CANADIAN NAnONAL JWLWAY COANY Cer1aia Sections oltbill11dtat11n relating co Sectioas310 tlarougll jJ8, indusive,of 1b1Tru11 Jadeature.ACI of 1939: Trust Jadentun Ad Stcdoa ladtature Scctloa 609 609· Not Applicable Not Applicable 601 6JO 6il 613 701 701 702 702 703 703 703 703 704 101 1004 Not Applicable 102 102 Not Applicable Not Applicable 102 601 602 601 601 514 101 501 512 513 NG1 Applicable 501 104 SOl 504 1003 107 § llO(aXl) (aX2) (aX3) (aX4) (b) I Ill 41 I I>; • 1 I I I I 1 1 1 1 I I I I 1 1 1 1 • • e • 1 • 1 e 1'1 I I Ill 1 I I I •••••••••••••••••••••• 4 ••••••••••••••••• .......................................... I I I I 1 1' I 1 1 1 I 1 1 1 I I I I 1 1 1 e 1 1 1 1 1 1 1 1 e 1 I I I 1 I I I I I I I I IIII II II I I I I § JJJ(a) (b) § 312(a) ·················· ·······-············ . ,I 'I IIt III IIft' I' I I I I I II I I I • I I I I I I I I I I I I I I I I I I 41 I I I 41 ' • I I' I I I I I I I I I ........................................ (b) (c) § 3J3(a). (b) (c) (d) § 3J4(a) CaX4) ........................................ .·........................................ ··········•·····•••···················•• ......•...•• •.••••............••..•.•.• ........................................ .•........•...•..••....·................• ........................................ (b) (cXJ) (cX2) (cX3) (d) ........................................ ........................................ ...................-.................... ...................--................... ......_ .....•.....••........ ...••...•.•• (e): .....-.................................. I lJS(a) ........................................ (b). (c) ........................................ ........................................ (d) (e)· § JJ6(a) <•XJX.A) <•XJXB) (aX2) (b) (c) llJ7(aXJ) <•X2) (b) f JI(a) ........................................ ........................................ ......................................-. .....-.................................... ........................................ ........................................ ........................................ .....-.................................. ........................................ ........................................ ............. ...·.-.........-...... JIIOTE: •Tbfs recot ciliatlaft and tie shall not. lor any pwpabe dCCGICd 10 be a pan of 1be lnclcnhft. 1'1Y12Sl2: 240171...

TABLE OF CONTENTS· PS ....•••.•••••••.• •••••...••.••••••• • • • • • • • ·••• • • • ............... I ltEOTALS OFTHE COMPANY A.RnCLE ONE .. DIDIJTlONS AND onmt PROVISIONS OF OENERAL APPUCAnON .................................................. I SEC110N IOJ. Deftnllltlld Ad •••••••••••••• •.• ••..••••••••••• I••••••••••••••••••••• 2 2 2' 2 2 2 2 2 2 2 Affiliate.••••••••••••••••••••••.•••••••• :••••.•••••••• ; •••• Authealicltlnl A&eat ••• • • • • • • • • • • • • • • • • •• • • :..•. • • • • • • • • • • • • • • BaR afDinct011 ••••••••••.•••••••••••••••••••••••••••.••• Board Resolution ••••••••••••••••••••••·••••••••••••••••••• Busine11 Day • • • • • • • . • • . .. .• • ..• • • • • • • • • • • • • • • • • . . • • . • • . • • • CommissiOil-........................·• •• ••••••••.•••••••••• Compaay • • • • • • • • • • • • • • • • • • • ••• Ill • • • • • • • • • • • • • • • • • • • ' • • •• ComJJ811Y Requa ..................·••••••••••••••••••••••••• Company Ord• ••.••.•.••.:•.• • • • • • .. ... •.• .• ..• • .• ..• • • .• ,.•.• Carpara•Tnlsl Office •• • • • • • • • • • • • • • • • • •.• • • ·• • •.• • • •••••••••• 3 c0rpc.altiall •••••••••.• :• ••••••.•••.•••·••••••••••••••••••••••• 3 CavaanDcfeuaacc ••••.••••••••••·....... ·.·.................:J. thfaukedJn••••••••••••••••••••••••• •••••••••••••••• Def•u•ace • • .• • • • • • • • • • • • • • • • • • • • • • • • • • • •••••.·• •••••• • .. Depositar)r ••••••• • •••• • •••••••• • .................·• • • • ••••• -. • Event of Default ••••••••••• •• - •••.••••.:••••••••••·•••••••• ExchaDa• Act ·••••••••••••••••• ;••.••••••••••••••• .-••••• ·•• Expintion Date' •••••••.••••••••••••..• ••••••••••••••••••• 3 3 3 3 3 l Glabal Sccuril)' ............................................ .3 Hold• ....•.....·.••.••...•.••.••••..••••••••••••••.••.• ndaJtUre • • .. • • • • .. • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ••• 3 3 3 JIIII.I'ISI • e • • • • • t •• e • t e e • e• I e • • ot • to • e t e t e • e Ill e e e • t • e • • • • • • • t e .• Interest PaymCIII Date ••.•••••••·•••••••••••••••••.•••••••••• 3 lnv1111DeJJI Compa!IY Aa ••·• • • • • • • • • • • • • • • • • • • • • • • • • • .• • : • • • • MaNri'l)' •••••••••.; •..•...•••••••• I • I ••• • ••••••••••••••• I • Mm18181 I ••• I •••••••• " •••••••••••••••••••••••••••••• I •••• Officers• Cenifi te • • • • • • e t • • I I I • • • • • • • • • • • • • • • • • • • • 11 " • " e • • Opinion of Counsel •••••••••••••••••••• " • . • • • • • . • • • • • • • • . • • 4 4 4 4 4 Ncm: TbiJ 1able of amaq shill nCII, fer any purpose. be damecllo be 1 pei. of tile Indenture. NYJ2.532: 4011U

Oriainal Jssue Discount Security ••.••••.•.•••·.: ..•..•. : • . • • . • . 4 Outstandina .•• :.••••••;................................... 4 Payina Asent .............................. :.....• • • • .• • • .. s PersOJI • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 5 Plllee' of PIYJDent •••• ...................................: • • • Predec ssar.Security • • • • • .• • • • .. • • • • . • .. • • • • • • , • • • • • • • • • • • • RliJroad Subsldf• • • • . • • • • • • • • • • • • • • . • • • • • • .. • . • • • • • • • • • • 5 5 5 Railway .PrQpertia • • • • • ,• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •· • • 5 Redemption Date •••••• , •••·•••.•••••••••••••••• ·• • • • • • • • • • . • 5 RedcDiptiGD Price •••••• ; ••• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 6 Replu Rec:arcl Date ••• ...................· ....•••.••••• :• .• -t Respoalible Oftic.a' • • • • • • • • • • .• • . • • • • • • • • • • • • • • • • • • • • • • • • .. Sec:ared Debt • • • • • • • • • • • • • • • • • • • • • .• ... " • • •.• • .• • .• • • • •...• • • • 6 6 f Secariliea .. • • • • • • • • • • • • • . •.• • • • • . • • • . • .. • • • • • • . • .: • • • • • • • • • • • StC1JiiltaAa ••••• ,•••••• ·•••••••••••••••.•••••.•.••••••. Security Re&istu . • • • • • . • . • • • . • • • • • • . • , • • • .·• • • • • • • • • • • • • • • . 6 Sec-arily Reaisuar •••.•••••..•••·••..• ...: , •••.••• ;. •••••.•••••·• 6 Special Record Date • • • • • • • • • • • • • • • • • . • • • • • • • • • • . • • • • • • • • • • Stated Maturity" • • • • • • • • • • • • • • • • • • • •.• • • • • • • • • • • • • • • • • • • • • • • SutJsldiary .....................................·• ••••••• • • • Trull Indenture Act ••.••• • . • • • • • • • • • • • • • • • • • • • • • • • • • • • • . .• ' 6 6 7 7 1 Trustee •••••••.•••••••••••••.•••••.••••••••••••••••••·• • • • .·u.s.. GOvernment Oblip1ioa •••••••• ••••••• :• . • • • • • •.• • • • • .• • VJCe Preside• • • . .• • • • • • • . • .. • .• .• • • • • • • • • • • • . • .• • • • • • • . • • 7 CT10Nl 02. Complftin•Cnr(ff tnu tmd Optni•·••• :• • • • • • • • • • • . • • • • • • • • 7 C110N 103•. Fo1rrt of .Dot:lmtmu D.llvn•d ro 1hdr•• •••••••••• :.• • • • • • • • • • • • I CT10N 104. Aeu ofHt ldnt; R•cord Datu :• •••••••.•.• ••••••••• :.• • • • • • • • 1 CTJON J 05. Notlcu, Ere., ID Ttwla tmt! ComiNI"J' ••••••.••••.••••••••••.•••• .-I 0 C110M 106. Notice ro Hold1rt: W••••••••••••••••• ••••••••••••••••• 11 enOM 107.CoPijlla wlrlt 1'twl bu/mllh•Al:l • .....:.• • ..• ..• • • • • ..• • • • • • • 11 11 II 12 I 2 12 12 CTJON 101. ICIof Hlodfn&J tmd Tt bl• of Conrenrt ••·••••••••••••••••• • • • 11CJ)I lot. SIICtiJIDr6111'11l Aulgu • • • • • • • . • • • .. •.. • • • • • • • • • • .• •.• • • • • .• .• CTJC»> ll 0. Sepatt blllfJI Chilli• ....... ......................... : ... • • . CTlON J1J. Bc11rjfll of lndm,_.. • • •...• . .• .. ......• .• • • • • . • • • • . . ..• .• . • . CJ10Jfl J2. Gt1t101tlnl l4w •••••...........•.•.•..•••• ·• . • . • . .• • • • • • • • • . CTJON I J 3. usal Hollt/11)11 ••••.•••••••••·••••••••••••••••••••••••••:·• • • • CTJON I 14. lMfHJIOI'DJOn. SrticlJroldn8,· 0Jfrc6n, DS,•croro7td Emplay u. ·of C0111JN1111 b1mp1.from hrdMtlrllll Llolllllt)1 • • • • • • • • • • • • • • • • • • 12 · CTJON 115. ApJII!Inlm 111 ojNrtYMl' Ag lllftJr Str l e of hocn. ••••••• ·••••• 13

- ARTICLE TWO SECURITY FONotS SEcrlO'N 201. FarN Gmtrally ...................·:·.............\ ........ · 13 SECTION 202. Form ofFoJS.curiry ••••••.••••.•• ••••••• •••• ; •.• • • • • • • 14 16 20 ll SE.CTJO'N 203. Fom of Riv«ne of Seall'ity • •••••.••••••••••••• :, • • • • • • • • • • • • SECTlO'Nl04. Form ofugendfor Glollol S«uritia •.••••••• •• •.•.••...••••• ·•. SECT10N20_S. Form oj1'rvste1'1 c._nijic,llll ofAutharleDtlim •.•• : • ••••.·., ••• .".. 21 SECT10N30J. Amtnml Unlimited,·lsnab/1 iPt Suiu •••••••••••••••.••.•.• : • •••. SEC110N302. Dmominmlo t••• , ••••• .'..••.·••• :• •.••••••••••••• ; ......·••• · 24 SEC110N 303• .bet11tio"' AlllhtniiCDtltm. Dtllwry tmtl Dtnln••• •·••••·••••• • • • • SECTION 304. TemJKI'.D'Y S itlu •••••••••••• ••• .•••••••••••••••••••·••· 25 SECTJON 305. Rtgis&atlort. RIIUtrGtlon ofTrans./s-and bt:e •.••• ; ••.•• • • • • 26' s£C1101'f 3045. Maltilllletl. Dutn J Vl, Lost tmd Srolen.Sct:Vrillu •••• •• .• • • • • • • 21 SECTION 307. PaymDr oflntcrur;lnren11 R.l&hU Pru•rvcd •••.••. •••••••••••: ll SEC110N 308.PmtRU De1mtd Owll06 •·• ••••••••••••.•••••••••••••••.•..• ·••. 29 SECTJON 309. Caneellmitnt •••••••••••••••••••••• .'•••••·••.•••••••••••••••·•.30 24 ; S'EC'TlON 310. Compu11nlt111 qf ln11r.-n ••....................·• • ..• • ..... • • • 30 ARTICLE FOUR SECTJON .COJ. Stnll/«riD11 111rtl DIJt:#tQrg• of Jntltnltl7t • . • . • . • • • • • • • . • . • • • • . • . • SECTION 402. App/ftatltm ofMtmq ..........•...•......•........, •.• J 1 32 . . . . ARTICLE FJVE R!MED1ES Jl 34 3S JS 36 SECT10N 501. £wnu of Dejtn lr .. • . .. .. • • . . • • . .. .. . . . • . . • • • • . • • . • • . . .. . . . SECTlON 502. Atcelerorion of Moivrity; Rudsdon tJ1'td AmrvlmtJtl • • • • • • • • • • • • •.• SECTJON 503. Colltetlon of Jntldr dn is and SllftsfoEnforclmtnt by Tiustee . • . • SECTION 504. Tr14rtl May Flit Prooft of Claim .....·. .. .. . . . . . . . .... . . .... . . SECTJON 50S. Tl"llSttt May Enforc• Clainu W;rhour Possusfon of StcvritieJ . • . • . . -iii-NYI:Z5ll: 240171.4

noN 506. AppllcoliOJJ of Monq Coll1ctttl ..•••..•• •..••••••..•.•••.••• 36 TlON S01. Limitdllon on Suill ••••.•••.•.•.•...•......•.•..•.•........•• 36 TION SOB. Uhcondltlonol Righi of Hold nto Rtc1iw Principal, . h•mlum tl1ld lnrtrtJr ...••..•............•...... . .......• 37 TJON S09. RIIIOrdlioPI of RigJru and RtJMdia • • • . • • • • • • • • • . • • • • • • . . • • • • • TION 5)0. Jllghu tmtl Rtmtdlu C21mulm1Yt ••••.·•••••.•••••••• ·••.••.•••• TJOJ'J 51J • D1lt11. tw Omllslon Not W fwr> •••••••••••• .-. • • • • • • • • • • • • • • • • • 37 37 38 cnON 512. Control by Hold.n •••••••• • • • • ..• • • .• • • • • • • • • • • • • • • • • • • • • 38 TlON 513. Wamr of PtiSI DtjlllllU ••••••••••.•.••••••••••·•••••••••••••• 38 T10N SJ4·. Undmaklngfor CaU· •......................-..............39 cnoN 5 U. WaiRr of Usrny, Stay or brDUitJif Uzwl ••.•·.•.•• :••••..••..: • 39 · .UnCLE SJX· TJOJII 601. CmDhllJuliu tmti.Ruptm i6ililiu • .• • • • • • • • • • • . • • • . . • • .• .• • . 39 40 40 41 42 42 ciloN 602. ]forte• of MII'Uiu ............•........·....•.....• ....... nON 603. C1nDhl Rlghu o/Thlit11 •.•....• •...• ; .••..••••••.•..•.•..·. . TION 604. NGI RuptJruibllfor /lfclroll t»'l.UVG ?U of S• lr• ••••• , •••• ·• • • 110N-MHIIGJIid S•t: rltlu.• • •.• • • • • • .• • .. • • • .• .• • •..• • • • • • • • • • • • • • • • • Monq.H•e.ld.b.t....., .., ., .. , , . , ., ...; .........··. TION TION 601.,' CtJmp«MIIIIcm tlllti.R.imbvr •m.nt ••••••• ; ••••••••••.•••••••• ;• 42 110lt 601. COJtfllcrlltllnlwruu.• ...................................:•••••. 43 TION 6()9. CQI']J07Qie 1'nllle1RtquiTetl,• Ellgibfllly ••.••••••••••••••••••• ,• • 43. 43 45 46 46" 46 cnOH 610. Rtslpllllt»> tmtlll•mtwtll,·Appoi,.,;t oJSwcusor • .• • • ... • ..• • TION 61J. ACCipltm • of Appolmm tl by Sw Uitll' ••••• , •••••.•••.••• , ••• nON 612. Mogu, CoPJWrsltm. COJUtJildGtlor StlcculltJII to Busln•u • • • • • • TJOM 613. PTI/11 ttlol Coll e ltRt ofCiol n Agobul Com• • . • • • • • • ...• • nON 614. Appointrn1711 of Allllllnti Gtmg Agtni • • • • • • • • • • • • • • • • • • • • • • • • • • . AR.na.ESEVEN HOLDEJlS' LJSTS AND llEPoJlTS BY TlUSTEE A)f1) COMPANY TJOH ?OJ. CDmpmry ID F n Wt »w111 Ntnnfl and.Addrtuu of Hold"' •••.•• 49 110N 702. h n'VOIIon of l'lf/OTmotlon: Comnnmlcorioru to !fold• • • . • • • . • • SO T10)1703. R1,pG7'16 Z, Trll,st•• • • • • • • • • • • • . • • • • . • • • • • • • • • • • • • • • • • .• • • • • • SO JlON 704. Rtporu Z,Com••••••••.••• " • • • • • • • • • • • • • • • • • • • • •.• • • • • • .· SO -iv-

ARTICLE EIGHT COliSOUDATION, MERGER, SALE OR CONVEY CE SECTION 801. Compmry MIIJI Consolltlo11, Etc., on Certobt Ttrmi • • • • • • • • • . • .• • • S1 SEcnON 802. a1IDJJ ....... ...... . .. .• ... ............ ...• ...... • . ... 52 SECTION 803. Evid•to be FumlsMd '/'nlsttl ••••••••••••••••• ; • • • • • • • • • • • S2 · AllnCLE N1NE SUPPL.EMEHTAJ.l'NDENTUJWi . SECllON 901. StlpplemnraJ 1ntl1ntvru Willroul Coruerir aJHolders • • • • • • • • • • • • • S3 SECTlON 902. Supplemnrol lml11rtun.r With CtJJUDII of Holtlns • • • • •. • • • • • • • • . • . 54 SECTlON 903. EzKV Ion of S11]Jplemn;ol indmlllrU: •.•.•••••·. • • . • • • • • • • • • . • 55" SECTION 904. E./foci ofSuppltmtmDI httltnlllru ••••••••••••••·:•••••.•••.• .• •• SS . SEC110N 90S. Conformity wlrlr TJ'?UI lntlmliD'e A•••••••••••••••·•••·• • • • • • • • • S.S . SECnON 906. Rtrfnmc• lit S.turirta ro Suppltmentollndmflll'tl ••••• :. • • • • .. .• SS. ARnCLETEN · COVENANTS SEC110N J 001. Pf1)11Mnl of hfncipol. Premium and /ntnttn ••••·• • • • • • • • • • • • • • • SECTlON J o02. Moinlaont:t of O,Oiu ar Agtmq ................. , • • • • ..• .. . SEC110N 1003. Monqfor Slawlrlu Poymm16 ro Be Held In 7run • • • .• • .• • ..• .. SEC110N 1004. Slott,..nr by Ofllcn-1 IU to DqmJt ......................·. .... SEC110N 1005. .E:ll.sttnct • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 56 S6 56 S'7 5& SECTlON 1004. Rutrle lou tm nnd Dtbt.• .• . • . . .... . .. • . •.. . .. • ..• .• • . .. 58 SECTlON J 007. Fwrllrr lnstnm tnll ond ..4 16 •••••••••••••••••••••••••••••••. 59 SECTlON 1008. Waiver ojCmoln Cavcnont1 ................................ S9 ARTICLE EJ..E.VEN .REOEMPTlON OF SECUJUn'£5 SECTlON J JOJ. Appllcobility of Article..• • • • • • • • . • • . • • . . . • • • • . • • . • • • • . • . . • . 59 SECTlOM J.J02. Dtcrion ro Rttlt1m; NOlie• to T111Sre• • • • • . • • • • • . • • • . • • • . • • . . • 60 SECT10N J J03. Stl•ctioll by Tnute• ojSuuritlu 10 B« Rttl emed •••••••.•••..•. S£CT10N J I 04. Notice of Rtdemption . ..• .. .. • .. • • • ..• . .. . . . • . . • . .. • . • . .. • . SECTJON JJ05. Deposit of Rtdemprion Pric• ................................ 60 6 J 6l v-)'n'l2532: l40J71.4

ECTlO'JII II 06. Stcuritles Payablt on Rtdtmprion Dart • • • • •.• • • • • • • • • • . • • • • • • • 61 icnOI"'ll 07. StcwiRed,,In .Pan • ... .• .• .. • ... ........ .. ...... . . 62 ARrJCLE TWELVE SINXDIG fUNDS ECTJOJI' 1201• .AppikGbillry of bfic/1 •••••••• •.••••••••••••••••.••.•••••••• , 6l . ECTION 1202. Stlrisf«lioll of Sinking Frnul Paymmll wltlt StaalrS.s.• • • • • • • • • • • 63 EC110N 1.203. RmtmptiDII of Smltillujtw Sll'!&g Fl.lllll • • • • • • • • • • • • • • • .• .• • • 63 ·.unCLE1HIJ.TEEN _DEFEASANCE AND COYENANr D&!ASANQ EcnON 1301. Com"s Oprlon ro E.I/ICIIR.ft »M or Ctmntllll eaumc1 • • 63 ECTJoN 1302. Dt/(MIIIU:•IIIId DfschDrg• • • ..• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 64 ECTJC»>1303. Cownmtl DtftOiat:e ••••••••••••••••••••••••••••••••••• •.•• 64 EC110N 1304. Ctmtlltlou to IAjitliiiiiCI or CGWJJGJd IJ.fotJJma ••••••••.·• . • • • 64 ECnOJ'f 1305. Dtposlrtd Monqlllld U.S. Gowrn,.nr Obii&Ql#ou ro B1 Held ill 1'nu1;Nlsctlltmf.,.ht!VIJitRU • • • • • • • • • • • • • • • • • • • • • • 66 67 EC'T10N J 3 6. biniiiJlfllftfJII •••••••••••••••• " •••••••••••••••• • .• • • • • • • • . ONJ\N ••t • • • • • • • • • • • .•.• ••••••••• ; ••• • ••••• • • • • • • • ••• • • • • ••. • • ••·• • 61. J An.t'RES AND SEALS ••••••••••••••.• •••••••••••••••••••••••••••••·•••68 CJCtiiO'M.EDGEM.EI"'TS •• :••••••• :• ••• • •••••••••• •.••••••• :• • • • • • • • • • • • • • '' -vi-YJl!l2:24IU'l1.4

JNDEN1lJRE. dated as .of June I, 1991 between CANADlAN NATIONAL RAJLWAY COMPANY, corporation duly orgauiud and existing under \he laws of Canada (hereicalled the"CQmpanY'),havinJ its p ncij.l office at 935 deLa Gii:Jchetiere Street West. Montreal, Quebec H3B 2M9and 1HE BANK OFNEW YORK, a New York bank ins corporation duly organized and existing under the laws ofNnr York. u Trustee (bcre;n called the "Tnssteej. RiclTALS OF THE COMPANY The Company hu duly authOrized the·cxecmioii and delivery of' this .lridCI!!UR to provide for the iuutiom time to time of its unsecured debentureS. notes or other evidences ofindebtedneu (herein called th'e..Securides"), to be issued in one or more series as in ths Indenture Provided. · . . . All things neccssuy to make this Jndemure a·valicS aareement of the Company, in accordance -Mth its tenns, have been done. · NOW, 'THDUORE,1)US ]ND£Nt1,JRE WilNEsSE'J'H: · · .for and in consideration of the premises and theof the SecUrities by the. Holders thereOf, it is mutually a arced, far the equal and proponhmate benefit of an Holders ·of the Securitjes or of series thereof, as follows: · DEFINITJONS AND OJliEK PROV1S10NS OFG APPUCATION SECT10N JOi. Dejinltloru. For aJJ purposesqfthis Indenture. except aotherwise expressly provided or unless the cOntext otherwise requires: · ·· ·(l) te terms defined in ihfl Anicle have thmeanings assigned to them in. this Article and include the plunl as well as ·me singular; (2) all othcrtenns used ein which are defined in \tie Trust JndCJ tUJe Act, ei1ber . directly or by reference lheiein. have the meaninp assiped to them therein; (3) aJJ a.ccountina turns not ttierwise defined. herein have the .meaninp assigned to them in accordante gmerally at pted aceountina principles, and. except as otherwise herein expr ssly provided,thefcnn.."gcnerally. ccepted accountingprincipJcs'" with respect to ariy comput 1iorequired r. pennine4 hereunder ball mmi such a"oun1ing principles as are gcnenJJy accepted at die' date of sUch c:orriputationi NY125ll: 24017U

(4) unless the c:ontm otherwise requires, any reference to 8JI ·"Aiticlc" or a . .Section" refen to an ide or a S ction. as the case may be, of this lndmture;.and (S} the words"hereiD", "h r·and "hereunder"and other wotds of sinii1ar impon c{u to is Indenture as •whole and not to an_' panicular Articl'-Section or otha sub-ivision · ..Act", when tion 104. used wi1h 10 my Holder, bu the mcanina specified in · respect ..Affiliate" of any specified Person mCIDI arty other PUSOD directly OJ' ;,directly uolliris or conuolled by or 'under direct or indirect cammon contrOl wjda such specifiecl son.· for the pwjoscs of thiS dcflnition. •conuol-wbea u With respect to any cified PersOD means the power 10 direct the management a.ftcl policies of svch Person. clly m mdirccdy, whctha u&h the ownaship ol "odna sccuritia, by contract ar erwise; and the tams •comrollina" and •comrallcd" have meaninp conelative to1he csoina-· · · · ..Authcmicatins Aacnt" many Person aU1horized by the Tn stee punu nt to tion 614 to act on behalf'ofTnistce to authenticate Securities of one or more seri '"Beard ofDirecton'" means either the board of dirccuns of the Company or any duly horized committee ofthal board. . . . "Beard Resahnion• mana a copy of a resolution catified by the Secrctuy or an istant Secrcwy or AssociMe Secmary of she Company to have been duly adopted by Board of'D.iicclan and robe in fiiJI foru and effect on the da1e of sucb cenificaticm, and ;vved to tbe Trustee• ..Business Day-, when used wi1Ja respec110 ury Place ol Paymcm, meani uc:h day, Tuesday, Wednesdlly,Tbund.y and fridl)' which ia na day 011 wbich banldna i1uticm.s in 1)111Place oiPaymcm are authorized or obliptcd by law or exeane order lose. · ....Commission" means the Securi1ie1 and Exchanse Commiuion. from time 1o time stituted, created under'tbe Exchanae Aor, if'at ury lime after the .XeculiDD of this uumcnt such Commission is not existina and perfonnin• the.duties naw ISS pcd 10 it er the Trull Indenture Act. then 1he body performina sucb dudes .at such.dme.· "Company" means tbe Perscm named u lhe "Compuy" in the f11Sl panpph oftbil U'Umnt until a successor Person shall bave become such pursuant to the applicable visions of this Jildcnrure. and thereafter pany-shall'mean such successor Person• ..Compaay .Requen"or OOCompany Order" m ans 1wrinen request or order signed in name of1he Company by its Cbainnan of the aoard, itS Vice Cbainnan of the Board. iu sident m a Vice President, and by ics Treasurer, an As.iistaill Treas rcr, its Secretary,an ociate Secretary or an AssiStant Secretaiy.and deli"ercd to the Trustee. ·2· .J Jl:24017U

"Corporate Trust Office" m sthe p·rincipal office ofc Trustee at i01 Barclay St,. Floor 2JW. New York. NY 10286 ATIN:Jn1cmational Finance Unit at which at any panicular time its corpome trUst llus ess shall be administacd.. • • I "corpontion" means a c ntion. assoeiaticm, company. jqint-stetk company or business trust. · · '"Covenant Defeasance"has the eanins specified iu Section 1303. '"Defaul1ed lmerest"' has the meaaina specified iD Secticn 307. . . . ..Defeasance"hthe meanina specified in Section 1302. . . ..Depositary" meUJ, ""hh respect to Securities. Of any series issuable in whole or in pan in·the form of one or mOJe Global Securities,.• cl n1•IeneY registered under the Exdianae Act thaw Is dcsipated to IC11i Dcpasituy for such Securities u contemplated by Section JOJ. "Event of Default' has tJie mcaniR specified in Section 501. '"Exchan&e Act"means the Secu itia Exdaanae Act of'1934 ancS any S11Nte successor thereto. in each case as amen ed fiom e.to time. '"Expiriticm Date"' has1he meaniria specified in·seaion 104: '"GJobiJ Securirt' means Security 1hat nidences all or pan of the Securities of any seria and bcarl1he 1eacncS se1 fonb in Section 204 (ot such leamd as may tie speeifiecS d contemplated by Sccticm 301 for such Securities). · . ' ..Holder-mcans·a Perscm in whcse name a Security is rcgincmS in the ccurity Resister. · . ..Indenture" meau \hii inmument u oriainaiJy executed and as it may from time to time be supplementor amended by one or mo"indentures suppicmental heretO entered into punuant 10 the appliCable provisions hereof.-includin& for an purposa.Of this instnnnen1ancS any s cb supplemental indentUre, the prcrvlsions of the Trust IndentUre ACI that are deemed to·ba pari of and govern thil instrUment and any such suppfemental indenture, respectively.The term ..Indenture•shall also include the tcrmsofpanicular series.. of Securhies established u comanpla1cd Seed 01. '"interest", when used with respect to an Original lssue.Discoun'Security which by its terms bean interC$1 only 81\er Maturity, means intcn:S1 payable after Maturity. . . ulntcrea Paymeni Date", when used with resto iny Security, means the Stated Maturity ofinst lmeor'interest on such' Sceurity · · -3-NY12sl2:240111.4 .

