newly acquired properties may serve as their value for purposes of calculating the Company’s NAV for a period of up to one year following their acquisition, and thereafter will be part of the appraisal cycle.  All appraisals shall be conducted utilizing recognized industry standards prescribed by the Uniform Standards of Professional Appraisal Practice (“USPAP”) or the similar industry standard for the country where the property appraisal is conducted, and the Independent Valuation Firm will assign a discrete value for each such property pursuant to the methodology set forth in Exhibit A. All appraisals shall be conducted by appraisers possessing a Member Appraisal Institute (“MAI”) or similar designation or, for international appraisals, a public certified expert for real estate valuations, qualified to perform and oversee the appraisal work of the scope and nature described on Exhibit A.  All appraisals shall be conducted on the basis of one or more of the discounted cash flow approach, the income capitalization approach, the sales comparison approach, or the cost approach, using whichever approaches and timing assumptions as are deemed the most appropriate by the Independent Valuation Firm based on the highest and best use of the properties being appraised, which method(s) shall be disclosed in the Company’s SEC Disclosure Documents. 

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Reports.  For all valuations, the Company will obtain from the Independent Valuation Firm a written report, which shall set forth a summary analysis of the Independent Valuation Firm’s process and methodology undertaken in the valuation, a description of the scope of the reviews performed and any limitations thereto, the data and assumptions used for the review, the applicable industry standards used for the valuation, any other matters related to the valuation analysis and a conclusion as to a reasonable range of NAV and Per Share NAV. 

Upon Ameriprise’s request and subject to Ameriprise’s execution and delivery to the Company and the Independent Valuation Firm of an access and confidentiality agreement, substantially consistent with the form attached hereto as Exhibit B, as part of Ameriprise’s on-going due diligence review of the Company, the Company will provide Ameriprise with access to supporting materials related to the Independent Valuation report, which includes, but may not be limited to, the data and assumptions used for the review and the appraisals of each of the real estate properties.

For the avoidance of doubt, the final determination of the NAV and Per Share NAV shall be the sole responsibility of the Company.  To the extent a valuation provided by the Independent Valuation Firm is different from the valuation disclosed by the Company, the Company will provide an explanation in its SEC Disclosure Documents.

In addition, following the final determination and disclosure of the NAV and Per Share NAV by the Company, if requested by Ameriprise, the Company will send a copy of the Independent Valuation Firm’s report to Ameriprise and schedule a reasonable number of meetings or teleconferences with the Independent Valuation Firm so that Ameriprise may perform its on-going due diligence review of Company.

Disclosure.  A valuation will be reported in the SEC Disclosure Documents filed with the Commission and in the Annual Report sent to investors with sufficient narrative disclosure to meet FINRA regulatory requirements and in a clear and concise manner so as to be understood by the average investor.  In addition, if the Company has knowledge of a material impairment or appreciation, or a material other-than-temporary change in the value of any real property or real estate-related asset which would result in a material change in the NAV or Per Share NAV, then the Company shall consider such change prior to the issuance of a valuation and shall otherwise file such SEC Disclosure Documents as required.  

In addition to and in conjunction with the terms set forth in this Section 2(kk), pursuant to FINRA Rule 2310(b)(5), the Issuer Entities agree that the Company shall make specified disclosures as to the value of the Shares in each annual report distributed to investors pursuant to Section 13(a) or 15(d) of the Exchange Act, specifically: (i) a per share estimated value of the Shares, developed in a manner reasonably designed to ensure it is reliable; (ii) an explanation of the method by which the value was developed; and (iii) the date of the valuation. 

In addition to and in conjunction with the terms set forth in this Section 2(kk), pursuant to FINRA Rule 2310(b)(5), the Issuer Entities agree that the Company shall disclose in each annual report filed pursuant to Section 13(a) or 15(d) of the Exchange Act, a per share estimated value: (i) based on the valuations of the assets and liabilities of the Company performed at least annually by, or with the material assistance or confirmation of, a third-party valuation expert or service; (ii) derived from a methodology that conforms to standard industry practice; and (iii) accompanied by a written opinion or report by the Company, delivered at least annually, that explains the scope of the review, the valuation methodology used and the basis for the reported value.

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Notwithstanding any agreements to the contrary, nothing shall preclude Ameriprise from taking any action, such as suspending sales of any offering or withholding disclosure of Per Share NAV on its account statements, on the basis of the due diligence review of the valuation materials and the Independent Valuation Firm’s report.  Following the Company’s disclosure of the valuation in the SEC Disclosure Documents, and subject to the fair disclosure requirements of Regulation FD and to the provisions of any non-disclosure agreement between Ameriprise and the Independent Valuation Firm, nothing shall preclude Ameriprise from providing the name of the Independent Valuation Firm and/or a summary of its review to its clients and/or its financial advisors.  In addition, notwithstanding anything to the contrary in this Section 2(kk), the Company acknowledges and agrees that it shall cooperate with, provide access to, and afford sufficient time in advance for Ameriprise to conduct its on-going due diligence review of the Company from the effective date of this Agreement through the date of a merger, listing of its shares on an exchange or other similar significant event.

Policies and Certification.  The Company has designed and implemented policies reasonably designed to ensure compliance with this Section 2(kk), and has provided Ameriprise with a copy of those policies.  If the Company materially changes such policies, the Company shall promptly provide written notice to Ameriprise.  In addition, the Company will briefly describe its valuation policies, including the role and responsibilities of an Independent Valuation Firm, in its Form S-11, amendments thereto or other offering materials filed with the Commission.

(ll)    Disclosure of Funds from Operations.  The Company will include, in each report on Form 10-K or Form 10-Q filed with the Commission, the following performance measures: Funds From Operations using the definition and protocols established by the National Association of Real Estate Investment Trusts, as amended from time-to-time.  The Company has designed and implemented policies reasonably designed to ensure compliance with this Section 2(ll), and has provided Ameriprise with a copy of those policies.  In no event will the Company materially change such policies without prior written notice to Ameriprise.

     3.    Sale of Shares.
(a)    Purchase of Shares.  On the basis of the representations, warranties and covenants herein contained, but subject to the terms and conditions herein set forth, the Company hereby appoints Ameriprise as a Selected Dealer for the Shares during the period from the date hereof to the Termination Date (the “Effective Term”), including the Shares to be issued pursuant to the DRIP, each in the manner described in the Registration Statement.  Subject to the performance by the Company of all obligations to be performed by it hereunder and the completeness and accuracy of all of its representations and warranties, Ameriprise agrees to use its best efforts, during the Effective Term, to offer and sell such number of Shares as contemplated by this Agreement at the price stated in the Prospectus, as the same may be adjusted from time to time. 
The purchase of Shares must be made during the offering period described in the Prospectus, or after such offering period in the case of purchases made pursuant to the DRIP (each such purchase hereinafter defined as an “Order”).  
(i)    Persons desiring to purchase Shares are required to (A) deliver to Ameriprise a check or funds in an amount equal to the per share purchase price disclosed from time to time in the Registration Statement or Prospectus per Class T Share or Class I Share, as applicable, payable to Ameriprise, or (B) authorize a debit of such amount to the account such purchaser maintains with Ameriprise.  

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(ii)    An order form as mutually agreed upon by Ameriprise and the Company substantially similar to the form of subscription agreement attached to the Prospectus (each an “Order Form”) must be completed and submitted to the Company for all investors.  The Dealer Manager and American Enterprise Investment Services, Inc. (“AEIS”), an affiliate of Ameriprise, are parties to that certain Alternative Investment Product Networking Services Agreement, dated March 23, 2012, as amended (the “AIP Networking Agreement”), pursuant to which the broker-controlled accounts of Ameriprise’s customers that invest in the Company will be processed and serviced.  The parties acknowledge that any receipt by Ameriprise of payments for subscriptions for Shares shall be effected solely as an administrative convenience, and such receipt of payments shall not be deemed to constitute acceptance of Orders to purchase Shares or sales of Shares by the Company.  
All Orders solicited by Ameriprise will be strictly subject to review and acceptance by the Company and the Company reserves the right in its absolute discretion to reject any Order or to accept or reject Orders in the order of their receipt by the Company or otherwise.  The Company will accept or reject Orders on a monthly basis in accordance with the procedures described in the section of the Prospectus titled, “Plan of Distribution—The Subscription Process and Admission of Stockholders.”  If the Company elects to reject such Order, within 10 business days after such rejection, it will notify the purchaser and Ameriprise of such fact and cause the return of such purchaser’s funds submitted with such application.  If Ameriprise receives no notice of rejection within the foregoing time limits, the Order shall be deemed accepted.  Ameriprise agrees to make every reasonable effort to determine that the purchase of Shares is a suitable and appropriate investment for each potential purchaser of Shares based on information provided by such purchaser regarding, among other things, such purchaser’s age, investment experience, financial situation and investment objectives.  Ameriprise agrees to maintain copies of the Orders received from investors and of the other information obtained from investors, including the Order Forms, for a minimum of 6 years from the date of sale and will make such information available to the Company upon request by the Company. 
(a)    Closing Dates and Delivery of Shares.  In no event shall a sale of Shares to an investor be completed until at least five business days after the date the investor receives a copy of the Prospectus.  Orders shall be submitted as contemplated by the AIP Networking Agreement, Section 12 of the Dealer Manager Agreement and as otherwise set forth in this Agreement.  Shares will be issued as described in the Prospectus.  Share issuance dates for purchases made pursuant to the DRIP will be as set forth in the DRIP. 
(b)    Dealers.  The Shares offered and sold under this Agreement shall be offered and sold only by Ameriprise, a member in good standing of FINRA.  The Issuer Entities and affiliates thereof agree to participate in Ameriprise’s marketing efforts to the extent that Ameriprise may reasonably request and, without limiting the generality of the foregoing, agree to visit Ameriprise’s offices as Ameriprise may reasonably request.
(c)    Compensation.  In consideration for Ameriprise’s execution of this Agreement, and for the performance of Ameriprise’s obligations hereunder, the Dealer Manager agrees to pay or cause to be paid to Ameriprise a selling commission (the “Selling Commission”) of two percent (2.00%) of the price of each Class T Share (except for Shares sold pursuant to the DRIP) sold by Ameriprise; provided, however, that the Selling Commission shall be reduced with respect to volume sales of Class T Shares as set forth in the “Plan of Distribution” section of the Prospectus and in the table below.  In the case of such volume sales to qualifying purchasers, on orders of $150,000 or more of Class T Shares, the Selling Commission payable to Ameriprise shall be reduced by the amount of the Share purchase price discount.  In the case of such volume sales to qualifying purchasers, Ameriprise’s Selling Commission shall be reduced for each 

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incremental Share purchase by such qualifying purchasers where Ameriprise serves as the selected dealer for such purchase, in the total volume ranges set forth in the table below.  Such reduced Share price will not affect the amount received by the Company for investment. The following table sets forth the reduced Selling Commission payable to Ameriprise in connection with volume discounts, which table may be updated from time to time in the Prospectus:

	
			
	Investment Amount
	Upfront Selling Commissions Payable to Ameriprise as a % of Gross Offering Proceeds from the Sale of Class T Shares

	Up to $149,999.99
	2.00
	%

	$150,000 to $499,999.99
	1.50
	%

	$500,000 to $999,999.99
	1.00
	%

	$1,000,000 and up
	0.50
	%

For purposes of determining investors eligible for volume discounts, investments made by accounts with the same primary account holder, as determined by the account taxpayer identification number, may be combined. This includes individual accounts and joint accounts that have the same primary holder as an individual account. Investments made through individual retirement accounts may also be combined with accounts that have the same taxpayer identification number as the beneficiary of the individual retirement account.  In addition, purchases by an individual investor and his or her spouse living in the same household may also be combined as a single purchase for purposes of determining the applicable volume discount.  In the event Orders are combined, the commission payable with respect to the subsequent purchase of Class T Shares will equal the Selling Commission per share which would have been payable in accordance with the table set forth above if all purchases had been made simultaneously. If an investor qualifies for a volume discount as the result of multiple purchases of Class T Shares, the investor will receive the benefit of the applicable volume discount for the individual purchase which qualified the investor for the volume discount, but the investor will not be entitled to the benefit for prior purchases.  Any reduction of the two percent (2.00%) Selling Commission otherwise payable to Ameriprise with respect to the sale of Class T Shares will be credited to the purchaser as additional Class T Shares. Unless Ameriprise, on behalf of purchasers, indicates that Orders are to be combined and provide all other requested information, the Company will not be held responsible for failing to combine Orders properly. 

Purchasers may submit requests in writing to Ameriprise to aggregate subscriptions, as part of a combined order for purposes of determining the number of Class T Shares purchased and the applicable volume discount, provided that any such request must be submitted by Ameriprise to the Dealer Manager simultaneously with the subscription for shares to which the discount is to relate. Ameriprise may make the request to the Dealer Manager on behalf of Ameriprise investors; provided, that, approval of any such volume discounts for combined purchases shall be at the sole discretion of the Dealer Manager and any such discount shall be prorated among the individual subscriptions that were combined for the purchase. 

The Company expects the Dealer Manager to enter into Selected Dealer Agreements with other broker dealers that are members of FINRA, which the Company refers to as selected dealers, to sell the Shares. Except as provided in the Selected Dealer Agreements, the Dealer Manager will reallow to the selected dealers all of the Selling Commissions attributable to such selected dealers.

In addition, the Dealer Manager will receive, and the Dealer Manager shall reallow or advance to Ameriprise, annual distribution and stockholder servicing fees (the “Distribution and Stockholder Servicing Fees”) of one percent (1.00%) of the aggregate NAV of the outstanding Class T Shares sold by 

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Ameriprise; provided however, that the sum of the Selling Commission and the Distribution and Stockholder Servicing Fees to be reallowed to Ameriprise will not exceed a total of five percent (5.00%) of gross proceeds from the sale of such Class T Shares.  The Distribution and Stockholder Servicing Fees will be paid monthly in arrears. Notwithstanding the foregoing, if the Dealer Manager is notified that Ameriprise is no longer the broker dealer of record with respect to Class T Shares sold by Ameriprise, then Ameriprise’s entitlement to the Distribution and Stockholder Servicing Fees related to such Class T Shares shall cease, and Ameriprise shall not receive the Distribution and Stockholder Servicing Fees for any portion of the month in which Ameriprise is not the broker dealer of record on the last day of the month; provided, however, if the change in the broker dealer of record with respect to such Class T Shares is made in connection with a change in the registration of record for such Class T Shares on the Company’s books and records (including, but not limited to, a re-registration due to a sale or a transfer or a change in the form of ownership of the account), then Ameriprise shall be entitled to a pro rata portion of the Distribution and Stockholder Servicing Fees related to such Class T Shares for the portion of the month for which Ameriprise was the broker dealer of record. Thereafter, such Distribution and Stockholder Servicing Fees may be paid by the Dealer Manager to the then-current broker dealer of record with respect to the Class T Shares, if any, if such broker dealer of record has entered into a Selected Dealer Agreement or other servicing broker dealer agreement with the Dealer Manager that provides for such payment. If the Dealer Manager is notified that Ameriprise has become the broker dealer of record with respect to shares of Common Stock initially sold by a broker dealer other than Ameriprise, then from and after the date upon which the Dealer Manager determines that Ameriprise is the broker dealer of record with respect to such Shares, Ameriprise shall be entitled to any Distribution and Stockholder Servicing Fees payable with respect to such shares of Common Stock in accordance with the terms of the reallowance of such Distribution and Stockholder Servicing Fees originally agreed to by the selected dealer that originally sold such shares.   The Company will cease paying the Distribution and Stockholder Servicing Fees with respect to any Class T Share at the end of the month in which the Company’s transfer agent, on the Company’s behalf, determines that the total Selling Commissions, dealer manager fees and Distribution and Stockholder Servicing Fees paid with respect to such Class T Shares, held by a stockholder within his or her particular account equals 8.50% of the gross proceeds from the sale of such Class T Shares or Class I Shares (including the gross proceeds of any shares issued under the DRIP with respect thereto). At the end of such month, such Class T Share (and any shares issued under the DRIP or pursuant to stock dividends with respect thereto) will convert into a number of Class I Shares (including any fractional shares) with an equivalent aggregate NAV as such share. In addition, the Company will cease paying Distribution and Stockholder Servicing Fees with respect to each Class T Share on the earlier to occur of the following: (i) a listing of the Common Stock, (ii) the merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including upfront Selling Commissions, Distribution and Stockholder Servicing Fees and other underwriting compensation, is equal to 10.0% of the gross proceeds from the Offering. The Company will further cease paying the Distribution and Stockholder Servicing Fees on any Class T Share that is redeemed or repurchased, as well as upon the Company’s dissolution, liquidation or the winding up of its affairs, or a merger or other extraordinary transaction in which the Company is a party and in which the Class T Shares, as a class, are exchanged for cash or other securities. 
No payment of Selling Commissions or Distribution and Stockholder Servicing Fees will be made in respect of Orders (or portions thereof) which are rejected by the Company.  As noted in Section 3(a) above, Ameriprise shall transfer to the Transfer Agent the total amount debited from such investor accounts for the purchase of Shares, net of the Selling Commission payable to Ameriprise.  Selling Commissions will be payable only with respect to transactions lawful in the jurisdictions where they occur.  Ameriprise affirms that the Dealer Manager’s liability for Selling Commissions, the Distribution and Stockholder Servicing 

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Fees and any other amount payable from the Dealer Manager to Ameriprise is limited solely to the amount of the Selling Commissions and the Distribution and Stockholder Servicing Fees received by the Dealer Manager from the Company, and Ameriprise hereby waives any and all rights to receive payment of Selling Commissions, Distribution and Stockholder Servicing Fees and any other amount due to Ameriprise until such time as the Dealer Manager has received from the Company the Selling Commissions and the Distribution and Stockholder Servicing Fees from the sale of Shares by Ameriprise.  To the extent that the Issuer Entities continue to charge Ameriprise’s customers Selling Commission, Distribution and Stockholder Services Fees and any other fees, the Issuer Entities will make reasonable efforts to ensure that Ameriprise continues to receive the fees payable to Ameriprise pursuant to this Agreement. 
No Selling Commissions or Distribution and Stockholder Servicing Fees shall be paid to Ameriprise for purchases of Class I Shares.  No Selling Commissions shall be paid to Ameriprise for purchases of Shares made by an investor pursuant to the DRIP.
Except for offers and sales of Shares to the Company’s officers and directors and their immediate family members, to officers, directors and employees of the Advisor or other affiliates and their immediate family members, to or through registered investment advisers or a bank acting as a trustee or fiduciary, or through any other arrangements described in the “Plan of Distribution” section of the Prospectus, the Company represents that neither it nor any of its affiliates have offered or sold any Shares pursuant to this Offering, and agrees that, through the Termination Date, the Company will not offer or sell any Shares (except for Shares offered pursuant to the DRIP) otherwise than through the Dealer Manager as provided in the Dealer Manager Agreement, Ameriprise as herein provided, the selected dealers other than Ameriprise as provided in the Selected Dealer Agreements, and registered investment advisers as provided in agreements between the Company and/or the Dealer Manager and registered investment advisers, except pursuant to arrangements described in the “Plan of Distribution” section of the Prospectus.
(d)    Calculation of Fees.  The Issuer Entities will have sole responsibility, and will provide the sole basis, for calculating fees for payable to Ameriprise under this Agreement.  
(e)    Finder’s Fee.  Neither the Company nor Ameriprise shall, directly or indirectly, pay or award any finder’s fees, commissions or other compensation to any person engaged by a potential investor for investment advice as an inducement to such advisor to advise the purchase of Shares; provided, however, that normal Selling Commissions payable to a registered broker-dealer or other properly licensed person for selling Shares shall not be prohibited hereby.
4.Covenants.  Each Issuer Entity, jointly and severally, covenants and agrees with Ameriprise that it will:
(a)    Commission Orders.  Use its best efforts to cause any amendments to the Registration Statement to become effective as promptly as possible and to maintain the effectiveness of the Registration Statement, and will promptly notify Ameriprise and confirm the notice in writing if requested, (i) when any post-effective amendment to the Registration Statement becomes effective, (ii) of the issuance by the Commission or any state securities authority of any jurisdiction of any stop order or of the initiation, or the threatening (for which it has knowledge), of any proceedings for that purpose or of the suspension of the qualification of the Shares for offering or sale in any jurisdiction or of the institution or threatening (for which it has knowledge) of any proceedings for any of such purposes, (iii) of the receipt of any material comments from the Commission with respect to the Registration Statement, the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, or any other filings, (iv) of any request by the Commission for any amendment to the Registration Statement as filed or any amendment or supplement to the Prospectus or for additional information relating thereto and (v) if the Registration Statement becomes unavailable for 