..."tnvesanent Company. A .means. the Jn-vestmcnt Comp,any A .qf 1'940 agd .any tute successor 1her to, in each case as amended from time 10 lime. . . ''Maturity", when used with'respcet to any Security, means the date on which the cipal of sucb Security or an mstalm.cnt of principal becomes duand payable utherein hacin provided,whethct it the Suted MatUrity Of by dec1ara1ion of aculemioa,call for emption or therwise. "Monsaae"muns and includes any monaaae,plcdae,hypothec,lien,seCurity intereSt, vilege, condi1ional sale oi r tide retention asrccmor other si ilar cnClUI1branc . "Officcn'Certificate"means I cenuJU\1siped by \beChairman of1he Board, 1 Vice ainnm of the Boarct.1hc PresidCDt 011V.iccPrcsidcm. ind by the Treasurer,aa Assi51ant easurer.the Secrctuy, an Asaisum S crewy or aa Associate Secrcwy,otthe Company, ." . d delivered· to the Trustee. PM of W: ofliC*'I sipina an Officers• Certificate gj'MI muanuo ScctiOJI J 0shall bep·rincipal cxecu1ive, fmenclil or accaantinl fflccr of oC p . · . . . "'pinion of Counsel"means a written opinion of,counsel. bo may be an employee the Company,and who shall be accqn.ble to the TIUSiee. UOritiail Issue Discoum Seeurity' m ansy SwhJchPfO"idet for an amoun1 s thaD lhc principal amount. thereof to be due aad payable upon 1 declaration of eration of the MatUritypunuant to Scaion SOl. uoutsundina". hen used with respccl to Securidett "'can,. u of 1he date of. ermiaation..BJI Securities 1hemofcn a.Uiba ticat.ed a·n. d delivered unda this indenture. epr: .(J) Securities erctofore cancelled by the Truatee or delivered to the TNstca for c:aiacellation; ··· · (2)ties forwhos•pay.ma t0,rcdcmptioD money m1he necessary amount hu bcea lhcrctofore depQSned . the Trustee er any Paylna Asem (olher·than the CompaDY).in trvor SCI aside anCI seareaated in 1r1111 by the ComJ*IY (ilthe Company shall act u its owri Payina Aaent) for the Holders ot such Securities; pvv ded lbl\ if such ·securitfeJ .,.. to be redeemed. nodce of .such rideinPdOD hu been duly Jiven puf!Uanl to\bit JndcnwTC or proyisioDlhcrefor s lisfactory to the rustechila been ma c; (l) Securities as to wbkb feasance has been effected punuam to S ion J 3 assd (4) Securities which have been pafcl punuant to Section 306 or in cxcbanae for ar n lico whiother Sccuritia have been a"U\hcnlica\td ancS delivered p\IIS\Jin1 to \his Jndenture. other than any such Securities in respect of which there sball bave been pre. sen;ed to the Trume proof satisfactory to i1 111Vch Securities arc held by a bona fide purchaser in whose hands such Securities arealid obHptions of \he Company.

pravidtd, ht1Wmr. that in dctenninina whether the HoJdeis of the requisite·principal amoun1 of the Ouutan in& Securities have given, made or taken any request. demand. authoriz.ation, direction. notice. consent, waiva or other a tion hat\Jnder as of •'11'1 date. (A) the principal amount of an Orisinal Issue Discount SecuritY which shall be deemed to be Outnanding shall b& me amount of the principal \haeofwbicb would be due and payable as of such date upon acceJaation of the Maturi1y thereof to such date pursuant to Section SOl, (B) if, u of ch date. the principal amount payable a1tlle Stated Maturhy of a Securi1y iJ not dctcnninable,lhe principal amount of such Secwhich shan be deemed to.be Ou1S1andina shall be the amouni as specified or dc1erm ed as contemplatby Secaion 301. (C) the principal amoum Of a Security denominated iD cme or more foreip currencies a, !Jm X)' unns wbicb shail be deemed to be Outstandins shall be 1h• u.s. dollar equinltnf; determined as.of such date in 1he manner provided ucontemplated by Section 3OJ,of the prilicipal amount of such Seauity (or, in me case ofa Se ty descri in Clause (A) or (B) above, of tiJe amount determined as provided in such Clause), and (D) Securities owne.;l by the Company or any other obJiaar upon the Sccuritiu br an) Affiliate of th• mpiny ar of such other obUp shall be di.sreaarcled and deemed not to be Ouutandin& cepa that, in deteimmina whether1be Trustee shall be pioteded inrelyina upoa any sucli request. demand..authoriuti n. direction.notice, consent, waiver or other ac1ion, only Securities whicb the Trustee Jcn:OWS to be so awned shall be.so disrepfded . . ·. ''Payina Aaf:llf" means any Petson authorized by the Company to pay the principal o1 ar any premium or imaat on any Securities on behallof the Company. "'Pmeans my individUal.corpon1ion.par1Mnhip,joint venture., limited liability company.tnlll. uniacorporated orpnization oi aavcmment oT any aacncy or polnical subdivisioia thereof. · ."P.lace of Payment'.when used Wids respcelto the·securities of any series, means the place or places'where the principal of and any premium and interest on the Securities oflhat sui,-are pyable aJ speci ed u contemplated by Scelion 301. · "Predecessor Sccurf1y-of any panicuJa · secUrity means trvcry previous Securhy evidencina all or a ponion of the same debt as that evidenced by such particular Sccuri1y; and. for \he purposes of lhis definhioa, any Securily authenticated and·delivered under Section 306 in elichiJip for or in Jicu of a muti1aled, des1royect. lost or stolen Securi1y shall be deemed 10 nidencc the same debt as the mutilated. demoyed.lost or stolen Security. "Railroad Subsfdmeans any Subsidiary whose principal sets are Railway Properties. "Railway Prapenies"means aJJ main and branch Jines of railway located iD Canada or the United States. includina all real propcny used as the right of way for such Una. "Redemption Date•, when used with resped to any Security 10 be redeemed, means the date fixed for .such red p1ion by or punuant to this nC!enture. NYJ2.Sl1: ..GJ71...

"Redemption Price", when used with respect to an)r Security to be rcd emcd, means prite at w.hich it is to be redeemed pursuant to this Jndcnnke. · . . . uRegular Record Date11 for the interest payable on any Interest P9"Jcnt Date on the turities of any series means the date specified (or that purpose·as contemplated by ticm 301. "ResponsiblOfficer",. when used wimpea to the Tnutm urJ vice sident,. the secrctuy, any as istant secreta )', the treasUrer,any assistant 1reasuru, any t-officer or assistant trust offlcer, or any other officer of the.Trustee customarily. foiminlfUnctions similar tothose pcrf'omied by iuJy of the'above designated omcen an.s o means, with rapect .to a putieular corporate tniS1 maner, any Other officer to whom dl m•ncr·refcried because of his Jcnowledse of and famiUari1y with 1he particular . ject and who shall have direct responsibility for the admlniSllall.on of this Jndamue.-. .. '"Secu . Debt• means .indebtedness for mcmcy borrowed. OJ suanuiea of such ebtedness. now or hereaft'"exisdna. of the Compny or a Su sid uy wbicb is seaucd a Mor1l•a• on arry present or future Railw.y Properties o11be Company or ·ltt1 of i11 b.sidiuieslncorponned under me laW. ofCuada or any or its Provinces or Territories or Onited States or any State thereof or em any shares o( stoek oi"!Y RailroadSubsidiary; . . •securhics" bu the mcanina statcd'iD me first recital oflhii·Jndature·iad more dcuJarly means any Sec ties auth icatcd ancl del ercd unddds Jnde · Act of )933 and 81JY naane'suctbcrcto, ..Sea,rida Act,. incinl s rilill eachas·amended &om time to •.ime. · oasecur,ity eaistd-.and •se uri1y Reai .,-. have me rcspe.etive meanin&i specified. S iaa305.· · · · · ·. . '"Spec:ial Record Dale" f'or the payment of lUI)' Defaulted lnutest mcans.li date fixed 1hTrustee pursuant to·Scttion 301. · . •stated Maturity"', when used with re.pect to any-Secari1y or my innabrient of ncipal thereol or interc.Sithercon. mthe date specified iD sucb Security uthe faxed e 011 wbthe principal of sucb Security or such in Jmcnt ofprmcipal or intaest is due d payable. . . : .. "Subsidiary" mems a corporation a majority of the cnnnandina votina neck ofwhicb owned. directly or indirectly, by,the Company or by one or more Subsidiaiies of the mpany.or by1he Company and one or more Subsidiaries of'th.e Company.}R'G'Iiid•d1!aat ccuporation shall become or shall be deemed toa Subsidluy oftlut Company for poses of this Jndanure if. and so lona as.lhe Company does nos comrol such entity by son of ID)' law, reaulation,executive order or other JesaJ requirement, includin& without · itation punuant to anyvotina truSI or similu amngcmcnt entered irito mconnection with acquisition of such corporation by the Company pendins regulatory apprgval of s\ida uisition. -6-ilSl2: 2.0111.4

· "Trust Indenture Act"' means the TrustlndcnNrc Act of1939 as in forec at the date u of which this instrument was executed; provldtd. htTWrJn, that in the event the Trust lndcnNJC Act af 1939 is amended after such date, "Ttust Indenture Act" means, to \he extent rcqui(Cd by any such am dment. lhe Trus'l )ndcnturC Act of 19j9 as so amended. .. · "Trustee". meus the Pn named uthe "Trustee" in the farst paragraph of this instrument until a su"ess.or TJ"USSec shall have become sucb pursuanto lhe applicable provisions of this Indenture, and thereafter "Trustee"shall mean or include each Person who is then a Tn stec hereunder,and if at any time there is m re than one such Person,..Trustee" as used lh re ed to the Securities of any saici shall mean the Trustee with respect to Securities of that saia. · · · "U.S.Gov't Oblipti"baa the m.eanina spc ificd in Section 1304• '.'Vice Presidcntt, wheD used with respect to the Company or the Trustee. muns afiY vice president. wor not designated by a number or a wont·or words added befm or after the title. iee praida·pd when used with respect to the Company shall also mean the Chief Legal Ofttcer of the Company. SECTlON J 02.. Compllmlc• Certijlcatu l1lld OpinioM. . . Upon any application or request by the Company 10 the TNstee to take any Ktion under any provision of tbi1 Indenture. the Company shall'fbmisb to the Trustee such certificates and opinions as may be required _under the TIndenture Act. Each such . ccrtifiCite or opinion sball be &iven in lhe form of an Officcn' CcrtifiC81e, ilto be Biven by an ofliCG o( 1he Compan)', or an Opin.iOD of Counsel. if to be &ivcu by counsel. and shall c:omp)y witb the requirementof.the TNJndemure Act and any other rcquimnents sea {ortb·in thi.s Jnclcmure. . . - Every cenificate or opinicm with respect 10 compli811Ce whh a condition or covenant ptO"ided for in thiJ Jnde11ture (except for certificates provided fOT in Section 1004) shall include. (J) a statement that each individual sipina such certificate or opinion bu read such covenant or condition and me definilions h in relatins thereto; (2) a brief statement as to the nature and scope of the ex am in tfon or investigation upon which the statemcn1S or opinions contained in such cenificate OJ opinion litbased; (3) a statement that, in the opinion or each such individual, be hu mlde such examination or investisation as is necessary to enable him to express an informed opinion as twhether or not sutb ccrvenant ot condition has been complied with; and · (4) 1statemem as to whether, in the opinion of each such individual,sucb condition or covenant has been complied with -7-

cnON 103-Form of Donmtnll Delivered ro·Tnu111. ''• . ln any case where sevml maners are required to be certiflecl by, or covered by an nion of, any specified Pers ·it is n01 necessiuy lhatallsucb mancrs be certified bY. or vered by the opinion of, only one such Pers011, or that they be so cenified or covered by y one document, but one such Person may ccnify or gin an opinion wi1h respec1to some tters and one or. more other sucb Persons as to other manen, and any such Person may tify or give an opinion as to sucb manen in.one or seven) docum ts. Any certificate or opinion of an officu of 1he Com,Uy may be based. insofar 11it ate• to Jesal mancrs, upon a ·ccnificate or opinion of. or representations by, c scl, less sucb officer knows, or in the exercise of reasonable care should know, that the . rtificate or opinion or reprcsentationi with respect to the manen upon which bis tificate or opinion is based arc cmmcouL Arry such certificate or opinion of counsel may · based. insofu as il relates. to.fac:IUaJ manrn. upoa a certificate or opini011"of, at· rcscntalfons by,. an o ccr or of1he Company SUtinJ1hat the inform ion with pect to s_uch factUal manen iliD 1he possasioa of'the Compan)', unl"'such cowscl owt, or in the exercise of reasonable cue should kno_w.that the certificate or opit ion ar resentations with respccl to such minters are erroneous. · · Where any Penon is required to mab, give or execute IWO or more applications. quc•conscnu, cenificata, statcmcnu. opiaicms or other insuumenu ·undv this den re, they !ft•Y• bu_t neenot, be conaoJidated and form oninstnJm . · CT10N J 04• ..feu of Hold 1: R"IJ!d Dtnu. · Any request. de;t.and,·a Ma zatiaft. dircct.ian,·notlconsent. waiver or oiher action vided or permifted by thisIndenture tobe sivcn. made or taken by Holders may be boo d in and evidenced by one or more instrumcnu of substantially similu tenor sipecl by ch Holden in person or by •Bast duly appointed In writins; and, except •• herein Crwise.cxpniiJy provided, such action shall become effective when such bi n mcnt or ttUmcn11 are delivered 10 the Trvaee and;whcrc it i• hercby'aprcssly required, to the mpany.Such instrument or insuumenq (and the adion embodied therein and evidenced reby) are herem sometimes referred to as the ...Act" C!f the Holders signina such U'Umenl or iniU\IIncnu. Proof' of execution of any such. insuument or of a writina poimin&IDY sudJ •sent shall be sufficient for any purpose ofthlt Indenture and (subject Section 60J)concJusive infav01of1heTrvstceandtheCompany.if made in the manner vided m this SmiOn. · · · The fact·and date of the exccU1ion by any Person of any such inS1nrlncnt or writina y be proved by the affidavit of 1 witness of such execution or by a ccnificate of a notary blic or.other officer authorized by law to take knowledamenu of deeds. ccnifyina \hal individual s.ianina.such instnlmcnt or wrilina acknowlcd&ed to him the e ccU1ion reof.Where such execU1ion is by a signer aciina in 1 capacity other thi.n his individual acif)'.such cenificate or affidavit shall also con itute sufficient prof his.authority. e (act and da1c of the execution ofany such instrument or writin& or the authority of e -8-

· Person· executin& tbe same, may also be proved in any cllhcr manner which the Trustee deems sufticie!Jt.· e owrienhfp of Securities shall be pro ed byc Secu ty e&ister.. · TJie "Compaily may. set any day 81I record . 1e far the purpose of determhiin& the ·Holcfcrs of Outstindin& Securi1ies of any series entitled 10 e.make or take any rcqu .demand. autbori tiori, dfrcCntoi.dce_c0PSCJI1. waiver Of other IC1i011 proviaed Of pcnnitted by thii Indenture to be given. madtr or takea by Holders of Securitiei·of such · series,pr 1d1hat1be Company may not set a record date fM',.rid 1he IJI:CWisicms ofth s pansraph shall not apply With respeCt to. the siv na or makins of any,notidcc cm,· request or direction referred to in1he neXt panpaph. If BDY recold date is set pursuant to this parapaph. lhe Hol crs ofOuutandine Securities of the relevantori surccorcl date. and no other Holders. shall be entitled to take the rclerinta.aion. whc1hcr or nat such Holders "rcniam Holden after sud1 record date; prtNiJ/111 that no S1ICII actioa shall be e:ffecthe hereunder unless taken an ar prior to the applicable ExpintiDate &y Holden · ofthe requisite pri ipal amount ofOutstandina ·of.such CI·OD such record date.Notbins in this paiagrapb shall be constrUed to preveni "'Co pany fiam sciiinaa sCI punuam to new record date for my action for which record date tiu prniously ·this parapaph (whereupon the record date previously set shall automatically and Wilh 110. ac1ion by any Person be cancelled and ofno effect). d nothing in thil parapaph shall be construed to render incff'ec:Uveany aaion taken by Hold mthe requisite principal amount of Outstandina Securities of the relevarn series on the date such action is ialcea.Promptly after any record date s set pursuant to.this paragraph". the Company, at·its own expense, shall cause notice of such reccrd date, thi proposed &di011 by H.,ldm and tbc applicable Expiration Date to be given to the Trustee in writing and to each H 1dcr ofSccurhJcs Of'the .,_. relevant series in the manner set forth in Section 106. · The Trustee may sea any day u·a record date for the purpoie of dctmainina the )Jolders of Outsundina Securities of my seria entitled.to join in 1he aivil or maldna of (i) any Notice of Default, (ii) any·declaration of acceleration rcfened to in Section 502, (iii) any r quest to institute proceedings rcfmecl to in Sce1ion 507(2) or <!v) any direction referred to in Section J7,·in each case with respect to Securities of such seria. lf any. record date is sci puriuant to this paragraph;the Holden ofOuutandina Securities of such series on such record-date, and no oth"er HolderS, shall be entitled to join in such notice, declar.ni n. request or·direction; whether ot not such Holders·remain Holden after such record date;pravid dtha1 no such acdon shall be cff'ectivt "hereund.; unless tuen on or prior to the applicable Expi a1ion Date by Holders of the requisitPrincipal amount of Oumandin& Sec ides of such series on such record date. Nothir:-& in this parasraph shall be construed to prevent the Trustee from scning a new record date foraction (or which -9-Jo1YilSl2:44011L4

ecord date hu previouslY been set pursuant to this parapapb (whereupon the record date viously set shallaU1omatically and whb no action by any Person be cancenect and of no ect), and notbii'!B in this paragraph shall be construed to render ineffective any action en b)' Holden oftherequisile principal amoUDt ofOuts\andin& S ties oftbe relevant ies on the date sucb action is taken.Promptly after any record date is set pursuant to this ngraph. the Trustee, at the Company's expense, shaiJ.c:ause noti.ce of such record ate, proposed action by Holden and 1M applicable ExP,ira1ion Date to be gjvm to the mpany in writinB and to each Hol er of Securities ofthrclt series in the manner sea . itb Jn Scc1ion 106. . . . . With resped toany record dale set pUJSUat tothis Sectithe pany bemowhich sm ch record datu may dcsipe aay day u the "ExpiradoD Date" and from time to time y cb nae tile Expiration Date to any earlier or later day; FtWitlwll\hat no such change all be effective uulw notice of the proposed n. Expiration Date fs ven 1011\e other ty beretia writiD& and to each Holda ofSccurilfofrelevant saiu inthe inaMir ' f'onh bl Section 106. em or prior to1he cxfstina Expiration Date.If an Expiration Date noldesipltCd wi1b respeCt to any record dates pvnuanJ tothis Section,the pany hereto idl se1 sucb record dattp shall be deemed to have iJUiia ly d tgnated lhe liOlb day after ch reccml date as the Exp&at;ou Date witb rupeethereto, subject to its right to chanae txpi tloDate u provided. iD tbJJ parasripb. .NotwithiWidlna the foreaoma. no piradOD Date shal.l be later.lhan dle.l8d8)' after the a.ppJfcable record date. . . . WithOut limftina.f'oreaoina. • Hoider enttoitletadkebcarneuynacctutiOn reunder with rcprclto any pan culu Sec:Uri1y m.y do so witb repn:l 1.-all or any pan of principa,t'. unaunl ols'!Ch Sccqri1y or by one or more duly lippomtagents ucb of ida .miY clo sa '-U;-!•·paJ Bm.OUJJt. to such appoimmem witb reprd 10 all or a,ry pan such . .... . . . . . Elc..to1'rwl,.111111 Compo117. CTJON I 05.Noll . . Art1. request. demand.audloriza1ion, direction. nodce, consent. waiver or Act ol lders or 01her document provided or pennitted by dtis Indenture 1o be made upon. aivea funaished tO. 01 r.Jed whh. · (J)-the Trvstee by any Holder or by the Company shall be sufficient for every p se hereunder if made,aiva,fUrnished or led in :writina to or wib 1he Trustee at its Corpome Trust.Office. ATIN:. J.ntematicmal Finance Unit. or . (2) the Company by the Trustee or by any Holder shall be sufficient for every pmpasl bcr undu (unlea otherwise herein aprcssly provided) ifin wrilinaand mailed. .fim-class posuge prepaid. toCompany addressed to il al the address of !cs principal office spec.ificd intbc.fim panpaph of1his instmncnt oral any other addreu previqusly furnished in writms to1be Trustee by the-Company. Notices sent to the Trustee shall be deemed delivered when actUally received. · · · . . -10. YI Z40J1U

SECTJON 106. Notfct to HoldtrJ,· Woiwr. Where this J dcnrure pr ides for notice toHoldersof any event. suc:h notice shall be sufficiently given (unless otherwise herein expressly picrlidc4) if il\ wmina and mailed, . . fint.class postage prepaid, to each Holder affected by such event, at his address iit appean in the Security Register, not later than the laicst date (if any).and not eulier than the earliest · date (if any), prescribed far the gMna of such notice.11any case where n01ic.e to HoJden is given by ma J. neither the failure to mail sucb notice. nor any defect in any·notice so . mailed, to any panicular Holder shall affect the sufficiency of such notice witb respect to other Holden." Where thislndeJirovida fw natice in any manner, sucb·notice may be waived in wrilin& by the .PCrson anitlcd to receive 'such notice, ei1her before or after the event, and such waiver shall be the equivalent of such noUce. WaiveJS ofnodC:e by Holdal shall be filed with the Trustee. but such filin1shalt not be a c.onditicm·pr«cdtnt \o \be validity of ariy action taken in reliance upon sucb waiver. Jn case by reason of the suspcnsioa of'regular mail seivice or by nason.ofany other cause it shall be impracticable to aiQ such n01ic:e by mail,l)len sue:no\iflc:atlon u ll be · made with the approval of the Trustee shall cons1itute a sufficit notification for erypur• pose hereunder. · .. . S£CTJON.I 01•.Conflict ith»up lndtnrure Act. Jf any provis.ioa here limits, quaiifl·cit c;,.,fliciu with a pFOVisiO.. of' the Trust . Indenture Ac:t which is required under such Adto be a part of and aavcm thisJndanure_1he Saftu provisicm.shan conIf UJY provi iml of'1Jlia Indenture ma:di es or·ac:Judn any· provision of the Trust JnCiell1\m! ct wbicb. flY be so modified or excluded. the latter provision shall be deemed 10 apply to this lndennzre 81so'modified <?' 19be acluded, u the casemaybe. ·· · · .. . SECTlON 108. Ejfot:t of H1odfnp mu:J Table ofCtmllnll. The Anide and Sectioa head inas herein and the Table ofContcnu are for con\'enience · only and shall not affect d)e construction hereof: SECTlQN I 09. Succ•ssws anti .Amgns. : All covenants and agreements in this Indenture by the Company shall bind its · successors and assigns. hctbet so expressed !l'not. . . . .Jl.

EtnON J tO. StporD6ilir,Clt U 1. fn case any provision in this Jndenture or in the· Securities sh(lll be invalid, illepJ or nenforccabl.llle validity.Jcplity and enforceability of the remaining provisionssbaU noi any way be aff ed or imJiaired creby. · EenON II J. 8tn Jill of Jndmnn. . . Nomina in this lndtnNrl oi ia 1he Secumies, express or implied. shall give to any rsOn, Olhcr than the panies hereto and their succcsson bcm ndcr..and the Holders. any ncfat or any Jql or equitable ri&}d. mnedy or claim under thislndcmure. CTSON 112. Gtlvmrlngl.ltw. . . . This Jndcrnu,e ancltbe Secwilin wD be acrvemed by and consuuccl in accordance i1b the law ofStae ofNcw York. EcnOJ'IIl i3• .Ugal Holidtzyl. Jn any case whereInterest Payment Dine.R.ederripdan Date or Stated Maturity of ry Sccuril)'ahaJI nol be •B111inea Day 11a,.y P.Jecc ofPaymcm, then (norwithstandina any .(4Jih a pnrv; ioft of.Security hCf DYisicm of'tbii01oltfle S;ccuritiq bfcb spccif'ic:ally .SU1CI thll IUcb provjsian shall,apply in.Ji,Ju'ol1hil Secticm)) paY!ftem or taell ot priDcjpal (apd pmaium. if any) need'DOl m&cie at such Place of Payincm au ch datC, but mbe made on the ncxa succecdlna Busiriai'Day Illsuch Pta" ofPaymcnt ithtbisimc force and cft"ect n kmade en the Interest Peymimt Date or Redemp1ion Date. a1the Stated Maiuril)'. · EcnON 114. orporottlr8o Stodho1J6n, OJIIcws, Dlr•ctors orul Emp/•q of CDmJHIII1 Eumpljrom 11tt/hJiduDl · No recourse under ot upon an)' obliplion. covcnam or itpeuncm of this lndennsie, of l1f1 Security or for Ill)' claim b cd thereon or otherwise in rcspealbcnof. shall be such. paa, d aaainsl· 811)' incorporator, S1ockholdcr, offic, irector or. employee. as esent or future. ofthe Comp8JI)' or of an)'successor corporation,ei1her directly or 1hroup or nde of law, or by the e Company. whby vinae of any c.onstitutlon. statuUI' forcement of any assessrnan or pc"aJty or oth ise; it bcina expressly understood that is Jncfanun and the obJiaatlons issued hereundu are solety corpcjrate obUpaicms. and lh11 o sucb pmonal liability whatever shaU anacllta. or is or-shall be inaan'CCI by, lhc corporalon.stockholders, officers, direaonor cmpiO)'cet, as suof1he Company or of y successor corporation. ot my of 1bcm, because of the creation of the indcb1edness rcb)' authorized. or under or b)' reason of the obligations, covenants or aarecments ntained in lhislndcntun or in any of the Securities or implied therefrom;and that any and ·12-.

. . . all such penonaJ liabilitj, either at 'commqn law or in equity or by onstitU1ion or staiute of, and any and a\1 su bnams i'rid claims againsi, every such in rporator,stockholder, officer, director or employee,assuch, because oftheau\iota of'\he indebtednsihereby ainborizcd, or undet or by reASOn of the obligations,covmanu or agrccmcnu tantained in thisIndentUre or in any of the Securities or implied th'crcfrcm,arc hereby cxprcssly.waived arid released. asa condition of,and as a consideratioJ_l for, the execution and dcliv ry of this Indenture and the issue of Sccuri1ics hucunder. SECT10ll 115. ApjxJmnn nJOj Ntw.York Agllllftw Servk•.of Pnictsl. The Comp111y agreethat any legal or equitable suit, action or ptocecdma arisina under or related to Ibis Indenture OJ' any Sccurily may be institu1and prosecu ed m any state m f edenl court inThe City ofNcw Yorfr., and the Company irRVoeabJY submiis to the jurisdiction of Ill)' such CCNI1 in any suc:h suit_ aaion OJ proceedina. The Company bereli)t desianates and appointS CT CorpOration as iu autbariud ar.ent to ac:cqft and acknowledae'· service of any and all process wJJicmay be senoed any such suit. aalon or proceed na · in any state OJ Fedl coun in 'Jbe City oiNcw "( orlc, and &JRCS that service of process· upon suc:h aacnt I its office at 1633 Broadway.Nn yotk. New vdrlc 10019 and written ·notice of such service mailed by registered or c111ificd mail.pcmap prepaid. remrn.reeeipt. requested.to tlse Company,at the address of'the Company specified in Section I OS(l).shall be deemed in f:VCrJ raped effccti'Ve service of proce$i in any suc:b suit, action or pioccedin& and shall be talccn and held to be v1lid personal service uthe Company,.. whether or na1the Company shaU then be doina. or at any time shall have dODe_ business· within the Sof'NewYork, and that 'any such scrvi"-of proCess.shaD be ofihe same force and validity u if service were m..S. upon the Company pasona ly. and d ly ina · to the Jaws aovemin&.1M vali.dity·and·nquircmcnts of ndl service in IDY applicable jurisdiction, and' the Company waives all claim of errOr by reason ofarry such serVice.Such - dc$ignation, appointment and •"CJJUinCC arc irrC'Vocablc until the earlier of paymc,d in full of the principal of. premium. if any, and inlcrea on'" Sccur ies of·any series. cw the dcsisnadon and appointment by the Company of a successor New York aacidfor senfce of process and the acc ce thereof by such ccuor. SEcruJUTY FORMS ... SECTlON 201. Forms Gcistroll,. The Securities of each series shall be in substantiallY the fonn sea fonh in this Ankle. OJ in sudi other form as shall be establishe;c:l bY or puriuantto a Board Resolutiqn or in one OJ more indentures S\lpplemcmal hereto, in each use with such appropriate insenions. omissions. Sllbsti1U1ions and 01her 'Variations ai are required or pennined by1his Jnd'enture., and rnay have such Jeners, numbers or other marks of identification and s\Jch leiends or endorsemcnu placed thereon as may be required to comply with the rules or any securities ·13-

hanae or Depositary therefor or as may, onsi5tcntly herewith, be dctcnniricd by the iecrs exccutin& sub SCC\Irhies. as evidenced by their execution thereof.lf the foof curities of any series is utablished by'action iakn pursuant 10a Board Resolution. a copy an appropriate cord o1such action shall be certified by the Secretary or an Assistant crellry of the Company. and delivered to the Trustee at or prior ro the delivery of the mpany Orda contemplatcil by Section 303 foJ \he a'\1\hentication and delivay of sueb curities. · The definitive Securities shall be printed, Jhho,graphed or engraved on steel engraved ders or may be produced in any otha-m er.alias determined by tbe officcn exeanina :b SecVrllies, u evidenced bY their execution of sucb Securities. CrJON 202. Fonn of F ee of Seewlry. IJri,rm any l1gtru:l requiTed q '"' htr.,.,DI Jlrn,..,. Cod• tmd th• l"epJmimu 1171Cfcr.J · · · CANADIANNATlONAL RAILWAY COMPANY ..............---..····.·····-···..··-·--·······----.-·-··-····· s ....... . ......... 'CANADJANATIQNALRAJLWAY COMPANY,•cmporatiOJI dulycwpnized and slina'undathe laws ofC cla (J_Ieni!J ailed""Com,hich.\crm includes any ccessar PenOn under the Indenture hereinafter rcfen..t to). for value eived, hereby omis•IO p.yto"······-·--··.·..,.-........._ or rc&isterccJ usips.1he pri11clpa11\m1ot •· ----..----.-··Dollus on ...........·--··-······ --· ..:................._(tfth8 11;1 b 10 Grlnrn pri97 tD MDlllrit;. hum-,BJHI to pay intenn1llcreon 6om -····--··0,.fi'OIII molt recun.Jmerm Payment Date to which interesl. has been paor duly provided for; i-a nuiiJ)' oa .....-.... ud --·-in cadi yqr, commencma .....-.. at 1he raae of··-,. annum. until the principal hereof' is paid ar made available for payment ,If/appllcabl,, •rr-.prt111ld•d that any principal and·premium, and any such instalment or imerest. idl is.overdue shall bar in1eresl at "'e rate of •••% per anDum (1o the extent that the rncm ol111ch interest shall bc.leplly enforceable). fiom the elates such amauntS are due il they are paid or made available far payment...and sucb interest shall be payable on m ).ne interest SO payable_ and puRCNally paid or duly provided for,on any ]merest mcn'Da1e will, 11provided in such Jndenture, be paid 10lhe Penon in whose naJJJe lhis urity (or one or more Predecessor Seeuritin) is reaistered at the close ofbusme,.on lhe ular .Rcconl Date fOT such imeresa. which shall be the -··-or ·-··(whether or nOI I siness Day). as the case may be, next prcccdina such Jntcrcsa Payment Date:. Arry such erest .0punctUally paid or duly provided f'or·will fonhwitb cease toe payable to the lder on svcb Resular Record Date and ruy either be paid to the Person. in whose name Security (or one or more Prcdecessar Securities) is reaistcred at the close of business by \he a Special RccorOa1e for the payment f uch Defauhcd Interest to be flxcd ·14· JUJ2:240171.4

TNstee, notie whereof shall be given to Holders of SecUrities of this series not Jess than 1Q days prior.to such Special Record Date, or be paid at any ti"'e in.IffY other lawful ma11ncr not incomi51cnt with the requirements of any securities cxchan&e on whic:b the Securities of this series maybe listed, and upon sucb notice as may be required by such exchange, all as ore fUlly piovided m said Indenture). Uf 1h1 3ecvrity b nOl ro.btar int rtsr prior to Ma111riry, .instrr-The principal of this Security shall not be11interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal · and any overdue premium shall bear iJJtcrcstat the rate.of ....% per annum (to the extent that the paY,mcn1 ofiucb intercsl shall be legally enforceable). from the dates such amounts are due unti11lley are paid or made available for paymcnt.lntcrm on any overdue principal or premium wll be payable on dcmand.IAny such interest on overdue principal or premium which is not paid OD demd shall bear.intereat the rate of ......per annum (to the 'extent that the pa)iment o( such interest on interest shall be legally enforceable). from the.i:lateof such demand UJdiJ 1he amount so demanded is paid or made available for payment. Jntercst · on any overdue interest shall be payable on demand.)) · Payment of the principal of' (and premiuif any) and Iff oppll obl. ht.r•n-any uch) intcresr on this Sccu.rity will be made at the office or aacn'of the Company maintained for that pUJpOSC in ............. in such coin or curRney of the Unitc4 States of America as at lhe time of payment is1e&al tender for paymeftt of public and pli'Vatc debts (fjappllcDble,1M111-.;provitl•tl,J.awWr;that at the'option oft.,e Company payment of interest mq be made by check mailed to the addresS otthe Person enthle4 thereto ai'such address'shall appear in·Rqisterl · · Reference iJ hereby made to the ftirther provisions of this Securi1y sea forth on the reverse herco( which fimhcr provisions shall for all putpOSCI have the same effect as if i&t ::.·.l· fonh •• thft place. . . . . -1S-NYI2S32: l40111.4

Unless the. certificate of authentication hereon has bccn··cxccutccl by the Trustee erred to on the reverse hercofby manual signaNre, lhis.Securlty shall not be entitled to bcud"Jt 11nder the lnd ntUre be valid or obli&atfor any pu e. · JN WITNESS WHEREoF, the Company has caused this inMimtnt.to be duly executed er ;u 'corporate seaL ted: CANADJAN NATIONAL RAILWAY COMPANY .' By.-....... .......... ...................·-·-···-·.·..··:.::· est: .........····-······-·--·-···· CnON 203. Ftmlf oJIUvo-se ojS«Vrlty•. This Securiwy is one of'a ly authorized issue of'securities of1he C pany (b in lec11ho ..SeCurities"). issued and to be issued m one or more CI under an Jadennn. ed u of ......-...-1991(herem called tJae '"Jndcnnn", whicli term sball haVe dae n'ina assipied to il iD such iMrumeat). berwecn lbo Comand ........:.;_...,. as stee (herein called.tile '"Trustl!8".which tam includa any succeaor UUStee under 1be cnnne). and reference is hereby made to the Indenture far a statement of1herespective ilirniultiona of'rfahU, duties and immunities 1hemmdcr of the Cc:impany,dlo Trustee the Holders of'the Securitiea aud olthe 1erm1upon which the Securities iare,and are to \nhenllcaccd and delivered."'bis Sis ono of the series dcsianated on the f•c:e 1 eol (if tlppllctlbl•.i'IU•TI-o limited in agpega1e principal amount .to $...........). llftzppllcablt lnznt-The Securities olthls series are subject10 redemption upon Jess lh8n 30 day' nodce by maiIff t1ppi1Cllbl._ Insert-( J) on ·-·-:-···in any year mcnciiJ8 witJJ the yeM ...... aDd cndina whJJ the year ..:.... lhroup opennloD of the kina fund for this suita1 a RcdcmjRion Price equal to 100% of the pri ipal amount. (2)) 11 any time IllappllctJble. imm-on or afta .............-).u a whole or in p..,_ the election of the Company, a1 the followina Redemption Prices (expressed as centages of the princ:ipa) amount): If' redeemed l!f opplkGhl•. iru•n - on or bef'ore ··---...%. and if redeemed) during the I 2-month period besinnina.............of the years i tecl. · 15l2:2•0t 7U

Redemption Prjce Redemption .Prig . and \herealler 111Redemption Price equal to -···% of the principal amount,toadfJer in the · ·case of any such rcdempdon lfl oppllctJbl, inlm-(whether througb operation of the sink ina 1\Jnd or omcrwise)J with accrued interest to the Redemptiorr Date, but intere'd instalments whose Stated Maturjty is on or prior to such Redemption Date will be payab'e 10 the Holden of such Seamtiet, ot one or more Predecessor Securities,. al record-at the close of business on the relevint Record Dates reftoon the faee h f, an as provided in the JndentuR.J Jlf opplicGbl'-insen-The Securitiei of this series are subject to redemption upon not lea30 days• notice by mail. (1) on ·--· in ny ycar·eommencina.widi1he year ....and endin& widl the year·-·thniush operation of1he sinldna fund for tllis series at the Re.dcmpticm Prices for rcdcmptfon throup openni011 of the sinkina fund (expressed u perccntaaea of'me principal ount) set f'4? ia die table below, and (2) ataff'l time IV oppllcobli. ;.,m -on ·"' after ....;..), as • whole or ia part, at tile elecdoa of the Company,at tJse Redanpriori Prices for redemption otherwise than thrOush operatlotl of the sinkin& f\md (Cxpressed as pereemaaes ofme prinCipal amount) set forth in the table below: . J(redccmcd during me J2·month period be&innina ••-......:of the yean indicated, RedcmpdoD Price For Redempdcm · lMouaJJ Opendon of'me Sinlrins lunL Rcdemptfail Price Far Rc.dempticm Olhcrwise Thlftllbraup()pmllon Qftbe SjnJdna Fund· and thereafter af a Rcdemp1iou Price equal to .....%of the principal amount.1ogC1l!tr in the case of any such redemption (whether through operation o the sinkina fund or otherWise) with ac::crued in1crcu to the Redemption Date, but interest instalmenu whose Stated ·11· 1l531: 40111A

aturity is on or prior 10 such Redemption Date·will be payable to the Holders of iUCh. ecurities. or one 01 more Predecessor Securities. of record at the dose of business on the levant Record Dates referred to on 1he face h rco(, alias provi.de" in the lndenture.} . . Uloppllcablt. insm-NotWiths1andina the forcgoina. the Company may not, prior _...........,redeem any Securities of this series as contemplated by li/appllcablt, instn-lause (2) of) the prcccdina parasraph as a put of, or in anticipation of, any rd\mdina peration by me application, directly or indirectly,of moneys borrowed haYina an interest ost to the Com)lany (calculated in accordance wi\b scnerally accepted financial practiCe) flcss thaD .....% pa annum.) · (.(f appllcahl•, iiurrl -The sinkina fund for this scriQ provides for the redemption. 11 .....--in each year beaiMina wilh tbe )'ear ....... and cndins whh lhe year ......of Ill pplltllbll, lnsm-notles11hlll S..-.. ( andatmy $inkma f\md").nd not mona man) . ....•••.• aasrcpte principal amoullt ol Securities of thit S tia of thfa'.seriiS cquired ar redeemed by the Company Olha"Wise tbm 1broush lif applkGbl· lluqr - andatary) sinkina fimcl paymcnu may be credited apinat subs Ittappllubl•, ,,.,.,-mandatOJY) sinkma fund p.ymenu otherwise required to he made((/Dppllt:Dil._ n.rm-. in the inverse order m which111cy become dueJ.J . Uf IM S«<lriJY 1J nb}1ct ro ,d,mprltm o.f aq kind. irul11 -lD event o{ edcmpticmof'this SecUrity iD pan Jy,a new Security or Securities of this series and ol ike1cnar for1hc umcdecmecl pottion hereof-will be"issuCd inthe n e.of the Holder hereof' pm\ tbe canc llatiO.D here.of.I .. . . IVqplle bl, rrum-The 1ndanure contains j:n;,lsions 10r dere a1 , time . fllhe Cirtira inde'bla of1hls Security] lor) lccnarcsuiaive covenamland £ 11of efault with respccl 10-lhll. Se tyJ I. iD eR,b cue) upon compliance With" certaiD ., onditions set fonh iD lhelnd n.) I./I,,.Stall'fty II n01 • Orlamallnv• DiJc01mr Secvri'Yo in.Jtrr -Jf an Event of Default '\Wi1la respect to Securities olthis series shall occur and be condnuina. the princ:ipal flhc Securities of1llil suiu may be declared due d payable in the manner urd"Wi1h the trcc;t provided in the Jndcnture.) J.ffrhSttvrf'Y II an Orisflralluv•Dl&ctnmStcvrlry, lmnr-lf an Event ofDefauJ1 ilb mpcc1to Securities of this saies shall occur ll!nd be condnuina.an amount of principal flhe Securities of this saies may be dccluccl due and payable in the mannCI' and with the trect provided in the lndennare. Such amount sball be equal to -insm fort Uio fqr 1t1nnminl tM GJntllllll. Upcm p cnt (i) olthe amount of principal so declaied due and ayable and (ii) otimcrest oa any overdue princij;al. premium and ii1terest (in each case to he cxtad lba1 lhe payment ol ncb interest shill be leplly enforceable).·an of the ompany'• oblisations in respect of the payment of tha princ;pal of' and premium and nterest. if any, on zhe Scturilia of thi1aeries shall 1am oate.)

The Jndenrure pmnits, witb certain exceptions as thertin· provided, the amendment thereof and th.; modificatiOll of the ri&Jrts and ab\;&ations af1he Company nd the rlgb1S of the Holders of the Securities of each series to be affec1ed under the Indenture at any time by the Company and \he Truscte with the onnnt of \he HoJCiers of 66 213% in prim:.ipal amount of tile Securities at the time Outslandinsof each series toaffected.Tbe Jndeni\Jre alsocontains ptovisions pennittina\be Holdas ofspeciticcfpcrcentaga in principal amount o( the Securitia of eacb series at the time Outstandins. on behalf of lhe Holders of all Securities of sutb smU:to waive compliance by 'the Compmy with cmain provisions of the Indenture and ccnainpiSIdefaults undctthe Indenture and their consequences.Any such . c:onscnt or waiver by the Holder of this Security shall be conclusive and bindma upon such Holder and upon aU futUre Holden of this Se riiY and of any Securi1Y issued upon the reaistratian of uansfer hereof or in cxchanae berefor or in lieu hereof, whether ar notation of such ccmseJJt or waiver is made upon this Security. As prOYided.iD and subject 10 the prov,isions oflhe Jn re. the HoJdcr"dt&"IS Security shall not han riaht to institute 111)' procccdjna with respect ttbe lndcnor . for the appointment of a receiver or uustce or for any other remedy thereunder, unlcn such Holdef shall have prcvio\JSIY a"ea the Tnmee wrinen notice of a continuing Event or Default.with respeca to lhe Securities of this series, the Holden of nat lessIhan 25% in principal amount of the Securities of this serieiat the time 0\nstantlms sbalS bave made. wrinen request to the Trustee to institute proc:ecdinp in respect of such Event of Del'auh as Trul1ee and offered .the Trustee rcuanabla indemnity, ancl the Trustee shall no1 have received fiorn the Holders of a majori1y in principal amount ofSccur:ities oftbis series at the ·time Ou1Siandinga dfreclion inC:onsis1entwithrequcd. shall have failed to institute any such proceedina.for 60 dayafter receipt of such notrequest arioffer ofiademnity. Tbc foregoina shall not apply to aay suit ins1itutccl by ttie Holdcr of this Security. for tbe enforcement of any payment of principal hereof'or any premium or interest hereon on or after the respective due dates exPressed herein. No refcrence herein to lhe Jndcmure.ancl no provision of thia Securhy or of the . )nclcnture shall aJter or impair the obliption of the Cornp.any, which is absolute and unconditional, to pthe princiof and any premium and intereit on this Securiiy times, place and rate, ancl in the coin ar cumncyr herem prescribed. at the As provided 1n the Jndemure and subject to certahi limitations therein set forth, the transfer of is SecuritY is registrable. in lhe Scc;urjty Register, upon surrender·or tbis . Seturity fO! registration cf transfer at the office ar a'senc:y of the<;ompany i..-4ny place where the principal of and any Fen:tium. and inton d,lis Security arc payable. duly endanceS by,or accompanied by a wrinen instrument of transfer in fonn satisfactory to the Company and the Security Jtesistnr duly executed by,the Holda hereof or his anomey duly au\hori1cd in writiDBt and \hereupon one or mare new Secwitjes of this series and of like tenor, of authoriud denominations and for the same aggregate·principal amount. will be issued to the designated transferee or lraJisfcrces. The Securities of tbis series are issuable only in reaistered form without coupons in denominations ofS•.....• and any integral muhiplc thereof.As provided in the Jndenture and su ject to cenain limitations therein set forth, Securities of this series are exchangeable for ·.19-

aggre'i\ate prin fpal·amouniorSiCUii1ics·ot ;.,Sirirs·amof like tenor fa·different hori.ted denomination, as requested by the Holder mrendcrina the same. No service charge shall be made fer any such reaistration oftransfor exchange, but· Company may rtql)ire payment .af a sum sufficiat to cover any tax or other encharge payable in connection thcrcwitb. · . .· Prior to due F,csenzmcm of.this Securi1y for rtsiS11'81icm oflrlnSf'er,the Company,the stee and any apiat of the Company or the Trustee may treU the Jierson in whose name Sccuri1y Is rcaistered u tbc owner hereof for all purposes, whether or nol this Sccurily overdue. and neither the Compuy,the Trustee nor any such aaent shall be affected by ice to lbe C:On11VY· No recourse shall be had roi the payment of \he princi}W of (or premium, i( qy) or jntcrUI on this Security,or for any claim based herccm. or at.herwise in respect JicreoT. . ased ott or iD rapcclof\he Indenture or any i encure supplemental 1huclo,apinat orporator, stockhold, officer,director or employee. u such.,..,_.prescn1 or future. of Company·or of any succeuar corporation, whcdser by virtqe a1arty constiMJcm. SUMe ule of JBWt or by the aforeemeM o1any assessmat or paahy or olherwise, aU wc:h ili1y beina. by the acctptancef ancl as part of'the cansidaadon f'or the iasue h of. msly ""'"ed n:l . . A» 1um1 used u,-1bis Security which are deflned io 1he lndenmt:e shaJJ the aftinp assito 1h 1ft 1helftdamn. . .. · ·. · · S:204. Ftmn ofugtndfor GloliGI S«W'11111. Unless 01herwisa spccirscd as contemplated by Sealon 301 f01 the Setllrltiu denCed thereby.r cry Global Security authenticated and dtliveRd hereunder shall bear acnd In S»bstantially \he followina fonD: · THE ·G oP· nta JNl)E:imJRE 0 • ' 0 1s A GJ.oBAL SECUIUTY WITHIN rs SEC111UTY P.Ell'IAfTEil UFEIUlED TO AND IS REGIS"''UED 1M TM NAME OP A. DEPOSITAI\Y Ok A M £17HEREOF. JS SECuRITY MAY J«)T BE EXCHANGEDWHOLE OR JN PAAT FOR A uJJTY REGlSlER.ED. ANDNO SFEJt OFntiSSEC\JJUTY INWOUORINPAAT MAY BE Grs1Eam.IH TH!NAME 01A'tl'l PERSON OTMEJl nwt suat DEPoSITAllY OR A NOMINEB EREOf, EXa:P'J IN TJ:IE UMCJRCUMSTANCES DESCRJBED INTHE bmENTUR!. · 25l2: 4017U

SECTlON 205. Form of Trustee's Ctrtificatt oj.Autlrtntitotion. The Trustee'scenificates of authentication shall be in substantially thefolloWin& form: I This is one of the Securities of the series designated therein referred 1o.in the.witbin mentioncd lndenture. THEBANXOFNEWYO · A&lrultet ·········-·············· ·--··--···· By...............................•.......... DAJ'ED: . . ARTICLE ntREE 1lm SECUJUTlES SECTJON 30J. Ammmt Un/lmllttd,·llnmblt In Strlu. The agregate principal amount of Securities which may be authenticated and delivered under this Jndennuc is unlimited. · The .Sccuritiea may be issued in-one or more series. There shall be established in or pW1Uant to • Boanl Raolvticm and. ubjec:tto Section 303, set fonh, or detmnincd ift tbe manner provided. in an Offic:en' Cerdficale,·or established in one or more indentures supplemental hCreao, prior to the issuance of Securities of any series. (I) lhe tide ofthe Securhfes of'the series (which sball distinguish the Securhies of' the series from Securities of any other series); (2) any limn upon lhc aggregate principal amount of the Sccumia of the series. whiCh may be authenticated and delivered under this Indenture (except for Securi1ies authalticated and deliVered upon resistntion ofnnsfcr of, or in cxchanje for, orin lieu of, Other Securities of the series punuant to Section 304, 305, 306,.906 or 110'J and exccpl for any Securities which.punuant to Secdon 303, ue d med never to liave been authenticated and delivered hereunder); (3) the Person to whom any interest on a SecuritY of the series shall be payablif other thaD the Person in whose name tha1Security (or one !lJ' more P cdecessor.Sccuri tiU) is registered at tfJe Close of business on the Regular Record J;)aae for such interest; -21-