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use in connection with the Offering of the Shares for any reason.  Each of the Company and the Dealer Manager will use its best efforts to prevent the issuance by the Commission of a stop order or a suspension order and if the Commission shall enter a stop order or suspension order at any time, each of the Company and the Dealer Manager will use its best efforts to obtain the lifting of such order at the earliest possible moment.  The Company shall not accept any order for Shares during the effectiveness of any stop order or if the Registration Statement becomes unavailable for use in connection with the Offering of the Shares for any reason.
(b)    Registration Statement.  Deliver to Ameriprise without charge promptly after the Registration Statement and each amendment or supplement thereto becomes effective, such number of copies of the Prospectus (as amended or supplemented), the Registration Statement and supplements and amendments thereto, if any (without exhibits), as Ameriprise may reasonably request.  Unless Ameriprise is otherwise notified in writing by the Company; the Company hereby consents to the use of the Prospectus or any amendment or supplement thereto by Ameriprise both in connection with the Offering and for such period of time thereafter as the Prospectus is required to be delivered in connection therewith.
(c)    “Blue Sky” Qualifications.  Endeavor in good faith to seek and maintain the approval of the Offering by FINRA, and to qualify the Shares for offering and sale under the securities laws of all 50 states and the District of Columbia and to maintain such qualification, except in those jurisdictions Ameriprise may reasonably designate; provided, however, the Company shall not be obligated to subject itself to taxation as a party doing business in any such jurisdiction.  In each jurisdiction where such qualification shall be effected, the Company will, unless Ameriprise agrees that such action is not at the time necessary or advisable, file and make such statements or reports as are or may reasonably be required by the laws of such jurisdiction.
(d)    “Blue Sky” Memorandum.  To furnish to Ameriprise, and Ameriprise may be allowed to rely upon, a “Blue Sky” Memorandum (the “Blue Sky Memorandum”), prepared by counsel reasonably acceptable to Ameriprise (with the understanding that Greenberg Traurig, LLP shall so qualify), in customary form naming the jurisdictions in which the Shares have been qualified for sale under the respective securities laws of such jurisdiction.  The Blue Sky Memorandum shall be promptly updated by counsel and provided to Ameriprise from time to time to reflect changes and updates to the jurisdictions in which the Shares have been qualified for sale. In each jurisdiction where the Shares have been qualified, the Company will make and file such statements and reports in each year as are or may be required by the laws of such jurisdiction.
(e)    Amendments and Supplements.  If during the time when a Prospectus is required to be delivered under the Securities Act, any event relating to the Company shall occur as a result of which it is necessary, in the opinion of the Company’s counsel, to amend the Registration Statement or to amend or supplement the Prospectus in order to make the Prospectus not misleading in light of the circumstances existing at the time it is delivered to an investor, or if it shall be necessary, in the opinion of the Company’s counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities Act or the Regulations, the Company will forthwith notify  Ameriprise pursuant to Section 11, further, the Company shall prepare and furnish without expense to Ameriprise, a reasonable number of copies of an amendment or amendments of the Registration Statement or the Prospectus, or a supplement or supplements to the Prospectus which will amend or supplement the Registration Statement or Prospectus so that as amended or supplemented it will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or to make the Registration Statement or the Prospectus comply with such requirements.  During the time when a Prospectus is required to be delivered under the Securities Act, the Company shall comply in all material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, 

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including the undertaking contained in the Company’s Registration Statement pursuant to Item 20.D of the Commission’s Industry Guide 5, so far as necessary to permit the continuance of sales of the Shares in accordance with the provisions hereof and the Prospectus.
(a)    Delivery of Periodic Filings.  The Company shall include with any prospectus or “investor kit” delivered to Ameriprise for distribution to potential investors in connection with the Offering a copy of the Company’s most recent Annual Report on Form 10-K, a copy of the Company’s most recent Quarterly Report on Form 10-Q filed with the Commission since such Annual Report on Form 10-K was filed, or any supplement to the Prospectus that contains the material information from such reports or incorporates such reports by reference.
(a)    Periodic Financial Information.  Within one business day following the date on which there shall be released to the general public interim financial statement information related to the Company with respect to each of the first three quarters of any fiscal year or preliminary financial statement information with respect to any fiscal year, the Company shall furnish such information to Ameriprise, confirmed in writing, and shall file such information pursuant to the rules and regulations promulgated under the Securities Act or the Exchange Act as required thereunder.
(b)    Audited Financial Information.  Within one business day following the date on which there shall be released to the general public financial information included in or derived from the audited financial statements of the Company for the preceding fiscal year, the Company shall furnish such information to Ameriprise, confirmed in writing, and shall file such information pursuant to the rules and regulations promulgated under the Securities Act or the Exchange Act as required thereunder.
(c)    Copies of Reports.  During the Offering, the Company will provide (which may be by electronic delivery) Ameriprise with the following:
(i)    as soon as practicable after they have been sent or made available by the Company to its stockholders or filed with the Commission, a copy of each annual and interim financial or other report provided to stockholders, excluding individual account statements sent to security holders of the Company in the ordinary course;
(ii)    as soon as practicable, a copy of every press release issued by the Company and every material news item and article in respect of the Company or its affairs released by the Company; and
     (iii)    additional documents and information with respect to the Company and its affairs as Ameriprise may from time to time reasonably request.
Documents (other than final Prospectuses or supplements or amendments thereto for distribution to investors and the documents incorporated by reference therein) required to be delivered pursuant to this Agreement (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on the Company’s website on the Internet; or (ii) on which such documents are posted on the Company’s behalf on the website of the Securities and Exchange Commission or any other Internet or intranet website, if any, to which Ameriprise has access; provided that the Company shall notify Ameriprise of the posting of any such documents.
(d)    Sales Material.  The Company will deliver to Ameriprise from time to time, all advertising and supplemental sales material (whether designated solely for broker-dealer use or otherwise) proposed to 

21

 

be used or delivered in connection with the Offering, prior to the use or delivery to third parties of such material, and will not so use or deliver, in connection with the Offering, any such material to Ameriprise’s customers or registered representatives without Ameriprise’s prior written consent, which consent, in the case of material required by law, rule or regulation of any regulatory body including FINRA to be delivered, shall not be unreasonably withheld or delayed.  The Company shall ensure that all advertising and supplemental sales literature used by Ameriprise will have received all required regulatory approval, which may include but is not limited to, the Commission, FINRA and state securities agencies, as applicable, prior to use by Ameriprise.  For the avoidance of doubt, ordinary course communications with the Company’s stockholders, including without limitation, the delivery of annual and quarterly reports and financial information, dividend notices, reports of net asset value and information regarding the tax treatment of distributions and similar matters shall not be considered advertising and supplemental sales material, unless the context otherwise requires. 
(e)    Use of Proceeds.  Apply the proceeds from the sale of Shares substantially as set forth in the section of the Prospectus entitled “Estimated Use of Proceeds” and operate the business of the Company in all material respects in accordance with the descriptions of its business set forth in the Prospectus.
(f)    Prospectus Delivery.  Within the time during which a prospectus relating to the Shares is required to be delivered under the Securities Act, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof and the Prospectus. The Dealer Manager confirms that it is familiar with Rule 15c2-8 under the Exchange Act, relating to the distribution of preliminary and final prospectuses, and confirms that it has complied and will comply therewith in connection with the Offering of Shares contemplated by this Agreement, to the extent applicable.
(g)    Financial Statements.  Make generally available to its stockholders as soon as practicable, but not later than the Availability Date, an earnings statement of the Company (in form complying with the provisions of Rule 158 under the Securities Act) covering a period of 12 months beginning after the Effective Date but not later than the first day of the Company’s fiscal quarter next following the Effective Date.  For purposes of the preceding sentence, “Availability Date” means the 45th day after the end of the fourth fiscal quarter following the fiscal quarter that includes such Effective Date, except that, if such fourth fiscal quarter is the last quarter of the Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal quarter (or if either of such dates specified above is a day the Commission is not open to receive filings, then the next such day that the Commission is open to receive filings).
(n)    Compliance with Exchange Act.  Comply with the requirements of the Exchange Act relating to the Company’s obligation to file and, as applicable, deliver to its stockholders periodic reports including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
(o)    Title to Property.  The Company (or any partnership or joint venture holding title to a particular Property) will acquire good and marketable title to each Property to be owned by it, as described in the Prospectus and future supplements to the Prospectus, it being understood that the Company may incur debt with respect to Properties and other assets in accordance with the Prospectus; and except as stated in the Prospectus, the Company (or any such partnership or joint venture) will possess all licenses, permits, zoning exceptions and approvals, consents and orders of governmental, municipal or regulatory authorities required for the ownership of the Properties, and prior to the commencement of construction for the development of any vacant land included therein as contemplated by the Prospectus, except where the failure 