· (4) the date or datca on whidi ihe principii of any Securities of the series is payable; (5) the rate or rates at which any Securities of the series shall bear interest. if any, he date or dates from which any suth interest shallKCTUc,.the )nterest Payment Dates on which ury such interest shall be payable and the Regulu Record Date for any such interest payable on any Interest Paymm Date; (6) the place.or places where the principal of aDd aJJY premium and intereSl on any Securides qfthe series shall be payable; . (7) the period or ps wilhin which, the price ot prices at which and c termand conditions upon which any Securities oftJse serimay be redeemed. in whole or in pan. at the aptiOJJ of.the COmpany and, if 01hcr than by 1 Board Resolution, the rnanner in which any clcctlcm the C pany ta redeem the Securities shall be evidenced; (I} the obli&dicm. il any, of the Company to redeem or.purdluc any Securities of he series JlUfSl:l•m to auy sinJdns fbad or analoacnq psovisiou ar at optfon ol the HaJdu 1hercof aiut the period or periods wilhia which. lhc price or prices at which and the tams and conditfcms upoa which any Securities of'the scriCI shall be redeemed or purchased. in whole or in pan. pursuant to sucb obliaation; · (9) . if 01her than ctenominatiaus of SJ,OOO and any U,.epat multiple theieof', the cfenominatiou in which any Sccurida of the seria !haJJ t;re issuable; . . . . . (10) ifrbe amouna olp7lncipal of or ury praDimn or mtuat on any Securities ofthe series may be det tnccl with reference to an mdaorpumsant to a fonnula.1he manner in wJJidJ such oumsshall be dctenninecl; · · · (J J) if 01her dum the CU1'1'CnCy of the United Statof America, tbe currency, currencies or cumnc:y uniu io which the principal of or arry premium or on any Securhid of the series shall be payab_le and the manner of dct ininath• equivalent thereof' in the cum:ncy of the Unned Slates of America for Ill)' purpose..includiJ!a for pu..posea of the definition of"Ouuandin... in Scctiola 1 1; ·(J l) if the principal of or any.pre ium or interest on uy Securhies of1be series lato be payable. at the clcctiOJJ of tJae Company ar the Holda-thin one or rnore currencies ot currency uniti cnha ththatthose in which such Securitia are stated to be payable. &he c nc:y, cunencies orunils in which the principal ol or any premium ar interest on such Securnies as towhich suelection is made.mall be payable. the periods within which and the terms and conditicml upon which h electicm isao be made and 1he amoun& so pa)able (or the mlMtr in which such amoum·shall be detenni cd); . (ll) if ather than the enrirc principal amount tllcreof, the ponioia.of the principal amount of any Securities of lhe seriea which shall be. payable upcm declaration of acccluation of the Maturity thereof pursuam to Section 5 -22-YIHll: cOJ7U

(t 4} if the principal amoun1 payable a1the Stated Maturity of any SecuritieS of the series will not be detmninabJe as of any one or more dates prior to the Stated Mat\Ui1y, the amount wbfcshall 'bldeemed tobe the principal amount o{ such Securities as of any such date for anypurposctbmundcror hereunder.jncludin8the principa1,amo\Ull thereof wbielt shall be due and payab1e upo any Maturity 01hcr tllan lhe Stated Maturi1y ar whieh shall be deemed to be OuUtandina.as of any date prior to \be S1atcd Maturity (or in any sudl ease, the mBMer in which such amount deemed to be the principal'amount. shall be determined); (15) if applicable.that the Securities of the series, in hole or any. speCified pan. shall be defeasible )MSUant to ScctiOD 1302 or Sec1i011 1303 or botb such Sections and, if other than by •SOard Jtesoludcm, the manner iD which any e1mion by thCinnpany to defcase such Sccuritiu shall be cvic!en*t · · (16) in the ifapj,Jfcable,that any Securities of'lhe series sball be'issuable in whole or"in piit fonn of on1 or mare Global Securities · in suchcase. the respective Depositaries for such Global Securities. the form of any lesend legends which shall be boJnc by IJI)' such Global Security in addition to or in lieu ofdtat set (onb in Seaion· 204 and any circumStances in addition to or in lieu ot'lhase set forth in Cliuse (2)"ot'the 1ast paragraph of Section 305 in.:M.ich any such Global Security may be exchanged in whole or ill pan for Securities rqistcred. and 'any 1r1nsfa of web Global SecuritY. in whole or in 'part may be re&Jstered, in tile neme or names of Ps other than the Deposituy for sucb GloSor a nomthereof; (17) any additiOn to or chanae in tile Events ofDefiaultwhlcb'appllcua iily Secunda oftbc series anclany nse in,thfrisJn of the Trustee or tJie requisite Holden of such Securities to dccJthe prlncipaJ a cnmt tlldue IDd ·payable punuaat to . Section 502; ·,. · nY addition .toOr cbanse in the covenanu set forth in Articie Ten which applies (18) to Securities of the series;and · · . . (J9) any blher.lerm• of the series (wfaieb terms shill not be inconsis1ent with the provisions oftbis Indenture. except as Pcnni11cd by Section 901(5)). Alt Securities al any one series shall be substantially identical except as to denomination and except u may otherwise be provided in or pursuam 10 the Board Raolg. tion referred to a c and (SJ bjea to Section 303) sa fanb, or detennined in the maMer provided. in the Offic:crs• Certifi te refencd 10 a e oi in any such indenwre supplcmen11J hcmo. tfany of the tmna of \he series are established bY. action taken pursuant 10 a Boar«< Resolution.a copy of an appropriate record of such acticnshall be' ertificd by the SetJctuy ot an Assi ant Secretary of the Company and delivered to the Trustee at o'r prior to 1ho delivery of the Off'Jccrs' Ccnifica'tesenins fonh the tenns of the series. -23-

SE ON 302. Dtnominallolll. · The Securi1ic1of each serin shall be issuable in·rcgjuered or unrcgist rcci fonn with 01 without CO\IJICI)IInd only in such denominations as shaD be specified as contemplated by·Section 301.ln .the absente of any .such specified dtnomina1ion with r spcc:l to tbe Securities· of any.series, the Securities of such series sbaJI be issuable in regi51ercd form wjthout coupons in dcnomi111ticms of Sl.000 and any integral muldplc thereof. SE<;nOJII 303. bmnion. .4111hntkDII n. D1lOIUI DGiing. The Sccvitica shall be executccl em behalf of the Company by .its Chainnan of the Board, its Vice Cbahman ofthe Board. iu President or 911e of-its v;c.Presidents.under its corporate seal reproduced thcrcan attested by its or one of its Assistant Secrcwics.·'ne sip.-ture of. •D'Y of these offi=s on the Securities may be marlual 0t facsimile. · s uritici hlriDBmuual or fac.simile sianatura afuuli'vicfuala who were at any time.the pfopci offleCn o(dJe CQm.,.ay shall bmd m.Company,ncmvilhstandina thai eb individual• orof \hem hl"e cased to bol,l ch offices prior to the au1h 1ica1ian and deliof JUcb Securities or did nCII hold suCh offkc:s at the.date of such $ccuriti . . AI any time and ( time 10time afl.er the n:ceu ion aDd deJiwry of dds J denture. the Company may deliver Securities of any series accuted by the Company to the Trustee for authcnticadon. topthcr whb a Company Order for the a\ftbenllcadon and delivery of sucb Securitla, and the Trustee in acc:orcfance :with 1be Comp ny Order shall authenticate and deliver such Sec:vhies.lftbe form or terms ofthe Seewitia oftha urics have been es1abllshcd by or punuam to one ar more Board Resolutions 11pamitied by SeaianslOJ and 301. ia a.nhenticarina such Securities, and acceptina the additional responsibilities unde1 lbil Indenture ln rela1i0111o S\1ch Securities, the TNSie:e shall be entitled to receive. and (subject to S"'ion 601) shall be full)proteded in rcl1ina upon,aa Opinion of Counsel S1atln& .. (J) jf tbe form of such Secwitica has been cSiablished by or punuant .to Board Res,olution as pamined by cctiOJJ 201, 1HI such fonn bas been established in conformhy with \he provisions oflhislndcnmre; · (2) . if the termofsud.l Sccvri1ie ave·beaJ established by or puto Board Resolution as permitted by Seajon 301, that such term1 have been eruabJishecl in c:on(ormi1y with tJJe prcwision.ofthislndcn1UI'e; (3) that such Securities, when a then1icatand delivered by rhe Trustee and issued by \he Company in the manner and subj'ec1 10 iny ccmdi1 ons specified in such Opinion of Counsel. win consdMc valid and JcaiUy bindin& obli& lioni or the Company enforcubJc in accordance with theirt S.subject to ba'!kJvP.tcy,insolvency,fraudulent transfer, rcorganiution. moratorium and similar Jaws of aencral applicability rclatina to or affectina crcdi101s' rigbu and to aencnll equi1)1 principles:and -24-tfYI:ZSU:240J7L4

(4) that all applicable laws and requirements in respect of \he execution and delivery by the Company of sucb Securities bave been complied.with. If sucb.·'{arm or terms have. been so estabJished. thTNstshaU not be required to autbernic:lte such Securities if the jisuc of sucb Securities. puisuant to this lndenture will affeCt the TniSIsown ri&hts.. duties or immunities und \he Scturities and thisIndenture or otherWise i1i a manner which is not reasonably acceptable.to the·Trustee. · ·· ·· Notwithstanding the piovisions ot Section 301 and of the preccdinl paragraph. if all Securities of 1 saies are not to be originally issued at one time. it shaU not be necessary to deliver the Officers• Certificate otherwise required pW'SUant 10 Section 30I or theCompany Order and Opmion of Counsel otherwise required pmsuant to·such preceding parapaph at · or prior to the authendcatiof each Securi1y of such series if such documents an delivered at oi pnor to the 1\nhentication ujlon oripl issuance of the lim Security of such series to . beissued. · · · - . . Each Secvrily sbaU be dated the date of aut lcaticm. . . or No Sc:curity shall be cmi11cd to a:fty beneftt onder tbjt 1ndenrure or aUd obliptory .ffll any purpose unlethere eppQr. on suCh Securi1y • ccnifleate of . aU1hcnticaU011 substantialin the fonD provided for herein executed by tbc Tnmce by manual sisn.mne. and such i::crtiJicae upoa arsy Security shall be conclusive evidence.and the only C'fidcnce. thlt such Sccurhy hu bcai duly aU1hcntlcatccland deliVered hereunder. NOIWi1b ina the foresoin& ifafiY Security shall have been aulhcnticated and.delivered · hereunder bui never issued and sOld 'by th c;ompany. Uld 1be Company shall deliver suda Security to 111• Trustee for cancellation u piovidcd iD SectiO.. 309, for aU purposes of this Jndcnrilre Judi Sccurily .shall be deemed nn"to have heal aU1henticated and d'livcred hereunder aid shall never be entitled to the bCnefJU ofthislndmture. The TrQtce "shall have the risht to·dcc:line to·authenticate and deliver any Securities unda-this Seediflhe Trustee.bePis advised by counsel. determines that such action may not lawfUllY be taJcen 01 iflhe Trus1ce iiJ good·faith shali detcnnine that such actiaa would expose the Trustee to personal liability o existina Holden. :.. Pcndina tbe preparation of definitive ·Securities of any series, abe Company may execute. and upcm Company Order the Trustee shall authenticate and dcliv"• temporary Securities wbich ·are printed, lithosnplied. typewritten. mimeographed or cnhcrwisc producc6. in any authorized denomination. substamiaUy of the tenor of 1he definitive . Securities in lieu of which they are issued and With such appropriate inscnio11s. omissions," sub5ti1uticils and othcJ variations as the officcn exccutina such Securities may dt\amin :; as evidenced by their execution of such Securities. ){temporary Securities of any series are·issued. the Company will cause definitive Securi1iesoftha1series to· prepared without unreeonable delay. After the.p..reparation of NYJ25l2: 240171.4

fin.itive Securities of such series. me tcmporuy Securities of such sedes shall be ch ngeablc for definitive Securities of suCh series upan sunenof the temporary curities of such series at the office or ascncy ohhe Company in a Place of Payment for at series, without charae to1he Holder.Upon s n derfor cancellation of any oneor more mporar)' Securides of any series, the mpany shall execute and the. Trustee shall thenticate and dcJivin cxchanse therefor one Of mare definitive SccUJ:itiea of the same ries. of any a\J\horiz.cd denominations and of like tenor and ayrepte principal amount. nlil so exchanged. the temporary Scturi1ics of my series shall in all respectS be entitled the same benefitunder.this Indenture as defmitive Securities 9f such series and tenor. . . . . te Tnist·Ofllce of the Trustee • Tba Compan)' shalt cause to be kept at the ister (the reaistcr maintained in 111ch office and ia any D1bcr .offsc:e or agency·or ttii mpany in 1 Place of Paymenl bein1hema somc1ima coJ)ectively ·referred 10 as the ecurity Rcai d1iA whidl, subject to such reasonable rcgulllfOftl ..it may prescribe, e Company II JlfG"ide for the rcsistratioa of'Securities and of transfers ol Secu.rhieL_ e Tnmce is bcr by. aP.,ointcd ..Security. Rcaimv" for pmpqse of rc&isteriq cwitiesand·vansf•of Seeuritles as herem P.JGYided. Upcm surrender far reion of'tranifer'ofany Securily·ofi series at 1he oft'lca 'or eney of the Cbmpaay ill a Place of P9112cnt fca: thea ct. e,Company shall eeute. d the TRI\ft. shalla\llhcnticate ,nd deliver, m1be name af tbe dcsipa1Cd 1iansferee ar nafaees. one or more new Securities oftM same series, of any audlor:iz,cd dmqminationl d of Je tenor ncla pte prmcipal em. .. ·. · . · · . At tbe opticm oi1he Holder, Securities af any series ml)' 'be exchansed for Otha curhies of the iame series, of any authoriud denominations and oflike tenor and a e principal amowrt, upon ruzrnder..of t>Je Seeurit'eto be ex.chanacd at such office or ncy. Wta vcr ny Securiti,. are surrendered·for excbiJI&e. the Company shall ecute, and the Tn111ce shall authen1icare cfellve, the Securitict which abe Holclu akina1he cxchanp is emlid '· receiv · . ·. · . · . AJJ Securities issued upon any rcaistration oftransfcr or exchange of Securities shall tbe valid oblisations of the Company, evidcnciftg the san:ae dcbl. and cnti\lcd to the same ncfiu underillisJndemurt, 11dJcSccuridu sumnducd UJ)CIJJ such nalsuation ofttansfer cxchan&•· ·. · · ·. ·· . Evay Sccurit) presented oi suncndaed raj, regiS1ntion of transfer or for exchanse all (ii.SQ required 'by the COmpany 01 the rust.a) be duly cndor'sccl. or be accoriJpa ied a wrincn insuvmcnl of transfer in fonn sa1isfaC101)' to lhe Company and the Sccuri!y gisvar duly executed, by the Holder thei'eo{or his anomcy duly auin writina. · No sci'Vice charge shall be made for iny resJSU'Ition of transfet" or exchanse of turitiCS. but the Company may require payment of a sum sufficient tq cover.any tix or er govemmcnUI charae that may be imposed in connection with any rqjwadon of

transfer or exchange of Securities. other than exchanges purSuant to Section jo4, 906 or 1107 not invoMnl any tnnsfer. lf the Securities of any serieS (or of any series and spccifitenor)are to be redeemed in part. the Company shall not be required (A) to issue.resister the transfer of or exchange any·Securities o{that series (or of that series and specified tenor.as the case may be) durins a period begmnins a1 the openins of business J 5 days before the day of 1he mailin& of a notice of redcmp,1ion·of any such Securities sclcdcd for redemption under Section J 103 and ending at th'e close of business onday of such mailinlt ar (B) to ngiSla \be tnnsf'a or exchange any Sec\J!hY o seleetccl ror·rcdcmption ia. whole or in pan. except the unrcdc cd portion of anj Sca rily bcina redeemed in pan. . . . ·ptGYisions of clauses (1). (l). (3) llnd (4) belciw sha" apply on\y to Global - seeiuhies: . . .. ·· . ·. . ( J) Each Global Security autbcDticatcd under thisIndenture shall be reaistercd in hi name ofc Deposi\Uy deajplded for such Global Security or • nqminee thereof and delivered to such Depositary or • nominee thereofcustodian 1heiefar. and each such Global Security shall c ilute I smsJ Security for an PUJ'POSCS of.thil JWd re. . . (2) N standin& &li'J o1hcr p ision in1his Jndenture. o Global Security m'ay · be cxch8riged in whole dr in pan, for Securi1ics resistaecl.' and no cranstcr of a Global Security m'wbole or in pan f'!iftY be regjswcd. in the name of any Person other than the Deposiury for such Global Security or a nominee thereof UDIU.(A) such. Depositary (j) bas nO'lified the Company 1Mt it it ninaor unable to continue u ·Depasjury for sudl Global Security or (ii) bu ceased to be • clearina agency regfstcred·under the chanac Ad,(B)there shall have Occuncd aftd be tinuins.aa E"Vcm ofDefa&JII with re.,ct to such Global Secor (C) lllere shall exia S\ICb c:ircwnsianccs, if any, in add;\icm to or in Ucu of \he foresami as have been specified for this purpose as. contemplated by Section 301. ·· (3} Subj ca to. Clause (2)" above. any exd!anae· of a Global Security (or other Securities m.Y be made in whole Or in part. and all Securities issued in cxchanae for a Global SecuritY or any portion thereof shallregistered insuch names as the Depositary for web Global Security shalJ direct. (4) E"tl)' Security authenticated and delivered upon rcsistration oftransfenf,or i cxclumg1for or in lieu of. a Global Security or any ponion thcrcof,·whcther pursuam to this SeCtion. Section 3041 ·306, 906 or J J 07 or otherwise, shall be authentitatcd and delivered in the form of, and shall be, a Global Security.unless such Security is r &isterd in the name·Of a Person other than the Deposiwy for such Olobal Security or a nominee. thereof. · · · · -27-

ct10N 306.MrlliltJttd. Durraytd. wr tmd Stoltn Sea lrill. Jf any rnu1ilated Security is surrmdcitd tothe TtuS1ee,she Company shall execute and Tru51cc shall authenticate and deliver in exchange therefor a new Securi1Y of the same ies and oflikc tenor and Prlndpal amount and bwinga number not·contempbrancousJy uundina. Jf there shall be delivered to the Company and the Trustee (i) evidence ta.their isfaction of 1he destruction, loa or eft of. Iff/ Security and (ii). such security or CJJJDit)' u may be required by lbcm to save each C?f1hcm and iny •Bent of either of them . rmless. tbc», in the absence of notice to lhc Company m:the T stee that such Security s 1JCenacquired by a bona fide jnudlascr,theCompmy sball acarte and the Trustee shall hcn1ica1e. and deliver, in lieu of arry sudl desvoyed, lost or stolen Sccuri1)', a new uri1)' of the same seiiCs and ofJike tenor and principal amount and bearing a numb« not ntemponncously outstandins. f - securi;y hu become or is about Jcase arry srmnildccl,datrO)'iCI. lost or s1olen become due· aDCI payable, 1he Company in its diseielioa may, instead of issuina a new curity, pq auch 1)'. Uposs the.issuance of any new Secwily under i1Sec:tiOD, the Company may require e paymcDI of a sum .Ufficicftt to Ccr.rcr any tax or other aovemmen11) chataethll may be posed ba rcl!luon1hcrcto aany o1htf e)lpenses (lnclud,a tho fees and expenses olthe Uifa)CGDMClcd1hcrcwilb. . . . 1hi Secdoa in lleta of any Evacw Securi1y ·or any seria iuupunu8nt io svoycd. Jost w stoJSecurity shall conditute an ori&inaJ additional coDncru.l abli· 1ian of'die Company.wbethg arDell tbe destroyed, lost or aolea Secvr.shD be 11any. e enforceable by anyone, and s)JaiJ be emitJC;d to all tht bencfJU of is Jnd ie equally · d proportionately witJIaad aU other Secarides of'IMt scr_ics duly' issued h nder. .The provisicmJ oftbis Section arc exclusive and shall preclude (to the extentlawf\11) l o1hcr riahU and mncdia.with cspcct to·'lhe replacement or payment of muti111ed, slrOJcd. lost or olen Securities. CTIC»>301. PayN'!' tJf mtout,· ln1BW81 RlgN8 fr•s JWd. &ctpl u otherwise provided u contcmp'Jated by Sccricm 30J with .respca1o any ries ofSccurnia.imaes1on any SCCllrity.which is payable,and pUnc:1;Ually paid or duly ovided for, on arry Interest Payment Date shall be paid to the Person in whose name rbaC curity (or one or more Predecessor Securities) is registered at the close of business OQ the gular .RecoDate for such imerest. · · Art'/ interest on anY Security of any series which is payable.b\11 is nOt punctuaJiy p1id duly provided for.on any Interest Payment Date (herein called "DcfauIted lnte est") shall -28-

fonhwith ceuc to be payable tG the Hol er on the r-elevant Regular Record Date by vinue ofhavins been such Holder, and such o·efaulttd 1ntete5t may be p id by the Company, at its electio. n in each case, as provided in Clause (J) or (2) below.: (I) The Company may elect to make payment of any Defau hed Interest to the Persons in hose names the Securities ofsucb series(or their respective Predecessor Securities) are registered at the close of business on a Special Record Dite for the payment of such Defauhed Jnterat, which sh ll be fixed in tbefoltowina manner.llie Company shall notify the Trostte ill "lllritma of \he amount of Dtftu\td lnteress esand thdate of the P.raposed proposed o be paid on each Sceu_rity ol such payment. and 11the same time the Compaay shall deposit,witb the Tn1stce an amount of money equal· to the aweaate am·ount proposed to be paid in respect of such Defaulted Interest· or shall make amngcmenu satid'at1ory t the Trustee for iucb deposit prior to it d te oftlie ptOPOSpedaymcm. such money when deposited to held in lnlst (or the bencfn of1he Persons ntitled to such Defaulted Interest uirnhii fix a sj,cdaJ RecOrd Date for the Clause prewiclcd. Thereupou·Trustee sh l.l payment of such Defaulted Interest which all-be nat mare tllan 15 days and nGIIcu than J 0 days prior 10the date oftbe proposed p enl and pot less than I 0 clays after the receipt by·tlle Tru ee of he notice.of the wopased paymThe TruStee shalt expense· of the Company, shall cause notiof the ptopopayment· of such Defauhcd lntcresl and the Special Record Date there!OJ to be given to eadi Holder of Securities of such series in the manner set forth in Section 106, nat less tkan 10 days prior to such Special Record Da1c.Notice flhe proposed pl}ment of sucb Defaulted promptly notify the Compauy of such Special Record O.tein the JWRC ud atth• Jnterest and the Special Record Date therefor havina been so mailed, sucb Defauhed Jntcrest shall be_paid.to the Persont in Vtlhose names the Securities of'sucb sene.(or thcil·"respecdve Preclcccssar Securities) are -.eaistBllhe close of 'businessn sucb Special . Record· Dilte and shall no Jonaer be payable pursuant tthe followina M . . (2)11ui Company may make payment of any Defauhed Interest on the Seeuritles of any series in any othu lawfUl manna:not inconsistent with the rcquircmcnu, of any securities exchange on which such Securities may be liS1ed. and upon such notice as may be required by.·such. exchange; if,after. natie en ..,the Company to the Tnistee of the oposcd payment pursuant to .i• Clause. sudl maMer of-payment shall be dee!ftcd pnc:tieable by th• Trustee... .. . · . Subject to tbe forrgoins provisions of this Se ion, each Security delivered under is Jndenture upon regimation of tJansfer of or in exchanse for or in lieu o(arry ather Securil)' shatJ carry the rigbu to interest accrued and" unpaid. and to ac:cru, which were canied by sudl other Sccuri1)'. · SEcnON 308. PersDM Deemed Ownrn. Prior 10 due presentment of a Security for r gistration of transfer, the Company, the Trustte and any agt of 1be Company or the Trustee may treat the Penon in whose name NYJl5.l2:240171.4

h Security is registered as the ownu of such Security for the purpose ofreceivina ment of principal of and any premium and (subject 10 Seaion 301) any intcreu on sutb curil)' and for all other' pwposwhatsoever, whether or ncn such S rity be overdue, d ncilhcr me Company,lbe lJUSice DDf any agent of the Company,or the TruS\ee shall be i' td by notic.e o the conuuy. E ON 309. Ctmttllatlon. AJI Securities Sllncndered few payment, redemption. re&i dan of trailsfcr or · dansc or for credit apinsl any sinkin& fund pl)'mmshaiJ, ifsuncndto any Person crthan the Trustee, be delivered to the Trustee and shall be prompdy cancelled by it.The mpany may D1 any time deliver 10 the Trufor anceJiation 1111 SccuridpNVfousJy 1hentic.lted and dcUvcrccJ hctcundcr w1dch the Compuy may have acquiicd in any. nner wbauoever, and m17 deliver to the TnJstee.(or to arty other Ptne?n for delivery ro Trustee) for cancellation any Sccuritfes previou'sly alnhentlcated hereunder w icb the mpany ha b01issued and Sold, an.d all Securitfa so deli:vered be prampdy cancelled rho Trvl1et. No Seauitits shall be authehticatcd In lieu ol.in cxchanp fury curities cancelled as provided in this Section. cxcq»t as.expreisly 'Permitted by this enl\n'e.All canc:cUed Secvridri behy 'lhe·Tmstee sbaJJ be dispasedot u directed by ompanY Order; prtiYitl•d. llowner. thal.the Trwtee shal1 not be oblliattd to demay ncelled Secu.rities. , . . . ·. cnON ll 0. C.tNnJ.IIIIIIIIOII of mtetist. . . .. . . Except as 01hawise specified as contemplated by Section 301 for Sccurma of any· ia,ID1crest Oft me Securhies of eacb series shall be comp ed em the basis ofa 360.day ar of twelve 30.day momhs. C110N 31 J. CUSJP NrAmb &. · The Company in issuina the Securities may use "C\JSJP• numbera (ifthen icncnlly usc), and. if so. ahe Trustee mall use-lt(;U :Pn· umbers In notices of redemption as a nvenience to Holders; pTovid•d that any such notice may ilate th111 no reprcscmation is de u to the correctness of such numbers citlter a printed on the Securities or u mtaincd iJJ any notic:.c of 1 rcdcmpdon and 1h-' reliance may be placed only on the ottier anificatkm numbm printed OD the Securi\ies, and any sucb redernptian. shaiJ. be ected by any defect in or omission ofsuch numbers. The Company -will promptly notify e Trustee o{ any change in \he "CUSJP• numben. 1»32: 2.0171.4