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to possess any such license, permit, zoning exception or approval, consent or order could not be reasonably likely to cause a Material Adverse Effect.
(p)    Licensing and Compliance.  The Company and the Dealer Manager covenant that any persons employed or retained by them to provide sales support or wholesaling services in support of Ameriprise or its clients shall be licensed in accordance with all applicable laws, will comply with all applicable federal and state securities laws and regulations, and will use only sales literature approved and authorized by the Company and the Dealer Manager.
(q)    Reimbursement Policy.  The Company, the Dealer Manager and any agents of either, including any of the Dealer Manager’s wholesalers, shall comply in all material respects with (i) all applicable federal and state laws, regulations and rules and the rules of any applicable self-regulatory organization, including but not limited to, FINRA rules and interpretations governing cash and non-cash compensation, (ii) Ameriprise’s policies governing cash compensation and non-cash compensation as communicated in writing to the Dealer Manager, with respect to cash and non-cash payments to Ameriprise and associated persons of Ameriprise, and (iii) Ameriprise’s wholesaler reimbursement policy as communicated in writing to the Dealer Manager, as amended from time to time in Ameriprise’s sole discretion; provided that such policies comply with the rules and regulations of FINRA and the Dealer Manager is notified in writing of any changes to such policies. 
(r)     Trade Names and Trademarks.  No Issuer Entity may use any company name, trade name, trademark or service mark or logo of Ameriprise or any person or entity controlling, controlled by, or under common control with Ameriprise without Ameriprise’s prior written consent.  
5.    Covenants of Ameriprise.  Ameriprise covenants and agrees with the Company as follows:
(a)    Prospectus Delivery.  Ameriprise confirms that it is familiar with Rule 15c2-8 under the Exchange Act and with Section III.E.1 of the NASAA Guidelines, relating to the distribution of preliminary and final prospectuses, and confirms that it has complied and will comply therewith in connection with the Offering of the Shares contemplated by this Agreement, to the extent applicable.
(b)    Accuracy of Information.  No information supplied by Ameriprise specifically for use in the Registration Statement will contain any untrue statements of a material fact or omit to state any material fact necessary to make such information not misleading.
(c)    No Additional Information.  Ameriprise will not give any information or make any representation in connection with the Offering of the Shares other than that contained in the Prospectus, the Registration Statement, and any of the Company’s other filings under the Securities Act or the Exchange Act which are incorporated by reference into the Prospectus or filed as a supplement to the Prospectus or advertising and supplemental sales material contemplated by this Agreement and approved by the Company. 
(d)    Sale of Shares.  Ameriprise shall solicit purchasers of the Shares only in the jurisdictions in which Ameriprise has been advised by the Company (including pursuant to the Blue Sky Memorandum, and any updates thereto, delivered to Ameriprise pursuant to Section 4(d)) that such solicitations can be made and in which Ameriprise is qualified to so act.  
6.    Payment of Expenses.
(a)    Expenses.  Whether or not the transactions contemplated in this Agreement are consummated or if this Agreement is terminated, the Company and/or the Dealer Manager, as designated in the Prospectus, 

23

 

will pay or cause to be paid, in addition to the compensation described in Section 3(d) (which Ameriprise may retain up to the point of termination unless this agreement is terminated without any Shares being sold, in which case no such compensation shall be paid), all fees and expenses incurred in connection with the formation, qualification and registration of the Company and in marketing, distributing and processing the Shares under applicable Federal and state law, and any other fees and expenses actually incurred and directly related to the Offering and the Company’s other obligations under this Agreement, including such fees and expenses as: (i) the preparing, printing, filing and delivering of the Registration Statement (as originally filed and all amendments thereto) and of the Prospectus and any amendments thereof or supplements thereto and the preparing and printing of this Agreement and Order Forms, including the cost of all copies thereof and any financial statements or exhibits relating to the foregoing supplied to Ameriprise in quantities reasonably requested by Ameriprise; (ii) the preparing and printing of the subscription material and related documents and the filing and/or recording of such certified certificates or other documents necessary to comply with the laws of the State of Maryland for the formation of a corporation and thereafter for the continued good standing of the Company; (iii) the issuance and delivery of the Shares, including any transfer or other taxes payable thereon; (iv) the qualification or registration of the Shares under state securities or “blue sky” laws; (v) the filing fees payable to the Commission and to FINRA; (vi) the preparation and printing of advertising material in connection with and relating to the Offering, including the cost of all sales literature and investor and broker-dealer sales and information meetings; (vii) the cost and expenses of counsel and accountants of the Company; and (viii) subject to Section 6(d), and as mutually agreed upon, Ameriprise’s costs of the facilitation of the marketing of the Shares and the ownership of such Shares by Ameriprise’s customers, including fees to attend Company-sponsored conferences; and (ix) any other expenses of issuance and distribution of the Shares.  
(b)    Ad Hoc Requests.  From time to time, the Issuer Entities may make requests that can reasonably be regarded as being related to but separate from the services contemplated by this Agreement (the “Services”) or that otherwise fall outside the ordinary course of business relationships such as the one contemplated under this Agreement (“Ad Hoc Requests”).  Examples of Ad Hoc Requests include, but are not limited to, requests that would require Ameriprise to implement information technology modifications, participate in or respond to audits, inspections or compliance reviews, or respond to or comply with document requests.  To the extent that Ameriprise’s compliance with an Ad Hoc Request would cause Ameriprise to incur additional material expenses, the Company and Ameriprise will mutually agree as to the payment of such expenses between the parties.  Ameriprise reserves the right to refuse to comply with an Ad Hoc Request if the parties are unable to reach an agreement on payment of reasonable expenses unless payment of such expenses would violate FINRA rules and provided that consent to an agreement has not been unreasonably withheld; it being understood that consent shall not be deemed to be unreasonably withheld if the payment for such Ad Hoc Requests, individually or when aggregated with other amounts to be paid to Ameriprise pursuant to this Agreement, would violate FINRA rules.  Payment for Ad Hoc Requests will be separate from and above the payments for the Services but shall be included as applicable, when calculating total compensation paid to Ameriprise for purposes of the limitations described in Section 6(d) hereof. 
(c)    Calculation of Expenses.  Ameriprise will have the sole responsibility, and Ameriprise’s records will provide the sole basis for calculating expenses (including, but not limited to, wholesaler reimbursements, conference fees and the fees addressed in Section 6(a) and (b) of this Agreement) for which Ameriprise provides invoices under this Agreement.  However, the Issuer Entities may provide records to assist Ameriprise in its calculations.
(d)    Limitations.  The Issuer Entities and Ameriprise acknowledge that the Issuer Entities and AEIS, an affiliate of Ameriprise, are parties to that certain Cost Reimbursement Agreement, dated as of the date hereof (the “Cost Reimbursement Agreement”), pursuant to which the 

24

 

parties have agreed to certain cost reimbursement services and cost reimbursement compensation.  The Issuer Entities and Ameriprise acknowledge and agree that the total compensation paid to Ameriprise and AEIS by the Issuer Entities in connection with the Offering pursuant hereto and the Cost Reimbursement Agreement shall not exceed the limitations prescribed by FINRA, including the 10% limitation prescribed by FINRA Rule 2310 on compensation of selected dealers (the “FINRA 10% Limitation”), which is calculated with respect to the gross proceeds from sales of Shares by Ameriprise in the Offering (except for Shares sold pursuant to the DRIP).  The Company and the Dealer Manager agree to monitor the payment of all fees and expense reimbursements to assure that FINRA limitations are not exceeded.  The Dealer Manager agrees to use its commercially reasonable efforts to limit underwriting compensation other than the Selling Commissions, dealer manager fees and the Distribution and Stockholder Servicing Fees described in the Prospectus to an amount that is designed to prevent total underwriting compensation paid in connection with the Offering, when measured at or following the completion of the Offering, from reaching the FINRA 10% Limitation prior to the date that the FINRA 10% Limitation has been reached with respect to  all Class T Shares sold by Ameriprise; provided, that, nothing in this Section 6(d) shall negate the Company’s ability to cease paying Distribution and Stockholder Servicing Fees with respect to each Class T Share sold by Ameriprise upon certain events, as set forth in the fifth paragraph of Section 3(d) of this Agreement.  Accordingly, if at any time during the term of the Offering, the Company determines in good faith that any payment to Ameriprise pursuant to this Agreement could result in a violation of the applicable FINRA regulations, the Company or the Dealer Manager shall promptly notify Ameriprise, and the Company, the Dealer Manager and Ameriprise agree to cooperate with each other to implement such measures as they determine are necessary to ensure continued compliance with applicable FINRA regulations.  For the avoidance of doubt, if the Company or the Dealer Manager determines in good faith that any payment to Ameriprise pursuant to this Agreement could result in a violation of the applicable FINRA regulations and there is a dispute as to whether Ameriprise will return such payment to the Company or the Dealer Manager in order to ensure continued compliance with applicable FINRA regulations, then Ameriprise agrees that Ameriprise shall return such payment or payments necessary to ensure continued compliance with applicable FINRA regulations.  However, nothing in this Agreement shall relieve Ameriprise of its obligations to comply with FINRA Rule 2310.

7.    Conditions of Ameriprise’s Obligations.  Ameriprise’s obligations hereunder shall be subject to the continued accuracy throughout the Effective Term of the representations, warranties and agreements of the Company, to the performance by the Company of its obligations hereunder and to the following terms and conditions:
(a)    Effectiveness of Registration Statement.  The Registration Statement shall have initially become effective not later than 5:30 P.M., Eastern time, on the date of this Agreement and, at any time during the term of this Agreement, no stop order shall have been issued or proceedings therefor initiated or threatened by the Commission; and all requests for additional information on the part of the Commission and state securities administrators shall have been complied with and no stop order or similar order shall have been issued or proceedings therefor initiated or threatened by any state securities authority in any jurisdiction in which the Company intends to offer Shares.