ARnCLE FOui.· SAnSFACTlON AND.DJSOWlGE SEc:rtON 40J. StJiiJf«llon aitd Disch0rg1 ojhttllniJITt, This Indenture shall upon Company Request cease tolie of Nnller circtt (except as to any survivina ripts of reaistration of transfer or.cxchansor Scairides herein expressly provided for). and the·Tmstee, athe expense a{ the C pany.shall cxcce proper insuu inenu a knG" Wiedsina sadsfa on and discharse of this Jn_denwhen · (J)' ekher (A) all Securities1hereto(ore authenticated and delivered (othathan (i) Secbritia which ba"e been desuoycd, lost or stola and which 'have been replaced or paid as provided in Secucm 306 and (ii) Sccurhies·for whose payment money has theretofore been deposited m 17Us1or seppted and held in t:rUSt by the Company and thereafter repaid to the Company or discharged &om such trust. u provided in Section 1003) have been del cred to the TJ'Ustee for cancellation; or · (B) all uch Securities i1o1 theretofore delivered 10 the Trustee for cancellation (i) have ome due and payable, or . . (ii) will become due and.payable at their StatMawithinoneyearor. (iii) are to be c.aiJcd for redempticm within one year undv arran&anenu Satisfactmy 10 the Tmstee for the aMna of notice of redemption by the Trustee in the name.and at the expense. of the Company. · and the Company.in the case of (i).(ii) or (iii) above.haa deposited ar caused to be deposited whh thTrustee u trUSt runds in trust'for the purpose money in an amount sutrtcient to PaY and diseharae the en1ire indeb1ecmess on such Securities nOl thCJCtofore delivered to the Trustee for canccltaticm. ro, principal and any premium ·and imercsi10 11\e date of such deposit (in tbe case of SecUrities which ha"e become due and payable) or to the Stated Maturity or Redempaion Date. 11the case-may be; . (2) the Company has paid or·ca sed to be paid ali oth'er sums payable hcranda the Company; and (3) the Company has delivered to tlle Trustee an.Ofticm·i Cenificite and an Opinion of Counsel, each statina that all conditions precedent herein pro"ided for relatinl to the satisfaction and discharge ofthis Indenture have been complied witb. NotWithstanding the satisfaction and dischi. ae ofthis·lridentuthe obligations of the Company to the Trustee under Section 607, the obligations of the Trustee to any Authen-·31·

aiins Agent under Section 614 and,if'money shall have been deposited with the Trustee rsuant to subclaust (B) of Clause (I) of this Section. the obi igationof the Trustcc under ction 402 and the Jut paraanpb of Section 1003 shall survive. · t ON 402. ·Appllcallan ojTTWI Monq. Subject to the provis ons. of the lasa paragraph of Section 1003, !In money deposited th the Tn stcc punuanc co Section 401 shall be held in. tru1t and applied by il. in eordance wilh_the provisions of the Sccuritin and 1his JndCJlftn,the pJI)'ment, ei1ha rectly or thro\ip any Payina AgCDt (lncJudina tbe ComJ?BJJY actina as iPayina gent) as tbc Trustee may dttennine, to the Persons entitled theretO. of the prindpa' and y premium and in ueSI for whose payment such money bas been deposited with the. ustee. ARnCLEFIVE "Evena of Defauh•, wh er used h IJI with respcclto urities of &'II)' saics. eans any cme of1he follawina events (whatever thefar such Evan ofDerauh and hether i1 suD be,vohmury OJ' involuntuy or be eft'by. opcmion of··OF punuant any jud&JnCid, or onlcr of 8'lf'1 coun or any order, rule or resulat on of any dmini tive ar BCJYG1)1'DC111al body): - · . . . . (1} de{auh ha the payment ofany interest upon any Securi1)' ofthat'scries when.it becomes due Mel payable, and cammuance at such defaul& for • period ofJO days; or· (l) default in 1hc payment of me pri11cipal of or •"Y premium on any Security oflhat scriIIiuMaturity; or (l} default in the depasic o1arry sinkina fimd payment. when and as due by lhc terms of 1 Sec ty oftha1 series; C!f (4) default in the pa{onnance, or breach, of any covt or warranty of the Compaey in this JndcnhJle (other than 1covenant or wammy a default in hose pcr{Gn!Ja11ce or whoa& breach is elsewhere in 1hi1Section specifically dull with or which bas expre s1y been ;ncJudcd in this Jndcn1Urc solely for the benefit of saies afS"Urities other than 'that series). and continuance of such de_fauh or breath for a period of 60 days after there b.. been Jiven. by rcaistercd or cU1ilicd mail. to the Company by \he. truitee or to the Company and the Trustee by the Holders of at least 2S% in principal amount a( the Ouutandina SCCllrities of that series a written notice specifying such dcfaul) or breach ·32-

and requiring it to be remedied and sta1in& that such n01ic.e i1 a nOtice of defauit her under. or · (S) a default as defined in any Mortgageindennuc or i ritent under which there miy be ismcd,or by w icb'there may be. ed or cvidencany indebtecSness of the Company for m'!'ncy borrowed, whether such indcbtcdncnow ftists or shalhereafter be crea1ed, shaJ.I Jiappen and (i) shall constitute 1failure to pay 'when due, after the . expiri ion of ·u;y·applicable·graceoct·.princian amount in nccu of $75.000,000 ar (ii}' shan result in such indcbtcdnesl in an amount in w:of .. s7s,ooo.ooo· ecomina or bcin·a dectanddue·and payibte prior to the date on which it . would otherwise became due and payable, 'and sucb indebtedness shaiJ ot hne been· diseharaed. or sucb aecel iOD sball'not be rescinde&t or annulled. within ilperiod of'30 days afier there has becft siven to the Company by the TrUstee. by rcaistcrcd or ceitified man,·or to the Company and \he Tr\Jstce by 1ha Holden of at leasa1S%·ia Ffncipal. ·amount of ibe Outstanding Securities of .tblt seriC;S a written notice, statina1hAt sulb notice is • notice of default licrcunder, spccifyfn& such default aiscl requirina· Company to cause such indcbtedJJas to be discharsed or to cause suCh acceleration to be rcsci ed or uUcd; or · . · . (6)·· the ComP-nY.shall make an Usl8DJ11enl for ebencf11 of credit or shall file I pctidcm m bankiujrter. or 1he Company shall be .adjudicated insolvent Or bankrupt. or ·s ll pcri1ion Shall apply tocoun JlriiJij jurisdiction in tbe p ises for 1he aJ)pOiritment of a receiver.ttustce,liquiclator ar sequestrator of, or rot,Compmiy or any substantial portion of the property.of the Company; ortha Company shall commence any procccdinlrelatinato1he Compeny or any substantial poiticHfof1he propeny of e Company under uy insolvency.reorpniudon. amnaement. or rcadjusunm of debt. dissolution. wmdin&•UJ\ adjustment. composition or liquidation law or staMe of any jurisdicticm, '\\lhethcr now or hereafter in effectAq in chis subsecticm (6) called ...Procecdina'"); or ilthshall be comm ccd apjnst the Company any Proceedina ·am an order approvms 1be pctkicm shaU be cmercd, or wch Pracecdma sbaU remain · undischarged for a period of60 daY.i or a receiver, tniitec.lfquidator or sequestrator of; . or for, the Compauy or my su'bstiJIIil ponion of the propcny of the Company shall be appointed and shaD not be di hargcd within 1periodof 60 days; or the Ctimpuy by any act shall indicate consem to or approval of or acquiescence in 8'II'J Procecdina or the . appointmeJJI of a rec iver, trustee, liquidator or sequestrator of, or for, tho Company or any subslainial ponicm of the piopeny of thJ Corr pany; proviJitl tlrat a mohnton or order for windins-up 1he Company with.a view to iu· consolidation; amalsamation or mcraer with er company orthe tnnsfer of its asseu u a whole. or substantially ai a whole. to such other company as provided in Section 801 shall nat make the ri&hu and remedies herein enforceable under this subsection (6) of Section SOl if such Jan mentioned company shall. as a pan of such consolidation.. amalgamation, merger or transfer, and within 60 days frompas.sina oftbl resolution· or the date of the order, comply with the coriditions1o at end stated in Section 801;or. (7) any o.ther Evem of Default provided with respect io Securities of that scrieL · . . ·33

CllON 502. cceie.ratiorr of Mqlvriry; $ (ssion ;1,4nnJ11'fl'nt.. . ° .. • O o o o o •I I Io o 0 0 ) ran Event ofDefauJt (Olher lhan an Event ofDef'ault specified in Settion so1(6)) with pcd to Securities of any serieat tbe time OuiS\andins occurs and is con inuinas then in ry such case lhe Trustee or the Holden of nat less than 25% in principal amount of abe tstandina Securities of that series may declare the printipal ount of all the Securities hat series (or.if any Sccuri1ia oflbat series are Orijinal Jssue DiKount Sccurides. such ioD of the principal amoum ofsuch Securities u may bC spec cd by the terms thcreoj) be due ancl payable.immediately, by 1 notice in writina to 1he Company (and to lhe stce ;r a ven Holden). and upon any such decluation Sllc:b principal amount (or cified ount) shall become immediately due and payable. lf an Evcm of Defaulc ciiied·m Section SOJ(6).With reapcct to ccurities ofany series at1he.time OUU1andina m. principal amount of all the Securities oflhat seri(or.if any S ri1ies of that "eJ are.Original lssue Discouin Securities. such ponion of the principal amount of such curitid 11 rnq specified by the 1ems thereo1) sbaiJ automatically.and without rmy · laration or edict ac;tion on the part of the Trustee ar Ill)' Holder.become immediately e and p.ayabJe. · · A1 any time afler such a dccJantiOD of acceleration with respect to Securities of any ies bas been made and b.efon: a judpnent or decree for payment of the money due hu n obUincd by the Trunee as hereinafter in this Anic:le:pravidcd,the Holders Qf a majOr m principal amount o{the Putlundins Sccuridu of1ha1 .by ca no1ice10 1he mpany andTrus1may rescd and annul such declaw:atiora and sequences if ..(1) the Company bu paid or deposited with the Trustee a·sum suftJcto (A) all . OA aJJ $ uridea of that series. (8) 1he pnncipal of(and.premiUm_ if any, on) any SecUrities o(lhat.series whicb have become due othciwisetlwa by such declaration ofecccJenatJcm 8nd any interest thcrCOD at 1hc rate cir ntcs prescribed therefor in such Securities.· . (C) 10 the cxtcat that paymcirt ol such interest iilawful, interell upon overdue interea a11he rate or ratn prescribed th or in such ccuritia. and (D) aJI SWDI ·paid ar advanced by the Trustee hereunder and. the reasonable compensation. expenstis. disbursements and advances of the Trustee, its asenu and counse.f; and (2) aJI Evcnts.of Dcfauh whh mpcct to Securities of that saies. cnher than the non. payment oftbc principal a(Sccuritia aldlar s io which have become due aoleJy by such dcclantion of aecclcraticm. bave been cuor waived as provided in Section 513. such rescission shall afi'CCI any subsequent dcfauh or impair any right consequent reon. -34-

SECTtON S03. Colltcrion of lntldretl rss and Suir.s for Enforcrmenr by TriiJre .· The Company covenants lh,.t if ( J ) defauh is made iD tJie payment of any inlerest on any Security when such interest becomes dile and payable and S\'lch default continues for a period of 30 days_ or (l)· default is made in the paymmt of the principal of (or premium, if any.on) any . Security at the Maturiry thereof, ·. · mCompany will, upon d and of1he TIUStet,pay to it. f'or the benefit f1he Holden of such Sccuritia,'the whole amount then due and payable em such Securities for principal and any prcm ium and intucst and.to the extent that pa}'lnein of sucb interest" shall be legally en forceable, interest on anyovudue principal and premium and on any overdue interest, at die rate or rates prescribed therefor in sucb Sccuritiu." and. in addition themo. sucb fUrther · amount as shall be sufficieat 10 cover the costt and expenses of collection. i Judin8 the reasonable compensation, expenses. disbununems and aclvanc:of"'e TJUStee, its agcnu· and counsel..: · If an £vent ofDefauhrespecttoSeeurmes of'any series occun ancl'isccmtinuina. the Trustee may m iU discmicm procctd to ptotect aftd en!its riahts and1be righiS of the Holden of Securities of sucb series by sucb appropriate judicial proceedings as the TruSiee shall deem most effectUal to prated and enforce any such rishts, whether for the specific enforcement of any coVenant or apeemem 'fnthis Jndent\Jreor in aiel of'the exercise of an"J pcrMr granted hcreiD. or to enforu Uf1 o1her proper remedy. . SECilON S04. lhlsrtt MayFilt h()(J/1 oJCitJim. ln cue of any judicial proceedina relative to lhe C011'1pany (or any oth"obltaor upon the Securities). its propcrry or iu credi1ors, t!Je Trunec shall be entitled an4 empowered.. by intervention in sucb procecdina or ather-Mse, to take any and all actions authorized under the Trun )ftdennare ACI in order to have claims of the Holden and the Trustee allowed in any such proceedina. Jn particular,the Trustee shan be authorized to.eoJJect and receive any moneys or other properlY payable or deliverable Oft any such claims anil to distnlnne the same;and any custodian,receiver,assignee. uus1ee,liquidator,sequestrator or oth,-similar official in auy such judicial proeeedfna is hereby authorized by each Hol.Cfcr to make such paymmu to the T ste and. in the cvem \tiaS the Trustee shall consent to the malc.ina of such payments directly to the Holders, 10 pay to the TNstce any am·oun1 due it foi the reasonable compensation,expenses, disburtemcnts and advaftccs of1he Trustee, i1S agenu and counsel, and any other amounu due the Trustee under Section 607. No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent 10 or accept or adopt on behalf of any Holdei any plan f reorganization, arrangement, adjustment or composition _atfectin 81he S curides or the ri&J:iu· f any Holder zhereof or to authorize the TNstcc t'o vote in respect of 1he claim of any Holde;in·any such -.3S· NYJ15l2:. 2401'71.4

c:eedins; pro\liJtd. ht1Wntr, that the Trustee may,on behalf of the Holden, vote for the ction of a trustee in bankruptcy or similar official and be a mep!bcr of a credilon' or er similu committee. cnON SOS. TrUstee May Enforce ClallfU WithiM POJJtJJion of S CVTIIiu. All righiS of action and claims und this Jndentilrc onhe Smm1iesmayprosecuted enforced by the TNstee without1he possession of any of the Seeumies or.the production reof inlilY proceed ins rcJadnstbereto.and any1\1ch proceedinsinstinrttd by1be Trustee JI be bfought ini\s oname u wstce ofm cxpmiuust.and any recavay ofjudsment JJ,aftu provision for the p8)'1'11cnt ofr nable compensation, openses. disbufse.. nu and advances of the Trus1ee. its asenu and counsel. be for the rauble bencf11 of1he idcn ol'lhc Securi iet in respccl ofwbidl sucbjudsmcm hu been recoverc .. .· . CTION .506• .Applicailon of Monq Coll,c11d. Aay:mcmey coJ1ec1ed bylbe TJUstce pursu&ld to is Anicle shall be appliedift1he owin& order. a1 the date or datet fsxed by me Trustee an, in case of'the distribution ot h mcmey on account of principal or any premium or interest, upon pnscn1ation ofthe urities aJut lhe notation tbaeon of the payment if'onJy partially paid and upon sumnder .if.fU.lly pij4; h l . To \he paym. cm of all anioums due 1be Trustee .er SectiOn 60. 1;. . · . SECOND: To1hc P,I)'DJDI of the amounu thea due and unpaid f'or pr111cipal of ancl.•111 remium and Interest on the Securities in respcc1 ofwblch or f'or the bcncfh ofwhlcb ucb maney lias been coUec:ted. nt.bJy, without preference or ol any kind. ccorclina to tbe amaunu clue and payable ati such.Securilia far prin ipal and any pr iwn .,4 in n.respectively; and . .. 1)mu.): The remainder, il an.y,o tbe C pany. TJOH 501. Llmitotlall on Suh6.· . . . NHol er of any · Securil)' of. any series shall have any ri&}lt JO institute any Uclin& jud cial or·atbawtsc, with respea to 11\is Jndet,ature, or far the appoinuncnt of ceiver·or lnlstCC. or fat any other remhereunder, unless ( j) · suda Ho der hu preViously given written node. to the TruS1ee of a cominuina vcll1 ofDd'auh witb respcca to the Scaari1ies of thai series; · · (2) 1he Holdof not leu than 25% in principal.amcnmt of the and ina Securi ies oftJiaJscries 5hall have made wrinn r qucst to the TiuS1ee to insthutc prac:eedinp n respect.ofsuc;Jl Evcnl of' Default in its awn nami as Trustee hereunder. . ·36-

. . (3) such t\ola ot Ha\das bave.offtttcho\ht Trul\tt ru onab\e \ndcmnity'asa1nst 1he costS. expcnses.and liabilities to be incuned in co.mpliae with such request; · (4) the Tru51cc for 60 days after itS receipt of such notice, request and offer of indemnity bas failed to instiMc any such procccdina; and ·· · (5) no.dircction inconsistent with such written request bas been given to the TNstce durin& su60-day period by the. Holden of 1majori1y in prlncipa' amount of the · · Out tandina Securities of thn Series; · it bcin& .understood and intended tba1 no one or rnof such Holden shall have any rlah1 in any mannu whatevu by vinue of. or by avaiJina of, arry pravisi011 oftbis Jndenrure to affect, disturb or prejudice tbe rishts o{my other o(such Holden_ of to obtain or 10 seck 10 obtain priority or prefmncc over any 01her of'such Holders or ao enforce any right under thistndacql\ in the manna het in ptovidecl anti for the equeand ratable"benel"tt · of all of such Hofd.m. · · · · SE.cnON SOl. Un ondfrloMl.RIJirl oj Holderro Receive Principal. h•mium 1111tl'lnrtrU1. · · .· Notwithstandina any other provisfou in this lnclcn1ure. the Holder of any Security shall have1he riaJd, wbicb is abSolute and uncondidoMl, to m:eivc peymC111of the princ;pal o1 and any premim and (subjccato Sce1icm 307) intercs& OJI such Security on the respective Stated Ma1urides expressed in such Sccuri1y (OT,· m the case of redCmpdon.,: oa the Jtedempdon Da1e) and to institute suit (0,the enforcement of any such pa)imem_ and sucb ri&)ns shall not be impaired wnhoutthe consem of such Holdu.-SEcnON 509. R'sltJrDiiorr of Rtslau tmd Rtmetlirl I( the Trustee or any Hotder hs mS1inned any.'proceed\na to enforce any ri&)n or icmedy under this.Jndennae and such P.foceedinl has been discontinued or abandoned for any reason,or has bun-dttmnincd ad\rcrsely to the T cc or to such Holder, then and in every such case.subject to any detennination in such proceedins. the Company,the Tru51ee and the Holden shan be restored·severally and respeai'!ely to their fanner positiotls ·hcreundct and 1hereaftei' aJI.ripu·and remeeties of the TruS1ce and the Holden shall con'linue as thoush no sucb proceeding had been in51i1uted. SEC'TJ()N S10. Riglu1and Rtmctlfu Curnuloliv•. Extcp1 as o'hawise povided wilb respect to the replacement or payment of mutilated dUiroyed. lost or stoleu ecuritics ir:-the lUI paragraph of Section 306, no rig)n or remedy JjereiJt conferred upon. or r suved 10 the Trusue or ·ao the Holders is intended fa be e:Xclusivc of any other right or remedy, and every right and remedy shall. \0 the exten pcnnined by law,. be c:umulative and in addition 10 C'Ver)' other right' and remedy give ·37-

nunder or now or hereafter aistin& at1aw or in eq\iity or otllawise. The asscnion or ploymcn1of any riaJn or remedy h tUndcr, or otherwise, shall ncn prnmt the concuntnt s nion or employment of any otha appropriate ri&ht or remedy: . CnON S J ·J. Dtlay tJr Omiultm Nol Wcriwr. No delay or omission of the Tru ce or of any Holda of any Sceurities to exercise any ht or remedy accruina upon any Event of Default shaJJ impair any sueb risht or rm edy constitutea wawer of any such Even1 ofDefault or an acquiescence 1huein.Every ripl d remedy liven by this nicle or by law to the Trustee or to the Holden may be exercised m time to 1ime, and as ofte21 u may be deemed expedient. by the Trustee or by the oldcri. the c sc ml)' be. · cnON12. CtJn,tJ/6)' Jl_oldwn. Th• Nolden of a majorily m principal amounl of 1ha 0\nslandina Securides ol iny ries shall have the risht.to dircet the time, mtt.hod and place of conductinaany procccdina r a,.Y remedy available to the Tn aa.or nercisinaany tiust cit power conferred on the ustee, with respect to the S urilia ol such series,pravld1tl thai (I) such directishall neil be iD c ntlict widi any le oiJaw oWr iththb Jndcmme, and . Cll 1he Truma)'1Bk81J1Y other action deemed proper by,;..Trvstee whlcb is not .. inconsistent with such dircctfcm.· . · . CTJoN J3. Wt lwr of P t/Aftnllu_. The Holders of n01 Jess than a majority in principal amount of 1he Ouutandina curhicS of any series ml)' on behalf of the Holden of all the Securities of such series ive arry p811 default hereunder witll rcspea to such series and ill conscquenca,except efault (I)in the paymcnt.ofthc princiJ of o_r any p11m'uor erest on any Securi,y of sucb saics. or · (2) in respect of a covenant or provision hereof which under Anicle 'Nine rmot be modified cr •mended without the con.wm o(thc Holder of each OU151andin& Securiry of sucb saies affected. Upon any such waiv. such default shall cease to exist, and any Evem of Dcfaull sin& therefrom shalJ be deemed 10 have been. cured. for every purpose of this IndentUre; no suc:la waiver shsll extend 10 any subsequent tJ'I other dcfaub or impair any rigb1 nsequent thereon. · -38-

Stcnqll 514. Undcnokingfor CosrJ• . ) n any suit for the enforcement of any rishor remedy under this Indenture, or in any_ suit against the Trustee for any action takm. sufl'ercd·er omincd by it as.TJUstee, a eourt· m•Y require any pany Jitigam in such suit to file an u dena in& to pay the costs of such suif. . and may aSJess costs against any such pai1y Jitisam, in \1\e m!l na and to lbe extent . provided in the Trust Jndenture Act;providttllbat neither this Sce1ion north'J)ust Inden nne Act-shal\ \le dttmtdto a\l\1\oriu any ecnm to require such an )lndenaltina or to make sucb an a55essmm in any suit instituted by tbe Compuy. · The CompiDy cov ants (to the tent that it may lawfully do so)thaiit will nat 11any dmc insist upon. or plead, or in any manner whauocva da\oi ukc \be. btnefrt or· advanusc of, any usury, stay or extension·law wherever enacted. now or 11 arrj time hereafter in force,which may affeCt tha covenanu OJthe pcnormac of\hb ) denture; and the Company (1o-the ex1ent t1Je1 i1may lawfully do so) herebY. cxprcsily waives all be fil it w;n nat binder,·delay or impede 1he or aclvantaae of anylaw and covcnanu cxccudaa of any power herein panted to the Trustee. .bU1 "Will suf.fq and pamil 1he cxcanion of nef1sucb power as1boup no sach Jaw had been enact AllnCLE-S)X. · lliETRUSTEE SECT10N 01. C•rtain /Miu tmd !f•1po11.1ibillrl••· · lbc dudu and ''sponsibili1ies of the Truinee shall be as provided by the Trust Jndenture AC1.NorNithstandin&1he f'ore&ains. no provision of'lbislndemure sbBll require the Trustee to expad or risk illown funds or otherwise incur any financial liability in the ped'ann ce of ny of its duties hereunder,91 in the exercise of any of its rights or powers. if it sllaJI have rusonabJe Jiounds for believina1bat repayment of such funds or adequate ind&nmaaainst such risk-or liability iJ not reasonably assured to it.Whether or not therein nprcssly so provided. every provision of this Indenture relating to the conduct or affec ins the liability of or affording pr01ce1ion 10 the Trustee shall be subject to the provisions of this Section. The Trustee undertakes to pcri'onn h duties and only.such dudes as 11e s ifica\\y set fonh in this Jndcmure. and no implied covenants or obJiga1ions shall be read into this Indenture asaina the Trust . -3

ECT10N 602. Noticr of Dtjaul11. lf e default occurs hereunder with rrspCct 1.0 S ur:itia of my series, the Trustee shall ive the Holders of Sccwities of such series.notice of such default as and to the cxtmt rovided by 1he Tr\Js1 Jndcnrure AC1;providtd. howtl'fP'.\hat in the case ofa!'Y default of e character specified iD Section 501(4) with respect to Securities of such stries, no such otice to Holders shall be aiva wadi at lcl5130 days after the occunence lhercof.For the urpose o{ this Sce1ion, theiCJ1D "default•means any event which is.or attcr noticeor lapse f time oboth would become, an Event oiDcfauh whh rcspca10 Securhies of such series. Subject Jo lhc prO\Iisjons of Sect601: ( j)'he TNstee m.y concluiivcly rely and shall be pr01Cde4 in actina 01rd'rahlins from acdna upon •IIY sohrtion, ccniflcati, S'latcman. lnltrwnem. opinion. repon. notice. rcquea. dincdcm. consent. order, band. dcbcmure, nodae'r nidcnce of indcb1ednCSI 111 CMeipaper W documerd believed by it 10 be JCDUine and tO have beeft signed .or pra c.d by the proper pany or panics; · (l). aay·.request or direct.ion Of \he Company mention in shall be suffic;icntty evidenced by • CompaJ'I)' Rcqvaa or Company Order.ancl uy resolution of1J!e Board of DircC1Gn shall be nfllcicn,ly.eviclcncect by a BaaJd R.csolmicm; · (3) whenever in tbe adminiStndon of thil JndeDtUre the Trustee. shall deem it desirable that a mmer be proved or bUshed prior to taklna. suft'erina or OJDinlllaany action hereunder, 1he Tru11ee (unless mba evidence be herein specif\cally prescribed) may, in the absence of bad fai1b on its pan. rely upon an OffJCCrs• Cenir •e; (4) . the TruS1ee· ml)' conaull wilb counse1 of' hs sclec1ion and the advice of such counsel or .aOpinion of Counsel shall be ·filii ami compleut euthorizaalon and pr01CC,i0ft iD IC!ped D(IRy aaicm '&kent suffered Or Omitlccl by R hereunder iD &Ood faith and in reliance thereon; . · . (.S)· the Tnmce shall be under no obligatin to exercise any oflhe ripuor powen vested iJI. i1by.this Jndenrure at the request ar dirce1ion of any of the Holden PD1JUanl 10 this Jnd&Jdure, unlesi'such Holders shall bave off'ered to the Trustee reasonable sccuri1y or indemnity l&ainstthc C0SU. CXpcnSCs and liabili'lics whJch jaJrlbe mcumd by it in cornpli•nwith JUcb tcquUI ot dlrec1ion; (6) 'he Tnmee sh1U not be bound to make any invcsti&alioJa in1o abe faN or mancq sia1Cd in any resolution.ctniflcdt,S1atcmem. irmrument.opinion. report. notice, request, direction. consent,order, bond. debenture, n01e, other evidence of indebtedness or other paper or documen!, bm1he Trustee.in hs discretion.ml)' make such f'unher inquiry or jnvcsdfation imo such facu .or manen as it may see ftt, and, if the TruS'Icc shall dc1cnnine to make such funher inquiry or investisaaion.it shall be cn1i1lcd toQamine lhc l125ll: %401,..4

books, records and premises of the Company.persan·any or by agcm or attorney,with the· reasonable cost·ofsuch inquiry borne by the Company, and shall incur no.liability.or addi1ionalliabiliwy of any kind by ruson of.such inquiry or investig tion"; and . I · ("7) the TnJstee may ecute any of the tNsts or pon hereunder.or pcr{onn any du1ies henundcr either directly or by or through aaents or anomcys and the Trustee shan nol be responsible foany miscondud or nealisence on the pan of any agent or anomey· appointed with due care by thereunder. (8)the Trustee shall n01 be liable for any aaion taken, suffered. oi omitt1o be 1alcen by i1 in &ood f'ai1h ind reasonably believed by ilto be authoror within the discrC1ion or riihu or powers conf'cned upoa it by this Jndennne;· . . (9)lhe Trustee shill noa be deemed to have notice of'any Default or Evem ofDcf'auh . unless a Respontible Officer ol"1he Trustee has BC1\Jal knawleds• thereof' or unless : wrincn notice of'any event which is in fact such ··4cfauh is rcceiYat by tb8Tns11ce at the Corporate Trus1 office of the Trustee, and such ncnice refercncea1he Sccumicsand thia Indenture; · · · (J 0) the ripta.. p-iyjlc&a. pr01eaions. immwi1ies abcn \a &Nen10TNS\ee.· includins.without limitation. its risht to be indemnified, are extended to, and shall be en forceable by, the Trustee in each of its capacitiC$ hereunderand to eacb •Bent.castocllan and other Pmon employed to .act hereunder; and . .. (11) in 1JJe·absence of bad faith on iupan. theTNS1ee m,YconchisivelyrcJy,aato.tht truth oftbe S1a1CIDCD11 and the COJTcctneu oftbe opinions PJWCSSC41hcrtiJI.upon cenifi. cates or opinicms fUmisbed ta the Tru11ee and ccmformina·to the requiremen11 af' this .,... lnda ture; bul in the case of any such ccnificatn or opinions-which by 1ft1 P.Javisian hereof are specifically required to be furnisbat to the Trustee,the Trustee shaJI be uncle a dany to examine the same to detcnnine wbcthcr or noa they conform tothe rcquiremcnu of this JndcntUd (but need not conrmn 01 invcnisate the accuracy of ma atical calculations or riCIS Stated there ). SECTION 604.Not RctponJibi•Jor R c. ilals or ]JiliGIIC• ojS. ct:11.rfllu. The recitals comained herein and in the Securides. cxccpltli.e Trusteeis ccnificates of authaniulion. shaD be talcen as the statements of me Company, encl"neither the TnJstee nor any Authcmicatins Ascnt assumes any responsibility for their coirecuicu. The Trustee makes no repnscnlations as to the validity or sufficiency of this Jndcn1ura or o{ the Securities. Neither the Trustee nor anyAuthcn1icatins gem shall be accou ble for the· use or appHca1ioathe C mpan)f of Securitiea or the pr<Keeds \ha of. -41-

EenON 60S. May Hold Stnt ilill. Tbc Trustee, any Au1hcn1ica1ins A&cm. any Payina Aacnt. any Security 'Reais1rar or ny other asent of the Company, in ils individual or any 01hcr tapaci1y, may become the wner or pled&of Securities and. subject to Sections 608 and 613. may otherwise dul ith the Company witb tlic same rigtns it would have ifi1 were nat Trustee. Authenticatin& sent. Payins Alent. Sccuri1y Rcpsuu sucb her a a EcnoN 606. Monq Held_ in TJWI. Money held by tht Tl'\lstU in trust hereunder need no_t be scarcaated .from other funds xcept to the mcin required by law.The TNstcc shall be under no liability for interest on ny money recc cd it hcre ndcr except II otherwise apccd with the Compan . _ . EcnoN607. ComptrriDIIOPI tDUI R•lmllvn•mar. Tbe Company agna (1) to pay to alae Trun e troni time 10 1ime reasonable compensation for ll·services rendered by it hereunder (wbiciJ compensation shill ft(lt be limitecl by any provision o( law in Jcaard 10the campeusadano. f'a1nlltcc of an ex.press uust); · (2)txcqnas :nhcrw)se DJIRSSiy provided herein. to reim Nrs:e"'-Trutnee upon its request fall rcalonable expenses, 4isburscmcnu and actvanen incumd or made b)'1he Trustct in accordance whh ury provialon of' this lndcmure (includhia1h• rcasoneble com sadon and me expenses and dfaburicmcnu ofituau 'and counsel), except any su ll expense, di!burscmem oramnce as mq be anributable to iu neaJiacnce 01 bad fa and· · · . (3) 10 indemnify each of theTrustee or any preclcccssor.Truitce and their agenu for, and to hold them harmlesaaaainll.any and all loa.damage.claims. Uabi111y expense, includina aaxes (01her 1han taxes based upori, measured by or d"ennined by the income 'oftbeTrustcc). arisiS OUI' of or in connec1ion with ahe acceptanc.e or administration of the UVI1 Of U\ISU hercunda-, mdudina 1111COSII and CXJ)CnSCI of'defcncJin& itself aaainJI any claim (whether asscned by the Company, or aily Holder or any other PeJ:SOn) or .Jiabilil)' 'in connection ilb the cxaeise or performance of any of its powor duties bcreun.except 10 the txtcnlthat sU It loss. damaae..claim, liability or expenseilch!e to its own neaUaence or bad fahh. . . . . Tha Trustee shall.have a lieri prior 10 the Securides as 10 all prope.ny and funds held y it hereunder for any amourit owina it or any predecessor Trustee punuan1 to this Secticm 07. cxctp1 witb respect to funds held in UUSI for 1he benefit of the Holden of panicular ecurities.

0 • When the Tru51ce incurs expenses or renders services in connection with an Event of Oefauh. spe.cificd in· Section SOl;the expenses (includinathe reasonable charges and expenses of its counsel) and the compensation (oi the savius are int ndcd to con51i1ute expenses of adminisua1ion undtr any appl_kabtc Federal ot sta'e bankroptcy,insotvency or other simiJar law. Thprovisions oftilis Section shall survive tht tmnination of thiS lndcn1Ure, or the resjpatioD or removal of the Trustee. Conflkl_ina htn 3tl• S£CT10608. . JfeTruS1cc hit or shall acquire a canniatna interest within \he mtanin& oftheTrusi )ndcnnare Act. the Tru51ce shall either eliminl1e sudi interest or-resip, 10 the ment and.in \he manner provided by, and subjca to the provisions of,lbe Truss Jndenturc Aa and this Jndenr...,.e. To the exteJJI pennined by such Act. the Trustee shall n01 be dcaned to have • conflictina "intby vinue of beina a trUstee under this.1ndcnmre with respect to Securities of more than one series or a trustee under the )ndenNre dated as of May 17,1913, betw-;en 1he Company and the Truaec (as iucceisOr t S1Ce to the Toronto Dominion Bank Trust Company). as amended. with respect to the% Notes Due 2003.'7%% Dtbenturcs Due 2023 and the"Notes Due 2of the Company issued thereund SEmoN 609. Co'f1KI'tll••Jl.flll1•d: Eli&ibfllry. 0 'fhere shall 81 an"times be One (and,Q111y one) Truaee hereUnder with ICSJICC:l to the Securities o( each series, which mey be Truaee hereunder for Sccumiea of one or niore '0 . .,..., . 01hcf scricL Each Trustee.m.n be a Person tbat is eliaible pursuam to the Trust-lndemGYe Ad to act" u such and has a combined capital and surplua ol at lean $50,000,000.Jf any sucb Pcrscin publishes reports of condition ill lean annaally.pumia"' to law ot to the rcquiremcrns ofisupe,-visinsor cxamininaauthoriry,1hcn (or the purposes of this Secion ..and to the extcnt"jiermined by the Trust lndenture Act_ the eombinecl caphal and surplus of such Person shaJJ_-be deemalto be illcombined capital and surplas sn fonh in its most recent report of concfidon so publish. If at any dme the TNilee witb.respea to the Securities ofany series shell ceasci to be cliaible in accordance with the provisions of this Section. it hall rcsip immediat ly in the manner and with 1he effect hereinafter specified in 1hi1Article. . · No resijnadon or rem ;JJ of1he Trustee •nd no appointment of a successor Trustee pUT511ant to this AnicJ.e shall became effective un'il the eptance of appain1mcn1 by the successor TruS1ee in acccrdanee with the applicab.le requiremen1s of Sec'lion 611. . The Trustee may resisn anytime wi1h respect to the Securi1ics of one or more sc"ries by giving wrincn n01icc thereof to the Company. Jf the insuumem of acceptance by 1

ccessor Trustee rrquired by Sec1ion 6]1 shan not have been delivered to lhe.Trustee lbjn 30 days after \he &ivin& of such notice of resianation. the resignina Tru51ee may tition any coun of c mpctenl jurisdiction for the appointment of asuccessor Trusteewith pccs to the Securities of' such's rics. . · · . . · · The Trustee. may be.rcmovtd 11any time upoaJO Business Days Wrinen notice witb spect to the Securities of any series by Act of the Holden o{ a majority in principal ou.nt pf' tile Outstandina Securidcs of such series, delivered to t.he Trustee. an.d to the mpany. .. JC ar any time: (J)the Trustee·shall fail to comply with Section 608 after written request th (or · by the CompaD)' or by any Holder who has been a bona fide H lder of a Securhy fOJ.,Jl . least six manor · · (2) . the Trustee shall'cease to be·eJiaible under Section 609 and an faiHo resip after wrirtcn request therct'or by the Company 01 by any such H Jder,.or . . (l) . 1be·Tru ee shall bece incapable of aaina or shall be adjudged a banluupt or insoluft1 ar a receiver of'the Trustee or of ita property shall be appointed or any public officer sh•Jl take· ebarae ar conuol of the Trustee 01 of iu propcny or aft'm fcir the pufl'Oof.r hal»1itaticm. con atian or liquidation. · en. in any such cue. (A) the COnlpany by • Board ResoJutiOJJ may remove the Tn:astce threlpcC1to aU S ritla.(8) subjeatSeaiOD 5I 4.ar;y Holdewhobaa been a bema dc Holder af a Sccuri1y for at least six momhs may.on behalfhimself and all odlen milarly situated. pcti1ion •ny caun of'comp entjurisdictfon foi1heaI of'\he Tn:asta on.lO Business Days wrincn JJo1iwitb. rcspcato all Secwities and the appointment of su essor Tivsrec or T 11ca. · · . . . ·.: .• . :· i-,. . · . · . . . Jflhc. Trustee shall resip.be removed or become incapable of ina.or if a v cy all pccur ·in the ofrJCe of Trustee for any cause. whh respect to the Securi1les of ne or ore suics. the Company. by i BoaTd Rcsolu1ion. shall pnnnp11y appoint a successor mee or Trusrecs with respea to the Securhies of thatd1ose series(it Mins uadcmood ll ar1'J such successor TI'UI1ee may be appeim,d wrespect to \he Securitia one or ore or all of such series and 1ha1at any lime there sb.JJ be only on• Trustee with respect the Securities of aJ))' paniculu series) and shall comply whh the applicable rcq':Jirements · SectiOD 6J J.lf, within one year after such resianalion. removal or incapabilhy, or the cumncc of such vacancy,a successor Tru11ee with res 10 the Secwhica of any Series all be appoin1cd by .A a of the Holden of a a:najority in principal amount of 'the · utS\Ift inl Securilies of sliCb series delivered to the Company and the ririna Trustee, the ccessor Tavsree so appointed shall.fonhwith upon iuacceptance of such appoimmcrn in· orduce wnh •he app icabfe requircmen1s ofSecdon. 61J, become the sucecssor Trustee •h rapeCl to the Securities o( such series and to lh.at extent supencde the successor ustee appointed b)' dac Company.Jf o successor Trustee with rcspec11o the Securities atrj 511ici shall have en so appointed by the Company or the Holder:-anaccepted

appointment iJs the manner required by'Section 611. any Holder who has been a bona fide Holder of a Security of such scrici for at lean sa months miy, on b half ofhimselfand all otheri similarly sihlated, pnhiem any coun of ccmipc1ent jurisdiCtion for the appoinuncnt of successar Trustee with respect.to the Securities of ucb series. . . . The Complll)' shall give notic:c ofeacb resipa1ion and each rcmonl of the Trustee with re'spcatothc Securitiesof any series and eacb'appointment of 1 succcssar TN ee wkh r:espcc1to the Securities of any series to aiJ Holders of Securities of suh series. in the . manner provided in SectiOn 106.Eachnoticuhal\ include\be nMneof \he succnsor Tnstee with respcc&to the Securitiea of such scriu aDd the address of its Corporate Trun Office.. . . ln case. of the appointment hereunder of a successor TntS1ce :with respect to all Securi1ies. rvey such successor Trustee so·appoimed shall exe e., acknowledp and deliver to the Company ancl to the r d,ina Trus1ce an instrument ac:ceptina such appoimment, and thereupoa 1he resianadoa or ranoval ofthe reti n I'\IStee shall became e1Y'ective and such successor Trustee, without any funher act. deed or conveyance, shall become vested with aJJ tbe riptS, powers. trUsts and dU1ies of the rctirins Trustee; 6ut. on the request of the Company or the su'cc;essor T stee. such etirina Trustee shan, upon . payrnmt Of iu ch rces. execine aDd dc.Jivcr an instrummt transfenin·ato successor Trustee all the righu. powers and trusts o{the rctirin& Trustee end shall duty assisn. tnnsfcr · and deliver10 such succeuor Trust.all prapcny and.money h :ld.by sucb mnaTrustee hereunder. In ease o{ the appoiJltmcm hereunder o( I successor Trustee with respect 10, die Sccurhies of one or marc (bU1 not all) series. the Company, the 1e1irina Trustee and eacb successor Trustee with respec:t to the Securida of one or more series shall execute and deliver an indamarc supplemcn1al hereto wherein eatb successortrunce man acccpa such appointm1111 and which (J) shall contain such provisions as shall be necessary or dcsin:ttle 1otnnsfcr andtonfmnto,and1 vest ht,each successorTruS1ee alltherislns, crs, trusu and du1ies (the re1irina Trustee with reSpect to the Securities of that or those series to wbicb the appointmlll1 of sucb.successor Trustee relates., (2) if the mirina Trust1.11'101 retirina with rcspect.to all Securides, shaJI eontan such provisions as shall be' deemed necessary or desirable to conrmn that atJ the rightS, powers, tr\IS1S and duties of the relirina · Trvstce with respect to the Securities of that or those series as to which the retirina Trustee is not retirina shall con1inue to be vested in the r irina TruS1ee, 11'\d (3) shall add to or chance aay of the provisions ofthiJ Jndemure as shall be necessary to·povide for or facili tate the administration of thetrUsts hereunder by more than one TNstee,it beina understood that nothina haein or in such supplemental indenture s all c·onnitu1e sucb.Trustees c trustees of the same tru"and that eacb such Trustee shall be trustee of a uUSI or uum hereunder separate and apari from any uust or trusts hereunder administered by any other suh Trustee; and upon the execution and delivery of such supplemental indemure the resignation or removal of the redrina TruStee shall become effectiveo the cxtcm p ovided therein and eachsuccessor Trustee, without any funher acdeed or cyance. shan beco.me vested with all the rishts. powers. trusts and duties of the retirina Trunee. with

ecl to the Securities of that or those series to which the appolmmcn1 of such successor stee relases; but. on rcqu st of the Company or any successor TJUstee, such rcdrin& stee shall duly assi&n. transfer and deliver to such succe,sor Trustee alpropcny and ney held by such retiring Trustee hereunder with respect to the S curi1ies oftha1or those ies to wb ic:b the appointment of such successor T stee relates. . Upon rcqucn of any sub successor Trustee, the Compan)' shall execute any and aU uumenu for more ful)y and ccnain)y vcS1ingin and confinninsto such successor Trustee such.rialns. powcn and trusts.rdcned to in the first or second prcccdina parairaJih. as case may be. · No succcuor Trustee shall accepl fls appointment unless at the time of such·acceptance · h successor T,ustce shall be queli(iecland elia le under this Ankle. T10lf 6)2.·Mc"JB.Co mlon. Con.rolldtniOII or Su«1slion ro Btdlncu. AnY corpontiaD imo which the Trustee may be mcracd or convened or whh wbicb h be consolida1cd_· or any cmporaliDD resuhina from any ma:aa, conversiDD or y solidation 10which the Tru11ee shall be a pany.or any c0rpora1icm cceedinato all or stantially all the corporate trust busineu of the Trustee. shaD be the successor of the S1Ce hereunder,provided such c«?JP..mion shall be o11Jerwise qu Jifted andelisiblc under Anicle.wi1hout1he cxeai'lion or fiJina of any piper or any funher on the pan &II)' he pialies hereto.Jn.case any Securities shalJ have been authemicatecl. but n01delivered. the Tnme!hn in ofrace, any successor by mcraer.convasicm ar co.nsolid!dion to such hendca1in& T S1ee may •dopl such. authentication and deliver the .,sccuridet5o henticated with rile samec"ecr a if .such"'""'"'Trustee had itself aUihensicatcd such uritiOI· · - · cnOJf 613h fnmlltll Coll.ctltm ofCIDIIU Agaiut Comptllljl. · ira M when me Trostce shall be or become a creditor of the Company (or ny other iaor upon the Sccurbles). the Trustee shall be s bjea to the provisions of the Tnsa enture Act reaar in&the collection of claims againS1thc Company (or any suda other iaor). The TruStee may appoim an.Autbcndcatina A sent or·Agents with respect to one or re series. of Securities hjc.h shall be iuthorizcd 10 IC1 on behalf ol the TruSice to hentieate Sccuridesof such strie•issued upon original issue and upon cxcha11p.rc&i51ta-n ofuusfer or partial redemption thereof or pursuant to Sectio306, aftcl Securities so henticated shall be entitled to the benefits of thii Jndemure and $hall be valid and iaatol)' for all purposes as if authenticated by the Trustee hereunder.Where'llcr teference ade io this Indenture to the aumendcadou and deJjvCJ)' of Securides by the Trustee or

.the Trustee's cenificatc of authcntitadon, such rcfc:tcnce shalt be decmat to in.dudo authen1ication and delivery on behalf of the Trustee an Au\hcfllitalins Ag nt. and a cenificate of authentication executed on behalf of the Trustee by an Authcntica\ing Agent. Each Authenticatin8 A arm shall be acceptable to the Compan). and shall a1 all times be a corpo doD oraaniud and doina business under the laws of the United Statu of America, any Staie thereof or the District of Columbia. authorized un er such laws to .act as Authcnticatina Agent, havina a combintd capital and surplus of nO\ less than SSO,OOO,OOO and subject to. supmision or uamination by Federal 01 State authori1Y. If such Authendc:atina.Aaem pub\isbn repans of eondnicn a1least annually, pursuant to Jaw or 10 1he requiremems of said supcrvisina or cxaminins authoriiy, thea for 1he ptirposcs ofthil Seaion, tht·combintd capital and smplus of such A U1henticadn1Ascm shall be deemed to be its combined capilal and smplus as set fonb in iu rnoss rccan repori of condition so published.1f a1 any time an Autbenticatina A sent shan cease.to bl eligible in aa:or:dance with the provisions of Ibis Scction. such Authentic:adns A sent s l1 resisn immediately in . 1he manner· tb the effect specified in this Sect.ion. • - Arry corporation imo wblch llJI Au1hcnticadns Aacnmil}' be mcracd or COII'Ycrted or with which i1may be consolidated,or •111corporation resuhina &om any mercer.c:onvcnlan or consolidation to wbicb such utbcn1ic:a1ina Asent sbaJl bee jsarty, or any corponlion succeedin110 the corporate agency or corporate tnSst business of.an AU\hentica1miAacnt. shan cont.inue10be an Authc!Jlieatinl Aaenl, pr:avidcd such corporation shall be otherwise eligible undu tbis Secdon. wi U11he execution or filin1 o( any paper or any f'unher ad on tbe part ofTrustee or lhe Aytbenticatina Agent. An /unhernicalin&Aacni may resip..at ant'ime by &ivinswrincn notice lhereofto.the Trustee and 10 the Cempany. The Tni11ee may at rmy time tenninate the aaency of' 8JI. Authenti •ma Asent by aivins. uep nO!ice tha of'toAuthemica1ina Asem anc;l to the Company.Upon rcceivinasu• notice ofres.ian.ation or upon such a tcnnination. or in ca&e at any 1im·e such A\11bcmicatina Agem shan cuH 1a be eU8J'b1e in accordance With tbe previsions oft!lfs Section, the Tnistee·may appoint successor AUlhcmicatfng Agent which :shell.bc acceptable to me Compaay and shan give notice of such appointment in the manner provided in Section 106to aiJ.Holden of Securities of the series with rcspea to whidt wdl Au\hcnticatina Bent w l1 serve. Arry successor Authenticatina Asent upon acceptance of ill appointment hereunder shaU become vested with all}he rights. PQ'rin and duties of iu J>t:tdecessor hereunder..with li1ce cfTect as if oriainally named as an Authen ticatin& A gena. No succ"sar A&nhcnti tina Ageni shall be appoin1ed unless cliaible under the prcivisions of this $Cc1ion. · · · The TIUS1cc aar to pay to each Authcn1ica1ina·Aaent from time todme·r onable compensation for iu services under this S e1ion, and the Truslee shall be-entitled to be rcimtn.rsed for such paymc.nu, subjcct.tathe provisions of Section 607. If 8D appointrlien1 with re pcct to one or more series is made punuant \0 1.bis Se. ction.. the Sccuritiea of such series may have endorsed thereo'in addition to the Tnistee's ccnificate of authentication, D ahemetive cenjficate of aU1hemicatiin the' followina . (onn · ·. -4?-N'Y1l 32:l40llU

This is one of the Seturitics of tht serits dai&natcd therein refcned to in tht within • 0 0 entioncd'lndcnture. The Bank of 'New "!ark, A1 1iw111 By...-..:-..............;..-........, ...U ..turheP rlcGiins Aaenr .. - By........ .............._............ AurlaoarintlS1"gnaiary £CTtoN.615. Appoilllmml ofCo-tce.. (a) Ncnwiths1andinaY otha-pr i&ions of thisJndcntUic,at any time,for the p se if mce in& any legal requirement ofarry jurisdiaion in w"ich any part ohny UUS1 und this ndcmurc ma)' a11he time be locetc4, the Trustee slraiJ "• the power and may cxcanand eliver all inS1nsmcn\S ncccssmy to appoint one or mOH Persons to au as •co-trustee or to,.. rustcel.scp re uu.saa or scpan1e 1mi'US..ud10 val in sucb Person or Persont 1,. UCh capacity ad for1he btnefn of1he Noteholders. suda poWeR. dvljes.oblisations. rlS)nl. nd trUsU as 1he ·Tn":lstee mc:ansider nccessuy ar C!esiJa11hJ. No c:o-tnastar separate nsstce hereun4er. sbal' be rcquU:et ·ao mea the tel'l'ftl.of -l.iaibility u a succe1101: ,.-uaee nder Section 610 ancl no notice 1o) o11holden of1b'appcrinim.ent •flY COo-1Nitee cw eparate IIUS1CC hall be requ rcd uruler Seafon I 06J:aereof' prqyjdcd. hb'WSYU.lhll fto1ice hereof shall prom'plly be &iven to the Company. . · . . 0 0 • (bJ £veri separa1e trustee and co-anistshalto .the a1Cn1 permmcd by .law, be ppointed and act subjcca to the t'oiJowina provisions and conditions: .. all rip1S, duties and oblisafio.... confd or imposal upon the 1-.m,cc (i) shall be confcncd Or imposed upon and exercised or pcrf'onned by _1ht Trustee and such separate trustee or c: lrUstee joindy (it beina undemood thai sucb separate vustce ar eo trustee is n01 au1hori2.ed to aa &cpatatcly ,\thout the Trustee joinina in such act). n J" to the extent that under any Jaw of any jurisdiC'IiOft in wbicb any panicu1ar act cw acu are • 10 be performed me TNS1CC shall be incornpeacnl or unqualnml to perf'onn i h act or am, in wfaicll cvcm mch riahtt, powcr.t, dudand _obligations (includin&lhe hoidins of tide to any ponioa of any tnlst thereof in any such jurisdiction) shall be nuciscd and performed sinal)' bY suda Jeparac 1rus1ec or co-1ruS1Ce, but solely at t.he direction of the .. {i;) no trustee hereunder shall be personally liablt by reason of any act Of omission Trustee; · · a{ any ocher trustee hereunder, and ·

(iii) the Trustee may at any time accept the r signation of, or remove any sepante uustee or co-trustee. · · (c) Any otice, ;cqucst or other writing aiven to the Truste shall be deemed. to have been given to each of the then separate truStees and ccHrunces. as.cffectivcly as ifaiven to each of them. Every instrument appaintina any scpantt trustee or ce>tn ee shall refer to this hidcnturc and the condi1ions of this Anic:Je Six. Each separate trustee and co-uustee, upon its acceptance of the uuconfmed, shall tie vested witllthe estates or propeny specified in its instrument of appointment, ci1her joimly with the Trustee or seprately,as may be pt ided therei,_ subjeel tu all \he·. proYisions of \hit 1ndentllre_" specifically including every provision of this1ndenture relatinatotheconduct o(" affecting.the liability of;or affordina protection to. the TnJstce. E"cry SUth instnnneD1 shall be filed with the Tnistee. · · . (d) ·Any sep rate tJUstt or ce>truStce may at aiJY. time constitute the Trustee, hi•teiii or anomey-in-fact whh 1\JD power and authority, to the-extent not prohibited by law, to do any lawful act under or in respcC1 of this JndenhJrc on its behalf and in iU name. if any separate tnstee or CC)·trustee shall die, become incapable of actin& rcsip or be mnD"ed, all of iu estates, properties. ripts, remedies and trum shall vest in and be ouciscd by the Tmstee, to the extem peimined by law, without the appoinunen1 of' a new successor aru51ce. ARTIQ.E SEVEN HOLDDS' LJSTS AND REPORTS BY TRUSTEE AND COMPAN\' SECT. ION 701. Compan)1.10Furnbh rn.,,,, Naml6 tmd .Addrtuu of Holden. The Company will furnish or cause ta be furnished to the Trustee semi-annually, notlatu than March 30 and September 30 in each year, a lis1. . ( J) in such fonn as the Trustee may reasonably require,of the names and addresses of the Holden of S urities of each series as of a he prcc:edin& March IS or Sep1emba 15, as the cue may b'e, and · .. . (2)'. at such ather times as 1he'TJ'U$1ee may rcquc51 in wrilina.whhln 30 days after the receipt by the Company of any such request,a list of similar fonn and content as of a date not more shan J S days prior to te time such list is furnished; uclutling from any such list names and. addresses received by the Trustee in its capacity ai Sccuriry Resistrar. . . ·49-