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(b)    Closings.  The Company, the Advisor and the Dealer Manager will deliver or cause to be delivered to Ameriprise (or to AEIS as  agent of Ameriprise), as a condition of Ameriprise’s obligations hereunder, those documents as described in this Section 7 as of the date hereof and, as applicable, on or before the fifth business day following the date that each post-effective amendment to the Registration Statement is filed by the Company prior to the earlier of the termination of the primary offering of up to $2,500,000,000 in shares of Common Stock pursuant to the Registration Statement (the “Primary Offering”) or the termination of this Agreement shall have been declared effective by the Commission (each such date, a “Documented Closing Date”); provided that if a Documented Closing Date has not occurred within ninety (90) days of the previous Documented Closing Date, the 90th day following the previous Documented Closing Date shall be deemed to be a Documented Closing Date through the termination of the Primary Offering, and also provided, further, that the earlier to occur of the date on which (i) the Company terminates the Primary Offering or (ii) this Agreement is otherwise terminated by any party shall also be deemed to be a Documented Closing Date, and the Company, the Advisor and the Dealer Manager will deliver or cause to be delivered to Ameriprise (or to AEIS as agent of Ameriprise), those documents as described in Section 7 on or before the tenth business day following such date.  
(c)     Stop Orders.  On the Effective Date and during the Effective Term no order suspending the sale of the Shares in any jurisdiction nor any stop order issued by the Commission shall have been issued, and on the Effective Date and during the Effective Term no proceedings relating to any such suspension or stop orders shall have been instituted, or to the knowledge of the Company, shall be contemplated.
 (d)    Information Concerning the Advisor.  On the date hereof and as of each Documented Closing Date, Ameriprise and AEIS shall receive a letter dated as of such date from the Advisor, confirming that: (1) the Advisory Agreement has been duly and validly authorized, executed and delivered by the Advisor and constitutes a valid agreement of the Advisor enforceable in accordance with its terms; (2) the execution and delivery of the Advisory Agreement, the consummation of the transactions therein contemplated and compliance with the terms of the Advisory Agreement by the Advisor will not conflict with or constitute a default under its agreement of limited partnership or any indenture, mortgage, deed of trust, lease or other agreement or instrument to which the Advisor is a party, or a violation of any law, order, rule or regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Advisor, or any of its property, except for such conflicts, defaults or violations that would not reasonably be expected to have a Material Adverse Effect; (3) no consent, approval, authorization or order of any court or other governmental agency or body has been or is required for the performance of the Advisory Agreement by the Advisor, or for the consummation of the transactions contemplated thereby, other than those that have been already made or obtained; and (4) the Advisor is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Texas and is duly qualified to do business as a foreign limited partnership in each other jurisdiction in which the nature of its business would make such qualification necessary and the failure to so qualify could reasonably be expected to have a Material Adverse Effect.
(e)    Confirmation.  As of the date hereof and at each Documented Closing Date, as the case may be:
		
	i.
	the representations and warranties of each of the Issuer Entities in the Agreement shall be true and correct with the same effect as if made on the date hereof or the Documented Closing Date, as the case may be, and each of the Issuer Entities have performed all covenants or conditions on their part to be performed or satisfied at or prior to the date hereof or respective Documented Closing Date;

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	ii.
	the Registration Statement (and any amendments or supplements thereto and any documents incorporated by reference therein) does not include any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and the Prospectus (and any amendments or supplements thereto and any documents incorporated by reference therein) does not include any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

		
	iii.
	except as set forth in the Prospectus, there shall have been no material adverse change in the business, properties, prospects or condition (financial or otherwise) of the Company subsequent to the date of the latest balance sheets provided in the Registration Statement and the Prospectus; and

		
	iv.
	since the date hereof, no event has occurred which should have been set forth in an amendment or supplement to the Prospectus in order to cause such Prospectus not to contain an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but which has not been so set forth.

Ameriprise shall receive a certificate dated the date hereof and each Documented Closing Date, as the case may be, confirming the above.
If any of the conditions specified in this Agreement shall not have been fulfilled when and as required by this Agreement, all Ameriprise’s obligations hereunder and thereunder may be canceled by Ameriprise by notifying the Company of such cancellation in writing or by telecopy at any time, and any such cancellation or termination shall be without liability of any party to any other party except as otherwise provided in Sections 3(d), 6, 8, 9 and 10 of this Agreement.  All certificates, letters and other documents referred to in this Agreement will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to Ameriprise and Ameriprise’s counsel.  The Company will furnish Ameriprise with conformed copies of such certificates, letters and other documents as Ameriprise shall reasonably request.
(f) Information on Share Classes.  The Issuer Entities shall provide Ameriprise with an update at such time as the total Selling Commissions, dealer manager fees and Distribution and Stockholder Servicing Fees for the sale and servicing of the Shares for the sale to any single purchaser reach their cap. The Issuer Entities shall make a report available to Ameriprise with such information upon written request throughout the Offering.

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	8.
	Indemnification.

(a)    Indemnification by the Issuer Entities. Each Issuer Entity, jointly and severally, agrees to indemnify, defend and hold harmless Ameriprise and each person, if any, who controls Ameriprise within the meaning of Section 15 of the Securities Act, and any of their respective officers, directors, employees and agents from and against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all expenses whatsoever reasonably incurred in investigating, preparing for, defending against or settling any litigation, commenced or threatened, or any claim whatsoever) arising out of or based upon: 
(i)    any untrue or alleged untrue statement of a material fact contained: (i) in the Registration Statement (or any amendment thereto) or in the Prospectus (as from time to time amended or supplemented) or any related preliminary prospectus; (ii) in any application or other document (in this Section 8 collectively called “application”) executed by an Issuer Entity or based upon information furnished by an Issuer Entity and filed in any jurisdiction in order to qualify the Shares under the securities laws thereof, or in any amendment or supplement thereto; or (iii) in the Company’s periodic reports such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K; provided however that no Issuer Entity shall be liable in any such case to the extent any such statement or omission was made in reliance upon and in conformity with written information furnished to an Issuer Entity by Ameriprise expressly for use in the Registration Statement or related preliminary prospectus or Prospectus or any amendment or supplement thereof or in any of such applications or in any such sales as the case may be;
(ii)    the omission or alleged omission from (i) the Registration Statement (or any amendment thereto) or in the Prospectus (as from time to time amended or supplemented); (ii) any applications; or (iii) the Company’s periodic reports such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K, of a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading; provided however that no Issuer Entity shall be liable in any such case to the extent any such statement or omission was made in reliance upon and in conformity with written information furnished to the Company by Ameriprise expressly for use in the Registration Statement or related preliminary prospectus or Prospectus or any amendment or supplement thereof or in any of such applications or in any such sales as the case may be;
(iii)    any untrue statement of a material fact or alleged untrue statement of a material fact contained in any supplemental sales material (whether designated for broker-dealer use or otherwise) approved by the Company for use by Ameriprise or any omission or alleged omission to state therein a material fact required to be stated or necessary in order to make the statements therein, in light of the circumstances under which they were made and when read in conjunction with the Prospectus delivered therewith not misleading;
(iv)    any communication regarding the valuation of the Shares provided by or on behalf of the Company; and 
(v)    the breach by any Issuer Entity or any employee or agent acting on their behalf, of any of the representations, warranties, covenants, terms and conditions of this Agreement. 

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Notwithstanding the foregoing, no indemnification by an Issuer Entity of Ameriprise or each person, if any, who controls Ameriprise within the meaning of Section 15 of the Securities Act, and any of their respective officers, directors, employees and agents or its officers, directors or control persons, pursuant to Section 8(a) shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws, unless one or more of the following conditions are met: (1) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (2) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (3) a court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Commission and of the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws.
(b)    Indemnification by Ameriprise.  Subject to the conditions set forth below, Ameriprise  agrees to indemnify, defend and hold harmless each Issuer Entity, each of their directors and trustees, those of its officers who have signed the Registration Statement and each other person, if any, who controls an Issuer Entity within the meaning of Section 15 of the Securities Act to the same extent as the foregoing indemnity from an Issuer Entity contained in subsections (a)(i) and (a)(ii) of this Section, as incurred, but only with respect to an untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact in the Registration Statement (as from time to time amended or supplemented) or Prospectus, or any related preliminary prospectus, or any application made in reliance upon or, in conformity with, written information furnished by Ameriprise expressly for use in such Registration Statement or Prospectus or any amendment or supplement thereto, or in any related preliminary prospectus or in any of such applications.
(c)    Procedure for Making Claims.  Each indemnified party shall give prompt notice to each indemnifying party of any claim or action (including any governmental investigation) commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify any indemnifying party shall not relieve it from any liability that it may have hereunder, except to the extent it has been materially prejudiced by such failure, and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.  The indemnifying party, jointly with any other indemnifying parties receiving such notice, shall assume the defense of such action with counsel chosen by it and reasonably satisfactory to the indemnified parties defendant in such action, unless such indemnified parties reasonably object to such assumption on the ground that there may be legal defenses available to them which are different from or in addition to those available to such indemnifying party.  Any indemnified party shall have the right to employ a separate counsel in any such action and to participate in the defense thereof but the fees and expenses of such counsel shall be borne by such party unless such party has objected in accordance with the preceding sentence, in which event such commercially reasonable fees and expenses shall be borne by the indemnifying parties.  Except as set forth in the preceding sentence, if an indemnifying party assumes the defense of such action, the indemnifying party shall not be liable for any fees and expenses of separate counsel for the indemnified parties incurred thereafter in connection with such action.
The indemnity agreements contained in this Section 8 and the warranties and representations contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party and shall survive any termination of this Agreement.  An indemnifying party shall not be liable to an indemnified party on account of any settlement, compromise or consent to the entry of judgment of any claim or action effected without the consent of such indemnifying party.  The Company agrees promptly to notify Ameriprise of the commencement of any litigation or proceedings against 

29

 

the Company in connection with the issue and sale of the Shares or in connection with the Registration Statement or Prospectus.
(d)    Contribution.  Subject to the limitations and exceptions set forth in Section 8(a) hereof and in order to provide for just and equitable contribution where the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, liabilities, claims, damages or expenses (or actions in respect thereof) referred to therein (collectively, “Losses”), except by reason of the terms thereof, the Issuer Entities on the one hand and Ameriprise on the other shall contribute to the amount paid or payable by such indemnified party as a result of such Losses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by each of the Issuer Entities, on the one hand, and Ameriprise on the other from the Offering based on the public offering price of the Shares sold and the Selling Commissions, Distribution and Stockholder Servicing Fees and Cost Reimbursement Compensation (as such term is defined in the Cost Reimbursement Agreement) received by Ameriprise and/or AEIS with respect to such Shares sold.  If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits referred to above but also the relative fault of the Issuer Entities, on the one hand and Ameriprise on the other in connection with the statements or omissions which resulted in such Losses (or actions in respect thereof), as well as any other relevant equitable considerations.  The relative benefits received by the Issuer Entities, on the one hand and Ameriprise on the other shall be deemed to be in the same proportion as (a) the sum of (i) the aggregate net compensation retained by the Issuer Entities and their affiliates for the purchase of Shares sold by Ameriprise and (ii) total proceeds from the Offering (net of the Selling Commissions, Distribution and Stockholder Servicing Fees and Cost Reimbursement Compensation paid to Ameriprise and/or AEIS but before deducting expenses) received by the Company from the sale of Shares by Ameriprise bears to (b) the Selling Commissions, Distribution and Stockholder Servicing Fees and Cost Reimbursement Compensation retained by Ameriprise and/or AEIS.  The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by an Issuer Entity, on the one hand or Ameriprise on the other.  The Issuer Entities agree with Ameriprise that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation, or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d).  The amount paid or payable by an indemnified party as a result of the Losses referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this subsection (d), Ameriprise shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares subscribed for through Ameriprise were offered to the subscribers exceeds the amount of any damages which Ameriprise has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.  Further, in no event shall the amount of Ameriprise’s contribution to the liability exceed the aggregate Selling Commissions, Distribution and Stockholder Servicing Fees and Cost Reimbursement Compensation and any other compensation retained by Ameriprise and/or AEIS from the proceeds of the Offering.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act or Section 10(b) of the Exchange Act, as amended) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section, any person that controls Ameriprise within the meaning of Section 15 of the Securities Act shall have the same right to contribution as Ameriprise, and each person who controls the Company within the meaning of Section 15 of the Securities Act shall have the same right to contribution as the Company.    

30

 

9.    Representations and Agreements to Survive.  All representations and warranties contained in this Agreement or in certificates and all agreements contained in Sections 3(d), 6, 8, 9, 10 and 17 of this Agreement shall remain operative and in full force and effect regardless of any investigation made by any party, and shall survive the termination of this Agreement. 
10.    Effective Date, Term and Termination of this Agreement.
(a)    This Agreement shall become effective as of the date it is executed by all parties hereto.  After this Agreement becomes effective, any party may terminate it at any time for any reason by giving two days’ prior written notice to the other parties.  Ameriprise will suspend or terminate the offer and sale of Shares as soon as practicable after being requested to do so by the Company or the Dealer Manager at any time.
(b)    Additionally, Ameriprise shall have the right to terminate this Agreement at any time during the Effective Term without liability of any party to any other party except as provided in Section 10(c) hereof if: (i) any representations or warranties of any Issuer Entity hereunder shall be found to have been incorrect; or (ii) any Issuer Entity shall fail, refuse or be unable to perform any condition of its obligations hereunder, or (iii) the Prospectus shall have been amended or supplemented despite Ameriprise’s objection to such amendment or supplement, or (iv) the United States shall have become involved in a war or major hostilities or a material escalation of hostilities or acts of terrorism involving the United States or other national or international calamity or crisis (other than hostilities including Iraq and Afghanistan); or (v) a banking moratorium shall have been declared by a state or federal authority or person; or (vi) the Company shall have sustained a material or substantial loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not said loss shall have been insured, will in Ameriprise’s good faith opinion make it inadvisable to proceed with the offering and sale of the Shares; or (vii) there shall have been, subsequent to the dates information is given in the Registration Statement and the Prospectus, such change in the business, properties, affairs, condition (financial or otherwise) or prospects of the Company whether or not in the ordinary course of business or in the condition of securities markets generally as in Ameriprise’s good faith judgment would make it inadvisable to proceed with the offering and sale of the Shares, or which would materially adversely affect the operations of the Company.
(c)    In the event this Agreement is terminated by any party pursuant to Sections 10(a) or 10(b) hereof, the Company shall pay all expenses of the Offering as required by Section 6 hereof and no party will have any additional liability to any other party except for any liability which may exist under Sections 3(d) and 8 hereof.  Following the termination of the Offering, in no event will the Company be liable to reimburse Ameriprise for expenses other than as set forth in the previous sentence and Ameriprise’s actual and reasonable out-of-pocket expenses incurred following the termination of the Offering, including, without limitation, the cost of data transmissions and other related client transmissions.  
(d)    If Ameriprise elects to terminate this Agreement as provided in this Section 10, Ameriprise shall notify the Company promptly by telephone or facsimile with confirmation by letter.  If the Company elects to terminate this Agreement as provided in this Section 10, the Company shall notify Ameriprise promptly by telephone or facsimile with confirmation by letter.
		
	11.
	Notices.

(a)    All communications hereunder, except as herein otherwise specifically provided, shall be in writing and if sent to an Issuer Entity shall be mailed, or personally delivered, to Hines Global Income Trust, Inc., 2800 Post Oak Boulevard, Suite 5000, Houston Texas, 77056-6118, Attention: Sherri W. Schugart, President and Chief Executive Officer, with a copy to Ryan T. Sims, Chief Financial Officer, and if sent to 

31

 

Ameriprise shall be mailed, or personally delivered, to 369 Ameriprise Financial Center, Minneapolis, MN 55474, Attention: Frank McCarthy (Telephone: 612-678-4683 or Facsimile: 612-671-2261). 
(b)    Notice shall be deemed to be given by any respective party to any other respective party when it is mailed or personally delivered as provided in subsection (a) of this Section 11.
12.    Parties.  This Agreement shall inure solely to the benefit of, and shall be binding upon Ameriprise, the Issuer Entities, and the controlling persons, trustees, directors and officers referred to in Section 8 hereof, and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained.  Notwithstanding the foregoing, this Agreement may not be assigned without the consent of the parties hereto.
13.    Choice of Law and Arbitration.  
(a)    Regardless of the place of its physical execution or performance, the provisions of this Agreement will in all respects be construed according to, and the rights and liabilities of the parties hereto will in all respects be governed by, the substantive laws of New York without regard to and exclusive of New York’s conflict of laws rules.
(b)    Any dispute between the parties concerning this Agreement not resolved between the parties will be arbitrated in accordance with the rules and regulations of FINRA.  In the event of any dispute between Ameriprise and any Issuer Entity, Ameriprise and such Issuer Entity will continue to perform its respective obligations under this Agreement in good faith during the resolution of such dispute unless and until this Agreement is terminated in accordance with the provisions hereof.
14.    Counterparts.  This Agreement may be signed by the parties hereto in two or more counterparts, each of which shall be deemed to be an original, which together shall constitute one and the same Agreement among the parties.
15.    Finders’ Fees.  Ameriprise shall have no liability for any finders’ fees owed in connection with the transactions contemplated by this Agreement.
16.    Severability.  Any provision of this Agreement, which is invalid or unenforceable in any jurisdiction, shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction.
17.    Use and Disclosure of Confidential Information.  Notwithstanding anything to the contrary contained in this Agreement, and in addition to and not in lieu of other provisions in this Agreement:

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 (a)    “Confidential Information” includes, but is not limited to, all proprietary and confidential information of any party to this Agreement and its subsidiaries, affiliates, and licensees, including without limitation all information regarding the business and affairs of the parties, all information regarding its customers and the customers of its subsidiaries, affiliates, or licensees;  the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers; and any information derived therefrom.  Confidential Information will not include information which is (i) in or becomes part of the public domain, except when such information is in the public domain due to disclosure by any party  that violates the terms of this Agreement, (ii) demonstrably known to any party  to this Agreement prior to June 1, 2014, (iii) independently developed by a party to this Agreement  in the ordinary course of business without reference to or reliance upon any Confidential Information furnished by any party to this Agreement, or (iv) rightfully and lawfully obtained by any party to this Agreement or from any third party other than any party to this Agreement without restriction and without breach of this Agreement. 
(b)    Each party agrees that it may not use or disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to it as set forth in this Agreement and/or as may otherwise be required or compelled by applicable law, regulation or court order, and agrees to cause its respective parent company, subsidiaries and affiliates, and consultants or other entities, including its directors, officers, employees and designated agents, representatives or any other party retained for purposes specifically and solely related to the use or evaluation of Confidential Information as provided for in this Section 17 (“Representatives”) to limit the use and disclosure of Confidential Information to that purpose.  If any party or any of its respective Representatives is required or compelled by applicable law, regulation, court order, decree, subpoena or other validly issued judicial or administrative process to disclose Confidential Information, such party shall use commercially reasonable efforts to notify the appropriate party of such requirement prior to making the disclosure. 
(c)    Each party agrees to implement reasonable measures designed (i) to assure the security and confidentiality of Confidential Information; (ii) to protect Confidential Information against any anticipated threats or hazards to the security or integrity of such information; (iii) to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm or inconvenience to any customer; (iv) to protect against unauthorized disclosure of non-public personal information to unaffiliated third parties; and (v) to otherwise ensure its compliance with all applicable domestic, foreign and local laws and regulations (including, but not limited to, the Gramm-Leach-Bliley Act, Regulation S-P and Massachusetts 201 C.M.R. Sections 17.00-17.04, as applicable ) and any other legal, regulatory or SRO requirements.  Each party further agrees to cause all of its respective Representatives or any other party to whom it may provide access to or disclose Confidential Information to implement appropriate measures designed to meet the objectives set forth in this paragraph.  Each party agrees that if there is a breach or threatened breach of the provisions of this Section 17, the other party may have no adequate remedy in money or damages and accordingly shall be entitled to seek injunctive relief and any other appropriate equitable remedies for any such breach without proof of actual injury.  Each party further agrees that it shall not oppose the granting of such relief and that it shall not seek, and agrees to waive any requirement for, the posting of any bond in connection therewith.  Such remedies shall not be deemed to be the exclusive remedies for any breaches of the provisions of this Section 17 by a party or its respective representatives, and shall be in addition to all other remedies available at law or in equity.
 (d)    Upon a party’s request, the other parties shall promptly return to the requesting party any Confidential Information (and any copies, extracts, and summaries thereof) of which it is in possession, or, with the requesting party’s written consent, shall promptly destroy, in a manner satisfactory to the requesting party, such materials (and any copies, extracts, and summaries thereof) and shall further provide the requesting party with written confirmation of same; provided, that, each of the other parties shall be permitted to (i) 