C110N 702. Prrsrrvorio11 of lnforTifQtloll; Comm mlt l_ionJ ID Holdcr1. The Trustee shall preserve,in u cunem a form as is teasonably pn icabfe,the names d addresses or Holders contained in the most recen1 list .furnished to the Tru11ce as ovided in Seaioa 701 and the names and addresses of olden received by the TNstec in capaciry 11 Steurity RegiS1rar. The Trus1ee may destroy any list furnished to as ovided in SeClion 701 upon receipt of 1 new list sa furnished. · . · · The rishts of Holden to communicate with other Holders with respect to their ri&)lu der this Jndcmure or"under the Securities. and the comspond\na riaJus anci privilcaes of e.Trust C. shall be as pnnrided by the Tnm 1ndenture ACI. E"cry Holda or Securities, by rccei'Yina an4 holdinl the same, •areci with the ompany and the Trustee lh11 nchba1hc Company nor the Tn S1ce nor any a&ent of either. them shall be held accoUJIUible by reason of''111 disclosure ol infonnadon as to names d addresses of Holden m de pursuant to the TNSI )ndcmure Act.. . The Tn stec shaJJ transmit to Hofden such reports conccmins the Trustee and its tions under 1his JndtnnJre as may be required pursuant to the Trust Indenture Ac:t at the mes·and in the mamm pnnrjded ant thereto. · . . Reports sq requited to be U'llnsmined at S1atecl intervals of'nOI mote than 12 months all be Ullnsmit'lcd 1,10 later 1 an Ausust 5 in each ctlcndar yell', c mmcJ"!cina in 1991. · A cop)' of each such rtpon shall,at the time of sucti 'transmission to Holders. be filed the Tn stcc with each stock cxcban&e upon which. any Securitie are isted. wi\h the ommiuion and witll the Company. The Company wiJJ no1if)t the Trunce ·when any curities are liS1cd !D' any stock exchanae. . · CTION 704. R porll by Company. . . lbcCompanyshall fitewhhlhe Trustee ilnd the Commission. and tnnsmit to Holders, ch· infonnation, documenu and other report'and such summaris thereof, as may be quired punuam to the Trust Jndcnture ACI a1 the tim.es .and in the manner provided rsuant to such Act;prcrvidtdthat any such informadondocuments or reportS required to filed with the Commission pursuaftt to Section 13 or l S{d) crf the Exchanae Act shaU be ed witb the TruS1ce within 15 days after the same is so required to be. filed wilb chc ommission. · Dclinry of such repmts, infonnation and documenti to the Trustee isfor infcnnational rposes only and tllc Tru51ec's receip1 of such shall not constitute construe1ive notice of any formation contained therein or dctmn inable from information contained therein, includins -so. YI25J2:lAOI11.•

the Company's·compiiance wilh any ofi1s C:OVenants bcrcund.er (as10 whith 1hc Trustee is en1itled to rely cx lusivcly on Officus' Ccnifica1cs). . ARnCLE EIGHT CONSOUDA110N, MERGER. SALEC!JN"EYANCE· . . . (a) Noltdna conta ncd in is ln enture or itt any Securities of any series shall preven1 any consalidaticm. ainaJpmaaion a1 meraer of the Company with or into any oth c:orporadon a1 corpOr.tiOJis (whether or not affillat.ed wi1h the Co.m any). or s i!,o consolidaticms, amilaamadons or muters in whicb. the Company or lu successor or suc:ccssori shall lie a party or panics. onhaiJ prevml any sale. conveyance Or lase·qf all · or subS1andally all the propcr1)' ol the i: rnjlany Ia any olher .corponrlion (whtther or nat· affiliated withtheCompaD)') authori2cdto acquire and apaate the·sa provfded. Jtow.wr, and the Company 'bcr by covcnams ..nd •srns.thd · : . . . · . . .:· (I) in a transaction in· whitthe Compnj doci not sm:vive or in "WhidnhC Company 5CI1S. conveys,or lease•tilor S\J iaJty an·of its propcny,1he successor entity.is orsanilcd.unda 1Jie laWs ofCa any' Province or Tcniiory thereof or die laws of the United States f Ameria any State th! Jeof' or the District of Columbia. · ·· · (2)upon any such consolidadon, a"'alaimation. mcr&v.sale.conveyance or lease., the due and pune1ual payment of the principal of(and'F,tmiuin, ilany) and interest on all of the Securi1ies accordinattlicii tenor, and the due and punctuaJ performance and observance Of all of the covenanti and condidons ofthislndemure to be performed by 1Jie Compny, shaU be expressl)r assumed,. by tUJ)p\emental indenture sa1isfiC10J')' in form 10the Trvs u,executed and d livcred to the Trustee,by &he corporadon (if' other than the Company) fonned tiy ·such consolidation ar pany shall have been meraccl-or by the arpalsamadcm. or imo which the coi'poraticm w ich sha1 have acquired ar leased dl in' . lnd · (3) immediately after a)ving effect to' sbch transaction. no Event of Default or cvcnlthat with the passin& of time or the giving of n01ice,r both. would connitute an £vent of Default shall have occuncd and be condnuina. . (b) Jf. upon an)' such consolida1ion. amalgamation or merger of the Company with or into an)' other corparation (whether or not affiliated with the Company).or upon any sucb sale, conveyance or luse of all or substantially all the propeny of the Company to any other corporation.any of the Railway Proper1iesofthe Companywou ld thereupon become subject to any Mongage, the Company, prior to such consolidation, merger, sale, con\teyance or lease.will secure all oft he Securities outStandins hereunder (together with.ifthe Company shall sodctennine, any other in btedness or liability issued.. assumed or &uarantced by the· -S!· }1Yil532:40171.4

ompany, whe1hu t en nistins or thtreafter cteattd) by a dircct 1ien on all such propnty rior 10 all Jiens other 1ban any1bcrctofore nistina \her · SEalON 102. Sw:cusi011. Jn case of any such consolidation,amalaamation,merger,saleconveyance or lease and pon ahe assump1ion by the succe.ssar co? tion,by supplemental indenture.executed and elivered Jo the TruS1ct and s11asfact0Jy an fonn 10 tbe TruS1ce, of the due and punctual ayment of abe principal of'(and premium, ifany) and interest on an afthe Securities then utS1andina and lhc due anpuncruaJ performance and obsci'Yance of an of the CfJVcnams. nd conditionof t ia lndcnnn 10 be performed by the Company, such successor orpondoa s alf succeed to and be substif:utcd for lhc Company, witbc same effec1as jf t had been named herein n the Company and in tbc cue of my da sale, conveyance 01 use. the Company 'lbcicattcr shall bcrclcucd ftom iuliahilkief as obli&or and maker on ll the Sccuridi:i and from its obliptians under this Indenture.S ch.successor corp0rati ot hereupon may cause 10be sipcd. and may issue nin iuname r in the name $e Compmy,any or all of1hc Seeuri1ies of any series issuable bci dcr wbich theretofore hall notbeen sipcd b)i1ht Company and delivered to the Trustee;and, upon1hc order f Web successot corporation instead or the Complll)' and subject to all the tcnns. onditioDI and limitations in this lndcmure prescn"bed. the Trustee shall aumcn,icati and flall deliver aDy-Sc ies of any seriel which previous.ly. 11 have been sipcd and elivered by me aft1ccn of'the (ompany to theTrustee for au1Mmica1ion and any Securitie& ot an)'. scricr.whlch s:udJ ,uccasw ca 1ithercaftshall \JSeto be sipcd -.ncl dellvucd to the T Siee for that pu.All the Securitiu so '•sud sbal1 in all respect ave tflt umc pJ ,.,.and under thiJ lndcmure •• any Scturitin theretofore or bcruftcr Juucd in eccordance whb 1lae 1erms of'thia Jnd ure.. Incaqf_ay sucb co solidalfon. amaliam81ion_ merpr. le. con eyance or lease uch cflinaa 'ph scolol)'and (onn (but not ;n substance) may tnade in the Sccuritiu f any scrica thereaftto be issuas mbe ap"propnate · EcnoM 803.• bil/mceto Flll'ftilh tl»wtww. The Trui1Q.subject to Scaicnis 60 J and 602, sh IJ receive an omcera• Ccnirlca1and n Opini011 of Counsel as ccmciusive evidence \hal any such onsolidation, amalsamatioR. mcrscr,s•lt, conveyencc or Jeesc and any such assumption complies with the provisions of hi• Anicle EiP.t.. -·. · -52·

ARTICLE NINE SUPPlE.MENTALlNDENT.'UW I SEcnOl-1 901. Supp/1mouo/ /ndrniJITfl Wi1hovl Cons1n1 of Holder Without the tonsr:11r of any Holders, te Company, when authorized·by a Board Rrso1ution. and the Trus1ee, at any time and from time to time, may enter into one or more indenturessupp1emema) hereto, in form satisfactmy to the TNstte. fOr any of the fol1owina purposes: (1) to evidence tbe.suc!=asian of another Person tothe Company and the assumption by any. such successor of the cov ants of tile Company hcr in.anin the S urities; IJ6 (l) to.add ·tome covenam of \be·CamJ)anY for \be bcnef11 of the H 1den of aif or any scr;of Scturilies (and if such covcnanu are to be fotbe dit of Jess than all· series of Securities, statina thas such c enants areexpressly beina included solely for the benefit of .sucll series) or io sunender any right or power herem conferred upon the Company; or (l). 10 add aray addidonal Events of.Dcfauh (OJ the bcna11 of the Holders of all OJ any series of Securities (and if aucb idditional Events of Default ar•to be for the bcne(d of rca dJaa all scria ol Sccori1ia, 11atina thai suCh addkionial Evems of Defauk . c prcssly bcina included solely for the benc(d o1such S!=riu); or · add 10 or chanae a.rry of the is.ions or"this Indenture to such alent as shan. . (4) be necessary 10 h or facil.it81e 1lie issuance of Securitiesm bearer form, rcaistrable or nOI rcaisu:abJe 11.to principaand.with or withoU1 interest coupons. or to permit or facilitate the issuance of Securities in un"ceniflc:&tcd fonn;·or· · (.5) 10 add 10. chanse or eliminate any of the provisions of this Indenture in respect of one or mC?JC saieJ ofSec:uritics,provi,,dthat any such addition.chanse or elimination (A) shall ncith(i) apPly to any Security of any series created prior to the execution of such supplemental indenmre and entitled 10the benefn of such provision nor (ii) modify · the righU of the Holder of any such Securil)' with respect 10 sucb provision or (B) shall becorne effeaive only when 1here ino such Securil)' Outstand ns; or (6)10 secure the Securides pursuant to the requirementS of Section 1 006 or otherwise; ai . · . . (7}. \o eS\abli. lbe form or terms of Secumir:s of arri series as pennined by Sections 20J and JOJi or · · (8)10 evidence and pr idc for the acceptance of appoin1inen1 hereunda by a successor Trustee with r sJW.ctlO the Securities of one or more series and to add to or hansc any o( 1he provisions of 1his Indenture as shall be necessary to provide for or -SJ-

facilitate the adm.inistration of the wsu hereundu by more than one Trustee. purS\Jant to the requirements of Seaion 611;or. · (9) to cure any ambiguhy,10 correct or supplement any provision herein which may be defective i onsistent with any other provision btrcin, or to makany otha provisions with rcspecJ to manm or questions arising under this Jndcnrure.pl'cwidtdma such action pursuant to this Clause (9) shad not advenely affect the intetcS\S or the Holden of Securities of any series in ny material respect. · · EcnOJII 902•.Suppllmlllttll bulmtJJTII Wlrll CDnJml of Holtlln. · With \he conseDJ ofthc Holders ofnD11css than 6in principal amount oftbe umandina Sccuritiu of each saies afJ'ec\Cd by such supplancmallndcntUre_· by f.ct 91 id Holders delivered 10the Comand the TruStee,1be Company,when authorized by Boltd Jtesolvtion.and the TRace maienter in!o an indcnturc-qr mclcntvra supplemental reto {or the purpose ofaddina my pravisJon11o or chanaina imy mann·or elimina1ina ti o( tiJ• proviJ Ds· of IJJJt J en .01 "!mod it'ina in •DY mthe ri&hu of tbe olders of Sccuritlll of such. scncs under th1ndenturt; pr dtd,.that no sucb pplcJRCnUI indenture shall. without the ccmseof the ){oldu J eada 0\nstandina ecurity affected thereby, . · . · · · . . (1} ext e·S1a1ed Maturity oftheprinciptl of, or any msta1mem of principal of or intcra1on. ury Sccurily, CJI' reduce the principal amount-dte rate olinterca · tbercoD or erry premium payable upon the ruemplion th. or reduu the amount of me principal oran Oriainllil JssU. Discount SCcurhy or any other Scc 1Y whicb Would be due and payable upon a cleclara1iof acceter:atlof the aturi1y 1hm:ol pum11111 to secdcm 502, or chansc any Place afPIY,InCid where. or the coin 01' cunency in which. an)' .Security 01 any premium or interest tbercon.is R )'able,or impair1he riaht to instmnc suit (or the enforcement Of any Sllch payme.n1 on after s in ma case ol.rcdemption, oa or after the J\&dcmpdortDI1c}. or MatutR, \hereof (or, (2)rcd.ucc 11Jc pcrccntase in principal amouof 1be oVt.!1andina Securities of any serieS. the consent of'whose H ldIs requi ed for any such supplemental indcntUJe. or ahe con.scm of whose Holders is required for any waiver. (of plia ce wilb cer1am pr,ovi1ions .of this Jndenture or ccnain defaults hcreundei·and theiT c:onscq\111\ca) provided for in this h•d•nture. or. . .. . . ·. . (3) modifyof•he provisions of this Section. Sect on 513 oi Section J 008,Qcepl 10 mcrcut. any such pcrcen1age or to provide •hat· certain· other provisionof this tndcDIUIC cannot be modified or wai'Vcd witbout the tonsen1 of the older ofeacb Out S1andin8 Securil)' affccted tha;eby, J1'0"!dt4. II Wntl'. that 1hi1 clause shall not be deemed to require the conscn1 of any Holder with rcspea to chania in the nfcrcnees to· ."the JJU$1ee" and concomi11n1changer in this Seaion and Section J OOS.or the dcJcrion oflbisptoviso, in accordance witJi the requirements of Sections 611 and 901(8).

A supplemental indenture wh ch changes or eliminates any covenant or mher provision of thii Jndcn1\l..e which has expressly buD indudeci solely fot the benefit of one or more panicular series of Securities. or which modifies the rights of the Holden of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture hhe Holders of Securities of any other series. 'Jt shall nc11 b& ecessuy for any Act of Holcfm under this.Section 10 aj)prove the panicular fonn of any p1oposed supplemental indenture, but it shall be sufficient if such Ac:t shall apptove the wbS\ane& \h . . . SEcnOJ'ol 903Eut11tion of Suppl•m•71tlll Jntl•m r••. · Jn cxmnin& or acceplina the addhional truSts created by,any supplemental iJUtcntug permitted by this Aniclc or the modificadons thereby of'the truS1s'creatcd by this Indenture. the Trus1ce shall be cn•itled to receive,·and (subjea to Smion 601}shell be fully protected . in re)yinl upon:.·an Opin·of Counsel sta1ina 1hat \he cxcc\nicm of wc:h supplcmcmil indenture is.aUthorized or pennincd by this Indenture. The Trunee may.but shaD not be obli&ated to, enter into any sudsupplemental indenture which affects me Trustee•s own riahU. dlltiesimmunitiu under mis Jndcn re or otherwis · . : . . .. Upon the execution Of any supplememal indenture under this Articlethis Indenture shall be modif"JCd in accordance therewitb, and sucb supplemental inden1ure shalfrorm a part Of.thfs Jndenture fot all purposes; and cvcry Holder. of Sccuritia thentofore .or tha'eai\er aU1hanicll1ed and delivered hereunder shall be bound thereby. SECTJOI'I 905. CDnjtJnnlwl1h »wr lndntiWI .Acr. EvelY supplemental indcrnure cxecutd pursuant 10 this Anicle shall co fonn 1 the requircmen\1 of the Trust lndernure Act. Securities of any series authcntic.tecl and dcli"Vcrecl after the execution of any supplemental indenture punuani to this AnicJe may, and shall if required by the Trostee, beu a notation in form approved by the Trustee as to any matter pro"Vided far in sucli supplemental indenture.If the Ccmpany shall sa detennine, nSecurities of any so modified as to conform, in the opiniOJt of the TnJS1ee and the Company, .to any such supplcmc'r1taJ indentuie may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for 9uutanding Securities of such series.

ARTIClETEN TJ0Joo1 I 001. Paymnt of Prlncipol, htmlvm antllntwrur. The Company covenants and agrees for 1hc benefit of each series of ecurides \h11 it l duly and punctually pay the P,incipal of and arry prcmiuwn aftd interest on the Securities hat series in accordance wilb 1ht terms of the Securities and this lnd nrn. cnoll.l 002. tllnt•ntiiiCI D/ OjJic1or .Ag nq. The Complll)' will maintain in eaPlace of'Paym-for any series·of"StCuri ies;;, ce « aseney where Securities of thai series may be prescn1cd or surrendered for .,.,_ m. where Scc tiof that series may be SUDcndend for reaima1lon of tl"'nsf'er or hansc and where no1ices and demands10 cw upcm the Co plliy blrcspcct of the Securi-s of that series anthlslndemure may be'scrved.The CompiJIY w l.aive prompt wrinen ice 10 the Trustee ol1he IOC81km. and any chanae in the lacatJan. of such ofnce or en.1fat Ill)'time the Company shall fall to maintain any such required office or aseney hall fail to 1\JmisJa thT stce with the address thereof. such prcsemalions. sunenders. dcct and demands may be made or saved at 1hc Corporate T st Office of' \be Tn stee. d the Company hereby appointS the Trustee as iu IJCid to receive all such pnscmations. cndUS. no1iCH anct dananck. . ne Company ma)' aJso flom lime 10 time desfP.,e one Or more cnhc, oflicct or ncies where1he Securities ofone or more scriet mbe presemed or ctercd fanny al' such purposes and may from lime to 1ime rescind such disipaticmJINitlltl•d. w.wr.thai no sud i&N•ion or rescission shall in any maMer reline the Company of abliaaaion 10 maina! in an ofltce or •seney in each Place of.PI)'man for Stcurities o( aay ies for such purpasa.The Company will aivc prompt Wrirlen ncnlccto the Trvsaee of'any h de.sianatior rescission and of any chana• in the location of any such other offlce or ncy. TJON I 003. Mon,Y for S1ntrili•1PII)IDifiiU to B• H1ld in Trw . J(dle Company sball11any time act 11iu own Paying Agen1 with respect to aseries Securities, it will. on or before each due da1i of' the principal of or any premium or rCS'l on any of the Sea ri1in of1ba1 saies. scaregate and hald in UUst for the bcnefn of persons cnti11eclthcre1a a sum sufficiem ro pay the pnncipaland any premium and rcd so bccamina ·due undl such sums shall be paid to such Persons or 01hcrwisc posed o( uherein provided and wm promp1ly ncnify the Trustee of iaction or failure .

Whenever the Company ·shall have one or more Payina Agent·for.: any series of Securities, it wilprior to each due date of the principa\ of or any premium or·intc_rest oa any Securities of 1ha1 series, dcposi1 witb a Payina Agent a sum suffi ient to pay hich . amount. susum 10 be held as provided by the TIndenture Act, and (unless such Payina Asent is the TruS1te}the Company will ptomp1\y notify \he Trustee of itS attion or faiJurc so 10 act. TbCamJianywilt cause each Pa-yin& Aacnt for an-y series·of Securities o erthat\ \he Trustee 10 txccute and deliver to the Trustee an inStnnnent in which suc; P)I)'ins A scm shall agree witlniJc Trostre.subject to the provisionsoCthis Seaion.that sue ina Agc;m· will (1) comply·With the ptovision1oftbe Trustlndennne ACI applicable to'lt as a Payins Asem and (l) durin& the continuance of any default 'by the Company (or any other obliior upon the Seeuri1ia of that series) in the makini of all)' pa)'ll!ad in reof the Securi'ies of that series.upon the wrinen rtq\Jest of'1he Trustee,fonh'With pay 1o the TruStee all sums held in uust by such Payins Agent for payment in respect of the Securities of that series. Tbe Company may at any time, for the purpose of ob1ainiraa the satisfaction ind. discharge of1his Indenture or for any·other purpose, pay, or by Company Order direct any Pa)'ina Agm11o pay, to tbe T S\ee aU sums held in tNsl by 1hc Company or such. Plying Asent, such sums to be held by the Trustee upon the same tru51• u those "pon which s h sums were held by the Company·or Sllch Pa,ina Aacnt; and.upon sueh payme111 by any Payina As• to Trustee, such Payina Aacnt sh•JI be rel sed fTOm all f,anher Jiabiliwy with respect tsuch money.. · · · · Any money deposited with the. Trustee ·or 'arry Payina AaCm. or dlcn e by the Company.in 1nlst for the p.ymcnt o{thc principal of OJ any prcmiura or intcnn on any Security of any series and rcmainins undaimed for two years after.such principal. premium or in1ercst has become due and payable shall be paid to the Company on Company RequCst, or (if1hen held by the Company) st-all be discharsed from such truat; and the Holder of such SccuJRy sbn ttietuf\u.as an unsec ed acnera' ercditarlook only 10 the Company for · payment thereof, and allliabfliry of the Trustee or such Paying Aat with respect to such trUst money, and ell UabiJiry of the Company as u:unce thereof.·shall thereupon cease; prtNid•d. lr r, that the Trustee or such Payins A gent. before beina required to make any sucb repayment. may 111he expense of the Company ca se to be published once, in a newspaper pubJishd in the EnaJish Janauage. customarily published on each Busineu Day 1nd of general circulation in 1be Boroush ofManhanan, The"City ofNcwYork, n01icc 1ha1 such mcmcy remains unclaimed and that, af\u a date specifaed therein. which·shall not be Jess than 30 ays from the date of such publication, any unclaimed balance orsuch money then rcmainins wilrepaid 10 the Company. . · · SEC'J10l'l J004. SID1tme111 ltj Officers ilS ro Deftn lt. The Company wiU deliver to the Trustee, within J 20 days after the end of each fiscal year of the Company ending after the date hereof, an Officers• Cenifica1e, statina whcdier or not to the best knowledge of the signers thereof' the Company is in dcfauh in the perfo_nnancand observance of 1ny fthe terms, provi,;ons and condnions of this Indenture 57-

idrout rt&Jid to any period of arace or requiranent of notice pJCwidcd bcreun.dcr) and. if Compan,·sh.all be in defaull. specifylna all suds defaults and th.e nature and S1anss reof of wJUcb they may have awt ge. · CTJON lOOS. buttnc . Subject to Ankle Eiah1, the Comptny will do or cause to be dc all thinp necessary prescrVa!nd keep in full force and effect iu nistencri&}nl (c!W'cr and statutory) and . nchistsi.Movidtd. lrtJWr B, 1h111he Company shanno1be rcqundto preserve any sueb ht or fr'incbise if the Boud·ofDirec1on shan detennine that tbe preserv11ion thmofis lonacr desirable in me conduct of dae busincu of the Comp ny and that the Joss1bcrcol riot disadv•m•acous ift.•DY material respcc1 to the Holden. · CT10Jol I 006. RtllrlCIIOIII 011 S.C..td Dtbl. ·The Company will nall1any time craut.incur,assume or suaramce, and will t cause. w permit•Subsidiary to create. isnt. incaar, asiume or auararrtCCt any SecurCcl bl whhout fii'S'I making effective provision (and1he CampUJY cn,cnams that insuch case willfirsi make or cause 10 be fl!&de effective pnwision) wbenby me Securities of any riu tllca oUII1andina aDdch rnay subsequent))' be ou:trt.andma punuam to tlti& dcmure shall be secured by the Monpp secUrinasuch Secured.Debt equally.and t.ably th any and all cnller obJip'lions and indcbtcdncn 1hcrcby secured.so lona as any such liptiOns and ind btcdnen sh.IIJ be 10 ured. that the f'oreaoina iaiODI aflbb S iIOO hbaD nGI"-fcab.k. Iathe foJloWin&:.· (a) (i) Arry Mona•&• ara UJY Jt.ii'WI)' mia icquire41 after the date ofthla Jndatun 'or c:cmstnacted by the Company: • · Subsidiarj and 'CfU\cd c:on1cmponnc ualy wi1h. «wi1hm 90 da)'l after, such acquisition or the compJclion of such' consuuction and commencemenl of·full operation ol such Propen whicis bter.to secure or piOYide for the paymcm ohny pan of the purchue or consuvclion price of s\Jdi Proj,cniC.., (ii) the acquisilic:ia by the Cam.,.,.Y or • 111• upon such Propcnia · Subsidiary of Jl i!w.y Propcnies svbject t In)' the Company or ui1tlna 111be time ofacquJsitfDJJthenaf.whna1assumed by suCb Subsidiary,(iii) any cOnditional sales apcemcnt orother1itle manion apcancnt wi1b respect to any Railway Propeniu acqu rcd after the date of this lnde (iw) any Monaaac exisdna on Railway Propenies or on lhe o nandini shares or indcb1edness of a corpcnuan al the1im.csucb corpontion shall beeome a Subsidiary, (-v) any Mm'l&al• on Railway Prapeniea or the outstandins shares or indcbfcdnaa of a Subsidilry exis'lina 11,,_ date ofthiIndenture and (-vi} ury Monpae em Railway Propenies of 1corpararion exi11inaa1 the time suda corporalio.n aJJ be merajmo or consolidated with the Company or 1 Subsidiary or ''the time of sale. lease or otha dispotilion of the propuda of a corpoJJ io.n or finn u an entirety or subs1amially as an entirety to the Company or a Subsidi&J)'i provldtd 1 or the lien of any such Monaase aarccmem does not spread ta other R.ailway Propen.ies except

unimproved real·propeny previously owned U\X)11 wbh any new construction. lias ta.kcn place ad ubsequenudditionsto such acquired or co suucted propmy. (b) Any Mongage ntendinR, rcncwin&or re.fundin& in whole or pan.any cured· .. . Debt or ongage pennined by paragraphs (a) and (b) of this Section 1006 or outsundina u an obligation of the CompaftY or any Subsidiary on the date of this Jndenture; ]J10 idlll. lrDWI\In.. th11 the principal amount of indebtedness secured thereby s.hall not exceed the principal amount of indebtedness so secured at the time of such extension. renewal or·refundinaand that such mension. renewal or rifU ina of any Secured Dcba or Mongage shall be limited to all or thai pan of tile same · propcny whim at web t.ime secured the Seeur.ed Debt or onpae,mended. ren ed or refUnded. SECTlON 1001. FJ r_lhwr lrulnlmau tmdActl. The C mpany will.upon request of 1h11= Trustee, execute and deliver sucb. further . instrum.mu and do such fiJnher acts as may reasonably be necessary or proper to cany oua J!lOfC cffecrually the p sa of this 1nden1\ire. includins. Scaion 1006. . · SECTION 1008. Wt1ho jC. tDin C HJUmU. Exccpsu otherwise specified as contanpl11ed by Seaton 301 for Securities of.such series. the Company in.Y.with respect to the Securides o1any series. omit in any pan.lcular in51ancc to comply with any term, pravis;on or condition set fonh many covenan1 PfO"Ided pursuant to Section 301(18). 901(2) or 901(7}for the bencfn of'Holden of such series or iii SCclion·JOOIf before thetime for sudli compliance me Holden ofat least 66Y.a% in prln'cipll amount o(tbe and in& Sccurnies of such series shall.by Aa of such Holden, eid1er wai"C such compliance in sucb ins1ance or ac Uy waive compliance wn . such 1um.provision or condition. but no such waiver shall mend ·,o or afl'ea such· term, . provisicm or condition exccp11o abe extJ111 so expressly waived. and, until such waiver shan become cff'ective. the oblisa1ions of the Company and the dU1ia of the TruStee in iespect ol any such 1erm. provision or co di1ion shall rcmaln·iJ? full force and effect. ARTICUELEVEN · RE:DEMPTlONOF SECUJUTIES SECnON 1101. pplfcD6ilif1 of .Artfcl,. ·Scc ties of any series which are redecmabre before their Stated Maturity shall be redeemable in accordance with their tenns and (except as otherwise specified as contempla1ld by Section 30 I for such Securities) in accordance· ith this Anicle.· -59· NYJ .32: 2o40J7U