33

 

retain all or any portion of the Confidential Information, in accordance with the confidentiality obligations specified in this Section 17, to the extent required by applicable law or regulatory authority; and (ii) retain or use any such Confidential Information in connection with investigating or defending itself against allegations or claims made or threatened by regulatory authorities under applicable securities laws if reasonably necessary; provided that, promptly upon receiving any such demand or request and, to the extent it may legally do so, such receiving party advises the disclosing party of such demand or request prior to making such disclosure.
18.    Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement, including any information related to the subject matter of this Agreement exchanged between the parties prior to the Effective Date of this Agreement, and supersedes all previous agreements, promises, proposals, representations, understandings and negotiations, whether written or oral, between the Parties respecting such subject matter, and in particular (but not limited to) that Mutual Confidentiality Agreement dated June 1, 2014 between Ameriprise and the Company. 
19.    Amendments.  This Agreement shall only be amended upon written agreement executed by each of the parties hereto.
20.    Additional Offerings.  The terms of this Agreement may be extended to cover additional offerings of shares of the Company by the execution by the parties hereto of an addendum identifying the shares and registration statement relating to such additional offering.  Upon execution of such addendum, the terms “Shares”, “Offering”, “Registration Statement” and “Prospectus” set forth herein shall be deemed to be amended as set forth in such addendum.
[signature page follows]

34

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first set forth above.
        

HINES GLOBAL INCOME TRUST, INC.

By: ___________________________________
Name: __________________________________
Title: __________________________________ 

HINES SECURITIES, INC.

By: ___________________________________
Name: __________________________________
Title: __________________________________

HINES GLOBAL REIT II ADVISORS LP

By: ___________________________________
Name: __________________________________
Title: __________________________________

 

AMERIPRISE FINANCIAL SERVICES, INC.

By:    
Name: Frank A. McCarthy
Title: Senior Vice President and General Manager 

Selected Dealer Agreement Signature Page

 

Exhibit A

Definition of Fair Value: the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date.

Methodology:

Step 1:  Determination of Gross Asset /Investment Value:

Notwithstanding that generally accepted accounting principles of the Financial Accounting Standards Board (“GAAP”) generally require the fair value of real estate to reflect the price received to sell an asset in an orderly transaction between market participants at the measurement date and not on an ongoing basis, the Company will establish the fair value of individual real properties and real estate-related assets with assistance of third-party appraisers or valuation experts consistent with the methods and principles used to determine fair value under GAAP, primarily as set forth in ASC 820, and international financial reporting standards of the International Accounting Standards Board (as applicable). Allocate to the Company the fair value of assets and liabilities related to its investment interests in joint ventures and non-wholly-owned subsidiaries based on the net fair value of such entities’ assets less liabilities and the provisions of the joint venture/subsidiary agreements relating to the allocation of economic interest between the parties in accordance with GAAP. 
 
Establish the fair value of any other tangible and/or intangible assets in accordance with GAAP or other widely accepted methodologies.  For this purpose, cash, receivables, and certain prepaid expenses and other current assets which have defined and quantifiable future value should be included to the extent consistent with GAAP.  Assets with future value may include but are not necessarily limited to, prepaid expenses and taxes, acquisition deposits and pre-paid rental income where not otherwise accounted for in the determination of fair values of real estate and real estate-related assets. Intangible assets to be excluded may include, but are not limited to, deferred financing costs and all assets/liabilities required by ASC 805.

Where the Company holds material non-real estate related assets, liabilities or investment interests, Ameriprise requires the valuation of such assets, liabilities, or investment interests for the purpose of determining Per Share NAV be developed or reviewed by the Company’s Independent Appraiser or third-party accountants. 

Step 2:  Determination of Liabilities:

Current Liabilities – GAAP book value when it approximates fair value.
Long-term Debt – fair value (“marked to market”) of debt maturing in one year or more.
Minority interests – based on allocation of fair value of assets less liabilities of the joint venture based on the provisions of the joint venture agreement.

Liabilities required by ASC 805 and liabilities already included in the valuation of real estate or the fair value of other liabilities (e.g., tenant incentives and accrued property taxes included in a discounted cash flow valuation and accrued interest expense included in the fair value of a loan) shall be excluded from the valuation.

As described in the Prospectus, the Advisor has agreed to advance all of the Company’s organization and offering expenses on the Company’s behalf (other than upfront Selling Commissions, dealer manager fees and Distribution and Stockholder Servicing Fees) through December 31, 2019. The Company will reimburse 

 

 

the Advisor for all such advanced expenses, as well as any organization and offering expenses incurred in prior periods related to the Company’s initial public offering, ratably over the 60 months following December 31, 2019, to the extent reimbursements to the Advisor for cumulative organization and offering expenses do not exceed an amount equal to 2.5% of gross offering proceeds from the Company’s public offerings.  In accordance with the Company’s valuation policy and procedures, as described in the Prospectus, for purposes of calculating the NAV, the organization and offering expenses paid by the Advisor through December 31, 2019 will not be recognized as expenses or as a component of equity and reflected in the NAV until the Company reimburses the Advisor for these expenses. 

The calculation of the NAV per share will not reflect any Distribution and Stockholder Servicing Fees that may become payable after the date of the calculation, which fees may not ultimately be paid in certain circumstances, including if the Company was liquidated or if there was a listing of the Common Stock. Any estimated liability for future potential Distribution and Stockholder Servicing Fees, which will be accrued under GAAP at the time the corresponding share is sold, will not be reflected in the calculation of the NAV per share.

Step 3:  Determination of Per Share Amount:  

Divide the resulting value of the Company allocable to common shareholders by the number of common shares outstanding (fully diluted).  Note: In the above example, disposition costs and fees and debt prepayment penalties or the impact of restriction on assumption of debt are not deducted in estimating NAV.

 

Exhibit B

ACCESS AND CONFIDENTIALITY AGREEMENT
This Access and Confidentiality Agreement (“Agreement”) is made on this ____ day of _____________, 20__ by and among                  (“Valuation Firm”), having a place of business at                    ; [                 (“Appraisal Firm”), having a place of business at                        ] [Only include “Appraisal Firm” in this Agreement to the extent there is a firm that is solely providing appraisals and not otherwise assisting with the valuation]; Hines Global Income Trust, Inc. (“REIT”) having a place of business at 2800 Post Oak Boulevard, Suite 5000, Houston, Texas 77056 and Ameriprise Financial Services, Inc. (“Recipient”) having a place of business at 707 Second Avenue South, Minneapolis, Minnesota 55402.
Valuation Firm has been engaged (the “Engagement”) by REIT to provide certain valuation services in connection with the REIT’s determination of an estimated net asset value (“NAV”) and per share NAV.  To assist in the Engagement, Appraisal Firm has been engaged by REIT to provide appraisals for commercial real estate properties of REIT.  At REIT’s direction, Valuation Firm and Appraisal Firm will make available to Recipient certain information that is trade secret, proprietary, confidential and/or sensitive information of Valuation Firm and Appraisal Firm and their respective subsidiaries and affiliates comprised of or relating to work product prepared in connection with the Engagement, including, but not limited to appraisals performed by Appraisal Firm, analyses, reports, work papers, communications or other information (the “Supporting Materials”).  Specifically, Valuation Firm will make available to Recipient the written valuation reports (including, for the avoidance of doubt, all Supporting Materials) prepared pursuant to the Engagement, which valuation reports will describe the scope of the Engagement, the reviews performed and any limitations thereto, and include certain value determinations and summary analyses of Valuation Firm which support its REIT valuations (the “Valuation Reports”) (collectively, “Confidential Information”).  To ensure the protection of such Confidential Information and in consideration of the Recipient's intent to complete a due-diligence investigation of REIT, the parties agree as follows:
1.None of the parties is required to disclose any particular information to any other party and any disclosure is entirely voluntary and is not intended to, and shall not, create or modify any contractual or other relationship or obligation of any kind between the parties beyond the terms of this Agreement.  Furthermore, neither this Agreement, nor any transfer of Confidential Information under it, shall be construed as creating, conveying, transferring, granting or conferring upon the other, any rights, including, but not limited to intellectual property rights, license or authority in or to the information exchanged.
2.The parties acknowledge and agree that the transfer of Confidential Information hereunder shall not commit or bind any party to enter into any other particular contract or any other business arrangement.
3.Recipient agrees to use the Confidential Information to review Valuation Firm’s valuation of REIT securities.  However, for the avoidance of doubt, the final determination of NAV and per share NAV shall be the sole responsibility of REIT.  Recipient agrees to regard and preserve as confidential all Confidential Information which may be obtained from REIT, Valuation Firm and Appraisal Firm as a result of this Agreement.  Recipient agrees that its own use and/or distribution of Valuation Firm's or Appraisal Firm’s Confidential Information shall be limited to its own employees on a “need to know” basis; provided, however, that Recipient may disclose Confidential Information pursuant to this 

Agreement to its employees, including the employees of Recipient’s parent, subsidiary and affiliated companies, and to consultants or other persons or entities retained by Recipient for purposes specifically and solely related to the use or evaluation of Confidential Information as provided for herein.  Such employees, including the employees of Recipient's parent, subsidiary and affiliated companies, and consultants or other persons or entities retained, shall treat the disclosure of the Confidential Information as confidential and are subject to the applicable terms and restrictions in this Agreement, and Recipient shall be responsible for any breach of this Agreement by any such person.  Except as provided for herein, Recipient agrees it shall not, without first obtaining the written consent of REIT, Valuation Firm and Appraisal Firm (as applicable), disclose or make available to any person, firm or enterprise, reproduce or transmit, or use (directly or indirectly) for its own benefit or the benefit of others any Confidential Information.  
The aforementioned restriction shall not apply to communications by Recipient, if (i) Recipient becomes legally compelled (by deposition, interrogatory, request for information or documents, subpoena, civil investigative demand, governmental agency action or similar legal or judicial process), or otherwise is requested or required pursuant to law or regulation or the rules of any securities exchange or self-regulatory organization, to disclose any Confidential Information to a person or persons not otherwise permitted to receive such information or (ii) Recipient discloses Confidential Information upon the advice of legal counsel in connection with the defense of litigation or in connection with a regulatory or criminal proceeding involving Recipient or any of its members or employees.  In such event, to the extent legally permissible, before disclosing Confidential Information pursuant to this paragraph, Recipient shall provide REIT, Valuation Firm and Appraisal Firm with prompt written notice of such request or requirement and shall cooperate with REIT, Valuation Firm and Appraisal Firm in seeking a protective order or other appropriate remedy to avoid or minimize required disclosure.  If such protective order or other remedy is not obtained or reasonably obtainable, or promptly obtained, or if REIT, Valuation Firm and Appraisal Firm waive compliance with the provisions hereof, then Recipient may disclose only that portion of the Confidential Information that Recipient is advised by legal counsel in writing is legally required to be disclosed and shall exercise commercially reasonable efforts to ensure that all information so disclosed will be accorded confidential treatment.  Recipient shall give REIT, Valuation Firm and Appraisal Firm prior notice of the Confidential Information it believes it is required to disclose.
In addition to and without limiting the foregoing, the parties agree to the following additional confidentiality requirements with respect to the Confidential Information:
		
	a.
	Recipient acknowledges and agrees that the Confidential Information was provided to REIT solely for the use by REIT’s board of directors in connection with the board’s determination of the estimated value of the common shares of the respective REIT, that such board may have considered other factors in making its determination of the REIT’s NAV or per share NAV, and that the Confidential Information therefore may not be used by the Recipient to establish a cause of action against Valuation Firm regarding its conclusion as to a reasonable range of NAV and per share NAV or Appraisal Firm regarding its appraisals.  Notwithstanding the foregoing or anything else in this Agreement to the contrary, nothing in this Section 3(a), or Section 3(b) below, shall prohibit Recipient from asserting any claim or cause of action against any party other than Valuation Firm, Appraisal Firm or any of their respective Affiliates using or related to the Confidential Information, including, but not limited to, a claim or cause of action asserting detrimental reliance on the Confidential Information.

For purposes of this Agreement, “Affiliate” means, with respect to any entity, any other entity Controlling, Controlled by or under common Control with such entity; and “Control” and its derivatives mean, with regard to any entity, the legal, beneficial or equitable ownership, directly or indirectly, of fifty percent (50%) or more of the capital stock (or other ownership interest, if not a corporation) of such entity ordinarily having voting rights.
		
	b.
	Subject to Section 3(a) above, Recipient acknowledges and agrees that, in connection with Valuation Firm's or Appraisal Firm’s provision of any Confidential Information to Recipient, Recipient shall not acquire any rights against the party that prepared the Confidential Information by virtue of gaining access thereto pursuant to this Agreement, and shall be estopped from asserting a cause of action of detrimental reliance on the Confidential Information against Valuation Firm or Appraisal Firm.  

		
	c.
	Recipient acknowledges and agrees that any third party that prepared Confidential Information does not assume any duties or obligations to Recipient as a result of Recipient obtaining access to or reviewing the Confidential Information.

4.Each of REIT, Valuation Firm and Appraisal Firm agrees that for purposes of this Agreement information shall not be considered Confidential Information to the extent, but only to the extent, that such information: (i) is already known to Recipient free of any duty of confidentiality owed to any other person at the time it is obtained; (ii) is or becomes publicly known through no wrongful act of Recipient; (iii) is rightfully received by Recipient from the REIT or a third party without confidentiality or other restrictions and without breach of this Agreement; or (iv) is independently developed by Recipient without the use of Confidential Information.  For purposes of this Agreement, no Confidential Information shall be deemed “publicly known” or “known to Recipient” merely because such Confidential Information is embraced by more general information.
5.In the event that Recipient is seeking a protective order or otherwise seeking to avoid or minimize the disclosure of Confidential Information in cooperation with REIT, Valuation Firm and/or Appraisal Firm pursuant to the second paragraph of Section 3, the Recipient (i) shall be required to delay production of any such Confidential Information and (ii) shall be required to provide such cooperation, but only if REIT, Valuation Firm and/or Appraisal Firm, as applicable based on which of such parties has not waived compliance with the provisions of the second paragraph of Section 3, agree to bear all commercially reasonable costs and expenses of such cooperation, including, but not limited to, commercially reasonable expenses for the time expended by Recipient’s staff relating to any such efforts and reimbursement of all commercially reasonable attorney’s fees and expenses.  Recipient is not required to take any action related to these matters without reasonable assurances from REIT, Valuation Firm and/or Appraisal Firm, as applicable, that such payment and reimbursement will be provided.
Recipient agrees that if there is a breach or threatened breach of the provisions of this Agreement, REIT, Valuation Firm and Appraisal Firm may have no adequate remedy at law and accordingly shall be entitled to seek injunctive relief and any other appropriate equitable remedies for any such breach without proof of actual injury.  Such remedies shall not be deemed to be the exclusive remedies for any breaches of this Agreement by Recipient or its representatives, and shall be in addition to all other remedies available at law or in equity.  Notwithstanding the foregoing, the Recipient has no affirmative obligation to prevent the disclosure of Confidential 

Information by any person or entity to whom Recipient has disclosed Confidential Information pursuant to i) the written consent of the REIT, Valuation Firm and Appraisal Firm, or ii) the second paragraph of Section 3; further, Recipient shall not be liable for the actions of any such person or entity in the event of such disclosure of Confidential Information by such person or entity.
6.IN NO EVENT SHALL THE PARTIES BE LIABLE, ONE TO EACH OF THE OTHERS, FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.
7.None of the parties shall use any other party's name or marks, refer to or identify the other party in any advertising or publicity releases or promotional or marketing correspondence to others without such other party's prior written approval.  The Recipient shall not use Valuation Firm’s or Appraisal Firm’s name or marks, nor refer to or identify Valuation Firm or Appraisal Firm in any advertising or publicity releases or promotional or marketing correspondence to others.
8.None of the parties may assign or otherwise transfer this Agreement, or any of its rights or obligations hereunder, to any third party without the prior written consent of the other parties and any attempt to do so shall be in violation of this Paragraph 8 and shall be deemed null and void; provided, however, that any party may assign this Agreement in whole or in part at any time without the consent of the other parties to an Affiliate.
9.The parties acknowledge that the Confidential Information disclosed by REIT, Valuation Firm or Appraisal Firm under this Agreement may be subject to export controls under the laws of the United States.  Each party shall comply with such laws and agrees not to knowingly export, re-export or transfer Confidential Information without first obtaining all required United States authorizations or licenses.
10.Recipient is aware, and shall advise its representatives who receive any Confidential Information or are informed of the matters that are the subject of this Agreement, that applicable securities laws restrict persons with material, non-public information concerning REIT (including for this purpose any Affiliate of REIT) from purchasing or selling securities of any Affiliate of REIT, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such other person is likely to purchase or sell such securities.
11.This Agreement may be executed in any number of counterparts, each of which shall be an original, and which together shall constitute one and the same instrument.  This Agreement may be executed and delivered by facsimile.  Any facsimile signatures shall have the same legal effect as manual signatures.
12.This Agreement, which constitutes the entire agreement between the parties as to the subject hereof, shall be construed and interpreted fairly, in accordance with the plain meaning of its terms, and there shall be no presumption or inference against the party drafting this Agreement in construing or interpreting the provisions hereof.  Recipient acknowledges and agrees that the obligations owed to REIT by Recipient under this Agreement shall be in addition to the obligations owed to REIT by Recipient under that certain Selected Dealer Agreement, dated 

December 13, 2018, by and among Recipient, REIT, Hines Securities, Inc., and Hines Global REIT II Advisors LP. 
13.If any of the provisions of this Agreement are held invalid, illegal or unenforceable, the remaining provisions shall be unimpaired.
14.The termination of any other agreement or business relationship between or involving both parties shall not relieve any party of its obligations with respect to Confidential Information disclosed pursuant to the terms hereof.  This Agreement shall be governed in all respects by the substantive laws of the State of New York without regard to conflict of law principles and any cause of action shall only be brought into a court of competent jurisdiction within the State of New York.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date(s) written below:
	
			
	[VALUATION FIRM]
	 
	AMERIPRISE FINANCIAL SERVICES, INC.

	By:
	 
	By:

	Name:
	 
	Name:

	Title:
	 
	Title:

	Date:
	 
	Date:

	
	
	[APPRAISAL FIRM]

	By:

	Name:

	Title:

	Date:

	
	
	HINES GLOBAL INCOME TRUST, INC.

	By:

	Name:

	Title:

	Date:

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