ECT10N J-102. Eltction tolltdl m:N ticeto Tl'llfttt. The election of the Company to redeem any Securities shall be evidenced by a Boarcl esolution or in anotha mannspecified as contcmplatby ecticm 301 for sudl ecurities. In case of any redemption 11the elmion of the Company of 1cs• than all 1hc ecurities of any series (incJudina arry such redemption affcc1insonly a sin&)estcurity).the ompany shall. a1 leas160 days prior to1he Rcdtmption Date frxcd by the Company (unless shoncr n"olice shin be satisfmory to lhe Trustee). n01ify the TNstce or sucb Redemption ate, o1\he principal amoun1 of Securities of such series tobe redeemed and,jf aj1p1Jcab1 . f&he1cJJOI' of'the Securities ta be redeemed. JD the CIIC of In)' redemption of Sec\lri1ies rior to the cxpiradon ol_ any rcstricdort on such rcdcmpdon provided irs the tcnnJ of suth ccurjties ar elsewhere in this Indenture, the Compan)' shall furnish the Trustee whh an fficcra'CenilicatC cvidencina compliance whh such restrictioa. ECTJC»>110l. S1l tlitm, »w1•• ofS airlrtu ro,.Rlllnmed. Jlless than aU the Securities of arry suies are to be red_eemed ( less all tbe Securtl_i f such series 1ncl of 1S))CCified tmar ere to be redeemed·or U."las such redemption affccts nly a sinaJc Sccvrilyl-1be _panicular Securities1o be rcdccinecl be selectnot more hara 60 dprior to the Redemption Date b,y the Trustee. from the Outsl!U'dina ScCvrl11es f sucb series not previously called for redemption. by· sudt mctbocl as the T ce shall eem fair and appropriate and which may proVide foithtselfor redmp1ion of por-. OD oflhC principii lm01JftJ of my Sccurhy ofsudl saies: thM the unredeemed onicnr of die principf unouna·Security. haD be in an a,nt.oridenomimnioa whicb shall no1be.lc an the nun1mU11l authoriu4 denomlnat(cm) for ch Sccurhy.·lf ca1hu all the Secunt1cs of suc:b series and of'a speciflcd tcnar are to be redeemed (unless uch rcclemption afrccu only 1iinale Security). the panlcular Sccuritiq to be redi:cmat hall be" Hlcctcd nos !ftOR than Q deya prior to the Redemption_ Date by the Tru11ee,·rrom he ()uUtandma Sccurhlca of suSeries and SP';Ciflc4 enar .,_ p iously calle!t fm dcmpdcn.l in ac dancc witJ.uhc p.rcccdJn.a sentence. ne TruStee shall pnnnptly notify the Company in writ ina of the S ·curitiselected or rtdttnptkm as for td and. case ofSecuri1iCIM1cacd for penial redemption u foresaid, the principtl amount thereofro be redeemed. The provisions of the two preceding paragaphs shall nOI apply with respect to any dcmpdon affcc1ing·only a sinaJc S uri1)', whether such Security is to be redeemed in hole or in part.Jn the case of any such redemption in part. the unredeemed pwwion of the rincipii amounl of the Securily shall be in an authorized denomination (which shall ncn be eu thd the minimum authorized denomina1jon) tor such Security. Fmall purposes of'Ibis Indenture, unless the como1otherwise requires. aU provisicms latin& to the redemption of Securities shall relate, in the case of arry Securities redeemed r to be redeemed only in pan. 10 the ponion·of the ·principal amount of such Securities hich flal·bcen or i11o be redeemed. YJW2:240171.4

SECTION 1104. Notitof Rtdemprl n. No1ice ofrtdanp1iO!' shall be given by first-class m"ail, postage prep id, mailed not less than 30 nor more than 60 days prior to .the Redemption Date, to each Holder of Securities to be redeemed, at his address appearina in the Securiiy.Register. All noticof.rcdempdon sban state: (1)the Jltdcmption Da1e, · (2)the Redemption Price, (3)if' less thaa all the Ou\S1andina Stcurides of any series tonsistin& f more lhan 8 single Security ue to be rcdtcJnecl. the i mtif tation (and. irs 1he case of .paniat . redemption ofaay sudl Securidel.the principl amounu) of the panicular Securities to redeemed and. if less than all the Outstanda Securl1ies of any series consistina of 1 sinsle Seani1y are to be rc eemed, \be principal amount of.tbe panicular Security to.be rcdcenaed, · · an payable (4) that Cln the Redemprion Date1he Redcmp1ion Price wi1J becoe upon casuch Securi1ytobe redeemed nd,ifapp\lcable,tbiiltcresa.thereon w!ll cease to accrue on an.d d\ir s id·date, · (5)the place or places where each sucb Se uril)' is to be su':' dered fo ·paymen1 of the l\ tmJ)1icm Priee, and . · (6)th_at the redemption is f'or a sinJcina fund, if such is thcase. Notice of redemption of Securities 19ba redeemed at te election of the Company ahall be Biven by the Company or, a11hc Company's reque51, by the Trustee in 1he name and at the expense of the Company and shall be irrevocable. · S£CT19N J I 05. D•pDSil of R•tl•mption hitw. PriOr to any Redemption Date, the Company shall deposit wh.b the Truitce or with 1 PayinaA&(or, ife Company is aainsas its own Paying Aamt. scarqaie and hold in trUS1 as pr ided in Section 1003) an amount of money sufficient to pay tRedemynion Price ol,.•nd (except if the Redemption Date sllall be an Interest Payment Date) accrued intereSI ot•.illthc Securities which are to be redeemed on that date. · SECflOJII J J06. StcuriritJ Payablan RtdtmptionDDt . Notiee o{redemplion having been given as aforesaid, the Securities so tobe redccmccl shall, on the Redemption Cite, becorne due and payable at the Redemption Price therein s. peciracd, and from nd a(lcr such date (unless the Company shall defa.ult in the paymcnl NY J1. J2.: . on•. -61·

f 1he Redemption Price and accrued inreres!) such Securitishall cease to bcu intuest. pon 5urrender of arry such S'ecurily for redcmp1ion in accordance with said nodce, such ecurity shall be paid by the Company at the Rcdempdcm Price, toge1bcr with accnwl nteres1 to the Rcckmp1ion Date; prtJYidN, hDWV ,, lha't, unless otherwise specified as· ontempla1cd by Section 301, instalments of interest whose Stated Maturity is on or prior · 0 \he RcdempdOD Dare will be payable to thr Holders ofsvdl Sccuriria. or one or more rcdcccssot Securi1ies, rcaistmd u such at the close ofbusincu on the relevant Record ates accordina 10 tbcirlams and the prcmsis o.fSeaion.30'J. lf anY Securily called for redemption shall nCII be so paid upon sunender thereof for edemption. the principal. a!'cl arty pJemium shall. undl paid,· bcu interest from the edempdon Da1e at the rate prcsaibccl th_acfar ia 1hc Security. EcnON 1107•. "nitlrla Rttlttmtd in Part. . . Any Securhy wbicb ilto be redeemed only in pan shall be S\Uftnd«cd at a Place of ayment thcref«?f (witb. iflhc Comor the TruS1ce sa requites. due cndoncmem by,or ·wr:incn insuumcrn of11ansfCJ in form sadsfaCIOI)' to1he Company an.d lhc Trustee duly· xecuted by, theHolda thereof or hil anomqduly autboriud inwri1ina).and the Com pall)' hall occute. and me Trv ce.ahalla\nllcmica1c and deli\'U' to1be Holder ol such Securily ithoui service cJwat, 1 ntw Security or Securides Of the same series and of'1ilc.c tenar, of ny authorhed denomination 11requested by such Holda,in aunp1principal amount queland in ccbanae fm the unrcdc!Bifted pordoil o11hc principal of the Securny so WTendcrCd. ARnCLE TWE1.VE · SINKING FuNDS EenoN J 2DJ. pplkoblllty qf Anldl. ne provjJjonJ oflbls.AnjtJc lbaJJ be applicable to any sinkinsfund ror the retiremCIJI f Securities of any series except as otherwise spccifacd ia comemplated by Section 301for uch Sceuri i · · Tbe·minimum imoun1 of any sinki'ri& fUnd payment provided ror by lhe ·olany ccuriria is herein referred to as 1 •mandatol)' sink ins fund payment', and any payment in xceu of sucb m;nimum amount provided fOJ' by the terms of such Securities is lacrcin cfcncd 10 as an •oprioMI sinlcina fund paymem... II provided for h, the emu of any ecuritiCs. the cash amount of any sink ina fund payment may be subjCcl to reduction aa rovided in Section 1202.Each sinkina fund payment shall be applied to the redemption of ec:uritiu aa provided for by the terms of sucb Securides.. · .

SEcnON 1202. Satisfocrion ofSin}ing Fund Payment& wiih Stairitits. The Company (1) may deliver Outstanding·Securities of a series (other 1han -any previ sly called f'or redemption)·ad (2) q ay apply as·a.crcdh Sc uritics of a series whic:b have.been rcdec.med either at"the eJection of the Company pursuant to the terms of such Secuiities ar tbroup the application of'peimincd opdonal sinkina fund paymenu pursuant · 10 the terms ofSecurities, in each case in satisfaction of all or any pan af any sinkina fund paymeJit with respte1 to any Securities of such series.required to be made pursuam 10 the 1m111ofsUch Securities .sand to the eX1cnt prOvided for by the tcnns of Sllcb Securities; provirled \hi\ "'c msri\;cs to be so aedi\u ba"< e noa m ptmouly so uedl\ed, The Securidcs to be scredited ShaD be received and credited for such purpose by me Trunec at the Redemption cr.. as SJJC:CiflCd in"th,Securities io to be redeemed, for ditmption 1hroup·operadoa of the sirildna fd and the amo1_:1nt of such sinkins-fund payment shall be reduced a.ccarcling)y. · S.Ecno,.. 1203. bd1mprltJ1i ojS.atrlrlu for Slnlills Fmtl. · Not Jrss than .45 ·prior to eacb sinkina· nd payment date far iny Sccuritithe Company will deliver to the Trustee an Offlcen' Cenifacate specifyina the·amou.m ol me · next cnsuina sinki'nl fund paymem fOJ' 5\lcb Suurities putmllll to tbe terms of such Securities. the portion therc.of. if any, hich is to be satlsfled by payment of c8sb and tha. ponion thereof. ilany, which is to be saaisliecl b)« delivaina and crcditina· Securities puriWint to S icm J202 and w11J aldeJivcto the Trustee any Securltiel to be so delivered.Not1ess tJian 30 days F.iar tct each·such sinkina fund payment date, the Trustee shall seleCI the Securitia to l?e red n,ed up,On such sinkina·payment date in the manner specified m Section 1103 aiul cause nOtiCe ofthc tcdempdon thcreofto be siven in the name ot·and d the expense of the ompany in te anncr PJOvided in Section 1104. Such notice Jan:ina been dulY given, the redemption ofsh tics shall be made upon the terms and in tbe manner nated in SeCions 1 J06 •!'d 1107. . ARTICLE n:JJRTEEN · DEFEASANCE »10 COVDI NT DEFEASANCE SECTlON 1301. Co1nJKDf1't Option to E.U.ct Dtft ancc or Covtnanl Dt/tiJstmt•. The Company may elect, al its option at any time, to have Section 1302 or Section 1303 applied to arry Securities or any series of Sccuritiu, as the case may be. designated pursuanto Section 301 ai be!na defeasible pursuant to such Section 1302 or 1303, in accordanttwith any ipplicable requirements provided pursuant to Scclion 301 and upon cOJnpliance with the conditions sc1fonh below in this An ide.Any such election shall be ·evidenced 1Boardsol tion or in another manner speci ed as c:ontcmpla1cd by Section jOJ for sUtb SccuntJCS. . . . . NYJzm l« l7a:t

CTION 1302. Dtfttnanu anJ Dbcluzrgt. Upon the Company's exercise of its optiQn (if any) ao have this Section applied to any curilics 01 any series of Securities, as abe ease may be, die Company shall be deemed 10 ve been discharged from its obliaatianswith respect to such Secvriticaaa provided in this ction on and after 1he d;ae 1he aJndiliOM set fotlb jn s ;OD· J304 are satisficcl ereinaftu called "Defeasance"). Far ahia pvrpose, such Defusancc means that the mpany shall be deemed to ac paid and discharacd the entire indebtedness represented such Sccurilies and 1 have satisfied all its olher oblip1ions under such Sccurilia and is Indenture insofar 11 such Seeuritics are concerned (and the Trustee. d the expense of e Cpmpany.shall execute proper i rnenu ac.Jcnowltdlin& 1be same), subject to the lio-wins which shaH survive un1il otherWise tcnnin11ed disctwacd hereunder: (l)the hts of Holders·of sSecuridca to receive, Jely from the trUII funcl described ba e1ion 1304 and at mare fuUy H'l fonb in such Section. paymin respect of 1M.· incipal ofand any premium and imaat on such Securities when paymentS are due.(2)tha ompany's o liga1ions wi1h respea to such Securilics unda Sectiona 304.lOS.30'·1002 d J 003.(3) the righu. powers; trustS. d\nicaand immunhics of me Trustee hereunder and ) this Article. Subject to compliance with thi• ArticJe, the Company may exen:ise·its tion (if any) to have this Section·applied 10 any Securities .n thstandins 1he prior erci5e of its option (if any)' to have Section 1303applied to such Securities. · . Upan the Co":lpany•1exercise of iu OJJ'Icm (if any) to have this Section applied 10 Ill)' curities or any scriet of.Sec ritiea. u1he cue may be, (J) the Company shall be released om ill obliaat ODI u der Secdon·IOI(b), Sections 1.006 and J007 and any.covenants ovided pursuant to ScctiODlOJ(JI). 901(2) or90J(1) for tlle bcncfn of'tbe Holden of' ch securities and (l).the occvrrence ol any ncnt specified in Sections.SOI(4) (with pect 10 any ol Section 801(b). Sections 1006 and 1007·an.d any such covaaanw provided nuan1to Section 301(18). 901(2) or 901(7)).·501(5) and 501(7) shall be deemed na110 or rewh in an Event oiDefauh,ln each use whh resto such Securities 11provided a his Section on and after 'lhe date th'conditions set fonh in Sec1icm J 304 are·satisfied· ereinafter called '"Covenant Defe sance""). For this purpose,such Covenant Defeasance eans wt.with rcspca 10such Seeurities.the Company rnay omi1to comply with and shall ve no JiabiJiJy in respect of any tc:nn, condition or limitnion SCI. fonJt in any such ecified Section (to the ntent so specified in she case oiSection 501(4}). whether directly indirccdy by reason of any refertnce elsewhere herein to any such Section or by rcasoQ any reference in any such Section to Ill)' Other provision herein or in any other documCft\ t the remainder of this Jndcntancl such Securities shall be unaffected thereby. CT10N JJ04. CDnd(t/0111 ttl Dtfi.IUIJMI or Cuvtntml Dt/IGSQMI. The (oJJQwing shall be the conditions to the applica1ion of Section· 1302 or ction 1303 to any Securities or any series of Securities. as'lhe case may be:

(1)The C'ompany shall inevocabJy have dtposited or caused to be d sited wi1h the Trustee (or· another trustee. whidl sa1isfies the. requirc ems contemplated by Seedon 609 and aarecs io comply with tbc provisions of lbis Anic:le applicable to \t) as trust funds in tnJst for the purpose of makina the foiJowina payments. specifically pledged as seaJrity. for, and dedicated solely to, the meftts of the Holden of. such . Seeuridcs, (A) money in an amount, or (B) U.S.Government Obligations which throuah the scheduled paymen1of'principal and interest in respect thaeofia actordanciwith their tenns will J)rovide,ncn later than one d.y bcf'ore the due date of any payment,·money irr an amoun1, or (C) 1 combination thereof, in each ase sufficient. iD \he op\n\on o{a nationallY recopi ed fil'lll af independent public accoun1ants pcprcssed.in • writiCJ.l ccnjf"rcatima thereof delivered to the T stce, 10 pay and dischar&e. and which shall be applied by.the Trustee (or iny sucb cnbcr qualifymaiJ'UStcc) to pay and diseharge, the principal Oland any prcmhJand interest on such Securities on the respcc:twe Stated Maturities. in accordance with the tams of this Jndenlllrc and Slicb Securities. 61Usd . hereill. "U.S•. Government ObJi&l1icm• means (x) any. security ·which is (i) a direc& obliaation of' the United Stata of America fpr the payrnen1 ofwhlcb the f'ull faith and'. credit of th'United States o( America is pledal!d or (ii) an oblfsidon of • Person controlled or nipcrvised by and acdnJ ai an agency a; iniuume ilh:y af' the United S1ateJ at.Amcriatth,paymCJJt ofwhicb is. unconditionally &uann1ced as 1 ftlll faith and credit ob1Jpd0d by the United Sta1a of Amcrice, which, in ci1ba c.Sif(i) or(ii). is naa callable or redeemable 1111he option of.1llc issuer 1hcrcof. and.()') any depositliY receipt issued by a bank (u defined in Sectioa J(a)(2) of the Securities Act) as custodian with rcspeciiO any U.S.Govemmen1 ObiiSJiion 'Whic.b is specified m .Clause (:x) above and held by such bank far \be account of the ho1da f ch depclsituy rcccipt..arwhb re pcca to ny specific payment of principal of or inJerest on any U.S. G emmcm Oblisadon · whidl is so specified and hclct_provfd.dtha\ (atq,1utcq\Jircd byla-w) •h custodian:· is notnnl1orfzed to rna lee any cRducdon fiom the tmounl payable 10 the holder o£ such deposnary rcceipa fram 'any amount received by the custodian in rapccl or \he U.S. Government Oblisation or the specific payment of principal or interest evidenced by such . · deposiuuy receipL (.2) Jn the evem of an cleciti.on 10 hive Seaion 1302 apply to ny Sccuridu or auy series of Securities, as the case may be, the Company shall have delivered Jo the Trustee an opinion of'Counsel sta1inithat (A)the Company has received from, or th has been pubJished by, thJntemaJ Revenue Service 1 rulins ar (8) ·since the data o( this insiru cn1. there has been 1 chanae in the applicable Federal income tax Jaw, in either · case (A) or (B) to the efJ'that, and based thereon such opinishall conflnn that, the Holden ofsuch Securities will n01recognize pinor loss (or FedenI income tax purposes as a rcwh·of1he deposit, Defeasance and dischuge to be eff'ected wi1b re.spect to such Sccuri1ia and will be subject to Federal income tax on the same amounu, in the same manner and &11he same times as would be the case if' such deposit, Defeasance and · discharge were not to occur. (3) Jn the cvcn1 o( an election to have Section 1303 apply to any Securities or any series of Securities, as the case may bt, lbe Company shall have delivered to the Trustee ·an Opinion ofCouriscl to the effect thai t e Holden of such Securities will not r,eeopi1 gain or loss for federal income tax purposes as a resuh of 'he deposit and Covenant -65-

efeasance 10be cffec1ed with respect to such Sccuritirs an"d will be subject to Feden' ncome tax on the same amounts, in the sammaMcr and at the same times as would be he case if such deposit anCovenant Defeasance were not to octut. ·(4) The Company.shall have deJivued to the TNstee an Opinion of Counsl to the ffect that the Holden of such Sccuritiu will ncn rccopd.t pin or loss for Canadian ederal income tu purposes.as a rcsuJI of die deposit and Defeasance.and discbarae 01 ovenant Defeasance. as 1bc case may be, to be cff'ccttd with rcspcc1 toh Securidu nd wiJJ b4t subject 10 c., im fedcnl income tu on the 5a!JIC amounts. in the same manner and at the samc·ti!11would be the case if such deposit and Defeasance and ischarg. e or .Covenant Defeasance. u the.cue m.y be, wue not to O.CCUf. . . . (5) ·.The Company shall have dcSi\ltred 1 1he Ttunee an Officer•Ceniticate 10the ffect that ncitiJsucbSecuritiesnor any other Securitiesafrlsesame Hriet, if then listed n a ·sccuritin ac:banse. will be deliltcclu a rcsuof such dqiosil. • - (6)No cvwb cb is. or after nOtice cr lapse of lime ar bo\h. would ,became. an venl of Defauh wnh rerpcct to suSecurities or any cnhlr Securitiu shall have ccuned and be combnainaanhe1iJI!e of such deposit or,with reaard 1o any. s dl ncllt pecified in Secdont 501(6)..at any 1ime em ar pri10 1he 12lrd day a cr tdate of uch depasil (il bcint undentood tb111hil ondi1icm shall n01 be deemed taflu·un1il fter sucb 123rd day). · · (7) Such·Dtfusance or Covenam Defeasance shall not cause 1be T"'stce to have a onnidin& intaca within the ft(Caninaof\he 'fnm lndennareA (asummaan S curitiu re in dcfaull within tile m.ana of svdl Act). · (8)Such Dcfaume orCcrvDefeasance shallrQ\Ih in a breach 0r ola1ion · (,.or con51itU1e • defau.h under, any othCI' a&rcanenl. or ins1rtunent 10 which the Company is 1 party or·by which i1is bound; · ·· (9)Such Def'eaunc.e or Covenant Defeasance shaH not resuh in the uunarisina f'rom uc.b deposconllitulinaan inve11mcnt c,ompany within the meanina.of\be Jrrvcstment Company Act unJcu such 1n111 shan be rc&i ered u!'der sucho A .or. .exempt from caislndon thereunder. . (1O) The Company shaJJ bne delivered to the TruS1ec an Offi r's Cmificale and an Opinion of Counsel (which opinion of counsel may be subjccno custom•'>' assumptions nd exclusions), each S1atina that all cond.dou precedent wi\b respect to such · Dd'cuancc.ar Covenam Defeasance have bren complied with. T1C»'t IlOS. Dt]XJiilld M011q tmd U.S. Gawmmmt Obllgt lltlu 10 B• Htld In Trwr;Mi.rcrllantour P,ovu10111.· Subjec11o 1he provisions of1he Jan paraaraph ·of Section 1003, all cncy ind U.S. cmm&nt Oblisations (including he procec·ds 1hcrcoO dcposi\cd with the Trustee 01 -66-J»lJ: zcOI'JIA

other qualifyina trustee (solely for purposes of this Sraion and Scc1ioa 1306, tbe Trust · and any such other trustee are rtfaicd 10 co\lcaivcly as the rustce'") pursuant to Sce1ion 1304 in respect of any Securities sbaJI be.held in 1JUS1&nd applied by the Trustee. in accordance Wi1b ibe provisions of.sudl Securities and thislncJcnturc.to.1he peyment. either directly or tbrouaJI any such Payins Agen1(includinaahiCompany actina as i1s own . Payins Aseal) IS lhe Trustee may determine. to the Holders of such Securities, of an sums due and 10 become due thereon ia respect of principal and arry premium and interest. bul m ncy so held in UUSI need not be scaregated fromfunds except to the mcnt required . . The ComP.,.Y shall_pay and indemnifytJ.e Trusta pindall)' tax. ree or mher chu&e imposccl on at assessed against the·U.S.c;;avemmcnt Obliptions dcposi1ecl pursuant to Secdoa J 3CM onhe principal and ildaest received inrespea thereof other than anysuch tax. (cc or 01hcr cbargewhlda by aw is(or' the aca;oum of the HoldersoiOutstandina ri1ie_!. An)'1hina in this Anicle to the conuuy ncnwilbSIIndin&lhc Trustee shall"dcllver or pay to aha Company from time to lime upon Company 'Requat lff'1 money or U.S.· Govtn'ment Oblisalions beld by il as provided in S ian 1304 with respect to any Securities whicb. in the opinion of a nationally recosniud finn of lndependcat public accoun1Bnta expressecl in a wrinm ccnifJCation 1hcRof delivered to the Tnmce. ...in. ncCSI of the amcnnn thereof.which woulcltheD be required to be deposited a·df'ea the Defeasance ar Covenam Defeasance. as the case may be,wilb respect to such Securities. S£CT10N 130&. R•hwt •,_,· If'the Trustee or 1he Pll)'ina Aaem is 1111able 1o apply any money i.n iccord8nce with . this Article with respect to" any Securities by reason or any orda or judamens ormy COUll or aovernmcntal authori1Y eqjoinin& rauainina or otherwise prohibitina such application, then the obJiaadons under1hislndenture and such Securitiea ftom -t\lch he Compa'IIY bas ... been discharacd OJ'relcasccl pursuant 10S«e ioa.J302 «1303 shallt.e mivccl and rchiaatcd as 1houab no deposit had occurred pursuant to thil Anlcle with resto such Secumics. umil such time as the Trus ee or Payina Aanis pennined 10 apply all money hclclin tru11 punuud 10 Sce1ioa 1305 with spcc11o such Securities ia accordance whh this Aniclr. prDYitlMI. ltownn.that if'the ComP'JIY makes any P':YJIICnl of'principii of or any premium or interest on any such Security folJowina such rcinl1atemcnt of i1s oblip ions. 1he Company shall·be subroa11ed 10 the riaJnt (if any) of the Holden of such Securitia ta receive svch paymcm rrom the manso held in lniA. · This instrument may be exec..ned any number of coumerpans, ac:h of Which so executed shall be deemed to be an oriainal. bU1 all suchcaunterpans shall tO&etheJ constil111e bur one and" the same insuumena. · -61·